{"url_path":"/sec/cik-0001745032/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 Principal Accountant Fees and Services.","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":815,"has_tables":true,"body_markdown":"Item 14. Principal Accountant Fees and Services.\n\nIndependent Registered Public Accounting Firm\n\nOn May 1, 2025, based on the approval of our Audit Committee, we dismissed Marcum LLP (\"Marcum\") as the Company's independent registered public accounting firm, effective immediately. The reports issued by Marcum on the Company's financial statements for the fiscal years ended December 31, 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. On May 1, 2025, based on the approval of our Audit Committee, the Company engaged RJI International CPAs (\"RJI\") as the Company's new independent registered public accounting firm. RJI has audited the financial statements included in this Annual Report on Form 10-K for the year ended December 31, 2025. See the Company's Current Report on Form 8-K filed with the SEC on May 7, 2025 for additional information regarding the change in the Company's independent registered public accounting firm.\n\nThe Audit Committee reviewed the audit and non-audit services performed by RJI and Marcum, as well as the fees charged for such services. In its review of the non-audit service fees, the Audit Committee considered whether the provision of such services is compatible with maintaining the auditor's independence.\n\nPre-Approval Policies\n\nIn order to ensure that the provision of such services does not impair the independent registered public accounting firm's independence, the Audit Committee charter imposes a duty on the Audit Committee to pre-approve all auditing services performed for us by our independent registered public accounting firm, as well as all permitted non-audit services. In determining whether or not to pre-approve services, the Audit Committee considers whether the service is a permissible service under the rules and regulations promulgated by the SEC. The Audit Committee may, in its discretion, delegate to one or more of its members the authority to pre-approve any audit or non-audit services to be performed by our independent registered public accounting firm, provided any such approval is presented to and approved by the full Audit Committee at its next scheduled meeting.\n\n81\n\n[Table of Contents](#TOC)\n\nFor the years ended December 31, 2025 and 2024, all services rendered by RJI and Marcum were pre-approved in accordance with the policies and procedures described above.\n\nPrincipal Independent Registered Public Accounting Firm Fees\n\n*Fees Paid to Independent Registered Public Accounting Firm*\n\nThe aggregate fees billed to us for professional accounting services, including the audit of our annual financial statements for the years ended December 31, 2025 and 2024, by RJI are set forth in the table below.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\nFees:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​\n\nAudit fees\n\n​\n\n$\n\n400,000\n\n​\n\n$\n\n—\n\nAudit-related fees\n\n​\n\n​\n\n20,563\n\n​\n\n​\n\n—\n\nTotal\n\n​\n\n$\n\n420,563\n\n​\n\n$\n\n—\n\n​\n\nThe aggregate fees billed to us for professional accounting services, including the audit of our annual financial statements for the years ended December 31, 2025 and 2024, by Marcum are set forth in the table below.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\nFees:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​\n\nAudit fees\n\n​\n\n$\n\n35,000\n\n​\n\n$\n\n605,000\n\nAudit-related fees\n\n​\n\n​\n\n2,450\n\n​\n\n​\n\n18,150\n\nTax fees\n\n​\n\n \n\n127,630\n\n​\n\n \n\n100,000\n\nTotal\n\n​\n\n$\n\n165,080\n\n​\n\n$\n\n723,150\n\n​\n\n​\n\nFor purposes of the preceding table, Marcum’s professional fees are classified as follows:\n\n●Audit fees – These are fees for professional services performed for the audit of our annual financial statements and the required review of quarterly financial statements and other procedures performed by Marcum in order for them to be able to form an opinion on our consolidated financial statements. These fees also cover services that are normally provided by independent registered public accounting firms in connection with statutory and regulatory filings or engagements.\n\n​\n\n●Audit-related fees – These are fees for assurance and related services that traditionally are performed by independent registered public accounting firms that are reasonably related to the performance of the audit or review of our financial statements, such as due diligence related to acquisitions and dispositions, attestation services that are not required by statute or regulation, subscription to an online accounting research tool and internal control reviews and consultation concerning financial accounting and reporting standards.\n\n​\n\n●Tax fees – These are fees for all professional services performed by professional staff in our independent registered public accounting firm’s tax division, except those services related to the audit of our financial statements. These include fees for tax compliance, tax planning and tax advice, including federal, state and local issues. Services may also include assistance with tax audits and appeals before the U.S. Internal Revenue Service (the “IRS”) and similar state and local agencies, as well as federal, state and local tax issues related to due diligence.\n\n​\n\n82\n\n[Table of Contents](#TOC)\n\nPART IV"}