Document

EXHIBIT 99.1

On April 7, 2026, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) completed the sale of the 160-room Palm Beach Gardens Embassy Suites PGA Blvd located in Palm Beach Gardens, Florida (“Embassy Suites Palm Beach”) for total consideration of approximately $40.5 million in cash, net of selling expenses. Additionally, the Company paid approximately $40.0 million to the mortgage lender. Prior to the sale, the mortgage loan was secured by eleven hotels including the Embassy Suites Palm Beach.

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

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

December 31, 2025

(in thousands, except share and per share amounts)


	Ashford Trust Consolidated Historical (A)		Embassy Suites Palm Beach (B)		Adjustments			Ashford Trust Consolidated Pro Forma
ASSETS
Investments in hotel properties, gross ($82,787 attributable to VIEs)	$	3,069,016	$	30,267	$	—		$	3,038,749
Accumulated depreciation ($(5,558) attributable to VIEs)	(983,772)		(11,591)		—			(972,181)
Investments in hotel properties, net ($77,229 attributable to VIEs)	2,085,244		18,676		—			2,066,568
Contract asset	355,138		—		—			355,138
Cash and cash equivalents ($468 attributable to VIEs)	66,145		325		40,536		(C) (i)	66,367
					11		(C) (i)
					(40,000)		(C) (ii)
Restricted cash ($4,731 attributable to VIEs)	149,580		—		—			149,580

Accounts receivable ($143 attributable to VIEs), net of allowance of $424	32,752		281		—			32,471
Inventories ($44 attributable to VIEs)	3,598		57		—			3,541
Notes receivable, net	12,187		—		—			12,187


Investments in unconsolidated entities	7,265		—		—			7,265


Deferred costs, net ($80 attributable to VIEs)	1,529		100		—			1,429

Derivative assets	410		—		—			410
Operating lease right-of-use assets	43,582		—		—			43,582
Prepaid expenses and other assets ($40 attributable to VIEs)	32,057		301		—			31,756




Due from third-party hotel managers	25,667		—		—			25,667
Assets held for sale	18,478		—		—			18,478
Total assets	$	2,833,632	$	19,740	$	547		$	2,814,439
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($15,961 attributable to VIEs)	$	2,526,608	$	18,670	$	(21,332)	(C) (ii)	$	2,486,606
Debt associated with hotels in receivership	272,800		—		—			272,800
Finance lease liability	17,536		—		—			17,536

Accounts payable and accrued expenses ($15,534 attributable to VIEs)	123,773		922		—			122,851
Accrued interest payable ($152 attributable to VIEs)	13,993		67		—			13,926
Accrued interest associated with hotels in receivership	82,338		—		—			82,338
Dividends and distributions payable	4,247		—		—			4,247

Due to Ashford Inc., net	40,643		—		—			40,643

Due to related parties, net ($3,438 attributable to VIEs)	1,949		(36)		—			1,985
Due to third-party hotel managers	882		—		—			882

Operating lease liabilities	44,045		—		—			44,045

Other liabilities ($28,897 attributable to VIEs)	36,768		—		—			36,768
Liabilities related to assets held for sale	41,292		—		—			41,292
Total liabilities	3,206,874		19,623		(21,332)			3,165,919
Commitments and contingencies
Redeemable noncontrolling interests in operating partnership	20,516		—		—			20,516
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,201 shares issued and outstanding at December 31, 2025	179,818		—		—			179,818
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at December 31, 2025	18,215		—		—			18,215
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at December 31, 2025	5,484		—		—			5,484
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at December 31, 2025	13,566		—		—			13,566
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at December 31, 2025	11		—		—			11
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at December 31, 2025	10		—		—			10
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at December 31, 2025	15		—		—			15
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at December 31, 2025	10		—		—			10
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at December 31, 2025	11		—		—			11
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 shares issued and outstanding at December 31, 2025	65		—		—			65
Additional paid-in capital	2,402,015		117		18,776		(C) (i)	2,402,015
					11		(C) (i)
					(18,670)		(C) (ii)
Accumulated deficit	(3,028,489)		—		21,760		(C) (i)	(3,006,727)
					2		(C) (ii)
Total stockholders’ equity (deficit) of the Company	(626,352)		117		21,879			(604,590)
Noncontrolling interest in consolidated entities	15,511		—		—			15,511
Total equity (deficit)	(610,841)		117		21,879			(589,079)
Total liabilities and equity/deficit	$	2,833,632	$	19,740	$	547		$	2,814,439

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(A)Represents the historical consolidated balance sheet of Ashford Trust as of December 31, 2025, as reported in its Annual Report on Form 10-K, filed on March 23, 2026.

(B)Represents the removal of the historical balance sheet of Embassy Suites Palm Beach as of December 31, 2025.

(C)Represents adjustments for Ashford Trust’s disposition of Embassy Suites Palm Beach as of December 31, 2025, which includes: (i) an adjustment for the cash consideration received of approximately $40.5 million, net of selling expenses and cash received for hotel net working capital and (ii) the cash paid to repay the mortgage loan partially secured by Embassy Suites Palm Beach.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended December 31, 2025

(in thousands, except share and per share amounts)


	Ashford Trust Consolidated Historical (A)		Embassy Suites Palm Beach (B)		Adjustments			Ashford Trust Consolidated Pro Forma
REVENUE
Rooms	$	825,623	$	8,630	$	—		$	816,993
Food and beverage	207,588		733		—			206,855
Other hotel revenue	69,643		630		—			69,013
Total hotel revenue	1,102,854		9,993		—			1,092,861
Other	1,534		—		—			1,534
Total revenue	1,104,388		9,993		—			1,094,395
EXPENSES
Hotel operating expenses:
Rooms	198,106		1,868		—			196,238
Food and beverage	139,828		414		—			139,414
Other expenses	392,070		3,769		—			388,301
Management fees	38,264		302		—			37,962
Total hotel expenses	768,268		6,353		—			761,915
Property taxes, insurance and other	59,793		730		—			59,063
Depreciation and amortization	141,295		2,677		—			138,618

Impairment charges	67,648		—		—			67,648

Advisory services fee	49,039		—		—			49,039
Corporate, general and administrative	20,783		—		—			20,783
Total operating expenses	1,106,826		9,760		—			1,097,066
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties	79,799		—		21,760		(C) (i)	101,559
Gain (loss) on derecognition of assets	39,054		—		—			39,054
OPERATING INCOME (LOSS)	116,415		233		21,760			137,942
Equity in earnings (loss) of unconsolidated entities	(325)		—		—			(325)
Interest income	4,739		—		—			4,739

Interest expense and amortization of discounts and loan costs	(256,229)		(1,844)		—			(254,385)
Interest expense associated with hotels in receivership	(39,038)		—		—			(39,038)
Write-off of premiums, loan costs and exit fees	(8,853)		(127)		2		(C) (ii)	(8,724)
Gain (loss) on extinguishment of debt	335		—		—			335

Realized and unrealized gain (loss) on derivatives	(5,346)		—		—			(5,346)
INCOME (LOSS) BEFORE INCOME TAXES	(188,302)		(1,738)		21,762			(164,802)
Income tax (expense) benefit	143		—		—			143




NET INCOME (LOSS)	(188,159)		(1,738)		21,762			(164,659)
(Income) loss attributable to noncontrolling interest in consolidated entities	5,058		—		—			5,058
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	3,262		—		(336)		(C) (iii)	2,926
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(179,839)		(1,738)		21,426			(156,675)
Preferred dividends	(28,216)		—		—			(28,216)
Deemed dividends on redeemable preferred stock	(6,949)		—		—			(6,949)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(215,004)	$	(1,738)	$	21,426		$	(191,840)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders	$	(35.99)						$	(32.11)
Weighted average common shares outstanding—basic	5,974							5,974
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders	$	(35.99)						$	(32.11)
Weighted average common shares outstanding—diluted	5,974							5,974

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2025, as reported in its Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 23, 2026.

(B)Represents the removal of the historical consolidated statement of operations of Embassy Suites Palm Beach for the year ended December 31, 2025.

(C)Represents adjustments for the Company’s sale of Embassy Suites Palm Beach, which includes: (i) the estimated non-recurring gain on the disposition of Embassy Suites Palm Beach for the year ended December 31, 2025; (ii) an adjustment for write off of loan costs; and (iii) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of Embassy Suites Palm Beach, including the estimated non-recurring gain for the year ended December 31, 2025, based on an ownership percentage of 1.43% for the year ended December 31, 2025. There is no estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2025. The pro forma gain resulting from the disposition of Embassy Suites Palm Beach is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.