ASHFORD HOSPITALITY TRUST INC

For the period ended Dec 31, 2025. Filed Mar 23, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 23, 2026

AHT$2.370.0%Stored close · as of Nov 9, 2026

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Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 20, 2026.

ASHFORD HOSPITALITY TRUST, INC.
By:	/s/ STEPHEN ZSIGRAY
	Stephen Zsigray
	President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on behalf of the Registrant in the capacities and on the dates indicated.

Monty J. Bennett
Signature	Title	Date
/s/ MONTY J. BENNETT	Chairman of the Board of Directors	March 20, 2026
/s/ STEPHEN ZSIGRAY	President and Chief Executive Officer (Principal Executive Officer)	March 20, 2026
Stephen Zsigray
/s/ DERIC S. EUBANKS	Chief Financial Officer (Principal Financial Officer)	March 20, 2026
Deric S. Eubanks
/s/ JUSTIN R. COE	Chief Accounting Officer (Principal Accounting Officer)	March 20, 2026
Justin R. Coe
/s/ DAVE JOHNSON	Director	March 20, 2026
Dave Johnson
/s/ FREDERICK J. KLEISNER	Director	March 20, 2026
Frederick J. Kleisner
/s/ AMISH GUPTA	Director	March 20, 2026
Amish Gupta
/s/ SHERI L. PANTERMUEHL	Director	March 20, 2026
Sheri L. Pantermuehl

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2025

(dollars in thousands)

Column A · Column B · Column C · Column D · Column E · Column F · Column G · Column H · Column I
Initial Cost · Costs Capitalized Since Acquisition · Gross Carrying AmountAt Close of Period (6)
Hotel Property	Location	Encumbrances	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Total	AccumulatedDepreciation	ConstructionDate	AcquisitionDate	IncomeStatement
Embassy Suites (7)	Austin, TX	$22,025	$1,204	$9,388	$193	$10,330	$1,397	$19,718	$21,115	$11,274	08/1998		(1), (2), (3)
Embassy Suites	Dallas, TX	14,579	1,876	8,907	238	14,753	2,114	23,660	25,774	12,850	12/1998		(1), (2), (3)
Embassy Suites	Herndon, VA	15,000	1,303	9,836	277	3,810	1,580	13,646	15,226	9,011	12/1998		(1), (2), (3)
Embassy Suites	Las Vegas, NV	28,547	3,307	16,952	397	6,398	3,704	23,350	27,054	13,573	05/1999		(1), (2), (3)
Embassy Suites (7)	Houston, TX	16,790	1,799	10,404	—	3,289	1,799	13,693	15,492	7,109		03/2005	(1), (2), (3)
Embassy Suites	West Palm Beach, FL	18,667	3,277	13,949	—	13,086	3,277	27,035	30,312	11,591		03/2005	(1), (2), (3)
Embassy Suites	Philadelphia, PA	17,000	5,791	34,819	—	2,287	5,791	37,106	42,897	18,329		12/2006	(1), (2), (3)
Embassy Suites	Arlington, VA	38,140	36,065	41,588	—	6,640	36,065	48,228	84,293	24,316		04/2007	(1), (2), (3)
Embassy Suites	Portland, OR	72,763	11,110	60,048	(5,615)	(38,476)	5,495	21,572	27,067	2,936		04/2007	(1), (2), (3)
Embassy Suites	Santa Clara, CA	55,489	8,948	46,239	—	5,625	8,948	51,864	60,812	24,614		04/2007	(1), (2), (3)
Embassy Suites	Orlando, FL	18,534	5,674	21,593	—	4,452	5,674	26,045	31,719	12,594		04/2007	(1), (2), (3)
Hilton Garden Inn	Jacksonville, FL	11,082	1,751	9,164	—	1,604	1,751	10,768	12,519	5,729		11/2003	(1), (2), (3)
Hilton Garden Inn	Austin, TX	60,414	7,605	48,725	—	1,054	7,605	49,779	57,384	14,459		03/2015	(1), (2), (3)
Hilton Garden Inn	Baltimore, MD	14,788	4,027	20,199	—	1,563	4,027	21,762	25,789	7,286		03/2015	(1), (2), (3)
Hilton Garden Inn	Virginia Beach, VA	29,305	4,101	26,329	—	6,646	4,101	32,975	37,076	8,178		03/2015	(1), (2), (3)
Hilton	Ft. Worth, TX	45,000	4,538	13,922	—	12,693	4,538	26,615	31,153	15,083		03/2005	(1), (2), (3)
Hilton	St. Petersburg, FL	45,938	2,991	13,907	(1,130)	10,415	1,861	24,322	26,183	10,864		03/2005	(1), (2), (3)
Hilton	Santa Fe, NM	45,000	7,004	10,689	—	2,305	7,004	12,994	19,998	6,815		12/2006	(1), (2), (3)
Hilton	Bloomington, MN	10,700	5,685	59,139	—	5,321	5,685	64,460	70,145	31,080		04/2007	(1), (2), (3)
Hilton	Costa Mesa, CA	54,033	12,917	91,791	(7,145)	(66,653)	5,772	25,138	30,910	2,246		04/2007	(1), (2), (3)
Hilton	Parsippany, NJ	34,716	7,293	58,098	—	2,432	7,293	60,530	67,823	18,925		03/2015	(1), (2), (3)
Hilton	Tampa, FL	25,022	5,206	21,186	—	2,450	5,206	23,636	28,842	8,609		03/2015	(1), (2), (3)
Hilton (4)	Alexandria, VA	62,753	14,459	96,602	(4,982)	(45,580)	9,477	51,022	60,499	249		06/2018	(1), (2), (3)
Hilton (4)	Santa Cruz, CA	21,971	9,399	38,129	(4,092)	(18,174)	5,307	19,955	25,262	3,116		02/2019	(1), (2), (3)
Hampton Inn	Evansville, IN	10,481	1,301	5,034	—	9,120	1,301	14,154	15,455	7,166		09/2004	(1), (2), (3)
Hampton Inn	Parsippany, NJ	16,997	3,268	24,306	—	(410)	3,268	23,896	27,164	6,846		03/2015	(1), (2), (3)
Marriott	Beverly Hills, CA	90,000	6,510	22,061	—	2,143	6,510	24,204	30,714	12,877		03/2005	(1), (2), (3)
Marriott	Arlington, VA	121,500	20,637	101,376	—	8,354	20,637	109,730	130,367	55,356		07/2006	(1), (2), (3)
Marriott	Dallas, TX	18,500	2,701	30,893	—	6,274	2,701	37,167	39,868	17,004		04/2007	(1), (2), (3)
Marriott	Fremont, CA	40,000	5,800	44,200	—	9,827	5,800	54,027	59,827	20,315		08/2014	(1), (2), (3)
Marriott	Memphis, TN	18,000	6,210	37,284	—	(2,143)	6,210	35,141	41,351	10,267		02/2015	(1), (2), (3)
Marriott	Irving, TX	60,775	8,330	82,272	—	12,897	8,330	95,169	103,499	34,187		03/2015	(1), (2), (3)
Marriott	Omaha, NE	14,450	6,641	49,887	—	1,068	6,641	50,955	57,596	16,378		03/2015	(1), (2), (3)
Marriott	Sugarland, TX	56,807	9,047	84,043	—	14,493	9,047	98,536	107,583	30,215		03/2015	(1), (2), (3)

Column A · Column B · Column C · Column D · Column E · Column F · Column G · Column H · Column I
Initial Cost · Costs Capitalized Since Acquisition · Gross Carrying AmountAt Close of Period (6)
Hotel Property	Location	Encumbrances	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Total	AccumulatedDepreciation	ConstructionDate	AcquisitionDate	IncomeStatement
Courtyard by Marriott	Bloomington, IN	13,432	900	10,741	—	7,789	900	18,530	19,430	7,676		09/2004	(1), (2), (3)
Courtyard by Marriott	Denver, CO	30,432	9,342	29,656	—	(1,153)	9,342	28,503	37,845	8,444		03/2015	(1), (2), (3)
Courtyard by Marriott	Gaithersburg, MD	26,059	5,128	30,522	—	(362)	5,128	30,160	35,288	8,573		03/2015	(1), (2), (3)
Courtyard by Marriott	Crystal City, VA	40,101	5,411	38,610	—	3,406	5,411	42,016	47,427	22,507		06/2005	(1), (2), (3)
Courtyard by Marriott	Overland Park, KS	9,500	1,868	14,030	—	1,664	1,868	15,694	17,562	8,095		06/2005	(1), (2), (3)
Courtyard by Marriott	Foothill Ranch, CA	20,490	2,447	16,005	—	1,154	2,447	17,159	19,606	9,071		06/2005	(1), (2), (3)
Courtyard by Marriott	Alpharetta, GA	18,538	2,244	12,345	—	1,691	2,244	14,036	16,280	7,478		06/2005	(1), (2), (3)
Marriott Residence Inn	Orlando, FL	35,000	6,554	40,539	(380)	4,536	6,174	45,075	51,249	24,574		06/2005	(1), (2), (3)
Marriott Residence Inn	Falls Church, VA	24,652	2,752	34,979	—	3,798	2,752	38,777	41,529	20,695		06/2005	(1), (2), (3)
Tribute Portfolio	Santa Fe, NM	35,697	8,094	42,058	—	3,428	8,094	45,486	53,580	9,744		10/2018	(1), (2), (3)
Ritz-Carlton	Atlanta, GA	89,269	2,477	80,139	—	8,345	2,477	88,484	90,961	28,071		03/2015	(1), (2), (3)
Renaissance	Nashville, TN	306,946	20,671	158,260	—	20,662	20,671	178,922	199,593	57,552		03/2015	(1), (2), (3)
Renaissance	Palm Springs, CA	46,979	—	74,112	—	(1,294)	—	72,818	72,818	21,146		03/2015	(1), (2), (3)
Sheraton Hotel	Minneapolis, MN	17,223	2,953	14,280	(51)	1,732	2,902	16,012	18,914	8,352		03/2005	(1), (2), (3)
Sheraton Hotel	Indianapolis, IN	55,882	3,100	22,041	—	19,422	3,100	41,463	44,563	16,445		03/2005	(1), (2), (3)
Sheraton Hotel	Anchorage, AK	41,500	4,023	39,363	—	13,202	4,023	52,565	56,588	22,166		12/2006	(1), (2), (3)
Sheraton Hotel	San Diego, CA	32,800	7,294	36,382	—	10,643	7,294	47,025	54,319	19,612		12/2006	(1), (2), (3)
Hyatt Regency	Coral Gables, FL	84,000	4,805	50,820	—	10,564	4,805	61,384	66,189	31,074		04/2007	(1), (2), (3)
Hyatt Regency	Hauppauge, NY	32,912	6,284	35,669	—	(2,210)	6,284	33,459	39,743	13,080		03/2015	(1), (2), (3)
Hyatt Regency	Savannah, GA	63,119	14,041	72,721	—	1,952	14,041	74,673	88,714	22,640		03/2015	(1), (2), (3)
Crown Plaza	Key West, FL	53,466	—	27,514	—	38,372	—	65,886	65,886	29,320		03/2005	(1), (2), (3)
Annapolis Historic Inn	Annapolis, MD	15,352	3,028	7,833	—	1,658	3,028	9,491	12,519	4,966		03/2005	(1), (2), (3)
Lakeway Resort & Spa	Austin, TX	33,000	4,541	28,940	—	(487)	4,541	28,453	32,994	10,780		02/2015	(1), (2), (3)
Silversmith	Chicago, IL	25,293	4,782	22,398	—	(849)	4,782	21,549	26,331	7,362		03/2015	(1), (2), (3)
The Churchill	Washington, DC	37,488	25,898	32,304	—	421	25,898	32,725	58,623	9,586		03/2015	(1), (2), (3)
The Melrose	Washington, DC	68,800	29,277	62,507	—	(1,794)	29,277	60,713	89,990	17,135		03/2015	(1), (2), (3)
Westin	Princeton, NJ	45,000	6,475	52,195	—	4,428	6,475	56,623	63,098	15,934		03/2015	(1), (2), (3)
Atlanta Hotel Indigo	Atlanta, GA	12,329	3,230	23,713	—	2,139	3,230	25,852	29,082	8,383		10/2015	(1), (2), (3)
Le Meridien	Ft. Worth, TX	15,660	4,609	82,749	(9)	(4,562)	4,600	78,187	82,787	5,558	08/2024		(1), (2), (3)
Hampton Inn	Buford, GA	10,000	1,168	5,338	—	3,734	1,168	9,072	10,240	6,237		07/2004	(1), (2), (3)
SpringHill Suites by Marriott	Buford, GA	4,500	1,132	6,089	—	7,191	1,132	13,280	14,412	7,134		07/2004	(1), (2), (3)
Marriott Residence Inn	Manchester, CT	7,700	1,462	8,306	—	7,087	1,462	15,393	16,855	6,975		04/2007	(1), (2), (3)
Marriott Residence Inn	Jacksonville, FL	8,000	1,997	16,084	—	4,665	1,997	20,749	22,746	11,709		05/2007	(1), (2), (3)
Total (5)		$2,586,885	$435,762	$2,492,201	$(22,299)	$180,865	$413,463	$2,673,066	$3,086,529	$999,521

(1)Estimated useful life for buildings is 39 years.

(2)Estimated useful life for building improvements is 7.5 years.

(3)Estimated useful life for furniture and fixtures is 1.5 to 5 years.

(4)Amounts include impairment charges.

(5)Total includes properties held for sale as of December 31, 2025 and excludes the Hilton Marietta as it is operated through a lease.

(6)The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $2.2 billion as of December 31, 2025.

(7) Hotel property was held for sale as of December 31, 2025.

	Year Ended December 31,
	2025	2024	2023
Investment in Real Estate:
Beginning balance	$3,350,086	$4,245,264	$4,546,384
Additions	71,736	102,232	206,737
Impairment/write-offs	(209,807)	(255,732)	(194,343)
Sales/disposals	(108,181)	(631,383)	(292,268)
Assets held for sale	(34,818)	(110,295)	(21,246)
Ending balance	$3,069,016	$3,350,086	$4,245,264
Accumulated Depreciation:
Beginning balance	1,030,879	1,293,332	1,428,053
Depreciation expense	144,289	152,832	188,021
Impairment/write-offs	(142,122)	(196,402)	(194,343)
Sales/disposals	(31,883)	(195,710)	(119,102)
Assets held for sale	(17,391)	(23,173)	(9,297)
Ending balance	$983,772	$1,030,879	$1,293,332
Investment in Real Estate, net	$2,085,244	$2,319,207	$2,951,932

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