ASHTY

FORWARD-LOOKING STATEMENTS The following discussion should be read in conjunction with the unaudited financial statements and notes thereto appearing elsewhere herein. This report contains forward-looking statements within the meaning of the federal securities laws. Ashford Hospitality Trust, Inc. (“the Company,” “we,” “our” or “us”) cautions investors that any forward-looking statements presented herein, or which management may express orally or in writing from time to time, are based on management’s beliefs and assumptions at that time. Throughout this Form 10-Q, we make forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict” or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: •our business and investment strategy; •anticipated or expected purchases, sales or dispositions of assets; •our projected operating results; •completion of any pending transactions; •our ability to restructure existing property-level indebtedness; •our ability to secure additional financing to enable us to operate our business; •our understanding of our competition; •projected capital expenditures; and •the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance, taking into account all information currently known to us. These beliefs, assumptions and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Additionally, the following factors could cause actual results to vary from our forward-looking statements: •factors discussed in our Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on March 23, 2026, including those set forth under the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Properties,” as supplemented by our subsequent Quarterly Reports on Form 10-Q and other filings under the Exchange Act; •changes in interest rates and inflation; •macroeconomic conditions, such as a prolonged period of weak economic growth and volatility in capital markets; •uncertainty in the banking sector and market volatility; •catastrophic events or geopolitical conditions, such as the conflict between Russia and Ukraine, the Israel-Palestine-Iran conflict, ongoing instability in Venezuela and changes to tariffs or trade policies; •extreme weather conditions, which may cause property damage or interrupt business; •actions by the lenders to foreclose on our assets that are pledged as collateral; •general volatility of the capital markets and the market price of our common and preferred stock; •general and economic business conditions affecting the lodging and travel industry; •changes in our business or investment strategy; •availability, terms and deployment of capital; •our ability to raise capital on terms favorable to us and in a timely manner; •unanticipated increases in financing and other costs; •changes in our industry and the market in which we operate and local economic conditions; •the degree and nature of our competition; 47 •actual and potential conflicts of interest with Ashford Hospitality Advisors LLC (“Ashford LLC”), Remington Lodging & Hospitality, LLC (“Remington Hospitality”), Premier Project Management LLC (“Premier”), Braemar Hotels & Resorts Inc. (“Braemar”), our executive officers and our non-independent directors; •changes in personnel of Ashford LLC or the lack of availability of qualified personnel; •changes in governmental regulations, accounting rules, tax rates and similar matters; •our ability to continue as a going concern as described in our financial statement footnotes and generate sufficient liquidity to satisfy our obligations as they become due; •legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the “Code”), and related rules, regulations and interpretations governing the taxation of real estate investment trusts (“REITs”), including impacts from the One Big Beautiful Bill Act (the “OBBBA”); •limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes; •changes in our dividend policy; •our preferred stock purchase rights could hinder the market for our common stock; and •future sales and issuances of our common stock or other securities which might result in dilution and could cause the price of our common stock to decline or cause our common stock to be delisted from the NYSE. When considering forward-looking statements, you should keep in mind the matters summarized under “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed on March 23, 2026 (the “2025 Form 10-K”), and this Quarterly Report, and the discussion in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, could cause our actual results and performance to differ significantly from those contained in our forward-looking statements. Accordingly, we cannot guarantee future results or performance. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this Quarterly Report. Furthermore, we do not intend to update any of our forward-looking statements after the date of this Quarterly Report to conform these statements to actual results and performance, except as may be required by applicable law. EXECUTIVE OVERVIEW General As of June 30, 2026, our portfolio consisted of 52 consolidated operating hotel properties, which represent 13,241 total rooms, and one additional consolidated operating hotel property owned through a 29.3% investment in a consolidated entity, which represents 188 total rooms. Currently, all of our hotel properties are located in the United States. Based on our primary business objectives and forecasted operating conditions, our current key priorities and financial strategies include, among other things: •preserving capital and maintaining significant cash and cash equivalents liquidity; •disposition of non-core hotel properties; •acquisition of hotel properties, in whole or in part, that we expect will be accretive to our portfolio; •pursuing capital market activities and implementing strategies to enhance long-term stockholder value; •accessing cost effective capital, including through the issuance of non-traded preferred securities; •opportunistically exchanging preferred stock into common stock; •implementing selective capital improvements designed to increase profitability and maintain the quality of our assets; •implementing effective asset management strategies to minimize operating costs and increase revenues; •financing or refinancing hotels on competitive terms; •modifying or extending property-level indebtedness; •utilizing hedges, derivatives and other strategies to mitigate risks; •pursuing opportunistic value-add additions to our hotel portfolio; and •making other investments or divestitures that our board of directors deems appropriate. 48 Our current investment strategy is to focus on owning predominantly full-service hotels in the upper upscale segment in domestic markets that have RevPAR generally less than twice the national average. We believe that as supply, demand and capital market cycles change, we will be able to shift our investment strategy to take advantage of new lodging-related investment opportunities as they may develop. Our board of directors may change our investment strategy at any time without stockholder approval or notice. We will continue to seek ways to benefit from the cyclical nature of the hotel industry. We are advised by Ashford LLC, a subsidiary of Ashford Inc., through the Advisory Agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. As of June 30, 2026, Remington Lodging & Hospitality, LLC (“Remington Hospitality”), a subsidiary of Ashford Inc., manages 36 of our 53 operating hotel properties. Third-party management companies manage the remaining hotel properties. Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audiovisual services, real estate advisory and brokerage services, insurance policies covering general liability, workers’ compensation and business automobile claims and insurance claims services, hypoallergenic premium rooms, watersport activities and cash management services. Mr. Monty J. Bennett, chairman and chief executive officer of Ashford Inc. and, together with his father, Mr. Archie Bennett, Jr. (the “Bennetts”), as of June 30, 2026, hold a controlling interest in Ashford Inc. The Bennetts owned approximately 810,123 shares of Ashford Inc. common stock, which represented an approximate 52.5% ownership interest in Ashford Inc., and owned 18,777,914 shares of Ashford Inc. Series D Convertible Preferred Stock, which, along with all unpaid accrued and accumulated dividends thereon, was convertible (at a conversion price of $117.50 per share) into an additional approximate 4,745,833 shares of Ashford Inc. common stock, which, if converted as of June 30, 2026, would have increased the Bennetts’ ownership interest in Ashford Inc. to 88.4%. The 18,777,914 shares of Series D Convertible Preferred Stock owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr. include 360,000 shares owned by trusts. Additionally, Mr. Monty J. Bennett acquired the right to direct votes, effective March 25, 2025, and as of June 30, 2026, those rights represented approximately 534,000 common shares. For additional detail regarding the relationships among the Company, Ashford LLC and its affiliates, and other entities advised by Ashford LLC, please see the section titled “Certain Relationships and Related Person Transactions” in the Company’s 2026 Annual Proxy Statement and any current or annual report, prospectus supplement, or proxy statement filed by the Company with the SEC at www.sec.gov. Recent Developments Disposition of Hotel Properties The following table presents the Company’s most recent dispositions of hotel properties (in thousands): Property Location Date Sale Price (1) Embassy Suites Palm Beach Gardens Palm Beach Gardens, FL April 7, 2026 $ 41,000 Embassy Suites Dallas Dallas, TX May 6, 2026 $ 17,000 Lakeway Resort & Spa Austin, TX May 19, 2026 $ 37,750 Sheraton Indianapolis City Centre Indianapolis, IN May 21, 2026 $ 32,100 Silversmith Hotel Chicago, IL June 1, 2026 $ 16,000 Sheraton San Diego Mission Valley San Diego, CA June 9, 2026 $ 45,250 Hilton Garden Inn Jacksonville Jacksonville, FL June 11, 2026 $ 11,300 Hilton Garden Inn Austin Downtown Austin, TX June 18, 2026 $ 26,850 Hyatt Regency Savannah Savannah, GA June 30, 2026 $ 158,000 Marriott Fremont Silicon Valley Fremont, CA July 1, 2026 $ 53,000 Hyatt Regency Long Island Hauppauge, NY July 31, 2026 $ 26,452 ____________________________________ (1) Sale price is prior to adjustments and buyer credits. 49 Other Developments On June 1, 2026, the Company received notice that the Hilton Santa Cruz Scotts Valley had been transferred to a court-appointed receiver. We derecognized the Hilton Santa Cruz Scotts Valley from our consolidated balance sheet in June 2026, when the receiver took control of the hotel property and, accordingly, recognized a loss of $597,000, which is included in “gain (loss) on derecognition of assets” in our consolidated statements of operations for the three and six months ended June 30, 2026. We recorded a contract asset of $24.9 million as of June 30, 2026, which represented the liabilities from which we expect to be released upon final resolution with the lenders on the Hilton Santa Cruz Scotts Valley mortgage loans in exchange for the transfer of ownership of the hotel property. On July 24, 2026, the Company entered into a definitive agreement to sell the 150-room Embassy Suites Dulles located in Herndon, Virginia for a purchase price of $22.8 million. The agreement included a nonrefundable deposit of $500,000 which was paid in July of 2026. On July 27, 2026, the Company entered into a definitive agreement to sell the 263-room Embassy Suites Philadelphia located in Philadelphia, Pennsylvania for a purchase price of $26.0 million. The agreement included a nonrefundable deposit of $500,000 which was paid in July of 2026. RESULTS OF OPERATIONS Key Indicators of Operating Performance We use a variety of operating and other information to evaluate the operating performance of our business. These key indicators include financial information that is prepared in accordance with GAAP as well as other financial measures that are non-GAAP measures. In addition, we use other information that may not be financial in nature, including statistical information and comparative data. We use this information to measure the operating performance of our individual hotels, groups of hotels and/or business as a whole. We also use these metrics to evaluate the hotels in our portfolio and potential acquisitions to determine each hotel’s contribution to cash flow and its potential to provide attractive long-term total returns. These key indicators include: •Occupancy—Occupancy means the total number of hotel rooms sold in a given period divided by the total number of rooms available. Occupancy measures the utilization of our hotels’ available capacity. We use occupancy to measure demand at a specific hotel or group of hotels in a given period. •ADR—ADR means average daily rate and is calculated by dividing total hotel rooms revenues by total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. We use ADR to assess the pricing levels that we are able to generate. •RevPAR—RevPAR means revenue per available room and is calculated by multiplying ADR by the average daily occupancy. RevPAR is one of the commonly used measures within the hotel industry to evaluate hotel operations. RevPAR does not include revenues from food and beverage sales or parking, telephone or other non-rooms revenues generated by the property. Although RevPAR does not include these ancillary revenues, it is generally considered the leading indicator of core revenues for many hotels. We also use RevPAR to compare the results of our hotels between periods and to analyze results of our comparable hotels (comparable hotels represent hotels we have owned for the entire period). RevPAR improvements attributable to increases in occupancy are generally accompanied by increases in most categories of variable operating costs. RevPAR improvements attributable to increases in ADR are generally accompanied by increases in limited categories of operating costs, such as management fees and franchise fees. RevPAR changes that are primarily driven by changes in occupancy have different implications for overall revenues and profitability than changes that are driven primarily by changes in ADR. For example, an increase in occupancy at a hotel would lead to additional variable operating costs (including housekeeping services, utilities and room supplies) and could also result in increases in other operating department revenues and expenses. Changes in ADR typically have a greater impact on operating margins and profitability as they do not have a substantial effect on variable operating costs. Occupancy, ADR and RevPAR are commonly used measures within the lodging industry to evaluate operating performance. RevPAR is an important statistic for monitoring operating performance at the individual hotel level and across our entire business. We evaluate individual hotel RevPAR performance on an absolute basis with comparisons to budget and prior periods, as well as on a regional and company-wide basis. ADR and RevPAR include only rooms revenue. Rooms revenue is dictated by demand (as measured by occupancy), pricing (as measured by ADR) and our available supply of hotel rooms. 50 We also use funds from operations (“FFO”), Adjusted FFO, earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) and Adjusted EBITDAre as measures of the operating performance of our business. See “Non-GAAP Financial Measures.” The following table summarizes the changes in key line items from our consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Favorable (Unfavorable) Change Six Months Ended June 30, Favorable (Unfavorable) Change 2026 2025 2026 to 2025 2026 2025 2026 to 2025 Total revenue $ 273,240 $ 302,001 $ (28,761) $ 540,972 $ 579,360 $ (38,388) Total hotel expenses (176,455) (198,830) 22,375 (357,585) (387,304) 29,719 Property taxes, insurance and other (13,179) (16,234) 3,055 (28,073) (32,283) 4,210 Depreciation and amortization (28,628) (35,276) 6,648 (60,634) (72,615) 11,981 Impairment charges — (1,447) 1,447 (112,649) (1,447) (111,202) Advisory services fee (14,199) (12,017) (2,182) (34,222) (23,562) (10,660) Corporate, general and administrative (1,325) (5,485) 4,160 (2,927) (9,817) 6,890 Gain (loss) on disposition of assets and hotel properties 150,046 6,684 143,362 250,076 38,552 211,524 Gain (loss) on derecognition of assets 6,828 9,900 (3,072) 14,618 19,946 (5,328) Operating income (loss) 196,328 49,296 147,032 209,576 110,830 98,746 Equity in earnings (loss) of unconsolidated entities 47 44 3 (155) (387) 232 Interest income 1,047 1,253 (206) 1,969 2,467 (498) Other income (expense) — — — 3,223 — 3,223 Interest expense and amortization of discounts and loan costs (55,670) (70,135) 14,465 (129,224) (136,591) 7,367 Interest expense associated with hotels in receivership (7,607) (10,454) 2,847 (15,427) (20,846) 5,419 Write-off of premiums, loan costs and exit fees (305) (1,486) 1,181 (1,559) (6,083) 4,524 Gain (loss) on extinguishment of debt (1,950) (2) (1,948) (1,975) (15) (1,960) Realized and unrealized gain (loss) on derivatives 44 (836) 880 801 (3,576) 4,377 Income tax (expense) benefit (2,553) (119) (2,434) (3,305) (436) (2,869) Net income (loss) 129,381 (32,439) 161,820 63,924 (54,637) 118,561 (Income) loss attributable to noncontrolling interest in consolidated entities 341 1,412 (1,071) 996 3,188 (2,192) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (1,729) 631 (2,360) (699) 1,082 (1,781) Net income (loss) attributable to the Company $ 127,993 $ (30,396) $ 158,389 $ 64,221 $ (50,367) $ 114,588 51 All hotel properties held during the three and six months ended June 30, 2026 and 2025 have been included in our results of operations during the respective periods in which they were held. Based on when a hotel property was acquired or disposed, operating results for certain hotel properties are not comparable for the three and six months ended June 30, 2026 and 2025. The hotel properties listed below are not comparable hotel properties for the periods indicated and all other hotel properties are considered comparable hotel properties. The following transactions affect the reporting comparability of our consolidated financial statements: Hotel Properties Location Type Date Courtyard Boston Downtown (1) Boston, MA Disposition January 10, 2025 Residence Inn Evansville (1) Evansville, IN Disposition August 11, 2025 Hilton NASA Clear Lake (1) Houston, TX Disposition August 22, 2025 Residence Inn San Diego (1) San Diego, CA Disposition October 15, 2025 Le Pavillon (1) New Orleans, LA Disposition December 18, 2025 Embassy Suites Houston (1) Houston, TX Disposition February 9, 2026 Embassy Suites Austin (1) Austin, TX Disposition February 17, 2026 Hilton St. Petersburg Bayfront (1) St. Petersburg, FL Disposition March 5, 2026 La Posada de Santa Fe (1) Santa Fe, NM Disposition March 17, 2026 Hilton Alexandria Old Town (1) Alexandria, VA Disposition March 31, 2026 Embassy Suites Palm Beach Gardens (1) Palm Beach Gardens, FL Disposition April 7, 2026 Embassy Suites Dallas (1) Dallas, TX Disposition May 6, 2026 Lakeway Resort & Spa (1) Austin, TX Disposition May 19, 2026 Sheraton Indianapolis City Centre (1) Indianapolis, IN Disposition May 21, 2026 Silversmith Hotel (1) Chicago, IL Disposition June 1, 2026 Hilton Santa Cruz Scotts Valley Santa Cruz, CA Derecognized June 1, 2026 Sheraton San Diego Mission Valley (1) San Diego, CA Disposition June 9, 2026 Hilton Garden Inn Jacksonville (1) Jacksonville, FL Disposition June 11, 2026 Hilton Garden Inn Austin Downtown (1) Austin, TX Disposition June 18, 2026 Hyatt Regency Savannah (1) Savannah, GA Disposition June 30, 2026 ____________________________________ (1) Referred to as “Hotel Dispositions.” The following table illustrates the key performance indicators of the operating hotel properties included in our results of operations: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 RevPAR (revenue per available room) $ 154.95 $ 144.08 $ 145.05 $ 138.09 Occupancy 76.16 % 75.23 % 72.24 % 71.62 % ADR (average daily rate) $ 203.46 $ 191.51 $ 200.80 $ 192.80 The following table illustrates the key performance indicators of the 53 comparable hotel properties that were included in our results of operations for the full three and six months ended June 30, 2026 and 2025, respectively: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 RevPAR $ 155.68 $ 146.09 $ 146.74 $ 139.27 Occupancy 76.07 % 75.53 % 72.49 % 71.71 % ADR $ 204.65 $ 193.42 $ 202.43 $ 194.23 52 Comparison of the Three Months Ended June 30, 2026 and 2025 Net Income (Loss) Attributable to the Company. Net income (loss) attributable to the Company changed $158.4 million, from net loss of $30.4 million for the three months ended June 30, 2025 (the “2025 quarter”) to net income of $128.0 million for the three months ended June 30, 2026 (the “2026 quarter”) as a result of the factors discussed below. Revenue. Rooms revenue from our hotel properties decreased $17.6 million, or 7.7%, to $209.6 million in the 2026 quarter compared to the 2025 quarter. This decrease in the 2026 quarter is primarily attributable to decreases of $28.3 million from our Hotel Dispositions and $758,000 from the derecognition of the Hilton Santa Cruz Scotts Valley in June 2026 (the “Hilton Santa Cruz Scotts Valley Derecognition”). These decreases were partially offset by higher rooms revenue of $11.5 million from our comparable hotel properties. Our comparable hotel properties experienced an increase of 5.8% in room rates and a 54 basis point increase in occupancy. Food and beverage revenue decreased $8.3 million, or 15.1%, to $47.0 million in the 2026 quarter compared to the 2025 quarter. This decrease in the 2026 quarter is primarily attributable to decreases of food and beverage sales of $6.2 million from our Hotel Dispositions and $2.1 million from our comparable hotels. Other hotel revenue, which consists mainly of internet access, parking, and spa revenue, decreased $2.6 million, or 13.5%, to $16.4 million in the 2026 quarter compared to the 2025 quarter primarily due to our Hotel Dispositions. Other non-hotel revenue decreased $283,000, or 62.1%, to $173,000 in the 2026 quarter as compared to the 2025 quarter. Hotel Operating Expenses. Hotel operating expenses decreased $22.4 million, or 11.3%, to $176.5 million in the 2026 quarter compared to the 2025 quarter. Hotel operating expenses consist of direct expenses from departments associated with revenue streams and indirect expenses associated with support departments and management fees. Direct expenses decreased $10.3 million in the 2026 quarter as compared to the 2025 quarter primarily due to a decrease of $10.4 million from our Hotel Dispositions. Direct expenses were 29.0% of total hotel revenue for the 2026 quarter and 29.7% for the 2025 quarter. Indirect expenses and management fees decreased $12.1 million in the 2026 quarter as compared to the 2025 quarter primarily due to decreases of $14.1 million from our Hotel Dispositions and $392,000 from the Hilton Santa Cruz Scotts Valley Derecognition. The decrease in the 2026 quarter was partially offset by an increase of $2.4 million from our comparable hotel properties. Property Taxes, Insurance and Other. Property taxes, insurance and other expense decreased $3.1 million, or 18.8%, to $13.2 million during the 2026 quarter compared to the 2025 quarter. The decrease in the 2026 quarter was primarily due to decreases of $2.4 million and $594,000 from our Hotel Dispositions and our comparable hotel properties, respectively. Depreciation and Amortization. Depreciation and amortization decreased $6.6 million, or 18.8%, to $28.6 million during the 2026 quarter compared to the 2025 quarter. The decrease in the 2026 quarter was primarily due to decreases of $6.1 million from our Hotel Dispositions and $395,000 from our comparable hotel properties. Impairment Charges. Impairment charges were $1.4 million in the 2025 quarter. The impairment charges related to the Residence Inn Evansville as a result of reduced estimated cash flows resulting from the sale of the property in August 2025. Advisory Services Fee. Advisory services fee increased $2.2 million, or 18.2%, to $14.2 million in the 2026 quarter compared to the 2025 quarter. The advisory services fee represents fees incurred in connection with the advisory agreements between Ashford LLC and the Company and, prior to September 2, 2025, between Stirling Advisor and Stirling OP. In the 2026 quarter, the advisory services fee was primarily comprised of a base advisory fee of $8.5 million and reimbursable expenses of $5.7 million. In the 2025 quarter, the advisory services fee was primarily comprised of a base advisory fee of $8.2 million, equity-based compensation of $222,000 awarded to the officers and employees of Ashford LLC, reimbursable expenses of $3.3 million and fees totaling $306,000 associated with Stirling OP’s advisory agreement. Corporate, General and Administrative. Corporate, general and administrative expense decreased $4.2 million from $5.5 million in the 2025 quarter to $1.3 million in the 2026 quarter. The decrease was primarily attributable to decreases in reimbursements of Ashford Securities’ operating expenses of $2.5 million from the winding down of Ashford Securities, miscellaneous expenses of $888,000, public company costs of $536,000 and legal and professional costs of $221,000. Gain (Loss) on Disposition of Assets and Hotel Properties. Gain on disposition of assets and hotel properties increased $143.4 million from $6.7 million in the 2025 quarter to $150.0 million in the 2026 quarter. The gain in the 2026 quarter was primarily related to net gains from the sale of nine hotel properties in the 2026 quarter. See note 5 to our consolidated financial statements. 53 Gain (Loss) on Derecognition of Assets. Gain on derecognition of assets decreased $3.1 million from $9.9 million in the 2025 quarter to $6.8 million in the 2026 quarter. The gain primarily represents the increase of the contract asset on our consolidated balance sheets. We record a contract asset associated with the accrued interest expense from the default of the KEYS A, KEYS B and Hilton Santa Cruz Scotts Valley loans as we expect to be released from this obligation upon final resolution with the lender. The gains in the 2026 quarter and in the 2025 quarter primarily relate to accrued interest on the mortgage loans of the KEYS A, KEYS B and Hilton Santa Cruz Scotts Valley properties in receivership. See note 6 to our consolidated financial statements. Equity in Earnings (Loss) of Unconsolidated Entities. Equity in earnings of unconsolidated entities was $47,000 in the 2026 quarter and $44,000 in the 2025 quarter. Equity in earnings primarily results from our investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage in Napa, California. Interest Income. Interest income was $1.0 million and $1.3 million for the 2026 quarter and the 2025 quarter, respectively. The decrease in interest income in the 2026 quarter was primarily attributable to lower excess cash balances in the 2026 quarter compared to the 2025 quarter. Interest Expense and Amortization of Discounts and Loan Costs. Interest expense and amortization of discounts and loan costs decreased $14.5 million, or 20.6%, to $55.7 million during the 2026 quarter compared to the 2025 quarter. The decrease is primarily due to decreases of $9.3 million from our Hotel Dispositions, $3.6 million from lower interest expense and amortization of discounts and loan costs at our comparable hotels and $1.6 million from lower default interest and late charges recorded on mortgage loans in default. Interest Expense Associated with Hotels in Receivership. Interest expense associated with hotels in receivership decreased $2.8 million, from $10.5 million in the 2025 quarter to $7.6 million in the 2026 quarter. The decrease is due to fewer hotels being under receivership in the 2026 quarter compared to the 2025 quarter. On June 25, 2025 and December 22, 2025, the Courtyard Oakland Airport and SpringHill Suites BWI Airport were transferred to a third-party purchaser. On March 4, 2026, the SpringHill Suites Plymouth Meeting was also transferred to a third-party purchaser. As a result, the contract asset and corresponding indebtedness associated with hotels in receivership and accrued interest associated with hotels in receivership were reduced for the amounts attributable to each hotel. Interest expense associated with hotels in receivership additionally includes interest expense related to the Hilton Santa Cruz Scotts Valley Derecognition. See note 6 to our consolidated financial statements. Write-off of Premiums, Loan Costs and Exit Fees. Write-off of premiums, loan costs and exit fees was $305,000 in the 2026 quarter and $1.5 million in the 2025 quarter. In the 2025 quarter, we incurred fees of $1.5 million related to loan refinances and modifications. Gain (Loss) on Extinguishment of Debt. Gain (loss) on extinguishment of debt resulted in a loss of $2.0 million in the 2026 quarter and a loss of $2,000 in the 2025 quarter. The loss in the 2026 quarter primarily related to write-offs related to our Hotel Dispositions. Realized and Unrealized Gain (Loss) on Derivatives. Realized and unrealized gain (loss) on derivatives changed $880,000 from an $836,000 loss in the 2025 quarter to a $44,000 gain in the 2026 quarter. In the 2026 quarter, we recognized net unrealized gains of $44,000 on our derivatives, which were primarily attributable to interest rate caps. In the 2025 quarter, we recognized net unrealized losses of $1.3 million on our derivatives. These unrealized losses were partially offset by net realized gains of $473,000 related to payments from counterparties on interest rate caps. Income Tax (Expense) Benefit. Income tax expense increased $2.4 million, from $119,000 in the 2025 quarter to $2.6 million in the 2026 quarter. The increase in income tax expense in the 2026 quarter was primarily attributable to an increase in the taxable income of our TRS entities. (Income) Loss from Consolidated Entities Attributable to Noncontrolling Interests. Our noncontrolling interest partners in consolidated entities were allocated losses of $341,000 and $1.4 million in the 2026 quarter and the 2025 quarter, respectively. Noncontrolling interests in consolidated entities represented an ownership interest of 70.7% in 815 Commerce MM and, prior to September 2, 2025, an ownership interest of 0.30% in Stirling OP. See notes 1 and 2 to our consolidated financial statements. Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership. Noncontrolling interests in operating partnership were allocated net income of $1.7 million in the 2026 quarter and a net loss of $631,000 in the 2025 quarter. Redeemable noncontrolling interests represented ownership interests of 1.41% and 1.56% in the operating partnership at June 30, 2026 and 2025, respectively. 54 Comparison of the Six Months Ended June 30, 2026 and 2025 Net Income (Loss) Attributable to the Company. Net income (loss) attributable to the Company changed $114.6 million from a net loss of $50.4 million for the six months ended June 30, 2025 (the “2025 period”) to net income of $64.2 million for the six months ended June 30, 2026 (the “2026 period”) as a result of the factors discussed below. Revenue. Rooms revenue from our hotel properties decreased $23.9 million, or 5.5%, to $409.6 million in the 2026 period compared to the 2025 period. This decrease in the 2026 period was primarily attributable to decreases in rooms revenue of $41.4 million from our Hotel Dispositions and $645,000 from the Hilton Santa Cruz Scotts Valley Derecognition. These decreases were partially offset by an increase in rooms revenue of $18.1 million at our comparable hotel properties. Our comparable hotel properties experienced an increase of 4.2% in room rates and an increase of 78 basis points in occupancy. Food and beverage revenue decreased $11.3 million, or 10.3%, to $98.6 million in the 2026 period compared to the 2025 period. This decrease in the 2026 period was primarily attributable to decreases in food and beverage revenue of $8.2 million from our Hotel Dispositions and $2.9 million at our comparable hotel properties. Other hotel revenue, which consists mainly of internet access, parking, and spa revenue, decreased $2.8 million, or 8.0%, to $32.4 million in the 2026 period compared to the 2025 period primarily attributable to our Hotel Dispositions. Other revenue decreased $438,000, or 57.3%, to $327,000 in the 2026 period compared to the 2025 period. Hotel Operating Expenses. Hotel operating expenses decreased $29.7 million, or 7.7%, to $357.6 million in the 2026 period compared to the 2025 period. Hotel operating expenses consist of direct expenses from departments associated with revenue streams and indirect expenses associated with support departments and management fees. Direct expenses decreased $13.4 million in the 2026 period compared to the 2025 period, primarily due to a decrease of $14.1 million from our Hotel Dispositions. The decrease in direct expenses was partially offset by an increase in the 2026 period of $893,000 from our comparable hotel properties. Direct expenses were 29.9% of total hotel revenue for the 2026 period and 30.3% for the 2025 period. Indirect expenses and management fees decreased $16.3 million in the 2026 period compared to the 2025 period, primarily due to a decrease of $19.3 million from our Hotel Dispositions. The decrease in the 2026 period was partially offset by an increase of $3.3 million from our comparable hotel properties. Property Taxes, Insurance and Other. Property taxes, insurance and other expense decreased $4.2 million or 13.0%, to $28.1 million in the 2026 period compared to the 2025 period. The decrease in the 2026 period was primarily due to decreases of $3.2 million from our Hotel Dispositions and $933,000 from our comparable hotel properties. Depreciation and Amortization. Depreciation and amortization decreased $12.0 million or 16.5%, to $60.6 million in the 2026 period compared to the 2025 period. The decreases in the 2026 period were primarily due to decreases of $9.4 million from our Hotel Dispositions and $2.4 million from our comparable hotel properties. Impairment Charges. Impairment charges were $112.6 million in the 2026 period and $1.4 million in the 2025 period. In the 2026 period, we recorded impairment charges on nine properties. The impairment charges were a result of reduced estimated future cash flows resulting from reductions to the expected holding periods of the hotel properties. The impairment charges for four properties were based on a market approach methodology which compares the net book value of the assets to their fair market value. The impairment charge for the remaining five properties were based on the income approach which utilized a discounted cash flow methodology, supported by the market approach. See note 5 to our consolidated financial statements. Advisory Services Fee. The advisory services fee increased $10.7 million, or 45.2%, to $34.2 million in the 2026 period compared to the 2025 period primarily due to an increase in reimbursable expenses arising from the Company’s obligation to indemnify Ashford LLC for certain tax liabilities under the Advisory Agreement. The advisory services fee represents fees incurred in connection with the advisory agreements between Ashford LLC and the Company and, prior to September 2, 2025, between Stirling Advisor and Stirling OP. In the 2026 period, the advisory services fee primarily comprised a base advisory fee of $16.8 million and reimbursable expenses of $17.4 million. In the 2025 period, the advisory services fee primarily comprised a base advisory fee of $16.3 million, reimbursable expenses of $6.5 million, an incentive advisory fee of $27,000, and fees totaling $574,000 associated with Stirling OP’s advisory agreement. Corporate, General and Administrative. Corporate, general and administrative expenses decreased $6.9 million, or 70.2%, to $2.9 million in the 2026 period compared to the 2025 period. The decrease was primarily attributable to decreases in reimbursements of Ashford Securities’ operating expenses of $3.8 million from the winding down of Ashford Securities, legal and professional expenses of $1.2 million, public company costs of $951,000 and miscellaneous expenses of $973,000. 55 Gain (Loss) on Disposition of Assets and Hotel Properties. Gain on disposition of assets and hotel properties increased $211.5 million, from $38.6 million in the 2025 period to $250.1 million in the 2026 period. The gain in the 2026 period was primarily related to the sale of 14 of our hotel properties in the 2026 period. The gain in the 2025 period was primarily related to the sale of Courtyard Boston Downtown. See note 5 to our consolidated financial statements. Gain (Loss) on Derecognition of Assets. Gain on derecognition of assets decreased $5.3 million, from $19.9 million in the 2025 period to $14.6 million in the 2026 period. The gain primarily represents the increase of the contract asset on our consolidated balance sheets. We record a contract asset associated with the accrued interest expense from the default of the KEYS A, KEYS B and Hilton Santa Cruz Scotts Valley loans as we expect to be released from this obligation upon final resolution with the lender. The gains in the 2026 period and the 2025 period relate to accrued interest on the mortgage loans of the KEYS A, KEYS B and Hilton Santa Cruz Scotts Valley properties in receivership. See note 6 to our consolidated financial statements. Equity in Earnings (Loss) of Unconsolidated Entities. Equity in loss of unconsolidated entities was $155,000 in the 2026 period and $387,000 in the 2025 period. Equity in loss primarily results from our investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage in Napa, California. Interest Income. Interest income was $2.0 million and $2.5 million in the 2026 period and the 2025 period, respectively. The decrease in interest income in the 2026 period was primarily attributable to lower excess cash balances in the 2026 period compared to the 2025 period. Other Income (Expense). In the 2026 period and the 2025 period, we recorded other income of $3.2 million and $0, respectively. The income in the 2026 period was from the sale of historical tax credits related to the Le Pavillon hotel which were sold subsequent to the sale of the property in December 2025. Interest Expense and Amortization of Discounts and Loan Costs. Interest expense and amortization of discounts and loan costs decreased $7.4 million, or 5.4%, to $129.2 million in the 2026 period compared to the 2025 period. The decrease was primarily due to decreases of $16.3 million from our Hotel Dispositions and $944,000 from the pay-off of the Oaktree loan in February 2025. These decreases were partially offset by increases due to higher default interest and late charges recorded on mortgage loans in default of $8.5 million and higher interest expense and amortization of discounts and loan costs at our comparable hotels of $1.3 million. Interest Expense Associated with Hotels in Receivership. Interest expense associated with hotels in receivership decreased $5.4 million, from $20.8 million in the 2025 period to $15.4 million in the 2026 period. The decrease is due to fewer hotels being under receivership in the 2026 period compared to the 2025 period. On June 25, 2025 and December 22, 2025, the Courtyard Oakland Airport and SpringHill Suites BWI Airport were transferred to a third-party purchaser. On March 4, 2026, the SpringHill Suites Plymouth Meeting was also transferred to a third-party purchaser. As a result, the contract asset and corresponding indebtedness associated with hotels in receivership and accrued interest associated with hotels in receivership were reduced for the amounts attributable to each hotel. Interest expense associated with hotels in receivership additionally includes interest expense related to the Hilton Santa Cruz Scotts Valley Derecognition. See note 6 to our consolidated financial statements. Write-off of Premiums, Loan Costs and Exit Fees. Write-off of premiums, loan costs and exit fees was $1.6 million in the 2026 period and $6.1 million in the 2025 period. In the 2026 period, we incurred fees of $1.6 million from loan refinances and modifications. In the 2025 period, we incurred fees of approximately $3.3 million related to loan refinances and modifications, $2.2 million related to prepayment penalties and exit fees on loan refinances, wrote-off $378,000 of unamortized loan costs and incurred $193,000 non-reimbursed legal fees relating to repaying the Oaktree loan. Gain (Loss) on Extinguishment of Debt. Gain (loss) on extinguishment of debt resulted in a loss of $2.0 million in the 2026 period and a loss of $15,000 in the 2025 period. The loss in the 2026 period primarily related to write-offs related to our Hotel Dispositions. Realized and Unrealized Gain (Loss) on Derivatives. Realized and unrealized gain (loss) on derivatives changed by $4.4 million from a $3.6 million loss in the 2025 period to an $801,000 gain in the 2026 period. In the 2026 period, we recognized $801,000 of net unrealized gains on our derivatives which were primarily attributable to interest rate caps. In the 2025 period, we recognized $4.4 million of net unrealized losses on our derivatives which were primarily attributable to interest rate caps. These unrealized losses were partially offset by net realized gains on interest rate caps of $795,000. 56 Income Tax (Expense) Benefit. Income tax expense increased $2.9 million, from $436,000 in the 2025 period to $3.3 million in the 2026 period. The increase in income tax expense in the 2026 period was primarily attributable to an increase in the taxable income of our TRS entities. (Income) Loss from Consolidated Entities Attributable to Noncontrolling Interests. Our noncontrolling interest partners in consolidated entities were allocated losses of $996,000 and $3.2 million in the 2026 period and the 2025 period, respectively. Noncontrolling interests in consolidated entities represented an ownership interest of 70.7% in 815 Commerce MM and, prior to September 2, 2025, 0.30% in Stirling OP. See notes 1 and 2 to our consolidated financial statements. Net (Income) Loss Attributable to Redeemable Noncontrolling Interests in Operating Partnership. Redeemable noncontrolling interests in operating partnership were allocated net income of $699,000 in the 2026 period and a net loss of $1.1 million in the 2025 period. Redeemable noncontrolling interests represented ownership interests of 1.41% and 1.56% in the operating partnership as of June 30, 2026 and 2025, respectively. LIQUIDITY AND CAPITAL RESOURCES Liquidity As of June 30, 2026, the Company held cash and cash equivalents of $75.0 million and restricted cash of $137.0 million (including amounts held for sale), the vast majority of which comprises lender and manager-held reserves. As of June 30, 2026, $24.2 million (including amounts held for sale) was also due to the Company from third-party hotel managers, most of which is held by one of the Company’s managers and is available to fund hotel operating costs. During the six months ended June 30, 2026, the net decrease in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) was $4.5 million. As described in note 2 to our consolidated financial statements, the Company forecasts it may not have enough cash to support the Company’s daily operations one year from the date the financial statements are issued due primarily to anticipated debt service costs, debt maturities and the potential termination fee the Company would owe to Ashford LLC upon the triggering of the change of control provision in the Advisory Agreement. We have $945.2 million of non-recourse loans that mature within one year from the date the financial statements are issued. If our lenders elect not to refinance these loans and foreclose on these properties and the Company’s Annualized Portfolio Cash Flow (as defined in the Advisory Agreement) is below $65 million, the change of control provision in the Advisory Agreement could be triggered at Ashford LLC’s discretion within one year from the date the financial statements are issued, resulting in a termination fee. See discussion in note 13 to our consolidated financial statements. We are taking several steps to reduce our cash utilization and potentially raise additional capital. The Company’s ability to continue as a going concern is dependent upon its ability to improve the profitability of its operations, refinance or extend the maturity of our loans and increase our cash position from the sale of certain hotel properties. While the Company believes in the viability of its strategy, GAAP requires that in making this determination the Company cannot consider any remedies outside of the Company’s control which have not been fully implemented. As such, the Company could not consider future potential fundraising activities, whether through equity or debt offerings or dispositions of hotel properties as we could not conclude they were probable of being effectively implemented. With respect to upcoming maturities, no assurances can be given that we will be able to refinance our upcoming maturities. Additionally, no assurances can be given that we will obtain additional financings or, if we do, what the amount and terms will be. Our failure to obtain future financing under favorable terms could adversely impact our ability to execute our business strategy or may result in lender foreclosure. Based on these factors, the Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. The Company’s cash and cash equivalents primarily comprised corporate cash invested in short-term U.S. Treasury securities with maturity dates of less than 90 days and corporate cash held at commercial banks in Insured Cash Sweep (“ICS”) accounts, which are fully insured by the FDIC. The Company’s cash and cash equivalents also includes property-level operating cash deposited with commercial banks that have been designated as a Global Systemically Important Bank (“G-SIB”) by the Financial Stability Board (“FSB”) and a small amount deposited with other commercial banks. Our cash position from operations is affected primarily by macro industry movements in occupancy and rates as well as our ability to control costs. Further, interest rates can greatly affect the cost of our debt service as well as the value of any financial 57 hedges we may put in place. We monitor industry fundamentals and interest rates very closely. Capital expenditures above our reserves will affect cash flow as well and are impacted by inflation. Certain of our loan agreements contain cash trap provisions that may be triggered if the performance of our hotels declines below a threshold. When these provisions are triggered, substantially all of the profit generated by our hotels is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our various lenders. During a cash trap, certain disbursements from these hotel operating cash receipts would require consent of our lenders. At June 30, 2026, 30 of our hotels were in cash traps and approximately $13.7 million of our restricted cash was subject to these cash traps. Our loans currently in cash traps may remain subject to cash trap provisions for a substantial period of time, which could limit our flexibility and adversely affect our financial condition or our qualification as a REIT. We have extension options relating to certain property-level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield targets. There can be no assurances that we will be able to meet the conditions for extensions pursuant to the respective terms of such loans. If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. Mortgage and mezzanine loans are non-recourse to the borrowers, except for customary exceptions or carve-outs that trigger recourse liability to the borrowers in certain limited instances. Recourse obligations typically include only the payment of costs and liabilities suffered by lenders as a result of the occurrence of certain bad acts on the part of the borrower. However, in certain cases, carve-outs could trigger recourse obligations on the part of the borrower with respect to repayment of all or a portion of the outstanding principal amount of the loans. We have entered into customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of the borrowers that result from non-recourse carve-outs (which include, but are not limited to, fraud, misrepresentation, willful conduct resulting in waste, misappropriation of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral and certain environmental liabilities). In the opinion of management, none of these guaranty agreements, either individually or in the aggregate, are likely to have a material adverse effect on our business, results of operations, or financial condition. Pursuant to the Advisory Agreement between us and our advisor, we must pay our advisor on a monthly basis a base management fee, subject to a minimum base management fee. The minimum base management fee is equal to the greater of: (i) 90% of the base fee paid for the same month in the prior fiscal year; and (ii) 1/12th of the “G&A Ratio” for the most recently completed fiscal quarter multiplied by our total market capitalization on the last balance sheet date included in the most recent quarterly report on Form 10-Q or annual report on Form 10-K that we file with the SEC. Thus, even if our total market capitalization and performance decline, we will still be required to make payments to our advisor equal to the minimum base management fee, which could adversely impact our liquidity and financial condition. We have entered into certain customary guaranty agreements pursuant to which we guarantee payment of any recourse liabilities of our subsidiaries or joint ventures that may result from non-recourse carve-outs, which include, but are not limited to, fraud, misrepresentation, willful misconduct resulting in waste, misappropriation of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral, delinquency of trade payables and certain environmental liabilities. Certain of these guarantees represent a guaranty of material amounts, and if we are required to make payments under those guarantees, our liquidity could be adversely affected. Our existing hotel properties are mostly located in developed areas with competing hotel properties. Future occupancy, ADR, and RevPAR of any individual hotel could be materially and adversely affected by an increase in the number or quality of competitive hotel properties, home-sharing companies or apartment operators offering short-term rentals in its market area. Competition could also affect the quality and quantity of future investment opportunities. 58 Debt Transactions KEYS Pool A and KEYS Pool B On March 1, 2024, the Company received notice that the hotel properties that secured the KEYS Pool A and KEYS Pool B loans have been transferred to a court-appointed receiver. Below is a summary of the hotel properties that secured the KEYS Pool A and Pool B loans: KEYS A Loan Pool Courtyard Columbus Tipton Lakes – Columbus, IN Courtyard Old Town – Scottsdale, AZ Residence Inn Hughes Center – Las Vegas, NV Residence Inn Phoenix Airport – Phoenix, AZ Residence Inn San Jose Newark – Newark, CA SpringHill Suites Manhattan Beach – Hawthorne, CA SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA KEYS B Loan Pool Courtyard Basking Ridge – Basking Ridge, NJ Courtyard Newark Silicon Valley – Newark, CA Courtyard Oakland Airport – Oakland, CA Courtyard Plano Legacy Park – Plano, TX Residence Inn Plano – Plano, TX SpringHill Suites BWI Airport – Baltimore, MD TownePlace Suites Manhattan Beach – Hawthorne, CA We derecognized the hotel properties that secured the KEYS Pool A and KEYS Pool B loans from our consolidated balance sheet in March 2024, when the receiver took control of the hotel properties and recognized a related gain in our consolidated statements of operations. We additionally recorded a contract asset as of March 31, 2024, which represented the liabilities from which we expect to be released upon final resolution with the lenders on the KEYS Pool A and KEYS Pool B mortgage loans in exchange for the transfer of ownership of the respective hotel properties. On July 2, 2024, the Courtyard Plano Legacy Park and the Residence Inn Plano were foreclosed on at a public auction. Additionally, on November 4, 2024, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Columbus Tipton Lakes to a third-party purchaser. On June 25, 2025 and December 22, 2025, the receiver transferred the Courtyard Oakland Airport and SpringHill Suites BWI Airport to a third-party purchaser. On March 4, 2026, the receiver transferred the SpringHill Suites Plymouth Meeting to a third-party purchaser. On July 16, 2026, the receiver transferred the Courtyard Newark Silicon Valley and the Residence Inn San Jose Newark to third-party purchasers and, on August 6, 2026, the receiver transferred the TownePlace Suites Manhattan Beach and the SpringHill Suites Manhattan Beach to third-party purchasers. Hilton Santa Cruz Scotts Valley On March 6, 2025, the $22.0 million non-recourse mortgage loan secured by the Hilton Santa Cruz Scotts Valley reached final maturity and was not repaid, resulting in a default under the terms and conditions of the mortgage loan agreement. On June 1, 2026, the Company received notice that the Hilton Santa Cruz Scotts Valley had been transferred to a court-appointed receiver. We derecognized the Hilton Santa Cruz Scotts Valley from our consolidated balance sheet in June 2026, when the receiver took control of the hotel property and, accordingly, recognized a loss of $597,000, which is included in “gain (loss) on derecognition of assets” in our consolidated statements of operations for the three and six months ended June 30, 2026. We recorded a contract asset of $24.9 million as of June 30, 2026, which represented the liabilities from which we expect to be released upon final resolution with the lenders on the Hilton Santa Cruz Scotts Valley mortgage loans in exchange for the transfer of ownership of the hotel property. For the three and six months ended June 30, 2026 and 2025, we recognized gains of $6.8 million and $14.6 million The gains were included in “gain (loss) on derecognition of assets” in our consolidated statement of operations. These gains increased the related contract asset by a corresponding amount. The KEYS Pool A, KEYS Pool B and Hilton Santa Cruz Scotts Valley mortgage loans, as well as all accrued and unpaid interest, default charges and late fees will remain liabilities until final resolution with the lenders is concluded, and thus are included in “debt associated with hotels in receivership” and “accrued interest associated with hotels in receivership” on our consolidated balance sheets. 59 JPM8 Loan Pool On February 11, 2026, the Company received a notice of default and acceleration from the lender relating to the Company’s mortgage loan on the JPM8 hotel properties. The notice followed the Company’s failure on February 9, 2026 to make certain required payments and deliver required documentation under the existing loan extension, which constituted an event of default under the loan agreement. As a result, the lender demanded immediate payment of the outstanding principal balance of $325 million, plus accrued interest, default interest, fees, and other amounts due, and also required delivery of a replacement interest rate cap agreement. The loan is secured by eight hotel properties. The notice does not trigger any cross‑defaults under other loans of the Company’s subsidiaries, and the Company has no indebtedness at the parent‑company level. Other Loan Activity On January 13, 2026, the Company extended its Highland mortgage loan. As a condition to the extension, the loan was paid down by $10 million to $723.6 million, or approximately 65% of appraised value, with a final maturity date of July 9, 2026. In June 2026, the mortgage loan was paid down $199.7 million in conjunction with the sale of three hotel properties, and on July 31, 2026, the mortgage loan was paid down an additional $25.7 million in conjunction with the sale of the Hyatt Regency Long Island. In July 2026, a 30-day forbearance agreement was executed for this mortgage loan. On August 7, 2026, we refinanced this mortgage loan secured by 14 hotels with a new $525.0 million mortgage loan. The refinanced mortgage loan has a two-year initial term, is interest only, bears interest at SOFR + 5.24%, and has three one-year extension options, subject to satisfaction of certain conditions. During the first quarter of 2026, the Company paid down the remaining balance of $98.5 million of its mortgage loan secured by the La Posada de Santa Fe and Hilton Alexandria Old Town in conjunction with the sale of both hotel properties. During the first and second quarters of 2026, the Company paid down $197.7 million of its Morgan Stanley Pool mortgage loan in conjunction with the sale of seven hotel properties. In the second quarter of 2026, the Company paid down $72.2 million of its BAML/Sculptor KEYS 16 Pool mortgage loan in conjunction with the sale of two hotel properties. On July 1, 2026, the mortgage loan was paid down by an additional $43.5 million in conjunction with the sale of the Marriott Fremont Silicon Valley. Equity Transactions The board of directors has approved a stock repurchase program (the “Repurchase Program”) to acquire shares of the Company’s common stock and preferred stock having an aggregate value of up to $200 million. No shares have been repurchased under the Repurchase Program. The ability to make repurchases under the Repurchase Program is subject to the same financial factors that must be taken into account in declaring a dividend as discussed herein under “Distribution Policy.” The Company has a distribution agreement with Virtu (the “Virtu Equity Distribution Agreement”) to sell from time to time shares of the Company’s common stock having an aggregate offering price of up to $100 million. We will pay Virtu a commission of approximately 1% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. As of August 10, 2026, the Company has issued approximately 813,000 shares of common stock for gross proceeds of approximately $10.9 million under the Virtu Equity Distribution Agreement. On April 29, 2025, the Company filed a shelf registration statement on Form S-3 with the SEC relating to common stock, preferred stock, depositary shares, debt securities, warrants, rights and units that we may sell from time to time in one or more offerings up to a total dollar amount of $500,000,000 on terms to be determined at the time of sale. The registration statement was declared effective on May 8, 2025. As a result of the Company not paying dividends to the holders of our Preferred Stock on January 15, 2026, we are no longer eligible to use our existing shelf registration statement on Form S-3. As of August 10, 2026, the Company has not issued any securities from this registration statement. 60 On December 13, 2024, the Company filed an initial registration statement on Form S-11 with the SEC, as amended on January 23, 2025, related to the Company’s non-traded Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The registration statement was declared effective by the SEC on February 7, 2025, and contemplates the offering of up to (i) 8.4 million shares of Series L Redeemable Preferred Stock and 3.6 million shares of Series M Redeemable Preferred Stock in a primary offering and (ii) 2.8 million shares of Series L Redeemable Preferred Stock and 1.2 million shares of Series M Redeemable Preferred Stock pursuant to a dividend reinvestment plan. On February 7, 2025, we filed our prospectus for the offering with the SEC. Ashford Securities, a subsidiary of Ashford Inc., served as the dealer manager for the offering. On December 9, 2025, the Company terminated the primary offering of the Company’s Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The Company continued to offer shares of its Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock pursuant to its dividend reinvestment plan beyond the termination of the primary offering. As of August 10, 2026, the Company has issued approximately 243,000 shares (exclusive of the dividend reinvestment plan shares) of Series L Preferred Stock and received net proceeds of approximately $5.0 million and approximately 565,000 shares (exclusive of the dividend reinvestment plan shares) of Series M Preferred Stock and received net proceeds of approximately $12.6 million. On March 4, 2022, the Company filed an initial registration statement on Form S-3 with the SEC, as amended on April 29, 2022, related to the Company’s non-traded Series J Preferred Stock and Series K Preferred Stock. The registration statement was declared effective by the SEC on May 4, 2022, and contemplates the offering of up to (i) 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock in a primary offering and (ii) 8.0 million shares of Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan. On May 5, 2022, we filed our prospectus for the offering with the SEC. On March 31, 2025, the Company concluded its offering of its Series J Preferred Stock and Series K Preferred Stock. Ashford Securities, a subsidiary of Ashford Inc., served as the dealer manager for the offering. As of August 10, 2026, the Company has issued approximately 7.7 million shares (exclusive of the dividend reinvestment plan shares) of Series J Preferred Stock and received net proceeds of approximately $172.6 million and approximately 799,000 shares (exclusive of the dividend reinvestment plan shares) of Series K Preferred Stock and received net proceeds of approximately $19.4 million. Sources and Uses of Cash Our principal sources of funds to meet our cash requirements include cash on hand, cash flow from operations, capital market activities, property refinancing proceeds and asset sales. Additionally, our principal uses of funds are expected to include possible operating shortfalls, owner-funded capital expenditures, dividends, new investments and debt interest and principal payments. Items that impacted our cash flow and liquidity during the periods indicated are summarized as follows: Net Cash Flows Provided by (Used in) Operating Activities. Net cash flows provided by operating activities were $22.1 million for the six months ended June 30, 2026 compared to net cash flows used in operating activities of $8.6 million for the six months ended June 30, 2025. Cash flows provided by (used in) operating activities were impacted by changes in hotel operations and our hotel dispositions, as well as the timing of collecting receivables from hotel guests, paying vendors and settling with derivative counterparties, related parties and hotel managers. Net Cash Flows Provided by (Used in) Investing Activities. For the six months ended June 30, 2026, net cash flows provided by investing activities were $555.8 million. Cash inflows consisted primarily of $592.8 million of net proceeds from the disposition of fourteen hotel properties, $3.2 million of proceeds from the sale of historical tax credits related to the Le Pavillon hotel, which were sold subsequent to the sale of the property in December 2025, and $2.1 million from property insurance proceeds. Cash inflows were partially offset by cash outflows of $37.6 million for capital improvements made to various hotel properties and $4.7 million of cash removed upon the derecognition of the Hilton Santa Cruz Scotts Valley in June of 2026. For the six months ended June 30, 2025, net cash flows provided by investing activities were $105.8 million. Cash inflows consisted of $126.4 million of net proceeds from the disposition of assets and hotel properties, which included $119.2 million of net proceeds from the disposition of our Courtyard Boston Downtown property and $7.2 million of net proceeds from the disposition of a land parcel previously owned by our Residence Inn Orlando property. Additional cash inflows included $18.8 million of net proceeds from the sale of state tax credits related to the Le Méridien property and $449,000 from property insurance proceeds. Cash inflows were partially offset by cash outflows of $39.8 million for capital improvements made to various hotel properties. Net Cash Flows Provided by (Used in) Financing Activities. For the six months ended June 30, 2026, net cash flows used in financing activities were $582.4 million. Cash outflows primarily consisted of $578.1 million for repayments of indebtedness and $3.8 million for payments of loan costs and exit fees. 61 For the six months ended June 30, 2025, net cash flows used in financing activities were $61.8 million. Cash outflows primarily consisted of $542.3 million for repayments of indebtedness, $42.1 million for payments of loan costs and exit fees, $11.6 million of payments for preferred dividends and $4.8 million of payments for derivatives. Cash outflows were partially offset by cash inflows primarily of $506.7 million from borrowings on indebtedness, $28.1 million of net proceeds from preferred stock offerings, $2.4 million from counterparties from in-the-money interest rate caps and $1.9 million of contributions from noncontrolling interests. Dividend Policy. Distributions are authorized by our board of directors and declared by us based upon a variety of factors deemed relevant by our directors. The board of directors will continue to review our distribution policy on at least a quarterly basis. Our ability to pay distributions to our preferred or common stockholders will depend, in part, upon our receipt of distributions from our operating partnership. This, in turn, may depend upon receipt of lease payments with respect to our properties from indirect subsidiaries of our operating partnership, the management of our properties by our hotel managers and general business conditions. Distributions to our stockholders are generally taxable to our stockholders as ordinary income. However, since a portion of our investments are equity ownership interests in hotels, which result in depreciation and non-cash charges against our income, a portion of our distributions may constitute a non-taxable return of capital, to the extent of a stockholder’s tax basis in the stock. To the extent that it is consistent with maintaining our REIT status, we may maintain accumulated earnings of Ashford TRS in that entity. On December 15, 2025, our board of directors reviewed and approved our 2026 dividend policy. We do not anticipate paying any dividends on our outstanding common stock for any quarter during 2026. Further, to preserve the Company’s liquidity position as it evaluates strategic alternatives, preferred dividends have been suspended, including dividends previously declared for recordholders of the Company’s Series D, F, G, H, I, J, K, L and M preferred stock as of December 31, 2025, and payable on January 15, 2026. We intend to pay the previously declared but unpaid dividends as soon as reasonably practicable. Any accrued but unpaid dividends will accrue in accordance with the terms outlined in the applicable governing documents for each series of preferred stock. We will continue to evaluate potential future dividends on a quarterly basis. Declaration of dividends in 2026 on our preferred stock may require a determination by our board of directors, at the time of any determination, that the Company would continue to have positive equity on a fair value basis, among other considerations. Our board of directors will continue to review our dividend policy and make future announcements with respect thereto. We may incur indebtedness to meet distribution requirements imposed on REITs under the Code to the extent that working capital and cash flow from our investments are insufficient to fund required distributions. SEASONALITY Our properties’ operations historically have been seasonal as certain properties maintain higher occupancy rates during the summer months, while certain other properties maintain higher occupancy rates during the winter months. This seasonality pattern can cause fluctuations in our quarterly lease revenue under our percentage leases. Quarterly revenue also may be adversely affected by renovations and repositionings, our managers’ effectiveness in generating business and by events beyond our control, such as pandemics, extreme weather conditions, natural disasters, terrorist attacks or alerts, civil unrest, government shutdowns, airline strikes or reduced airline capacity, economic factors and other considerations affecting travel. To the extent that cash flows from operations are insufficient during any quarter to enable us to make quarterly distributions to maintain our REIT status due to temporary or seasonal fluctuations in lease revenue, we expect to utilize cash on hand, borrowings and common stock to fund required distributions. However, we cannot make any assurances that we will make distributions in the future. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of our consolidated financial statements in accordance with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our accounting policies that are critical or most important to understanding our financial condition and results of operations and that require management to make the most difficult judgments are described in our 2025 Form 10-K. There have been no material changes in these critical accounting policies. NON-GAAP FINANCIAL MEASURES The following non-GAAP presentations of EBITDA, EBITDAre, Adjusted EBITDAre, FFO and Adjusted FFO are presented to help our investors evaluate our operating performance. 62 EBITDA is defined as net income (loss) before interest expense and amortization of discounts and loan costs, net, income taxes, depreciation and amortization, as adjusted to reflect only the Company’s portion of EBITDA of unconsolidated entities. In addition, we exclude impairment on real estate, gain/loss on disposition of assets and hotel properties, gain/loss on derecognition of assets and gain/loss of unconsolidated entities to calculate EBITDAre, as defined by NAREIT. We then further adjust EBITDAre to exclude certain additional items such as write-off of premiums, loan costs and exit fees, other income/expense, net, transaction and conversion costs, stock/unit-based compensation and non-cash items, such as amortization of unfavorable contract liabilities, realized and unrealized gains/losses on derivative instruments, gains/losses on extinguishment of debt, severance, as well as our portion of adjustments to EBITDAre of unconsolidated entities. We present EBITDA, EBITDAre and Adjusted EBITDAre because we believe they are useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. Our management team also uses EBITDA as one measure in determining the value of acquisitions and dispositions. EBITDA, EBITDAre and Adjusted EBITDAre as calculated by us may not be comparable to EBITDA, EBITDAre and Adjusted EBITDAre reported by other companies that do not define EBITDA, EBITDAre and Adjusted EBITDAre exactly as we define the terms. EBITDA, EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to operating income (loss) or net income (loss) determined in accordance with GAAP as an indicator of performance or as an alternative to cash flows from operating activities as determined by GAAP as an indicator of liquidity. The following table reconciles net income (loss) to EBITDA, EBITDAre and Adjusted EBITDAre (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ 129,381 $ (32,439) $ 63,924 $ (54,637) Interest expense and amortization of discounts and loan costs 55,670 70,135 129,224 136,591 Interest expense associated with hotels in receivership 7,607 10,454 15,427 20,846 Depreciation and amortization 28,628 35,276 60,634 72,615 Income tax expense (benefit) 2,553 119 3,305 436 Equity in (earnings) loss of unconsolidated entities (47) (44) 155 387 Company’s portion of EBITDA of unconsolidated entities 359 406 467 526 EBITDA 224,151 83,907 273,136 176,764 Impairment charges on real estate — 1,447 112,649 1,447 (Gain) loss on disposition of assets and hotel properties (150,046) (6,684) (250,076) (38,552) (Gain) loss on derecognition of assets (6,828) (9,900) (14,618) (19,946) EBITDAre 67,277 68,770 121,091 119,713 Amortization of unfavorable contract liabilities (31) (31) (61) (61) Transaction and conversion costs (91) 2,173 262 4,101 Write-off of premiums, loan costs and exit fees 305 1,486 1,559 6,083 Realized and unrealized (gain) loss on derivatives (44) 836 (801) 3,576 Stock/unit-based compensation 28 222 56 168 Legal, advisory and settlement costs (18) 55 4 852 Other (income) expense — — (3,223) — Advisory services incentive fee — (66) — 27 Stirling performance participation fee — 111 — 227 (Gain) loss on extinguishment of debt 1,950 2 1,975 15 Severance 68 274 247 796 Adjusted EBITDAre $ 69,444 $ 73,832 $ 121,109 $ 135,497 63 We calculate FFO and Adjusted FFO in the following table. FFO is calculated on the basis defined by NAREIT, which is net income (loss) attributable to common stockholders, computed in accordance with GAAP, excluding gains or losses on disposition of assets and hotel properties, plus depreciation and amortization of real estate assets, impairment charges on real estate assets, and after adjustments for unconsolidated entities and noncontrolling interests in the operating partnership. Adjustments for unconsolidated entities are calculated to reflect FFO on the same basis. NAREIT developed FFO as a relative measure of performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined by GAAP. Our calculation of Adjusted FFO excludes write-off of premiums, loan costs and exit fees, other income/expense, net, transaction and conversion costs, legal, advisory and settlement costs, stock/unit-based compensation, gains/losses on insurance settlements and non-cash items such as deemed dividends on redeemable preferred stock, amortization of loan costs, amortization of credit facility exit fees, default interest and late fees, unrealized gains/losses on derivative instruments, gains/losses on extinguishment of debt and preferred stock, severance, and interest expense associated with hotels in receivership and our portion of adjustments to FFO related to unconsolidated entities. We exclude items from Adjusted FFO that are either non-cash or are not part of our core operations in order to provide a period-over-period comparison of our operating results. We present FFO and Adjusted FFO because we consider FFO and Adjusted FFO important supplemental measures of our operational performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and Adjusted FFO when reporting their results. FFO and Adjusted FFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and Adjusted FFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and Adjusted FFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. We consider FFO and Adjusted FFO to be appropriate measures of our ongoing normalized operating performance as a REIT. We compute FFO in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that either do not define the term in accordance with the current NAREIT definition or interpret the NAREIT definition differently than we do. FFO and Adjusted FFO do not represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to (a) GAAP net income or loss as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity, nor is it indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, to facilitate a clear understanding of our historical operating results, we believe that FFO and Adjusted FFO should be considered along with our net income or loss and cash flows reported in the consolidated financial statements. 64 The following table reconciles net income (loss) to FFO and Adjusted FFO (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ 129,381 $ (32,439) $ 63,924 $ (54,637) (Income) loss attributable to noncontrolling interest in consolidated entities 341 1,412 996 3,188 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (1,729) 631 (699) 1,082 Preferred dividends (2,714) (7,017) (5,428) (13,746) Deemed dividends on redeemable preferred stock (4,600) (2,530) (9,200) (3,587) Net income (loss) attributable to common stockholders 120,679 (39,943) 49,593 (67,700) Depreciation and amortization of real estate 28,324 34,486 60,026 71,036 (Gain) loss on disposition of assets and hotel properties (150,046) (6,684) (250,076) (38,552) (Gain) loss on derecognition of assets (6,828) (9,900) (14,618) (19,946) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 1,729 (631) 699 (1,082) Equity in (earnings) loss of unconsolidated entities (47) (44) 155 387 Impairment charges on real estate — 1,447 112,649 1,447 Company’s portion of FFO of unconsolidated entities 148 152 47 (81) FFO available to common stockholders and OP unitholders (6,041) (21,117) (41,525) (54,491) Deemed dividends on redeemable preferred stock 4,600 2,530 9,200 3,587 Transaction and conversion costs (91) 2,173 262 4,101 Write-off of premiums, loan costs and exit fees 305 1,486 1,559 6,083 Unrealized (gain) loss on derivatives (44) 1,309 (801) 4,741 Stock/unit-based compensation 28 222 56 168 Legal, advisory and settlement costs (18) 55 4 852 Other (income) expense — — (3,223) — Amortization of loan costs 4,802 7,705 11,039 12,868 Advisory services incentive fee — (66) — 27 Stirling performance participation fee — 111 — 227 (Gain) loss on extinguishment of debt 1,950 2 1,975 15 Interest expense associated with hotels in receivership 7,607 9,902 15,427 19,948 Severance 68 274 247 796 Default interest and late fees 4,251 — 23,155 — Company’s portion of adjustments to FFO of unconsolidated entities 22 35 44 75 Adjusted FFO available to common stockholders and OP unitholders $ 17,439 $ 4,621 $ 17,419 $ (1,003) 65 HOTEL PORTFOLIO The following table presents certain information related to our hotel properties as of June 30, 2026: Hotel Property Location Service Type Total Rooms % Owned Owned Rooms Fee Simple Properties Embassy Suites Herndon, VA Full-service 150 100 % 150 Embassy Suites Las Vegas, NV Full-service 220 100 % 220 Embassy Suites Philadelphia, PA Full-service 263 100 % 263 Embassy Suites Arlington, VA Full-service 269 100 % 269 Embassy Suites Portland, OR Full-service 276 100 % 276 Embassy Suites Santa Clara, CA Full-service 258 100 % 258 Embassy Suites Orlando, FL Full-service 174 100 % 174 Hilton Garden Inn Baltimore, MD Select-service 158 100 % 158 Hilton Garden Inn Virginia Beach, VA Select-service 176 100 % 176 Hilton Santa Fe, NM Full-service 158 100 % 158 Hilton Bloomington, MN Full-service 300 100 % 300 Hilton Costa Mesa, CA Full-service 486 100 % 486 Hilton Parsippany, NJ Full-service 353 100 % 353 Hilton Tampa, FL Full-service 238 100 % 238 Hilton Ft. Worth, TX Full-service 294 100 % 294 Hampton Inn Buford, GA Select-service 92 100 % 92 Hampton Inn Evansville, IN Select-service 140 100 % 140 Hampton Inn Parsippany, NJ Select-service 152 100 % 152 Marriott Beverly Hills, CA Full-service 260 100 % 260 Marriott Arlington, VA Full-service 703 100 % 703 Marriott Dallas, TX Full-service 265 100 % 265 Marriott Fremont, CA Full-service 357 100 % 357 Marriott Memphis, TN Full-service 232 100 % 232 Marriott Irving, TX Full-service 499 100 % 499 Marriott Omaha, NE Full-service 300 100 % 300 Marriott Sugar Land, TX Full-service 303 100 % 303 SpringHill Suites by Marriott Buford, GA Select-service 97 100 % 97 Courtyard by Marriott Bloomington, IN Select-service 117 100 % 117 Courtyard by Marriott Denver, CO Select-service 202 100 % 202 Courtyard by Marriott Gaithersburg, MD Select-service 210 100 % 210 Courtyard by Marriott Crystal City, VA Select-service 272 100 % 272 Courtyard by Marriott Overland Park, KS Select-service 168 100 % 168 Courtyard by Marriott Foothill Ranch, CA Select-service 156 100 % 156 Courtyard by Marriott Alpharetta, GA Select-service 154 100 % 154 Marriott Residence Inn Orlando, FL Select-service 350 100 % 350 Marriott Residence Inn Falls Church, VA Select-service 159 100 % 159 Marriott Residence Inn Jacksonville, FL Select-service 120 100 % 120 Marriott Residence Inn Manchester, CT Select-service 96 100 % 96 Sheraton Hotel Minneapolis, MN Full-service 220 100 % 220 Sheraton Hotel Anchorage, AK Full-service 370 100 % 370 Hyatt Regency Coral Gables, FL Full-service 254 100 % 254 Hyatt Regency Hauppauge, NY Full-service 358 100 % 358 Renaissance Nashville, TN Full-service 674 100 % 674 Annapolis Historic Inn Annapolis, MD Full-service 124 100 % 124 The Churchill Washington, DC Full-service 173 100 % 173 The Melrose Washington, DC Full-service 240 100 % 240 Westin Princeton, NJ Full-service 296 100 % 296 Hotel Indigo Atlanta, GA Full-service 141 100 % 141 Ritz-Carlton Atlanta, GA Full-service 444 100 % 444 66 Hotel Property Location Service Type Total Rooms % Owned Owned Rooms Leasehold Properties Autograph La Concha (1) Key West, FL Full-service 160 100 % 160 Renaissance (2) Palm Springs, CA Full-service 410 100 % 410 Hilton (3) Marietta, GA Full-service 200 100 % 200 Le Méridien (4) Fort Worth, TX Full-service 188 29 % 55 Total 13,429 13,296 ________ (1) The ground lease expires in 2084. (2) The ground lease expires in 2059. (3) The lease expires in 2054 and includes the lease of the land, hotel and conference center (including the building, improvements, furniture, fixtures and equipment). (4) The lease expires in 2120 and includes the lease of the land and building.