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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, 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 March 31, 2022
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)

Maryland 86-1062192
(State or other jurisdiction of incorporation or organization) (IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

    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 12 months (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. þ Yes ¨ 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). þ Yes ¨ 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 growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
    
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 or revised 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). Yes þ No
    Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock AHT New York Stock Exchange
Preferred Stock, Series D AHT-PD New York Stock Exchange
Preferred Stock, Series F AHT-PF New York Stock Exchange
Preferred Stock, Series G AHT-PG New York Stock Exchange
Preferred Stock, Series H AHT-PH New York Stock Exchange
Preferred Stock, Series I AHT-PI New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share 34,479,060
(Class)
Outstanding at May 4, 2022




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2022
TABLE OF CONTENTS


2
3
4
5
6
8



PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
March 31, 2022 December 31, 2021
ASSETS
Investments in hotel properties, net $ 3,199,962  $ 3,230,710 
Cash and cash equivalents 548,592  592,110 
Restricted cash 102,312  99,534 
Accounts receivable, net of allowance of $470 and $455, respectively
51,692  37,720 
Inventories 3,255  3,291 
Notes receivable, net 4,805  8,723 
Investments in unconsolidated entities 11,100  11,253 
Deferred costs, net 4,467  5,001 
Prepaid expenses 17,591  13,384 
Derivative assets 3,636  501 
Operating lease right-of-use assets 44,335  44,575 
Other assets 16,604  16,150 
Intangible assets 797  797 
Due from Ashford Inc., net —  25 
Due from related parties, net 7,167  7,473 
Due from third-party hotel managers 21,879  26,896 
Total assets $ 4,038,194  $ 4,098,143 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net $ 3,883,012  $ 3,887,822 
Accounts payable and accrued expenses 122,281  117,650 
Accrued interest payable 12,514  15,432 
Dividends and distributions payable 3,103  3,104 
Due to Ashford Inc., net 946  — 
Due to related parties, net —  728 
Due to third-party hotel managers 1,606  1,204 
Intangible liabilities, net 2,157  2,177 
Operating lease liabilities 44,985  45,106 
Other liabilities 4,704  4,832 
Total liabilities 4,075,308  4,078,055 
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership 23,249  22,742 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,174,427 shares issued and outstanding at March 31, 2022 and December 31, 2021
12  12 
Series F Cumulative Preferred Stock, 1,251,044 shares issued and outstanding at March 31, 2022 and December 31, 2021
12  12 
Series G Cumulative Preferred Stock, 1,531,996 shares issued and outstanding at March 31, 2022 and December 31, 2021
15  15 
Series H Cumulative Preferred Stock, 1,308,415 shares issued and outstanding at March 31, 2022 and December 31, 2021
13  13 
Series I Cumulative Preferred Stock, 1,252,923 shares issued and outstanding at March 31, 2022 and December 31, 2021
13  13 
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,479,057 and 34,490,381 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
345  345 
Additional paid-in capital 2,381,191  2,379,906 
Accumulated deficit (2,441,964) (2,382,970)
Total equity (deficit) (60,363) (2,654)
Total liabilities and equity/deficit $ 4,038,194  $ 4,098,143 
See Notes to Consolidated Financial Statements.
2

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31,
2022 2021
REVENUE
Rooms
$ 195,330  $ 97,114 
Food and beverage
36,760  7,903 
Other hotel revenue
14,436  10,428 
Total hotel revenue
246,526  115,445 
Other
612  385 
Total revenue
247,138  115,830 
EXPENSES
Hotel operating expenses:
Rooms
47,406  23,724 
Food and beverage
27,770  6,527 
Other expenses
92,048  55,769 
Management fees
9,554  5,527 
Total hotel expenses
176,778  91,547 
Property taxes, insurance and other
16,459  17,471 
Depreciation and amortization
52,120  57,627 
Advisory services fee
13,386  12,161 
Corporate, general and administrative
3,104  6,997 
Total expenses
261,847  185,803 
Gain (loss) on disposition of assets and hotel properties 103  (69)
OPERATING INCOME (LOSS) (14,606) (70,042)
Equity in earnings (loss) of unconsolidated entities
(153) (137)
Interest income
51  13 
Other income (expense)
101  229 
Interest expense and amortization of discounts and loan costs (43,559) (33,264)
Write-off of premiums, loan costs and exit fees
(727) (3,379)
Unrealized gain (loss) on derivatives
3,211  919 
INCOME (LOSS) BEFORE INCOME TAXES (55,682) (105,661)
Income tax (expense) benefit
(120) 271 
NET INCOME (LOSS) (55,802) (105,390)
(Income) loss attributable to noncontrolling interest in consolidated entities —  81 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 372  2,271 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (55,430) (103,038)
Preferred dividends
(3,103) 818 
Gain (loss) on extinguishment of preferred stock —  10,635 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (58,533) $ (91,585)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (1.71) $ (11.01)
Weighted average common shares outstanding – basic 34,269  8,305 
Diluted:
Net income (loss) attributable to common stockholders $ (1.71) $ (11.01)
Weighted average common shares outstanding – diluted 34,269  8,305 
See Notes to Consolidated Financial Statements.
3


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
Three Months Ended March 31,
2022 2021
Net income (loss)
$ (55,802) $ (105,390)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)
—  — 
Comprehensive income (loss)
(55,802) (105,390)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
—  81 
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
372  2,271 
Comprehensive income (loss) attributable to the Company
$ (55,430) $ (103,038)
See Notes to Consolidated Financial Statements.
4

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands except per share amounts)
Preferred Stock Additional
Paid-in
Capital
Accumulated
Deficit
Total Redeemable Noncontrolling
Interests in
Operating
Partnership
Series D Series F Series G Series H Series I Common Stock
Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount
Balance at December 31, 2021 1,174  $ 12  1,251  $ 12  1,532  $ 15  1,308  $ 13  1,253  $ 13  34,490  $ 345  $ 2,379,906  $ (2,382,970) $ (2,654) $ 22,742 
Purchases of common stock —  —  —  —  —  —  —  —  —  —  (14) —  (118) —  (118) — 
Equity-based compensation —  —  —  —  —  —  —  —  —  —  —  —  1,490  —  1,490  418 
Issuance of restricted shares/units —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Common stock offering costs —  —  —  —  —  —  —  —  —  —  —  —  (87) —  (87) — 
Dividends declared – preferred stock - Series D ($0.53/share)
—  —  —  —  —  —  —  —  —  —  —  —  —  (620) (620) — 
Dividends declared – preferred stock - Series F ($0.46/share)
—  —  —  —  —  —  —  —  —  —  —  —  —  (577) (577) — 
Dividends declared – preferred stock - Series G ($0.46/share)
—  —  —  —  —  —  —  —  —  —  —  —  —  (706) (706) — 
Dividends declared – preferred stock - Series H ($0.47/share)
—  —  —  —  —  —  —  —  —  —  —  —  —  (613) (613) — 
Dividends declared – preferred stock - Series I ($0.47/share)
—  —  —  —  —  —  —  —  —  —  —  —  —  (587) (587) — 
Redemption value adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  (461) (461) 461 
Net income (loss) —  —  —  —  —  —  —  —  —  —  —  —  —  (55,430) (55,430) (372)
Balance at March 31, 2022 1,174  $ 12  1,251  $ 12  1,532  $ 15  1,308  $ 13  1,253  $ 13  34,479  $ 345  $ 2,381,191  $ (2,441,964) $ (60,363) $ 23,249 
Preferred Stock Additional
Paid-in
Capital
Accumulated
Deficit
Noncontrolling
Interests In
Consolidated
Entities
Total Redeemable Noncontrolling
Interests in
Operating
Partnership
Series D Series F Series G Series H Series I Common Stock
Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount
Balance at December 31, 2020 1,791  $ 18  2,891  $ 29  4,423  $ 44  2,669  $ 27  3,391  $ 34  6,436  $ 64  $ 1,809,455  $ (2,093,292) $ 166  $ (283,455) $ 22,951 
Purchases of common stock —  —  —  —  —  —  —  —  —  —  (1) —  (46) —  —  (46) — 
Equity-based compensation —  —  —  —  —  —  —  —  —  —  —  —  1,279  —  —  1,279  665 
Issuance of restricted shares/units —  —  —  —  —  —  —  —  —  —  13  (1) —  —  —  — 
Issuance of common stock —  —  —  —  —  —  —  —  —  —  1,623  16  46,105  —  —  46,121  — 
PSU dividend claw back upon cancellation —  —  —  —  —  —  —  —  —  —  —  —  —  178  —  178  — 
Performance LTIP dividend claw back upon cancellation —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  454 
Redemption value adjustment —  —  —  —  —  —  —  —  —  —  —  —  —  (2,884) —  (2,884) 2,884 
Extinguishment of preferred stock (112) (1) (853) (9) (1,251) (12) (667) (7) (1,391) (14) 2,943  29  (10,621) 10,635  —  —  — 
Net income (loss) —  —  —  —  —  —  —  —  —  —  —  —  —  (103,038) (81) (103,119) (2,271)
Balance at March 31, 2021 1,679  $ 17  2,038  $ 20  3,172  $ 32  2,002  $ 20  2,000  $ 20  11,014  $ 110  $ 1,846,171  $ (2,188,401) $ 85  $ (341,926) $ 24,683 
5

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Three Months Ended March 31,
2022 2021
Cash Flows from Operating Activities
Net income (loss) $ (55,802) $ (105,390)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 52,120  57,627 
Amortization of intangibles 33  33 
Recognition of deferred income (127) (125)
Bad debt expense 669  279 
Deferred income tax expense (benefit) (67) (5)
Equity in (earnings) loss of unconsolidated entities 153  137 
(Gain) loss on disposition of assets and hotel properties (103) 69 
Realized and unrealized (gain) loss on derivatives (3,211) (919)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 2,048  (6,068)
Equity-based compensation 1,908  1,944 
Non-cash interest income (82) (223)
Paid-in kind interest expense —  6,663 
Changes in operating assets and liabilities, exclusive of the effect of dispositions of hotel properties:
Accounts receivable and inventories (15,567) (11,593)
Prepaid expenses and other assets (5,304) 1,880 
Operating lease right-of-use assets 187  126 
Operating lease liabilities (121) (125)
Accounts payable and accrued expenses and accrued interest payable 3,126  (20,354)
Due to/from related parties (422) (2,376)
Due to/from third-party hotel managers 5,419  (2,212)
Due to/from Ashford Inc., net 690  (11,293)
Other liabilities (1) (1)
Net cash provided by (used in) operating activities (14,454) (91,926)
Cash Flows from Investing Activities
Improvements and additions to hotel properties (22,668) (9,072)
Net proceeds from disposition of assets and hotel properties 357  7,291 
Proceeds from property insurance 962  670 
Proceeds from note receivable 4,000  — 
Net cash provided by (used in) investing activities (17,349) (1,111)
Cash Flows from Financing Activities
Borrowings on indebtedness, net of commitment fee —  195,500 
Repayments of indebtedness (4,664) (4,330)
Payments for loan costs and exit fees (146) (17,530)
Payments for dividends and distributions (3,104) — 
Payments for derivatives (856) (292)
Proceeds from common stock offerings —  45,467 
Common stock offering costs (167) — 
Net cash provided by (used in) financing activities (8,937) 218,815 
Net increase (decrease) in cash, cash equivalents and restricted cash (40,740) 125,778 
Cash, cash equivalents and restricted cash at beginning of period 691,644  167,313 
Cash, cash equivalents and restricted cash and at end of period $ 650,904  $ 293,091 
Supplemental Cash Flow Information
Interest paid $ 44,830  $ 58,872 
6

Three Months Ended March 31,
2022 2021
Income taxes paid (refunded) 41  (38)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures $ 10,273  $ 6,344 
Accrued stock offering costs 28  155 
Common stock purchases accrued but not paid 118  46 
Non-cash loan principal associated with default interest and late charges —  32,627 
Non-cash extinguishment of preferred stock —  103,188 
Issuance of common stock from preferred stock exchanges —  92,553 
Debt discount associated with embedded debt derivative —  43,681 
Unsettled common stock offering proceeds —  809 
Dividends and distributions declared but not paid 3,103  236 
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period $ 592,110  $ 92,905 
Restricted cash at beginning of period 99,534  74,408 
Cash, cash equivalents and restricted cash at beginning of period $ 691,644  $ 167,313 
Cash and cash equivalents at end of period $ 548,592  $ 225,357 
Restricted cash at end of period 102,312  67,734 
Cash, cash equivalents and restricted cash at end of period $ 650,904  $ 293,091 
See Notes to Consolidated Financial Statements.
7

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. Organization and Description of Business
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”). While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements.
Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of March 31, 2022, we owned interests in the following assets:
100 consolidated hotel properties, which represent 22,313 total rooms;
82 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”);
16.7% ownership in OpenKey, Inc. (“OpenKey”) with a carrying value of approximately $2.6 million; and
32.5% ownership in 815 Commerce Managing Member, LLC (“815 Commerce MM”) with a carrying value of approximately $8.5 million.
For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of March 31, 2022, our 100 hotel properties were leased or owned by our wholly-owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington Lodging & Hospitality, LLC (“Remington Hotels”), a subsidiary of Ashford Inc., manages 68 of our 100 hotel properties and WorldQuest. Third-party management companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, broker-dealer and distribution services and mobile key technology.
On June 28, 2021, our board of directors approved a reverse stock split of our issued and outstanding common stock at a ratio of 1-for-10. This reverse stock split converted every ten issued and outstanding shares of common stock into one share of common stock. The reverse stock split was effective as of the close of business on July 16, 2021. As a result of the reverse stock split, the number of outstanding shares of common stock was reduced from approximately 265.1 million shares to approximately 26.5 million shares on that date. Additionally, the number of outstanding common units, Long-Term Incentive Plan (“LTIP”) units and Performance LTIP units was reduced from approximately 4.0 million units to approximately 402,000 units on that date. All common stock, common units, LTIP units, Performance LTIP units, performance stock units and restricted stock as well as per share data related to these classes of equity have been revised in the accompanying consolidated financial statements to reflect this reverse stock split for all periods presented.
2. Significant Accounting Policies
Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP
8

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2021 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022.
Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP.
Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
The following dispositions affect reporting comparability of our consolidated financial statements:
Hotel Property
Location
Type Date
Le Meridien Minneapolis Minneapolis, MN Disposition January 20, 2021
SpringHill Suites Durham Durham, NC Disposition April 29, 2021
SpringHill Suites Charlotte Charlotte, NC Disposition April 29, 2021
Use of Estimates—The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recently Adopted Accounting Standards—In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in Accounting Standards Codification (“ASC”) 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (“EPS”) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We adopted the standard effective January 1, 2022, and the adoption of this standard did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards—In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt,
9

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
3. Revenue
The following tables present our revenue disaggregated by geographical area (dollars in thousands):
Three Months Ended March 31, 2022
Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total
Atlanta, GA Area $ 13,646  $ 3,121  $ 1,166  $ —  $ 17,933 
Boston, MA Area 5,964  1,138  996  —  8,098 
Dallas / Ft. Worth, TX Area 12,519  2,623  919  —  16,061 
Houston, TX Area 5,567  1,558  190  —  7,315 
Los Angeles, CA Metro Area 17,706  2,660  1,018  —  21,384 
Miami, FL Metro Area 7,474  2,046  251  —  9,771 
Minneapolis - St. Paul, MN 1,813  510  84  —  2,407 
Nashville, TN Area 10,896  5,323  966  —  17,185 
New York / New Jersey Metro Area 8,069  2,446  520  —  11,035 
Orlando, FL Area 5,817  313  355  —  6,485 
Philadelphia, PA Area 3,834  342  211  —  4,387 
San Diego, CA Area 3,661  163  300  —  4,124 
San Francisco - Oakland, CA Metro Area 10,357  973  615  —  11,945 
Tampa, FL Area 7,623  1,375  295  —  9,293 
Washington D.C. - MD - VA Area 16,719  2,850  1,312  —  20,881 
Other Areas 37  62,513  9,271  4,901  —  76,685 
Orlando WorldQuest —  1,152  48  337  —  1,537 
Corporate —  —  —  —  612  612 
Total 100  $ 195,330  $ 36,760  $ 14,436  $ 612  $ 247,138 
Three Months Ended March 31, 2021
Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total
Atlanta, GA Area $ 7,800  $ 1,213  $ 868  $ —  $ 9,881 
Boston, MA Area 1,639  56  664  —  2,359 
Dallas / Ft. Worth, TX Area 6,156  603  561  —  7,320 
Houston, TX Area 3,195  137  110  —  3,442 
Los Angeles, CA Metro Area 8,571  681  797  —  10,049 
Miami, FL Metro Area 3,465  321  140  —  3,926 
Minneapolis - St. Paul, MN 778  145  49  —  972 
Nashville, TN Area 2,065  695  723  —  3,483 
New York / New Jersey Metro Area 2,557  323  408  —  3,288 
Orlando, FL Area 2,665  119  331  —  3,115 
Philadelphia, PA Area 2,126  65  110  —  2,301 
San Diego, CA Area 1,794  51  207  —  2,052 
San Francisco - Oakland, CA Metro Area 6,550  181  790  —  7,521 
Tampa, FL Area 4,832  336  169  —  5,337 
Washington D.C. - MD - VA Area 8,776  143  894  —  9,813 
Other Areas 37  32,737  2,811  3,401  —  38,949 
Orlando WorldQuest —  629  22  171  —  822 
Disposed properties 779  35  —  815 
Corporate —  —  —  —  385  385 
Total 103  $ 97,114  $ 7,903  $ 10,428  $ 385  $ 115,830 
10

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
4. Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
March 31, 2022 December 31, 2021
Land $ 626,917  $ 626,917 
Buildings and improvements 3,705,842  3,711,006 
Furniture, fixtures and equipment 281,629  298,121 
Construction in progress 15,772  16,370 
Condominium properties 10,314  10,739 
Total cost 4,640,474  4,663,153 
Accumulated depreciation (1,440,512) (1,432,443)
Investments in hotel properties, net $ 3,199,962  $ 3,230,710 
5. Hotel Disposition and Impairment Charges
Hotel Dispositions
The results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for a list of fiscal year 2021 hotel property dispositions. There were no hotel dispositions for the three months ended March 31, 2022. The following table includes condensed financial information from hotel property dispositions that occurred in 2021 for the three months ended March 31, 2021 (in thousands):
Three Months Ended March 31,
2021
Total hotel revenue
$ 815 
Total hotel operating expenses (971)
Gain (loss) on disposition of assets and hotel properties (124)
Property taxes, insurance and other (119)
Depreciation and amortization (165)
Operating income (loss) (564)
Interest expense and amortization of discounts and loan costs (462)
Income (loss) before income taxes (1,026)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 25 
Net income (loss) before income taxes attributable to the Company $ (1,001)
Impairment Charges
For the three months ended March 31, 2022 and 2021, no impairment charges were recorded.
6. Investments in Unconsolidated Entities
OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of March 31, 2022, the Company has made investments in OpenKey totaling approximately $5.5 million.
As of March 31, 2022, the Company held an investment in 815 Commerce MM of approximately $8.5 million, which is developing the Le Meridien Fort Worth. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance.
11

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The following table summarizes our carrying value and ownership interest in unconsolidated entities:
March 31, 2022 December 31, 2021
Carrying value of the investment in OpenKey (in thousands) $ 2,618  $ 2,771 
Ownership interest in OpenKey 16.7  % 16.7  %
Carrying value of the investment in 815 Commerce MM (in thousands) $ 8,482  $ 8,482 
Ownership interest in 815 Commerce MM 32.5  % 32.5  %
The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands):
Three Months Ended March 31,
2022 2021
OpenKey $ (153) $ (137)
We review our investments in unconsolidated entities for impairment each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entities. No impairment charges were recorded during the three months ended March 31, 2022 and 2021.
12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
7. Indebtedness, net
Indebtedness consisted of the following (in thousands):
March 31, 2022 December 31, 2021
Indebtedness Collateral Maturity
Interest Rate (1)
Default Rate (2)
Debt Balance Debt Balance
Mortgage loan (4)
7 hotels June 2022
LIBOR (3) + 3.65%
n/a $ 180,720  $ 180,720 
Mortgage loan (4)
7 hotels June 2022
LIBOR(3) + 3.39%
n/a 174,400  174,400 
Mortgage loan (4)
5 hotels June 2022
LIBOR(3) + 3.73%
n/a 221,040  221,040 
Mortgage loan (4)
5 hotels June 2022
LIBOR(3) + 4.02%
n/a 262,640  262,640 
Mortgage loan (4)
5 hotels June 2022
LIBOR(3) + 2.73%
n/a 160,000  160,000 
Mortgage loan (4)
5 hotels June 2022
LIBOR(3) + 3.68%
n/a 215,120  215,120 
Mortgage loan (5)
1 hotel July 2022
LIBOR(3) + 3.95%
n/a 33,200  33,200 
Mortgage loan (6)
17 hotels November 2022
LIBOR(3) + 3.00%
n/a 415,000  419,000 
Mortgage loan (7)
1 hotel November 2022
LIBOR(3) + 2.70%
n/a 25,000  25,000 
Mortgage loan (8)
1 hotel December 2022
LIBOR(3) + 2.25%
n/a 16,100  16,100 
Mortgage loan (9)
1 hotel January 2023
LIBOR(3) + 3.40%
n/a 37,000  37,000 
Mortgage loan (10)
8 hotels February 2023
LIBOR(3) + 3.07%
n/a 395,000  395,000 
Mortgage loan (11)
2 hotels March 2023
LIBOR(3) + 2.75%
n/a 240,000  240,000 
Mortgage loan (12)
19 hotels April 2023
LIBOR(3) + 3.20%
n/a 910,475  910,694 
Mortgage loan 1 hotel June 2023
LIBOR(3) + 2.45%
n/a 73,450  73,450 
Mortgage loan 1 hotel January 2024
5.49%
n/a 6,454  6,492 
Mortgage loan 1 hotel January 2024
5.49%
n/a 9,420  9,474 
Term loan (13)
Equity January 2024
16.00%
n/a 200,000  200,000 
Mortgage loan 1 hotel May 2024
4.99%
n/a 6,115  6,150 
Mortgage loan 1 hotel June 2024
LIBOR(3) + 2.00%
n/a 8,881  8,881 
Mortgage loan 2 hotels August 2024
4.85%
n/a 11,367  11,427 
Mortgage loan 3 hotels August 2024
4.90%
n/a 22,735  22,853 
Mortgage loan (14)
1 hotel November 2024
LIBOR(3) + 4.65%
n/a 84,000  84,000 
Mortgage loan (15)
3 hotels February 2025
4.45%
4.00% 50,098  50,098 
Mortgage loan 1 hotel March 2025
4.66%
n/a 23,743  23,883 
Mortgage loan (16)
1 hotel August 2025
LIBOR(3) + 3.80%
n/a 98,000  98,000 
3,879,958  3,884,622 
Premiums (discounts), net (30,079) (32,777)
Capitalized default interest and late charges 19,735  23,511 
Deferred loan costs, net (13,576) (15,440)
Embedded debt derivative 26,974  27,906 
Indebtedness, net $ 3,883,012  $ 3,887,822 
_____________________________
(1)    Interest rates do not include default or late payment rates in effect on one mortgage loan.
(2)    Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of March 31, 2022. The default rate is accrued in addition to the stated interest rate.
(3)    LIBOR rates were 0.452% and 0.101% at March 31, 2022 and December 31, 2021, respectively.
(4)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2021.
(5)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(6)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2021. On March 2, 2022, we repaid $4.0 million of principal on this mortgage loan.
(7)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension option began in November 2021. This mortgage loan has a LIBOR floor of 1.25%.
(8)     This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(9)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in February 2022.
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
(11)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.
(12)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.
(13)    This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(14)    This mortgage loan has two one-year extension options, subject to the satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(15)     As of March 31, 2022, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheets and statements of operations.
(16)     This mortgage loan has one one-year extension option, subject to the satisfaction of certain conditions.
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Three Months Ended March 31,
Line Item 2022 2021
Interest expense, net of discount amortization $ (2,698) $ (2,465)
The amortization of the net premium (discount) is computed using a method that approximates the effective interest method, which is included in “interest expense and amortization of discounts and loan costs” in the consolidated statements of operations.
During the years ended December 31, 2021 and 2020 the Company entered into forbearance and other agreements which were evaluated to be considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. As a result of the troubled debt restructurings all accrued default interest and late charges were capitalized into the applicable loan balances and are being amortized over the remaining term of the loan using the effective interest method. The amount of default interest and late charges capitalized into the loan balance was $32.6 million during the three months ended March 31, 2021. No gain or loss was initially recognized as the carrying amount of the original loans was not greater than the undiscounted cash flows of the modified loans. The amount of the capitalized principal that was amortized during the three months ended March 31, 2022 and 2021, was $3.8 million and $16.8 million, respectively. These amounts are included in “interest expense and amortization of discounts and loan costs” in the consolidated statement of operations.
We have extension options relating to certain property level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield targets.
We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of March 31, 2022, we were in compliance with all covenants related to mortgage loans for which we entered into forbearance and other agreements. We were also in compliance with all covenants under the senior secured term loan facility with Oaktree Capital Management L.P. (“Oaktree”) (the “Oaktree Credit Agreement”). The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP.
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
8. Notes Receivable, net and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
Interest Rate March 31, 2022 December 31, 2021
Construction Financing Note (1) (4)
Face amount 7.0  % $ —  $ 4,000 
Certificate of Occupancy Note (2) (4)
Face amount 7.0  % $ 5,250  $ 5,250 
Discount (3)
(445) (527)
4,805  4,723 
Notes receivable, net $ 4,805  $ 8,723 
____________________________________
(1)    The outstanding principal balance and all accrued and unpaid interest was due and payable on or before the earlier of (i) the buyer closing on third-party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024. On March 4, 2022, the Construction Financing Note was paid in full in the amount of $4.0 million.
(2)    The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025.
(3)    The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023.
(4)     The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
No cash interest income was recorded for the three months ended March 31, 2022 and 2021.
We recognized discount amortization income as presented in the table below (in thousands):
Three Months Ended March 31,
Line Item 2022 2021
Other income (expense) $ 82  $ 145 
As of March 31, 2022 and December 31, 2021, the expected credit loss associated with the notes receivables was immaterial.
For the three months ended March 31, 2021, we received reimbursement of $120,000 for parking fees and recognized income of $4,000, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel was in development. On August 31, 2021, the parking parcel was completed and we obtained access to utilize the parking parcel.
For the three March 31, 2022 and 2021, respectively, we recognized imputed interest income as presented in the table below (in thousands):
Three Months Ended March 31,
Line Item 2022 2021
Other income (expense) $ —  $ 78 
9. Derivative Instruments and Hedging
Interest Rate Derivatives—We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely use a third-party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value.
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The following table presents a summary of our interest rate derivatives entered into over each applicable period:
Three Months Ended March 31,
2022 2021
Interest rate caps:
Notional amount (in thousands) $ 1,586,281 
(1)
$ 1,976,000 
Strike rate low end of range 3.00  % 3.15  %
Strike rate high end of range 4.00  % 4.00  %
Effective date range January 2022 - March 2022 January 2021 - March 2021
Termination date range January 2023 - April 2024 November 2021 - April 2022
Total cost (in thousands) $ 857  $ 291 
_______________
(1)These instruments were not designated as cash flow hedges.
We held interest rate instruments as summarized in the table below:
March 31, 2022 December 31, 2021
Interest rate caps:
Notional amount (in thousands) $ 4,366,582 
(1)
$ 3,597,301 
(1)
Strike rate low end of range 2.00  % 2.00  %
Strike rate high end of range 4.00  % 4.00  %
Termination date range April 2022 - November 2024 February 2022 - November 2024
Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,434,495  $ 3,438,714 
_______________
(1)These instruments were not designated as cash flow hedges.
Compound Embedded Debt Derivative—Based on certain provisions in the Oaktree Credit Agreement, the Company is required to pay an exit fee. Under the applicable accounting guidance, the exit fee is considered an embedded derivative liability that meets the criteria for bifurcation from the debt host. There were other features that were bifurcated, but did not have a material value. The embedded debt derivative was initially measured at fair value and the fair value of the embedded debt derivative is estimated at each reporting period. See note 10.
10. Fair Value Measurements
Fair Value Hierarchy—For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the market place as discussed below:
Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets.
Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.
The fair value of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the caps are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (Level 2 inputs). We also
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk.
The Company initially recorded an embedded debt derivative of $43.7 million, which was attributed to the compound embedded derivative liability associated with the Oaktree term loan.
The compound embedded derivative liability is considered a Level 3 measurement due to the utilization of significant unobservable inputs in the valuation, which were based on ‘with and without’ valuation models. Based on the terms and provisions of the Oaktree Credit Agreement, with the assistance of a valuation specialist, the Company utilized a risk neutral model to estimate the fair value of the embedded derivative features requiring bifurcation as of the respective issuance dates and as of the March 31, 2022 reporting date. The risk neutral model is designed to utilize market data and the Company’s best estimate of the timing and likelihood of the settlement events that are related to the embedded derivative features in order to estimate the fair value of the respective notes with these embedded derivative features.
The fair value of the notes with the derivative features is compared to the fair value of a plain vanilla note (excluding the derivative features), which is calculated based on the present value of the future default adjusted expected cash flows. The difference between the two values represents the fair value of the bifurcated derivative features as of each respective valuation date.
The key inputs to the valuation models that were utilized to estimate the fair value of the embedded debt derivative are described as follows:
the default probability-weighted exit fee and prepayment cash flows are based on the contractual terms of the Oaktree Credit Agreement and the expectation of an acceleration event, including default, of the Company;
the remaining term was determined based on the remaining time period to maturity of the related note with embedded features subject to valuation (as of the respective valuation date);
the Company’s equity volatility estimate was based on the historical equity volatility of the Company, based on the remaining term of the respective loans;
the risk-free rate was the discount rate utilized in the valuation and was determined based on reference to market yields for U.S. treasury debt instruments with similar terms;
the recovery rate assumed upon occurrence of a default event was estimated based upon recovery rate data published by credit rating agencies specific to the seniority of the notes; and
the probabilities and timing of a default-related acceleration event were estimated using an annualized probability of default which was implied from the debt issuance proceeds as of the issuance date, and updated utilizing relevant market data including market observed option-adjusted spreads as of March 31, 2022.
The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands):
Fair Value
Balance at January 1, 2021 $ — 
Additions 43,680 
Re-measurement of fair value (1,279)
Balance at March 31, 2021 $ 42,401 
Re-measurement of fair value 2,676 
Balance at June 30, 2021 $ 45,077 
Re-measurement of fair value (6,125)
Balance at September 30, 2021 $ 38,952 
Re-measurement of fair value (11,046)
Balance at December 31, 2021 $ 27,906 
Re-measurement of fair value (932)
Balance at March 31, 2022
$ 26,974 
When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated
17

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at March 31, 2022, the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.452% to 2.790% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total
March 31, 2022:
Assets
Derivative assets:
Interest rate derivatives - caps $ —  $ 3,636  $ —  $ 3,636 
(1)
Total $ —  $ 3,636  $ —  $ 3,636 
Liabilities
Embedded debt derivative $ —  $ —  $ (26,974) $ (26,974)
(2)
Net $ —  $ 3,636  $ (26,974)