{"url_path":"/sec/cik-0001745032/10-k/2026/item-12","section_key":"item-12","section_title":"Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1745032/0001104659-26-062807-index.html","accession_number":"0001104659-26-062807","cik":"0001745032","ticker":null,"issuer_name":"Lodging Fund REIT III, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1745032/0001104659-26-062807-index.html","primary_entity_key":"0001745032","primary_entity_name":"Lodging Fund REIT III, Inc."},"word_count":641,"has_tables":true,"body_markdown":"Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.\n\nThe following table shows, as of May 15, 2026, the amount of our common stock beneficially owned (unless otherwise indicated) by any person who is known by us to be the beneficial owner of more than 5% of the outstanding shares of our common stock, and the amount of our common stock and Operating Partnership units beneficially owned (unless otherwise indicated) by (1) our directors, (2) our executive officers, and (3) all of our directors and executive officers as a group.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Common Stock Beneficially Owned**(2)\n\n​\n\n**Common Stock, Series GO LP Units and Series GO II LP Units Beneficially Owned**(2)\n\n​\n\n**Series B Units Beneficially Owned**(2)\n\n**Name and Address of Beneficial Owner**(1)\n\n​\n\n**Number of Shares**\n\n​\n\n**Percent**(3)\n\n​\n\n**Number of Shares and Units**\n\n​\n\n**Percent**(4)\n\n​\n\n**Percent**(3)\n\n​\n\n**Number of Units**\n\n​\n\n**Percent**(5)\n\nOwnership in Excess of 5% of Outstanding Common Stock\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nN/A\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDirectors and Executive Officers\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCorey R. Maple\n\n​\n\n57,318.6\n\n​\n\n*\n\n​\n\n116,761.9\n\n(6)​\n\n*\n\n​\n\n1.17%\n\n​\n\n1,000.0\n\n(9)​\n\n100%\n\nNorman H. Leslie\n\n​\n\n57,318.6\n\n​\n\n*\n\n​\n\n101,400.9\n\n(7)​\n\n*\n\n​\n\n1.01%\n\n​\n\n1,000.0\n\n(9)​\n\n100%\n\nSamuel C. Montgomery\n\n​\n\n—\n\n​\n\n—\n\n​\n\n6,781.9\n\n(8)​\n\n*\n\n​\n\n*\n\n​\n\n—\n\n​\n\n—\n\nJeffrey T. Leighton\n\n​\n\n20,785.6\n\n​\n\n*\n\n​\n\n20,785.6\n\n​\n\n*\n\n​\n\n*\n\n​\n\n—\n\n​\n\n—\n\nPerry M. Rynders\n\n​\n\n8,867.3\n\n(10)​\n\n*\n\n​\n\n8,867.3\n\n​\n\n*\n\n​\n\n*\n\n​\n\n—\n\n​\n\n—\n\n**All directors and executive officers as a group**\n\n​\n\n144,290.1\n\n​\n\n1.44%\n\n​\n\n254,597.6\n\n​\n\n1.81%\n\n​\n\n2.54%\n\n​\n\n1,000.0\n\n​\n\n100%\n\n​\n\n​\n\n* Less than 1% of the outstanding shares of common stock\n\n(1)The address of each named beneficial owner is 1635 43rd Street South, Suite 205, Fargo, North Dakota 58103.\n\n(2)Beneficial ownership is determined in accordance with the rules of the SEC. Under SEC rules, a person is deemed to be a \"beneficial owner\" of a security if that person has or shares \"voting power,\" which includes the power to vote, or to direct the voting of, such security, or \"investment power,\" which includes the right to dispose of or to direct the disposition of such security. A person also is deemed to be a beneficial owner of any securities which that person has a right to acquire within 60 days. Except as otherwise indicated by footnote, and subject to community property laws where applicable, the persons named in the table above have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them. None of the shares or units is pledged as security.\n\n(3)Based on a total of 10,017,042 shares of common stock issued and outstanding as of May 15, 2026.\n\n(4)Based on a total of 10,017,042 shares of common stock, 3,124,503 Series GO LP Units, and 901,827 Series GO II LP Units issued and outstanding as of May 15, 2026.\n\n(5)Based on a total of 1,000.0 Series B partnership units of the Operating Partnership issued and outstanding as of May 15, 2026.\n\n(6)Includes 15,361 Series GO LP Units and 44,082.3 Series GO II LP Units\n\n(7)Includes 44,082.3 Series GO II LP Units\n\n(8)Includes 6,781.9 Series GO II LP Units\n\n(9)Includes 1,000.0 Series B partnership units of the Operating Partnership owned by Legendary Capital REIT III, LLC, which is owned and controlled by Messrs. Maple and Leslie.\n\n(10)Mr. Rynders owns all shares through the Rynders Family Trust, with respect to which he shares voting and investment power with Leah K. Rynders, Trustee.\n\n76\n\n[Table of Contents](#TOC)"}