AHT

• Company formed a special committee in early December 2025 to evaluate strategic alternatives to maximize shareholder value. - In 2025, faced lodging industry pressures but made progress with GrowAHT initiatives, achieving positive growth in comparable total revenues and hotel EBITDA growth. - Completed sale of six hotels, used proceeds to pay down mortgage debt and improve cash flow. - In the fourth quarter, comparable hotel REVPAR decreased 1.8% due to factors like government shutdown, but full year total revenue increased 0.8%, hotel EBITDA increased 2.4%, and margin expanded. - GROW-AHT initiative drove operational and financial improvements, with incremental other revenue in 2025. - Fourth quarter saw strong results from a newly opened hotel. - 2025 capital expenditures included guest room renovations and public space enhancements, with 2026 capital expenditure expectation between $90 - $110 million.

• Opportunistic dispositions will remain a core component of strategy in 2026, with 18 additional hotels being marketed or negotiated for off-market transactions. - Continued focus on performance and strategic low cap rate dispositions will result in a leaner, stronger portfolio and position for accretive growth opportunities. - Anticipate spending between $90 and $110 million on capital expenditures in 2026.

For the fourth quarter, the net loss attributable to common stockholders was $78.3 million, or $12.33 per diluted share. For the full year, the net loss attributable to common stockholders was $215 million, or $35.99 per diluted share. The fourth quarter AFFO per diluted share was negative $2.45, and the full year AFFO per diluted share was negative $5.66. Adjusted EBITDA REIT for the quarter was $40.4 million and $221.3 million for the full year. In 2025, the portfolio delivered positive growth in comparable total revenues while achieving 2.4% growth in comparable hotel EBITDA. Corporate G&A achieved more than $13 million in year-over-year improvements. The GrowAHT initiative contributed over $40 million in EBITDA improvement in 2025. Six hotels were sold, generating approximately $145 million in sales proceeds with a blended 3.9% trailing cap rate, and recent sales agreements for other hotels were announced.

• Maturity default on JPM 8 mortgage loan ($325 million) secured by eight hotels, with engagement with special servicer but potential asset disposition having implications. - Ongoing pressures in the lodging industry including industry-wide negative REVPAR growth, margin compression, substantial reductions in government spend, elevated interest rates, and increased CapEx demands.