SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* BAM Partners Trust (Last) (First) (Middle) BROOKFIELD PLACE 181 BAY STREET, SUITE 300 (Street) TORONTO A6 M5J 2T3 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 11/02/2021	3. Issuer Name and Ticker or Trading Symbol ASHFORD HOSPITALITY TRUST INC [ AHT ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants (right to buy)	11/02/2021	01/15/2026	Common Stock	860,064(1)	$40	I	See Footnote(4)
Warrants (right to buy)	11/02/2021	01/15/2026	Common Stock	860,064(2)	$40	I	See Footnote(5)(6)
Warrants (right to buy)	11/02/2021	01/15/2026	Common Stock	25,132(3)	$40	I	See Footnote(7)(8)

Explanation of Responses:

1. Consists of Warrants issued by the Company pursuant to the Amendment No. 1 to the Credit Agreement, dated as of October 12, 2021 (the ?Warrants?) directly beneficially owned by OCM AHT Holdings, LLC (?OCM AHT?) exercisable for 860,064 shares of Common Stock at an exercise price of $40.00 per share.

2. Consists of Warrants directly beneficially owned by ROF8 AHT PT, LLC (?ROF8 AHT?) exercisable for 860,064 shares of Common Stock at an exercise price of $40.00 per share.

3. Consists of Warrants directly beneficially owned by Oaktree Phoenix Investment Fund AIF (Delaware), L.P. (?AIF?) exercisable for 25,132 shares of Common Stock at an exercise price of $40.00 per share.

4. This Form 3 is being filed jointly by (each, a ?OCM AHT Reporting Person? and, collectively, the ?OCM AHT Reporting Persons?) (i) OCM AHT, (ii) Oaktree Fund GP, LLC (?Fund GP?) as the manager of OCM AHT, (iii) Oaktree Fund GP I, L.P. (Fund GP I) as the managing member of Fund GP, (iv) Oaktree Capital I, L.P. (?Capital I?) as the general partner of Fund GP I, (v) OCM Holdings I, LLC (?Holdings I?) as the general partner of Capital I, (vi) Oaktree Holdings, LLC as the managing member of Holdings I. Each of the OCM AHT Reporting Persons expressly disclaims beneficial ownership of the equity securities reported herein, except to the extent of their respective pecuniary interests therein, and the filing of this Form 3 shall not be construed as an admission that any such OCM AHT Reporting Person is the beneficial owner of any equity securities covered by this Form 3.

5. This Form 3 is being filed jointly by (each, a ?ROF8 AHT Reporting Person? and, collectively, the ?ROF8 AHT Reporting Persons?) (i) ROF8 AHT, (ii) Oaktree Real Estate Opportunities Fund VIII GP, L.P. (?Fund VIII GP, L.P.?) as the managing member of ROF8 AHT, (iii) Oaktree Real Estate Opportunities Fund VIII GP Ltd. (?Fund VIII GP Ltd.?) as the general partner of Fund VIII GP, L.P., (iv) Oaktree Capital Management, L.P. (?Management?) as the sole director of Fund VIII GP Ltd., (v) Oaktree Capital Management GP, LLC (?Management GP?) as the general partner of Management, (vi) Atlas OCM Holdings, LLC (?Atlas?) as the sole managing member of Management GP, (vii) Brookfield Asset Management Inc. (?BAM?) as the indirect owner of the class A units of Atlas and (viii) BAM Partners Trust (?BAM Partnership?) as the sole owner of Class?B Limited Voting Shares of BAM. (con?t in FN6)

6. (con?t from FN5) Each of the ROF8 AHT Reporting Persons expressly disclaims beneficial ownership of the equity securities reported herein, except to the extent of their respective pecuniary interests therein, and the filing of this Form 3 shall not be construed as an admission that any such ROF8 AHT Reporting Person is the beneficial owner of any equity securities covered by this Form 3.

7. This Form 3 is being filed jointly by (each, a ?AIF Reporting Person? and, collectively, the ?AIF Reporting Persons?) (i) AIF, (ii) Oaktree Fund AIF Series, L.P. (?AIF Series?) as the general partner of AIF, (iii) Oaktree Fund GP AIF, LLC (?GP AIF?) as the general partner of AIF Series, (iv) Oaktree Fund GP III, L.P. (?Fund GP III?) as the managing member of GP AIF, (v) Oaktree AIF Investments, L.P. (?AIF Investments?) as the general partner of Fund GP III, (vi) Oaktree AIF Investment GP, LLC (?AIF Investment GP?) as the general partner of AIF Investments, (vii) Atlas as the sole member of AIF Investment GP, (viii) BAM as the indirect owner of the class A units of Atlas and (ix) BAM Partnership as the sole owner of Class?B Limited Voting Shares of BAM. (con?t in FN8)

8. (con?t from FN7) Each of the AIF Reporting Persons expressly disclaims beneficial ownership of the equity securities reported herein, except to the extent of their respective pecuniary interests therein, and the filing of this Form 3 shall not be construed as an admission that any such AIF Reporting Person is the beneficial owner of any equity securities covered by this Form 3.

Remarks:

Form 3 of 3

	/s/ See Signatures Included in Exhibit 99.1	11/10/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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