Earnings release
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NEWS RELEASE Contact: Deric Eubanks Allison Beach Joe Calabrese Chief Financial Officer Media Contact Financial Relations Board (972) 490-9600 (972) 490-9600 (212) 827-3772 ASHFORD TRUST REPORTS SECOND QUARTER 2025 RESULTS DALLAS – July 30 , 202 5 – Ashford Hospitality Trust, Inc. (NYSE: A HT) (“Ashford Trust” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 202 5. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hote l EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 20 25 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2025 with the second quarter ended June 30, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release. SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS • Comparable RevPAR for all hotels decreased 2.2% to $145 during the quarter on a 2.7% decrease in Comparable ADR and a 0.5% increase in Comparable Occupancy. Comparable total revenue increased 1.3% over the prior year quarter. • Net loss attributable to common stockholders was $(39.9) million or $(6.88) per diluted share for the quarter. • Adjusted EBITDAre was $73.8 million for the quarter. • Adjusted funds from operations (AFFO) was $0.78 per diluted share for the quarter. During the quarter, the Company accrued approximately $6.8 million of default interest on its $744 million Highland loan secured by 18 hotels . Subsequent to quarter end, the Company entered into an extension agreement on this loan that included eliminating the default interest. Excluding the default interest, the Company’s AFFO and AFFO per diluted share for the quarter would have been approximately $11.4 million and $1.93, respectively. • Comparable Hotel EBITDA was $91.0 million for the quarter, reflecting a growth rate of 2.6% over the prior year quarter. • The Company ended the quarter with cash and cash equivalents of $100.0 million and restricted cash of $153.9 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $21.8 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs. • Net working capital at the end of the quarter was $184.2 million. • Capex invested during the quarter was $19.9 million.
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AHT Reports Second Quarter Results Page 2 July 30, 2025 RECENT OPERATING HIGHLIGHTS • In mid-December 2024, the Company launched a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value. The initiative, labeled “GRO AHT, ” centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency. • During the quarter, the Company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels. • During the quarter, the Company signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.0 million. GRO AHT: EARLY RESULTS Through the first half of 2025, the Company made several announcements regarding its “GRO AHT” initiative, and reported progress towards its goal of delivering $50 million in annual run -rate EBITDA improvement. The Company expects its current fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA , with several additional initiatives underway. The “GRO AHT” initiative reflects the firm commitment that Ashford Trust, along with its advisor and property managers, has made to optimizing financial performance while ensuring long-term sustainability. CAPITAL STRUCTURE As of June 30, 2025, the Company had total loans of $2.7 billion with a blended average interest rate of 8.1%, taking into account in -the-money interest rate caps . Based on the current level of SOFR, and the Company’s corresponding interest rate caps , approximately 24% of the Company’s current consolidated debt is effectively fixed and approximately 76% is effectively floating. During the quarter, the Company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels. The loan had an original final maturity date in November of 2024. The extension provides for an initial maturity in March of 2026 and two, one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in March of 2028. The loan has a current balance of $409.8 million and continues to bear interest at a floating rate of SOFR + 3.39%. The extension also provides added flexibility for the Company to release assets upon sale. During the quarter, the Company signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake located in Houston, Texas for $27.0 million. When adjusted for the Company's anticipated capital expenditures, the sale price represents a 3.2% capitalization rate on net operating income or 23.6x Hotel EBITDA for the twelve months ended April 30, 2025. Excluding the anticipated capital spend, the sale price represents a 5.0% capitalization rate on net operating income or 15.2x Hotel EBITDA for the twelve months ended April 30, 2025. The Company did not pay a dividend on its common stock and common units for the second quarter ended June 30, 2025. The Board of Directors will continue to monitor the situation and as sess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward. “Despite headwinds that drove industry-wide RevPAR declines during the second quarter, I’m pleased to report that Ashford Trust delivered comparable total revenue growth of 1. 3% and 2.6% growth in comparable Hotel EBITDA, reflecting the early positive impact of our initiatives to grow ancillary revenue streams and the impact of the strategic decisions our team has made over the past several quarters ,” commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “We continue to see the benefits of “GRO AHT,” our transformative initiative aimed at driving $50 million im provement in
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AHT Reports Second Quarter Results Page 3 July 30, 2025 EBITDA run rate.” Mr. Zsigray added, “We also announced the planned sale of the Hilton Houston NASA Clear Lake at a very attractive cap rate . Combined with our “GRO AHT” initiative, we see meaningful potential for additional opportunistic sales that will further transform the company.” Mr. Zsigray concluded, “We remain focused on executing our GRO AHT strategy to drive outsized EBITDA growth and believe our assets are well -positioned to deliver meaningful outperformance in the quarters ahea d as we advance the next chapter for Ashford Trust.” INVESTOR CONFERENCE CALL AND SIMULCAST Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, July 31, 2025, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Thursday, August 7, 202 5, by dialing (609) 800 -9909 and entering the confirmation number, 9727869. The Company will also provide an online simulcast and rebroadcast of its second quarter 2025 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s web site, www.ahtreit.com, on Thursday, July 31, 2025, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investme nt trusts more meaningful. N on-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 whi ch can be found at www.sec.gov. * * * * * Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward -looking statements in this press release include, among others, statements about the Company’s strategy and future plans . These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate ,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating result s; 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. The se and other risk factors are more fully discussed in Ashford Trust’s filings with the Securities and Exchange Commission.
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AHT Reports Second Quarter Results Page 4 July 30, 2025 The forward-looking statements included in this press release are only made as of the date of this press release. Such forward - looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of op erations, 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 relianc e 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) June 30, 2025 December 31, 2024 ASSETS Investments in hotel properties, gross $ 3,273,437 $ 3,350,086 Accumulated depreciation (1,029,900) (1,030,879) Investments in hotel properties, net 2,243,537 2,319,207 Contract asset 370,475 366,671 Cash and cash equivalents 99,965 112,907 Restricted cash 153,870 99,695 Accounts receivable, net of allowance of $520 and $435 respectively 47,746 35,579 Inventories 3,686 3,631 Notes receivable, net 11,382 10,565 Investment in unconsolidated entities 7,203 7,590 Deferred costs, net 1,706 1,788 Derivative assets, net 2,445 2,594 Operating lease right-of-use assets 43,627 43,780 Other assets 32,993 39,144 Due from third-party hotel managers 21,813 21,206 Assets held for sale 18,904 96,628 Total assets $ 3,059,352 $ 3,160,985 LIABILITIES AND EQUITY (DEFICIT) Liabilities: Indebtedness, net $ 2,644,765 $ 2,629,289 Indebtedness associated with hotels in receivership 301,040 314,640 Finance lease liability 17,771 17,992 Accounts payable and accrued expenses 130,135 137,506 Accrued interest payable 19,851 10,212 Accrued interest associated with hotels in receivership 69,435 52,031 Dividends and distributions payable 4,166 3,952 Due to Ashford Inc., net 8,939 25,635 Due to related parties, net 2,666 2,850 Due to third-party hotel managers 1,401 1,145 Operating lease liabilities 44,156 44,369 Other liabilities 33,940 34,011 Liabilities associated with assets held for sale 29,153 99,139 Total liabilities 3,307,418 3,372,771 Redeemable noncontrolling interests in operating partnership 21,993 22,509 Series J Redeemable Preferred Stock, $0.01 par value, 7,699,923and 6,799,638 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 178,571 156,671 Series K Redeemable Preferred Stock, $0.01 par value, 747,299and 601,175 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 18,523 14,869 Series L Redeemable Preferred Stock, $0.01 par value, 1112,181 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 2,580 — Series M Redeemable Preferred Stock, $0.01 par value, 145,232 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 3,576 — 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, 5,908,610 and 5,636,595 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 59 56 Additional paid-in capital 2,394,458 2,392,518 Accumulated deficit (2,880,095) (2,811,868) Total stockholders' equity (deficit) of the Company (485,521) (419,237) Noncontrolling interests in consolidated entities 12,212 13,402 Total equity (deficit) (473,309) (405,835) Total liabilities and equity/deficit $ 3,059,352 $ 3,160,985 5
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 REVENUE Rooms $ 227,203 $ 243,605 $ 433,504 $ 472,812 Food and beverage 55,336 55,260 109,865 112,618 Other 19,006 16,934 35,226 33,626 Total hotel revenue 301,545 315,799 578,595 619,056 Other 456 683 765 1,322 Total revenue 302,001 316,482 579,360 620,378 EXPENSES Hotel operating expenses Rooms 51,659 54,073 99,449 108,753 Food and beverage 35,455 37,508 71,181 75,339 Other expenses 101,372 104,680 196,482 211,506 Management fees 10,344 11,184 20,192 22,734 Total hotel operating expenses 198,830 207,445 387,304 418,332 Property taxes, insurance and other 16,234 16,846 32,283 34,273 Depreciation and amortization 35,276 37,187 72,615 77,731 Impairment charges 1,447 — 1,447 — Advisory services fee: Base advisory fee 8,339 8,180 16,534 16,400 Reimbursable expenses 3,411 2,787 6,619 9,232 Stock/unit-based compensation 222 507 155 1,043 Incentive fee (66) — 27 — Stirling performance participation fee 111 — 227 Corporate, general and administrative: Stock/unit-based compensation — 216 13 244 Other general and administrative 5,485 6,978 9,804 15,159 Total operating expenses 269,289 280,146 527,028 572,414 Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 6,684 87,441 38,552 94,397 Gain (loss) on derecognition of assets 9,900 11,725 19,946 145,634 OPERATING INCOME (LOSS) 49,296 135,502 110,830 287,995 Equity in earnings (loss) of unconsolidated entities 44 (162) (387) (695) Interest income 1,253 1,688 2,467 3,672 Other income (expense), net — 37 — 72 Interest expense, net of discount amortization (62,944) (65,078) (124,546) (136,831) Interest expense associated with hotels in receivership (9,902) (11,944) (19,948) (24,042) Amortization of loan costs (7,743) (3,338) (12,943) (5,546) Write-off of premiums, loan costs and exit fees (1,486) (3,796) (6,083) (3,814) Gain (loss) on extinguishment of debt (2) — (15) 45 Realized and unrealized gain (loss) on derivatives (836) 1,357 (3,576) 6,118 INCOME (LOSS) BEFORE INCOME TAXES (32,320) 54,266 (54,201) 126,974 Income tax benefit (expense) (119) (3,455) (436) (3,758) NET INCOME (LOSS) (32,439) 50,811 (54,637) 123,216 (Income) loss attributable to noncontrolling interest in consolidated entities 1,412 8 3,188 17 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 631 (565) 1,082 (1,418) NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (30,396) 50,254 (50,367) 121,815 Preferred dividends (7,017) (5,468) (13,746) (10,479) Deemed dividends on redeemable preferred stock (2,530) (669) (3,587) (1,351) Gain (loss) on extinguishment of preferred stock — 211 — 1,784 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (39,943) $ 44,328 $ (67,700) $ 111,769 INCOME (LOSS) PER SHARE – BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (6.88) $ 10.20 $ (11.82) $ 27.23 Weighted average common shares outstanding – basic 5,804 4,324 5,728 4,085 Diluted: Net income (loss) attributable to common stockholders $ (6.88) $ 2.50 $ (11.82) $ 7.67 Weighted average common shares outstanding – diluted 5,895 18,936 5,728 15,305 Dividends declared per common share $ — $ — $ — $ — 6
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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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) $ (32,439) $ 50,811 $ (54,637) $ 123,216 Interest expense and amortization of discounts and loan costs, net 70,687 68,416 137,489 142,377 Interest expense associated with hotels in receivership 9,902 11,944 19,948 24,042 Depreciation and amortization 35,276 37,187 72,615 77,731 Income tax expense (benefit) 119 3,455 436 3,758 Equity in (earnings) loss of unconsolidated entities (44) 162 387 695 Company's portion of EBITDA of unconsolidated entities 406 215 526 49 EBITDA 83,907 172,190 176,764 371,868 Impairment charges on real estate 1,447 — 1,447 — (Gain) loss on consolidation of VIE and disposition of assets and hotel properties (6,684) (87,441) (38,552) (94,397) (Gain) loss on derecognition of assets (9,900) (11,725) (19,946) (145,634) EBITDAre 68,770 73,024 119,713 131,837 Amortization of unfavorable contract liabilities (31) (30) (61) (61) Transaction and conversion costs 2,173 2,109 4,101 7,231 Write-off of premiums, loan costs and exit fees 1,486 3,796 6,083 3,814 Realized and unrealized (gain) loss on derivatives 836 (1,357) 3,576 (6,118) Stock/unit-based compensation 222 723 168 1,287 Legal, advisory and settlement costs 55 273 852 273 Other (income) expense, net — (36) — (71) Incentive fee (66) — 27 — Stirling performance participation fee 111 — 227 — (Gain) loss on extinguishment of debt 2 — 15 (45) Severance 274 150 796 150 Company's portion of adjustments to EBITDAre of unconsolidated entities — 6 — 6 Adjusted EBITDAre $ 73,832 $ 78,658 $ 135,497 $ 138,303 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) $ (32,439) $ 50,811 $ (54,637) $ 123,216 (Income) loss attributable to noncontrolling interest in consolidated entities 1,412 8 3,188 17 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 631 (565) 1,082 (1,418) Preferred dividends (7,017) (5,468) (13,746) (10,479) Deemed dividends on redeemable preferred stock (2,530) (669) (3,587) (1,351) Gain (loss) on extinguishment of preferred stock — 211 — 1,784 Net income (loss) attributable to common stockholders (39,943) 44,328 (67,700) 111,769 Depreciation and amortization on real estate 34,486 37,187 71,036 77,731 (Gain) loss on consolidation of VIE and disposition of assets and hotel properties (6,684) (87,441) (38,552) (94,397) (Gain) loss on derecognition of assets (9,900) (11,725) (19,946) (145,634) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (631) 565 (1,082) 1,418 Equity in (earnings) loss of unconsolidated entities (44) 162 387 695 Impairment charges on real estate 1,447 — 1,447 — Company's portion of FFO of unconsolidated entities 152 (47) (81) (454) FFO available to common stockholders and OP unitholders (21,117) (16,971) (54,491) (48,872) Deemed dividends on redeemable preferred stock 2,530 669 3,587 1,351 (Gain) loss on extinguishment of preferred stock — (211) — (1,784) Transaction and conversion costs 2,173 2,109 4,101 7,231 Write-off of premiums, loan costs and exit fees 1,486 3,796 6,083 3,814 Unrealized (gain) loss on derivatives 1,309 6,002 4,741 9,955 Stock/unit-based compensation 222 723 168 1,287 Legal, advisory and settlement costs 55 273 852 273 Other (income) expense, net — (36) — (71) Amortization of credit facility exit fee — — — 844 Amortization of loan costs 7,705 3,338 12,868 5,546 Incentive fee (66) — 27 — Stirling performance participation fee 111 — 227 — (Gain) loss on extinguishment of debt 2 — 15 (45) Interest expense associated with hotels in receivership 9,902 11,944 19,948 18,495 Severance 274 150 796 150 Company's portion of adjustments to FFO of unconsolidated entities 35 6 75 6 Adjusted FFO available to common stockholders and OP unitholders $ 4,621 $ 11,792 $ (1,003) $ (1,820) Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.78 $ 2.69 $ (0.17) $ (0.44) Weighted average diluted shares 5,906 4,380 5,834 4,138 7
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS June 30, 2025 (dollars in thousands) (unaudited) Indebtedness Current Maturity Final Maturity (14) Interest Rate (13) Fixed-Rate 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) $ (1,675) (7.6) % $ 2,089 9.5 % BAML Highland Pool - 18 hotels April 2025 April 2025 SOFR (1) + 3.70% — 743,625 743,625 (3) 84,157 11.3 % 87,567 11.8 % JPMorgan Chase - 8 hotels July 2025 February 2026 SOFR (1) + 3.28% — 325,000 325,000 (4) (55,020) (16.9) % 25,160 7.7 % Aareal Le Pavillon - 1 hotel December 2025 December 2027 SOFR (1) + 4.00% — 37,000 37,000 (5) (7,734) (20.9) % 1,589 4.3 % BAML Indigo Atlanta - 1 hotel February 2026 February 2027 SOFR (1) + 2.85% — 12,330 12,330 (6) (187) (1.5) % 2,194 17.8 % Morgan Stanley Pool - 17 hotels March 2026 March 2028 SOFR (1) + 3.39% — 409,750 409,750 (7) 14,929 3.6 % 42,363 10.3 % Aareal Alexandria/La Posada - 2 hotels May 2026 May 2028 SOFR (1) + 4.00% — 98,450 98,450 (8) 5,872 6.0 % 10,719 10.9 % BAML Nashville - 1 hotel May 2026 May 2029 SOFR (1) + 3.98% — 267,200 267,200 (9) 25,812 9.7 % 35,669 13.3 % BAML/Sculptor KEYS 16 Pool - 16 hotels February 2027 February 2030 SOFR (1) + 4.37% — 580,000 580,000 (9) 46,148 8.0 % 70,476 12.2 % Torchlight Marriott Crystal Gateway - 1 hotel November 2027 November 2029 SOFR (1) + 4.75% — 121,500 121,500 (10) 13,049 10.7 % 17,020 14.0 % Preferred Equity Nashville - 1 hotel May 2029 May 2029 14.00% 35,185 — 35,185 (11) N/A N/A N/A N/A Unencumbered Hotel - 1 hotel — — — 1,876 N/A 4,384 N/A Total $ 57,156 $ 2,594,855 $ 2,652,011 $ 127,227 4.8 % $ 299,230 11.3 % Percentage 2.2 % 97.8 % 100.0 % Weighted average interest rate (12) (13) 10.41 % 8.09 % 8.14 % All indebtedness is non-recourse. The amounts do not include amounts related to the consolidation of 815 Commerce Managing Member, LLC, which includes the operations of the Le Meridien, Stirling REIT OP, LP and debt associated with hotels in receivership. (1) SOFR rate was 4.32% at June 30, 2025. (2) As of June 30, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. (3) As of June 30, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company's consolidated balance sheet and statement of operations. On July 7, 2025, this loan entered into a forbearance agreement that expires on July 30, 2025. On July 30, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date from July 2025 to January 2026, and adding one six-month extension option to July 2026, subject to the satisfaction of certain conditions. (4) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions, which must be completed by August 9, 2025. (5) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in December 2024. This mortgage loan has a SOFR floor of 0.50%. (6) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (7) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. (9) This mortgage loan has three one-year extension option, subject to satisfaction of certain conditions. (10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%. (11) On May 8, 2025, we entered into a preferred equity transaction and received $35.0 million for the preferred equity investment in the Renaissance Nashville property. Terms of the transaction include a 14.00% fixed preferred equity rate, consisting of 9.00% cash interest and 5.00% paid-in-kind interest, a 1.00% exit fee payable at redemption, and a redemption date of May 10, 2029. (12) The weighted average interest rates are adjusted for in-the-money interest rate caps. (13) Interest rates do not include default or late payment rates in effect on some mortgage loans. (14) The final maturity date assumes all available extension options will be exercised. (15) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 8
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED June 30, 2025 (dollars in thousands) (unaudited) 2025 2026 2027 2028 2029 Thereafter Total US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel $ 21,971 $ — $ — $ — $ — $ — $ 21,971 BAML Highland Pool - 18 hotels (1) 743,625 — — — — — 743,625 JPMorgan Chase - 8 hotels — 325,000 — — — — 325,000 BAML Indigo Atlanta - 1 hotel — — 12,330 — — — 12,330 Aareal Le Pavillon - 1 hotel — — 35,000 — — — 35,000 Morgan Stanley Pool - 17 hotels — — — 409,750 — — 409,750 Aareal Alexandria/La Posada - 2 hotels — — — 98,450 — — 98,450 BAML Nashville - 1 hotel — — — — 267,200 — 267,200 Preferred Equity Nashville - 1 hotel — — — — 35,185 — 35,185 Torchlight Marriott Gateway - 1 hotel — — — — 121,500 — 121,500 BAML/Sculptor KEYS 16 Pool - 16 hotels — — — — — 580,000 580,000 Principal due in future periods 765,596 325,000 47,330 508,200 423,885 580,000 2,650,011 Scheduled amortization payments remaining — 1,000 1,000 — — — 2,000 Total indebtedness $ 765,596 $ 326,000 $ 48,330 $ 508,200 $ 423,885 $ 580,000 $ 2,652,011 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) On July 30, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included a $10.0 million principal paydown, extending the current maturity date from July 2025 to January 2026, and adding one six-month extension option to July 2026, subject to the satisfaction of certain conditions. 9
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS (unaudited) ALL HOTELS: Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 227,203 $ (4,302) $ 222,901 $ 243,605 $ (18,268) $ 225,337 (6.73) % (1.08) % RevPAR $ 144.08 $ (116.72) $ 144.73 $ 149.34 $ (168.39) $ 147.98 (3.52) % (2.20) % Occupancy 75.23 % (79.72) % 75.13 % 74.87 % (76.10) % 74.78 % 0.48 % 0.47 % ADR $ 191.51 $ (146.42) $ 192.65 $ 199.48 $ (221.29) $ 197.90 (4.00) % (2.65) % ALL HOTELS: Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 433,505 $ (8,463) $ 425,042 $ 472,812 $ (51,651) $ 421,161 (8.31) % 0.92 % RevPAR $ 138.09 $ (111.14) $ 138.76 $ 136.63 $ (124.43) $ 138.29 1.06 % 0.33 % Occupancy 71.62 % (77.57) % 71.47 % 70.65 % (68.02) % 71.01 % 1.37 % 0.65 % ADR $ 192.80 $ (143.28) $ 194.14 $ 193.39 $ (182.95) $ 194.75 (0.30) % (0.31) % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. ALL HOTELS NOT UNDER RENOVATION: Three Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 222,867 $ (4,302) $ 218,565 $ 238,094 $ (18,267) $ 219,827 (6.40) % (0.57) % RevPAR $ 145.62 $ (116.72) $ 146.34 $ 150.25 $ (168.39) $ 148.91 (3.08) % (1.73) % Occupancy 75.59 % (79.72) % 75.49 % 75.12 % (76.10) % 75.05 % 0.63 % 0.58 % ADR $ 192.65 $ (146.42) $ 193.86 $ 200.00 $ (221.29) $ 198.41 (3.67) % (2.30) % ALL HOTELS NOT UNDER RENOVATION: Six Months Ended June 30, Actual Non- comparable Adjustments Comparable Actual Non- comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Rooms revenue (in thousands) $ 424,486 $ (8,462) $ 416,024 $ 462,545 $ (51,651) $ 410,894 (8.23) % 1.25 % RevPAR $ 139.32 $ (111.14) $ 140.04 $ 137.36 $ (124.43) $ 139.17 1.43 % 0.62 % Occupancy 71.96 % (77.57) % 71.82 % 70.91 % (68.02) % 71.31 % 1.48 % 0.71 % ADR $ 193.59 $ (143.28) $ 194.98 $ 193.72 $ (182.95) $ 195.16 (0.06) % (0.09) % NOTES: (1) The above comparable information assumes the 6 5 hotel properties owned and included in the Company’s operations at June 30, 2025 , and not under renovation during the three months ended June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) Excluded hotels under renovation: Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown 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 Six Months Ended June 30, June 30, 2025 2024 % Variance 2025 2024 % Variance Total hotel revenue $ 301,546 $ 315,797 (4.51) % $ 578,596 $ 619,056 (6.54) % Non-comparable adjustments (4,403) (22,455) (8,682) (62,464) Comparable total hotel revenue $ 297,143 $ 293,342 1.30 % $ 569,914 $ 556,592 2.39 % Hotel net income (loss) $ 57,561 $ 140,679 (59.08) % $ 126,688 $ 171,114 (25.96) % Non-comparable adjustments (202) (89,600) (33,066) (87,341) Comparable hotel net income (loss) $ 57,359 $ 51,079 12.29 % $ 93,622 $ 83,773 11.76 % Hotel net income (loss) margin 19.09 % 44.55 % (25.46) % 21.90 % 27.64 % (5.74) % Comparable hotel net income margin 19.30 % 17.41 % 1.89 % 16.43 % 15.05 % 1.38 % Hotel EBITDA $ 92,279 $ 95,134 (3.00) % $ 170,752 $ 173,446 (1.55) % Non-comparable adjustments (1,260) (6,424) (2,583) (13,728) Comparable hotel EBITDA $ 91,019 $ 88,710 2.60 % $ 168,169 $ 159,718 5.29 % Hotel EBITDA margin 30.60 % 30.13 % 0.47 % 29.51 % 28.02 % 1.49 % Comparable hotel EBITDA margin 30.63 % 30.24 % 0.39 % 29.51 % 28.70 % 0.81 % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (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 Six Months Ended June 30, June 30, 2025 2024 % Variance 2025 2024 % Variance Total hotel revenue $ 296,597 $ 309,667 (4.22) % $ 568,349 $ 607,601 (6.46) % Non-comparable adjustments (4,402) (22,455) (8,682) (62,463) Comparable total hotel revenue $ 292,195 $ 287,212 1.73 % $ 559,667 $ 545,138 2.67 % Hotel net income (loss) $ 57,735 $ 139,772 (58.69) % $ 125,986 $ 169,715 (25.77) % Non-comparable adjustments (202) (89,600) (33,066) (87,340) Comparable hotel net income (loss) $ 57,533 $ 50,172 14.67 % $ 92,920 $ 82,375 12.80 % Hotel net income (loss) margin 19.47 % 45.14 % (25.67) % 22.17 % 27.93 % (5.76) % Comparable hotel net income margin 19.69 % 17.47 % 2.22 % 16.60 % 15.11 % 1.49 % Hotel EBITDA $ 91,183 $ 93,280 (2.25) % $ 168,120 $ 170,120 (1.18) % Non-comparable adjustments (1,260) (6,424) (2,583) (13,728) Comparable hotel EBITDA $ 89,923 $ 86,856 3.53 % $ 165,537 $ 156,392 5.85 % Hotel EBITDA margin 30.74 % 30.12 % 0.62 % 29.58 % 28.00 % 1.58 % Comparable hotel EBITDA margin 30.77 % 30.24 % 0.53 % 29.58 % 28.69 % 0.89 % NOTES: (1) The above comparable information assumes the 65 hotel properties owned and included in the Company’s operations at June 30, 2025 , and not under renovation during the three months ended June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. (3) Excluded hotels under renovation: Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown 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 2025 2025 2025 2024 2024 2024 2024 2024 2024 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter Total hotel revenue $ 301,546 $ (4,403) $ 297,143 $ 277,051 $ (4,280) $ 272,771 $ 275,060 $ (11,728) $ 263,332 $ 276,019 $ (13,321) $ 262,698 Hotel net income (loss) $ 57,561 $ (202) $ 57,359 $ 69,126 $ (32,862) $ 36,264 $ (37,125) $ (1,813) $ (38,938) $ 32,678 $ (5,539) $ 27,139 Hotel net income (loss) margin 19.09 % 19.30 % 24.95 % 13.29 % (13.50) % (14.79) % 11.84 % 10.33 % Hotel EBITDA $ 92,279 $ (1,260) $ 91,019 $ 78,473 $ (1,323) $ 77,150 $ 69,415 $ (3,897) $ 65,518 $ 71,833 $ (5,170) $ 66,663 Hotel EBITDA margin 30.60 % 30.63 % 28.32 % 28.28 % 25.24 % 24.88 % 26.02 % 25.38 % Hotel net income (loss) % of total TTM 47.1 % 70.1 % 56.6 % 44.3 % (30.4) % (47.6) % 26.7 % 33.2 % EBITDA % of total TTM 29.6 % 30.3 % 25.2 % 25.7 % 22.2 % 21.8 % 23.0 % 22.2 % JV interests in Hotel net income (loss) $ (1,235) $ (1,235) $ (1,544) $ (1,544) $ (2,771) $ (2,771) $ (414) $ (414) JV interests in EBITDA $ 421 $ 421 $ 321 $ 321 $ (63) $ (63) $ 113 $ 113 Actual Non- comparable Adjustments Comparable 2025 2025 2025 TTM TTM TTM Total hotel revenue $ 1,129,676 $ (33,732) $ 1,095,944 Hotel net income (loss) $ 122,240 $ (40,416) $ 81,824 Hotel net income (loss) margin 10.82 % 7.47 % Hotel EBITDA $ 312,000 $ (11,650) $ 300,350 Hotel EBITDA margin 27.62 % 27.41 % Hotel net income (loss) % of total TTM 100.0 % 100.0 % EBITDA % of total TTM 100.0 % 100.0 % JV interests in Hotel net income (loss) $ (5,964) $ (5,964) JV interests in EBITDA $ 792 $ 792 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (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 June 30, Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Atlanta, GA Area 4 939 $ 135.85 $ (111.20) $ 140.81 $ 132.53 $ (101.11) $ 144.07 2.5 % (2.3) % Boston, MA Area — — — — — 273.08 (273.08) — (100.0) % — % Dallas / Ft. Worth, TX Area 5 1,396 125.88 — 125.88 129.63 (129.94) 129.62 (2.9) % (2.9) % Houston, TX Area 3 695 117.64 — 117.64 109.49 — 109.49 7.4 % 7.4 % Los Angeles, CA Metro Area 4 1,312 154.24 — 154.24 150.03 — 150.03 2.8 % 2.8 % Miami, FL Metro Area 2 414 174.80 — 174.80 156.58 — 156.58 11.6 % 11.6 % Minneapolis - St. Paul, MN Area 2 520 77.51 — 77.51 82.37 — 82.37 (5.9) % (5.9) % Nashville, TN Area 1 674 246.56 — 246.56 260.93 — 260.93 (5.5) % (5.5) % New York / New Jersey Metro Area 4 1,159 106.84 — 106.84 108.76 — 108.76 (1.8) % (1.8) % Orlando, FL Area 2 524 111.36 — 111.36 117.15 — 117.15 (4.9) % (4.9) % Philadelphia, PA Area 1 263 145.92 — 145.92 151.69 — 151.69 (3.8) % (3.8) % San Diego, CA Area 2 410 154.30 — 154.30 165.04 — 165.04 (6.5) % (6.5) % San Francisco - Oakland, CA Metro Area 3 793 144.07 — 144.07 137.79 — 137.79 4.6 % 4.6 % Tampa, FL Area 2 571 144.52 — 144.52 135.91 — 135.91 6.3 % 6.3 % Washington D.C. - MD - VA Area 9 2,428 175.51 — 175.51 185.91 — 185.91 (5.6) % (5.6) % Other Areas 24 4,826 138.45 (121.55) 139.21 143.88 (142.55) 144.01 (3.8) % (3.3) % Total Portfolio 68 16,924 $ 144.08 $ (116.72) $ 144.73 $ 149.34 $ (168.39) $ 147.98 (3.5) % (2.2) % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL REVPAR BY MARKET (unaudited) Six Months Ended June 30, Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Atlanta, GA Area 4 939 $ 139.74 $ (108.01) $ 146.13 $ 125.77 $ (91.75) $ 140.17 11.1 % 4.3 % Boston, MA Area — — 38.81 (38.81) — 185.49 (185.49) — (79.1) % — % Dallas / Ft. Worth, TX Area 5 1,396 126.01 — 126.01 121.28 (84.19) 125.30 3.9 % 0.6 % Houston, TX Area 3 695 114.63 — 114.63 103.37 — 103.37 10.9 % 10.9 % Los Angeles, CA Metro Area 4 1,312 154.95 — 154.95 149.33 (84.48) 154.34 3.8 % 0.4 % Miami, FL Metro Area 2 414 211.42 — 211.42 200.62 — 200.62 5.4 % 5.4 % Minneapolis - St. Paul, MN Area 2 520 64.48 — 64.48 68.12 — 68.12 (5.3) % (5.3) % Nashville, TN Area 1 674 237.11 — 237.11 240.78 — 240.78 (1.5) % (1.5) % New York / New Jersey Metro Area 4 1,159 93.88 — 93.88 90.83 (55.84) 93.17 3.4 % 0.8 % Orlando, FL Area 2 524 129.29 — 129.29 131.39 — 131.39 (1.6) % (1.6) % Philadelphia, PA Area 1 263 119.05 — 119.05 104.34 (28.18) 123.34 14.1 % (3.5) % San Diego, CA Area 2 410 145.57 — 145.57 152.32 — 152.32 (4.4) % (4.4) % San Francisco - Oakland, CA Metro Area 3 793 134.84 — 134.84 123.18 (85.16) 131.17 9.5 % 2.8 % Tampa, FL Area 2 571 171.77 — 171.77 160.66 — 160.66 6.9 % 6.9 % Washington D.C. - MD - VA Area 9 2,428 158.36 — 158.36 160.45 — 160.45 (1.3) % (1.3) % Other Areas 24 4,826 126.94 (119.12) 127.29 129.23 (134.61) 128.32 (1.8) % (0.8) % Total Portfolio 68 16,924 $ 138.09 $ (111.14) $ 138.76 $ 136.63 $ (124.43) $ 138.29 1.1 % 0.3 % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. 13
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL NET INCOME (LOSS) BY MARKET (in thousands) (unaudited) Three Months Ended June 30, Number of Hotels Number of Rooms Actual Non- comparable Adjustments Comparable % of Total Actual Non- comparable Adjustments Comparable % of Total Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Atlanta, GA Area 4 939 $ 1,866 $ (99) $ 1,767 3.1 % $ 15,788 $ (14,394) $ 1,394 2.7 % (88.2) % 26.8 % Boston, MA Area — — 27 (27) — — % 2,220 (2,220) — — % (98.8) % — % Dallas / Ft. Worth, TX Area 5 1,396 1,439 — 1,439 2.5 % 3,600 (56) 3,544 6.9 % (60.0) % (59.4) % Houston, TX Area 3 695 441 — 441 0.8 % 229 — 229 0.4 % 92.6 % 92.6 % Los Angeles, CA Metro Area 4 1,312 4,308 — 4,308 7.5 % 2,291 360 2,651 5.2 % 88.0 % 62.5 % Miami, FL Metro Area 2 414 1,503 — 1,503 2.6 % 1,100 — 1,100 2.2 % 36.6 % 36.6 % Minneapolis - St. Paul, MN Area 2 520 693 — 693 1.2 % 53 — 53 0.1 % 1,207.5 % 1,207.5 % Nashville, TN Area 1 674 7,649 — 7,649 13.3 % 8,640 — 8,640 16.9 % (11.5) % (11.5) % New York / New Jersey Metro Area 4 1,159 1,401 — 1,401 2.4 % 1,000 7 1,007 2.0 % 40.1 % 39.1 % Orlando, FL Area 2 524 7,388 — 7,388 12.9 % 689 — 689 1.3 % 972.3 % 972.3 % Philadelphia, PA Area 1 263 928 — 928 1.6 % 996 19 1,015 2.0 % (6.8) % (8.6) % San Diego, CA Area 2 410 1,572 — 1,572 2.7 % 1,767 — 1,767 3.5 % (11.0) % (11.0) % San Francisco - Oakland, CA Metro Area 3 793 1,160 — 1,160 2.0 % 469 38 507 1.0 % 147.3 % 128.8 % Tampa, FL Area 2 571 2,179 — 2,179 3.8 % 1,903 — 1,903 3.7 % 14.5 % 14.5 % Washington D.C. - MD - VA Area 9 2,428 13,573 — 13,573 23.7 % 13,927 — 13,927 27.3 % (2.5) % (2.5) % Other Areas 24 4,826 11,434 (76) 11,358 19.9 % 86,007 (73,354) 12,653 24.8 % (86.7) % (10.2) % Total Portfolio 68 16,924 $ 57,561 $ (202) $ 57,359 100.0 % $ 140,679 $ (89,600) $ 51,079 100.0 % (59.1) % 12.3 % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL NET INCOME (LOSS) BY MARKET (in thousands) (unaudited) Six Months Ended June 30, Number of Hotels Number of Rooms Actual Non- comparable Adjustments Comparable % of Total Actual Non- comparable Adjustments Comparable % of Total Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Atlanta, GA Area 4 939 $ 4,496 $ (192) $ 4,304 4.6 % $ 16,982 $ (14,236) $ 2,746 3.3 % (73.5) % 56.7 % Boston, MA Area — — 31,855 (31,855) — — % (839) 839 — — % 3,896.8 % — % Dallas / Ft. Worth, TX Area 5 1,396 3,683 — 3,683 3.9 % 5,998 960 6,958 8.3 % (38.6) % (47.1) % Houston, TX Area 3 695 1,153 — 1,153 1.2 % 331 — 331 0.4 % 248.3 % 248.3 % Los Angeles, CA Metro Area 4 1,312 8,881 — 8,881 9.5 % 3,722 3,375 7,097 8.5 % 138.6 % 25.1 % Miami, FL Metro Area 2 414 5,604 — 5,604 6.0 % 5,221 — 5,221 6.2 % 7.3 % 7.3 % Minneapolis - St. Paul, MN Area 2 520 (402) — (402) (0.4) % (1,235) — (1,235) (1.5) % 67.4 % 67.4 % Nashville, TN Area 1 674 14,672 — 14,672 15.7 % 14,450 — 14,450 17.2 % 1.5 % 1.5 % New York / New Jersey Metro Area 4 1,159 764 — 764 0.8 % (822) 882 60 0.1 % 192.9 % 1,173.3 % Orlando, FL Area 2 524 9,458 — 9,458 10.1 % 2,441 — 2,441 2.9 % 287.5 % 287.5 % Philadelphia, PA Area 1 263 901 (2) 899 1.0 % 17 849 866 1.0 % 5,200.0 % 3.8 % San Diego, CA Area 2 410 2,503 — 2,503 2.7 % 2,868 — 2,868 3.4 % (12.7) % (12.7) % San Francisco - Oakland, CA Metro Area 3 793 1,074 212 1,286 1.4 % 480 246 726 0.9 % 123.8 % 77.1 % Tampa, FL Area 2 571 7,472 — 7,472 8.0 % 6,425 — 6,425 7.7 % 16.3 % 16.3 % Washington D.C. - MD - VA Area 9 2,428 20,648 — 20,648 22.1 % 19,767 — 19,767 23.6 % 4.5 % 4.5 % Other Areas 24 4,826 13,926 (1,229) 12,697 13.4 % 95,308 (80,256) 15,052 18.0 % (85.4) % (15.6) % Total Portfolio 68 16,924 $ 126,688 $ (33,066) $ 93,622 100.0 % $ 171,114 $ (87,341) $ 83,773 100.0 % (26.0) % 11.8 % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 14
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA BY MARKET (in thousands) (unaudited) Three Months Ended June 30, Number of Hotels Number of Rooms Actual Non- comparable Adjustments Comparable % of Total Actual Non- comparable Adjustments Comparable % of Total Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Atlanta, GA Area 4 939 $ 4,607 $ (516) $ 4,091 4.5 % $ 4,674 $ (671) $ 4,003 4.5 % (1.4) % 2.2 % Boston, MA Area — — 48 (48) — — % 3,703 (3,703) — — % (98.7) % — % Dallas / Ft. Worth, TX Area 5 1,396 6,631 — 6,631 7.3 % 6,630 (147) 6,483 7.3 % — % 2.3 % Houston, TX Area 3 695 2,546 — 2,546 2.8 % 2,016 1 2,017 2.3 % 26.3 % 26.2 % Los Angeles, CA Metro Area 4 1,312 5,498 — 5,498 6.0 % 4,527 335 4,862 5.5 % 21.4 % 13.1 % Miami, FL Metro Area 2 414 2,939 — 2,939 3.2 % 2,245 — 2,245 2.5 % 30.9 % 30.9 % Minneapolis - St. Paul, MN Area 2 520 1,479 — 1,479 1.6 % 882 1 883 1.0 % 67.7 % 67.5 % Nashville, TN Area 1 674 10,208 — 10,208 11.2 % 11,058 — 11,058 12.5 % (7.7) % (7.7) % New York / New Jersey Metro Area 4 1,159 3,402 — 3,402 3.7 % 3,139 1 3,140 3.5 % 8.4 % 8.3 % Orlando, FL Area 2 524 1,461 — 1,461 1.6 % 1,632 — 1,632 1.8 % (10.5) % (10.5) % Philadelphia, PA Area 1 263 1,288 — 1,288 1.4 % 1,395 13 1,408 1.6 % (7.7) % (8.5) % San Diego, CA Area 2 410 2,168 — 2,168 2.4 % 2,353 — 2,353 2.7 % (7.9) % (7.9) % San Francisco - Oakland, CA Metro Area 3 793 3,685 — 3,685 4.0 % 3,055 — 3,055 3.4 % 20.6 % 20.6 % Tampa, FL Area 2 571 2,962 — 2,962 3.3 % 2,740 — 2,740 3.1 % 8.1 % 8.1 % Washington D.C. - MD - VA Area 9 2,428 17,634 — 17,634 19.4 % 18,460 1 18,461 20.8 % (4.5) % (4.5) % Other Areas 24 4,826 25,723 (696) 25,027 27.6 % 26,625 (2,255) 24,370 27.5 % (3.4) % 2.7 % Total Portfolio 68 16,924 $ 92,279 $ (1,260) $ 91,019 100.0 % $ 95,134 $ (6,424) $ 88,710 100.0 % (3.0) % 2.6 % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES HOTEL EBITDA BY MARKET (in thousands) (unaudited) Six Months Ended June 30, Number of Hotels Number of Rooms Actual Non- comparable Adjustments Comparable % of Total Actual Non- comparable Adjustments Comparable % of Total Actual Comparable 2025 2025 2025 2024 2024 2024 % Variance % Variance Atlanta, GA Area 4 939 $ 10,166 $ (1,030) $ 9,136 5.4 % $ 9,292 $ (1,317) $ 7,975 5.0 % 9.4 % 14.6 % Boston, MA Area — — 60 (60) — — % 4,587 (4,587) — — % (98.7) % — % Dallas / Ft. Worth, TX Area 5 1,396 14,520 — 14,520 8.6 % 13,498 (539) 12,959 8.1 % 7.6 % 12.0 % Houston, TX Area 3 695 4,926 — 4,926 2.9 % 3,783 3 3,786 2.4 % 30.2 % 30.1 % Los Angeles, CA Metro Area 4 1,312 12,320 — 12,320 7.3 % 11,330 153 11,483 7.2 % 8.7 % 7.3 % Miami, FL Metro Area 2 414 8,497 — 8,497 5.1 % 7,447 1 7,448 4.7 % 14.1 % 14.1 % Minneapolis - St. Paul, MN Area 2 520 1,116 — 1,116 0.7 % 376 3 379 0.2 % 196.8 % 194.5 % Nashville, TN Area 1 674 19,684 — 19,684 11.7 % 19,342 — 19,342 12.1 % 1.8 % 1.8 % New York / New Jersey Metro Area 4 1,159 4,815 — 4,815 2.9 % 4,485 (108) 4,377 2.7 % 7.4 % 10.0 % Orlando, FL Area 2 524 4,396 — 4,396 2.6 % 4,352 — 4,352 2.7 % 1.0 % 1.0 % Philadelphia, PA Area 1 263 1,634 (2) 1,632 1.0 % 1,367 280 1,647 1.0 % 19.5 % (0.9) % San Diego, CA Area 2 410 3,851 — 3,851 2.3 % 4,033 1 4,034 2.5 % (4.5) % (4.5) % San Francisco - Oakland, CA Metro Area 3 793 6,403 — 6,403 3.8 % 6,099 (226) 5,873 3.7 % 5.0 % 9.0 % Tampa, FL Area 2 571 8,960 — 8,960 5.3 % 8,100 2 8,102 5.1 % 10.6 % 10.6 % Washington D.C. - MD - VA Area 9 2,428 28,874 — 28,874 17.2 % 29,087 4 29,091 18.2 % (0.7) % (0.7) % Other Areas 24 4,826 40,530 (1,491) 39,039 23.2 % 46,268 (7,398) 38,870 24.4 % (12.4) % 0.4 % Total Portfolio 68 16,924 $ 170,752 $ (2,583) $ 168,169 100.0 % $ 173,446 $ (13,728) $ 159,718 100.0 % (1.6) % 5.3 % NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 15
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE June 30, 2025 (in thousands, except share price) (unaudited) June 30, 2025 Common stock shares outstanding 5,909 Partnership units outstanding 121 Combined common stock shares and partnership units outstanding 6,030 Common stock price $ 6.02 Market capitalization $ 36,301 Series D cumulative preferred stock $ 27,778 Series F cumulative preferred stock $ 25,926 Series G cumulative preferred stock $ 36,774 Series H cumulative preferred stock $ 25,949 Series I cumulative preferred stock $ 25,858 Series J redeemable preferred stock $ 192,498 Series K redeemable preferred stock $ 18,682 Series L redeemable preferred stock $ 2,805 Series M redeemable preferred stock $ 3,631 Indebtedness $ 2,652,011 Net working capital (see below) $ (184,193) Total enterprise value (TEV) $ 2,864,020 Cash and cash equivalents $ 96,296 Restricted cash $ 150,837 Accounts receivable, net $ 47,413 Prepaid expenses $ 12,991 Due from third-party hotel managers, net $ 20,439 Total current assets $ 327,976 Accounts payable, net & accrued expenses $ 133,495 Dividends and distributions payable $ 4,166 Due to affiliates, net $ 6,122 Total current liabilities $ 143,783 Net working capital $ 184,193 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. 16
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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 Actual Estimated Estimated Courtyard Bloomington 117 x x x Embassy Suites Palm Beach 160 x Hampton Inn Evansville 140 x x Hilton Garden Inn Austin Downtown 254 x x Hilton Garden Inn Virginia Beach 176 x Residence Inn Evansville 78 x x Sheraton Anchorage 370 x Sheraton Misson Valley 260 x Westin Princeton 296 x Total 4 3 1 6 (a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 are included in this table. 17
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) 2025 2025 2024 2024 June 30, 2025 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter TTM Net income (loss) $ 57,561 $ 69,126 $ (37,125) $ 32,678 $ 122,240 Non-property adjustments (5,234) (31,855) 59,274 (2,771) 19,414 Interest income (370) (346) (408) (482) (1,606) Interest expense 3,156 3,065 3,181 2,206 11,608 Amortization of loan costs 132 106 118 77 433 Depreciation and amortization 35,228 37,290 37,256 37,691 147,465 Income tax expense (benefit) — — (22) 26 4 Non-hotel EBITDA ownership expense 1,806 1,087 7,141 2,408 12,442 Hotel EBITDA including amounts attributable to noncontrolling interest 92,279 78,473 69,415 71,833 312,000 Non-comparable adjustments (1,260) (1,323) (3,897) (5,170) (11,650) Comparable hotel EBITDA $ 91,019 $ 77,150 $ 65,518 $ 66,663 $ 300,350 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 18
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2025 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 57,735 $ (174) $ 57,561 $ (90,000) $ (32,439) Non-property adjustments (5,234) — (5,234) 5,234 — Interest income (370) — (370) 370 — Interest expense 3,156 — 3,156 69,690 72,846 Amortization of loan cost 132 — 132 7,611 7,743 Depreciation and amortization 34,005 1,223 35,228 48 35,276 Income tax expense (benefit) — — — 119 119 Non-hotel EBITDA ownership expense 1,759 47 1,806 (1,806) — Hotel EBITDA including amounts attributable to noncontrolling interest 91,183 1,096 92,279 (8,734) 83,545 Equity in (earnings) loss of unconsolidated entities — — — (44) (44) Company's portion of EBITDA of unconsolidated entities — — — 406 406 Hotel EBITDA attributable to the Company and OP unitholders $ 91,183 $ 1,096 $ 92,279 $ (8,372) $ 83,907 Non-comparable adjustments (1,260) — (1,260) Comparable hotel EBITDA $ 89,923 $ 1,096 $ 91,019 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) Excluded hotels under renovation: Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown Exhibit 1 19
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2025 Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 69,126 $ (91,324) $ (22,198) Non-property adjustments (31,855) 31,855 — Interest income (346) 346 — Interest expense 3,065 68,583 71,648 Amortization of loan cost 106 5,094 5,200 Depreciation and amortization 37,290 49 37,339 Income tax expense (benefit) — 317 317 Non-hotel EBITDA ownership expense 1,087 (1,087) — Hotel EBITDA including amounts attributable to noncontrolling interest 78,473 13,833 92,306 Equity in (earnings) loss of unconsolidated entities — 431 431 Company's portion of EBITDA of unconsolidated entities — 120 120 Hotel EBITDA attributable to the Company and OP unitholders $ 78,473 $ 14,384 $ 92,857 Non-comparable adjustments (1,323) Comparable hotel EBITDA $ 77,150 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 20
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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 June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 21
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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 June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 22
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2024 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 139,772 $ 907 $ 140,679 $ (89,868) $ 50,811 Non-property adjustments (85,986) — (85,986) 85,986 — Interest income (420) — (420) 420 — Interest expense 2,086 — 2,086 74,936 77,022 Amortization of loan cost 76 — 76 3,262 3,338 Depreciation and amortization 36,231 908 37,139 48 37,187 Income tax expense (benefit) 29 — 29 3,426 3,455 Non-hotel EBITDA ownership expense 1,492 39 1,531 (1,531) — Hotel EBITDA including amounts attributable to noncontrolling interest 93,280 1,854 95,134 76,679 171,813 Equity in (earnings) loss of unconsolidated entities — — — 162 162 Company's portion of EBITDA of unconsolidated entities — — — 215 215 Hotel EBITDA attributable to the Company and OP unitholders $ 93,280 $ 1,854 $ 95,134 $ 77,056 $ 172,190 Non-comparable adjustments (6,424) — (6,424) Comparable hotel EBITDA $ 86,856 $ 1,854 $ 88,710 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) Excluded hotels under renovation: Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown Exhibit 1 23
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2025 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 125,986 $ 701 $ 126,687 $ (181,324) $ (54,637) Non-property adjustments (37,089) — (37,089) 37,089 — Interest income (716) — (716) 716 — Interest expense 6,221 — 6,221 138,273 144,494 Amortization of loan cost 238 — 238 12,705 12,943 Depreciation and amortization 70,067 2,451 72,518 97 72,615 Income tax expense (benefit) — — — 436 436 Non-hotel EBITDA ownership expense 3,413 (520) 2,893 (2,893) — Hotel EBITDA including amounts attributable to noncontrolling interest 168,120 2,632 170,752 5,099 175,851 Equity in (earnings) loss of unconsolidated entities — — — 387 387 Company's portion of EBITDA of unconsolidated entities — — — 526 526 Hotel EBITDA attributable to the Company and OP unitholders $ 168,120 $ 2,632 $ 170,752 $ 6,012 $ 176,764 Non-comparable adjustments (2,583) — (2,583) Comparable hotel EBITDA $ 165,537 $ 2,632 $ 168,169 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) Excluded hotels under renovation: Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown Exhibit 1 24
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2024 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Hotel Total Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 169,715 $ 1,399 $ 171,114 $ (47,898) $ 123,216 Non-property adjustments (84,016) — (84,016) 84,016 — Interest income (830) — (830) 830 — Interest expense 6,241 — 6,241 154,632 160,873 Amortization of loan cost 295 — 295 5,251 5,546 Depreciation and amortization 75,506 1,853 77,359 372 77,731 Income tax expense (benefit) 64 — 64 3,694 3,758 Non-hotel EBITDA ownership expense 3,145 74 3,219 (3,219) — Hotel EBITDA including amounts attributable to noncontrolling interest 170,120 3,326 173,446 197,678 371,124 Equity in (earnings) loss of unconsolidated entities — — — 695 695 Company's portion of EBITDA of unconsolidated entities — — — 49 49 Hotel EBITDA attributable to the Company and OP unitholders $ 170,120 $ 3,326 $ 173,446 $ 198,422 $ 371,868 Non-comparable adjustments (13,728) — (13,728) Comparable hotel EBITDA $ 156,392 $ 3,326 $ 159,718 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. (2) Excluded hotels under renovation: Courtyard Bloomington, Hampton Inn Evansville, Hilton Garden Inn Austin Downtown Exhibit 1 25
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2025 Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area Net income (loss) $ 1,866 $ 27 $ 1,439 $ 441 $ 4,308 $ 1,503 $ 693 $ 7,649 $ 1,401 Non-property adjustments — 16 — — — — — — — Interest income (54) — — — (15) (2) — (32) — Interest expense 704 — 1,121 — — — — — — Amortization of loan costs 6 — 103 — — — — — — Depreciation and amortization 2,056 — 3,815 1,680 1,188 1,420 708 2,295 1,901 Income tax expense (benefit) — — — — — — — — — Non-hotel EBITDA ownership expense 29 5 153 425 17 18 78 296 100 Hotel EBITDA including amounts attributable to noncontrolling interest 4,607 48 6,631 2,546 5,498 2,939 1,479 10,208 3,402 Non-comparable adjustments (516) (48) — — — — — — — Comparable hotel EBITDA $ 4,091 $ — $ 6,631 $ 2,546 $ 5,498 $ 2,939 $ 1,479 $ 10,208 $ 3,402 Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio Net income (loss) $ 7,388 $ 928 $ 1,572 $ 1,160 $ 2,179 $ 13,573 $ 11,434 $ 57,561 Non-property adjustments (6,700) — — — — — 1,450 (5,234) Interest income (31) — (26) (13) — (165) (32) (370) Interest expense — — — 552 — — 779 3,156 Amortization of loan costs — — — — — — 23 132 Depreciation and amortization 801 354 619 1,965 727 4,137 11,562 35,228 Income tax expense (benefit) — — — — — — — — Non-hotel EBITDA ownership expense 3 6 3 21 56 89 507 1,806 Hotel EBITDA including amounts attributable to noncontrolling interest 1,461 1,288 2,168 3,685 2,962 17,634 25,723 92,279 Non-comparable adjustments — — — — — — (696) (1,260) Comparable hotel EBITDA $ 1,461 $ 1,288 $ 2,168 $ 3,685 $ 2,962 $ 17,634 $ 25,027 $ 91,019 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 26
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2024 Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area Net income (loss) $ 15,788 $ 2,220 $ 3,600 $ 229 $ 2,291 $ 1,100 $ 53 $ 8,640 $ 1,000 Non-property adjustments (14,362) 677 7 — 26 — — — 7 Interest income (43) (65) — — (12) (14) — (28) — Interest expense 776 226 — — — — — — — Amortization of loan costs — — — — — — — — — Depreciation and amortization 2,422 764 2,918 1,715 2,022 1,111 767 2,397 2,027 Income tax expense (benefit) — — — — — — — 23 — Non-hotel EBITDA ownership expense 93 (119) 105 72 200 48 62 26 105 Hotel EBITDA including amounts attributable to noncontrolling interest 4,674 3,703 6,630 2,016 4,527 2,245 882 11,058 3,139 Non-comparable adjustments (671) (3,703) (147) 1 335 — 1 — 1 Comparable hotel EBITDA $ 4,003 $ — $ 6,483 $ 2,017 $ 4,862 $ 2,245 $ 883 $ 11,058 $ 3,140 Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio Net income (loss) $ 689 $ 996 $ 1,767 $ 469 $ 1,903 $ 13,927 $ 86,007 $ 140,679 Non-property adjustments — 6 — 38 — — (72,385) (85,986) Interest income (28) — (22) (18) — (160) (30) (420) Interest expense — — — 211 — — 873 2,086 Amortization of loan costs — — — 39 — — 37 76 Depreciation and amortization 967 382 593 2,290 815 4,624 11,325 37,139 Income tax expense (benefit) — — — — — — 6 29 Non-hotel EBITDA ownership expense 4 11 15 26 22 69 792 1,531 Hotel EBITDA including amounts attributable to noncontrolling interest 1,632 1,395 2,353 3,055 2,740 18,460 26,625 95,134 Non-comparable adjustments — 13 — — — 1 (2,255) (6,424) Comparable hotel EBITDA $ 1,632 $ 1,408 $ 2,353 $ 3,055 $ 2,740 $ 18,461 $ 24,370 $ 88,710 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 27
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2025 Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area Net income (loss) $ 4,496 $ 31,855 $ 3,683 $ 1,153 $ 8,881 $ 5,604 $ (402) $ 14,672 $ 764 Non-property adjustments — (31,852) — — — — — — — Interest income (108) — — — (29) (4) — (57) — Interest expense 1,406 — 2,411 — — — — — — Amortization of loan costs 10 — 156 — — — — — — Depreciation and amortization 4,165 1 7,648 3,436 3,107 2,866 1,406 4,768 3,782 Income tax expense (benefit) — — — — — — — — — Non-hotel EBITDA ownership expense 197 56 622 337 361 31 112 301 269 Hotel EBITDA including amounts attributable to noncontrolling interest 10,166 60 14,520 4,926 12,320 8,497 1,116 19,684 4,815 Non-comparable adjustments (1,030) (60) — — — — — — — Comparable hotel EBITDA $ 9,136 $ — $ 14,520 $ 4,926 $ 12,320 $ 8,497 $ 1,116 $ 19,684 $ 4,815 Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio Net income (loss) $ 9,458 $ 901 $ 2,503 $ 1,074 $ 7,472 $ 20,648 $ 13,925 $ 126,687 Non-property adjustments (6,700) — — — — — 1,463 (37,089) Interest income (60) — (50) (25) — (317) (66) (716) Interest expense — — — 854 — — 1,550 6,221 Amortization of loan costs — — — 27 — — 45 238 Depreciation and amortization 1,681 713 1,233 4,004 1,420 8,387 23,901 72,518 Income tax expense (benefit) — — — — — — — — Non-hotel EBITDA ownership expense 17 20 165 469 68 156 (288) 2,893 Hotel EBITDA including amounts attributable to noncontrolling interest 4,396 1,634 3,851 6,403 8,960 28,874 40,530 170,752 Non-comparable adjustments — (2) — — — — (1,491) (2,583) Comparable hotel EBITDA $ 4,396 $ 1,632 $ 3,851 $ 6,403 $ 8,960 $ 28,874 $ 39,039 $ 168,169 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 28
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Six Months Ended June 30, 2024 Atlanta, GA Area Boston, MA Area Dallas / Ft. Worth, TX Area Houston, TX Area Los Angeles, CA Metro Area Miami, FL Metro Area Minneapolis - St. Paul, MN - WI Area Nashville, TN Area New York / New Jersey Metro Area Net income (loss) $ 16,982 $ (839) $ 5,998 $ 331 $ 3,722 $ 5,221 $ (1,235) $ 14,450 $ (822) Non-property adjustments (14,362) 677 1,090 — 3,001 — — — 733 Interest income (81) (123) (4) — (41) (26) — (54) (4) Interest expense 1,552 2,518 — — — — — — — Amortization of loan costs — 144 — — — — — — — Depreciation and amortization 5,057 2,297 6,189 3,280 4,318 2,192 1,527 4,863 4,268 Income tax expense (benefit) — — — — — — — 49 — Non-hotel EBITDA ownership expense 144 (87) 225 172 330 60 84 34 310 Hotel EBITDA including amounts attributable to noncontrolling interest 9,292 4,587 13,498 3,783 11,330 7,447 376 19,342 4,485 Non-comparable adjustments (1,317) (4,587) (539) 3 153 1 3 — (108) Comparable hotel EBITDA $ 7,975 $ — $ 12,959 $ 3,786 $ 11,483 $ 7,448 $ 379 $ 19,342 $ 4,377 Orlando, FL Area Philadelphia, PA Area San Diego, CA Area San Francisco - Oakland, CA Metro Area Tampa, FL Area Washington D.C. - MD - VA Area Other Areas Total Portfolio Net income (loss) $ 2,441 $ 17 $ 2,868 $ 480 $ 6,425 $ 19,767 $ 95,308 $ 171,114 Non-property adjustments — 425 — 228 — — (75,808) (84,016) Interest income (52) (4) (41) (35) — (297) (68) (830) Interest expense — — — 424 — — 1,747 6,241 Amortization of loan costs — — — 79 — — 72 295 Depreciation and amortization 1,937 913 1,180 4,825 1,669 9,387 23,457 77,359 Income tax expense (benefit) — — — — — — 15 64 Non-hotel EBITDA ownership expense 26 16 26 98 6 230 1,545 3,219 Hotel EBITDA including amounts attributable to noncontrolling interest 4,352 1,367 4,033 6,099 8,100 29,087 46,268 173,446 Non-comparable adjustments — 280 1 (226) 2 4 (7,398) (13,728) Comparable hotel EBITDA $ 4,352 $ 1,647 $ 4,034 $ 5,873 $ 8,102 $ 29,091 $ 38,870 $ 159,718 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 29
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) TTM Ended June 30, 2025 BAML/ Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/ Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Net income (loss) $ 46,148 $ 84,157 $ 14,929 $ (55,020) $ 25,812 $ 5,872 $ (187) $ 13,049 $ (1,675) $ (7,734) $ (8,434) Non-property adjustments (6,700) (31,925) 1,447 59,331 — — — — — — — Interest income (124) (469) (287) (198) (111) — (5) (412) — — — Interest expense — — — — — — 986 — 1,277 3,249 4,146 Amortization of loan costs — — — — — — 10 — 148 119 156 Depreciation and amortization 28,223 40,255 22,827 19,990 9,579 4,744 1,246 4,335 2,090 5,627 3,760 Income tax expense (benefit) (3) — — — (48) — — — — — — Non-hotel EBITDA ownership expense 2,946 1,877 3,456 1,060 437 105 144 51 250 329 1,492 Hotel EBITDA including amounts attributable to noncontrolling interest 70,490 93,895 42,372 25,163 35,669 10,721 2,194 17,023 2,090 1,590 1,120 Non-comparable adjustments (14) (6,328) (9) (3) — (2) — (3) (1) (1) — Comparable hotel EBITDA $ 70,476 $ 87,567 $ 42,363 $ 25,160 $ 35,669 $ 10,719 $ 2,194 $ 17,020 $ 2,089 $ 1,589 $ 1,120 BAML - 4 Pack - Stirling Disposed Hotels Unencumbered Hotels Total Portfolio Net income (loss) $ 555 $ 2,892 $ 1,876 $ 122,240 Non-property adjustments — (2,739) — 19,414 Interest income — — — (1,606) Interest expense — — 1,950 11,608 Amortization of loan costs — — — 433 Depreciation and amortization 4,243 6 540 147,465 Income tax expense (benefit) (8) 63 — 4 Non-hotel EBITDA ownership expense 100 177 18 12,442 Hotel EBITDA including amounts attributable to noncontrolling interest 4,890 399 4,384 312,000 Non-comparable adjustments (4,890) (399) — (11,650) Comparable hotel EBITDA $ — $ — $ 4,384 $ 300,350 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 30
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended June 30, 2025 BAML/ Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/ Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Net income (loss) $ 22,803 $ 16,160 $ 4,071 $ 3,089 $ 7,649 $ 2,462 $ (18) $ 4,672 $ (365) $ (1,979) $ (1,747) Non-property adjustments (6,700) 16 1,447 — — — — — — — — Interest income (36) (83) (74) (44) (32) — — (101) — — — Interest expense — — — — — — 224 — 552 778 1,121 Amortization of loan costs — — — — — — 6 — — 23 103 Depreciation and amortization 6,830 9,435 5,718 4,357 2,295 1,136 310 1,008 519 1,344 1,117 Income tax expense (benefit) — — — — — — — — — — — Non-hotel EBITDA ownership expense 246 442 506 155 296 44 (3) 29 25 53 2 Hotel EBITDA including amounts attributable to noncontrolling interest 23,143 25,970 11,668 7,557 10,208 3,642 519 5,608 731 219 596 Non-comparable adjustments (2) (38) — — — — — — — — — Comparable hotel EBITDA $ 23,141 $ 25,932 $ 11,668 $ 7,557 $ 10,208 $ 3,642 $ 519 $ 5,608 $ 731 $ 219 $ 596 BAML - 4 Pack - Stirling Disposed Hotels Unencumbered Hotels Total Portfolio Net income (loss) $ 195 $ (15) $ 584 $ 57,561 Non-property adjustments — 3 — (5,234) Interest income — — — (370) Interest expense — — 481 3,156 Amortization of loan costs — — — 132 Depreciation and amortization 1,024 — 135 35,228 Income tax expense (benefit) — — — — Non-hotel EBITDA ownership expense 5 8 (2) 1,806 Hotel EBITDA including amounts attributable to noncontrolling interest 1,224 (4) 1,198 92,279 Non-comparable adjustments (1,224) 4 — (1,260) Comparable hotel EBITDA $ — $ — $ 1,198 $ 91,019 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 31
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2025 BAML/ Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Net income (loss) $ 8,064 $ 44,926 $ 6,147 $ 1,611 $ 7,023 $ 618 $ 263 $ 3,105 $ (808) $ (1,122) $ (2,183) Non-property adjustments — (31,868) — — — — — — — — — Interest income (32) (75) (68) (44) (25) — (5) (97) — — — Interest expense — — — — — — 221 — 303 770 1,290 Amortization of loan costs — — — — — — 4 — 27 22 53 Depreciation and amortization 6,959 9,614 5,988 5,392 2,473 1,165 310 1,048 525 1,554 1,117 Income tax expense (benefit) — — — — — — — — — — — Non-hotel EBITDA ownership expense 1,073 (153) 399 234 5 11 4 11 17 51 177 Hotel EBITDA including amounts attributable to noncontrolling interest 16,064 22,444 12,466 7,193 9,476 1,794 797 4,067 64 1,275 454 Non-comparable adjustments — (26) — — — — — — — — — Comparable hotel EBITDA $ 16,064 $ 22,418 $ 12,466 $ 7,193 $ 9,476 $ 1,794 $ 797 $ 4,067 $ 64 $ 1,275 $ 454 BAML - 4 Pack - Stirling Disposed Hotels Unencumbered Hotels Total Portfolio Net income (loss) $ 124 $ 896 $ 462 $ 69,126 Non-property adjustments — 13 — (31,855) Interest income — — — (346) Interest expense — — 481 3,065 Amortization of loan costs — — — 106 Depreciation and amortization 1,010 — 135 37,290 Income tax expense (benefit) — — — — Non-hotel EBITDA ownership expense 7 (753) 4 1,087 Hotel EBITDA including amounts attributable to noncontrolling interest 1,141 156 1,082 78,473 Non-comparable adjustments (1,141) (156) — (1,323) Comparable hotel EBITDA $ — $ — $ 1,082 $ 77,150 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 32
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended December 31, 2024 BAML/ Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Net income (loss) $ 5,672 $ 11,593 $ 2,927 $ (60,071) $ 6,191 $ 839 $ (174) $ 2,422 $ (921) $ (1,951) $ (3,918) Non-property adjustments — (73) — 59,331 — — — — — — — Interest income (9) (151) (70) (50) (25) — — (103) — — — Interest expense — — — — — — 257 — 210 822 1,398 Amortization of loan costs — — — — — — — — 80 38 — Depreciation and amortization 7,140 10,294 5,519 5,089 2,404 1,206 314 1,111 533 1,342 1,118 Income tax expense (benefit) (4) — — — (70) — — — — — — Non-hotel EBITDA ownership expense 1,441 1,770 984 622 15 29 118 5 161 225 1,313 Hotel EBITDA including amounts attributable to noncontrolling interest 14,240 23,433 9,360 4,921 8,515 2,074 515 3,435 63 476 (89) Non-comparable adjustments (14) (2,506) (9) (3) — (2) — — (1) (1) — Comparable hotel EBITDA $ 14,226 $ 20,927 $ 9,351 $ 4,918 $ 8,515 $ 2,072 $ 515 $ 3,435 $ 62 $ 475 $ (89) BAML - 4 Pack - Stirling Disposed Hotels Unencumbered Hotels Total Portfolio Net income (loss) $ 181 $ (381) $ 466 $ (37,125) Non-property adjustments — 16 — 59,274 Interest income — — — (408) Interest expense — — 494 3,181 Amortization of loan costs — — — 118 Depreciation and amortization 1,051 — 135 37,256 Income tax expense (benefit) (8) 60 — (22) Non-hotel EBITDA ownership expense 64 378 16 7,141 Hotel EBITDA including amounts attributable to noncontrolling interest 1,288 73 1,111 69,415 Non-comparable adjustments (1,288) (73) — (3,897) Comparable hotel EBITDA $ — $ — $ 1,111 $ 65,518 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 33
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) Three Months Ended September 30, 2024 BAML/ Sculptor KEYS Pool - 16 hotels BAML Highland Pool - 18 hotels Morgan Stanley Pool - 17 hotels JP Morgan Chase - 8 hotels BAML Nashville -1 hotel Hilton Alexandria / La Posada - 2 hotels BAML Indigo Atlanta - 1 hotel Torchlight Marriott Gateway - 1 hotel US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel Aareal Le Pavillon - 1 hotel Ft Worth Le Meridien - 1 hotel Net income (loss) $ 9,609 $ 11,478 $ 1,784 $ 351 $ 4,949 $ 1,953 $ (258) $ 2,850 $ 419 $ (2,682) $ (586) Non-property adjustments — — — — — — — — — — — Interest income (47) (160) (75) (60) (29) — — (111) — — — Interest expense — — — — — — 284 — 212 879 337 Amortization of loan costs — — — — — — — — 41 36 — Depreciation and amortization 7,294 10,912 5,602 5,152 2,407 1,237 312 1,168 513 1,387 408 Income tax expense (benefit) 1 — — — 22 — — — — — — Non-hotel EBITDA ownership expense 186 (182) 1,567 49 121 21 25 6 47 — — Hotel EBITDA including amounts attributable to noncontrolling interest 17,043 22,048 8,878 5,492 7,470 3,211 363 3,913 1,232 (380) 159 Non-comparable adjustments 2 (3,758) — — — — — (3) — — — Comparable hotel EBITDA $ 17,045 $ 18,290 $ 8,878 $ 5,492 $ 7,470 $ 3,211 $ 363 $ 3,910 $ 1,232 $ (380) $ 159 BAML - 4 Pack - Stirling Disposed Hotels Unencumbered Hotels Total Portfolio Net income (loss) $ 55 $ 2,392 $ 364 $ 32,678 Non-property adjustments — (2,771) — (2,771) Interest income — — — (482) Interest expense — — 494 2,206 Amortization of loan costs — — — 77 Depreciation and amortization 1,158 6 135 37,691 Income tax expense (benefit) — 3 — 26 Non-hotel EBITDA ownership expense 24 544 — 2,408 Hotel EBITDA including amounts attributable to noncontrolling interest 1,237 174 993 71,833 Non-comparable adjustments (1,237) (174) — (5,170) Comparable hotel EBITDA $ — $ — $ 993 $ 66,663 NOTES: (1) The above comparable information assumes the 68 hotel properties owned and included in the Company’s operations at June 30, 2025 , were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period, hotel properties in receivership and the four Stirling REIT OP, LP hotel properties. Exhibit 1 34