ASHFORD HOSPITALITY TRUST INC

Ashford Hospitality Trust, Inc., together with its subsidiaries is a REIT. While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room ( RevPAR ) generally less than twice the U.S. national average, and in all methods including direct real estate, equity and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership ( Ashford Trust OP ), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of December 31, 2025, we held interests in the following assets: 67 consolidated operating hotel properties, which represent 16,445 total rooms; one consolidated operating hotel property, which represents 188 total rooms through a 29.3%-owned investment in a consolidated entity; and an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (the Meritage Investment ) in Napa, California, with a carrying value of approximately $7.3 million. For U.S.