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ASHFORD HOSPITALITY TRUST INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Occupancy brought in 75% of the revenue ASHFORD HOSPITALITY TRUST INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Occupancy | $1.1B | $889.8M | $825.6M |
| Food and Beverage | $232.8M | $212.6M | $207.6M |
| Hotel, Other | $72.7M | $67.8M | $69.6M |
| Product and Service, Other | $2.8M | $2.3M | $1.5M |
Regions
Other Areas brought in 27% of the revenue ASHFORD HOSPITALITY TRUST INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Other Areas | $288.6M | $284.7M | $279.1M |
| Washington DC - MD - VA Area | $162.8M | $169.8M | $161.7M |
| Los Angeles, CA Metro Area | $92.8M | $94.1M | $95.2M |
| Nashville, TN Area | $88.8M | $89.6M | $94.9M |
| Dallas / Ft. Worth Area | $70.6M | $72.0M | $81.6M |
| Atlanta, GA Area | $84.6M | $75.3M | $77.7M |
| New York / New Jersey Metro Area | $58.4M | $58.1M | $59.7M |
| San Francisco - Oakland, CA Metro Area | $42.3M | $44.9M | $46.5M |
| Tampa, FL Area | $38.9M | $39.2M | $38.3M |
| Miami, FL Metro Area | $34.9M | $37.3M | $38.2M |
| Houston, TX Area | $28.1M | $26.8M | $28.6M |
| Sold Properties | $299.1M | $102.7M | $27.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$1.1B
- Income tax0¢$143.0K
Out of $1.1B in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $1.1B | $1.2B | $1.4B |
| Total hotel expenses | $768.3M | $815.4M | $925.4M |
| Property taxes, insurance and other | $59.8M | $64.1M | $70.2M |
| Depreciation and amortization | $141.3M | $152.8M | $187.8M |
| Impairment charges | $67.6M | $59.3M | $0 |
| Advisory services fee | $49.0M | $58.6M | $48.9M |
| Corporate, general and administrative | $20.8M | $24.7M | $16.2M |
| Total operating expenses | $1.1B | $1.2B | $1.2B |
| Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | $79.8M | $94.4M | $11.5M |
| Gain (loss) on derecognition of assets | $39.1M | $167.2M | $0 |
| OPERATING INCOME (LOSS) | $116.4M | $259.2M | $130.4M |
| Equity in earnings (loss) of unconsolidated entities | -$325.0K | -$2.4M | -$1.1M |
| Interest income | $4.7M | $6.9M | $9.0M |
| Other income (expense) | $0 | $108.0K | $310.0K |
| Interest expense and amortization of discounts and loan costs | -$256.2M | -$273.4M | -$327.0M |
| Interest expense associated with hotels in receivership | -$39.0M | -$45.6M | -$39.2M |
| Write-off of premiums, loan costs and exit fees | -$8.9M | -$5.2M | -$3.5M |
| Gain (loss) on extinguishment of debt | $335.0K | $2.8M | $53.4M |
| Realized and unrealized gain (loss) on derivatives | -$5.3M | -$6.5M | -$2.2M |
| INCOME (LOSS) BEFORE INCOME TAXES | -$188.3M | -$64.0M | -$179.8M |
| Income tax (expense) benefit | $143.0K | -$997.0K | -$900.0K |
| NET INCOME (LOSS) | -$188.2M | -$65.0M | -$180.7M |
| (Income) loss allocated to noncontrolling interests in consolidated entities | $5.1M | $4.0M | $6.0K |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $3.3M | $683.0K | $2.2M |
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | -$179.8M | -$60.3M | -$178.5M |
| Preferred dividends | -$28.2M | -$22.7M | -$15.9M |
| Deemed dividends on redeemable preferred stock | -$6.9M | -$2.9M | -$2.7M |
| Gain (loss) on extinguishment of preferred stock | $0 | $3.4M | $3.4M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | -$215.0M | -$82.5M | -$193.7M |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$35.99 | -$17.54 | -$56.11 |
| Weighted average common shares outstanding (in shares) | 6.0M shares | 4.7M shares | 3.5M shares |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$35.99 | -$17.54 | -$56.11 |
| Weighted average common shares outstanding (in shares) | 6.0M shares | 4.7M shares | 3.5M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2024-03-31 |
|---|---|---|---|
| Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) | $3.1B | $3.4B | |
| Contract asset | $355.1M | $366.7M | $378.2M |
| Cash and cash equivalents ($468 and $7,286 attributable to VIEs) | $66.1M | $112.9M | |
| Notes receivable, net | $12.2M | $10.6M | |
| Investments in unconsolidated entities | $7.3M | $7.6M | |
| Derivative assets | $410.0K | $2.6M | |
| Operating lease right-of-use assets | $43.6M | $43.8M | |
| Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs) | $32.1M | $39.1M | |
| Assets held for sale | $18.5M | $96.6M | |
| Total assets | $2.8B | $3.2B | |
| Indebtedness, net ($15,961 and $65,548 attributable to VIEs) | $2.5B | $2.6B | |
| Debt associated with hotels in receivership | $272.8M | $314.6M | |
| Finance lease liability | $17.5M | $18.0M | |
| Accrued interest associated with hotels in receivership | $82.3M | $52.0M | |
| Operating lease liabilities | $44.0M | $44.4M | |
| Liabilities related to assets held for sale | $41.3M | $99.1M | |
| Total liabilities | $3.2B | $3.4B | |
| Redeemable noncontrolling interests in operating partnership | $20.5M | $22.5M | |
| Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $65.0K | $56.0K | |
| Additional paid-in capital | $2.4B | $2.4B | |
| Accumulated deficit | -$3.0B | -$2.8B | |
| Total stockholders equity (deficit) of the Company | -$626.4M | -$419.2M | |
| Noncontrolling interest in consolidated entities | $15.5M | $13.4M | |
| Total equity (deficit) | -$610.8M | -$405.8M | |
| Total liabilities and equity/deficit | $2.8B | $3.2B | |
| Accumulated depreciation | -$983.8M | -$1.0B | |
| Investment in hotel properties, net | $2.1B | $2.3B | |
| Restricted cash | $149.6M | $99.7M | |
| Accounts receivable, net | $32.8M | $35.6M | |
| Allowance for doubtful accounts receivable | $424.0K | $435.0K | |
| Inventories | $3.6M | $3.6M | |
| Deferred costs | $1.5M | $1.8M | |
| Accounts payable and accrued expenses | $123.8M | $137.5M | |
| Accrued interest payable | $14.0M | $10.2M | |
| Dividends and distributions declared but not paid | $4.2M | $4.0M | |
| Other liabilities | $36.8M | $34.0M | |
| Preferred stock, par value (in dollars per shares) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 55.0M shares | 55.0M shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 395.0M shares | 395.0M shares | |
| Common stock, shares issued (in shares) | 6.5M shares | 5.6M shares | |
| Common stock, shares outstanding (in shares) | 6.5M shares | 5.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$188.2M | -$65.0M | -$180.7M |
| Depreciation and amortization | $141.3M | $152.8M | $187.8M |
| Impairment charges | $67.6M | $59.3M | $0 |
| Amortization of intangibles | -$1.1M | -$158.0K | -$95.0K |
| Recognition of deferred income | -$432.0K | -$271.0K | -$820.0K |
| Bad debt expense | $2.1M | $2.3M | $3.6M |
| Deferred income tax expense (benefit) | -$242.0K | $11.0K | -$28.0K |
| Equity in (earnings) loss of unconsolidated entities | $325.0K | $2.4M | $1.1M |
| (Gain) loss on consolidation of VIE and disposition of assets and hotel properties | -$79.8M | -$94.4M | -$11.5M |
| (Gain) loss on derecognition of assets | -$39.1M | -$167.2M | $0 |
| (Gain) loss on extinguishment of debt | -$335.0K | -$2.8M | -$53.4M |
| Realized and unrealized (gain) loss on derivatives | $5.3M | $6.5M | $2.2M |
| Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees | $23.0M | $19.4M | $28.2M |
| Amortization of deferred franchise fees | $0 | $0 | $34.0K |
| Write-off of deferred franchise fees | $0 | $0 | $20.0K |
| Equity-based compensation | -$761.0K | $2.1M | $4.0M |
| Non-cash interest income | -$1.6M | -$1.3M | -$821.0K |
| Accounts receivable and inventories | $537.0K | $1.6M | -$7.3M |
| Prepaid expenses and other assets | $7.2M | -$1.7M | -$1.6M |
| Accounts payable and accrued expenses and accrued interest payable | $3.1M | $9.3M | $4.4M |
| Accrued interest associated with hotels in receivership | $39.0M | $42.5M | $14.0M |
| Due to/from related parties | -$892.0K | -$3.0M | $11.2M |
| Due to/from third-party hotel managers | -$4.3M | -$1.9M | -$789.0K |
| Due to/from Ashford Inc., net | $8.5M | $14.3M | $14.9M |
| Operating lease liabilities | -$324.0K | -$394.0K | $104.0K |
| Operating lease right-of-use assets | $321.0K | $387.0K | -$111.0K |
| Other liabilities | $3.0M | $1.8M | -$7.0K |
| Net cash provided by (used in) operating activities | -$15.7M | -$23.6M | $14.4M |
| Improvements and additions to hotel properties | -$71.2M | -$108.0M | -$137.4M |
| Net proceeds from disposition of assets and hotel properties | $242.4M | $300.0M | $29.2M |
| Net proceeds from sale of historical tax credits | $18.8M | $0 | $0 |
| Payments for initial franchise fees | $0 | -$200.0K | -$599.0K |
| Proceeds from notes receivable | $0 | $2.5M | $5.2M |
| Issuance of note receivable | -$26.0K | -$4.5M | -$6.9M |
| Proceeds from property insurance | $734.0K | $1.5M | $2.5M |
| Restricted cash received from initial consolidation of VIE | $0 | $0 | $18.2M |
| Net cash provided by (used in) investing activities | $190.8M | $191.3M | -$89.8M |
| Borrowings on indebtedness | $560.4M | $63.8M | $134.8M |
| Repayments of indebtedness | -$709.2M | -$388.3M | -$396.9M |
| Payments for loan costs and exit fees | -$50.3M | -$20.9M | -$13.2M |
| Payments for dividends and distributions | -$24.0M | -$20.4M | -$14.9M |
| Purchases of common stock | -$44.0K | -$49.0K | -$90.0K |
| Redemption of preferred stock | $0 | $0 | -$78.0K |
| Payments for derivatives | -$5.1M | -$16.3M | -$28.3M |
| Proceeds from derivatives | $3.0M | $27.8M | $59.4M |
| Proceeds from common stock offerings | $0 | $8.8M | $1.0M |
| Proceeds from preferred stock offerings | $39.7M | $84.8M | $79.6M |
| Costs for issuances of common shares | -$143.0K | $0 | $0 |
| Payments on finance lease liabilities | -$456.0K | -$477.0K | -$249.0K |
| Issuance of Stirling OP common units | $56.0K | $129.0K | $0 |
| Redemption of Stirling OP common units | -$685.0K | $0 | $0 |
| Contributions from noncontrolling interests | $7.5M | $4.9M | $6.9M |
| Distributions to noncontrolling interest in consolidated entities | $0 | -$2.5M | $0 |
| Net cash provided by (used in) financing activities | -$179.2M | -$258.8M | -$172.1M |
| Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) | -$4.1M | -$91.1M | -$247.5M |
| Interest paid | $224.3M | $268.8M | $325.4M |
| Income taxes paid (refunded) | -$2.0M | -$287.0K | -$2.6M |
| Accrued but unpaid capital expenditures | $31.1M | $15.2M | $22.5M |
| Non-cash extinguishment of debt | $0 | $8.9M | $154.2M |
| Non-cash loan principal associated with default interest and late charges | $14.1M | $0 | $0 |
| Non-cash extinguishment of preferred stock | $0 | $14.6M | $7.7M |
| Issuance of common stock from preferred stock exchanges | $0 | $8.3M | $4.3M |
| Non-cash preferred stock dividends | $4.0M | $1.9M | $387.0K |
| Unsettled proceeds from derivatives | $0 | $179.0K | $1.7M |
| Non-cash derecognition of assets | $0 | $231.6M | $0 |
| Contribution from Stirling Advisor | $5.3M | $0 | $0 |
| Assumption of debt from consolidation of VIE | $0 | $0 | $35.1M |
| Assumption of other finance liability from consolidation of VIE | $0 | $0 | $26.7M |
| Acquisition of hotel property from consolidation of VIE | $0 | $0 | $61.1M |
| Non-cash distributions to non-controlling interest | $0 | $0 | $588.0K |
Recent filings
- Oct 9, 20268-K
- Oct 9, 2026424B3
- Oct 1, 20268-K
- Oct 1, 2026424B3
- Aug 27, 20268-K
- Aug 27, 2026424B3
- Aug 12, 20268-K
- Aug 12, 202610-Q
- Aug 6, 20268-K
- Aug 6, 2026424B3
- Jul 8, 20268-K
- Jul 8, 2026424B3
- Jul 6, 20268-K
- Jul 6, 2026424B3
- Jul 2, 20264 OWNERSHIP DOCUMENT
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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