8-K - AHT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): July 30, 2025

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-31775	86-1062192
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas		75254
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AHT	New York Stock Exchange
Preferred Stock, Series D	AHT-PD	New York Stock Exchange
Preferred Stock, Series F	AHT-PF	New York Stock Exchange
Preferred Stock, Series G	AHT-PG	New York Stock Exchange
Preferred Stock, Series H	AHT-PH	New York Stock Exchange
Preferred Stock, Series I	AHT-PI	New York Stock Exchange

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 30, 2025, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01 OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number Description

99.1 Second Quarter 2025 Earnings Release of the Company, dated July 30, 2025

104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ASHFORD HOSPITALITY TRUST, INC.
Dated: July 30, 2025	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer

Document

EXHIBIT 99.1

NEWS RELEASE

Contact:	Deric Eubanks	Allison Beach	Joe Calabrese
	Chief Financial Officer	Media Contact	Financial Relations Board
	(972) 490-9600	(972) 490-9600	(212) 827-3772

ASHFORD TRUST REPORTS SECOND QUARTER 2025 RESULTS

DALLAS – July 30, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2025 with the second quarter ended June 30, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels decreased 2.2% to $145 during the quarter on a 2.7% decrease in Comparable ADR and a 0.5% increase in Comparable Occupancy. Comparable total revenue increased 1.3% over the prior year quarter.

•Net loss attributable to common stockholders was $(39.9) million or $(6.88) per diluted share for the quarter.

•Adjusted EBITDAre was $73.8 million for the quarter.

•Adjusted funds from operations (AFFO) was $0.78 per diluted share for the quarter. During the quarter, the Company accrued approximately $6.8 million of default interest on its $744 million Highland loan secured by 18 hotels. Subsequent to quarter end, the Company entered into an extension agreement on this loan that included eliminating the default interest. Excluding the default interest, the Company’s AFFO and AFFO per diluted share for the quarter would have been approximately $11.4 million and $1.93, respectively.

•Comparable Hotel EBITDA was $91.0 million for the quarter, reflecting a growth rate of 2.6% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $100.0 million and restricted cash of $153.9 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $21.8 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net working capital at the end of the quarter was $184.2 million.

•Capex invested during the quarter was $19.9 million.

AHT Reports Second Quarter Results

Page 2

July 30, 2025

RECENT OPERATING HIGHLIGHTS

•In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT,” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency.

•During the quarter, the Company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels.

•During the quarter, the Company signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.0 million.

GRO AHT: EARLY RESULTS

Through the first half of 2025, the Company made several announcements regarding its “GRO AHT” initiative, and reported progress towards its goal of delivering $50 million in annual run-rate EBITDA improvement. The Company expects its current fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA, with several additional initiatives underway. The “GRO AHT” initiative reflects the firm commitment that Ashford Trust, along with its advisor and property managers, has made to optimizing financial performance while ensuring long-term sustainability.

CAPITAL STRUCTURE

As of June 30, 2025, the Company had total loans of $2.7 billion with a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 24% of the Company’s current consolidated debt is effectively fixed and approximately 76% is effectively floating.

During the quarter, the Company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels. The loan had an original final maturity date in November of 2024. The extension provides for an initial maturity in March of 2026 and two, one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in March of 2028. The loan has a current balance of $409.8 million and continues to bear interest at a floating rate of SOFR + 3.39%. The extension also provides added flexibility for the Company to release assets upon sale.

During the quarter, the Company signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.0 million. When adjusted for the Company's anticipated capital expenditures, the sale price represents a 3.2% capitalization rate on net operating income or 23.6x Hotel EBITDA for the twelve months ended April 30, 2025. Excluding the anticipated capital spend, the sale price represents a 5.0% capitalization rate on net operating income or 15.2x Hotel EBITDA for the twelve months ended April 30, 2025.

The Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 2025. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward.

“Despite headwinds that drove industry-wide RevPAR declines during the second quarter, I’m pleased to report that Ashford Trust delivered comparable total revenue growth of 1.3% and 2.6% growth in comparable Hotel EBITDA, reflecting the early positive impact of our initiatives to grow ancillary revenue streams and the impact of the strategic decisions our team has made over the past several quarters,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “We continue to see the benefits of “GRO AHT,” our transformative initiative aimed at driving $50 million

AHT Reports Second Quarter Results

Page 3

July 30, 2025

improvement in EBITDA run rate.” Mr. Zsigray added, “We also announced the planned sale of the Hilton Houston NASA Clear Lake at a very attractive cap rate. Combined with our “GRO AHT” initiative, we see meaningful potential for additional opportunistic sales that will further transform the company.” Mr. Zsigray concluded, “We remain focused on executing our GRO AHT strategy to drive outsized EBITDA growth and believe our assets are well-positioned to deliver meaningful outperformance in the quarters ahead as we advance the next chapter for Ashford Trust.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, July 31, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Thursday, August 7, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9727869.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2025 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s website, www.ahtreit.com, on Thursday, July 31, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.

AHT Reports Second Quarter Results

Page 4

July 30, 2025

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

		December 31, 2024
ASSETS
Investments in hotel properties, gross	3,273,437	$	3,350,086
Accumulated depreciation		(1,030,879)
Investments in hotel properties, net		2,319,207
Contract asset		366,671
Cash and cash equivalents		112,907
Restricted cash		99,695
Accounts receivable, net of allowance of 520 and 435 respectively		35,579
Inventories		3,631
Notes receivable, net		10,565
Investment in unconsolidated entities		7,590
Deferred costs, net		1,788
Derivative assets, net		2,594
Operating lease right-of-use assets		43,780
Other assets		39,144
Due from third-party hotel managers		21,206
Assets held for sale		96,628
Total assets	3,059,352	$	3,160,985
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	2,644,765	$	2,629,289
Indebtedness associated with hotels in receivership		314,640
Finance lease liability		17,992
Accounts payable and accrued expenses		137,506
Accrued interest payable		10,212
Accrued interest associated with hotels in receivership		52,031
Dividends and distributions payable		3,952
Due to Ashford Inc., net		25,635
Due to related parties, net		2,850
Due to third-party hotel managers		1,145
Operating lease liabilities		44,369
Other liabilities		34,011
Liabilities associated with assets held for sale		99,139
Total liabilities		3,372,771
Redeemable noncontrolling interests in operating partnership		22,509
Series J Redeemable Preferred Stock, 0.01 par value, 7,699,923and 6,799,638 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		156,671
Series K Redeemable Preferred Stock, 0.01 par value, 747,299and 601,175 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		14,869
Series L Redeemable Preferred Stock, 0.01 par value, 1112,181 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		—
Series M Redeemable Preferred Stock, 0.01 par value, 145,232 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		—
Equity (deficit):
Preferred stock, 0.01 par value, 55,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 and 1,111,127 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		11
Series F Cumulative Preferred Stock, 1,037,044 and 1,037,044 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		10
Series G Cumulative Preferred Stock, 1,470,948 and 1,470,948 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		15
Series H Cumulative Preferred Stock, 1,037,956 and 1,037,956 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		10
Series I Cumulative Preferred Stock, 1,034,303 and 1,034,303 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		11
Common stock, 0.01 par value, 395,000,000 shares authorized, 5,908,610 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		56
Additional paid-in capital		2,392,518
Accumulated deficit		(2,811,868)
Total stockholders' equity (deficit) of the Company		(419,237)
Noncontrolling interests in consolidated entities		13,402
Total equity (deficit)		(405,835)
Total liabilities and equity/deficit	3,059,352	$	3,160,985

All values are in US Dollars.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
REVENUE
Rooms	$	227,203	$	243,605	$	433,504	$	472,812
Food and beverage	55,336		55,260		109,865		112,618
Other	19,006		16,934		35,226		33,626
Total hotel revenue	301,545		315,799		578,595		619,056
Other	456		683		765		1,322
Total revenue	302,001		316,482		579,360		620,378
EXPENSES
Hotel operating expenses
Rooms	51,659		54,073		99,449		108,753
Food and beverage	35,455		37,508		71,181		75,339
Other expenses	101,372		104,680		196,482		211,506
Management fees	10,344		11,184		20,192		22,734
Total hotel operating expenses	198,830		207,445		387,304		418,332
Property taxes, insurance and other	16,234		16,846		32,283		34,273
Depreciation and amortization	35,276		37,187		72,615		77,731
Impairment charges	1,447		—		1,447		—
Advisory services fee:
Base advisory fee	8,339		8,180		16,534		16,400
Reimbursable expenses	3,411		2,787		6,619		9,232
Stock/unit-based compensation	222		507		155		1,043
Incentive fee	(66)		—		27		—
Stirling performance participation fee	111		—		227
Corporate, general and administrative:
Stock/unit-based compensation	—		216		13		244
Other general and administrative	5,485		6,978		9,804		15,159
Total operating expenses	269,289		280,146		527,028		572,414
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	6,684		87,441		38,552		94,397
Gain (loss) on derecognition of assets	9,900		11,725		19,946		145,634
OPERATING INCOME (LOSS)	49,296		135,502		110,830		287,995
Equity in earnings (loss) of unconsolidated entities	44		(162)		(387)		(695)
Interest income	1,253		1,688		2,467		3,672
Other income (expense), net	—		37		—		72
Interest expense, net of discount amortization	(62,944)		(65,078)		(124,546)		(136,831)
Interest expense associated with hotels in receivership	(9,902)		(11,944)		(19,948)		(24,042)
Amortization of loan costs	(7,743)		(3,338)		(12,943)		(5,546)
Write-off of premiums, loan costs and exit fees	(1,486)		(3,796)		(6,083)		(3,814)
Gain (loss) on extinguishment of debt	(2)		—		(15)		45
Realized and unrealized gain (loss) on derivatives	(836)		1,357		(3,576)		6,118
INCOME (LOSS) BEFORE INCOME TAXES	(32,320)		54,266		(54,201)		126,974
Income tax benefit (expense)	(119)		(3,455)		(436)		(3,758)
NET INCOME (LOSS)	(32,439)		50,811		(54,637)		123,216
(Income) loss attributable to noncontrolling interest in consolidated entities	1,412		8		3,188		17
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	631		(565)		1,082		(1,418)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(30,396)		50,254		(50,367)		121,815
Preferred dividends	(7,017)		(5,468)		(13,746)		(10,479)
Deemed dividends on redeemable preferred stock	(2,530)		(669)		(3,587)		(1,351)
Gain (loss) on extinguishment of preferred stock	—		211		—		1,784
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(39,943)	$	44,328	$	(67,700)	$	111,769
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(6.88)	$	10.20	$	(11.82)	$	27.23
Weighted average common shares outstanding – basic	5,804		4,324		5,728		4,085
Diluted:
Net income (loss) attributable to common stockholders	$	(6.88)	$	2.50	$	(11.82)	$	7.67
Weighted average common shares outstanding – diluted	5,895		18,936		5,728		15,305
Dividends declared per common share	$	—	$	—	$	—	$	—

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income (loss)	$	(32,439)	$	50,811	$	(54,637)	$	123,216
Interest expense and amortization of discounts and loan costs, net	70,687		68,416		137,489		142,377
Interest expense associated with hotels in receivership	9,902		11,944		19,948		24,042
Depreciation and amortization	35,276		37,187		72,615		77,731
Income tax expense (benefit)	119		3,455		436		3,758
Equity in (earnings) loss of unconsolidated entities	(44)		162		387		695
Company's portion of EBITDA of unconsolidated entities	406		215		526		49
EBITDA	83,907		172,190		176,764		371,868
Impairment charges on real estate	1,447		—		1,447		—
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(6,684)		(87,441)		(38,552)		(94,397)
(Gain) loss on derecognition of assets	(9,900)		(11,725)		(19,946)		(145,634)
EBITDAre	68,770		73,024		119,713		131,837
Amortization of unfavorable contract liabilities	(31)		(30)		(61)		(61)
Transaction and conversion costs	2,173		2,109		4,101		7,231
Write-off of premiums, loan costs and exit fees	1,486		3,796		6,083		3,814
Realized and unrealized (gain) loss on derivatives	836		(1,357)		3,576		(6,118)
Stock/unit-based compensation	222		723		168		1,287
Legal, advisory and settlement costs	55		273		852		273
Other (income) expense, net	—		(36)		—		(71)
Incentive fee	(66)		—		27		—
Stirling performance participation fee	111		—		227		—
(Gain) loss on extinguishment of debt	2		—		15		(45)
Severance	274		150		796		150
Company's portion of adjustments to EBITDAre of unconsolidated entities	—		6		—		6
Adjusted EBITDAre	$	73,832	$	78,658	$	135,497	$	138,303

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income (loss)	$	(32,439)	$	50,811	$	(54,637)	$	123,216
(Income) loss attributable to noncontrolling interest in consolidated entities	1,412		8		3,188		17
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	631		(565)		1,082		(1,418)
Preferred dividends	(7,017)		(5,468)		(13,746)		(10,479)
Deemed dividends on redeemable preferred stock	(2,530)		(669)		(3,587)		(1,351)
Gain (loss) on extinguishment of preferred stock	—		211		—		1,784
Net income (loss) attributable to common stockholders	(39,943)		44,328		(67,700)		111,769
Depreciation and amortization on real estate	34,486		37,187		71,036		77,731
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(6,684)		(87,441)		(38,552)		(94,397)
(Gain) loss on derecognition of assets	(9,900)		(11,725)		(19,946)		(145,634)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(631)		565		(1,082)		1,418
Equity in (earnings) loss of unconsolidated entities	(44)		162		387		695
Impairment charges on real estate	1,447		—		1,447		—
Company's portion of FFO of unconsolidated entities	152		(47)		(81)		(454)
FFO available to common stockholders and OP unitholders	(21,117)		(16,971)		(54,491)		(48,872)
Deemed dividends on redeemable preferred stock	2,530		669		3,587		1,351
(Gain) loss on extinguishment of preferred stock	—		(211)		—		(1,784)
Transaction and conversion costs	2,173		2,109		4,101		7,231
Write-off of premiums, loan costs and exit fees	1,486		3,796		6,083		3,814
Unrealized (gain) loss on derivatives	1,309		6,002		4,741		9,955
Stock/unit-based compensation	222		723		168		1,287
Legal, advisory and settlement costs	55		273		852		273
Other (income) expense, net	—		(36)		—		(71)
Amortization of credit facility exit fee	—		—		—		844
Amortization of loan costs	7,705		3,338		12,868		5,546
Incentive fee	(66)		—		27		—
Stirling performance participation fee	111		—		227		—
(Gain) loss on extinguishment of debt	2		—		15		(45)
Interest expense associated with hotels in receivership	9,902		11,944		19,948		18,495
Severance	274		150		796		150
Company's portion of adjustments to FFO of unconsolidated entities	35		6		75		6
Adjusted FFO available to common stockholders and OP unitholders	$	4,621	$	11,792	$	(1,003)	$	(1,820)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.78	$	2.69	$	(0.17)	$	(0.44)
Weighted average diluted shares	5,906		4,380		5,834		4,138

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

June 30, 2025

(dollars in thousands)

(unaudited)

Indebtedness	Current Maturity	Final Maturity (14)	Interest Rate (13)	Fixed-Rate<br>Debt			Floating-Rate<br>Debt			Total<br>Debt				TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (14)		Comparable TTM Hotel EBITDA<br>Debt Yield
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	March 2025	March 2025	4.66%	$	21,971		$	—		$	21,971		(2)	$	(1,675)	(7.6)	%	$	2,089	9.5	%
BAML Highland Pool - 18 hotels	April 2025	April 2025	SOFR (1) + 3.70%	—			743,625			743,625			(3)	84,157		11.3	%	87,567		11.8	%
JPMorgan Chase - 8 hotels	July 2025	February 2026	SOFR (1) + 3.28%	—			325,000			325,000			(4)	(55,020)		(16.9)	%	25,160		7.7	%
Aareal Le Pavillon - 1 hotel	December 2025	December 2027	SOFR (1) + 4.00%	—			37,000			37,000			(5)	(7,734)		(20.9)	%	1,589		4.3	%
BAML Indigo Atlanta - 1 hotel	February 2026	February 2027	SOFR (1) + 2.85%	—			12,330			12,330			(6)	(187)		(1.5)	%	2,194		17.8	%
Morgan Stanley Pool - 17 hotels	March 2026	March 2028	SOFR (1) + 3.39%	—			409,750			409,750			(7)	14,929		3.6	%	42,363		10.3	%
Aareal Alexandria/La Posada - 2 hotels	May 2026	May 2028	SOFR (1) + 4.00%	—			98,450			98,450			(8)	5,872		6.0	%	10,719		10.9	%
BAML Nashville - 1 hotel	May 2026	May 2029	SOFR (1) + 3.98%	—			267,200			267,200			(9)	25,812		9.7	%	35,669		13.3	%
BAML/Sculptor KEYS 16 Pool - 16 hotels	February 2027	February 2030	SOFR (1) + 4.37%	—			580,000			580,000			(9)	46,148		8.0	%	70,476		12.2	%
Torchlight Marriott Crystal Gateway - 1 hotel	November 2027	November 2029	SOFR (1) + 4.75%	—			121,500			121,500			(10)	13,049		10.7	%	17,020		14.0	%
Preferred Equity Nashville - 1 hotel	May 2029	May 2029	14.00%	35,185			—			35,185			(11)	N/A		N/A		N/A		N/A
Unencumbered Hotel - 1 hotel				—			—			—				1,876		N/A		4,384		N/A
Total				$	57,156		$	2,594,855		$	2,652,011			$	127,227	4.8	%	$	299,230	11.3	%
Percentage				2.2		%	97.8		%	100.0		%
Weighted average interest rate (12) (13)				10.41		%	8.09		%	8.14		%

All indebtedness is non-recourse.

The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership.

(1) SOFR rate was 4.32% at June 30, 2025.

(2) As of June 30, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.

(3) As of June 30, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company's consolidated balance sheet and statement of operations. On July 7, 2025, this loan entered into a forbearance agreement that expires on July 30, 2025. On July 30, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date from July 2025 to January 2026, and adding one six-month extension option to July 2026, subject to the satisfaction of certain conditions.

(4) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions, which must be completed by August 9, 2025.

(5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%.

(6) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.

(7) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%.

(9) This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions.

(10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%.

(11) On May 8, 2025, we entered into a preferred equity transaction and received $35.0 million for the preferred equity investment in the Renaissance Nashville property. Terms of the transaction include a 14.00% fixed preferred equity rate, consisting of 9.00% cash interest and 5.00% paid-in-kind interest, a 1.00% exit fee payable at redemption, and a redemption date of May 10, 2029.

(12) The weighted average interest rates are adjusted for in-the-money interest rate caps.

(13) Interest rates do not include default or late payment rates in effect on some mortgage loans.

(14) The final maturity date assumes all available extension options will be exercised.

(15) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

June 30, 2025

(dollars in thousands)

(unaudited)

	2025		2026		2027		2028		2029		Thereafter		Total
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel	$	21,971	$	—	$	—	$	—	$	—	$	—	$	21,971
BAML Highland Pool - 18 hotels (1)	743,625		—		—		—		—		—		743,625
JPMorgan Chase - 8 hotels	—		325,000		—		—		—		—		325,000
BAML Indigo Atlanta - 1 hotel	—		—		12,330		—		—		—		12,330
Aareal Le Pavillon - 1 hotel	—		—		35,000		—		—		—		35,000
Morgan Stanley Pool - 17 hotels	—		—		—		409,750		—		—		409,750
Aareal Alexandria/La Posada - 2 hotels	—		—		—		98,450		—		—		98,450
BAML Nashville - 1 hotel	—		—		—		—		267,200		—		267,200
Preferred Equity Nashville - 1 hotel	—		—		—		—		35,185		—		35,185
Torchlight Marriott Gateway - 1 hotel	—		—		—		—		121,500		—		121,500
BAML/Sculptor KEYS 16 Pool - 16 hotels	—		—		—		—		—		580,000		580,000
Principal due in future periods	765,596		325,000		47,330		508,200		423,885		580,000		2,650,011
Scheduled amortization payments remaining	—		1,000		1,000		—		—		—		2,000
Total indebtedness	$	765,596	$	326,000	$	48,330	$	508,200	$	423,885	$	580,000	$	2,652,011

(1) On July 30, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date from July 2025 to January 2026, and adding one six-month extension option to July 2026, subject to the satisfaction of certain conditions.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	227,203		$	(4,302)		$	222,901		$	243,605		$	(18,268)		$	225,337		(6.73)	%	(1.08)	%
	RevPAR	$	144.08		$	(116.72)		$	144.73		$	149.34		$	(168.39)		$	147.98		(3.52)	%	(2.20)	%
	Occupancy	75.23		%	(79.72)		%	75.13		%	74.87		%	(76.10)		%	74.78		%	0.48	%	0.47	%
	ADR	$	191.51		$	(146.42)		$	192.65		$	199.48		$	(221.29)		$	197.90		(4.00)	%	(2.65)	%
ALL HOTELS:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2025			2025			2025			2024			2024			2024			% Variance		% Variance
	Rooms revenue (in thousands)	$	433,505		$	(8,463)		$	425,042		$	472,812		$	(51,651)		$	421,161		(8.31)	%	0.92	%
	RevPAR	$	138.09		$	(111.14)		$	138.76		$	136.63		$	(124.43)		$	138.29		1.06	%	0.33	%
	Occupancy	71.62		%	(77.57)		%	71.47		%	70.65		%	(68.02)		%	71.01		%	1.37	%	0.65	%
	ADR	$	192.80		$	(143.28)		$	194.14		$	193.39		$	(182.95)		$	194.75		(0.30)	%	(0.31)	%

NOTES:

(1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

ALL HOTELS<br> NOT UNDER RENOVATION:
	Three Months Ended June 30,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2025			2025			2025			2024			2024			2024			% Variance		% Variance
		Rooms revenue (in thousands)	$	222,867		$	(4,302)		$	218,565		$	238,094		$	(18,267)		$	219,827		(6.40)	%	(0.57)	%
		RevPAR	$	145.62		$	(116.72)		$	146.34		$	150.25		$	(168.39)		$	148.91		(3.08)	%	(1.73)	%
		Occupancy	75.59		%	(79.72)		%	75.49		%	75.12		%	(76.10)		%	75.05		%	0.63	%	0.58	%
		ADR	$	192.65		$	(146.42)		$	193.86		$	200.00		$	(221.29)		$	198.41		(3.67)	%	(2.30)	%	ALL HOTELS<br> NOT UNDER RENOVATION:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Six Months Ended June 30,
			Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2025			2025			2025			2024			2024			2024			% Variance		% Variance
		Rooms revenue (in thousands)	$	424,486		$	(8,462)		$	416,024		$	462,545		$	(51,651)		$	410,894		(8.23)	%	1.25	%
		RevPAR	$	139.32		$	(111.14)		$	140.04		$	137.36		$	(124.43)		$	139.17		1.43	%	0.62	%
		Occupancy	71.96		%	(77.57)		%	71.82		%	70.91		%	(68.02)		%	71.31		%	1.48	%	0.71	%
		ADR	$	193.59		$	(143.28)		$	194.98		$	193.72		$	(182.95)		$	195.16		(0.06)	%	(0.09)	%

NOTES:

(1) The above comparable information assumes the 65 hotel properties owned and included in the Company’s operations at June 30, 2025, and not under renovation during the three months ended June 30, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties.

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2025			2024			% Variance		2025			2024			% Variance
Total hotel revenue	$	301,546		$	315,797		(4.51)	%	$	578,596		$	619,056		(6.54)	%
Non-comparable adjustments	(4,403)			(22,455)					(8,682)			(62,464)
Comparable total hotel revenue	$	297,143		$	293,342		1.30	%	$	569,914		$	556,592		2.39	%
Hotel net income (loss)	$	57,561		$	140,679		(59.08)	%	$	126,688		$	171,114		(25.96)	%
Non-comparable adjustments	(202)			(89,600)					(33,066)			(87,341)
Comparable hotel net income (loss)	$	57,359		$	51,079		12.29	%	$	93,622		$	83,773		11.76	%
Hotel net income (loss) margin	19.09		%	44.55		%	(25.46)	%	21.90		%	27.64		%	(5.74)	%
Comparable hotel net income margin	19.30		%	17.41		%	1.89	%	16.43		%	15.05		%	1.38	%
Hotel EBITDA	$	92,279		$	95,134		(3.00)	%	$	170,752		$	173,446		(1.55)	%
Non-comparable adjustments	(1,260)			(6,424)					(2,583)			(13,728)
Comparable hotel EBITDA	$	91,019		$	88,710		2.60	%	$	168,169		$	159,718		5.29	%
Hotel EBITDA margin	30.60		%	30.13		%	0.47	%	29.51		%	28.02		%	1.49	%
Comparable hotel EBITDA margin	30.63		%	30.24		%	0.39	%	29.51		%	28.70		%	0.81	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS<br> NOT UNDER RENOVATION:		Three Months Ended									Six Months Ended
	June 30,									June 30,
		2025			2024			% Variance			2025			2024			% Variance
Total hotel revenue		$	296,597		$	309,667		(4.22)	%		$	568,349		$	607,601		(6.46)	%
Non-comparable adjustments		(4,402)			(22,455)						(8,682)			(62,463)
Comparable total hotel revenue		$	292,195		$	287,212		1.73	%		$	559,667		$	545,138		2.67	%
Hotel net income (loss)		$	57,735		$	139,772		(58.69)	%		$	125,986		$	169,715		(25.77)	%
Non-comparable adjustments		(202)			(89,600)						(33,066)			(87,340)
Comparable hotel net income (loss)		$	57,533		$	50,172		14.67	%		$	92,920		$	82,375		12.80	%
Hotel net income (loss) margin		19.47		%	45.14		%	(25.67)	%		22.17		%	27.93		%	(5.76)	%
Comparable hotel net income margin		19.69		%	17.47		%	2.22	%		16.60		%	15.11		%	1.49	%
Hotel EBITDA		$	91,183		$	93,280		(2.25)	%		$	168,120		$	170,120		(1.18)	%
Non-comparable adjustments		(1,260)			(6,424)						(2,583)			(13,728)
Comparable hotel EBITDA		$	89,923		$	86,856		3.53	%		$	165,537		$	156,392		5.85	%
Hotel EBITDA margin		30.74		%	30.12		%	0.62	%		29.58		%	28.00		%	1.58	%
Comparable hotel EBITDA margin		30.77		%	30.24		%	0.53	%		29.58		%	28.69		%	0.89	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(3) Excluded hotels under renovation:

Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025			2025			2025		2025			2024			2024		2024			2024			2024		2024
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total hotel revenue	$	301,546		$	(4,403)	$	297,143		$	277,051		$	(4,280)	$	272,771		$	275,060		$	(11,728)	$	263,332		$	276,019		$	(13,321)	$	262,698
Hotel net income (loss)	$	57,561		$	(202)	$	57,359		$	69,126		$	(32,862)	$	36,264		$	(37,125)		$	(1,813)	$	(38,938)		$	32,678		$	(5,539)	$	27,139
Hotel net income (loss) margin	19.09		%			19.30		%	24.95		%			13.29		%	(13.50)		%			(14.79)		%	11.84		%			10.33		%
Hotel EBITDA	$	92,279		$	(1,260)	$	91,019		$	78,473		$	(1,323)	$	77,150		$	69,415		$	(3,897)	$	65,518		$	71,833		$	(5,170)	$	66,663
Hotel EBITDA margin	30.60		%			30.63		%	28.32		%			28.28		%	25.24		%			24.88		%	26.02		%			25.38		%
Hotel net income (loss) % of total TTM	47.1		%			70.1		%	56.6		%			44.3		%	(30.4)		%			(47.6)		%	26.7		%			33.2		%
EBITDA % of total TTM	29.6		%			30.3		%	25.2		%			25.7		%	22.2		%			21.8		%	23.0		%			22.2		%
JV interests in Hotel net income (loss)	$	(1,235)				$	(1,235)		$	(1,544)				$	(1,544)		$	(2,771)				$	(2,771)		$	(414)				$	(414)
JV interests in EBITDA	$	421				$	421		$	321				$	321		$	(63)				$	(63)		$	113				$	113
	Actual			Non-comparable Adjustments		Comparable
	2025			2025		2025
	TTM			TTM		TTM
Total hotel revenue	$	1,129,676		$	(33,732)	$	1,095,944
Hotel net income (loss)	$	122,240		$	(40,416)	$	81,824
Hotel net income (loss) margin	10.82		%			7.47		%
Hotel EBITDA	$	312,000		$	(11,650)	$	300,350
Hotel EBITDA margin	27.62		%			27.41		%
Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%
JV interests in Hotel net income (loss)	$	(5,964)				$	(5,964)
JV interests in EBITDA	$	792				$	792

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

				Three Months Ended June 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2025			2025			2025			2024			2024			2024			% Variance		% Variance
Atlanta, GA Area	4	939		$	135.85		$	(111.20)		$	140.81		$	132.53		$	(101.11)		$	144.07		2.5	%	(2.3)	%
Boston, MA Area	—	—		—			—			—			273.08			(273.08)			—			(100.0)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396		125.88			—			125.88			129.63			(129.94)			129.62			(2.9)	%	(2.9)	%
Houston, TX Area	3	695		117.64			—			117.64			109.49			—			109.49			7.4	%	7.4	%
Los Angeles, CA Metro Area	4	1,312		154.24			—			154.24			150.03			—			150.03			2.8	%	2.8	%
Miami, FL Metro Area	2	414		174.80			—			174.80			156.58			—			156.58			11.6	%	11.6	%
Minneapolis - St. Paul, MN Area	2	520		77.51			—			77.51			82.37			—			82.37			(5.9)	%	(5.9)	%
Nashville, TN Area	1	674		246.56			—			246.56			260.93			—			260.93			(5.5)	%	(5.5)	%
New York / New Jersey Metro Area	4	1,159		106.84			—			106.84			108.76			—			108.76			(1.8)	%	(1.8)	%
Orlando, FL Area	2	524		111.36			—			111.36			117.15			—			117.15			(4.9)	%	(4.9)	%
Philadelphia, PA Area	1	263		145.92			—			145.92			151.69			—			151.69			(3.8)	%	(3.8)	%
San Diego, CA Area	2	410		154.30			—			154.30			165.04			—			165.04			(6.5)	%	(6.5)	%
San Francisco - Oakland, CA Metro Area	3	793		144.07			—			144.07			137.79			—			137.79			4.6	%	4.6	%
Tampa, FL Area	2	571		144.52			—			144.52			135.91			—			135.91			6.3	%	6.3	%
Washington D.C. - MD - VA Area	9	2,428		175.51			—			175.51			185.91			—			185.91			(5.6)	%	(5.6)	%
Other Areas	24	4,826		138.45			(121.55)			139.21			143.88			(142.55)			144.01			(3.8)	%	(3.3)	%
Total Portfolio	68	16,924		$	144.08		$	(116.72)		$	144.73		$	149.34		$	(168.39)		$	147.98		(3.5)	%	(2.2)	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

				Six Months Ended June 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
			2025			2025			2025			2024			2024			2024			% Variance		% Variance
Atlanta, GA Area	4	939		$	139.74		$	(108.01)		$	146.13		$	125.77		$	(91.75)		$	140.17		11.1	%	4.3	%
Boston, MA Area	—	—		38.81			(38.81)			—			185.49			(185.49)			—			(79.1)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396		126.01			—			126.01			121.28			(84.19)			125.30			3.9	%	0.6	%
Houston, TX Area	3	695		114.63			—			114.63			103.37			—			103.37			10.9	%	10.9	%
Los Angeles, CA Metro Area	4	1,312		154.95			—			154.95			149.33			(84.48)			154.34			3.8	%	0.4	%
Miami, FL Metro Area	2	414		211.42			—			211.42			200.62			—			200.62			5.4	%	5.4	%
Minneapolis - St. Paul, MN Area	2	520		64.48			—			64.48			68.12			—			68.12			(5.3)	%	(5.3)	%
Nashville, TN Area	1	674		237.11			—			237.11			240.78			—			240.78			(1.5)	%	(1.5)	%
New York / New Jersey Metro Area	4	1,159		93.88			—			93.88			90.83			(55.84)			93.17			3.4	%	0.8	%
Orlando, FL Area	2	524		129.29			—			129.29			131.39			—			131.39			(1.6)	%	(1.6)	%
Philadelphia, PA Area	1	263		119.05			—			119.05			104.34			(28.18)			123.34			14.1	%	(3.5)	%
San Diego, CA Area	2	410		145.57			—			145.57			152.32			—			152.32			(4.4)	%	(4.4)	%
San Francisco - Oakland, CA Metro Area	3	793		134.84			—			134.84			123.18			(85.16)			131.17			9.5	%	2.8	%
Tampa, FL Area	2	571		171.77			—			171.77			160.66			—			160.66			6.9	%	6.9	%
Washington D.C. - MD - VA Area	9	2,428		158.36			—			158.36			160.45			—			160.45			(1.3)	%	(1.3)	%
Other Areas	24	4,826		126.94			(119.12)			127.29			129.23			(134.61)			128.32			(1.8)	%	(0.8)	%
Total Portfolio	68	16,924		$	138.09		$	(111.14)		$	138.76		$	136.63		$	(124.43)		$	138.29		1.1	%	0.3	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Three Months Ended June 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2025			2025			2025			2024			2024		2024				% Variance			% Variance
Atlanta, GA Area	4	939		$	1,866		$	(99)		$	1,767		3.1	%	$	15,788	$	(14,394)	$	1,394		2.7	%		(88.2)	%	26.8	%
Boston, MA Area	—	—		27			(27)			—			—	%	2,220		(2,220)		—			—	%		(98.8)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396		1,439			—			1,439			2.5	%	3,600		(56)		3,544			6.9	%		(60.0)	%	(59.4)	%
Houston, TX Area	3	695		441			—			441			0.8	%	229		—		229			0.4	%		92.6	%	92.6	%
Los Angeles, CA Metro Area	4	1,312		4,308			—			4,308			7.5	%	2,291		360		2,651			5.2	%		88.0	%	62.5	%
Miami, FL Metro Area	2	414		1,503			—			1,503			2.6	%	1,100		—		1,100			2.2	%		36.6	%	36.6	%
Minneapolis - St. Paul, MN Area	2	520		693			—			693			1.2	%	53		—		53			0.1	%		1,207.5	%	1,207.5	%
Nashville, TN Area	1	674		7,649			—			7,649			13.3	%	8,640		—		8,640			16.9	%		(11.5)	%	(11.5)	%
New York / New Jersey Metro Area	4	1,159		1,401			—			1,401			2.4	%	1,000		7		1,007			2.0	%		40.1	%	39.1	%
Orlando, FL Area	2	524		7,388			—			7,388			12.9	%	689		—		689			1.3	%		972.3	%	972.3	%
Philadelphia, PA Area	1	263		928			—			928			1.6	%	996		19		1,015			2.0	%		(6.8)	%	(8.6)	%
San Diego, CA Area	2	410		1,572			—			1,572			2.7	%	1,767		—		1,767			3.5	%		(11.0)	%	(11.0)	%
San Francisco - Oakland, CA Metro Area	3	793		1,160			—			1,160			2.0	%	469		38		507			1.0	%		147.3	%	128.8	%
Tampa, FL Area	2	571		2,179			—			2,179			3.8	%	1,903		—		1,903			3.7	%		14.5	%	14.5	%
Washington D.C. - MD - VA Area	9	2,428		13,573			—			13,573			23.7	%	13,927		—		13,927			27.3	%		(2.5)	%	(2.5)	%
Other Areas	24	4,826		11,434			(76)			11,358			19.9	%	86,007		(73,354)		12,653			24.8	%		(86.7)	%	(10.2)	%
Total Portfolio	68	16,924		$	57,561		$	(202)		$	57,359		100.0	%	$	140,679	$	(89,600)	$	51,079		100.0	%		(59.1)	%	12.3	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

				Six Months Ended June 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2025			2025			2025			2024			2024		2024				% Variance			% Variance
Atlanta, GA Area	4	939		$	4,496		$	(192)		$	4,304		4.6	%	$	16,982	$	(14,236)	$	2,746		3.3	%		(73.5)	%	56.7	%
Boston, MA Area	—	—		31,855			(31,855)			—			—	%	(839)		839		—			—	%		3,896.8	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396		3,683			—			3,683			3.9	%	5,998		960		6,958			8.3	%		(38.6)	%	(47.1)	%
Houston, TX Area	3	695		1,153			—			1,153			1.2	%	331		—		331			0.4	%		248.3	%	248.3	%
Los Angeles, CA Metro Area	4	1,312		8,881			—			8,881			9.5	%	3,722		3,375		7,097			8.5	%		138.6	%	25.1	%
Miami, FL Metro Area	2	414		5,604			—			5,604			6.0	%	5,221		—		5,221			6.2	%		7.3	%	7.3	%
Minneapolis - St. Paul, MN Area	2	520		(402)			—			(402)			(0.4)	%	(1,235)		—		(1,235)			(1.5)	%		67.4	%	67.4	%
Nashville, TN Area	1	674		14,672			—			14,672			15.7	%	14,450		—		14,450			17.2	%		1.5	%	1.5	%
New York / New Jersey Metro Area	4	1,159		764			—			764			0.8	%	(822)		882		60			0.1	%		192.9	%	1,173.3	%
Orlando, FL Area	2	524		9,458			—			9,458			10.1	%	2,441		—		2,441			2.9	%		287.5	%	287.5	%
Philadelphia, PA Area	1	263		901			(2)			899			1.0	%	17		849		866			1.0	%		5,200.0	%	3.8	%
San Diego, CA Area	2	410		2,503			—			2,503			2.7	%	2,868		—		2,868			3.4	%		(12.7)	%	(12.7)	%
San Francisco - Oakland, CA Metro Area	3	793		1,074			212			1,286			1.4	%	480		246		726			0.9	%		123.8	%	77.1	%
Tampa, FL Area	2	571		7,472			—			7,472			8.0	%	6,425		—		6,425			7.7	%		16.3	%	16.3	%
Washington D.C. - MD - VA Area	9	2,428		20,648			—			20,648			22.1	%	19,767		—		19,767			23.6	%		4.5	%	4.5	%
Other Areas	24	4,826		13,926			(1,229)			12,697			13.4	%	95,308		(80,256)		15,052			18.0	%		(85.4)	%	(15.6)	%
Total Portfolio	68	16,924		$	126,688		$	(33,066)		$	93,622		100.0	%	$	171,114	$	(87,341)	$	83,773		100.0	%		(26.0)	%	11.8	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

				Three Months Ended June 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2025			2025			2025			2024			2024		2024				% Variance			% Variance
Atlanta, GA Area	4	939		$	4,607		$	(516)		$	4,091		4.5	%	$	4,674	$	(671)	$	4,003		4.5	%		(1.4)	%	2.2	%
Boston, MA Area	—	—		48			(48)			—			—	%	3,703		(3,703)		—			—	%		(98.7)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396		6,631			—			6,631			7.3	%	6,630		(147)		6,483			7.3	%		—	%	2.3	%
Houston, TX Area	3	695		2,546			—			2,546			2.8	%	2,016		1		2,017			2.3	%		26.3	%	26.2	%
Los Angeles, CA Metro Area	4	1,312		5,498			—			5,498			6.0	%	4,527		335		4,862			5.5	%		21.4	%	13.1	%
Miami, FL Metro Area	2	414		2,939			—			2,939			3.2	%	2,245		—		2,245			2.5	%		30.9	%	30.9	%
Minneapolis - St. Paul, MN Area	2	520		1,479			—			1,479			1.6	%	882		1		883			1.0	%		67.7	%	67.5	%
Nashville, TN Area	1	674		10,208			—			10,208			11.2	%	11,058		—		11,058			12.5	%		(7.7)	%	(7.7)	%
New York / New Jersey Metro Area	4	1,159		3,402			—			3,402			3.7	%	3,139		1		3,140			3.5	%		8.4	%	8.3	%
Orlando, FL Area	2	524		1,461			—			1,461			1.6	%	1,632		—		1,632			1.8	%		(10.5)	%	(10.5)	%
Philadelphia, PA Area	1	263		1,288			—			1,288			1.4	%	1,395		13		1,408			1.6	%		(7.7)	%	(8.5)	%
San Diego, CA Area	2	410		2,168			—			2,168			2.4	%	2,353		—		2,353			2.7	%		(7.9)	%	(7.9)	%
San Francisco - Oakland, CA Metro Area	3	793		3,685			—			3,685			4.0	%	3,055		—		3,055			3.4	%		20.6	%	20.6	%
Tampa, FL Area	2	571		2,962			—			2,962			3.3	%	2,740		—		2,740			3.1	%		8.1	%	8.1	%
Washington D.C. - MD - VA Area	9	2,428		17,634			—			17,634			19.4	%	18,460		1		18,461			20.8	%		(4.5)	%	(4.5)	%
Other Areas	24	4,826		25,723			(696)			25,027			27.6	%	26,625		(2,255)		24,370			27.5	%		(3.4)	%	2.7	%
Total Portfolio	68	16,924		$	92,279		$	(1,260)		$	91,019		100.0	%	$	95,134	$	(6,424)	$	88,710		100.0	%		(3.0)	%	2.6	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

				Six Months Ended June 30,
	Number of Hotels	Number of Rooms		Actual			Non-comparable Adjustments			Comparable			% of Total		Actual		Non-comparable Adjustments		Comparable			% of Total			Actual		Comparable
			2025			2025			2025			2024			2024		2024				% Variance			% Variance
Atlanta, GA Area	4	939		$	10,166		$	(1,030)		$	9,136		5.4	%	$	9,292	$	(1,317)	$	7,975		5.0	%		9.4	%	14.6	%
Boston, MA Area	—	—		60			(60)			—			—	%	4,587		(4,587)		—			—	%		(98.7)	%	—	%
Dallas / Ft. Worth, TX Area	5	1,396		14,520			—			14,520			8.6	%	13,498		(539)		12,959			8.1	%		7.6	%	12.0	%
Houston, TX Area	3	695		4,926			—			4,926			2.9	%	3,783		3		3,786			2.4	%		30.2	%	30.1	%
Los Angeles, CA Metro Area	4	1,312		12,320			—			12,320			7.3	%	11,330		153		11,483			7.2	%		8.7	%	7.3	%
Miami, FL Metro Area	2	414		8,497			—			8,497			5.1	%	7,447		1		7,448			4.7	%		14.1	%	14.1	%
Minneapolis - St. Paul, MN Area	2	520		1,116			—			1,116			0.7	%	376		3		379			0.2	%		196.8	%	194.5	%
Nashville, TN Area	1	674		19,684			—			19,684			11.7	%	19,342		—		19,342			12.1	%		1.8	%	1.8	%
New York / New Jersey Metro Area	4	1,159		4,815			—			4,815			2.9	%	4,485		(108)		4,377			2.7	%		7.4	%	10.0	%
Orlando, FL Area	2	524		4,396			—			4,396			2.6	%	4,352		—		4,352			2.7	%		1.0	%	1.0	%
Philadelphia, PA Area	1	263		1,634			(2)			1,632			1.0	%	1,367		280		1,647			1.0	%		19.5	%	(0.9)	%
San Diego, CA Area	2	410		3,851			—			3,851			2.3	%	4,033		1		4,034			2.5	%		(4.5)	%	(4.5)	%
San Francisco - Oakland, CA Metro Area	3	793		6,403			—			6,403			3.8	%	6,099		(226)		5,873			3.7	%		5.0	%	9.0	%
Tampa, FL Area	2	571		8,960			—			8,960			5.3	%	8,100		2		8,102			5.1	%		10.6	%	10.6	%
Washington D.C. - MD - VA Area	9	2,428		28,874			—			28,874			17.2	%	29,087		4		29,091			18.2	%		(0.7)	%	(0.7)	%
Other Areas	24	4,826		40,530			(1,491)			39,039			23.2	%	46,268		(7,398)		38,870			24.4	%		(12.4)	%	0.4	%
Total Portfolio	68	16,924		$	170,752		$	(2,583)		$	168,169		100.0	%	$	173,446	$	(13,728)	$	159,718		100.0	%		(1.6)	%	5.3	%

NOTES:

(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

June 30, 2025

(in thousands, except share price)

(unaudited)

	June 30, 2025
Common stock shares outstanding	5,909
Partnership units outstanding	121
Combined common stock shares and partnership units outstanding	6,030
Common stock price	$	6.02
Market capitalization	$	36,301
Series D cumulative preferred stock	$	27,778
Series F cumulative preferred stock	$	25,926
Series G cumulative preferred stock	$	36,774
Series H cumulative preferred stock	$	25,949
Series I cumulative preferred stock	$	25,858
Series J redeemable preferred stock	$	192,498
Series K redeemable preferred stock	$	18,682
Series L redeemable preferred stock	$	2,805
Series M redeemable preferred stock	$	3,631
Indebtedness	$	2,652,011
Net working capital (see below)	$	(184,193)
Total enterprise value (TEV)	$	2,864,020
Cash and cash equivalents	$	96,296
Restricted cash	$	150,837
Accounts receivable, net	$	47,413
Prepaid expenses	$	12,991
Due from third-party hotel managers, net	$	20,439
Total current assets	$	327,976
Accounts payable, net & accrued expenses	$	133,495
Dividends and distributions payable	$	4,166
Due to affiliates, net	$	6,122
Total current liabilities	$	143,783
Net working capital	$	184,193

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2025
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Estimated	Estimated
Courtyard Bloomington	117	x	x		x
Embassy Suites Palm Beach	160	x
Hampton Inn Evansville	140	x	x
Hilton Garden Inn Austin Downtown	254		x	x
Hilton Garden Inn Virginia Beach	176				x
Residence Inn Evansville	78	x			x
Sheraton Anchorage	370				x
Sheraton Misson Valley	260				x
Westin Princeton	296				x
Total		4	3	1	6

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2025		2025		2024		2024		June 30, 2025
	2nd Quarter		1st Quarter		4th Quarter		3rd Quarter		TTM
Net income (loss)	$	57,561	$	69,126	$	(37,125)	$	32,678	$	122,240
Non-property adjustments	(5,234)		(31,855)		59,274		(2,771)		19,414
Interest income	(370)		(346)		(408)		(482)		(1,606)
Interest expense	3,156		3,065		3,181		2,206		11,608
Amortization of loan costs	132		106		118		77		433
Depreciation and amortization	35,228		37,290		37,256		37,691		147,465
Income tax expense (benefit)	—		—		(22)		26		4
Non-hotel EBITDA ownership expense	1,806		1,087		7,141		2,408		12,442
Hotel EBITDA including amounts attributable to noncontrolling interest	92,279		78,473		69,415		71,833		312,000
Non-comparable adjustments	(1,260)		(1,323)		(3,897)		(5,170)		(11,650)
Comparable hotel EBITDA	$	91,019	$	77,150	$	65,518	$	66,663	$	300,350

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2025
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	57,735	$	(174)	$	57,561	$	(90,000)	$	(32,439)
Non-property adjustments	(5,234)		—		(5,234)		5,234		—
Interest income	(370)		—		(370)		370		—
Interest expense	3,156		—		3,156		69,690		72,846
Amortization of loan cost	132		—		132		7,611		7,743
Depreciation and amortization	34,005		1,223		35,228		48		35,276
Income tax expense (benefit)	—		—		—		119		119
Non-hotel EBITDA ownership expense	1,759		47		1,806		(1,806)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	91,183		1,096		92,279		(8,734)		83,545
Equity in (earnings) loss of unconsolidated entities	—		—		—		(44)		(44)
Company's portion of EBITDA of unconsolidated entities	—		—		—		406		406
Hotel EBITDA attributable to the Company and OP unitholders	$	91,183	$	1,096	$	92,279	$	(8,372)	$	83,907
Non-comparable adjustments	(1,260)		—		(1,260)
Comparable hotel EBITDA	$	89,923	$	1,096	$	91,019

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2025
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	69,126	$	(91,324)	$	(22,198)
Non-property adjustments	(31,855)		31,855		—
Interest income	(346)		346		—
Interest expense	3,065		68,583		71,648
Amortization of loan cost	106		5,094		5,200
Depreciation and amortization	37,290		49		37,339
Income tax expense (benefit)	—		317		317
Non-hotel EBITDA ownership expense	1,087		(1,087)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	78,473		13,833		92,306
Equity in (earnings) loss of unconsolidated entities	—		431		431
Company's portion of EBITDA of unconsolidated entities	—		120		120
Hotel EBITDA attributable to the Company and OP unitholders	$	78,473	$	14,384	$	92,857
Non-comparable adjustments	(1,323)
Comparable hotel EBITDA	$	77,150

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2024
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	(37,125)	$	(91,974)	$	(129,099)
Non-property adjustments	59,274		(59,274)		—
Interest income	(408)		408		—
Interest expense	3,181		66,934		70,115
Amortization of loan cost	118		4,354		4,472
Depreciation and amortization	37,256		49		37,305
Income tax expense (benefit)	(22)		(2,294)		(2,316)
Non-hotel EBITDA ownership expense	7,141		(7,141)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	69,415		(88,938)		(19,523)
Equity in (earnings) loss of unconsolidated entities	—		1,542		1,542
Company's portion of EBITDA of unconsolidated entities	—		130		130
Hotel EBITDA attributable to the Company and OP unitholders	$	69,415	$	(87,266)	$	(17,851)
Non-comparable adjustments	(3,897)
Comparable hotel EBITDA	$	65,518

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2024
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	32,678	$	(91,806)	$	(59,128)
Non-property adjustments	(2,771)		2,771		—
Interest income	(482)		482		—
Interest expense	2,206		72,167		74,373
Amortization of loan cost	77		3,495		3,572
Depreciation and amortization	37,691		49		37,740
Income tax expense (benefit)	26		(471)		(445)
Non-hotel EBITDA ownership expense	2,408		(2,408)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	71,833		(15,721)		56,112
Equity in (earnings) loss of unconsolidated entities	—		133		133
Company's portion of EBITDA of unconsolidated entities	—		257		257
Hotel EBITDA attributable to the Company and OP unitholders	$	71,833	$	(15,331)	$	56,502
Non-comparable adjustments	(5,170)
Comparable hotel EBITDA	$	66,663

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2024
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	139,772	$	907	$	140,679	$	(89,868)	$	50,811
Non-property adjustments	(85,986)		—		(85,986)		85,986		—
Interest income	(420)		—		(420)		420		—
Interest expense	2,086		—		2,086		74,936		77,022
Amortization of loan cost	76		—		76		3,262		3,338
Depreciation and amortization	36,231		908		37,139		48		37,187
Income tax expense (benefit)	29		—		29		3,426		3,455
Non-hotel EBITDA ownership expense	1,492		39		1,531		(1,531)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	93,280		1,854		95,134		76,679		171,813
Equity in (earnings) loss of unconsolidated entities	—		—		—		162		162
Company's portion of EBITDA of unconsolidated entities	—		—		—		215		215
Hotel EBITDA attributable to the Company and OP unitholders	$	93,280	$	1,854	$	95,134	$	77,056	$	172,190
Non-comparable adjustments	(6,424)		—		(6,424)
Comparable hotel EBITDA	$	86,856	$	1,854	$	88,710

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 30, 2025
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	125,986	$	701	$	126,687	$	(181,324)	$	(54,637)
Non-property adjustments	(37,089)		—		(37,089)		37,089		—
Interest income	(716)		—		(716)		716		—
Interest expense	6,221		—		6,221		138,273		144,494
Amortization of loan cost	238		—		238		12,705		12,943
Depreciation and amortization	70,067		2,451		72,518		97		72,615
Income tax expense (benefit)	—		—		—		436		436
Non-hotel EBITDA ownership expense	3,413		(520)		2,893		(2,893)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	168,120		2,632		170,752		5,099		175,851
Equity in (earnings) loss of unconsolidated entities	—		—		—		387		387
Company's portion of EBITDA of unconsolidated entities	—		—		—		526		526
Hotel EBITDA attributable to the Company and OP unitholders	$	168,120	$	2,632	$	170,752	$	6,012	$	176,764
Non-comparable adjustments	(2,583)		—		(2,583)
Comparable hotel EBITDA	$	165,537	$	2,632	$	168,169

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 30, 2024
	Hotel Properties Not Under Renovation		Hotel Properties Under Renovation		Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	169,715	$	1,399	$	171,114	$	(47,898)	$	123,216
Non-property adjustments	(84,016)		—		(84,016)		84,016		—
Interest income	(830)		—		(830)		830		—
Interest expense	6,241		—		6,241		154,632		160,873
Amortization of loan cost	295		—		295		5,251		5,546
Depreciation and amortization	75,506		1,853		77,359		372		77,731
Income tax expense (benefit)	64		—		64		3,694		3,758
Non-hotel EBITDA ownership expense	3,145		74		3,219		(3,219)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	170,120		3,326		173,446		197,678		371,124
Equity in (earnings) loss of unconsolidated entities	—		—		—		695		695
Company's portion of EBITDA of unconsolidated entities	—		—		—		49		49
Hotel EBITDA attributable to the Company and OP unitholders	$	170,120	$	3,326	$	173,446	$	198,422	$	371,868
Non-comparable adjustments	(13,728)		—		(13,728)
Comparable hotel EBITDA	$	156,392	$	3,326	$	159,718

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2025
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - <br>St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	1,866	$	27	$	1,439	$	441	$	4,308	$	1,503	$	693	$	7,649	$	1,401
Non-property adjustments	—		16		—		—		—		—		—		—		—
Interest income	(54)		—		—		—		(15)		(2)		—		(32)		—
Interest expense	704		—		1,121		—		—		—		—		—		—
Amortization of loan costs	6		—		103		—		—		—		—		—		—
Depreciation and amortization	2,056		—		3,815		1,680		1,188		1,420		708		2,295		1,901
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	29		5		153		425		17		18		78		296		100
Hotel EBITDA including amounts attributable to noncontrolling interest	4,607		48		6,631		2,546		5,498		2,939		1,479		10,208		3,402
Non-comparable adjustments	(516)		(48)		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	4,091	$	—	$	6,631	$	2,546	$	5,498	$	2,939	$	1,479	$	10,208	$	3,402
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	7,388	$	928	$	1,572	$	1,160	$	2,179	$	13,573	$	11,434	$	57,561
Non-property adjustments	(6,700)		—		—		—		—		—		1,450		(5,234)
Interest income	(31)		—		(26)		(13)		—		(165)		(32)		(370)
Interest expense	—		—		—		552		—		—		779		3,156
Amortization of loan costs	—		—		—		—		—		—		23		132
Depreciation and amortization	801		354		619		1,965		727		4,137		11,562		35,228
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	3		6		3		21		56		89		507		1,806
Hotel EBITDA including amounts attributable to noncontrolling interest	1,461		1,288		2,168		3,685		2,962		17,634		25,723		92,279
Non-comparable adjustments	—		—		—		—		—		—		(696)		(1,260)
Comparable hotel EBITDA	$	1,461	$	1,288	$	2,168	$	3,685	$	2,962	$	17,634	$	25,027	$	91,019

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2024
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	15,788	$	2,220	$	3,600	$	229	$	2,291	$	1,100	$	53	$	8,640	$	1,000
Non-property adjustments	(14,362)		677		7		—		26		—		—		—		7
Interest income	(43)		(65)		—		—		(12)		(14)		—		(28)		—
Interest expense	776		226		—		—		—		—		—		—		—
Amortization of loan costs	—		—		—		—		—		—		—		—		—
Depreciation and amortization	2,422		764		2,918		1,715		2,022		1,111		767		2,397		2,027
Income tax expense (benefit)	—		—		—		—		—		—		—		23		—
Non-hotel EBITDA ownership expense	93		(119)		105		72		200		48		62		26		105
Hotel EBITDA including amounts attributable to noncontrolling interest	4,674		3,703		6,630		2,016		4,527		2,245		882		11,058		3,139
Non-comparable adjustments	(671)		(3,703)		(147)		1		335		—		1		—		1
Comparable hotel EBITDA	$	4,003	$	—	$	6,483	$	2,017	$	4,862	$	2,245	$	883	$	11,058	$	3,140
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	689	$	996	$	1,767	$	469	$	1,903	$	13,927	$	86,007	$	140,679
Non-property adjustments	—		6		—		38		—		—		(72,385)		(85,986)
Interest income	(28)		—		(22)		(18)		—		(160)		(30)		(420)
Interest expense	—		—		—		211		—		—		873		2,086
Amortization of loan costs	—		—		—		39		—		—		37		76
Depreciation and amortization	967		382		593		2,290		815		4,624		11,325		37,139
Income tax expense (benefit)	—		—		—		—		—		—		6		29
Non-hotel EBITDA ownership expense	4		11		15		26		22		69		792		1,531
Hotel EBITDA including amounts attributable to noncontrolling interest	1,632		1,395		2,353		3,055		2,740		18,460		26,625		95,134
Non-comparable adjustments	—		13		—		—		—		1		(2,255)		(6,424)
Comparable hotel EBITDA	$	1,632	$	1,408	$	2,353	$	3,055	$	2,740	$	18,461	$	24,370	$	88,710

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 30, 2025
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	4,496	$	31,855	$	3,683	$	1,153	$	8,881	$	5,604	$	(402)	$	14,672	$	764
Non-property adjustments	—		(31,852)		—		—		—		—		—		—		—
Interest income	(108)		—		—		—		(29)		(4)		—		(57)		—
Interest expense	1,406		—		2,411		—		—		—		—		—		—
Amortization of loan costs	10		—		156		—		—		—		—		—		—
Depreciation and amortization	4,165		1		7,648		3,436		3,107		2,866		1,406		4,768		3,782
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	197		56		622		337		361		31		112		301		269
Hotel EBITDA including amounts attributable to noncontrolling interest	10,166		60		14,520		4,926		12,320		8,497		1,116		19,684		4,815
Non-comparable adjustments	(1,030)		(60)		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	9,136	$	—	$	14,520	$	4,926	$	12,320	$	8,497	$	1,116	$	19,684	$	4,815
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	9,458	$	901	$	2,503	$	1,074	$	7,472	$	20,648	$	13,925	$	126,687
Non-property adjustments	(6,700)		—		—		—		—		—		1,463		(37,089)
Interest income	(60)		—		(50)		(25)		—		(317)		(66)		(716)
Interest expense	—		—		—		854		—		—		1,550		6,221
Amortization of loan costs	—		—		—		27		—		—		45		238
Depreciation and amortization	1,681		713		1,233		4,004		1,420		8,387		23,901		72,518
Income tax expense (benefit)	—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	17		20		165		469		68		156		(288)		2,893
Hotel EBITDA including amounts attributable to noncontrolling interest	4,396		1,634		3,851		6,403		8,960		28,874		40,530		170,752
Non-comparable adjustments	—		(2)		—		—		—		—		(1,491)		(2,583)
Comparable hotel EBITDA	$	4,396	$	1,632	$	3,851	$	6,403	$	8,960	$	28,874	$	39,039	$	168,169

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Six Months Ended June 30, 2024
	Atlanta, GA Area		Boston, MA Area		Dallas / Ft. Worth, TX Area		Houston, TX Area		Los Angeles, CA Metro Area		Miami, FL Metro Area		Minneapolis - St. Paul, MN - WI Area		Nashville, TN Area		New York / New Jersey Metro Area
Net income (loss)	$	16,982	$	(839)	$	5,998	$	331	$	3,722	$	5,221	$	(1,235)	$	14,450	$	(822)
Non-property adjustments	(14,362)		677		1,090		—		3,001		—		—		—		733
Interest income	(81)		(123)		(4)		—		(41)		(26)		—		(54)		(4)
Interest expense	1,552		2,518		—		—		—		—		—		—		—
Amortization of loan costs	—		144		—		—		—		—		—		—		—
Depreciation and amortization	5,057		2,297		6,189		3,280		4,318		2,192		1,527		4,863		4,268
Income tax expense (benefit)	—		—		—		—		—		—		—		49		—
Non-hotel EBITDA ownership expense	144		(87)		225		172		330		60		84		34		310
Hotel EBITDA including amounts attributable to noncontrolling interest	9,292		4,587		13,498		3,783		11,330		7,447		376		19,342		4,485
Non-comparable adjustments	(1,317)		(4,587)		(539)		3		153		1		3		—		(108)
Comparable hotel EBITDA	$	7,975	$	—	$	12,959	$	3,786	$	11,483	$	7,448	$	379	$	19,342	$	4,377
	Orlando, FL Area		Philadelphia, PA Area		San Diego, CA Area		San Francisco - Oakland, CA Metro Area		Tampa, FL Area		Washington D.C. - MD - VA Area		Other Areas		Total Portfolio
Net income (loss)	$	2,441	$	17	$	2,868	$	480	$	6,425	$	19,767	$	95,308	$	171,114
Non-property adjustments	—		425		—		228		—		—		(75,808)		(84,016)
Interest income	(52)		(4)		(41)		(35)		—		(297)		(68)		(830)
Interest expense	—		—		—		424		—		—		1,747		6,241
Amortization of loan costs	—		—		—		79		—		—		72		295
Depreciation and amortization	1,937		913		1,180		4,825		1,669		9,387		23,457		77,359
Income tax expense (benefit)	—		—		—		—		—		—		15		64
Non-hotel EBITDA ownership expense	26		16		26		98		6		230		1,545		3,219
Hotel EBITDA including amounts attributable to noncontrolling interest	4,352		1,367		4,033		6,099		8,100		29,087		46,268		173,446
Non-comparable adjustments	—		280		1		(226)		2		4		(7,398)		(13,728)
Comparable hotel EBITDA	$	4,352	$	1,647	$	4,034	$	5,873	$	8,102	$	29,091	$	38,870	$	159,718

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	TTM Ended June 30, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	46,148	$	84,157	$	14,929	$	(55,020)	$	25,812	$	5,872	$	(187)	$	13,049	$	(1,675)	$	(7,734)	$	(8,434)
Non-property adjustments	(6,700)		(31,925)		1,447		59,331		—		—		—		—		—		—		—
Interest income	(124)		(469)		(287)		(198)		(111)		—		(5)		(412)		—		—		—
Interest expense	—		—		—		—		—		—		986		—		1,277		3,249		4,146
Amortization of loan costs	—		—		—		—		—		—		10		—		148		119		156
Depreciation and amortization	28,223		40,255		22,827		19,990		9,579		4,744		1,246		4,335		2,090		5,627		3,760
Income tax expense (benefit)	(3)		—		—		—		(48)		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	2,946		1,877		3,456		1,060		437		105		144		51		250		329		1,492
Hotel EBITDA including amounts attributable to noncontrolling interest	70,490		93,895		42,372		25,163		35,669		10,721		2,194		17,023		2,090		1,590		1,120
Non-comparable adjustments	(14)		(6,328)		(9)		(3)		—		(2)		—		(3)		(1)		(1)		—
Comparable hotel EBITDA	$	70,476	$	87,567	$	42,363	$	25,160	$	35,669	$	10,719	$	2,194	$	17,020	$	2,089	$	1,589	$	1,120
	BAML - 4 Pack - Stirling		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	555	$	2,892	$	1,876	$	122,240
Non-property adjustments	—		(2,739)		—		19,414
Interest income	—		—		—		(1,606)
Interest expense	—		—		1,950		11,608
Amortization of loan costs	—		—		—		433
Depreciation and amortization	4,243		6		540		147,465
Income tax expense (benefit)	(8)		63		—		4
Non-hotel EBITDA ownership expense	100		177		18		12,442
Hotel EBITDA including amounts attributable to noncontrolling interest	4,890		399		4,384		312,000
Non-comparable adjustments	(4,890)		(399)		—		(11,650)
Comparable hotel EBITDA	$	—	$	—	$	4,384	$	300,350

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended June 30, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	22,803	$	16,160	$	4,071	$	3,089	$	7,649	$	2,462	$	(18)	$	4,672	$	(365)	$	(1,979)	$	(1,747)
Non-property adjustments	(6,700)		16		1,447		—		—		—		—		—		—		—		—
Interest income	(36)		(83)		(74)		(44)		(32)		—		—		(101)		—		—		—
Interest expense	—		—		—		—		—		—		224		—		552		778		1,121
Amortization of loan costs	—		—		—		—		—		—		6		—		—		23		103
Depreciation and amortization	6,830		9,435		5,718		4,357		2,295		1,136		310		1,008		519		1,344		1,117
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	246		442		506		155		296		44		(3)		29		25		53		2
Hotel EBITDA including amounts attributable to noncontrolling interest	23,143		25,970		11,668		7,557		10,208		3,642		519		5,608		731		219		596
Non-comparable adjustments	(2)		(38)		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	23,141	$	25,932	$	11,668	$	7,557	$	10,208	$	3,642	$	519	$	5,608	$	731	$	219	$	596
	BAML - 4 Pack - Stirling		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	195	$	(15)	$	584	$	57,561
Non-property adjustments	—		3		—		(5,234)
Interest income	—		—		—		(370)
Interest expense	—		—		481		3,156
Amortization of loan costs	—		—		—		132
Depreciation and amortization	1,024		—		135		35,228
Income tax expense (benefit)	—		—		—		—
Non-hotel EBITDA ownership expense	5		8		(2)		1,806
Hotel EBITDA including amounts attributable to noncontrolling interest	1,224		(4)		1,198		92,279
Non-comparable adjustments	(1,224)		4		—		(1,260)
Comparable hotel EBITDA	$	—	$	—	$	1,198	$	91,019

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 2025
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	8,064	$	44,926	$	6,147	$	1,611	$	7,023	$	618	$	263	$	3,105	$	(808)	$	(1,122)	$	(2,183)
Non-property adjustments	—		(31,868)		—		—		—		—		—		—		—		—		—
Interest income	(32)		(75)		(68)		(44)		(25)		—		(5)		(97)		—		—		—
Interest expense	—		—		—		—		—		—		221		—		303		770		1,290
Amortization of loan costs	—		—		—		—		—		—		4		—		27		22		53
Depreciation and amortization	6,959		9,614		5,988		5,392		2,473		1,165		310		1,048		525		1,554		1,117
Income tax expense (benefit)	—		—		—		—		—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,073		(153)		399		234		5		11		4		11		17		51		177
Hotel EBITDA including amounts attributable to noncontrolling interest	16,064		22,444		12,466		7,193		9,476		1,794		797		4,067		64		1,275		454
Non-comparable adjustments	—		(26)		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	16,064	$	22,418	$	12,466	$	7,193	$	9,476	$	1,794	$	797	$	4,067	$	64	$	1,275	$	454
	BAML - 4 Pack - Stirling		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	124	$	896	$	462	$	69,126
Non-property adjustments	—		13		—		(31,855)
Interest income	—		—		—		(346)
Interest expense	—		—		481		3,065
Amortization of loan costs	—		—		—		106
Depreciation and amortization	1,010		—		135		37,290
Income tax expense (benefit)	—		—		—		—
Non-hotel EBITDA ownership expense	7		(753)		4		1,087
Hotel EBITDA including amounts attributable to noncontrolling interest	1,141		156		1,082		78,473
Non-comparable adjustments	(1,141)		(156)		—		(1,323)
Comparable hotel EBITDA	$	—	$	—	$	1,082	$	77,150

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2024
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	5,672	$	11,593	$	2,927	$	(60,071)	$	6,191	$	839	$	(174)	$	2,422	$	(921)	$	(1,951)	$	(3,918)
Non-property adjustments	—		(73)		—		59,331		—		—		—		—		—		—		—
Interest income	(9)		(151)		(70)		(50)		(25)		—		—		(103)		—		—		—
Interest expense	—		—		—		—		—		—		257		—		210		822		1,398
Amortization of loan costs	—		—		—		—		—		—		—		—		80		38		—
Depreciation and amortization	7,140		10,294		5,519		5,089		2,404		1,206		314		1,111		533		1,342		1,118
Income tax expense (benefit)	(4)		—		—		—		(70)		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,441		1,770		984		622		15		29		118		5		161		225		1,313
Hotel EBITDA including amounts attributable to noncontrolling interest	14,240		23,433		9,360		4,921		8,515		2,074		515		3,435		63		476		(89)
Non-comparable adjustments	(14)		(2,506)		(9)		(3)		—		(2)		—		—		(1)		(1)		—
Comparable hotel EBITDA	$	14,226	$	20,927	$	9,351	$	4,918	$	8,515	$	2,072	$	515	$	3,435	$	62	$	475	$	(89)
	BAML - 4 Pack - Stirling		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	181	$	(381)	$	466	$	(37,125)
Non-property adjustments	—		16		—		59,274
Interest income	—		—		—		(408)
Interest expense	—		—		494		3,181
Amortization of loan costs	—		—		—		118
Depreciation and amortization	1,051		—		135		37,256
Income tax expense (benefit)	(8)		60		—		(22)
Non-hotel EBITDA ownership expense	64		378		16		7,141
Hotel EBITDA including amounts attributable to noncontrolling interest	1,288		73		1,111		69,415
Non-comparable adjustments	(1,288)		(73)		—		(3,897)
Comparable hotel EBITDA	$	—	$	—	$	1,111	$	65,518

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2024
	BAML/Sculptor KEYS Pool - 16 hotels		BAML Highland Pool - 18 hotels		Morgan Stanley Pool - 17 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		Hilton Alexandria / La Posada - 2 hotels		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel		US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel		Aareal Le Pavillon - 1 hotel		Ft Worth Le Meridien - 1 hotel
Net income (loss)	$	9,609	$	11,478	$	1,784	$	351	$	4,949	$	1,953	$	(258)	$	2,850	$	419	$	(2,682)	$	(586)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—
Interest income	(47)		(160)		(75)		(60)		(29)		—		—		(111)		—		—		—
Interest expense	—		—		—		—		—		—		284		—		212		879		337
Amortization of loan costs	—		—		—		—		—		—		—		—		41		36		—
Depreciation and amortization	7,294		10,912		5,602		5,152		2,407		1,237		312		1,168		513		1,387		408
Income tax expense (benefit)	1		—		—		—		22		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	186		(182)		1,567		49		121		21		25		6		47		—		—
Hotel EBITDA including amounts attributable to noncontrolling interest	17,043		22,048		8,878		5,492		7,470		3,211		363		3,913		1,232		(380)		159
Non-comparable adjustments	2		(3,758)		—		—		—		—		—		(3)		—		—		—
Comparable hotel EBITDA	$	17,045	$	18,290	$	8,878	$	5,492	$	7,470	$	3,211	$	363	$	3,910	$	1,232	$	(380)	$	159
	BAML - 4 Pack - Stirling		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	55	$	2,392	$	364	$	32,678
Non-property adjustments	—		(2,771)		—		(2,771)
Interest income	—		—		—		(482)
Interest expense	—		—		494		2,206
Amortization of loan costs	—		—		—		77
Depreciation and amortization	1,158		6		135		37,691
Income tax expense (benefit)	—		3		—		26
Non-hotel EBITDA ownership expense	24		544		—		2,408
Hotel EBITDA including amounts attributable to noncontrolling interest	1,237		174		993		71,833
Non-comparable adjustments	(1,237)		(174)		—		(5,170)
Comparable hotel EBITDA	$	—	$	—	$	993	$	66,663

NOTES: