Chatham Lodging Trust reported third quarter 2025 portfolio revenue per available room (RevPAR) declined 2.5% to $151 from $155 in the same period last year for the 34 comparable hotels. Average daily rate (ADR) fell 1.8% to $192 and occupancy was 79%, a decrease of 0.6 percentage points. Net income applicable to common shareholders was $2.0 million, with diluted earnings per common share at $0.03, down from $0.05 in the third quarter of 2024. Adjusted EBITDA was $26.0 million, compared to $30.0 million last year, and adjusted funds from operations (AFFO) were $16.0 million, or $0.32 per diluted share, down from $18.0 million, or $0.35 per share, in the prior year. The company executed a new $500.0 million credit facility, upsized from the previous $400.0 million facility, and had no outstanding balance on its $300.0 million revolving credit facility at quarter end. The board declared a quarterly common dividend of $0.09 per share and a preferred dividend of $0.41406 per share, both payable on October 15, 2025.