revenue $1.10B, net income -$179.8M. Ashford Trust faces going-concern doubt, defaults on loan, suspends preferred dividends

Filed March 23, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 21, 2025 · ~1 min read

Key Changes

• high

  Auditor raised substantial doubt about ability to continue as going concern due to $1.1B debt maturing in 2026; company defaulted on $325M JPM8 mortgage in February 2026, triggering acceleration.

  Notes: Going Concern & MD&A: JPM8 Default verify on EDGAR →
• high

  Stockholders' equity deficit worsened 49% to negative $626M; unrestricted cash fell 41% to $67M; 43 hotels now in lender cash traps (up from 12), restricting access to property-level cash flow.

  Business & MD&A: Liquidity Metrics view on EDGAR →
• high

  Portfolio contracted from 73 to 68 hotels through asset sales generating + proceeds; company sold five properties in 2025-2026 including Hilton St. Petersburg ($96M) and Le Pavillon New Orleans ($42.5M).

  Business & MD&A: Asset Sales verify on EDGAR →