ASHFORD HOSPITALITY TRUST INC
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
AHT$2.37-2.5%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) | $3,207,483 | $3,350,086 |
| Accumulated depreciation ($(4,522) and $(30,365) attributable to VIEs) | (1,012,304) | (1,030,879) |
| Investments in hotel properties, net ($78,265 and $129,012 attributable to VIEs) | 2,195,179 | 2,319,207 |
| Contract asset | 380,160 | 366,671 |
| Cash and cash equivalents ($634 and $7,286 attributable to VIEs) | 81,903 | 112,907 |
| Restricted cash ($4,677 and $3,430 attributable to VIEs) | 164,219 | 99,695 |
| Accounts receivable ($188 and $614 attributable to VIEs), net of allowance of $789 and $435, respectively | 42,100 | 35,579 |
| Inventories ($43 and $57 attributable to VIEs) | 3,747 | 3,631 |
| Notes receivable, net | 11,784 | 10,565 |
| Investments in unconsolidated entities | 7,331 | 7,590 |
| Deferred costs, net ($81 and $181 attributable to VIEs) | 1,669 | 1,788 |
| Derivative assets | 1,022 | 2,594 |
| Operating lease right-of-use assets | 43,585 | 43,780 |
| Prepaid expenses and other assets ($62 and $3,090 attributable to VIEs) | 27,367 | 39,144 |
| Due from third-party hotel managers | 26,920 | 21,206 |
| Assets held for sale | 21,450 | 96,628 |
| Total assets | $3,008,436 | $3,160,985 |
| LIABILITIES AND EQUITY/DEFICIT | ||
| Liabilities: | ||
| Indebtedness, net ($16,007 and $65,548 attributable to VIEs) | $2,610,256 | $2,629,289 |
| Debt associated with hotels in receivership | 301,040 | 314,640 |
| Finance lease liability | 17,540 | 17,992 |
| Accounts payable and accrued expenses ($16,042 and $19,963 attributable to VIEs) | 146,617 | 137,506 |
| Accrued interest payable ($147 and $230 attributable to VIEs) | 13,600 | 10,212 |
| Accrued interest associated with hotels in receivership | 79,120 | 52,031 |
| Dividends and distributions payable ($0 and $1 attributable to VIEs) | 4,220 | 3,952 |
| Due to Ashford Inc., net ($0 and $5,997 attributable to VIEs) | 16,080 | 25,635 |
| Due to related parties, net ($3,598 and $113 attributable to VIEs) | 7,177 | 2,850 |
| Due to third-party hotel managers ($0 and $22 attributable to VIEs) | 1,042 | 1,145 |
| Operating lease liabilities | 44,077 | 44,369 |
| Other liabilities ($28,870 and $28,784 attributable to VIEs) | 38,055 | 34,011 |
| Liabilities related to assets held for sale | 29,236 | 99,139 |
| Total liabilities | 3,308,060 | 3,372,771 |
| Commitments and contingencies (note 16) | ||
| Redeemable noncontrolling interests in operating partnership | 21,209 | 22,509 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,672,142 and 6,799,638 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 178,743 | 156,671 |
| Series K Redeemable Preferred Stock, $0.01 par value, 737,805 and 601,175 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 18,348 | 14,869 |
| Series L Redeemable Preferred Stock, $0.01 par value, 195,976 shares issued and outstanding at September 30, 2025 | 4,463 | — |
| Series M Redeemable Preferred Stock, $0.01 par value, 433,601 shares issued and outstanding at September 30, 2025 | 10,501 | — |
| Equity (deficit): | ||
| Preferred stock, $0.01 par value, 55,000,000 shares authorized: | ||
| Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 11 | 11 |
| Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 10 | 10 |
| Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 15 | 15 |
| Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 10 | 10 |
| Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 11 | 11 |
| Common stock, $0.01 par value, 395,000,000 shares authorized, 6,186,482 and 5,636,595 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 62 | 56 |
| Additional paid-in capital | 2,400,801 | 2,392,518 |
| Accumulated deficit | (2,949,658) | (2,811,868) |
| Total stockholders’ equity (deficit) of the Company | (548,738) | (419,237) |
| Noncontrolling interest in consolidated entities | 15,850 | 13,402 |
| Total equity (deficit) | (532,888) | (405,835) |
| Total liabilities and equity/deficit | $3,008,436 | $3,160,985 |
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