Security Capital Research & Management’s ASHFORD HOSPITALITY TR INC 9.00% CUM PFD SER E AHT.PRE Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2016 Q3	–	Sell	-240,000	Closed	-$6.17M	–	62
2016 Q2	$6.17M	Hold	240,000	–	–	0.21%	44
2016 Q1	$5.74M	Hold	240,000	–	–	0.18%	54
2015 Q4	$6.08M	Hold	240,000	–	–	0.19%	55
2015 Q3	$6.17M	Hold	240,000	–	–	0.2%	55
2015 Q2	$6.32M	Hold	240,000	–	–	0.21%	54
2015 Q1	$6.38M	Sell	240,000 -13,000	-5%	-$346K	0.23%	51
2014 Q4	$6.7M	Hold	253,000	–	–	0.28%	47
2014 Q3	$6.88M	Hold	253,000	–	–	0.28%	45
2014 Q2	$6.97M	Hold	253,000	–	–	0.29%	48
2014 Q1	$6.83M	Hold	253,000	–	–	0.28%	43
2013 Q4	$6.71M	Hold	253,000	–	–	0.26%	41
2013 Q3	$6.57M	Buy	253,000 +240,000	+1,846%	+$6.23M	0.21%	40
2013 Q2	$349K	Buy	+13,000	New	+$349K	0.01%	46