EX-99.1 2 aht2025q1earningsrelease.htm EX-99.1

EXHIBIT 99.1

NEWS RELEASE

Contact:			Deric Eubanks						Joseph Calabrese
			Chief Financial Officer						Financial Relations Board
			(972) 490-9600						(212) 827-3772

ASHFORD TRUST REPORTS FIRST QUARTER 2025 RESULTS

DALLAS – May 6, 2025 – Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 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 March 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2025 with the first quarter ended March 31, 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.

FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 3.2% to $133 during the quarter on a 2.4% increase in Comparable ADR and a 0.8% increase in Comparable Occupancy.

•Net loss attributable to common stockholders was $(27.8) million or $(4.91) per diluted share for the quarter.

•Adjusted EBITDAre was $61.7 million for the quarter, reflecting a growth rate of 3.7% over the prior year quarter.

•Adjusted funds from operations (AFFO) was $(0.98) per diluted share for the quarter.

•Comparable Hotel EBITDA was $77.2 million for the quarter, reflecting a growth rate of 8.7% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $85.8 million and restricted cash of $139.2 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 $22.1 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 $156 million.

•Capex invested during the quarter was $19.9 million.

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.

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AHT Reports First Quarter Results

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May 6, 2025

•During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key).

•During the quarter, the Company completed a refinancing of 16 hotels for $580 million.

•During the quarter, the Company announced that it had fully paid off its strategic financing, including the exit fee, utilizing excess proceeds from its $580 million refinancing.

•During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia.

•During the quarter, the Company closed the offering of its Series J and Series K non-traded preferred stock. During the offering period, the Company issued approximately $212 million in gross proceeds.

GRO AHT: EARLY RESULTS

During the quarter, 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. Going forward, the Company expects fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA, with several additional initiatives underway. The success of “GRO AHT” 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 March 31, 2025, the Company had total loans of $2.6 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 23% of the Company’s current consolidated debt is effectively fixed and approximately 77% is effectively floating.

During the quarter, the Company completed the sale of the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key). When adjusted for the Company’s anticipated capital expenditures, the sale price represented a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period. Excluding the anticipated capital spend, the sale price represents a 6.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 12.3x Hotel EBITDA for the same time period.

During the quarter, the Company closed on a $580 million refinancing secured by 16 hotels. The financing includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton. The previous loans had a combined outstanding loan balance of approximately $438.7 million. The new financing is non-recourse, has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, and bears interest at a floating interest rate of SOFR + 4.37%. The Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee. The remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures. The financing amount represented a loan-to-value ratio of approximately 67% based on the as-is appraised values of the properties.

During the quarter, the Company successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia. The extension provides for an initial maturity in February of 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027. The loan has a current balance of $12.3 million and bears interest at a floating rate of SOFR + 2.75%.

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AHT Reports First Quarter Results

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May 6, 2025

The Company did not pay a dividend on its common stock and common units for the first quarter ended March 31, 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.

On March 31, 2025, the offering for the Company’s Series J and Series K non-traded preferred stock closed. During the offering period, the Company issued approximately $212 million in gross proceeds and currently has 7,679,765 of its Series J and 755,647 shares of its Series K non-traded preferred stock outstanding.

“I’m extremely pleased with Ashford Trust’s strong first quarter financial results, underscored by solid RevPAR growth of approximately 3.2%,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “Our improved performance reflects the success of the strategic decisions implemented over the past several quarters and the early positive impact of our initiatives to grow ancillary revenue streams.” Mr. Zsigray continued, “Notably, completely eliminating our corporate-level debt strengthens our balance sheet and, combined with the recently announced “GRO AHT” initiative, positions Ashford Trust for long-term success. We remain focused on maximizing the performance and value of our portfolio and believe our assets are well-positioned to deliver meaningful outperformance in the quarters ahead. As we look to the remainder of 2025, we’re encouraged by sustained strength in group demand and remain focused on executing our “GRO AHT” strategy to drive outsized EBITDA growth. We’re excited about the opportunities ahead and look forward to beginning the next chapter for Ashford Trust.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, May 7, 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 Wednesday, May 14, 2025, by dialing (609) 800-9909 and entering the confirmation number, 9727869.

The Company will also provide an online simulcast and rebroadcast of its first 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 Wednesday, May 7, 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.

* * * * *

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AHT Reports First Quarter Results

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May 6, 2025

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.

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.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

			March 31, 2025						December 31, 2024
ASSETS
Investments in hotel properties, gross			$	3,334,874					$	3,350,086
Accumulated depreciation			(1,036,328)						(1,030,879)
Investments in hotel properties, net			2,298,546						2,319,207
Contract asset			376,717						366,671
Cash and cash equivalents			85,787						112,907
Restricted cash			139,190						99,695
Accounts receivable, net of allowance of $507 and $435 respectively			48,020						35,579
Inventories			3,684						3,631
Notes receivable, net			10,958						10,565
Investment in unconsolidated entities			7,159						7,590
Deferred costs, net			1,817						1,788
Prepaid expenses			19,553						11,667
Derivative assets, net			3,313						2,594
Operating lease right-of-use assets			43,706						43,780
Other assets			21,049						26,680
Intangible assets, net			797						797
Due from third-party hotel managers			22,125						21,206
Assets held for sale			—						96,628
Total assets			$	3,082,421					$	3,160,985
LIABILITIES AND EQUITY (DEFICIT)
Liabilities:
Indebtedness, net			$	2,651,183					$	2,629,289
Indebtedness associated with hotels in receivership			314,640						314,640
Finance lease liability			17,903						17,992
Other finance liability			27,092						27,058
Accounts payable and accrued expenses			129,185						137,506
Accrued interest payable			17,658						10,212
Accrued interest associated with hotels in receivership			62,077						52,031
Dividends and distributions payable			4,125						3,952
Due to Ashford Inc., net			17,600						25,635
Due to related parties, net			4,532						2,850
Due to third-party hotel managers			1,421						1,145
Intangible liabilities, net			1,973						1,981
Operating lease liabilities			44,263						44,369
Other liabilities			4,899						4,972
Liabilities associated with assets held for sale			—						99,139
Total liabilities			3,298,551						3,372,771
Redeemable noncontrolling interests in operating partnership			22,262						22,509
Series J Redeemable Preferred Stock, $0.01 par value, 7,677,717 and 6,799,638 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			177,247						156,671
Series K Redeemable Preferred Stock, $0.01 par value, 759,086 and 601,175 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			18,779						14,869
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						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						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						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						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						11
Common stock, $0.01 par value, 395,000,000 shares authorized, 5,790,076 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively			58						56
Additional paid-in capital			2,393,647						2,392,518
Accumulated deficit			(2,839,867)						(2,811,868)
Total stockholders' equity (deficit) of the Company			(446,105)						(419,237)
Noncontrolling interests in consolidated entities			11,687						13,402
Total equity (deficit)			(434,418)						(405,835)
Total liabilities and equity/deficit			$	3,082,421					$	3,160,985

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

			Three Months Ended
			March 31,
			2025						2024
REVENUE
Rooms			$	206,301					$	229,207
Food and beverage			54,529						57,358
Other			16,220						16,692
Total hotel revenue			277,050						303,257
Other			309						639
Total revenue			277,359						303,896
EXPENSES
Hotel operating expenses
Rooms			47,790						54,680
Food and beverage			35,726						37,831
Other expenses			95,110						106,826
Management fees			9,848						11,550
Total hotel operating expenses			188,474						210,887
Property taxes, insurance and other			16,049						17,364
Depreciation and amortization			37,339						40,544
Advisory services fee:
Base advisory fee			8,195						8,220
Reimbursable expenses			3,208						6,445
Stock/unit-based compensation			(67)						536
Incentive fee			93						—
Stirling performance participation fee			116						—
Corporate, general and administrative:
Stock/unit-based compensation			13						28
Other general and administrative			4,319						8,244
Total operating expenses			257,739						292,268
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties			31,868						6,956
Gain (loss) on derecognition of assets			10,046						133,909
OPERATING INCOME (LOSS)			61,534						152,493
Equity in earnings (loss) of unconsolidated entities			(431)						(534)
Interest income			1,214						1,984
Other income (expense), net			—						36
Interest expense, net of discount amortization			(61,602)						(71,753)
Interest expense associated with hotels in receivership			(10,046)						(12,098)
Amortization of loan costs			(5,200)						(2,208)
Write-off of premiums, loan costs and exit fees			(4,597)						(18)
Gain (loss) on extinguishment of debt			(13)						45
Realized and unrealized gain (loss) on derivatives			(2,740)						4,761
INCOME (LOSS) BEFORE INCOME TAXES			(21,881)						72,708
Income tax benefit (expense)			(317)						(303)
NET INCOME (LOSS)			(22,198)						72,405
(Income) loss attributable to noncontrolling interest in consolidated entities			1,776						9
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			451						(853)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(19,971)						71,561
Preferred dividends			(6,729)						(5,011)
Deemed dividends on redeemable preferred stock			(1,057)						(682)
Gain (loss) on extinguishment of preferred stock			—						1,573
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS			$	(27,757)					$	67,441
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders			$	(4.91)					$	17.45
Weighted average common shares outstanding – basic			5,651						3,846
Diluted:
Net income (loss) attributable to common stockholders			$	(4.91)					$	5.99
Weighted average common shares outstanding – diluted			5,651						11,673
Dividends declared per common share			$	—					$	—

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

			Three Months Ended
			March 31,
			2025						2024
Net income (loss)			$	(22,198)					$	72,405
Interest expense and amortization of discounts and loan costs, net			66,802						73,961
Interest expense associated with hotels in receivership			10,046						12,098
Depreciation and amortization			37,339						40,544
Income tax expense (benefit)			317						303
Equity in (earnings) loss of unconsolidated entities			431						534
Company's portion of EBITDA of unconsolidated entities			120						(166)
EBITDA			92,857						199,679
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties			(31,868)						(6,956)
(Gain) loss on derecognition of assets			(10,046)						(133,909)
EBITDAre			50,943						58,814
Amortization of unfavorable contract liabilities			(31)						(31)
Transaction and conversion costs			1,928						4,956
Write-off of premiums, loan costs and exit fees			4,597						18
Realized and unrealized (gain) loss on derivatives			2,740						(4,761)
Stock/unit-based compensation			(54)						564
Legal, advisory and settlement costs			797						—
Other (income) expense, net			—						(35)
Incentive fee			93						—
Stirling performance participation fee			116						—
(Gain) loss on extinguishment of debt			13						(45)
Severance			521						—
Adjusted EBITDAre			$	61,663					$	59,480

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
			March 31,
			2025						2024
Net income (loss)			$	(22,198)					$	72,405
(Income) loss attributable to noncontrolling interest in consolidated entities			1,776						9
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			451						(853)
Preferred dividends			(6,729)						(5,011)
Deemed dividends on redeemable preferred stock			(1,057)						(682)
Gain (loss) on extinguishment of preferred stock			—						1,573
Net income (loss) attributable to common stockholders			(27,757)						67,441
Depreciation and amortization on real estate			36,550						40,544
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties			(31,868)						(6,956)
(Gain) loss on derecognition of assets			(10,046)						(133,909)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership			(451)						853
Equity in (earnings) loss of unconsolidated entities			431						534
Company's portion of FFO of unconsolidated entities			(233)						(407)
FFO available to common stockholders and OP unitholders			(33,374)						(31,900)
Deemed dividends on redeemable preferred stock			1,057						682
(Gain) loss on extinguishment of preferred stock			—						(1,573)
Transaction and conversion costs			1,928						4,956
Write-off of premiums, loan costs and exit fees			4,597						18
Unrealized (gain) loss on derivatives			3,432						3,953
Stock/unit-based compensation			(54)						564
Legal, advisory and settlement costs			797						—
Other (income) expense, net			—						(35)
Amortization of credit facility exit fee			—						844
Amortization of loan costs			5,163						2,208
Incentive fee			93						—
Stirling performance participation fee			116						—
(Gain) loss on extinguishment of debt			13						(45)
Interest expense associated with hotels in receivership			10,046						6,551
Severance			521						—
Company's portion of adjustments to FFO of unconsolidated entities			40						—
Adjusted FFO available to common stockholders and OP unitholders			$	(5,625)					$	(13,777)
Adjusted FFO per diluted share available to common stockholders and OP unitholders			$	(0.98)					$	(3.54)
Weighted average diluted shares			5,761						3,896

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2025

(dollars in thousands)

(unaudited)

Indebtedness						Current Maturity						Final Maturity (13)						Interest Rate (12)						Fixed-Rate Debt						Floating-Rate Debt						Total Debt						TTM Hotel Net Income						TTM Hotel Net Income Debt Yield						Comparable TTM Hotel EBITDA (14)						Comparable TTM Hotel EBITDA Debt Yield
US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						March 2025						March 2025						4.66%						$	21,971					$	—					$	21,971		(2)			$	(1,452)					(6.6)		%				$	2,023					9.2		%
Morgan Stanley Pool - 17 hotels						April 2025						April 2025						SOFR (1) + 3.39%						—						409,750						409,750			(3)			18,574						4.5		%				43,371						10.6		%
BAML Highland Pool - 18 hotels						April 2025						April 2025						SOFR (1) + 3.70%						—						743,625						743,625			(4)			86,140						11.6		%				87,148						11.7		%
Aareal Le Pavillon - 1 hotel						December 2025						December 2027						SOFR (1) + 4.00%						—						37,000						37,000			(5)			(8,031)						(21.7)		%				1,341						3.6		%
JPMorgan Chase - 8 hotels						April 2025						February 2026						SOFR (1) + 3.28%						—						325,000						325,000			(6)			(56,663)						(17.4)		%				24,453						7.5		%
BAML Indigo Atlanta - 1 hotel						February 2026						February 2027						SOFR (1) + 2.75%						—						12,330						12,330			(7)			(313)						(2.5)		%				2,131						17.3		%
Aareal Alexandria/La Posada - 2 hotels						May 2026						May 2028						SOFR (1) + 4.00%						—						98,450						98,450			(8)			5,519						5.6		%				10,492						10.7		%
BAML Nashville - 1 hotel						May 2026						May 2029						SOFR (1) + 3.98%						—						267,200						267,200			(9)			26,802						10.0		%				36,519						13.7		%
BAML/Sculptor KEYS 16 Pool - 16 hotels						February 2027						February 2030						SOFR (1) + 4.37%						—						580,000						580,000			(9)			37,338						6.4		%				69,201						11.9		%
Torchlight Marriott Crystal Gateway - 1 hotel						November 2027						November 2029						SOFR (1) + 4.75%						—						121,500						121,500			(10)			12,573						10.3		%				16,744						13.8		%
Unencumbered Hotel - 1 hotel																								—						—						—						1,564						N/A						4,094						N/A
Total																								$	21,971					$	2,594,855					$	2,616,826					$	122,051					4.7		%				$	297,517					11.4		%
Percentage																								0.8		%				99.2		%				100.0		%
Weighted average interest rate (11) (12)																								4.66		%				8.08		%				8.06		%

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 March 31, 2025.

(2)    As of March 31, 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 March 31, 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 April 9, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included extending the current maturity date from April 2025 to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions.

(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. On April 8,2025, this loan entered into 30 day forbearance period extending the maturity to May 8, 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 six one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024. In March 2025 and April 2025, the mortgage loan was amended to extend the current maturity to April 2025 and May 2025, respectively.

(7)    This mortgage loan has one one-year extension option, 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)    The weighted average interest rates are adjusted for in-the-money interest rate caps.

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

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

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

8

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

March 31, 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
Morgan Stanley Pool - 17 hotels (1)						409,750						—						—						—						—						—						409,750
BAML Highland Pool - 18 hotels						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
Aareal Alexandria/La Posada - 2 hotels						—						—						—						98,450						—						—						98,450
BAML Nashville - 1 hotel						—						—						—						—						267,200						—						267,200
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						1,175,346						325,000						47,330						98,450						388,700						580,000						2,614,826
Scheduled amortization payments remaining						—						1,000						1,000						—						—						—						2,000
Total indebtedness						$	1,175,346					$	326,000					$	48,330					$	98,450					$	388,700					$	580,000					$	2,616,826

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)    This mortgage loan was amended in April 2025. Terms of the amendment included extending the final maturity from April 2025 to March 2028.

9

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
						Three Months Ended March 31,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2025						2025						2025						2024						2024						2024						% Variance						% Variance
			Rooms revenue (in thousands)			$	206,302					$	(4,161)					$	202,141					$	229,208					$	(33,384)					$	195,824					(9.99)		%				3.23		%
			RevPAR			$	132.04					$	(105.91)					$	132.71					$	125.30					$	(108.88)					$	128.60					5.38		%				3.19		%
			Occupancy			67.98		%				(75.55)		%				67.78		%				66.90		%				(65.16)		%				67.25		%				1.61		%				0.79		%
			ADR			$	194.24					$	(140.17)					$	195.80					$	187.30					$	(167.10)					$	191.24					3.71		%				2.38		%

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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      NOT UNDER RENOVATION:
						Three Months Ended March 31,
						Actual						Non-comparable Adjustments						Comparable						Actual						Non-comparable Adjustments						Comparable						Actual						Comparable
						2025						2025						2025						2024						2024						2024						% Variance						% Variance
			Rooms revenue (in thousands)			$	201,382					$	(4,161)					$	197,221					$	223,943					$	(33,384)					$	190,559					(10.07)		%				3.50		%
			RevPAR			$	132.67					$	(105.91)					$	133.38					$	125.51					$	(108.88)					$	128.96					5.71		%				3.43		%
			Occupancy			68.25		%				(75.55)		%				68.05		%				66.96		%				(65.16)		%				67.33		%				1.93		%				1.07		%
			ADR			$	194.40					$	(140.17)					$	196.00					$	187.44					$	(167.10)					$	191.52					3.72		%				2.34		%

NOTES:

(1)    The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 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, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville

10

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:			Three Months Ended
			March 31,
			2025						2024						% Variance
Total hotel revenue			$	277,051					$	303,258					(8.64)		%
Non-comparable adjustments			(4,280)						(40,008)
Comparable total hotel revenue			$	272,771					$	263,250					3.62		%
Hotel net income (loss)			$	69,126					$	30,435					127.13		%
Non-comparable adjustments			(32,862)						2,259
Comparable hotel net income (loss)			$	36,264					$	32,694					10.92		%
Hotel net income (loss) margin			24.95		%				10.04		%				14.91		%
Comparable hotel net income margin			13.29		%				12.42		%				0.87		%
Hotel EBITDA			$	78,473					$	78,312					0.21		%
Non-comparable adjustments			(1,323)						(7,304)
Comparable hotel EBITDA			$	77,150					$	71,008					8.65		%
Hotel EBITDA margin			28.32		%				25.82		%				2.50		%
Comparable hotel EBITDA margin			28.28		%				26.97		%				1.31		%

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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)    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      NOT UNDER RENOVATION:			Three Months Ended
			March 31,
			2025						2024						% Variance
Total hotel revenue			$	271,662					$	297,584					(8.71)		%
Non-comparable adjustments			(4,280)						(40,008)
Comparable total hotel revenue			$	267,382					$	257,576					3.81		%
Hotel net income (loss)			$	69,225					$	29,747					132.71		%
Non-comparable adjustments			(32,862)						2,258
Comparable hotel net income (loss)			$	36,363					$	32,005					13.62		%
Hotel net income (loss) margin			25.48		%				10.00		%				15.48		%
Comparable hotel net income margin			13.60		%				12.43		%				1.17		%
Hotel EBITDA			$	76,842					$	76,751					0.12		%
Non-comparable adjustments			(1,323)						(7,304)
Comparable hotel EBITDA			$	75,519					$	69,447					8.74		%
Hotel EBITDA margin			28.29		%				25.79		%				2.50		%
Comparable hotel EBITDA margin			28.24		%				26.96		%				1.28		%

NOTES:

(1)    The above comparable information assumes the 64 hotel properties owned and included in the Company’s operations at March 31, 2025, and not under renovation during the three months ended March 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(3)    Excluded hotels under renovation:

Courtyard Bloomington, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville

11

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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						2024						2024						2024						2024						2024						2024						2024						2024						2024
			1st Quarter						1st Quarter						1st Quarter						4th Quarter						4th Quarter						4th Quarter						3rd Quarter						3rd Quarter						3rd Quarter						2nd Quarter						2nd Quarter						2nd Quarter
Total hotel revenue			$	277,051					$	(4,280)					$	272,771					$	275,060					$	(11,728)					$	263,332					$	276,019					$	(13,321)					$	262,698					$	315,797					$	(22,455)					$	293,342
Hotel net income (loss)			$	69,126					$	(32,862)					$	36,264					$	(37,125)					$	(1,813)					$	(38,938)					$	32,678					$	(5,539)					$	27,139					$	140,679					$	(89,600)					$	51,079
Hotel net income (loss) margin			24.95		%										13.29		%				(13.50)		%										(14.79)		%				11.84		%										10.33		%				44.55		%										17.41		%
Hotel EBITDA			$	78,473					$	(1,323)					$	77,150					$	69,415					$	(3,897)					$	65,518					$	71,833					$	(5,170)					$	66,663					$	95,134					$	(6,424)					$	88,710
Hotel EBITDA margin			28.32		%										28.28		%				25.24		%										24.88		%				26.02		%										25.38		%				30.13		%										30.24		%
Hotel net income (loss) % of total TTM			33.7		%										48.0		%				(18.1)		%										(51.5)		%				15.9		%										35.9		%				68.5		%										67.6		%
EBITDA % of total TTM			24.9		%										25.9		%				22.0		%										22.0		%				22.8		%										22.4		%				30.2		%										29.8		%
JV interests in Hotel net income (loss)			$	(1,544)											$	(1,544)					$	(2,771)											$	(2,771)					$	(414)											$	(414)					$	—											$	—
JV interests in EBITDA			$	321											$	321					$	(63)											$	(63)					$	113											$	113					$	—											$	—
			Actual						Non-comparable Adjustments						Comparable
			2025						2025						2025
			TTM						TTM						TTM
Total hotel revenue			$	1,143,927					$	(51,784)					$	1,092,143
Hotel net income (loss)			$	205,358					$	(129,814)					$	75,544
Hotel net income (loss) margin			17.95		%										6.92		%
Hotel EBITDA			$	314,855					$	(16,814)					$	298,041
Hotel EBITDA margin			27.52		%										27.29		%
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)			$	(4,729)											$	(4,729)
JV interests in EBITDA			$	371											$	371

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

12

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)

															Three Months Ended March 31,
			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						$	143.67					$	(104.79)					$	151.50					$	119.52					$	(84.57)					$	136.26					20.2		%				11.2		%
Boston, MA Area			—						—						38.81						(38.81)						—						142.10						(142.10)						—						(72.7)		%				—		%
Dallas / Ft. Worth, TX Area			5						1,396						126.14						—						126.14						114.00						(76.18)						120.97						10.6		%				4.3		%
Houston, TX Area			3						695						111.58						—						111.58						97.24						—						97.24						14.7		%				14.7		%
Los Angeles, CA Metro Area			4						1,312						155.67						—						155.67						148.74						(84.48)						158.65						4.7		%				(1.9)		%
Miami, FL Metro Area			2						414						248.44						—						248.44						244.66						—						244.66						1.5		%				1.5		%
Minneapolis - St. Paul, MN Area			2						520						51.31						—						51.31						53.87						—						53.87						(4.8)		%				(4.8)		%
Nashville, TN Area			1						674						227.55						—						227.55						220.63						—						220.63						3.1		%				3.1		%
New York / New Jersey Metro Area			4						1,159						80.78						—						80.78						75.02						(55.84)						77.59						7.7		%				4.1		%
Orlando, FL Area			2						524						147.41						—						147.41						145.63						—						145.63						1.2		%				1.2		%
Philadelphia, PA Area			1						263						91.89						—						91.89						72.76						(28.18)						94.99						26.3		%				(3.3)		%
San Diego, CA Area			2						410						136.74						—						136.74						139.59						—						139.59						(2.0)		%				(2.0)		%
San Francisco - Oakland, CA Metro Area			3						793						125.52						—						125.52						112.90						(85.16)						124.55						11.2		%				0.8		%
Tampa, FL Area			2						571						199.33						—						199.33						185.40						—						185.40						7.5		%				7.5		%
Washington D.C. - MD - VA Area			9						2,428						141.03						—						141.03						134.99						—						134.99						4.5		%				4.5		%
Other Areas			24						4,826						115.29						(116.67)						115.23						116.31						(131.50)						112.63						(0.9)		%				2.3		%
Total Portfolio			68						16,924						$	132.04					$	(105.91)					$	132.71					$	125.30					$	(108.88)					$	128.60					5.4		%				3.2		%

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) BY MARKET

(in thousands)

(unaudited)

															Three Months Ended March 31,
			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						$	2,631					$	(93)					$	2,538					7.0		%				$	1,193					$	158					$	1,351					4.1		%				120.5		%				87.9		%
Boston, MA Area			—						—						31,828						(31,828)						—						—		%				(3,059)						3,059						—						—		%				1,140.5		%				—		%
Dallas / Ft. Worth, TX Area			5						1,396						2,244						—						2,244						6.2		%				2,398						1,016						3,414						10.4		%				(6.4)		%				(34.3)		%
Houston, TX Area			3						695						712						—						712						2.0		%				102						—						102						0.3		%				598.0		%				598.0		%
Los Angeles, CA Metro Area			4						1,312						4,573						—						4,573						12.6		%				1,431						3,015						4,446						13.6		%				219.6		%				2.9		%
Miami, FL Metro Area			2						414						4,101						—						4,101						11.3		%				4,121						—						4,121						12.6		%				(0.5)		%				(0.5)		%
Minneapolis - St. Paul, MN Area			2						520						(1,095)						—						(1,095)						(3.0)		%				(1,289)						—						(1,289)						(3.9)		%				15.1		%				15.1		%
Nashville, TN Area			1						674						7,023						—						7,023						19.4		%				5,811						—						5,811						17.8		%				20.9		%				20.9		%
New York / New Jersey Metro Area			4						1,159						(638)						—						(638)						(1.8)		%				(1,823)						876						(947)						(2.9)		%				65.0		%				32.6		%
Orlando, FL Area			2						524						2,070						—						2,070						5.7		%				1,752						—						1,752						5.4		%				18.2		%				18.2		%
Philadelphia, PA Area			1						263						(27)						(2)						(29)						(0.1)		%				(979)						830						(149)						(0.5)		%				97.2		%				80.5		%
San Diego, CA Area			2						410						932						—						932						2.6		%				1,101						—						1,101						3.4		%				(15.3)		%				(15.3)		%
San Francisco - Oakland, CA Metro Area			3						793						(86)						212						126						0.3		%				11						208						219						0.7		%				(881.8)		%				(42.5)		%
Tampa, FL Area			2						571						5,293						—						5,293						14.6		%				4,522						—						4,522						13.8		%				17.0		%				17.0		%
Washington D.C. - MD - VA Area			9						2,428						7,075						—						7,075						19.5		%				5,840						—						5,840						17.9		%				21.1		%				21.1		%
Other Areas			24						4,826						2,490						(1,151)						1,339						3.7		%				9,303						(6,903)						2,400						7.3		%				(73.2)		%				(44.2)		%
Total Portfolio			68						16,924						$	69,126					$	(32,862)					$	36,264					100.0		%				$	30,435					$	2,259					$	32,694					100.0		%				127.1		%				10.9		%

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

13

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)

															Three Months Ended March 31,
			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						$	5,558					$	(514)					$	5,044					6.5		%				$	4,617					$	(645)					$	3,972					5.6		%				20.4		%				27.0		%
Boston, MA Area			—						—						12						(12)						—						—		%				884						(884)						—						—		%				(98.6)		%				—		%
Dallas / Ft. Worth, TX Area			5						1,396						7,889						—						7,889						10.2		%				6,868						(393)						6,475						9.1		%				14.9		%				21.8		%
Houston, TX Area			3						695						2,380						—						2,380						3.1		%				1,767						2						1,769						2.5		%				34.7		%				34.5		%
Los Angeles, CA Metro Area			4						1,312						6,822						—						6,822						8.8		%				6,802						(181)						6,621						9.3		%				0.3		%				3.0		%
Miami, FL Metro Area			2						414						5,558						—						5,558						7.2		%				5,203						—						5,203						7.3		%				6.8		%				6.8		%
Minneapolis - St. Paul, MN Area			2						520						(363)						—						(363)						(0.5)		%				(506)						2						(504)						(0.7)		%				28.3		%				28.0		%
Nashville, TN Area			1						674						9,476						—						9,476						12.3		%				8,284						—						8,284						11.7		%				14.4		%				14.4		%
New York / New Jersey Metro Area			4						1,159						1,413						—						1,413						1.8		%				1,347						(110)						1,237						1.7		%				4.9		%				14.2		%
Orlando, FL Area			2						524						2,935						—						2,935						3.8		%				2,720						—						2,720						3.8		%				7.9		%				7.9		%
Philadelphia, PA Area			1						263						346						(2)						344						0.4		%				(28)						267						239						0.3		%				1,335.7		%				43.9		%
San Diego, CA Area			2						410						1,683						—						1,683						2.2		%				1,681						—						1,681						2.4		%				0.1		%				0.1		%
San Francisco - Oakland, CA Metro Area			3						793						2,718						—						2,718						3.5		%				3,044						(226)						2,818						4.0		%				(10.7)		%				(3.5)		%
Tampa, FL Area			2						571						5,998						—						5,998						7.8		%				5,360						2						5,362						7.6		%				11.9		%				11.9		%
Washington D.C. - MD - VA Area			9						2,428						11,240						—						11,240						14.6		%				10,627						3						10,630						15.0		%				5.8		%				5.7		%
Other Areas			24						4,826						14,808						(795)						14,013						18.3		%				19,642						(5,141)						14,501						20.4		%				(24.6)		%				(3.4)		%
Total Portfolio			68						16,924						$	78,473					$	(1,323)					$	77,150					100.0		%				$	78,312					$	(7,304)					$	71,008					100.0		%				0.2		%				8.6		%

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

14

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

March 31, 2025

(in thousands, except share price)

(unaudited)

			March 31, 2025
Common stock shares outstanding			5,790
Partnership units outstanding			121
Combined common stock shares and partnership units outstanding			5,911
Common stock price			$	7.17
Market capitalization			$	42,382
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			$	191,943
Series K redeemable preferred stock			$	18,977
Indebtedness			$	2,616,826
Net working capital (see below)			$	(156,089)
Total enterprise value (TEV)			$	2,856,324
Cash and cash equivalents			$	80,656
Restricted cash			$	135,780
Accounts receivable, net			$	47,658
Prepaid expenses			$	19,110
Due from third-party hotel managers, net			$	20,728
Total current assets			$	303,932
Accounts payable, net & accrued expenses			$	127,106
Dividends and distributions payable			$	4,124
Due to affiliates, net			$	16,613
Total current liabilities			$	147,843
Net working capital			$	156,089

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.

15

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2025

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Estimated

Estimated

Courtyard Bloomington

117

x

x

x

Embassy Suites Palm Beach

160

x

Hampton Inn Evansville

140

x

x

Hilton Garden Inn Austin Downton

254

x

x

Hilton Garden Inn Virginia Beach

176

x

Residence Inn Evansville

78

x

x

x

Sheraton Anchorage

370

x

Sheraton Misson Valley

260

x

Westin Princeton

296

x

Total

4

4

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.

16

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			2025						2024						2024						2024						March 31, 2025
			1st Quarter						4th Quarter						3rd Quarter						2nd Quarter						TTM
Net income (loss)			$	69,126					$	(37,125)					$	32,678					$	140,679					$	205,358
Non-property adjustments			(31,855)						59,274						(2,771)						(85,986)						(61,338)
Interest income			(346)						(408)						(482)						(420)						(1,656)
Interest expense			3,065						3,181						2,206						2,086						10,538
Amortization of loan costs			106						118						77						76						377
Depreciation and amortization			37,290						37,256						37,691						37,139						149,376
Income tax expense (benefit)			—						(22)						26						29						33
Non-hotel EBITDA ownership expense			1,087						7,141						2,408						1,531						12,167
Hotel EBITDA including amounts attributable to noncontrolling interest			78,473						69,415						71,833						95,134						314,855
Non-comparable adjustments			(1,323)						(3,897)						(5,170)						(6,424)						(16,814)
Comparable hotel EBITDA			$	77,150					$	65,518					$	66,663					$	88,710					$	298,041

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

17

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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 Properties Not Under Renovation						Hotel Properties Under Renovation						Hotel Total												Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)			$	69,225					$	(99)					$	69,126											$	(91,324)					$	(22,198)
Non-property adjustments			(31,855)						—						(31,855)												31,855						—
Interest income			(346)						—						(346)												346						—
Interest expense			3,065						—						3,065												68,583						71,648
Amortization of loan cost			106						—						106												5,094						5,200
Depreciation and amortization			35,578						1,712						37,290												49						37,339
Income tax expense (benefit)			—						—						—												317						317
Non-hotel EBITDA ownership expense			1,069						18						1,087												(1,087)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			76,842						1,631						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			$	76,842					$	1,631					$	78,473											$	14,384					$	92,857
Non-comparable adjustments			(1,323)						—						(1,323)
Comparable hotel EBITDA			$	75,519					$	1,631					$	77,150

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville

18

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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:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

19

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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:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

20

---

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 Total												Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)															$	140,679											$	(89,868)					$	50,811
Non-property adjustments															(85,986)												85,986						—
Interest income															(420)												420						—
Interest expense															2,086												74,936						77,022
Amortization of loan cost															76												3,262						3,338
Depreciation and amortization															37,139												48						37,187
Income tax expense (benefit)															29												3,426						3,455
Non-hotel EBITDA ownership expense															1,531												(1,531)						—
Hotel EBITDA including amounts attributable to noncontrolling interest															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															$	95,134											$	77,056					$	172,190
Non-comparable adjustments															(6,424)
Comparable hotel EBITDA															$	88,710

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

21

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended March 31, 2024
			Hotel Properties Not Under Renovation						Hotel Properties Under Renovation						Hotel Total												Corporate / Allocated						Ashford Hospitality Trust, Inc.
Net income (loss)			$	29,747					$	688					$	30,435											$	41,970					$	72,405
Non-property adjustments			1,970						—						1,970												(1,970)						—
Interest income			(410)						—						(410)												410						—
Interest expense			4,155						—						4,155												79,696						83,851
Amortization of loan cost			219						—						219												1,989						2,208
Depreciation and amortization			39,349						871						40,220												324						40,544
Income tax expense (benefit)			35						—						35												268						303
Non-hotel EBITDA ownership expense			1,686						2						1,688												(1,688)						—
Hotel EBITDA including amounts attributable to noncontrolling interest			76,751						1,561						78,312												120,999						199,311
Equity in (earnings) loss of unconsolidated entities			—						—						—												534						534
Company's portion of EBITDA of unconsolidated entities			—						—						—												(166)						(166)
Hotel EBITDA attributable to the Company and OP unitholders			$	76,751					$	1,561					$	78,312											$	121,367					$	199,679
Non-comparable adjustments			(7,304)						—						(7,304)
Comparable hotel EBITDA			$	69,447					$	1,561					$	71,008

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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, Embassy Suites Palm Beach, Residence Inn Evansville, Hampton Inn Evansville

22

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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
			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)			$	2,631					$	31,828					$	2,244					$	712					$	4,573					$	4,101					$	(1,095)					$	7,023					$	(638)
Non-property adjustments			—						(31,868)						—						—						—						—						—						—						—
Interest income			(55)						—						—						—						(14)						(2)						—						(25)						—
Interest expense			702						—						1,289						—						—						—						—						—						—
Amortization of loan costs			4						—						53						—						—						—						—						—						—
Depreciation and amortization			2,109						—						3,834						1,755						1,919						1,446						698						2,473						1,882
Income tax expense (benefit)			—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			167						52						469						(87)						344						13						34						5						169
Hotel EBITDA including amounts attributable to noncontrolling interest			5,558						12						7,889						2,380						6,822						5,558						(363)						9,476						1,413
Non-comparable adjustments			(514)						(12)						—						—						—						—						—						—						—
Comparable hotel EBITDA			$	5,044					$	—					$	7,889					$	2,380					$	6,822					$	5,558					$	(363)					$	9,476					$	1,413
			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)			$	2,070					$	(27)					$	932					$	(86)					$	5,293					$	7,075					$	2,490					$	69,126
Non-property adjustments			—						—						—						—						—						—						13						(31,855)
Interest income			(29)						—						(24)						(12)						—						(152)						(33)						(346)
Interest expense			—						—						—						303						—						—						771						3,065
Amortization of loan costs			—						—						—						27						—						—						22						106
Depreciation and amortization			880						359						614						2,038						692						4,250						12,341						37,290
Income tax expense (benefit)			—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			14						14						161						448						13						67						(796)						1,087
Hotel EBITDA including amounts attributable to noncontrolling interest			2,935						346						1,683						2,718						5,998						11,240						14,808						78,473
Non-comparable adjustments			—						(2)						—						—						—						—						(795)						(1,323)
Comparable hotel EBITDA			$	2,935					$	344					$	1,683					$	2,718					$	5,998					$	11,240					$	14,013					$	77,150

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

23

---

Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			Three Months Ended March 31, 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)			$	1,193					$	(3,059)					$	2,398					$	102					$	1,431					$	4,121					$	(1,289)					$	5,811					$	(1,823)
Non-property adjustments			—						—						1,084						—						2,975						—						—						—						727
Interest income			(38)						(58)						(4)						—						(29)						(13)						—						(26)						(4)
Interest expense			777						2,291						—						—						—						—						—						—						—
Amortization of loan costs			—						144						—						—						—						—						—						—						—
Depreciation and amortization			2,636						1,533						3,271						1,565						2,295						1,080						760						2,466						2,241
Income tax expense (benefit)			—						—						—						—						—						—						—						26						—
Non-hotel EBITDA ownership expense			49						33						119						100						130						15						23						7						206
Hotel EBITDA including amounts attributable to noncontrolling interest			4,617						884						6,868						1,767						6,802						5,203						(506)						8,284						1,347
Non-comparable adjustments			(645)						(884)						(393)						2						(181)						—						2						—						(110)
Comparable hotel EBITDA			$	3,972					$	—					$	6,475					$	1,769					$	6,621					$	5,203					$	(504)					$	8,284					$	1,237
			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)			$	1,752					$	(979)					$	1,101					$	11					$	4,522					$	5,840					$	9,303					$	30,435
Non-property adjustments			—						420						—						189						—						—						(3,425)						1,970
Interest income			(24)						(4)						(19)						(17)						—						(137)						(37)						(410)
Interest expense			—						—						—						213						—						—						874						4,155
Amortization of loan costs			—						—						—						39						—						—						36						219
Depreciation and amortization			970						531						587						2,535						854						4,763						12,133						40,220
Income tax expense (benefit)			—						—						—						—						—						—						9						35
Non-hotel EBITDA ownership expense			22						4						12						74						(16)						161						749						1,688
Hotel EBITDA including amounts attributable to noncontrolling interest			2,720						(28)						1,681						3,044						5,360						10,627						19,642						78,312
Non-comparable adjustments			—						267						—						(226)						2						3						(5,141)						(7,304)
Comparable hotel EBITDA			$	2,720					$	239					$	1,681					$	2,818					$	5,362					$	10,630					$	14,501					$	71,008

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

24

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Exhibit 1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

			TTM 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						Morgan Stanley Pool C2 - 2 hotels						BAML Nashville -1 hotel						Hilton Alexandria / La Posada - 2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel
Net income (loss)			$	37,338					$	86,140					$	18,574					$	(56,663)					$	9,506					$	26,802					$	5,519					$	2,738					$	(313)					$	(886)					$	12,573
Non-property adjustments			—						(31,941)						—						59,331						(9,598)						—						—						(2,659)						—						665						—
Interest income			(129)						(514)						(273)						(213)						—						(107)						—						—						(5)						—						(415)
Interest expense			—						—						—						—						—						—						—						—						1,045						226						—
Amortization of loan costs			—						—						—						—						—						—						—						—						4						—						—
Depreciation and amortization			28,955						41,950						21,961						20,417						144						9,681						4,895						86						1,244						—						4,560
Income tax expense (benefit)			(1)						—						—						—						—						(25)						—						—						—						—						—
Non-hotel EBITDA ownership expense			3,045						1,702						3,114						1,253						71						168						80						8						156						(83)						29
Hotel EBITDA including amounts attributable to noncontrolling interest			69,208						97,337						43,376						24,125						123						36,519						10,494						173						2,131						(78)						16,747
Non-comparable adjustments			(7)						(10,189)						(5)						328						(123)						—						(2)						(173)						—						78						(3)
Comparable hotel EBITDA			$	69,201					$	87,148					$	43,371					$	24,453					$	—					$	36,519					$	10,492					$	—					$	2,131					$	—					$	16,744
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Aareal Le Pavillon - 1 hotel						Ft Worth Le Meridien - 1 hotel						Key Bank Manchester CY - 1 hotel						KEYS Pool F - 5 hotels						KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						Morgan Stanley Pool C3 - 3 hotels						Morgan Stanley Ann Arbor - 1 hotel						BAML - 4 Pack - Stirling						Disposed Hotels
Net income (loss)			$	(1,452)					$	(8,031)					$	(6,687)					$	1,535					$	(94)					$	(335)					$	(334)					$	4,669					$	59					$	434					$	72,702
Non-property adjustments			—						—						—						(1,579)						(83)						203						41						(4,764)						(73)						—						(70,881)
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			936						3,343						3,025						—						—						—						—						—						—						—						—
Amortization of loan costs			188						132						53						—						—						—						—						—						—						—						—
Depreciation and amortization			2,119						5,520						2,643						53						—						—						—						—						—						4,386						221
Income tax expense (benefit)			—						—						—						67						—						—						—						—						—						(8)						—
Non-hotel EBITDA ownership expense			232						378						1,490						33						177						131						293						5						—						92						(233)
Hotel EBITDA including amounts attributable to noncontrolling interest			2,023						1,342						524						109						—						(1)						—						(90)						(14)						4,904						1,809
Non-comparable adjustments			—						(1)						—						(109)						—						1						—						90						14						(4,904)						(1,809)
Comparable hotel EBITDA			$	2,023					$	1,341					$	524					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
			Unencumbered Hotels						Total Portfolio
Net income (loss)			$	1,564					$	205,358
Non-property adjustments			—						(61,338)
Interest income			—						(1,656)
Interest expense			1,963						10,538
Amortization of loan costs			—						377
Depreciation and amortization			541						149,376
Income tax expense (benefit)			—						33
Non-hotel EBITDA ownership expense			26						12,167
Hotel EBITDA including amounts attributable to noncontrolling interest			4,094						314,855
Non-comparable adjustments			—						(16,814)
Comparable hotel EBITDA			$	4,094					$	298,041

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

25

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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						Morgan Stanley Pool C2 - 2 hotels						BAML Nashville -1 hotel						Hilton Alexandria / La Posada - 2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel
Net income (loss)			$	8,064					$	44,926					$	6,147					$	1,611					$	3					$	7,023					$	618					$	—					$	263					$	(16)					$	3,105
Non-property adjustments			—						(31,868)						—						—						—						—						—						—						—						—						—
Interest income			(32)						(75)						(68)						(44)						—						(25)						—						—						(5)						—						(97)
Interest expense			—						—						—						—						—						—						—						—						221						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						4						—						—
Depreciation and amortization			6,959						9,614						5,988						5,392						—						2,473						1,165						—						310						—						1,048
Income tax expense (benefit)			—						—						—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			1,073						(153)						399						234						—						5						11						—						4						2						11
Hotel EBITDA including amounts attributable to noncontrolling interest			16,064						22,444						12,466						7,193						3						9,476						1,794						—						797						(14)						4,067
Non-comparable adjustments			—						(26)						—						—						(3)						—						—						—						—						14						—
Comparable hotel EBITDA			$	16,064					$	22,418					$	12,466					$	7,193					$	—					$	9,476					$	1,794					$	—					$	797					$	—					$	4,067
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Aareal Le Pavillon - 1 hotel						Ft Worth Le Meridien - 1 hotel						Key Bank Manchester CY - 1 hotel						KEYS Pool F - 5 hotels						KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						Morgan Stanley Pool C3 - 3 hotels						Morgan Stanley Ann Arbor - 1 hotel						BAML - 4 Pack - Stirling						Disposed Hotels
Net income (loss)			$	(808)					$	(1,122)					$	(2,183)					$	—					$	(52)					$	(61)					$	(113)					$	—					$	—					$	124					$	1,135
Non-property adjustments			—						—						—						—						13						—						—						—						—						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			303						770						1,290						—						—						—						—						—						—						—						—
Amortization of loan costs			27						22						53						—						—						—						—						—						—						—						—
Depreciation and amortization			525						1,554						1,117						—						—						—						—						—						—						1,010						—
Income tax expense (benefit)			—						—						—						—						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			17						51						177						—						39						61						113						—						—						7						(968)
Hotel EBITDA including amounts attributable to noncontrolling interest			64						1,275						454						—						—						—						—						—						—						1,141						167
Non-comparable adjustments			—						—						—						—						—						—						—						—						—						(1,141)						(167)
Comparable hotel EBITDA			$	64					$	1,275					$	454					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
			Unencumbered Hotels						Total Portfolio
Net income (loss)			$	462					$	69,126
Non-property adjustments			—						(31,855)
Interest income			—						(346)
Interest expense			481						3,065
Amortization of loan costs			—						106
Depreciation and amortization			135						37,290
Income tax expense (benefit)			—						—
Non-hotel EBITDA ownership expense			4						1,087
Hotel EBITDA including amounts attributable to noncontrolling interest			1,082						78,473
Non-comparable adjustments			—						(1,323)
Comparable hotel EBITDA			$	1,082					$	77,150

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

26

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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						Morgan Stanley Pool C2 - 2 hotels						BAML Nashville -1 hotel						Hilton Alexandria / La Posada - 2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel
Net income (loss)			$	5,672					$	11,593					$	2,927					$	(60,071)					$	86					$	6,191					$	839					$	(15)					$	(174)					$	6					$	2,422
Non-property adjustments			—						(73)						—						59,331						—						—						—						16						—						—						—
Interest income			(9)						(151)						(70)						(50)						—						(25)						—						—						—						—						(103)
Interest expense			—						—						—						—						—						—						—						—						257						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			7,140						10,294						5,519						5,089						—						2,404						1,206						—						314						—						1,111
Income tax expense (benefit)			(4)						—						—						—						—						(70)						—						—						—						—						—
Non-hotel EBITDA ownership expense			1,441						1,770						984						622						5						15						29						—						118						(9)						5
Hotel EBITDA including amounts attributable to noncontrolling interest			14,240						23,433						9,360						4,921						91						8,515						2,074						1						515						(3)						3,435
Non-comparable adjustments			(14)						(2,506)						(9)						(3)						(91)						—						(2)						(1)						—						3						—
Comparable hotel EBITDA			$	14,226					$	20,927					$	9,351					$	4,918					$	—					$	8,515					$	2,072					$	—					$	515					$	—					$	3,435
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Aareal Le Pavillon - 1 hotel						Ft Worth Le Meridien - 1 hotel						Key Bank Manchester CY - 1 hotel						KEYS Pool F - 5 hotels						KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						Morgan Stanley Pool C3 - 3 hotels						Morgan Stanley Ann Arbor - 1 hotel						BAML - 4 Pack - Stirling						Disposed Hotels
Net income (loss)			$	(921)					$	(1,951)					$	(3,918)					$	(75)					$	(141)					$	(63)					$	(180)					$	(59)					$	—					$	181					$	60
Non-property adjustments			—						—						—						—						—						—						—						—						—						—						—
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			210						822						1,398						—						—						—						—						—						—						—						—
Amortization of loan costs			80						38						—						—						—						—						—						—						—						—						—
Depreciation and amortization			533						1,342						1,118						—						—						—						—						—						—						1,051						—
Income tax expense (benefit)			—						—						—						60						—						—						—						—						—						(8)						—
Non-hotel EBITDA ownership expense			161						225						1,313						—						138						63						180						1						—						64						—
Hotel EBITDA including amounts attributable to noncontrolling interest			63						476						(89)						(15)						(3)						—						—						(58)						—						1,288						60
Non-comparable adjustments			(1)						(1)						—						15						3						—						—						58						—						(1,288)						(60)
Comparable hotel EBITDA			$	62					$	475					$	(89)					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
			Unencumbered Hotels						Total Portfolio
Net income (loss)			$	466					$	(37,125)
Non-property adjustments			—						59,274
Interest income			—						(408)
Interest expense			494						3,181
Amortization of loan costs			—						118
Depreciation and amortization			135						37,256
Income tax expense (benefit)			—						(22)
Non-hotel EBITDA ownership expense			16						7,141
Hotel EBITDA including amounts attributable to noncontrolling interest			1,111						69,415
Non-comparable adjustments			—						(3,897)
Comparable hotel EBITDA			$	1,111					$	65,518

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

27

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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						Morgan Stanley Pool C2 - 2 hotels						BAML Nashville -1 hotel						Hilton Alexandria / La Posada - 2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel
Net income (loss)			$	9,609					$	11,478					$	1,784					$	351					$	(15)					$	4,949					$	1,953					$	2,690					$	(258)					$	109					$	2,850
Non-property adjustments			—						—						—						—						—						—						—						(2,675)						—						(12)						—
Interest income			(47)						(160)						(75)						(60)						—						(29)						—						—						—						—						(111)
Interest expense			—						—						—						—						—						—						—						—						284						—						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			7,294						10,912						5,602						5,152						—						2,407						1,237						6						312						—						1,168
Income tax expense (benefit)			1						—						—						—						—						22						—						—						—						—						—
Non-hotel EBITDA ownership expense			186						(182)						1,567						49						5						121						21						4						25						42						6
Hotel EBITDA including amounts attributable to noncontrolling interest			17,043						22,048						8,878						5,492						(10)						7,470						3,211						25						363						139						3,913
Non-comparable adjustments			2						(3,758)						—						—						10						—						—						(25)						—						(139)						(3)
Comparable hotel EBITDA			$	17,045					$	18,290					$	8,878					$	5,492					$	—					$	7,470					$	3,211					$	—					$	363					$	—					$	3,910
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Aareal Le Pavillon - 1 hotel						Ft Worth Le Meridien - 1 hotel						Key Bank Manchester CY - 1 hotel						KEYS Pool F - 5 hotels						KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						Morgan Stanley Pool C3 - 3 hotels						Morgan Stanley Ann Arbor - 1 hotel						BAML - 4 Pack - Stirling						Disposed Hotels
Net income (loss)			$	419					$	(2,682)					$	(586)					$	(7)					$	99					$	(7)					$	—					$	(4)					$	37					$	55					$	(510)
Non-property adjustments			—						—						—						—						(96)						7						—						—						(37)						—						42
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			212						879						337						—						—						—						—						—						—						—						—
Amortization of loan costs			41						36						—						—						—						—						—						—						—						—						—
Depreciation and amortization			513						1,387						408						—						—						—						—						—						—						1,158						—
Income tax expense (benefit)			—						—						—						3						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			47						—						—						18						—						—						—						3						—						24						472
Hotel EBITDA including amounts attributable to noncontrolling interest			1,232						(380)						159						14						3						—						—						(1)						—						1,237						4
Non-comparable adjustments			—						—						—						(14)						(3)						—						—						1						—						(1,237)						(4)
Comparable hotel EBITDA			$	1,232					$	(380)					$	159					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
			Unencumbered Hotels						Total Portfolio
Net income (loss)			$	364					$	32,678
Non-property adjustments			—						(2,771)
Interest income			—						(482)
Interest expense			494						2,206
Amortization of loan costs			—						77
Depreciation and amortization			135						37,691
Income tax expense (benefit)			—						26
Non-hotel EBITDA ownership expense			—						2,408
Hotel EBITDA including amounts attributable to noncontrolling interest			993						71,833
Non-comparable adjustments			—						(5,170)
Comparable hotel EBITDA			$	993					$	66,663

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

28

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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
			BAML/Sculptor KEYS Pool - 16 hotels						BAML Highland Pool - 18 hotels						Morgan Stanley Pool - 17 hotels						JP Morgan Chase - 8 hotels						Morgan Stanley Pool C2 - 2 hotels						BAML Nashville -1 hotel						Hilton Alexandria / La Posada - 2 hotels						Southside Bank Ashton - 1 hotel						BAML Indigo Atlanta - 1 hotel						Aareal Boston Back Bay - 1 hotel						Torchlight Marriott Gateway - 1 hotel
Net income (loss)			$	13,993					$	18,143					$	7,716					$	1,446					$	9,432					$	8,639					$	2,109					$	63					$	(144)					$	(985)					$	4,196
Non-property adjustments			—						—						—						—						(9,598)						—						—						—						—						677						—
Interest income			(41)						(128)						(60)						(59)						—						(28)						—						—						—						—						(104)
Interest expense			—						—						—						—						—						—						—						—						283						226						—
Amortization of loan costs			—						—						—						—						—						—						—						—						—						—						—
Depreciation and amortization			7,562						11,130						4,852						4,784						144						2,397						1,287						80						308						—						1,233
Income tax expense (benefit)			2						—						—						—						—						23						—						—						—						—						—
Non-hotel EBITDA ownership expense			345						267						164						348						61						27						19						4						9						(118)						7
Hotel EBITDA including amounts attributable to noncontrolling interest			21,861						29,412						12,672						6,519						39						11,058						3,415						147						456						(200)						5,332
Non-comparable adjustments			5						(3,899)						4						331						(39)						—						—						(147)						—						200						—
Comparable hotel EBITDA			$	21,866					$	25,513					$	12,676					$	6,850					$	—					$	11,058					$	3,415					$	—					$	456					$	—					$	5,332
			US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel						Aareal Le Pavillon - 1 hotel						Ft Worth Le Meridien - 1 hotel						Key Bank Manchester CY - 1 hotel						KEYS Pool F - 5 hotels						KEYS Pool A - 7 hotels						KEYS Pool B - 7 hotels						Morgan Stanley Pool C3 - 3 hotels						Morgan Stanley Ann Arbor - 1 hotel						BAML - 4 Pack - Stirling						Disposed Hotels
Net income (loss)			$	(142)					$	(2,276)					$	—					$	1,617					$	—					$	(204)					$	(41)					$	4,732					$	22					$	74					$	72,017
Non-property adjustments			—						—						—						(1,579)						—						196						41						(4,764)						(36)						—						(70,923)
Interest income			—						—						—						—						—						—						—						—						—						—						—
Interest expense			211						872						—						—						—						—						—						—						—						—						—
Amortization of loan costs			40						36						—						—						—						—						—						—						—						—						—
Depreciation and amortization			548						1,237						—						53						—						—						—						—						—						1,167						221
Income tax expense (benefit)			—						—						—						4						—						—						—						—						—						—						—
Non-hotel EBITDA ownership expense			7						102						—						15						—						7						—						1						—						(3)						263
Hotel EBITDA including amounts attributable to noncontrolling interest			664						(29)						—						110						—						(1)						—						(31)						(14)						1,238						1,578
Non-comparable adjustments			1						—						—						(110)						—						1						—						31						14						(1,238)						(1,578)
Comparable hotel EBITDA			$	665					$	(29)					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
			Unencumbered Hotels						Total Portfolio
Net income (loss)			$	272					$	140,679
Non-property adjustments			—						(85,986)
Interest income			—						(420)
Interest expense			494						2,086
Amortization of loan costs			—						76
Depreciation and amortization			136						37,139
Income tax expense (benefit)			—						29
Non-hotel EBITDA ownership expense			6						1,531
Hotel EBITDA including amounts attributable to noncontrolling interest			908						95,134
Non-comparable adjustments			—						(6,424)
Comparable hotel EBITDA			$	908					$	88,710

NOTES:

(1)    The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at March 31, 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.

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