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Vehicle file · Non-traded REIT

Lodging Fund REIT III, Inc.

What its SEC filings show.

SEC CIK 1745032·Inc. MD·Fiscal year end 12/31·Data as filed · pulled Sep 21, 2026
What this file is.Not a review. Every figure below is the issuer's own number as tagged in its filings to the SEC, unadjusted, with a link to the filing it came from. When a new filing lands, the table updates; when a filing changes something for the people who hold this vehicle, we write it up and link it under Our reads.

Lodging Fund REIT III, Inc. is a non-traded REIT registered with the SEC under CIK 1745032 (incorporated in MD). Its most recent filing is an NT 10-Q/A dated Aug 19, 2026. As of Dec 31, 2025 it reported total assets of $219.3M (down 21.3% from $278.9M a year earlier) and stockholders' equity of $5.5M. Net income (loss) for the year to Dec 31, 2025 was −$24.4M. In the year to Dec 31, 2025 it raised $6K from new shares, paid $13K in distributions, spent $642K repurchasing shares. Reported NAV per share: $10.57 as of Dec 31, 2025.

Key figures, as filed.

Balance sheet
FigureLatestPeriodA year earlierChangeSource
Total assets$219.3Mas of Dec 31, 2025$278.9M−21.3%10-K · May 15, 2026
Real estate, net$169.4Mas of Dec 31, 2021$100.7M+68.2%10-K/A · Apr 21, 2022
Cash and equivalents$4.9Mas of Dec 31, 2025$2.4M+107.7%10-K · May 15, 2026
Total liabilities$211.5Mas of Dec 31, 2025$238.4M−11.3%10-K · May 15, 2026
Long-term debt$128.7Mas of Dec 31, 2025$175.4M−26.6%10-K · May 15, 2026
Debt (carrying amount)$129.9Mas of Dec 31, 2025$176.8M−26.5%10-K · May 15, 2026
Stockholders' equity$5.5Mas of Dec 31, 2025−$14.1M+138.9%10-K · May 15, 2026
NAV per share$10.57as of Dec 31, 2025$10.57+0.0%10-K · May 15, 2026
Shares outstanding10.0M sharesas of Dec 31, 202510.0M shares+0.0%10-K · May 15, 2026
Shares outstanding (cover page)10.0M sharesas of May 15, 202610.0M shares+0.0%10-K · May 15, 2026
Results and cash flow
FigureLatestPeriodA year earlierChangeSource
Revenues$64.5Myear to Dec 31, 2025$74.2M−13.1%10-K · May 15, 2026
Net income (loss)−$24.4Myear to Dec 31, 2025−$21.7M−12.5%10-K · May 15, 2026
Cash from operations−$3.7Myear to Dec 31, 2025−$854K−333.8%10-K · May 15, 2026
Interest expense$19.6Myear to Dec 31, 2025$17.5M+12.1%10-K · May 15, 2026
Capital raised, distributions and repurchases
FigureLatestPeriodA year earlierChangeSource
Capital raised (common stock issued)$6Kyear to Dec 31, 2025$40K−85.0%10-K · May 15, 2026
Distributions paid$13Kyear to Dec 31, 2025$3.5M−99.6%10-K · May 15, 2026
Distributions paid to common$2.9Myear to Dec 31, 2024$5.5M−47.2%10-K · May 15, 2026
Distributions declared per share$0.23year to Dec 31, 2024$0.70−67.9%10-K · May 15, 2026
Share repurchases (cash paid)$642Kyear to Dec 31, 2020——10-K · Mar 31, 2021
Share repurchases (value)$1.3Myear to Dec 31, 2022$857K+57.3%10-K · Dec 17, 2024
Shares repurchased0 sharesyear to Dec 31, 20250 shares—10-K · May 15, 2026

Flows (revenues, income, cash, distributions, repurchases) are shown for the period the issuer reported them in, which may be a quarter, a year-to-date span or a full year; “a year earlier” compares only periods of the same length. A vehicle that does not tag a figure in XBRL will not show it here even if the PDF discloses it.

Filing timeline.

The last 25 documents this issuer filed with the SEC. Marked rows are the ones that tend to matter to holders.

Our reads on Lodging Fund REIT III, Inc..

No forensic read of this vehicle yet. When a filing changes something for holders — a tender offer, a repurchase cap, a NAV reset, a distribution cut — the read goes here.

Source: SEC EDGAR, XBRL company facts and filing index for CIK 1745032, retrieved Sep 21, 2026. Figures are reproduced as tagged by the issuer; errors in the source carry through, which is why every row links to the filing. Nothing here is investment advice.

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