Ashford Hospitality Trust, Inc. has filed a Form 8-K with the SEC, detailing the opinion of the liquidation value of its non-traded preferred stock as of December 31, 2025. The report, prepared by Robert A. Stanger & Co., Inc., concludes that the estimated liquidation value is $25.00 per share, which aligns with the per share liquidation preference for each series of the preferred stock. This valuation is crucial for broker-dealers to comply with FINRA Rule 2331(c)(1)(B) regarding customer account statements. The report outlines various valuation approaches, including market capitalization analysis, analyst target prices, direct capitalization analysis, and third-party appraisals. Stanger's analysis indicates that the equity value of Ashford Hospitality Trust exceeds the total liquidation preference for all outstanding preferred securities as of the valuation date. The company emphasizes that the methodologies used are based on estimates and assumptions that may not be accurate, and different parties could derive different liquidation values. The filing also includes details about the company's incorporation in Maryland and its various classes of stock traded on the New York Stock Exchange.

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