Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Points - Ashford Hospitality Trust, Inc. announced multiple dividends for its preferred stock series for the fourth quarter ending December 31, 2025, with payments scheduled for January 15, 2026 [1][2][3][4][5][6][7][8][9][10][11][12][13] Dividend Announcements - A dividend of $0.5281 per diluted share was declared for the 8.45% Series D Cumulative Preferred Stock [1] - A dividend of $0.4609 per diluted share was declared for the 7.375% Series F Cumulative Preferred Stock [2] - A dividend of $0.4609 per diluted share was declared for the 7.375% Series G Cumulative Preferred Stock [3] - A dividend of $0.46875 per diluted share was declared for the 7.50% Series H Cumulative Preferred Stock [4] - A dividend of $0.46875 per diluted share was declared for the 7.50% Series I Cumulative Preferred Stock [5] - Monthly cash dividends of $0.16667 per share for Series J Redeemable Preferred Stock were announced for three payment dates [6] - Monthly cash dividends of $0.17708 per share for Series K Redeemable Preferred Stock were announced for one specific CUSIP [7] - Monthly cash dividends of $0.17500 per share for Series K Redeemable Preferred Stock were announced for multiple CUSIPs [8] - Monthly cash dividends of $0.17292 per share for Series K Redeemable Preferred Stock were announced for additional CUSIPs [9] - Monthly cash dividends of $0.17083 per share for Series K Redeemable Preferred Stock were announced for remaining CUSIPs [10] - Monthly cash dividends of $0.15625 per share for Series L Redeemable Preferred Stock were announced for three payment dates [11] - Monthly cash dividends of $0.16042 per share for Series M Redeemable Preferred Stock were announced for three payment dates [12][13] Company Overview - As of September 30, 2025, Ashford Hospitality Trust had 7,672,142 shares of Series J, 737,805 shares of Series K, 195,976 shares of Series L, and 433,601 shares of Series M Redeemable Preferred Stock issued and outstanding [14] - The company operates as a real estate investment trust (REIT) primarily focused on investing in upper upscale, full-service hotels [14]

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and potential of various real estate investment trusts (REITs) and housing-related companies [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that the information provided is for educational purposes and does not constitute investment advice [2][3]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies [2]. - The article notes that past performance of market data does not guarantee future results, indicating the volatile nature of the real estate market [3].

Core Viewpoint - Ashford Hospitality Trust, Inc. has completed the sale of two properties, enhancing shareholder value and improving financial metrics [3]. Group 1: Property Sales - The company sold the Hilton Houston NASA Clear Lake for $27 million and the Residence Inn Evansville East for $6 million [1]. - The combined sale price reflects a capitalization rate of 1.3% on net operating income when adjusted for anticipated capital expenditures, or a multiple of 45.3 times Hotel EBITDA for the twelve months ended July 31, 2025 [2]. Group 2: Financial Impact - Excluding anticipated capital expenditures, the combined sale price represents a 2.0% capitalization rate on net operating income or a multiple of 28.1 times Hotel EBITDA for the twelve months ended July 31, 2025 [2]. - The sale of these non-core assets has deleveraged the platform and improved the coverage metrics of the recently extended MS 17 loan pool, increasing portfolio cash flow after debt service [3]. Group 3: Future Strategy - The company anticipates pursuing similar opportunistic sales in the coming months as part of its strategy to create shareholder value [3].

Financial Performance - Total revenue for the three months ended June 30, 2025, was $302,001, a decrease of $14,481 compared to $316,482 in 2024, representing a decline of approximately 4.6%[253] - Net income attributable to the Company for the three months ended June 30, 2025, was a loss of $30,396, a decrease of $80,650 from a net income of $50,254 in 2024, reflecting a significant decline of 160%[257] - RevPAR for the three months ended June 30, 2025, was $144.08, down from $149.34 in 2024, indicating a decrease of approximately 2.0%[254] - Occupancy rate for the three months ended June 30, 2025, was 75.23%, slightly up from 74.87% in 2024, showing an increase of 0.36 percentage points[254] - ADR for the three months ended June 30, 2025, was $191.51, down from $199.48 in 2024, representing a decrease of approximately 4.9%[254] - Operating income for the three months ended June 30, 2025, was $49,296, a decrease of $86,206 from $135,502 in 2024, indicating a decline of approximately 63.7%[253] - The company reported impairment charges of $1,447 for the three months ended June 30, 2025, compared to no impairment charges in 2024[253] - Interest expense for the three months ended June 30, 2025, was $70,687, an increase of $2,271 from $68,416 in 2024, reflecting an increase of approximately 3.3%[253] - Rooms revenue from hotel properties decreased by $16.4 million, or 6.7%, to $227.2 million in the 2025 quarter compared to the 2024 quarter[258] - Food and beverage revenue increased by $76,000, or 0.1%, to $55.3 million in the 2025 quarter compared to the 2024 quarter[259] - Other hotel revenue increased by $2.1 million, or 12.2%, to $19.0 million in the 2025 quarter compared to the 2024 quarter[260] - Total hotel expenses for the three months ended June 30, 2025, were $198,830, a decrease of $8,615 compared to $207,445 in 2024, reflecting a reduction of approximately 4.1%[253] - EBITDA for the six months ended June 30, 2025, was $176,764 thousand, a decrease from $371,868 thousand in the same period of 2024[344] - Adjusted EBITDAre for the three months ended June 30, 2025, was $73,832 thousand, compared to $78,658 thousand for the same period in 2024[344] - FFO available to common stockholders and OP unitholders for the three months ended June 30, 2025, was $(21,117) thousand, compared to $(16,971) thousand for the same period in 2024[347] - Net income (loss) attributable to the Company changed from net income of $121.8 million for the six months ended June 30, 2024, to a net loss of $50.4 million for the six months ended June 30, 2025[281] Asset Management - As of June 30, 2025, the company's portfolio consisted of 67 consolidated operating hotel properties, totaling 16,736 rooms[229] - The company focuses on owning predominantly full-service hotels in the upper upscale segment, with RevPAR generally less than twice the national average[230] - The company maintains a diverse portfolio across multiple states, including Texas, Florida, Virginia, and Maryland[348] - The total number of owned rooms represents a significant asset base for the company[348] - The company continues to focus on expanding its hotel portfolio in key markets[348] - Future strategies may include further acquisitions or developments to enhance market presence[348] - The company has a total of 17,329 rooms across its properties, with 17,196 rooms owned[350] - The company entered into a franchise agreement to convert the Le Pavillon in New Orleans to a Tribute Portfolio property, completed in November 2024[350] - The company also converted the La Concha Key West Hotel to an Autograph Collection property, completed in December 2024[350] - The Renaissance Palm Springs property has 410 rooms, fully owned by the company[350] - The Hilton Marietta property has 200 rooms, fully owned by the company[350] - The company has a total of 100% ownership in several properties, including the Renaissance Palm Springs and Hilton Marietta[350] Financing Activities - The company successfully extended its Morgan Stanley Pool mortgage loan secured by 17 hotels, with a current balance of $409.8 million, bearing interest at SOFR + 3.39%[239] - The company extended its Highland mortgage loan secured by 18 hotels, with a principal paydown of $10.0 million and a new maturity date of January 9, 2026, bearing interest at SOFR + 4.13%[245] - The company executed a Promissory Note with Ashford LLC allowing for up to $20 million in cash to fund Permitted Costs, with an interest rate of 10.0%[247] - The company closed on a $580 million refinancing secured by 16 hotels, with a two-year term and a floating interest rate of SOFR + 4.37%[320] - The company is in discussions regarding a multi-year extension of a $22.1 million non-recourse mortgage loan that reached final maturity on March 6, 2025[322] - As of June 30, 2025, the company's total indebtedness is $2.7 billion, with $2.6 billion being variable-rate debt[353] - A 25-basis point change in interest rates on the variable-rate debt would impact annual results by approximately $6.5 million[353] - The company has interest rate caps in place to limit exposure to interest rate fluctuations[353] - The remaining $105.2 million of fixed-rate debt is unaffected by interest rate changes[353] Cash Flow and Investments - For the six months ended June 30, 2025, net cash flows used in operating activities were $8.6 million, compared to $38.5 million for the same period in 2024[331] - Net cash flows provided by investing activities for the six months ended June 30, 2025, were $105.8 million, primarily from asset dispositions totaling $126.4 million[332] - The company recognized a gain of $133.9 million from the derecognition of hotel properties associated with the KEYS Pool A and KEYS Pool B loans[318] Tax and Regulatory Considerations - The company is assessing the impact of the One Big Beautiful Bill Act on its effective tax rate and cash tax position, but does not expect a material impact on its consolidated financial statements[244] Shareholder Returns - The company has a stock repurchase program approved for up to $200 million, although no shares have been repurchased yet[327] - As of August 12, 2025, the company issued approximately 813,000 shares of common stock for gross proceeds of approximately $10.9 million under the Virtu Equity Distribution Agreement[327] - The company anticipates not paying any dividends on its common stock for 2025, while expecting to pay dividends on preferred stock[337]

Core Viewpoint - Ashford Hospitality Trust, Inc. is conducting a conference call to discuss its second quarter 2025 results and recent developments [1][2]. Group 1: Company Overview - The conference call features key company executives including Deric S. Eubanks (CFO), Stephen Zsigray (CEO), and Chris Nixon (Head of Asset Management) [2]. - The results and details regarding the conference call were made available through a press release prior to the call [2]. Group 2: Forward-Looking Statements - The conference call includes forward-looking statements that are subject to various assumptions and uncertainties, which may lead to actual results differing from expectations [3]. - The company is not obligated to update or revise the forward-looking statements made during the call [4].

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $39.9 million or $6.88 per diluted share for Q2 2025 [13] - Adjusted Funds From Operations (AFFO) per diluted share was $0.78, which would have been $1.93 if not for accrued default interest [13] - Adjusted EBITDAre for the quarter was $73.8 million [14] - The company had $2.7 billion in loans with a blended average interest rate of 8.1% [14] - Cash and cash equivalents at the end of the quarter were $100 million, with restricted cash of $153.9 million [14] Business Line Data and Key Metrics Changes - Comparable total revenue growth was 1.3% and comparable hotel EBITDA growth was 2.6% [6] - Comparable hotel RevPAR declined by 2.2% due to reduced demand from group and government-related travel [17] - Group revenue for the portfolio declined approximately 4% during the second quarter compared to the prior year [18] - Other revenue increased by 22% on a per occupied room basis compared to the prior year quarter [20] Market Data and Key Metrics Changes - Government room nights were down approximately 26% compared to the prior year period, impacting RevPAR performance [17] - The company expects group demand to remain healthy, with group revenue currently pacing ahead of the prior year [19] - 42% of the portfolio's hotel rooms are located in host cities for the upcoming 2026 FIFA World Cup, positioning the company to capture outsized demand [19] Company Strategy and Development Direction - The company announced a transformative initiative called GrowAHT aimed at driving $50 million in run rate EBITDA improvement [6] - Strategic asset sales are ongoing to reduce leverage and improve cash flow after debt service [11] - The company plans to continue making improvements to its capital structure and explore opportunistic dispositions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, expecting demand headwinds to subside and benefiting from anticipated interest rate cuts [11] - The company remains focused on controlling operational aspects and driving outsized performance despite broader market challenges [11] - Management highlighted the importance of high-margin revenue strategies and targeted cost reductions as part of the GrowAHT initiative [20] Other Important Information - The company completed significant renovations and brand conversions, leading to a 19% increase in hotel RevPAR for properties that underwent such changes [22] - For the full year 2025, the company anticipates spending between $90 million and $110 million on capital expenditures [26] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of inquiries from analysts or investors [27]

[Executive Summary](index=1&type=section&id=Executive%20Summary) Ashford Trust reported a Q2 2025 net loss of **$(39.9) million**, with **1.3%** comparable total revenue growth and 'GRO AHT' initiative progress [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Ashford Trust reported a Q2 2025 net loss of **$(39.9) million** or **$(6.88)** per diluted share, with **1.3%** comparable total revenue growth and **2.6%** Hotel EBITDA growth | Metric | Q2 2025 | Change YoY | | :-------------------------------- | :-------- | :--------- | | Comparable RevPAR | $145 | -2.2% | | Comparable ADR | - | -2.7% | | Comparable Occupancy | - | +0.5% | | Comparable Total Revenue | - | +1.3% | | Net Loss Attributable to Common Stockholders | $(39.9) million | - | | Net Loss Per Diluted Share | $(6.88) | - | | Adjusted EBITDAre | $73.8 million | - | | Adjusted FFO Per Diluted Share | $0.78 | - | | Comparable Hotel EBITDA | $91.0 million | +2.6% | | Cash and Cash Equivalents | $100.0 million | - | | Restricted Cash | $153.9 million | - | | Net Working Capital | $184.2 million | - | | Capex Invested | $19.9 million | - | - The Company accrued approximately **$6.8 million** of default interest on its **$744 million** Highland loan during the quarter, which, if eliminated post-quarter end, would have increased AFFO to **$11.4 million** and AFFO per diluted share to **$1.93**[3](index=3&type=chunk) [Recent Operating Highlights](index=2&type=section&id=Recent%20Operating%20Highlights) Ashford Trust is advancing its 'GRO AHT' initiative for **$50 million** annual EBITDA improvement, extended a **$409.8 million** loan, and agreed to sell a hotel for **$27.0 million** - The "GRO AHT" initiative targets **$50 million** in annual run-rate EBITDA improvement, with current initiatives expected to contribute over **$30 million** per year[4](index=4&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The Company successfully extended its Morgan Stanley Pool mortgage loan (**$409.8 million**, 17 hotels) to an initial maturity in March 2026[6](index=6&type=chunk)[10](index=10&type=chunk) - A definitive agreement was signed to sell the 242-room Hilton Houston NASA Clear Lake for **$27.0 million**, representing a **3.2%** capitalization rate on net operating income[7](index=7&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Capital Structure & Debt Management](index=2&type=section&id=Capital%20Structure%20%26%20Debt%20Management) As of June 30, 2025, Ashford Trust had **$2.7 billion** in total loans at **8.1%** average interest, with **76%** floating and significant 2025 maturities [Capital Structure Overview](index=2&type=section&id=Capital%20Structure%20Overview) As of June 30, 2025, Ashford Trust had **$2.7 billion** in total loans at **8.1%** average interest, with **76%** floating and **24%** fixed | Metric | Value | | :-------------------------------- | :---------- | | Total Loans (as of June 30, 2025) | $2.7 billion | | Blended Average Interest Rate | 8.1% | | Effectively Fixed Debt | 24% | | Effectively Floating Debt | 76% | [Debt Summary](index=8&type=section&id=Debt%20Summary) Total indebtedness is **$2.65 billion**, predominantly floating-rate (**97.8%**), with several loans in default as of June 30, 2025 | Indebtedness Type | Amount (in thousands) | Percentage | | :-------------------------------- | :-------------------- | :--------- | | Fixed-Rate Debt | $57,156 | 2.2% | | Floating-Rate Debt | $2,594,855 | 97.8% | | Total Indebtedness | $2,652,011 | 100.0% | | Weighted Average Interest Rate | 8.14% | - | - As of June 30, 2025, the US Bank Hilton Santa Cruz/Scotts Valley mortgage loan and the BAML Highland Pool mortgage loan were in default, accruing default interest[29](index=29&type=chunk)[33](index=33&type=chunk) - The Company entered into a preferred equity transaction for the Renaissance Nashville property, receiving **$35.0 million** with a **14.00%** fixed preferred equity rate[30](index=30&type=chunk) [Indebtedness by Maturity](index=9&type=section&id=Indebtedness%20by%20Maturity) With extensions, **$765.6 million** of debt is due in 2025, primarily from BAML Highland Pool, and **$580 million** due in 2030 and thereafter | Year | Principal Due (in thousands) | | :--- | :--------------------------- | | 2025 | $765,596 | | 2026 | $325,000 | | 2027 | $47,330 | | 2028 | $508,200 | | 2029 | $423,885 | | Thereafter | $580,000 | | Total Indebtedness | $2,652,011 | - The BAML Highland Pool loan, with a balance of **$743.6 million**, was amended on July 30, 2025, extending its current maturity from July 2025 to January 2026[33](index=33&type=chunk) [Investor Relations & Disclosures](index=3&type=section&id=Investor%20Relations%20%26%20Disclosures) Ashford Trust will host a Q2 earnings call on July 31, 2025, using non-GAAP measures and cautioning on forward-looking statements [Investor Conference Call](index=3&type=section&id=Investor%20Conference%20Call) A Q2 2025 earnings conference call is scheduled for July 31, 2025, at 11:00 a.m. ET, with replay available - Conference call scheduled for Thursday, July 31, 2025, at 11:00 a.m. ET, with replay available until August 7, 2025, and online simulcast on www.ahtreit.com[12](index=12&type=chunk)[13](index=13&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures like FFO, AFFO, and EBITDA enhance operational understanding and peer comparisons, not replacing GAAP - Non-GAAP financial measures used include FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, which are believed to improve understanding of operational results and peer comparisons[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements on strategy and plans are subject to risks including debt, asset sales, operating results, and market trends - Forward-looking statements are based on beliefs, assumptions, and expectations, subject to numerous risks and uncertainties, including debt repayment, asset sales, operating results, market trends, and interest rates[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) As of June 30, 2025, total assets decreased to **$3.06 billion**, total liabilities to **$3.31 billion**, increasing the equity deficit, and Q2 2025 reported a net loss of **$(39.9) million** [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$3.06 billion** and liabilities to **$3.31 billion**, increasing the total equity deficit | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Investments in hotel properties, net | $2,243,537 | $2,319,207 | | Cash and cash equivalents | $99,965 | $112,907 | | Restricted cash | $153,870 | $99,695 | | Assets held for sale | $18,904 | $96,628 | | Total assets | $3,059,352 | $3,160,985 | | Indebtedness, net | $2,644,765 | $2,629,289 | | Total liabilities | $3,307,418 | $3,372,771 | | Total equity (deficit) | $(473,309) | $(405,835) | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, the Company reported a net loss of **$(39.9) million**, with total revenue decreasing by **4.6%** year-over-year | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $302,001 | $316,482 | $579,360 | $620,378 | | Total operating expenses | $280,146 | $269,289 | $527,028 | $572,414 | | Operating income (loss) | $87,441 | $38,552 | $6,684 | $94,397 | | Net income (loss) | $(32,439) | $50,811 | $(54,637) | $123,216 | | Net income (loss) attributable to common stockholders | $(39,943) | $44,328 | $(67,700) | $111,769 | | Net income (loss) per diluted share | $(6.88) | $2.50 | $(11.82) | $7.67 | [Non-GAAP Financial Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Reconciliations) Q2 2025 Adjusted EBITDAre was **$73.8 million**, a decrease from Q2 2024, and Adjusted FFO per diluted share decreased to **$0.78** from **$2.69** [Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20EBITDA%2C%20EBITDAre%20and%20Adjusted%20EBITDAre) Q2 2025 Adjusted EBITDAre was **$73.8 million**, down from **$78.7 million** in Q2 2024, due to lower net income and reduced gains on asset disposition | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(32,439) | $50,811 | $(54,637) | $123,216 | | EBITDA | $83,907 | $172,190 | $176,764 | $371,868 | | EBITDAre | $68,770 | $73,024 | $119,713 | $131,837 | | Adjusted EBITDAre | $73,832 | $78,658 | $135,497 | $138,303 | [Reconciliation of Net Income (Loss) to Funds From Operations (FFO) and Adjusted FFO](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Funds%20From%20Operations%20%28FFO%29%20and%20Adjusted%20FFO) Q2 2025 Adjusted FFO per diluted share decreased to **$0.78** from **$2.69** in Q2 2024, driven by net loss and lower gains | Metric (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to common stockholders | $(39,943) | $44,328 | $(67,700) | $111,769 | | FFO available to common stockholders and OP unitholders | $(21,117) | $(16,971) | $(54,491) | $(48,872) | | Adjusted FFO available to common stockholders and OP unitholders | $4,621 | $11,792 | $(1,003) | $(1,820) | | Adjusted FFO per diluted share | $0.78 | $2.69 | $(0.17) | $(0.44) | [Key Performance Indicators (KPIs)](index=10&type=section&id=Key%20Performance%20Indicators%20%28KPIs%29) Q2 2025 comparable RevPAR for all hotels decreased **2.2%** to **$144.73**, and for hotels not under renovation, it decreased **1.73%** to **$146.34** [All Hotels Performance](index=10&type=section&id=All%20Hotels%20Performance) Q2 2025 comparable RevPAR for all hotels decreased **2.2%** to **$144.73**, driven by a **2.7%** ADR decrease and **0.5%** occupancy increase | Metric | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :---------------- | :----------------- | :----------------- | :--------- | | Rooms revenue (in thousands) | $222,901 | $225,337 | (1.08)% | | RevPAR | $144.73 | $147.98 | (2.20)% | | Occupancy | 75.13% | 74.78% | 0.47% | | ADR | $192.65 | $197.90 | (2.65)% | | Metric | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :---------------- | :--------------------- | :--------------------- | :--------- | | Rooms revenue (in thousands) | $425,042 | $421,161 | 0.92% | | RevPAR | $138.76 | $138.29 | 0.33% | | Occupancy | 71.47% | 71.01% | 0.65% | | ADR | $194.14 | $194.75 | (0.31)% | [All Hotels Not Under Renovation Performance](index=10&type=section&id=All%20Hotels%20Not%20Under%20Renovation%20Performance) Q2 2025 comparable RevPAR for hotels not under renovation decreased **1.73%** to **$146.34**, with a **2.30%** ADR decrease and **0.58%** occupancy increase | Metric | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :---------------- | :----------------- | :----------------- | :--------- | | Rooms revenue (in thousands) | $218,565 | $219,827 | (0.57)% | | RevPAR | $146.34 | $148.91 | (1.73)% | | Occupancy | 75.49% | 75.05% | 0.58% | | ADR | $193.86 | $198.41 | (2.30)% | | Metric | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :---------------- | :--------------------- | :--------------------- | :--------- | | Rooms revenue (in thousands) | $416,024 | $410,894 | 1.25% | | RevPAR | $140.04 | $139.17 | 0.62% | | Occupancy | 71.82% | 71.31% | 0.71% | | ADR | $194.98 | $195.16 | (0.09)% | [Hotel Financial Performance](index=11&type=section&id=Hotel%20Financial%20Performance) Q2 2025 comparable total hotel revenue increased **1.30%** to **$297.1 million**, Hotel EBITDA grew **2.60%** to **$91.0 million**, with strong RevPAR growth in key markets [Overall Hotel Net Income (Loss) & EBITDA](index=11&type=section&id=Overall%20Hotel%20Net%20Income%20%28Loss%29%20%26%20EBITDA) Q2 2025 comparable total hotel revenue increased **1.30%** to **$297.1 million**, and comparable hotel EBITDA grew **2.60%** to **$91.0 million** | Metric (in thousands) | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total hotel revenue | $297,143 | $293,342 | 1.30% | | Hotel net income (loss) | $57,359 | $51,079 | 12.29% | | Hotel net income (loss) margin | 19.30% | 17.41% | 1.89% | | Hotel EBITDA | $91,019 | $88,710 | 2.60% | | Hotel EBITDA margin | 30.63% | 30.24% | 0.39% | | Metric (in thousands) | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Total hotel revenue | $569,914 | $556,592 | 2.39% | | Hotel net income (loss) | $93,622 | $83,773 | 11.76% | | Hotel net income (loss) margin | 16.43% | 15.05% | 1.38% | | Hotel EBITDA | $168,169 | $159,718 | 5.29% | | Hotel EBITDA margin | 29.51% | 28.70% | 0.81% | [Hotel Net Income (Loss) & EBITDA for Hotels Not Under Renovation](index=11&type=section&id=Hotel%20Net%20Income%20%28Loss%29%20%26%20EBITDA%20for%20Hotels%20Not%20Under%20Renovation) Q2 2025 comparable total hotel revenue for hotels not under renovation increased **1.73%** to **$292.2 million**, with EBITDA growing **3.53%** to **$89.9 million** | Metric (in thousands) | Q2 2025 Comparable | Q2 2024 Comparable | % Variance | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Total hotel revenue | $292,195 | $287,212 | 1.73% | | Hotel net income (loss) | $57,533 | $50,172 | 14.67% | | Hotel net income (loss) margin | 19.69% | 17.47% | 2.22% | | Hotel EBITDA | $89,923 | $86,856 | 3.53% | | Hotel EBITDA margin | 30.77% | 30.24% | 0.53% | | Metric (in thousands) | YTD Q2 2025 Comparable | YTD Q2 2024 Comparable | % Variance | | :-------------------------------- | :--------------------- | :--------------------- | :--------- | | Total hotel revenue | $559,667 | $545,138 | 2.67% | | Hotel net income (loss) | $92,920 | $82,375 | 12.80% | | Hotel net income (loss) margin | 16.60% | 15.11% | 1.49% | | Hotel EBITDA | $165,537 | $156,392 | 5.85% | | Hotel EBITDA margin | 29.58% | 28.69% | 0.89% | [Hotel Revenue, Net Income (Loss) & EBITDA for Trailing Twelve Months (TTM)](index=12&type=section&id=Hotel%20Revenue%2C%20Net%20Income%20%28Loss%29%20%26%20EBITDA%20for%20Trailing%20Twelve%20Months%20%28TTM%29) TTM ended June 30, 2025, comparable total hotel revenue was **$1.096 billion**, with net income of **$81.8 million** and EBITDA of **$300.4 million** | Metric (in thousands) | TTM Ended June 30, 2025 Comparable | | :-------------------------------- | :--------------------------------- | | Total hotel revenue | $1,095,944 | | Hotel net income (loss) | $81,824 | | Hotel net income (loss) margin | 7.47% | | Hotel EBITDA | $300,350 | | Hotel EBITDA margin | 27.41% | [Hotel RevPAR by Market](index=14&type=section&id=Hotel%20RevPAR%20by%20Market) Q2 2025 saw strong comparable RevPAR growth in Miami (+**11.6%**), Houston (+**7.4%**), and Tampa (+**6.3%**), with declines in Nashville and Washington D.C. | Market | Q2 2025 Comparable RevPAR | Q2 2024 Comparable RevPAR | % Variance | | :-------------------------------- | :------------------------ | :------------------------ | :--------- | | Atlanta, GA Area | $140.81 | $144.07 | (2.3)% | | Houston, TX Area | $117.64 | $109.49 | 7.4% | | Los Angeles, CA Metro Area | $154.24 | $150.03 | 2.8% | | Miami, FL Metro Area | $174.80 | $156.58 | 11.6% | | Nashville, TN Area | $246.56 | $260.93 | (5.5)% | | San Francisco - Oakland, CA Metro Area | $144.07 | $137.79 | 4.6% | | Tampa, FL Area | $144.52 | $135.91 | 6.3% | | Washington D.C. - MD - VA Area | $175.51 | $185.91 | (5.6)% | | Total Portfolio | $144.73 | $147.98 | (2.2)% | | Market | YTD Q2 2025 Comparable RevPAR | YTD Q2 2024 Comparable RevPAR | % Variance | | :-------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Atlanta, GA Area | $146.13 | $140.17 | 4.3% | | Houston, TX Area | $114.63 | $103.37 | 10.9% | | Miami, FL Metro Area | $211.42 | $200.62 | 5.4% | | San Francisco - Oakland, CA Metro Area | $134.84 | $131.17 | 2.8% | | Tampa, FL Area | $171.77 | $160.66 | 6.9% | | Total Portfolio | $138.76 | $138.29 | 0.3% | [Hotel Net Income (Loss) by Market](index=15&type=section&id=Hotel%20Net%20Income%20%28Loss%29%20by%20Market) Q2 2025 saw significant comparable hotel net income growth in Orlando (+**972.3%**), Minneapolis-St. Paul (+**1,207.5%**), and San Francisco-Oakland (+**128.8%**) | Market | Q2 2025 Comparable Net Income (in thousands) | Q2 2024 Comparable Net Income (in thousands) | % Variance | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | :--------- | | Atlanta, GA Area | $1,767 | $1,394 | 26.8% | | Houston, TX Area | $441 | $229 | 92.6% | | Los Angeles, CA Metro Area | $4,308 | $2,651 | 62.5% | | Miami, FL Metro Area | $1,503 | $1,100 | 36.6% | | Minneapolis - St. Paul, MN Area | $693 | $53 | 1,207.5% | | Orlando, FL Area | $7,388 | $689 | 972.3% | | San Francisco - Oakland, CA Metro Area | $1,160 | $507 | 128.8% | | Total Portfolio | $57,359 | $51,079 | 12.3% | | Market | YTD Q2 2025 Comparable Net Income (in thousands) | YTD Q2 2024 Comparable Net Income (in thousands) | % Variance | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | :--------- | | Houston, TX Area | $1,153 | $331 | 248.3% | | Los Angeles, CA Metro Area | $8,881 | $7,097 | 25.1% | | Miami, FL Metro Area | $5,604 | $5,221 | 7.3% | | Minneapolis - St. Paul, MN Area | $(402) | $(1,235) | 67.4% | | Orlando, FL Area | $9,458 | $2,441 | 287.5% | | San Francisco - Oakland, CA Metro Area | $1,286 | $726 | 77.1% | | Total Portfolio | $93,622 | $83,773 | 11.8% | [Hotel EBITDA by Market](index=16&type=section&id=Hotel%20EBITDA%20by%20Market) Q2 2025 saw strong comparable hotel EBITDA growth in Minneapolis-St. Paul (+**67.5%**), Miami (+**30.9%**), and Houston (+**26.2%**), with declines in Nashville and Philadelphia | Market | Q2 2025 Comparable EBITDA (in thousands) | Q2 2024 Comparable EBITDA (in thousands) | % Variance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Atlanta, GA Area | $4,091 | $4,003 | 2.2% | | Houston, TX Area | $2,546 | $2,017 | 26.2% | | Los Angeles, CA Metro Area | $5,498 | $4,862 | 13.1% | | Miami, FL Metro Area | $2,939 | $2,245 | 30.9% | | Minneapolis - St. Paul, MN Area | $1,479 | $883 | 67.5% | | Nashville, TN Area | $10,208 | $11,058 | (7.7)% | | San Francisco - Oakland, CA Metro Area | $3,685 | $3,055 | 20.6% | | Total Portfolio | $91,019 | $88,710 | 2.6% | | Market | YTD Q2 2025 Comparable EBITDA (in thousands) | YTD Q2 2024 Comparable EBITDA (in thousands) | % Variance | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------- | | Atlanta, GA Area | $9,136 | $7,975 | 14.6% | | Houston, TX Area | $4,926 | $3,786 | 30.1% | | Los Angeles, CA Metro Area | $12,320 | $11,483 | 7.3% | | Miami, FL Metro Area | $8,497 | $7,448 | 14.1% | | Minneapolis - St. Paul, MN Area | $1,116 | $379 | 194.5% | | San Francisco - Oakland, CA Metro Area | $6,403 | $5,873 | 9.0% | | Total Portfolio | $168,169 | $159,718 | 5.3% | [Total Enterprise Value](index=17&type=section&id=Total%20Enterprise%20Value) As of June 30, 2025, Ashford Trust's total enterprise value (TEV) was **$2.864 billion**, comprising market capitalization, preferred stock, indebtedness, and net working capital | Metric (in thousands, except share price) | June 30, 2025 | | :---------------------------------------- | :------------ | | Common stock shares outstanding | 5,909 | | Common stock price | $6.02 | | Market capitalization | $36,301 | | Total Preferred Stock (sum of Series D-M) | $373,893 | | Indebtedness | $2,652,011 | | Net working capital | $184,193 | | Total enterprise value (TEV) | $2,864,020 | [Capital Expenditures](index=18&type=section&id=Capital%20Expenditures) Nine hotels are identified for significant capital expenditures in 2025, potentially causing displacement, with spending planned across all four quarters | Hotel | Rooms | Q1 2025 Actual | Q2 2025 Actual | Q3 2025 Estimated | Q4 2025 Estimated | | :-------------------------------- | :---- | :------------- | :------------- | :---------------- | :---------------- | | Courtyard Bloomington | 117 | x | x | | x | | Embassy Suites Palm Beach | 160 | x | | | | | Hampton Inn Evansville | 140 | x | x | | | | Hilton Garden Inn Austin Downtown | 254 | | x | x | | | Hilton Garden Inn Virginia Beach | 176 | | | | x | | Residence Inn Evansville | 78 | x | | | x | | Sheraton Anchorage | 370 | | | | x | | Sheraton Misson Valley | 260 | | | | x | | Westin Princeton | 296 | | | | x | | Total Hotels with Capex | - | 4 | 3 | 1 | 6 | [Detailed Hotel EBITDA Reconciliations](index=19&type=section&id=Detailed%20Hotel%20EBITDA%20Reconciliations) This section details reconciliations of net income (loss) to Hotel EBITDA across periods, markets, and hotel pools, highlighting depreciation and non-comparable adjustments [Reconciliation of Net Income (Loss) to Hotel EBITDA (TTM Ended June 30, 2025)](index=19&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28TTM%20Ended%20June%2030%2C%202025%29) TTM ended June 30, 2025, comparable hotel EBITDA was **$300.4 million**, derived from **$122.2 million** net income after various adjustments | Metric (in thousands) | TTM Ended June 30, 2025 | | :--------------------------------------- | :---------------------- | | Net income (loss) | $122,240 | | Depreciation and amortization | $147,465 | | Hotel EBITDA including noncontrolling interest | $312,000 | | Non-comparable adjustments | $(11,650) | | Comparable hotel EBITDA | $300,350 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended June 30, 2025)](index=20&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025 comparable hotel EBITDA was **$91.0 million**, calculated from **$57.6 million** hotel net income, with **$89.9 million** from hotels not under renovation | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $57,735 | $(174) | $57,561 | | Depreciation and amortization | $34,005 | $1,223 | $35,228 | | Hotel EBITDA including noncontrolling interest | $91,183 | $1,096 | $92,279 | | Non-comparable adjustments | $(1,260) | — | $(1,260) | | Comparable hotel EBITDA | $89,923 | $1,096 | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended March 31, 2025)](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20March%2031%2C%202025%29) Q1 2025 comparable hotel EBITDA was **$77.2 million**, derived from **$69.1 million** total hotel net income after various adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $69,126 | | Depreciation and amortization | $37,290 | | Hotel EBITDA including noncontrolling interest | $78,473 | | Non-comparable adjustments | $(1,323) | | Comparable hotel EBITDA | $77,150 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended December 31, 2024)](index=22&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20December%2031%2C%202024%29) Q4 2024 comparable hotel EBITDA was **$65.5 million**, derived from **$(37.1) million** total hotel net loss after significant adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $(37,125) | | Depreciation and amortization | $37,256 | | Hotel EBITDA including noncontrolling interest | $69,415 | | Non-comparable adjustments | $(3,897) | | Comparable hotel EBITDA | $65,518 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended September 30, 2024)](index=23&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20September%2030%2C%202024%29) Q3 2024 comparable hotel EBITDA was **$66.7 million**, derived from **$32.7 million** total hotel net income after various adjustments | Metric (in thousands) | Hotel Total | | :--------------------------------------- | :---------- | | Net income (loss) | $32,678 | | Depreciation and amortization | $37,691 | | Hotel EBITDA including noncontrolling interest | $71,833 | | Non-comparable adjustments | $(5,170) | | Comparable hotel EBITDA | $66,663 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Three Months Ended June 30, 2024)](index=24&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Three%20Months%20Ended%20June%2030%2C%202024%29) Q2 2024 comparable hotel EBITDA was **$88.7 million**, derived from **$140.7 million** total hotel net income after significant adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $139,772 | $907 | $140,679 | | Depreciation and amortization | $36,231 | $908 | $37,139 | | Hotel EBITDA including noncontrolling interest | $93,280 | $1,854 | $95,134 | | Non-comparable adjustments | $(6,424) | — | $(6,424) | | Comparable hotel EBITDA | $86,856 | $1,854 | $88,710 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Six Months Ended June 30, 2025)](index=25&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Six months ended June 30, 2025, comparable hotel EBITDA was **$168.2 million**, derived from **$126.7 million** total hotel net income after substantial adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $125,986 | $701 | $126,687 | | Depreciation and amortization | $70,067 | $2,451 | $72,518 | | Hotel EBITDA including noncontrolling interest | $168,120 | $2,632 | $170,752 | | Non-comparable adjustments | $(2,583) | — | $(2,583) | | Comparable hotel EBITDA | $165,537 | $2,632 | $168,169 | [Reconciliation of Net Income (Loss) to Hotel EBITDA (Six Months Ended June 30, 2024)](index=26&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20%28Six%20Months%20Ended%20June%2030%2C%202024%29) Six months ended June 30, 2024, comparable hotel EBITDA was **$159.7 million**, derived from **$171.1 million** total hotel net income after significant adjustments | Metric (in thousands) | Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | | :--------------------------------------- | :------------------------------------ | :-------------------------------- | :---------- | | Net income (loss) | $169,715 | $1,399 | $171,114 | | Depreciation and amortization | $75,506 | $1,853 | $77,359 | | Hotel EBITDA including noncontrolling interest | $170,120 | $3,326 | $173,446 | | Non-comparable adjustments | $(13,728) | — | $(13,728) | | Comparable hotel EBITDA | $156,392 | $3,326 | $159,718 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Three Months Ended June 30, 2025)](index=27&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025: Nashville, TN Area generated highest comparable hotel EBITDA at **$10.2 million**, followed by Washington D.C. - MD - VA Area at **$17.6 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $4,091 | | Dallas / Ft. Worth, TX Area | $6,631 | | Houston, TX Area | $2,546 | | Los Angeles, CA Metro Area | $5,498 | | Miami, FL Metro Area | $2,939 | | Nashville, TN Area | $10,208 | | Washington D.C. - MD - VA Area | $17,634 | | Other Areas | $25,027 | | Total Portfolio | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Three Months Ended June 30, 2024)](index=28&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Three%20Months%20Ended%20June%2030%2C%202024%29) Q2 2024: Washington D.C. - MD - VA Area had highest comparable hotel EBITDA at **$18.5 million**, followed by Nashville, TN Area at **$11.1 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $4,003 | | Dallas / Ft. Worth, TX Area | $6,483 | | Houston, TX Area | $2,017 | | Los Angeles, CA Metro Area | $4,862 | | Miami, FL Metro Area | $2,245 | | Nashville, TN Area | $11,058 | | Washington D.C. - MD - VA Area | $18,461 | | Other Areas | $24,370 | | Total Portfolio | $88,710 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Six Months Ended June 30, 2025)](index=29&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Six%20Months%20Ended%20June%2030%2C%202025%29) Six months ended June 30, 2025: Washington D.C. - MD - VA Area led with **$28.9 million** in comparable hotel EBITDA, followed by Nashville, TN Area at **$19.7 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $9,136 | | Dallas / Ft. Worth, TX Area | $14,520 | | Houston, TX Area | $4,926 | | Los Angeles, CA Metro Area | $12,320 | | Miami, FL Metro Area | $8,497 | | Nashville, TN Area | $19,684 | | Washington D.C. - MD - VA Area | $28,874 | | Other Areas | $39,039 | | Total Portfolio | $168,169 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Market (Six Months Ended June 30, 2024)](index=30&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Market%20%28Six%20Months%20Ended%20June%2030%2C%202024%29) Six months ended June 30, 2024: Washington D.C. - MD - VA Area generated highest comparable hotel EBITDA at **$29.1 million**, followed by Nashville, TN Area at **$19.3 million** | Market | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | Atlanta, GA Area | $7,975 | | Dallas / Ft. Worth, TX Area | $12,959 | | Houston, TX Area | $3,786 | | Los Angeles, CA Metro Area | $11,483 | | Miami, FL Metro Area | $7,448 | | Nashville, TN Area | $19,342 | | Washington D.C. - MD - VA Area | $29,091 | | Other Areas | $38,870 | | Total Portfolio | $159,718 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (TTM Ended June 30, 2025)](index=31&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28TTM%20Ended%20June%2030%2C%202025%29) TTM ended June 30, 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$87.6 million**, followed by BAML/Sculptor KEYS Pool at **$70.5 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $70,476 | | BAML Highland Pool - 18 hotels | $87,567 | | Morgan Stanley Pool - 17 hotels | $42,363 | | JP Morgan Chase - 8 hotels | $25,160 | | BAML Nashville - 1 hotel | $35,669 | | Torchlight Marriott Gateway - 1 hotel | $17,020 | | Total Portfolio | $300,350 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended June 30, 2025)](index=32&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20June%2030%2C%202025%29) Q2 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$25.9 million**, followed by BAML/Sculptor KEYS Pool at **$23.1 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $23,141 | | BAML Highland Pool - 18 hotels | $25,932 | | Morgan Stanley Pool - 17 hotels | $11,668 | | JP Morgan Chase - 8 hotels | $7,557 | | BAML Nashville - 1 hotel | $10,208 | | Torchlight Marriott Gateway - 1 hotel | $5,608 | | Total Portfolio | $91,019 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended March 31, 2025)](index=33&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20March%2031%2C%202025%29) Q1 2025: BAML Highland Pool generated highest comparable hotel EBITDA at **$22.4 million**, followed by BAML/Sculptor KEYS Pool at **$16.1 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $16,064 | | BAML Highland Pool - 18 hotels | $22,418 | | Morgan Stanley Pool - 17 hotels | $12,466 | | JP Morgan Chase - 8 hotels | $7,193 | | BAML Nashville - 1 hotel | $9,476 | | Torchlight Marriott Gateway - 1 hotel | $4,067 | | Total Portfolio | $77,150 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended December 31, 2024)](index=34&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20December%2031%2C%202024%29) Q4 2024: BAML Highland Pool generated highest comparable hotel EBITDA at **$20.9 million**, followed by BAML/Sculptor KEYS Pool at **$14.2 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $14,226 | | BAML Highland Pool - 18 hotels | $20,927 | | Morgan Stanley Pool - 17 hotels | $9,351 | | JP Morgan Chase - 8 hotels | $4,918 | | BAML Nashville - 1 hotel | $8,515 | | Torchlight Marriott Gateway - 1 hotel | $3,435 | | Total Portfolio | $65,518 | [Reconciliation of Net Income (Loss) to Hotel EBITDA by Hotel Pool (Three Months Ended September 30, 2024)](index=35&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Hotel%20EBITDA%20by%20Hotel%20Pool%20%28Three%20Months%20Ended%20September%2030%2C%202024%29) Q3 2024: BAML Highland Pool generated highest comparable hotel EBITDA at **$18.3 million**, followed by BAML/Sculptor KEYS Pool at **$17.0 million** | Hotel Pool | Comparable Hotel EBITDA (in thousands) | | :-------------------------------- | :------------------------------------- | | BAML/Sculptor KEYS Pool - 16 hotels | $17,045 | | BAML Highland Pool - 18 hotels | $18,290 | | Morgan Stanley Pool - 17 hotels | $8,878 | | JP Morgan Chase - 8 hotels | $5,492 | | BAML Nashville - 1 hotel | $7,470 | | Torchlight Marriott Gateway - 1 hotel | $3,910 | | Total Portfolio | $66,663 |

Core Viewpoint - Ashford Hospitality Trust, Inc. has declared multiple dividends for its preferred stock series for the third quarter ending September 30, 2025, with payments scheduled for October 15, 2025 [1][2][3][4][5][6][7][8][9][10][11]. Dividend Declarations - The Company declared a dividend of $0.5281 per diluted share for its 8.45% Series D Cumulative Preferred Stock [1]. - A dividend of $0.4609 per diluted share was declared for the 7.375% Series F Cumulative Preferred Stock [2]. - The same dividend amount of $0.4609 per diluted share was declared for the 7.375% Series G Cumulative Preferred Stock [3]. - A dividend of $0.46875 per diluted share was declared for the 7.50% Series H Cumulative Preferred Stock [4]. - The same dividend amount of $0.46875 per diluted share was declared for the 7.50% Series I Cumulative Preferred Stock [5]. - Monthly cash dividends of $0.16667 per share for Series J Redeemable Preferred Stock will be paid on three separate dates [6]. - Monthly cash dividends of $0.17500 per share for Series K Redeemable Preferred Stock will be paid on three separate dates [7]. - Monthly cash dividends of $0.17292 per share for another set of Series K Redeemable Preferred Stock will be paid on three separate dates [8]. - Monthly cash dividends of $0.17083 per share for remaining Series K Redeemable Preferred Stock will be paid on three separate dates [9]. - Monthly cash dividends of $0.15625 per share for Series L Redeemable Preferred Stock will be paid on three separate dates [10]. - Monthly cash dividends of $0.16042 per share for Series M Redeemable Preferred Stock will be paid on three separate dates [11]. Company Overview - As of June 30, 2025, Ashford Hospitality Trust had 7,699,923 shares of Series J Redeemable Preferred Stock, 747,299 shares of Series K Redeemable Preferred Stock, 112,181 shares of Series L Redeemable Preferred Stock, and 145,232 shares of Series M Redeemable Preferred Stock issued and outstanding [12]. - The Company operates as a real estate investment trust (REIT) primarily focused on investing in upper upscale, full-service hotels [12].