Ashford Hospitality Trust non-traded preferred stock liquidation value reaffirmed at $25.00/share as of Dec 31, 2025

ASHFORD HOSPITALITY TRUST INC

Stanger opinion: liquidation value of Series J, K, L, M preferred = $25.00/share, equal to per share liquidation preference.
Valuation used market cap, direct capitalization, and third-party appraisals; analyst target prices unavailable.
Under all methods, equity value exceeded total liquidation preference of all outstanding preferred securities.
Valuation is unaudited, not GAAP fair value, and subject to assumptions; no adjustment for post-Dec 31, 2025 events.

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