1. AHT is like Simon Property Group (SPG), but instead of owning shopping malls, it owns a portfolio of upscale hotels.

2. Imagine a company that owns the actual buildings for numerous upscale hotels operating under brands like Marriott or Hilton, similar to a large-scale commercial landlord.

• Lodging Services: Providing hotel rooms and suites for guests seeking overnight stays.
• Hospitality Amenities: Offering a range of complementary services and facilities within its hotels, such as dining, meeting spaces, and fitness centers.

Ashford Hospitality Trust (AHT) primarily generates revenue from the operations of the hotel properties it owns. While these hotels are managed by various hotel management companies (including Remington Hotels, a subsidiary of Ashford Inc. (AINC), as well as brand-affiliated management companies like Marriott and Hilton), the ultimate customers whose bookings and stays drive the hotels' performance, and thus AHT's revenue, are **individuals**.

Ashford Hospitality Trust serves up to three main categories of individual customers:

• Business Travelers: Individuals traveling for corporate purposes, including attending meetings, conferences, conventions, or on general business trips. Upscale, full-service hotels often cater to this segment with amenities like meeting spaces, business centers, and executive lounges.
• Leisure Travelers: Individuals and families who are traveling for personal enjoyment, vacations, weekend getaways, tourism, or to attend special events such as concerts or sporting events.
• Group Travelers: Individuals who are part of larger organized groups, such as attendees of weddings, family reunions, tour groups, or other events that book blocks of rooms. While a group organizer might book on behalf of these individuals, the guests themselves are the ultimate customers.

• Ashford Inc. (AINC)
• Marriott International, Inc. (MAR)
• Hilton Worldwide Holdings Inc. (HLT)
• Hyatt Hotels Corporation (H)
• InterContinental Hotels Group PLC (IHG)

Monty J. Bennett Chairman of the Board

Mr. Bennett is the Founder, Chairman, and Chief Executive Officer of Ashford Inc., and also the Founder and Chairman of both Ashford Hospitality Trust (NYSE: AHT) and Braemar Hotels & Resorts (NYSE: BHR). He possesses over three decades of experience across various facets of the hospitality industry, including hotel real estate, finance, ownership, operations, development, asset management, and project management. Mr. Bennett co-founded Remington Hotels with his father in 1989, growing the business significantly. He served as CEO of Ashford Hospitality Trust from its founding until 2017 and remains its chairman. Additionally, he publishes the Dallas Express, a news website launched in 2021.

Stephen Zsigray President & Chief Executive Officer

Mr. Zsigray is the President and Chief Executive Officer of Ashford Hospitality Trust (NYSE: AHT), appointed in June 2024, succeeding J. Robison Hays III. Prior to this role, he served as Senior Vice President of Corporate Finance & Strategy. In that capacity, he was instrumental in helping the Ashford platforms raise over $1.3 billion in common and preferred equity, secure more than $1.1 billion in new corporate and property-level debt financing, and negotiate maturity extensions on over $3.3 billion in mortgage debt. Mr. Zsigray also managed Ashford's cash management platform and oversaw the corporate hedging strategy. He joined Ashford in 2014 as a trader and portfolio manager in the investment management division and previously served as President and Chief Operating Officer of OpenKey, an Ashford-affiliated hospitality technology company. Before joining Ashford, Mr. Zsigray worked with UBS Investment Bank in New York, trading and structuring derivatives, and began his career at Deloitte Consulting.

Deric S. Eubanks Chief Financial Officer

Mr. Eubanks is the Chief Financial Officer of Ashford Hospitality Trust (NYSE: AHT) and also serves as the Chief Financial Officer of Ashford Inc. and Braemar Hotels & Resorts (NYSE: BHR). In this role, he is responsible for all corporate finance and financial reporting initiatives and is actively involved in capital market activities, including equity raises and debt financings. He also oversees investor relations. Before becoming CFO, Mr. Eubanks held the position of Senior Vice President of Finance.

Alex Rose Executive Vice President, General Counsel and Secretary

Mr. Rose has served as the Executive Vice President, General Counsel, and Secretary of Ashford Inc., Ashford Hospitality Trust, Inc., Stirling Hotels & Resorts, Inc., and Braemar Hotels & Resorts Inc. since July 2021. His responsibilities encompass supervising the legal needs and interests of both the Board of Directors and senior management, ensuring legal compliance in both public and private sectors, and acting as a liaison to various third parties within Ashford's portfolio of companies.

The key risks to Ashford Hospitality Trust (AHT) include:

1. High Leverage and Risk of Financial Distress: Ashford Hospitality Trust faces significant financial risk due to its high leverage, with a reported Debt/EBITDA ratio of 14.04. This elevated debt level contributes to an above-average probability of financial distress, with some analyses indicating a probability of bankruptcy exceeding 60%. The company's reliance on asset sales to reduce debt further underscores this risk.
2. Execution Risk of Strategic Initiatives: The company's strategy hinges on the successful execution of ambitious plans such as the "GRO AHT" initiative, aimed at boosting EBITDA by $50 million annually through cost cuts and revenue diversification. There is inherent risk in achieving such targets, and the anticipated benefits from potential interest rate cuts and demand recovery are also assumptions central to their strategy. Furthermore, continued asset sales, while intended to reduce leverage, carry the risk of eroding the portfolio's scale and long-term growth potential.
3. Market Valuation Gap and Shareholder Value Concerns: Ashford Hospitality Trust has acknowledged a significant "valuation gap" between its underlying portfolio and the market value of its common stock. This discrepancy has led the company's Board to form a Special Committee to evaluate strategic alternatives to maximize shareholder value. In connection with this review, the company suspended redemptions for all outstanding non-traded preferred stock, indicating challenges in meeting investor expectations and potentially impacting market confidence.

Ashford Hospitality Trust (AHT) is a real estate investment trust (REIT) primarily focused on investing in and managing upscale and upper-upscale, full-service hotels across the United States.

The addressable market for Ashford Hospitality Trust's main products and services can be defined by the U.S. luxury and upscale hotel segment. The U.S. hotels market size was estimated at USD 263.21 billion in 2024. The luxury and upscale segment constituted approximately 61% of this market in 2024, which translates to an addressable market of approximately USD 160.56 billion in the U.S.

Looking ahead, the U.S. hotels market is projected to reach USD 280.63 billion in 2025. Assuming the luxury and upscale segment maintains a similar share, the addressable market for Ashford Hospitality Trust in the U.S. for 2025 would be approximately USD 171.19 billion. Another estimate places the Hotels & Motels market in the US at USD 286.5 billion in 2025. If applying the 61% share to this figure, the addressable market would be approximately USD 174.77 billion. The U.S. luxury hotel market alone was valued at USD 27.1 billion in 2024 and is projected to reach USD 40 billion by 2032.

Ashford Hospitality Trust (AHT) anticipates several key drivers for future revenue growth over the next 2-3 years, as outlined in recent company communications and analyst observations:

1. Revenue Maximization through "GRO AHT" Initiative: The company is actively pursuing its "GRO AHT" strategic initiative, which aims to improve EBITDA by $50 million. A significant component of this initiative is revenue maximization, involving tremendous efforts from asset management and property managers to drive total revenue growth across its portfolio.
2. Growth in Group Demand: Ashford Hospitality Trust expects to benefit from strong group demand. Recent commentary indicates robust group room revenue pacing ahead, with expectations for continued strength into 2026, partly driven by events such as the FIFA World Cup.
3. Enhanced Property-Level Performance and Ancillary Revenue Generation: Management is focused on realizing outsized improvements in property-level performance and growing ancillary revenue streams. This involves actively driving sales and optimizing operational efficiency within their existing hotel assets to maximize overall revenue.
4. Strategic Asset Management and Portfolio Optimization: Although the company is engaged in strategic asset dispositions of non-core properties to deleverage, the underlying goal is to strengthen its capital structure and focus on a high-quality, geographically diverse portfolio that is better positioned for future outperformance and revenue generation.

Share Repurchases

• Ashford Hospitality Trust had annual share buybacks of $49,000 in 2024, a decrease from $90,000 in 2023 and $316,000 in 2022.
• In November 2019, the board of directors authorized a repurchase program to acquire common and preferred stock with an aggregate value of up to $200 million.

Share Issuance

• In September 2020, Ashford Hospitality Trust initiated exchange offers for all outstanding series of its preferred stock (Series D, F, G, H, I).
• In connection with the 2020 exchange offers, the company stated it would not issue more than 126,048,813 shares of Common Stock or distribute more than $30,000,000 in cash.
• Ashford Hospitality Trust plans to close its non-listed Series J and Series K offerings by March 31, 2025, having raised approximately $180 million in gross proceeds since their launch in 2022.
• As of September 30, 2025, the company 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.

Capital Expenditures

• Capital expenditures are projected to be $70-80 million for the full year 2025.
• The company reported investing $5.7 million in capital expenditures during Q3 2025 and $19.9 million in Q2 2025.
• A primary focus of capital expenditures in the coming years is on improving the quality of existing hotel properties.