ASHFORD TRUST REPORTS THIRD QUARTER 2026 RESULTS (Form 8-K)

ASHFORD TRUST REPORTS THIRD QUARTER 2026 RESULTS

DALLAS - November 10, 2026 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of September 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2026 with the third quarter ended September 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 7.3% to $140.8 during the quarter on a 6.1% increase in Comparable ADR and a 1.2% increase in Comparable Occupancy.

•Net income attributable to common stockholders was $2.5 million or $0.12 per diluted share for the quarter, compared to a net loss attributable to common stockholders of $(69.0) million, or $(11.35) per share, in the prior-year quarter.

•Adjusted EBITDAre was $34.9 million for the quarter.

•Adjusted funds from operations (AFFO) per diluted share was $(2.22) for the quarter, compared to $(2.85) for the prior-year quarter. Year to date, AFFO per diluted share was $0.44, compared to $(3.13) for the prior-year period.

•Comparable Hotel EBITDA was $55.5 million for the quarter, reflecting growth of 6.9% over the prior year quarter. Year to date, Comparable Hotel EBITDA increased 6.8% and Comparable Hotel EBITDA margin expanded 70 basis points to 29.8%.

•The Company ended the quarter with cash and cash equivalents of $87.3 million and restricted cash of $122.1 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 $29.1 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 $68.4 million.

•Total debt was $1.9 billion at September 30, 2026, a decrease of $677.4 million, or 26.4%, from $2.6 billion at December 31, 2025.

•Interest expense, net of discount amortization, was $47.4 million for the quarter, a decrease of 15.9% from $56.3 million in the prior-year quarter.

•CapEx invested during the quarter was $18.6 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company closed on four hotel sales for combined gross proceeds of $145.8 million or $134,300 per key. These sales also avoid an estimated $26.7 million or $24,600 per key, of capital expenditures, for total value of $172.5 million, or $158,900 per key, including gross proceeds. These hotels include:

◦Marriott Fremont Silicon Valley

◦Hyatt Regency Long Island

◦Embassy Suites by Hilton Dulles Airport

◦Embassy Suites by Hilton Las Vegas

•Subsequent to quarter end, the Company closed on the sale of the Embassy Suites by Hilton Philadelphia Airport for gross proceeds of $26.0 million.

•Also subsequent to quarter end, on October 20, 2026, Ashford Inc. irrevocably waived the base and incentive advisory fees that would otherwise accrue over a six-month period, which the Company expects to save approximately $17 million. The fees are waived, not deferred.

•Also on October 20, 2026, the Company entered into a share purchase agreement under which Ashford Inc. committed to purchase, in the open market, shares of the Company's common stock equal to 2.5% of the Company's outstanding common stock for each calendar quarter, beginning with the quarter ended September 30, 2026. If Ashford Inc. does not purchase the full quarterly amount within six months after the end of a quarter, it must provide the Company with a credit against future advisory fees equal to 150% of the volume-weighted average price of the common stock over that period for each share not purchased. Ashford Inc. has not yet purchased any shares under the agreement. Ashford Inc.'s obligations under the agreement are unchanged, and purchases for the quarter ended September 30, 2026 must be completed by March 31, 2027.

•Also on October 20, 2026, the Company terminated its at-the-market equity offering program with Virtu Americas LLC.

•On August 7, 2026, the Company refinanced the Highland loan pool with a $525.0 million new financing. The new loan has a two-year initial term, is interest only, bears interest at a rate of SOFR + 5.24%, compared to SOFR + 5.47% on the prior loan, and has three one-year extension options, subject to satisfaction of certain conditions. This refinancing also released the 14-hotel loan pool from a cash sweep that had been in effect for more than a year.

OPERATING PERFORMANCE AND CAPITAL STRUCTURE

"Our third quarter results demonstrate that Ashford Trust's operational turnaround is gaining momentum," said Stephen Zsigray, President and Chief Executive Officer. "Comparable RevPAR increased 7.3% in the quarter, our strongest growth this year, following increases of 3.3% in the first quarter and 6.6% in the second quarter. Comparable Hotel EBITDA grew 6.9% in the quarter and 6.8% year to date, and year-to-date AFFO per diluted share improved to $0.44 from $(3.13) a year ago."

As of September 30, 2026, the Company had total loans of $1.9 billion with a blended average interest rate of 8.4%. Approximately 7% of the Company's current consolidated debt is fixed-rate and approximately 93% is floating-rate.

"We have now sold 19 hotels this year for approximately $796 million, refinanced the Highland loan pool at a lower spread and released it from its cash sweep, and reduced total debt to $1.9 billion from $2.6 billion at the start of the year," said Mr. Zsigray. "The benefit is positively impacting our results: interest expense declined 16% from the third quarter of last year."

"In October, our advisor, Ashford Inc., waived approximately $17 million of advisory fees and committed to buy 2.5% of our common stock in the open market every quarter, and we terminated our ATM program," Mr. Zsigray added. "Those commitments will strengthen our liquidity and put our advisor's capital alongside our common stockholders."

UPDATE ON PREFERRED DIVIDENDS AND REDEMPTIONS

"The progress we have made this year in selling hotels, refinancing debt and growing hotel earnings has strengthened the capital structure that supports our preferred stock," said Mr. Zsigray.

"At the same time, the forward curve is meaningfully higher today than it was a year ago, and elevated interest rates continue to constrain the Company's ability to return capital to preferred holders.

"We intend to resume capital returns to preferred holders when conditions allow, and the Board will continue to evaluate preferred dividends each quarter. Dividends on the Company's preferred stock are cumulative and will continue to accumulate while suspended."

NON-GAAP MEASURES

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 investment trusts more meaningful. Non-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.