ASHFORD HOSPITALITY TRUST INC
For the period ended Mar 31, 2026. Filed May 14, 2026.
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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.
Mar 31, 2026 · Filed May 14, 2026
AHT$2.37-2.5%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Investments in hotel properties, gross ($82,787 and $82,787 attributable to VIEs) | $2,617,922 | $3,069,016 |
| Accumulated depreciation ($(6,594) and $(5,558) attributable to VIEs) | (810,924) | (983,772) |
| Investments in hotel properties, net ($76,193 and $77,229 attributable to VIEs) | 1,806,998 | 2,085,244 |
| Contract asset | 335,979 | 355,138 |
| Cash and cash equivalents ($1,011 and $468 attributable to VIEs) | 78,042 | 66,145 |
| Restricted cash ($4,203 and $4,731 attributable to VIEs) | 141,203 | 149,580 |
| Accounts receivable ($170 and $143 attributable to VIEs), net of allowance of $435 and $424, respectively | 43,426 | 32,752 |
| Inventories ($34 and $44 attributable to VIEs) | 3,106 | 3,598 |
| Notes receivable, net | 12,486 | 12,187 |
| Investments in unconsolidated entities | 7,063 | 7,265 |
| Deferred costs, net ($79 and $80 attributable to VIEs) | 1,210 | 1,529 |
| Derivative assets | 1,212 | 410 |
| Operating lease right-of-use assets | 41,035 | 43,582 |
| Prepaid expenses and other assets ($153 and $40 attributable to VIEs) | 53,235 | 32,057 |
| Due from third-party hotel managers | 24,535 | 25,667 |
| Assets held for sale | 55,779 | 18,478 |
| Total assets | $2,605,309 | $2,833,632 |
| LIABILITIES AND EQUITY/DEFICIT | ||
| Liabilities: | ||
| Indebtedness, net ($15,910 and $15,961 attributable to VIEs) | $2,287,163 | $2,526,608 |
| Debt associated with hotels in receivership | 252,000 | 272,800 |
| Finance lease liability | 17,417 | 17,536 |
| Accounts payable and accrued expenses ($15,427 and $15,534 attributable to VIEs) | 140,837 | 123,773 |
| Accrued interest payable ($151 and $152 attributable to VIEs) | 31,787 | 13,993 |
| Accrued interest associated with hotels in receivership | 83,979 | 82,338 |
| Dividends and distributions payable | 4,247 | 4,247 |
| Due to Ashford Inc., net | 65,638 | 40,643 |
| Due to related parties, net ($3,517 and $3,438 attributable to VIEs) | 12,319 | 1,949 |
| Due to third-party hotel managers | 1,306 | 882 |
| Operating lease liabilities | 44,042 | 44,045 |
| Other liabilities ($28,919 and $28,897 attributable to VIEs) | 36,695 | 36,768 |
| Liabilities related to assets held for sale | 66,613 | 41,292 |
| Total liabilities | 3,044,043 | 3,206,874 |
| Commitments and contingencies (note 14) | ||
| Redeemable noncontrolling interests in operating partnership | 19,945 | 20,516 |
| Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 and 7,684,201 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 183,655 | 179,818 |
| Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 18,591 | 18,215 |
| Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 5,547 | 5,484 |
| Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 13,831 | 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 March 31, 2026 and December 31, 2025 | 11 | 11 |
| Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 10 | 10 |
| Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 15 | 15 |
| Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 10 | 10 |
| Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 11 | 11 |
| Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 and 6,476,157 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 65 | 65 |
| Additional paid-in capital | 2,402,044 | 2,402,015 |
| Accumulated deficit | (3,097,325) | (3,028,489) |
| Total stockholders’ equity (deficit) of the Company | (695,159) | (626,352) |
| Noncontrolling interest in consolidated entities | 14,856 | 15,511 |
| Total equity (deficit) | (680,303) | (610,841) |
| Total liabilities and equity/deficit | $2,605,309 | $2,833,632 |
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