Document

EXHIBIT 99.1

NEWS RELEASE


Contact:	Stephen Zsigray	Joe Calabrese
	Chief Executive Officer	Financial Relations Board
	(972) 490-9600	(212) 827-3772

ASHFORD TRUST REPORTS THIRD QUARTER 2026 RESULTS

DALLAS – November 10, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2026. 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 September 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2026 with the third quarter ended September 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 7.3% to $140.8 during the quarter on a 6.1% increase in Comparable ADR and a 1.2% increase in Comparable Occupancy.

•Net income attributable to common stockholders was $2.5 million or $0.12 per diluted share for the quarter, compared to a net loss attributable to common stockholders of $(69.0) million, or $(11.35) per share, in the prior-year quarter.

•Adjusted EBITDAre was $34.9 million for the quarter.

•Adjusted funds from operations (AFFO) per diluted share was $(2.22) for the quarter, compared to $(2.85) for the prior-year quarter. Year to date, AFFO per diluted share was $0.44, compared to $(3.13) for the prior-year period.

•Comparable Hotel EBITDA was $55.5 million for the quarter, reflecting growth of 6.9% over the prior year quarter. Year to date, Comparable Hotel EBITDA increased 6.8% and Comparable Hotel EBITDA margin expanded 70 basis points to 29.8%.

•The Company ended the quarter with cash and cash equivalents of $87.3 million and restricted cash of $122.1 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 $29.1 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 $68.4 million.

•Total debt was $1.9 billion at September 30, 2026, a decrease of $677.4 million, or 26.4%, from $2.6 billion at December 31, 2025.

•Interest expense, net of discount amortization, was $47.4 million for the quarter, a decrease of 15.9% from $56.3 million in the prior-year quarter.

•CapEx invested during the quarter was $18.6 million.

AHT Reports Third Quarter Results

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November 10, 2026

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company closed on four hotel sales for combined gross proceeds of $145.8 million or $134,300 per key. These sales also avoid an estimated $26.7 million or $24,600 per key, of capital expenditures, for total value of $172.5 million, or $158,900 per key, including gross proceeds. These hotels include:

◦Marriott Fremont Silicon Valley

◦Hyatt Regency Long Island

◦Embassy Suites by Hilton Dulles Airport

◦Embassy Suites by Hilton Las Vegas

•Subsequent to quarter end, the Company closed on the sale of the Embassy Suites by Hilton Philadelphia Airport for gross proceeds of $26.0 million.

•Also subsequent to quarter end, on October 20, 2026, Ashford Inc. irrevocably waived the base and incentive advisory fees that would otherwise accrue over a six-month period, which the Company expects to save approximately $17 million. The fees are waived, not deferred.

•Also on October 20, 2026, the Company entered into a share purchase agreement under which Ashford Inc. committed to purchase, in the open market, shares of the Company’s common stock equal to 2.5% of the Company’s outstanding common stock for each calendar quarter, beginning with the quarter ended September 30, 2026. If Ashford Inc. does not purchase the full quarterly amount within six months after the end of a quarter, it must provide the Company with a credit against future advisory fees equal to 150% of the volume-weighted average price of the common stock over that period for each share not purchased. Ashford Inc. has not yet purchased any shares under the agreement. Ashford Inc.’s obligations under the agreement are unchanged, and purchases for the quarter ended September 30, 2026 must be completed by March 31, 2027.

•Also on October 20, 2026, the Company terminated its at-the-market equity offering program with Virtu Americas LLC.

•On August 7, 2026, the Company refinanced the Highland loan pool with a $525.0 million new financing. The new loan has a two-year initial term, is interest only, bears interest at a rate of SOFR + 5.24%, compared to SOFR + 5.47% on the prior loan, and has three one-year extension options, subject to satisfaction of certain conditions. This refinancing also released the 14-hotel loan pool from a cash sweep that had been in effect for more than a year.

OPERATING PERFORMANCE AND CAPITAL STRUCTURE

“Our third quarter results demonstrate that Ashford Trust’s operational turnaround is gaining momentum,” said Stephen Zsigray, President and Chief Executive Officer. “Comparable RevPAR increased 7.3% in the quarter, our strongest growth this year, following increases of 3.3% in the first quarter and 6.6% in the second quarter. Comparable Hotel EBITDA grew 6.9% in the quarter and 6.8% year to date, and year-to-date AFFO per diluted share improved to $0.44 from $(3.13) a year ago.”

As of September 30, 2026, the Company had total loans of $1.9 billion with a blended average interest rate of 8.4%. Approximately 7% of the Company’s current consolidated debt is fixed-rate and approximately 93% is floating-rate.

“We have now sold 19 hotels this year for approximately $796 million, refinanced the Highland loan pool at a lower spread and released it from its cash sweep, and reduced total debt to $1.9 billion from $2.6 billion at the start of the year,” said Mr. Zsigray. “The benefit is positively impacting our results: interest expense declined 16% from the third quarter of last year.”

AHT Reports Third Quarter Results

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November 10, 2026

“In October, our advisor, Ashford Inc., waived approximately $17 million of advisory fees and committed to buy 2.5% of our common stock in the open market every quarter, and we terminated our ATM program,” Mr. Zsigray added. “Those commitments will strengthen our liquidity and put our advisor’s capital alongside our common stockholders.”

UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS

“The progress we have made this year in selling hotels, refinancing debt and growing hotel earnings has strengthened the capital structure that supports our preferred stock,” said Mr. Zsigray.

“At the same time, the forward curve is meaningfully higher today than it was a year ago, and elevated interest rates continue to constrain the Company’s ability to return capital to preferred holders.

“We intend to resume capital returns to preferred holders when conditions allow, and the Board will continue to evaluate preferred dividends each quarter. Dividends on the Company’s preferred stock are cumulative and will continue to accumulate while suspended.”

NON-GAAP MEASURES

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.

Forward-Looking Statements

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 federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; the expected savings from the advisory fee waiver; the timing, number and prices of any purchases of our common stock by Ashford Inc. and the amount of any fee credits under the share purchase agreement; anticipated or expected purchases, sales or dispositions of assets; the strategic alternatives review by the Board of Directors Special Committee; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. 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 this risk when you make an

AHT Reports Third Quarter Results

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November 10, 2026

investment decision concerning our securities. These and other risk factors are more fully discussed in the Company’s filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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)


	September 30, 2026		December 31, 2025
ASSETS
Investments in hotel properties, gross	$	2,198,806	$	3,069,016
Accumulated depreciation	(718,585)		(983,772)
Investments in hotel properties, net	1,480,221		2,085,244
Contract asset	218,997		355,138
Cash and cash equivalents	87,345		66,145
Restricted cash	122,059		149,580

Accounts receivable, net of allowance of $279 and $424, respectively	35,819		32,752
Inventories	2,590		3,598
Notes receivable, net	13,278		12,187


Investment in unconsolidated entities	7,129		7,265
Deferred costs, net	817		1,529
Derivative assets, net	4,418		410
Operating lease right-of-use assets	37,127		43,582
Prepaid expenses and other assets	32,063		32,057


Due from related parties, net	—		—
Due from third-party hotel managers	29,142		25,667


Assets held for sale	42,884		18,478
Total assets	$	2,113,889	$	2,833,632

LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net	$	1,839,271	$	2,504,637
Indebtedness associated with hotels in receivership	149,011		294,771
Finance lease liability	17,051		17,536
Accounts payable and accrued expenses	117,056		123,773
Accrued interest payable	36,641		12,176
Accrued interest associated with hotels in receivership	69,987		84,155
Dividends and distributions payable	4,247		4,247

Due to Ashford Inc., net	67,614		40,643

Due to related parties, net	2,786		1,949
Due to third-party hotel managers	1,112		882
Operating lease liabilities	37,486		44,045

Other liabilities	36,552		36,768


Liabilities associated with assets held for sale	30,362		41,292
Total liabilities	2,409,176		3,206,874

Redeemable noncontrolling interests in operating partnership	20,776		20,516
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	196,268		179,818
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at September 30, 2026 and December 31, 2025	19,420		18,215
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at September 30, 2026 and December 31, 2025	5,820		5,484
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at September 30, 2026 and December 31, 2025	14,518		13,566
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized :
Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at September 30, 2026 and December 31, 2025	11		11
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at September 30, 2026 and December 31, 2025	10		10
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at September 30, 2026 and December 31, 2025	15		15
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at September 30, 2026 and December 31, 2025	10		10
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at September 30, 2026 and December 31, 2025	11		11
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,469,814 and 6,476,157 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	65		65
Additional paid-in capital	2,402,112		2,402,015
Accumulated deficit	(2,967,818)		(3,028,489)
Total stockholders' equity (deficit) of the Company	(565,584)		(626,352)
Noncontrolling interests in consolidated entities	13,495		15,511
Total equity (deficit)	(552,089)		(610,841)
Total liabilities and equity/deficit	$	2,113,889	$	2,833,632

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
REVENUE
Rooms	$	164,876	$	201,916	$	574,519	$	635,420
Food and beverage	36,271		45,922		134,848		155,787
Other	13,128		17,838		45,553		53,064
Total hotel revenue	214,275		265,676		754,920		844,271
Other	119		385		446		1,150
Total revenue	214,394		266,061		755,366		845,421
EXPENSES
Hotel operating expenses
Rooms	39,995		50,337		132,217		149,786
Food and beverage	25,878		33,273		91,449		104,454
Other expenses	76,982		100,497		258,150		296,979
Management fees	7,391		9,165		26,015		29,357
Total hotel operating expenses	150,246		193,272		507,831		580,576
Property taxes, insurance and other	11,745		16,212		39,818		48,495
Depreciation and amortization	24,744		34,589		85,378		107,204

Impairment charges	—		18,374		112,649		19,821

Advisory services fee:
Base advisory fee	8,639		8,414		25,454		24,948
Reimbursable expenses	9,261		2,881		26,612		9,500
Stock/unit-based compensation	29		(704)		85		(549)
Incentive fee	—		(27)		—		—
Stirling performance participation fee	—		(14)		—		213
Corporate, general and administrative:
Stock/unit-based compensation	—		—		—		13
Other general and administrative	1,683		7,303		4,610		17,107
Total operating expenses	206,347		280,300		802,437		807,328
Gain (loss) on disposition of assets and hotel properties	59,298		16,753		309,374		55,305
Gain (loss) on derecognition of assets	6,053		9,703		20,671		29,649
OPERATING INCOME (LOSS)	73,398		12,217		282,974		123,047
Equity in earnings (loss) of unconsolidated entities	19		129		(136)		(258)
Interest income	1,080		1,199		3,049		3,666
Other income (expense), net	—		—		3,223		—
Interest expense, net of discount amortization	(47,394)		(56,330)		(165,579)		(179,978)
Interest expense associated with hotels in receivership	(6,052)		(10,240)		(21,479)		(31,086)
Amortization of loan costs	(4,747)		(5,993)		(15,786)		(18,936)
Write-off of premiums, loan costs and exit fees	(141)		(2,278)		(1,700)		(8,361)
Gain (loss) on extinguishment of debt	(456)		58		(2,431)		43

Realized and unrealized gain (loss) on derivatives	1,822		(1,228)		2,623		(4,804)
INCOME (LOSS) BEFORE INCOME TAXES	17,529		(62,466)		84,758		(116,667)
Income tax benefit (expense)	(3,363)		(259)		(6,668)		(695)
NET INCOME (LOSS)	14,166		(62,725)		78,090		(117,362)
(Income) loss attributable to noncontrolling interest in consolidated entities	852		1,531		1,848		4,719
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(36)		1,045		(735)		2,127
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	14,982		(60,149)		79,203		(110,516)
Preferred dividends	(2,714)		(7,175)		(8,142)		(20,921)
Deemed dividends on redeemable preferred stock	(9,802)		(1,677)		(19,002)		(5,264)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	2,466	$	(69,001)	$	52,059	$	(136,701)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	0.38	$	(11.35)	$	8.08	$	(23.38)
Weighted average common shares outstanding – basic	6,453		6,081		6,446		5,847
Diluted:
Net income (loss) attributable to common stockholders	$	0.12	$	(11.35)	$	0.80	$	(23.38)
Weighted average common shares outstanding – diluted	99,615		6,081		89,168		5,847
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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income (loss)	$	14,166	$	(62,725)	$	78,090	$	(117,362)
Interest expense and amortization of discounts and loan costs, net	52,141		62,323		181,365		198,914
Interest expense associated with hotels in receivership	6,052		10,240		21,479		31,086
Depreciation and amortization	24,744		34,589		85,378		107,204
Income tax expense (benefit)	3,363		259		6,668		695
Equity in (earnings) loss of unconsolidated entities	(19)		(129)		136		258
Company's portion of EBITDA of unconsolidated entities	330		426		797		952
EBITDA	100,777		44,983		373,913		221,747
Impairment charges on real estate	—		18,374		112,649		19,821
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(59,298)		(16,753)		(309,374)		(55,305)
(Gain) loss on derecognition of assets	(6,053)		(9,703)		(20,671)		(29,649)

EBITDAre	35,426		36,901		156,517		156,614
Amortization of unfavorable contract liabilities	(31)		(31)		(92)		(92)
Transaction and conversion costs	399		4,829		661		8,930
Write-off of premiums, loan costs and exit fees	141		2,278		1,700		8,361
Realized and unrealized (gain) loss on derivatives	(1,822)		1,228		(2,623)		4,804
Stock/unit-based compensation	29		(704)		85		(536)
Legal, advisory and settlement costs	250		765		254		1,618
Other (income) expense, net	—		—		(3,223)		—
Incentive fee	—		(27)		—		—
Stirling performance participation fee	—		(14)		—		213


(Gain) loss on extinguishment of debt	456		(58)		2,431		(43)
Severance	101		216		348		1,012




Adjusted EBITDAre	$	34,949	$	45,383	$	156,058	$	180,881

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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income (loss)	$	14,166	$	(62,725)	$	78,090	$	(117,362)
(Income) loss attributable to noncontrolling interest in consolidated entities	852		1,531		1,848		4,719
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(36)		1,045		(735)		2,127
Preferred dividends	(2,714)		(7,175)		(8,142)		(20,921)
Deemed dividends on redeemable preferred stock	(9,802)		(1,677)		(19,002)		(5,264)

Net income (loss) attributable to common stockholders	2,466		(69,001)		52,059		(136,701)
Depreciation and amortization on real estate	24,011		34,047		84,037		105,083
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties	(59,298)		(16,753)		(309,374)		(55,305)
(Gain) loss on derecognition of assets	(6,053)		(9,703)		(20,671)		(29,649)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	36		(1,045)		735		(2,127)
Equity in (earnings) loss of unconsolidated entities	(19)		(129)		136		258
Impairment charges on real estate	—		18,374		112,649		19,821
Company's portion of FFO of unconsolidated entities	115		237		162		156
FFO available to common stockholders and OP unitholders	(38,742)		(43,973)		(80,267)		(98,464)
Deemed dividends on redeemable preferred stock	9,802		1,677		19,002		5,264

Transaction and conversion costs	399		4,829		661		8,930
Write-off of premiums, loan costs and exit fees	141		2,278		1,700		8,361
Unrealized (gain) loss on derivatives	(1,822)		1,712		(2,623)		6,453
Stock/unit-based compensation	29		(704)		85		(536)
Legal, advisory and settlement costs	250		765		254		1,618
Other (income) expense, net	—		—		(3,223)		—

Amortization of loan costs	4,747		5,988		15,786		18,856
Incentive fee	—		(27)		—		—
Stirling performance participation fee	—		(14)		—		213

(Gain) loss on extinguishment of debt	456		(58)		2,431		(43)

Interest expense associated with hotels in receivership	6,052		9,684		21,479		29,632
Severance	101		216		348		1,012
Default interest and late fees	4,024		—		27,179		—



Company's portion of adjustments to FFO of unconsolidated entities	22		10		66		85
Adjusted FFO available to common stockholders and OP unitholders	$	(14,541)	$	(17,617)	$	2,878	$	(18,619)
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(2.22)	$	(2.85)	$	0.44	$	(3.13)
Weighted average diluted shares	6,546		6,191		6,539		5,954

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2026

(dollars in thousands)

(unaudited)


Indebtedness	Current Maturity	Final Maturity (10)	Interest Rate (9)	Fixed-Rate Debt			Floating-Rate Debt			Total Debt				TTM Hotel Net Income		TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA (11)		Comparable TTM Hotel EBITDA Debt Yield
JPMorgan Chase - 8 hotels	February 2026	February 2026	SOFR (1) + 3.28%	$	—		$	325,000		$	325,000		(2)	$	(4,963)	(1.5)	%	$	30,698	9.4	%
BAML Indigo Atlanta - 1 hotel	February 2027	February 2027	SOFR (1) + 2.85%	—			12,330			12,330			(3)	579		4.7	%	2,281		18.5	%
BAML/Sculptor KEYS Pool - 12 hotels	February 2027	February 2030	SOFR (1) + 4.48%	—			443,841			443,841			(4)	75,539		17.0	%	60,964		13.7	%
Morgan Stanley Pool - 6 hotels	March 2027	March 2028	SOFR (1) + 6.76%	—			106,478			106,478			(5)	178,868		168.0	%	14,534		13.6	%
BAML Nashville - 1 hotel	September 2027	September 2030	SOFR (1) + 2.26%	—			218,100			218,100			(6)	30,198		13.8	%	37,865		17.4	%
Torchlight Marriott Crystal Gateway - 1 hotel	November 2027	November 2029	SOFR (1) + 4.75%	—			121,500			121,500			(7)	13,023		10.7	%	16,610		13.7	%
Morgan Stanley Highland Pool - 14 hotels	August 2028	August 2031	SOFR (1) + 5.24%	—			525,000			525,000			(6)	67,523		12.9	%	64,361		12.3	%
BAML Pool - 4 hotels	December 2028	December 2028	8.51%	30,200			—			30,200				570		1.9	%	4,394		14.5	%
Preferred Equity Nashville - 1 hotel	May 2029	May 2029	11.14%	89,524			—			89,524			(8)	N/A		N/A		N/A		N/A
Stonebriar Le Meridien Fort Worth - 1 hotel	May 2033	May 2033	11.26%	15,552			—			15,552				(2,709)		(17.4)	%	4,823		31.0	%
Unencumbered Hotel - 1 hotel				—			—			—				1,772		N/A		4,214		N/A






















Total				$	135,276		$	1,752,249		$	1,887,525			$	360,400	19.1	%	$	240,744	12.8	%
Percentage				7.2		%	92.8		%	100.0		%
Weighted average interest rate (9)				10.57		%	8.27		%	8.43		%

All indebtedness is non-recourse.

The amounts do not include amounts related to the debt associated with hotels in receivership.

(1) SOFR rate was 3.91% at September 30, 2026.

(2) As of September 30, 2026, 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) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. The one-year extension option was exercised in February 2026.

(4) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. On October 5, 2026, this mortgage loan was paid down by $24.6 million in conjunction with the sale of the Embassy Suites in Philadelphia, Pennsylvania.

(5) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option was exercised in March 2026.

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

(7) 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%.

(8) Terms of this preferred equity transaction include an 11.14% fixed preferred equity rate, consisting of 10.14% cash interest and 1.00% paid-in-kind interest.

(9) Interest rates do not include default or late payment rates in effect on one mortgage loan.

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

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	164,876		$	(5,020)		$	159,856		$	201,916		$	(52,986)		$	148,930		(18.34)	%	7.34	%
	RevPAR	$	140.51		$	(132.94)		$	140.76		$	127.75		$	(119.08)		$	131.14		9.99	%	7.34	%
	Occupancy	72.94		%	(82.37)		%	72.63		%	70.93		%	(68.76)		%	71.78		%	2.83	%	1.18	%
	ADR	$	192.63		$	(161.39)		$	193.81		$	180.10		$	(173.19)		$	182.70		6.96	%	6.08	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2026			2026			2026			2025			2025			2025			% Variance		% Variance
	Rooms revenue (in thousands)	$	574,519		$	(82,814)		$	491,705		$	635,420		$	(171,122)		$	464,298		(9.58)	%	5.90	%
	RevPAR	$	143.72		$	(131.96)		$	145.91		$	134.62		$	(126.75)		$	137.78		6.76	%	5.90	%
	Occupancy	72.45		%	(71.89)		%	72.55		%	71.39		%	(70.41)		%	71.78		%	1.48	%	1.07	%
	ADR	$	198.38		$	(183.54)		$	201.12		$	188.58		$	(180.02)		$	191.94		5.20	%	4.78	%

NOTES:

(1) The above comparable information assumes the 49 hotel properties owned and included in the Company’s operations at September 30, 2026, 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 and hotel properties in receivership.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026			2025			% Variance		2026			2025			% Variance
Total hotel revenue	$	214,275		$	265,675		(19.35)	%	$	754,920		$	844,271		(10.58)	%
Non-comparable adjustments	(5,936)			(70,464)					(110,057)			(226,015)
Comparable total hotel revenue	$	208,339		$	195,211		6.72	%	$	644,863		$	618,256		4.30	%

Hotel net income (loss)	$	82,119		$	26,634		208.32	%	$	292,689		$	153,321		90.90	%
Non-comparable adjustments	(53,270)			(1,332)					(257,446)			(50,040)
Comparable hotel net income (loss)	$	28,849		$	25,302		14.02	%	$	35,243		$	103,281		(65.88)	%
Hotel net income (loss) margin	38.32		%	10.03		%	28.29	%	38.77		%	18.16		%	20.61	%
Comparable hotel net income margin	13.85		%	12.96		%	0.89	%	5.47		%	16.71		%	(11.24)	%

Hotel EBITDA	$	57,487		$	68,740		(16.37)	%	$	222,643		$	239,492		(7.04)	%
Non-comparable adjustments	(1,981)			(16,810)					(30,487)			(59,605)
Comparable hotel EBITDA	$	55,506		$	51,930		6.89	%	$	192,156		$	179,887		6.82	%
Hotel EBITDA margin	26.83		%	25.87		%	0.96	%	29.49		%	28.37		%	1.12	%
Comparable hotel EBITDA margin	26.64		%	26.60		%	0.04	%	29.80		%	29.10		%	0.70	%

NOTES:

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

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
	2026			2026		2026			2026			2026		2026			2026			2026		2026			2025			2025		2025
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total hotel revenue	$	214,275		$	(5,936)	$	208,339		$	273,067		$	(44,091)	$	228,976		$	267,578		$	(60,030)	$	207,548		$	258,583		$	(65,949)	$	192,634
Hotel net income (loss)	$	82,119		$	(53,270)	$	28,849		$	181,455		$	(132,402)	$	49,053		$	29,115		$	(71,774)	$	(42,659)		$	4,332		$	18,618	$	22,950
Hotel net income (loss) margin	38.32		%			13.85		%	66.45		%			21.42		%	10.88		%			(20.55)		%	1.68		%			11.91		%
Hotel EBITDA	$	57,487		$	(1,981)	$	55,506		$	88,351		$	(13,410)	$	74,941		$	76,805		$	(15,096)	$	61,709		$	63,133		$	(14,545)	$	48,588
Hotel EBITDA margin	26.83		%			26.64		%	32.35		%			32.73		%	28.70		%			29.73		%	24.41		%			25.22		%

Hotel net income (loss) % of total TTM	27.6		%			49.6		%	61.1		%			84.3		%	9.8		%			(73.3)		%	1.5		%			39.4		%
EBITDA % of total TTM	20.1		%			23.1		%	30.9		%			31.1		%	26.9		%			25.6		%	22.1		%			20.2		%

JV interests in Hotel net income (loss)	$	(706)				$	(706)		$	(287)				$	(287)		$	(574)				$	(574)		$	(349)				$	(349)
JV interests in EBITDA	$	672				$	672		$	886				$	886		$	816				$	816		$	1,038				$	1,038

	Actual			Non-comparable Adjustments		Comparable
	2026			2026		2026
	TTM			TTM		TTM
Total hotel revenue	$	1,013,503		$	(176,007)	$	837,496
Hotel net income (loss)	$	297,021		$	(238,828)	$	58,193
Hotel net income (loss) margin	29.31		%			6.95		%
Hotel EBITDA	$	285,776		$	(45,032)	$	240,744
Hotel EBITDA margin	28.20		%			28.75		%

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)	$	(1,916)				$	(1,916)
JV interests in EBITDA	$	3,411				$	3,411

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 September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2026		2026		2026		2025		2025		2025		% Variance		% Variance
Atlanta, GA Area	6	1,128	$	140.47	$	—	$	140.47	$	134.35	$	—	$	134.35	4.6	%	4.6	%

Dallas / Ft. Worth, TX Area	4	1,246	118.63		—		118.63		107.91		(89.59)		110.11		9.9	%	7.7	%
Houston, TX Area	1	303	132.18		—		132.18		106.99		(76.61)		135.75		23.5	%	(2.6)	%
Los Angeles, CA Metro Area	4	1,312	144.23		—		144.23		141.01		—		141.01		2.3	%	2.3	%
Miami, FL Metro Area	1	254	129.69		—		129.69		110.86		(93.41)		121.86		17.0	%	6.4	%
Minneapolis - St. Paul, MN Area	2	520	94.24		—		94.24		98.14		—		98.14		(4.0)	%	(4.0)	%
Nashville, TN Area	1	674	235.95		—		235.95		214.89		—		214.89		9.8	%	9.8	%
New York / New Jersey Metro Area	3	801	109.08		(149.46)		103.19		116.83		(155.35)		99.62		(6.6)	%	3.6	%
Orlando, FL Area	2	524	87.43		—		87.43		92.89		—		92.89		(5.9)	%	(5.9)	%
Philadelphia, PA Area	1	263	130.50		—		130.50		133.67		—		133.67		(2.4)	%	(2.4)	%
San Diego, CA Area	—	—	—		—		—		157.32		(157.32)		—		(100.0)	%	—	%
San Francisco - Oakland, CA Metro Area	1	258	207.50		—		208.27		147.50		(138.54)		166.08		40.7	%	25.4	%
Tampa, FL Area	1	238	113.66		—		113.66		93.75		(76.15)		118.36		21.2	%	(4.0)	%
Washington D.C. - MD - VA Area	7	2,026	148.12		(137.31)		148.59		130.81		(119.43)		133.07		13.2	%	11.7	%
Other Areas	15	2,797	147.09		(122.64)		148.89		126.20		(117.17)		133.31		16.6	%	11.7	%
Total Portfolio	49	12,344	$	140.51	$	(132.94)	$	140.76	$	127.75	$	(119.08)	$	131.14	10.0	%	7.3	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)


			Nine Months Ended September 30,
	Number of Hotels	Number of Rooms	Actual		Non-comparable Adjustments		Comparable		Actual		Non-comparable Adjustments		Comparable		Actual		Comparable
			2026		2026		2026		2025		2025		2025		% Variance		% Variance
Atlanta, GA Area	6	1,128	$	142.09	$	—	$	142.09	$	137.92	$	—	$	137.92	3.0	%	3.0	%
Boston, MA Area	—	—	—		—		—		38.81		(38.81)		—		(100.0)	%	—	%
Dallas / Ft. Worth, TX Area	4	1,246	132.46		(122.07)		133.03		119.91		(99.86)		122.32		10.5	%	8.8	%
Houston, TX Area	1	303	132.59		(73.09)		136.80		112.33		(92.08)		136.15		18.0	%	0.5	%
Los Angeles, CA Metro Area	4	1,312	158.21		—		158.21		150.25		—		150.25		5.3	%	5.3	%
Miami, FL Metro Area	1	254	214.00		(249.60)		206.12		177.53		(150.23)		194.73		20.5	%	5.8	%
Minneapolis - St. Paul, MN Area	2	520	85.83		—		85.83		75.83		—		75.83		13.2	%	13.2	%
Nashville, TN Area	1	674	236.21		—		236.21		229.62		—		229.62		2.9	%	2.9	%
New York / New Jersey Metro Area	3	801	99.04		(108.51)		95.77		101.62		(113.59)		96.27		(2.5)	%	(0.5)	%
Orlando, FL Area	2	524	117.16		—		117.16		117.02		—		117.02		0.1	%	0.1	%
Philadelphia, PA Area	1	263	129.88		—		129.88		123.98		—		123.98		4.8	%	4.8	%
San Diego, CA Area	—	—	132.68		(132.68)		—		149.53		(149.53)		—		(11.3)	%	—	%
San Francisco - Oakland, CA Metro Area	1	258	162.05		(127.31)		207.18		139.11		(125.07)		168.23		16.5	%	23.2	%
Tampa, FL Area	1	238	170.11		(199.23)		160.71		145.48		(138.73)		154.92		16.9	%	3.7	%
Washington D.C. - MD - VA Area	7	2,026	157.57		(134.07)		160.03		149.08		(135.96)		151.68		5.7	%	5.5	%
Other Areas	15	2,797	134.59		(129.81)		136.46		126.69		(127.71)		125.88		6.2	%	8.4	%
Total Portfolio	49	12,344	$	143.72	$	(131.96)	$	145.91	$	134.62	$	(126.75)	$	137.78	6.8	%	5.9	%

NOTES:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2026

(in thousands, except share price)

(unaudited)



	September 30, 2026
Common stock shares outstanding	6,470
Partnership units outstanding	93
Combined common stock shares and partnership units outstanding	6,563
Common stock price	$	2.37
Market capitalization	$	15,554
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	$	192,105
Series K redeemable preferred stock	$	18,278
Series L redeemable preferred stock	$	5,955
Series M redeemable preferred stock	$	13,772
Indebtedness	$	1,887,525
Joint venture partner's share of consolidated indebtedness	$	(10,998)
Net working capital (see below)	$	(68,380)
Total enterprise value (TEV)	$	2,196,096






Cash and cash equivalents	$	87,540
Restricted cash	$	119,010
Accounts receivable, net	$	36,380
Inventory	$	2,690
Prepaid expenses	$	20,803

Due from third-party hotel managers, net	$	28,029

Total current assets	$	294,452

Accounts payable, net & accrued expenses	$	145,148
Dividends and distributions payable	$	4,247
Due to affiliates, net	$	76,677
Total current liabilities	$	226,072

Net working capital *	$	68,380

* Includes the Company's pro rata share of net working capital in joint ventures.

The amounts do not include amounts related to the debt associated with hotels in receivership.

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2026		2026		2026		2025		September 30, 2026
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	82,119	$	181,455	$	29,115	$	4,332	$	297,021
Non-property adjustments	(52,598)		(124,569)		12,668		20,110		(144,389)
Interest income	(402)		(376)		(344)		(378)		(1,500)
Interest expense	1,789		1,858		2,127		2,694		8,468
Amortization of loan costs	—		—		2		30		32
Depreciation and amortization	24,695		28,580		31,956		34,042		119,273
Income tax expense (benefit)	515		—		2		—		517
Non-hotel EBITDA ownership expense	1,369		1,403		1,279		2,303		6,354
Hotel EBITDA including amounts attributable to noncontrolling interest	57,487		88,351		76,805		63,133		285,776
Non-comparable adjustments	(1,981)		(13,410)		(15,096)		(14,545)		(45,032)
Comparable hotel EBITDA	$	55,506	$	74,941	$	61,709	$	48,588	$	240,744

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, 2026
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	82,119	$	(67,952)	$	14,167



Non-property adjustments	(52,598)		52,598		—
Interest income	(402)		402		—
Interest expense	1,789		51,657		53,446
Amortization of loan cost	—		4,747		4,747
Depreciation and amortization	24,695		49		24,744
Income tax expense (benefit)	515		2,848		3,363
Non-hotel EBITDA ownership expense	1,369		(1,369)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	57,487		42,980		100,467



Equity in (earnings) loss of unconsolidated entities	—		(19)		(19)

Company's portion of EBITDA of unconsolidated entities	—		330		330
Hotel EBITDA attributable to the Company and OP unitholders	$	57,487	$	43,291	$	100,778
Non-comparable adjustments	(1,981)
Comparable hotel EBITDA	$	55,506

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, 2026
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	181,455	$	(52,074)	$	129,381



Non-property adjustments	(124,569)		124,569		—
Interest income	(376)		376		—
Interest expense	1,858		56,617		58,475
Amortization of loan cost	—		4,802		4,802
Depreciation and amortization	28,580		48		28,628
Income tax expense (benefit)	—		2,553		2,553
Non-hotel EBITDA ownership expense	1,403		(1,403)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	88,351		135,488		223,839



Equity in (earnings) loss of unconsolidated entities	—		(47)		(47)

Company's portion of EBITDA of unconsolidated entities	—		359		359
Hotel EBITDA attributable to the Company and OP unitholders	$	88,351	$	135,800	$	224,151
Non-comparable adjustments	(13,410)
Comparable hotel EBITDA	$	74,941

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, 2026
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	29,115	$	(94,572)	$	(65,457)



Non-property adjustments	12,668		(12,668)		—
Interest income	(344)		344		—
Interest expense	2,127		73,010		75,137
Amortization of loan cost	2		6,235		6,237
Depreciation and amortization	31,956		50		32,006
Income tax expense (benefit)	2		750		752
Non-hotel EBITDA ownership expense	1,279		(1,279)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	76,805		(28,130)		48,675



Equity in (earnings) loss of unconsolidated entities	—		202		202

Company's portion of EBITDA of unconsolidated entities	—		108		108
Hotel EBITDA attributable to the Company and OP unitholders	$	76,805	$	(27,820)	$	48,985
Non-comparable adjustments	(15,096)
Comparable hotel EBITDA	$	61,709

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, 2025
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	4,332	$	(75,129)	$	(70,797)



Non-property adjustments	20,110		(20,110)		—
Interest income	(378)		378		—
Interest expense	2,694		55,939		58,633
Amortization of loan cost	30		6,604		6,634
Depreciation and amortization	34,042		49		34,091
Income tax expense (benefit)	—		(838)		(838)
Non-hotel EBITDA ownership expense	2,303		(2,303)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	63,133		(35,410)		27,723



Equity in (earnings) loss of unconsolidated entities	—		67		67

Company's portion of EBITDA of unconsolidated entities	—		256		256
Hotel EBITDA attributable to the Company and OP unitholders	$	63,133	$	(35,087)	$	28,046
Non-comparable adjustments	(14,545)
Comparable hotel EBITDA	$	48,588

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, 2025
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	26,634	$	(89,359)	$	(62,725)



Non-property adjustments	2,353		(2,353)		—
Interest income	(400)		400		—
Interest expense	3,061		63,509		66,570
Amortization of loan cost	35		5,958		5,993
Depreciation and amortization	34,540		49		34,589
Income tax expense (benefit)	—		259		259
Non-hotel EBITDA ownership expense	2,517		(2,517)		—

Hotel EBITDA including amounts attributable to noncontrolling interest	68,740		(24,054)		44,686



Equity in (earnings) loss of unconsolidated entities	—		(129)		(129)

Company's portion of EBITDA of unconsolidated entities	—		426		426
Hotel EBITDA attributable to the Company and OP unitholders	$	68,740	$	(23,757)	$	44,983
Non-comparable adjustments	(16,810)
Comparable hotel EBITDA	$	51,930

NOTES:

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2026
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	292,689	$	(214,598)	$	78,091
Non-property adjustments	(164,499)		164,499		—
Interest income	(1,122)		1,122		—
Interest expense	5,774		181,284		187,058
Amortization of loan cost	2		15,784		15,786
Depreciation and amortization	85,231		147		85,378
Income tax expense (benefit)	517		6,151		6,668
Non-hotel EBITDA ownership expense	4,051		(4,051)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	222,643		150,338		372,981

Equity in (earnings) loss of unconsolidated entities	—		136		136

Company's portion of EBITDA of unconsolidated entities	—		797		797
Hotel EBITDA attributable to the Company and OP unitholders	$	222,643	$	151,271	$	373,914
Non-comparable adjustments	(30,487)
Comparable hotel EBITDA	$	192,156

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2025
	Hotel Total		Corporate / Allocated		Ashford Hospitality Trust, Inc.
Net income (loss)	$	153,321	$	(270,683)	$	(117,362)
Non-property adjustments	(34,736)		34,736		—
Interest income	(1,116)		1,116		—
Interest expense	9,282		201,782		211,064
Amortization of loan cost	273		18,663		18,936
Depreciation and amortization	107,058		146		107,204
Income tax expense (benefit)	—		695		695
Non-hotel EBITDA ownership expense	5,410		(5,410)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	239,492		(18,955)		220,537

Equity in (earnings) loss of unconsolidated entities	—		258		258

Company's portion of EBITDA of unconsolidated entities	—		952		952
Hotel EBITDA attributable to the Company and OP unitholders	$	239,492	$	(17,745)	$	221,747
Non-comparable adjustments	(59,605)
Comparable hotel EBITDA	$	179,887

NOTES:

(2) Excluded hotels under renovation:

Courtyard Bloomington, Hilton Garden Inn Virginia Beach, Sheraton Anchorage, Westin Princeton

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	TTM Ended September 30, 2026
	BAML/Sculptor KEYS Pool - 12 hotels		Morgan Stanley Highland Pool - 14 hotels		Morgan Stanley Pool - 6 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	75,539	$	67,523	$	178,868	$	(4,963)	$	30,198	$	579	$	13,023
Non-property adjustments	(32,538)		(25,871)		(164,591)		17,674		(487)		18		—
Interest income	(140)		(356)		(209)		(215)		(140)		—		(346)
Interest expense	—		—		—		—		—		827		—
Amortization of loan costs	—		—		—		—		—		8		—
Depreciation and amortization	26,211		35,505		14,085		17,444		8,085		983		3,907
Income tax expense (benefit)	517		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	1,245		3,040		1,084		758		209		(135)		26
Hotel EBITDA including amounts attributable to noncontrolling interest	70,834		79,841		29,237		30,698		37,865		2,280		16,610
Non-comparable adjustments	(9,870)		(15,480)		(14,703)		—		—		1		—
Comparable hotel EBITDA	$	60,964	$	64,361	$	14,534	$	30,698	$	37,865	$	2,281	$	16,610

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(2,709)	$	570	$	(63,379)	$	1,772	$	297,021
Non-property adjustments	—		—		61,406		—		(144,389)
Interest income	(94)		—		—		—		(1,500)
Interest expense	3,378		—		2,378		1,885		8,468
Amortization of loan costs	—		—		24		—		32
Depreciation and amortization	4,148		3,758		4,608		539		119,273
Income tax expense (benefit)	—		—		—		—		517
Non-hotel EBITDA ownership expense	100		68		(59)		18		6,354
Hotel EBITDA including amounts attributable to noncontrolling interest	4,823		4,396		4,978		4,214		285,776
Non-comparable adjustments	—		(2)		(4,978)		—		(45,032)
Comparable hotel EBITDA	$	4,823	$	4,394	$	—	$	4,214	$	240,744

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, 2026
	BAML/Sculptor KEYS Pool - 12 hotels		Morgan Stanley Highland Pool - 14 hotels		Morgan Stanley Pool - 6 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	37,743	$	(1,261)	$	32,976	$	1,918	$	7,971	$	129	$	3,021
Non-property adjustments	(29,051)		6,187		(29,798)		—		—		—		—
Interest income	(36)		(96)		(55)		(65)		(35)		—		(88)
Interest expense	—		—		—		—		—		206		—
Amortization of loan costs	—		—		—		—		—		—		—
Depreciation and amortization	5,520		7,538		2,088		4,292		2,017		212		956
Income tax expense (benefit)	515		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	249		646		65		367		4		2		6
Hotel EBITDA including amounts attributable to noncontrolling interest	14,940		13,014		5,276		6,512		9,957		549		3,895
Non-comparable adjustments	(310)		(480)		(1,182)		—		—		1		—
Comparable hotel EBITDA	$	14,630	$	12,534	$	4,094	$	6,512	$	9,957	$	550	$	3,895

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(999)	$	237	$	(245)	$	629	$	82,119
Non-property adjustments	—		—		64		—		(52,598)
Interest income	(27)		—		—		—		(402)
Interest expense	925		—		190		468		1,789
Amortization of loan costs	—		—		—		—		—
Depreciation and amortization	1,037		901		—		134		24,695
Income tax expense (benefit)	—		—		—		—		515
Non-hotel EBITDA ownership expense	15		9		—		6		1,369
Hotel EBITDA including amounts attributable to noncontrolling interest	951		1,147		9		1,237		57,487
Non-comparable adjustments	—		(1)		(9)		—		(1,981)
Comparable hotel EBITDA	$	951	$	1,146	$	—	$	1,237	$	55,506

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, 2026
	BAML/Sculptor KEYS Pool - 12 hotels		Morgan Stanley Highland Pool - 14 hotels		Morgan Stanley Pool - 6 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	41,428	$	112,463	$	34,799	$	4,623	$	8,974	$	216	$	4,513
Non-property adjustments	(24,341)		(95,440)		(30,577)		—		—		—		—
Interest income	(37)		(90)		(50)		(57)		(34)		—		(84)
Interest expense	—		—		—		—		—		202		—
Amortization of loan costs	—		—		—		—		—		—		—
Depreciation and amortization	6,746		9,218		2,651		4,349		1,993		220		971
Income tax expense (benefit)	—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	235		568		502		41		4		3		7
Hotel EBITDA including amounts attributable to noncontrolling interest	24,031		26,719		7,325		8,956		10,937		641		5,407
Non-comparable adjustments	(4,077)		(6,460)		(2,453)		—		—		—		—
Comparable hotel EBITDA	$	19,954	$	20,259	$	4,872	$	8,956	$	10,937	$	641	$	5,407

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(406)	$	350	$	(26,258)	$	753	$	181,455
Non-property adjustments	—		—		25,789		—		(124,569)
Interest income	(24)		—		—		—		(376)
Interest expense	630		—		558		468		1,858
Amortization of loan costs	—		—		—		—		—
Depreciation and amortization	1,037		931		329		135		28,580
Income tax expense (benefit)	—		—		—		—		—
Non-hotel EBITDA ownership expense	15		22		1		5		1,403
Hotel EBITDA including amounts attributable to noncontrolling interest	1,252		1,303		419		1,361		88,351
Non-comparable adjustments	—		(1)		(419)		—		(13,410)
Comparable hotel EBITDA	$	1,252	$	1,302	$	—	$	1,361	$	74,941

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, 2026
	BAML/Sculptor KEYS Pool - 12 hotels		Morgan Stanley Highland Pool - 14 hotels		Morgan Stanley Pool - 6 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	(11,647)	$	(51,866)	$	85,699	$	(12,621)	$	7,059	$	204	$	3,160
Non-property adjustments	22,275		64,118		(80,532)		17,674		—		18		—
Interest income	(33)		(84)		(46)		(45)		(34)		—		(81)
Interest expense	—		—		—		—		—		201		—
Amortization of loan costs	—		—		—		—		—		2		—
Depreciation and amortization	7,018		9,370		4,306		4,346		1,995		262		989
Income tax expense (benefit)	2		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	174		282		540		157		5		3		6
Hotel EBITDA including amounts attributable to noncontrolling interest	17,789		21,820		9,967		9,511		9,025		690		4,074
Non-comparable adjustments	(3,070)		(3,634)		(6,993)		—		—		—		—
Comparable hotel EBITDA	$	14,719	$	18,186	$	2,974	$	9,511	$	9,025	$	690	$	4,074

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(811)	$	(175)	$	10,137	$	(24)	$	29,115
Non-property adjustments	—		—		(10,885)		—		12,668
Interest income	(21)		—		—		—		(344)
Interest expense	906		—		552		468		2,127
Amortization of loan costs	—		—		—		—		2
Depreciation and amortization	1,037		951		1,547		135		31,956
Income tax expense (benefit)	—		—		—		—		2
Non-hotel EBITDA ownership expense	42		19		48		3		1,279
Hotel EBITDA including amounts attributable to noncontrolling interest	1,153		795		1,399		582		76,805
Non-comparable adjustments	—		—		(1,399)		—		(15,096)
Comparable hotel EBITDA	$	1,153	$	795	$	—	$	582	$	61,709

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, 2025
	BAML/Sculptor KEYS Pool - 12 hotels		Morgan Stanley Highland Pool - 14 hotels		Morgan Stanley Pool - 6 hotels		JP Morgan Chase - 8 hotels		BAML Nashville -1 hotel		BAML Indigo Atlanta - 1 hotel		Torchlight Marriott Gateway - 1 hotel
Net income (loss)	$	8,015	$	8,187	$	25,394	$	1,117	$	6,194	$	30	$	2,329
Non-property adjustments	(1,421)		(736)		(23,684)		—		(487)		—		—
Interest income	(34)		(86)		(58)		(48)		(37)		—		(93)
Interest expense	—		—		—		—		—		218		—
Amortization of loan costs	—		—		—		—		—		6		—
Depreciation and amortization	6,927		9,379		5,040		4,457		2,080		289		991
Income tax expense (benefit)	—		—		—		—		—		—		—
Non-hotel EBITDA ownership expense	587		1,544		(23)		193		196		(143)		7
Hotel EBITDA including amounts attributable to noncontrolling interest	14,074		18,288		6,669		5,719		7,946		400		3,234
Non-comparable adjustments	(2,413)		(4,906)		(4,075)		—		—		—		—
Comparable hotel EBITDA	$	11,661	$	13,382	$	2,594	$	5,719	$	7,946	$	400	$	3,234

	Ft Worth Le Meridien - 1 hotel		BAML Pool - 4 hotels		Disposed Hotels		Unencumbered Hotels		Total Portfolio
Net income (loss)	$	(493)	$	158	$	(47,013)	$	414	$	4,332
Non-property adjustments	—		—		46,438		—		20,110
Interest income	(22)		—		—		—		(378)
Interest expense	917		—		1,078		481		2,694
Amortization of loan costs	—		—		24		—		30
Depreciation and amortization	1,037		975		2,732		135		34,042
Income tax expense (benefit)	—		—		—		—		—
Non-hotel EBITDA ownership expense	28		18		(108)		4		2,303
Hotel EBITDA including amounts attributable to noncontrolling interest	1,467		1,151		3,151		1,034		63,133
Non-comparable adjustments	—		—		(3,151)		—		(14,545)
Comparable hotel EBITDA	$	1,467	$	1,151	$	—	$	1,034	$	48,588

NOTES: