ASHFORD HOSPITALITY TRUST INC 8-K

What Happened
Ashford Hospitality Trust, Inc. (AHT) filed an 8‑K on March 26, 2026 disclosing that it engaged Robert A. Stanger & Co., Inc. to opine on the liquidation value of its non‑traded Series J, K, L and M Redeemable Preferred Stock as of the valuation date of December 31, 2025. Stanger concluded the estimated liquidation value was $25.00 per share — equal to the per‑share liquidation preference for each series.

Key Details

• Valuation date: December 31, 2025. Report filed: March 26, 2026.
• Estimated liquidation value: $25.00 per share for each series (Series J, K, L, M).
• Valuation methods used: analysis of market capitalization, direct capitalization of net operating income, and third‑party property appraisals; analyst target‑price analysis was not used (no active analyst targets).
• Stanger previously provided valuation services as of Dec. 31, 2024 and also performs consulting for related Ashford entities; fees were described as normal and customary and not contingent on the outcome.

Why It Matters
This disclosure provides an independent estimate of what holders of Ashford’s non‑traded preferred shares might receive in a liquidation, and it supports broker‑dealer reporting obligations under FINRA Rule 2331(c)(1)(B). The $25.00 result equals the stated liquidation preference, but the opinion is not an audited GAAP fair‑value determination, does not guarantee trading prices, and did not adjust for events after Dec. 31, 2025. Because Ashford’s assets are concentrated in real estate, changes in property values or valuation assumptions could materially change liquidation values. The filing also includes Stanger’s consent as an exhibit.