Ashford Hospitality Trust, Inc. (AHT) Balance Sheet
AHT balance sheet, 2025
December 31, 2025 · U.S. dollars$2.83B assets = $3.21B liabilities + −$373.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$373.2M).
Both columns are drawn to the same scale: what AHT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AHT financial health
Descriptive bands, not a rating. Fiscal 2025.
AHT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.89B2016 | $2.83B2025 | −5.9%/yr | |
| Total liabilities | $3.97B2016 | $3.21B2025 | −2.3%/yr | |
| Shareholders’ equity | $925.1M2016 | −$409.3M2025 | — | |
| Cash & short-term investments | $400.3M2016 | $66.3M2025 | −18.1%/yr | |
| Total debt | $6.48B2016 | $2.92B2025 | −8.5%/yr | |
| Net cash (debt) | −$6.08B2016 | −$2.86B2025 | +$3.2B | |
| Working capital | $435.2M2016 | −$794.3M2025 | −$1.2B | |
| Book value per share | −$165.342020 | −$68.512025 | — | |
| Current ratio | 3.092016 | 0.262025 | −2.82 | |
| Debt / equity | 7.012016 | 355.632021 | +348.62 | |
| Shares outstanding | 1.6M2020 | 6.0M2025 | +30.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AHT assets
AHT liabilities and equity
AHT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AHT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $66.3M | $112.9M | $165.2M | $417.1M | $592.1M | $92.9M | $277.2M | $341.0M | $381.7M | $400.3M |
| Cash & equivalents | $66.3M | $112.9M | $165.2M | $417.1M | $592.1M | $92.9M | $262.6M | $319.2M | $354.8M | $347.1M |
| Short-term investments | — | — | $13.7M | $3.12B | $501,000 | $263,000 | $14.6M | $21.8M | $26.9M | $53.2M |
| Receivables | $32.7M | $434.0M | $74.6M | $84.4M | $80.8M | $45.2M | $67.7M | $58.8M | $61.6M | $58.0M |
| Inventory | $3.6M | $3.6M | $3.7M | $3.9M | $3.3M | $2.4M | $4.3M | $4.2M | $4.2M | $4.5M |
| Other current assets | $183.6M | $208.0M | $171.3M | $157.9M | $112.9M | $92.8M | $157.5M | $140.6M | $154.5M | $181.2M |
| Total current assets | $286.3M | $758.5M | $414.7M | $663.3M | $789.2M | $233.4M | $506.8M | $544.7M | $602.1M | $644.0M |
| Property, plant & equipment (net) | $43.6M | $43.8M | $44.0M | $43.9M | $44.6M | $45.0M | $50.0M | $4.11B | $4.04B | $4.16B |
| Goodwill & intangible assets | $0 | $797,000 | $797,000 | $797,000 | $797,000 | $797,000 | $797,000 | $9.8M | $9.9M | $10.1M |
| Long-term investments | $7.3M | $7.6M | $10.0M | $19.6M | $11.3M | $2.8M | $4.5M | $6.9M | $5.0M | $62.4M |
| Other non-current assets | $2.50B | $2.35B | $2.99B | $3.19B | $3.25B | $3.45B | $4.13B | $19.4M | $16.9M | $14.6M |
| Total assets | $2.83B | $3.16B | $3.46B | $3.92B | $4.10B | $3.73B | $4.69B | $4.69B | $4.67B | $4.89B |
| Liabilities | ||||||||||
| Accounts payable | $124.6M | $137.5M | $129.3M | $116.0M | $117.7M | $100.0M | $134.3M | $136.8M | $132.4M | $127.0M |
| Short-term debt | $1.08B | $2.13B | $44.2M | $63.5M | $3.26B | $2.90B | $3.28B | $669.2M | $2.67B | $2.76B |
| Deferred revenue | — | — | −$31.6M | — | −$3.26B | −$2.90B | −$3.28B | −$669.2M | −$2.67B | −$2.76B |
| Total current liabilities | $1.08B | $332.5M | $194.9M | $135.7M | $138.1M | $213.1M | $164.3M | $190.6M | $190.1M | $208.7M |
| Long-term debt | $2.82B | $2.96B | $3.41B | $3.86B | $3.89B | $3.73B | $4.11B | $3.93B | $3.70B | $3.72B |
| Lease obligations | $61.6M | $62.4M | $63.2M | $63.5M | $45.1M | $45.3M | $53.3M | — | — | — |
| Other long-term liabilities | $0 | $78.4M | $77.1M | $53.1M | $52.1M | $52.9M | $81.4M | $34.2M | $34.2M | $34.1M |
| Total liabilities | $3.21B | $3.37B | $3.69B | $4.05B | $4.08B | $3.99B | $4.35B | $4.15B | $3.92B | $3.97B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $65,000 | $56,000 | $37,000 | $345,000 | $345,000 | $644,000 | $1.0M | $1.0M | $1.79B | $1.77B |
| Retained earnings (deficit) | −$3.03B | −$2.81B | −$2.73B | −$2.53B | −$2.38B | −$2.09B | −$1.56B | −$1.36B | −$1.15B | −$974.0M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$373,998 | −$126.8M | $20.1M | −$260.5M | $339.1M | $533.8M | $0 | $0 |
| Minority interest | $36.0M | $35.9M | $36.9M | $21.6M | — | $166,000 | $504,000 | $616,000 | $646,000 | $756,000 |
| Total shareholders' equity | −$409.3M | −$247.7M | −$261.1M | −$128.8M | $20.1M | −$260.5M | $339.1M | $533.8M | $749.3M | $925.1M |
| Key figures | ||||||||||
| Total debt | $2.92B | $2.69B | $3.10B | $3.92B | $7.14B | $6.63B | $7.39B | $4.60B | $6.37B | $6.48B |
| Net cash (debt) | −$2.86B | −$2.58B | −$2.94B | −$3.50B | −$6.55B | −$6.54B | −$7.11B | −$4.26B | −$5.99B | −$6.08B |
| Working capital | −$794.3M | $426.1M | $219.9M | $527.6M | $651.0M | $20.3M | $342.5M | $354.1M | $412.0M | $435.2M |
| Tangible book value | −$409.3M | −$248.5M | −$261.9M | −$129.6M | $19.3M | −$261.3M | $338.3M | $524.0M | $739.3M | $915.1M |
| Book value per share | −$68.51 | −$52.63 | −$75.39 | — | $0.92 | −$165.34 | — | — | — | — |
| Shares outstanding | 6.0M | 4.7M | 3.5M | — | 21.8M | 1.6M | — | — | — | — |
| Current ratio | 0.26 | 2.28 | 2.13 | 4.89 | 5.71 | 1.10 | 3.08 | 2.86 | 3.17 | 3.09 |
| Quick ratio | 0.09 | 1.65 | 1.23 | 3.70 | 4.87 | 0.65 | 2.10 | 2.10 | 2.33 | 2.20 |
| Debt / equity | — | — | — | — | 355.63 | — | 21.78 | 8.61 | 8.50 | 7.01 |
| Equity / assets | −14.4% | −7.8% | −7.5% | −3.3% | 0.5% | −7.0% | 7.2% | 11.4% | 16.0% | 18.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $73.4M | $78.8M | $66.1M | $81.9M | $100.0M | $85.8M | $112.9M | $119.7M | $121.8M | $111.1M | $165.2M | $184.2M |
| Cash & equivalents | $73.4M | $78.8M | $66.1M | $81.9M | $100.0M | $85.8M | $112.9M | $119.7M | $121.8M | $111.1M | $165.2M | $184.2M |
| Short-term investments | — | — | — | — | — | — | $7.3M | $5.5M | $16.3M | $12.4M | $13.7M | $25.5M |
| Receivables | $38.9M | $43.4M | $425.7M | $461.0M | $451.4M | $424.7M | $434.0M | $454.4M | $488.6M | $467.4M | $74.6M | $108.1M |
| Inventory | $10.9M | $3.3M | $3.6M | $3.7M | $3.7M | $3.7M | $3.6M | $3.7M | $3.6M | $3.8M | $3.7M | $3.9M |
| Other current assets | $0 | $174.2M | $168.1M | $185.7M | $172.8M | $191.8M | $208.0M | $128.5M | $139.7M | $331.3M | $171.3M | $198.6M |
| Total current assets | $114.1M | $299.7M | $663.5M | $732.3M | $727.8M | $706.0M | $758.5M | $706.3M | $753.7M | $913.5M | $414.7M | $494.8M |
| Property, plant & equipment (net) | $37.3M | $41.0M | $43.6M | $43.6M | $43.6M | $43.7M | $43.8M | $43.8M | $43.9M | $44.0M | $44.0M | $44.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $797,000 | $797,000 | $797,000 | $797,000 | $797,000 | $797,000 | $797,000 |
| Long-term investments | $7.1M | $7.1M | $7.3M | $7.3M | $7.2M | $7.2M | $7.6M | $9.1M | $9.3M | $9.4M | $10.0M | $10.4M |
| Other non-current assets | $2.18B | $2.26B | $2.12B | $2.23B | $2.28B | $2.32B | $2.35B | $2.51B | $2.54B | $2.57B | $2.99B | $3.17B |
| Total assets | $2.33B | $2.61B | $2.83B | $3.01B | $3.06B | $3.08B | $3.16B | $3.27B | $3.35B | $3.54B | $3.46B | $3.72B |
| Liabilities | ||||||||||||
| Accounts payable | $114.4M | $161.4M | $123.8M | $146.6M | $130.1M | $129.2M | $137.5M | $146.4M | $134.6M | $130.6M | $129.3M | $153.2M |
| Short-term debt | $970.4M | $2.35B | $1.08B | $22.0M | $765.6M | $1.52B | $2.13B | $2.72B | $1.94B | $41.5M | $5.5M | $183.1M |
| Deferred revenue | — | — | — | — | — | — | — | −$433.7M | −$443.0M | −$449.8M | −$3.03B | −$183.1M |
| Total current liabilities | $970.4M | $2.35B | $309.1M | $297.1M | $265.7M | $236.6M | $332.5M | $211.4M | $193.9M | $284.8M | $194.9M | $202.0M |
| Long-term debt | $1.91B | $2.29B | $2.82B | $2.93B | $2.96B | $2.98B | $2.96B | $3.08B | $2.76B | $2.93B | $3.40B | $3.65B |
| Lease obligations | $54.9M | $61.5M | $61.6M | $61.6M | $61.9M | $62.2M | $62.4M | $62.5M | $62.8M | $63.0M | $63.2M | $63.4M |
| Other long-term liabilities | $0 | $0 | $80.8M | $82.1M | $78.1M | $78.2M | $78.4M | $76.8M | $450.2M | $450.5M | $95.6M | $77.7M |
| Total liabilities | $2.64B | $3.04B | $3.21B | $3.31B | $3.31B | $3.30B | $3.37B | $3.36B | $3.40B | $3.67B | $3.69B | $3.93B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $65,000 | $65,000 | $65,000 | $62,000 | $59,000 | $58,000 | $56,000 | $54,000 | $468,000 | $402,000 | $37,000 | $345,000 |
| Retained earnings (deficit) | −$2.97B | −$3.10B | −$3.03B | −$2.95B | −$2.88B | −$2.84B | −$2.81B | −$2.68B | −$2.62B | −$2.66B | −$2.73B | −$2.70B |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | $2.72B | — | −$402,000 | −$373,998 | $2.49B |
| Minority interest | $35.1M | $34.8M | $36.0M | $37.1M | $34.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$344.7M | −$473.5M | −$409.3M | −$336.7M | −$282.3M | −$250.1M | −$247.7M | −$133.5M | −$97.2M | −$170.2M | −$261.1M | −$246.9M |
| Key figures | ||||||||||||
| Total debt | $2.23B | $2.60B | $2.59B | $2.97B | $3.01B | $3.03B | $2.69B | $2.78B | $2.82B | $3.00B | $3.10B | $3.83B |
| Net cash (debt) | −$2.16B | −$2.52B | −$2.52B | −$2.89B | −$2.91B | −$2.94B | −$2.58B | −$2.66B | −$2.70B | −$2.89B | −$2.94B | −$3.65B |
| Working capital | −$856.3M | −$2.05B | $354.4M | $435.2M | $462.1M | $469.4M | $426.1M | $495.0M | $559.8M | $628.7M | $219.9M | $292.9M |
| Tangible book value | −$344.7M | −$473.5M | −$409.3M | −$336.7M | −$282.3M | −$250.9M | −$248.5M | −$134.3M | −$98.0M | −$171.0M | −$261.9M | −$247.7M |
| Book value per share | — | −$73.51 | −$64.44 | −$57.58 | −$48.63 | −$44.25 | −$45.02 | −$26.20 | −$11.59 | −$14.58 | −$75.00 | — |
| Shares outstanding | — | 6.4M | 6.4M | 5.8M | 5.8M | 5.7M | 5.5M | 5.1M | 8.4M | 11.7M | 3.5M | — |
| Current ratio | 0.12 | 0.13 | 2.15 | 2.46 | 2.74 | 2.98 | 2.28 | 3.34 | 3.89 | 3.21 | 2.13 | 2.45 |
| Quick ratio | 0.12 | 0.05 | 1.59 | 1.83 | 2.07 | 2.16 | 1.65 | 2.72 | 3.15 | 2.03 | 1.23 | 1.45 |
| Equity / assets | −14.8% | −18.2% | −14.4% | −11.2% | −9.2% | −8.1% | −7.8% | −4.1% | −2.9% | −4.8% | −7.5% | −6.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 23, 2026); data from EODHD.
AHT financial position
At the end of fiscal 2025 (December 31, 2025), Ashford Hospitality had total assets of $2.8 billion (down 10.4% from a year earlier), total liabilities of $3.2 billion and shareholders' equity of -$409.3 million. It held $66.3 million in cash and short-term investments against $2.9 billion of debt, net debt of $2.9 billion. Its current ratio was 0.26. In the latest quarter (ended June 30, 2026) total assets were $2.3 billion and equity -$344.7 million.
Related: AHT income statement, AHT cash flow statement, AHT key metrics. See the AHT stock overview for the latest quote and news.
AHT balance sheet FAQ
What are Ashford Hospitality's total assets?
Ashford Hospitality reported total assets of $2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.2 billion a year earlier.
How much debt does Ashford Hospitality have?
Ashford Hospitality had $2.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Ashford Hospitality have?
Ashford Hospitality held $66.3 million in cash and short-term investments at the end of fiscal 2025; with $2.9 billion of debt that is net debt of $2.9 billion.
What is Ashford Hospitality's book value?
Ashford Hospitality's shareholders' equity (book value) was -$409.3 million at the end of fiscal 2025, or −$68.51 per share.
What is Ashford Hospitality's current ratio?
Ashford Hospitality had current assets of $286.3 million and current liabilities of $1.1 billion, a current ratio of 0.26 (current liabilities exceed current assets).