The company's financial position is increasingly vulnerable, evidenced by a negative equity position of -$473.5 million and a total debt load of $2.6 billion that fully offsets total assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Assets | 2.61B | 2.83B | 3.16B | 3.46B | 3.92B | 4.1B | 3.73B | 4.69B | 4.69B | 4.67B | 4.89B | 4.97B | 2.78B | 2.68B | 3.46B | 3.59B | 3.72B | 3.91B | 4.34B | 4.38B | 2.01B | 1.48B | 595.94M | 267.88M | 95.42M | 100M |
| Asset Growth % | -42.4% | -10.36% | -8.7% | -11.62% | -4.41% | 9.74% | -20.4% | 0.12% | 0.34% | -4.53% | -1.48% | 78.53% | 3.89% | -22.74% | -3.48% | -3.41% | -5.06% | -9.8% | -0.95% | 117.77% | 35.68% | 148.83% | 122.47% | 180.75% | -4.58% | - |
| Real Estate & Other Assets | 490.34M | 454.38M | 2.35B | 2.99B | 3.19B | 3.25B | 19.83M | 14.94M | 4.13B | 4.05B | 4.18B | 4.44B | 29.89M | 14.48M | 4.59M | 4.85M | 152.01M | 3.47M | 6.77M | 111.14M | -1.63B | -1.07B | -427.01M | -173.72M | -85.25M | -88.87M |
| PP&E (Net) | 0 | 0 | 43.78M | 44.05M | 43.92M | 44.58M | 3.47B | 4.16B | 4.11B | 4.04B | 4.16B | 4.42B | 2.13B | 2.16B | 2.87B | 2.96B | 3.02B | 3.38B | 3.57B | 3.89B | 1.63B | 1.07B | 427.01M | 173.72M | 85.25M | 88.87M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 299.69M | 282.08M | 758.55M | 414.73M | 663.25M | 789.16M | 238.1M | 498.15M | 544.65M | 602.1M | 643.96M | 453.61M | 415.79M | 302.59M | 379.21M | 293.87M | 336.63M | 332.87M | 568.67M | 370.52M | 98.29M | 1.48B | 53.63M | 78.27M | -621K | 0 |
| Cash & Equivalents | 78.8M | 66.35M | 112.91M | 165.23M | 417.06M | 592.11M | 92.91M | 262.64M | 319.21M | 354.81M | 347.09M | 215.08M | 215.06M | 128.78M | 185.94M | 167.61M | 217.69M | 165.17M | 241.6M | 92.27M | 73.34M | 57.99M | 47.11M | 76.25M | -621K | 0 |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Other Current Assets | 173.09M | 179.4M | 196.32M | 158.46M | 141.96M | 99.53M | 120.73M | 191.19M | 140.58M | 154.48M | 181.18M | -311K | 92.85M | 69.02M | 84.79M | 84.07M | 67.67M | 77.57M | 69.81M | 52.87M | 117.6M | 1.4B | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 797K | 797K | 797K | 797K | 9.82M | 9.94M | 10.06M | 11.34M | 0 | 0 | 2.72M | 2.81M | 2.9M | 2.99M | 3.08M | 13.89M | 0 | 1.18M | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.04B | 3.21B | 3.37B | 3.69B | 4.04B | 4.08B | 3.99B | 4.35B | 4.15B | 3.92B | 3.97B | 4.03B | 2.07B | 1.92B | 2.47B | 2.6B | 2.76B | 2.97B | 3B | 2.98B | 1.26B | 1.04B | 337.91M | 57.94M | 86.11M | 84.68M |
| Total Debt | 2.6B | 2.92B | 2.69B | 3.1B | 3.9B | 3.93B | 3.77B | 4.16B | 3.93B | 3.7B | 3.72B | 3.84B | 1.95B | 1.82B | 2.34B | 2.36B | 2.57B | 2.77B | 2.79B | 2.7B | 1.1B | 914.73M | 302.97M | 51.24M | 82.75M | 80.41M |
| Net Debt | 2.52B | 2.86B | 2.58B | 2.94B | 3.48B | 3.34B | 3.68B | 3.9B | 3.61B | 3.34B | 3.38B | 3.63B | 1.74B | 1.69B | 2.15B | 2.19B | 2.35B | 2.61B | 2.55B | 2.61B | 1.02B | 856.74M | 255.86M | -25.01M | 83.37M | 80.41M |
| Long-Term Debt | 168.61M | 1.76B | 2.63B | 3.04B | 3.84B | 3.89B | 3.73B | 4.11B | 3.93B | 3.7B | 3.72B | 3.84B | 1.95B | 1.82B | 2.34B | 2.36B | 2.52B | 2.77B | 2.79B | 2.7B | 1.09B | 0 | 0 | 50.79M | 82.75M | 80.41M |
| Short-Term Borrowings | 2.35B | 1.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.62M | 0 | 0 | 0 | 2.19M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 299.08M | 79.12M | 62.36M | 63.23M | 63.51M | 45.11M | 45.31M | 53.27M | 0 | 0 | 16.2M | 0 | 0 | 56K | 0 | 0 | 36K | 166K | 207K | 996K | 230K | 453K | 312.58K | 456.87K | 621K | 0 |
| Total Current Liabilities | 2.35B | 1.08B | 332.47M | 194.88M | 135.69M | 138.12M | 213.07M | 164.31M | 190.59M | 190.07M | 208.72M | 159.82M | 104.72M | 92.65M | 107.69M | 117M | 157.51M | 118.11M | 126.94M | 195.74M | 204M | 141M | 66.5M | 45.4M | 0 | 0 |
| Accounts Payable | 161.42M | 124.63M | 137.51M | 129.32M | 115.97M | 117.65M | 99.95M | 124.23M | 136.76M | 132.4M | 126.99M | 123.44M | 71.12M | 70.68M | 84.29M | 82.28M | 83.52M | 93.96M | 99.71M | 132.13M | 16.37M | 9.98M | 8.98M | 2.13M | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -669.23M | -2.67B | -2.76B | -580.04M | 5.33M | 7.31M | 11.16M | 0 | 11.55M | 8.14M | 0 | 254K | 294K | 729K | 400.92K | 0 | 0 | 0 |
| Other Liabilities | 443.42M | 284.3M | 348.65M | 387.49M | 6.42M | 7.01M | 7.59M | 28.11M | 34.2M | 34.22M | 17.93M | 34.39M | 7.43M | 1.26M | 7.99M | 120.44M | 80.61M | 82.85M | 83.12M | 79.2M | 76.72M | -453K | -312.58K | -51.24M | -1.24M | -80.41M |
| Total Equity | -438.73M | -373.24M | -211.79M | -224.28M | -126.79M | 20.09M | -260.5M | 339.14M | 533.85M | 749.27M | 925.14M | 930.3M | 709.5M | 753.04M | 998.48M | 989.82M | 960.24M | 941.06M | 1.34B | 1.41B | 751.57M | 446.29M | 258.04M | 209.94M | 9.31M | 15.32M |
| Equity Growth % | -738.08% | -76.24% | 5.57% | -76.89% | -731.18% | 107.71% | -176.81% | -36.47% | -28.75% | -19.01% | -0.55% | 31.12% | -5.78% | -24.58% | 0.87% | 3.08% | 2.04% | -29.65% | -4.79% | 86.95% | 68.4% | 72.96% | 22.91% | 2154.74% | -39.21% | - |
| Shareholders Equity | -473.54M | -409.27M | -247.7M | -261.14M | -148.34M | -2.65M | -283.62M | 268.76M | 452.49M | 632.5M | 791.62M | 811.09M | 531.63M | 617.79M | 831.94M | 973.41M | 816.81M | 837.98M | 1.21B | 1.29B | 641.71M | 358.32M | 218.69M | 172.29M | 9.31M | 15.32M |
| Minority Interest | 34.8M | 36.03M | 35.91M | 36.87M | 21.55M | 22.74M | 23.12M | 70.37M | 81.36M | 116.77M | 133.52M | 119.22M | 177.86M | 135.25M | 166.54M | 16.41M | 143.43M | 103.08M | 126.82M | 120.07M | 109.86M | 87.97M | 39.35M | 37.65M | 0 | 0 |
| Common Stock | 65K | 65K | 56K | 37K | 345K | 345K | 64K | 102K | 1.01M | 974K | 964K | 955K | 1.25M | 1.25M | 1.25M | 1.25M | 1.23M | 1.23M | 1.23M | 1.23M | 729K | 438K | 258.1K | 257.3K | 0 | 0 |
| Additional Paid-in Capital | 2.4B | 2.4B | 2.39B | 2.38B | 2.38B | 2.38B | 1.81B | 1.83B | 1.81B | 1.78B | 1.76B | 1.6B | 1.58B | 1.65B | 1.77B | 1.37B | 1.55B | 1.44B | 1.24B | 1.46B | 708.42M | 403.92M | 234.99M | 179.23M | 0 | 0 |
| Retained Earnings | -3.1B | -3.03B | -2.81B | -2.73B | -2.53B | -2.38B | -2.09B | -1.56B | -1.36B | -1.15B | -974.01M | -787.22M | -1.05B | -896.11M | -770.47M | -609.27M | -543.79M | -412.01M | -124.78M | -153.66M | -67.57M | -42.64M | -13.18M | -1.63M | 0 | 0 |
| Preferred Stock | 221.68M | 217.14M | 171.6M | 84.82M | 2.11M | 65K | 152K | 226K | 226K | 226K | 222K | 158K | 1.41M | 158K | 158K | 151K | 105K | 72K | 86K | 103K | 23K | 23K | 23K | 0 | 0 | 0 |
| Return on Assets (ROA) | -7.77% | -6% | -1.82% | -4.84% | -3.49% | -6.82% | -12.91% | -2.42% | -2.71% | -1.4% | -0.94% | 7% | -1.15% | -1.34% | -1.52% | 0.06% | -1.36% | -6.06% | 2.96% | 0.94% | 2.16% | 0.91% | 0.33% | -2.16% | -3.17% | -2.91% |
| Return on Equity (ROE) | 65.79% | - | - | - | - | -1329.18% | -1383.35% | -26.03% | -19.79% | -8% | -4.99% | 33.05% | -4.29% | -4.71% | -5.41% | 0.22% | -5.44% | -21.96% | 9.42% | 2.8% | 6.31% | 2.68% | 0.61% | -3.58% | -25.12% | -18.97% |
| Debt / Assets | 99.82% | 103.14% | 85.15% | 89.66% | 99.61% | 95.97% | 101.07% | 88.67% | 83.81% | 79.15% | 76.12% | 77.35% | 70.26% | 67.95% | 67.52% | 65.81% | 69.12% | 70.83% | 64.3% | 61.65% | 54.45% | 61.69% | 50.84% | 19.13% | 86.72% | 80.41% |
| Debt / Equity | -5.93x | - | - | - | - | 195.78x | - | 12.27x | 7.36x | 4.93x | 4.02x | 4.13x | 2.75x | 2.42x | 2.34x | 2.39x | 2.68x | 2.95x | 2.09x | 1.92x | 1.46x | 2.05x | 1.17x | 0.24x | 8.89x | 5.25x |
| Net Debt / EBITDA | 11.76x | 14.20x | 6.26x | 9.23x | 12.53x | 35.61x | - | 10.16x | 2.56x | 2.32x | 2.29x | 10.41x | 9.28x | 6.89x | 8.66x | 9.74x | 15.52x | 822.50x | 7.77x | 8.16x | 7.77x | 9.91x | 10.02x | -3.92x | 21.72x | 9.10x |
| Book Value per Share | -68.11 | -62.48 | -45.00 | -64.75 | -36.92 | 5.90 | -1653.36 | 3396.90 | 5487.75 | 7869.88 | 9797.57 | 8097.99 | 8097.25 | 10019.87 | 14785.05 | 15976.71 | 18769.72 | 13718.65 | 12019.68 | 13282.07 | 12097.37 | 11103.45 | 8369.99 | 8524.75 | 361.83 | 595.23 |
High leverage liquidity constraints
According to the company's reported financial statements, AHT's equity position has deteriorated into a negative $473.5 million as of 2026Q1, reflecting a persistent trend of balance sheet erosion that suggests the firm's liabilities are consistently outpacing the book value of its underlying hotel assets.
The transition into deep negative equity territory indicates that the company's capital structure is effectively insolvent on a book-value basis. This trajectory suggests that management's reliance on debt-funded growth has left the firm with little cushion to absorb further operational volatility or asset impairments.
As reported in recent SEC filings, AHT maintains a total debt load of $2.6 billion against total assets of $2.6 billion, a leverage profile that leaves virtually no room for error in a high-interest rate environment where refinancing risks remain elevated for full-service hotel operators.
The near 1:1 ratio of debt to total assets highlights an extreme reliance on external financing to maintain operations. Investors should monitor whether the company can successfully execute its stated asset disposal plan, as the current debt-to-asset parity suggests that any decline in property valuations could further impair the firm's solvency.
Based on the provided quarterly data, AHT's cash reserves have fluctuated significantly, dropping from a peak of $246.1 million in 2025Q3 to $78.8 million in 2026Q1, which may indicate an urgent need for liquidity to cover ongoing debt service and property-level operating requirements.
The rapid drawdown of cash reserves suggests that the company is consuming liquidity at an unsustainable rate to bridge the gap between operating cash flow and debt obligations. This trend warrants further investigation into the firm's ability to maintain sufficient working capital without resorting to further dilutive equity issuances or distressed asset sales.
Financial statements indicate that the company's net property, plant, and equipment (PPE) has effectively been written down to zero in recent quarters, which, as noted in regulatory filings, suggests that the firm's accounting treatment of its assets may be masking significant underlying structural liabilities.
The absence of meaningful net PPE on the balance sheet is highly unusual for a REIT and may imply that the assets are either fully encumbered or that the company is accounting for them in a way that minimizes book value. This anomaly suggests that the balance sheet may not accurately reflect the true economic value of the hotel portfolio, complicating any assessment of the firm's long-term viability.
Quick answers to the most common questions about buying AHT stock.
As of 2025, Ashford Hospitality Trust, Inc. (AHT) had total assets of $2.83B including $282.1M in current assets.
Ashford Hospitality Trust, Inc. (AHT) carries total debt of $2.92B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ashford Hospitality Trust, Inc. (AHT) has total shareholders' equity (book value) of $-409.3M ($-62.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ashford Hospitality Trust, Inc. (AHT) reported a current ratio of 0.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.