阿什福德信托：美股招股说明书

(Liquidation Preference $25.00 per share) This prospectus supplement no. 12 (this “Supplement”) is part of and should be read in conjunction with the prospectus of AshfordHospitality Trust, Inc., dated February 7, 2025 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein,capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. When used in this Supplement, the terms“our Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc., a Maryland corporation, and, as the context may require,its consolidated subsidiaries, including Ashford Hospitality Limited Partnership, a Delaware limited partnership. We have attached to this Supplement our quarterly report on Form 10-Q filed November 13, 2025. The attached information updatesand supplements, and should be read together with, the Prospectus. Investing in our securities involves risks. The Preferred Stock has no public trading market and has limited liquidity and mayat times be illiquid. The Preferred Stock has not been rated and investors will be subject to the risks associated with investingin non-rated securities. See “Risk Factors” on page 19 of the Prospectus, and under similar headings in any amendments orsupplements to the Prospectus, for information regarding risks associated with an investment in our securities. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesesecurities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.þYes¨No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).þYes¨No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐YesþNoSecurities registered pursuant to Section 12(b) of the Act: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. ASHFORD HOSPITALITY TRUST, INC.FORM 10-QFOR THE QUARTER ENDED SEPTEMBER 30, 2025TABLE OF CONTENTS PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS (unaudited)Consolidated Balance Sheets as of September 30, 2025 and December 31, 20242Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 20243Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 20244Consolidated Statements of Equity (Deficit) for the Three and Nine Months Ended September 30, 2025 and 20245Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 202413Notes to Consolidated Financial Statements15ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS51ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK73ITEM 4. CONTROLS AND PROCEDURES73PART II. OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGS73ITEM 1A. RISK FACTORS74ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS74ITEM 3. DEFAULTS UPON SENIOR SECURITIES75ITEM 4. MINE SAFETY DISCLOSURES75ITEM 5. OTHER INFORMATION75ITEM 6. EXHIBITS75SIGNATURES78 PART I. FINANCIAL INFORMATION ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(unaudited, in thous