ASHFORD HOSPITALITY TRUST INC
For the period ended Dec 31, 2025. Filed Mar 23, 2026.
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FY2025 · Filed Mar 23, 2026
AHT$2.22-6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets — December 31, 2025 and 2024
(in thousands, except share and per share amounts)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) | $3,069,016 | $3,350,086 |
| Accumulated depreciation ($(5,558) and $(30,365) attributable to VIEs) | (983,772) | (1,030,879) |
| Investments in hotel properties, net ($77,229 and $129,012 attributable to VIEs) | 2,085,244 | 2,319,207 |
| Contract asset | 355,138 | 366,671 |
| Cash and cash equivalents ($468 and $7,286 attributable to VIEs) | 66,145 | 112,907 |
| Restricted cash ($4,731 and $3,430 attributable to VIEs) | 149,580 | 99,695 |
| Accounts receivable ($143 and $614 attributable to VIEs), net of allowance of $424 and $435, respectively | 32,752 | 35,579 |
| Inventories ($44 and $57 attributable to VIEs) | 3,598 | 3,631 |
| Notes receivable, net | 12,187 | 10,565 |
| Investments in unconsolidated entities | 7,265 | 7,590 |
| Deferred costs, net ($80 and $181 attributable to VIEs) | 1,529 | 1,788 |
| Derivative assets | 410 | 2,594 |
| Operating lease right-of-use assets | 43,582 | 43,780 |
| Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs) | 32,057 | 39,144 |
| Due from third-party hotel managers | 25,667 | 21,206 |
| Assets held for sale | 18,478 | 96,628 |
| Total assets | $2,833,632 | $3,160,985 |
| LIABILITIES AND EQUITY/DEFICIT | ||
| Liabilities: | ||
| Indebtedness, net ($15,961 and $65,548 attributable to VIEs) | $2,526,608 | $2,629,289 |
| Debt associated with hotels in receivership | 272,800 | 314,640 |
| Finance lease liability | 17,536 | 17,992 |
| Accounts payable and accrued expenses ($15,534 and $19,963 attributable to VIEs) | 123,773 | 137,506 |
| Accrued interest payable ($152 and $230 attributable to VIEs) | 13,993 | 10,212 |
| Accrued interest associated with hotels in receivership | 82,338 | 52,031 |
| Dividends and distributions payable ($0 and $1 attributable to VIEs) | 4,247 | 3,952 |
| Due to Ashford Inc., net ($0 and $5,997 attributable to VIEs) | 40,643 | 25,635 |
| Due to related parties, net ($3,438 and $113 attributable to VIEs) | 1,949 | 2,850 |
| Due to third-party hotel managers ($0 and $22 attributable to VIEs) | 882 | 1,145 |
| Operating lease liabilities | 44,045 | 44,369 |
| Other liabilities ($28,897 and $28,784 attributable to VIEs) | 36,768 | 34,011 |
| Liabilities related to assets held for sale | 41,292 | 99,139 |
| Total liabilities | 3,206,874 | 3,372,771 |
| Commitments and contingencies (note 18) | ||
| Redeemable noncontrolling interests in operating partnership | 20,516 | 22,509 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,684,201 and 6,799,638 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 179,818 | 156,671 |
| Series K Redeemable Preferred Stock, $0.01 par value, 731,102 and 601,175 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 18,215 | 14,869 |
| Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at December 31, 2025 | 5,484 | — |
| Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at December 31, 2025 | 13,566 | — |
| Equity (deficit): | ||
| Preferred stock, $0.01 par value, 55,000,000 shares authorized: | ||
| Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 11 | 11 |
| Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 10 | 10 |
| Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 15 | 15 |
| Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 10 | 10 |
| Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at December 31, 2025 and December 31, 2024 | 11 | 11 |
| Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 65 | 56 |
| Additional paid-in capital | 2,402,015 | 2,392,518 |
| Accumulated deficit | (3,028,489) | (2,811,868) |
| Total stockholders’ equity (deficit) of the Company | (626,352) | (419,237) |
| Noncontrolling interest in consolidated entities | 15,511 | 13,402 |
| Total equity (deficit) | (610,841) | (405,835) |
| Total liabilities and equity/deficit | $2,833,632 | $3,160,985 |
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