{"url_path":"/sec/cik-0001745032/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 Form 10-K Summary.","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":1072,"has_tables":true,"body_markdown":"Item 16. Form 10-K Summary.\n\nNone.\n\n​\n\n​\n\n100\n\nINDEX TO FINANCIAL STATEMENTS\n\nLODGING FUND REIT III, INC. & SUBSIDIARIES\n\n​\n\n​\n\n[Reports of Independent Registered Public Accounting Firm](#PLACEHOLDERFORRJI2025_748943) (PCAOB ID’s 820 & 668 respectively)\n\nF-2\n\n​\n\n​\n\n[Consolidated Financial Statements](#PARTIFINANCIALINFORMATION_188850)\n\n​\n\n​\n\n​\n\n[Balance Sheets as of December 31, 2025 and 2024](#BALANCESHEETS_710064)\n\nF-4\n\n​\n\n​\n\n[Statements of Operations for the years ended December 31, 2025 and 2024](#STATEMENTSOFOPERATIONS_536342)\n\nF-5\n\n​\n\n​\n\n[Statements of Changes in Stockholders’ Equity for the years ended December 31, 2025 and 2024](#EQUITY_435292)\n\nF-6\n\n​\n\n​\n\n[Statements of Cash Flows for the years ended December 31, 2025 and 2024](#CASHFLOWS_52863)\n\nF-7\n\n​\n\n​\n\n[Notes to the Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS_8)\n\nF-9\n\n​\n\n​\n\n[Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2025](#ScheduleIII)\n\nF-37\n\n​\n\n​\n\n​\n\nF-1\n\n[Table of Contents](#TOC)\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Board of Directors and Stockholders of\nLodging Fund REIT III, Inc.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheet of Lodging Fund REIT III, Inc. and Subsidiaries (the Company) as of December 31, 2025, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the year ended December 31, 2025, and the related notes and schedules listed in the Index at Item 15(a) (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and the results of its operations and its cash flows for the year ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.\n\nThe financial statements of the Company as of and for the year ended December 31, 2024 were audited by other auditors whose report dated April 28, 2025 expressed an unmodified opinion. That report is not presented here.\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n/s/ Ramirez Jimenez International CPAs\n\n​\n\n​\n\nWe have served as the Company’s auditor since 2025.\n\n​\n\n​\n\nIrvine, California\n\n​\n\nMay 15, 2026\n\nPCAOB ID 820\n\n​\n\n​\n\n​\n\nF-2\n\n[Table of Contents](#TOC)\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholders and Board of Directors of\n\nLodging Fund REIT III, Inc.\n\n​\n\n**Opinion on the Financial Statements**\n\n​\n\nWe have audited the accompanying consolidated balance sheet of Lodging Fund REIT III, Inc. (the “Company”) as of December 31, 2024, the related consolidated statements of operations, changes in****stockholders’ equity and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).  In our opinion, based on our audit, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.\n\n​\n\n**Basis for Opinion**\n\n​\n\nThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (\"PCAOB\") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n​\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.\n\n​\n\nOur audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n​\n\n/s/ Marcum LLP\n\n​\n\nMarcum LLP\n\n​\n\nWe have served as the Company’s auditor from 2023 through 2024.\n\n​\n\n​\n\nNew York, NY\n\nApril 28, 2025\n\n​\n\n​\n\n​\n\nF-3\n\n[Table of Contents](#TOC)\n\nPART I. FINANCIAL INFORMATION"}