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On March 5, 2026, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) completed the sale of the 333-room St. Petersburg Hilton Bayfront located in St. Petersburg, Florida (“Hilton St. Petersburg”) for total consideration of approximately $95.3 million in cash, net of selling expenses. Additionally, the Company paid approximately $94.7 million to the mortgage lender. The mortgage loan is secured by 12 hotels including the Hilton St. Petersburg.

The following unaudited pro forma financial information of the Company, as of and for the nine months ended September 30, 2025 and for the year ended December 31, 2024 has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on September 30, 2025. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2024, and the nine months ended September 30, 2025, assumes the disposition closed on January 1, 2024. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of Hilton St. Petersburg and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain and the related tax effects resulting from the disposition of Hilton St. Petersburg are preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

September 30, 2025

(in thousands, except share and per share amounts) 

			Ashford Trust Consolidated Historical (A)						Hilton St. Petersburg (B)						Adjustments						Ashford Trust Consolidated Pro Forma
ASSETS
Investments in hotel properties, gross ($82,787 attributable to VIEs)			$	3,207,483					$	26,358					$	—					$	3,181,125
Accumulated depreciation ($(4,522) attributable to VIEs)			(1,012,304)						(10,753)						—						(1,001,551)
Investments in hotel properties, net ($78,265 attributable to VIEs)			2,195,179						15,605						—						2,179,574
Contract asset			380,160						—						—						380,160
Cash and cash equivalents ($634 attributable to VIEs)			81,903						898						95,268			(C) (i)			80,400
															(1,190)			(C) (i)
															(94,683)			(C) (ii)
Restricted cash ($4,677 attributable to VIEs)			164,219						—						—						164,219
Accounts receivable ($188 attributable to VIEs), net of allowance of $789			42,100						824						—						41,276
Inventories ($43 attributable to VIEs)			3,747						107						—						3,640
Notes receivable, net			11,784						—						—						11,784
Investments in unconsolidated entities			7,331						—						—						7,331
Deferred costs, net ($81 attributable to VIEs)			1,669						30						—						1,639
Derivative assets			1,022						—						—						1,022
Operating lease right-of-use assets			43,585						—						—						43,585
Prepaid expenses and other assets ($62 attributable to VIEs)			27,367						1,232						—						26,135
Due from third-party hotel managers			26,920						—						—						26,920
Assets held for sale			21,450						—						—						21,450
Total assets			$	3,008,436					$	18,696					$	(605)					$	2,989,135
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($16,007 attributable to VIEs)			$	2,610,256					$	44,061					$	(50,681)		(C) (ii)			$	2,515,514
Debt associated with hotels in receivership			301,040						—						—						301,040
Finance lease liability			17,540						—						—						17,540
Accounts payable and accrued expenses ($16,042 attributable to VIEs)			146,617						3,770						—						142,847
Accrued interest payable ($147 attributable to VIEs)			13,600						371						—						13,229
Accrued interest associated with hotels in receivership			79,120						—						—						79,120
Dividends and distributions payable			4,220						—						—						4,220
Due to Ashford Inc., net			16,080						—						—						16,080
Due to related parties, net ($3,598 attributable to VIEs)			7,177						110						—						7,067
Due to third-party hotel managers			1,042						—						—						1,042
Operating lease liabilities			44,077						—						—						44,077
Other liabilities ($28,870 attributable to VIEs)			38,055						—						—						38,055
Liabilities related to assets held for sale			29,236						—						—						29,236
Total liabilities			3,308,060						48,312						(50,681)						3,209,067
Commitments and contingencies
Redeemable noncontrolling interests in operating partnership			21,209						—						—						21,209
Series J Redeemable Preferred Stock, $0.01 par value, 7,672,142 shares issued and outstanding at September 30, 2025			178,743						—						—						178,743
Series K Redeemable Preferred Stock, $0.01 par value, 737,805 shares issued and outstanding at September 30, 2025			18,348						—						—						18,348
Series L Redeemable Preferred Stock, $0.01 par value, 195,976 shares issued and outstanding at September 30, 2025			4,463						—						—						4,463
Series M Redeemable Preferred Stock, $0.01 par value, 433,601 shares issued and outstanding at September 30, 2025			10,501						—						—						10,501
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 September 30, 2025			11						—						—						11
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at September 30, 2025			10						—						—						10
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at September 30, 2025			15						—						—						15
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at September 30, 2025			10						—						—						10
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at September 30, 2025			11						—						—						11
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,186,482 shares issued and outstanding at September 30, 2025			62						—						—						62
Additional paid-in capital			2,400,801						(29,616)						15,635			(C) (i)			2,400,801
															(1,190)			(C) (i)
															(44,061)			(C) (ii)
Accumulated deficit			(2,949,658)						—						79,633			(C) (i)			(2,869,966)
															59			(C) (ii)
Total stockholders’ equity (deficit) of the Company			(548,738)						(29,616)						50,076						(469,046)
Noncontrolling interest in consolidated entities			15,850						—						—						15,850
Total equity (deficit)			(532,888)						(29,616)						50,076						(453,196)
Total liabilities and equity/deficit			$	3,008,436					$	18,696					$	(605)					$	2,989,135

See accompanying notes.

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NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(A)Represents the historical consolidated balance sheet of Ashford Trust as of September 30, 2025, as reported in its Quarterly Report on Form 10-Q, filed on November 13, 2025.

(B)Represents the removal of the historical balance sheet of Hilton St. Petersburg as of September 30, 2025.

(C)Represents adjustments for Ashford Trust’s disposition of Hilton St. Petersburg as of September 30, 2025, which includes: (i) an adjustment for the cash consideration received of approximately $95.3 million, net of selling expenses and cash paid for hotel net working capital and (ii) the cash paid to repay the mortgage loan partially secured by Hilton St. Petersburg.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended December 31, 2024

(in thousands, except share and per share amounts)

			Ashford Trust Consolidated Historical (A)						Hilton St. Petersburg (B)						Adjustments																								Ashford Trust Consolidated Pro Forma
REVENUE
Rooms			$	889,753					$	17,685					$	—																							$	872,068
Food and beverage			212,581						4,569						—																								208,012
Other hotel revenue			67,800						1,428						—																								66,372
Total hotel revenue			1,170,134						23,682						—																								1,146,452
Other			2,325						—						—																								2,325
Total revenue			1,172,459						23,682						—																								1,148,777
EXPENSES
Hotel operating expenses:
Rooms			209,569						3,358						—																								206,211
Food and beverage			145,304						2,482						—																								142,822
Other expenses			418,077						8,117						—																								409,960
Management fees			42,406						702						—																								41,704
Total hotel expenses			815,356						14,659						—																								800,697
Property taxes, insurance and other			64,103						1,548						—																								62,555
Depreciation and amortization			152,776						1,598						—																								151,178
Impairment charges			59,331						—						—																								59,331
Advisory services fee			58,606						—						—																								58,606
Corporate, general and administrative			24,662						—						—																								24,662
Total operating expenses			1,174,834						17,805						—																								1,157,029
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties			94,406						—						79,633																					(C) (i)			174,039
Gain (loss) on derecognition of assets			167,177						—						—																								167,177
OPERATING INCOME (LOSS)			259,208						5,877						79,633																								332,964
Equity in earnings (loss) of unconsolidated entities			(2,370)						—						—																								(2,370)
Interest income			6,942						—						—																								6,942
Other income (expense)			108						—						—																								108
Interest expense and amortization of discounts and loan costs			(273,359)						(4,230)						—																								(269,129)
Interest expense associated with hotels in receivership			(45,592)						—						—																								(45,592)
Write-off of premiums, loan costs and exit fees			(5,245)						(6)						59																					(C) (ii)			(5,180)
Gain (loss) on extinguishment of debt			2,774						—						—																								2,774
Realized and unrealized gain (loss) on derivatives			(6,480)						—						—																								(6,480)
INCOME (LOSS) BEFORE INCOME TAXES			(64,014)						1,641						79,692																								14,037
Income tax (expense) benefit			(997)						—						—																								(997)
NET INCOME (LOSS)			(65,011)						1,641						79,692																								13,040
(Income) loss attributable to noncontrolling interest in consolidated entities			4,028						—						—																								4,028
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			683						—						(796)																					(C) (iii)			(113)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(60,300)						1,641						78,896																								16,955
Preferred dividends			(22,686)						—						—																								(22,686)
Deemed dividends on redeemable preferred stock			(2,906)						—						—																								(2,906)
Gain (loss) on extinguishment of preferred stock			3,370						—						—																								3,370
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS			$	(82,522)					$	1,641					$	78,896																							$	(5,267)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders			$	(17.54)																																			$	(1.12)
Weighted average common shares outstanding—basic			4,706																																				4,706
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders			$	(17.54)																																			$	(1.12)
Weighted average common shares outstanding—diluted			4,706																																				4,706

See accompanying notes.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2025

(in thousands, except share and per share amounts)

			Ashford Trust Consolidated Historical (A)						Hilton St. Petersburg (B)												Adjustments						Ashford Trust Consolidated Pro Forma
REVENUE
Rooms			$	635,420					$	12,612											$	—					$	622,808
Food and beverage			155,787						3,632												—						152,155
Other hotel revenue			53,064						1,102												—						51,962
Total hotel revenue			844,271						17,346												—						826,925
Other			1,150						—												—						1,150
Total revenue			845,421						17,346												—						828,075
EXPENSES
Hotel operating expenses:
Rooms			149,786						2,604												—						147,182
Food and beverage			104,454						1,789												—						102,665
Other expenses			296,979						5,482												—						291,497
Management fees			29,357						513												—						28,844
Total hotel expenses			580,576						10,388												—						570,188
Property taxes, insurance and other			48,495						1,074												—						47,421
Depreciation and amortization			107,204						1,081												—						106,123
Impairment charges			19,821						—												—						19,821
Advisory services fee			34,112						—												—						34,112
Corporate, general and administrative			17,120						—												—						17,120
Total operating expenses			807,328						12,543												—						794,785
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties			55,305						—												—						55,305
Gain (loss) on derecognition of assets			29,649						—												—						29,649
OPERATING INCOME (LOSS)			123,047						4,803												—						118,244
Equity in earnings (loss) of unconsolidated entities			(258)						—												—						(258)
Interest income			3,666						—												—						3,666
Interest expense and amortization of discounts and loan costs			(200,368)						(3,626)												—						(196,742)
Interest expense associated with hotels in receivership			(29,632)						—												—						(29,632)
Write-off of premiums, loan costs and exit fees			(8,361)						(276)												—						(8,085)
Gain (loss) on extinguishment of debt			43						—												—						43
Realized and unrealized gain (loss) on derivatives			(4,804)						—												—						(4,804)
INCOME (LOSS) BEFORE INCOME TAXES			(116,667)						901												—						(117,568)
Income tax (expense) benefit			(695)						—												—						(695)
NET INCOME (LOSS)			(117,362)						901												—						(118,263)
(Income) loss attributable to noncontrolling interest in consolidated entities			4,719						—												—						4,719
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			2,127						—												13			(C) (iii)			2,140
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(110,516)						901												13						(111,404)
Preferred dividends			(20,921)						—												—						(20,921)
Deemed dividends on redeemable preferred stock			(5,264)						—												—						(5,264)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS			$	(136,701)					$	901											$	13					$	(137,589)
INCOME (LOSS) PER SHARE - BASIC:
Income (loss) attributable to common stockholders			$	(23.38)																							$	(23.53)
Weighted average common shares outstanding—basic			5,847																								5,847
INCOME (LOSS) PER SHARE - DILUTED:
Income (loss) attributable to common stockholders			$	(23.38)																							$	(23.53)
Weighted average common shares outstanding—diluted			5,847																								5,847

See accompanying notes.

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NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2024, as reported in its Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 21, 2025 and the historical consolidated statement of operations of Ashford Trust for the nine months ended September 30, 2025, as reported in its Quarterly Report on Form 10-Q, filed on November 13, 2025.

(B)Represents the removal of the historical consolidated statements of operations of Hilton St. Petersburg for the year ended December 31, 2024, and the nine months ended September 30, 2025.

(C)Represents adjustments for the Company’s sale of Hilton St. Petersburg, which includes: (i) the estimated non-recurring gain on the disposition of Hilton St. Petersburg for the year ended December 31, 2024; (ii) an adjustment for write off of loan costs; and (iii) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of Hilton St. Petersburg, including the estimated non-recurring gain for the year ended December 31, 2024, based on an ownership percentage of 1.02% for the year ended December 31, 2024 and 1.49% for the nine months ended September 30, 2025. There is no estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2024 and the nine months ended September 30, 2025. The pro forma gain resulting from the disposition of Hilton St. Petersburg is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.

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