{"url_path":"/sec/kbsr/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1482430/0001482430-26-000021-index.html","accession_number":"0001482430-26-000021","cik":"0001482430","ticker":"KBSR","issuer_name":"KBS Real Estate Investment Trust III, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1482430/0001482430-26-000021-index.html","primary_entity_key":"0001482430","primary_entity_name":"KBS Real Estate Investment Trust III, Inc."},"word_count":606,"has_tables":true,"body_markdown":"kbsriii-20260331\nFALSEQ100014824302026December 31http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#OtherLiabilities0.0625xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purekbsriii:propertyutr:sqftkbsriii:tenantkbsriii:extension_optionkbsriii:projectutr:Qkbsriii:investment_instrumentiso4217:USDutr:sqftkbsriii:segment00014824302026-01-012026-03-3100014824302026-05-1100014824302026-03-3100014824302025-12-3100014824302025-01-012025-03-310001482430us-gaap:CommonStockMember2025-12-310001482430us-gaap:AdditionalPaidInCapitalMember2025-12-310001482430us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-12-310001482430us-gaap:ParentMember2025-12-310001482430us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-01-012026-03-310001482430us-gaap:ParentMember2026-01-012026-03-310001482430us-gaap:CommonStockMember2026-03-310001482430us-gaap:AdditionalPaidInCapitalMember2026-03-310001482430us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-03-310001482430us-gaap:ParentMember2026-03-310001482430us-gaap:CommonStockMember2024-12-310001482430us-gaap:AdditionalPaidInCapitalMember2024-12-310001482430us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001482430us-gaap:ParentMember2024-12-310001482430us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-03-310001482430us-gaap:ParentMember2025-01-012025-03-310001482430us-gaap:CommonStockMember2025-03-310001482430us-gaap:AdditionalPaidInCapitalMember2025-03-310001482430us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-03-310001482430us-gaap:ParentMember2025-03-3100014824302024-12-3100014824302025-03-310001482430kbsriii:KBSLimitedPartnershipIIIMember2026-01-012026-03-310001482430kbsriii:KbsCapitalAdvisorsLlcMember2010-01-260001482430kbsriii:KbsCapitalAdvisorsLlcMemberus-gaap:CommonStockMember2026-03-310001482430srt:OfficeBuildingMember2026-03-310001482430us-gaap:CommonStockMember2010-10-262015-05-290001482430us-gaap:CommonStockMember2011-03-242024-03-140001482430us-gaap:PrivatePlacementMember2014-10-032014-10-030001482430us-gaap:MortgagesMember2026-03-310001482430srt:OfficeBuildingMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:TownCenterMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:A60SouthSixthMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:AccentureTowerMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:TenAlmadenMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:TowersatEmeryvilleMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:A3003WashingtonMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:A20117thStreetMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:FiveOneFiveCongressMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:TheAlmadenMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:A3001WashingtonBoulevardMember2026-03-310001482430srt:OfficeBuildingMemberkbsriii:CarillonMember2026-03-310001482430kbsriii:AccentureTowerMemberus-gaap:AssetsTotalMember2026-03-310001482430kbsriii:AccentureTowerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AssetsTotalMember2026-01-012026-03-310001482430kbsriii:AccentureTowerMemberus-gaap:AssetsTotalMember2026-01-012026-03-310001482430srt:MaximumMember2026-03-310001482430srt:WeightedAverageMember2026-03-310001482430us-gaap:OtherLiabilitiesMember2026-03-310001482430us-gaap:OtherLiabilitiesMember2025-12-310001482430stpr:ILus-gaap:GeographicConcentrationRiskMemberus-gaap:AssetsTotalMember2026-01-012026-03-310001482430stpr:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:AssetsTotalMember2026-01-012026-03-310001482430stpr:TXus-gaap:GeographicConcentrationRiskMemberus-gaap:AssetsTotalMember2026-01-012026-03-310001482430srt:OfficeBuildingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-01-012025-12-310001482430kbsriii:MixeduseOfficeRetailPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-01-012025-12-310001482430srt:OfficeBuildingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-07-012025-07-310001482430srt:OfficeBuildingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-07-310001482430kbsriii:MixeduseOfficeRetailPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-09-012025-09-300001482430kbsriii:MixeduseOfficeRetailPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-09-300001482430us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-09-012025-09-300001482430srt:OfficeBuildingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2026-01-012026-03-310001482430srt:OfficeBuildingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2026-03-310001482430us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2026-01-012026-03-310001482430us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2026-03-310001482430us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2025-12-310001482430us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-01-012025-03-310001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2025-07-012025-07-310001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberkbsriii:ModifiedPortfolioRevolvingLoanBorrowersMemberus-gaap:SecuredDebtMember2026-03-012026-03-310001482430us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberkbsriii:SREITMember2019-07-182019-07-180001482430kbsriii:SREITMember2019-07-192019-07-190001482430kbsriii:SREITMember2019-07-190001482430kbsriii:SREITMember2019-08-210001482430kbsriii:SREITMember2019-08-212019-08-210001482430kbsriii:SREITMemberkbsriii:SREITMember2021-11-090001482430kbsriii:SREITMember2021-11-092021-11-090001482430kbsriii:SREITMember2024-03-282024-03-280001482430kbsriii:SREITMember2024-03-042024-03-040001482430kbsriii:SREITMember2025-10-062025-10-060001482430kbsriii:SREITMember2026-03-310001482430kbsriii:SREITMember2026-01-012026-03-310001482430kbsriii:SREITMember2025-01-012025-03-310001482430kbsriii:TheAlmadenMortgageLoanMemberus-gaap:MortgagesMember2026-03-310001482430kbsriii:TheAlmadenMortgageLoanMemberus-gaap:MortgagesMember2025-12-310001482430kbsriii:CarillonMortgageLoanMemberus-gaap:MortgagesMember2026-03-310001482430kbsriii:CarillonMortgageLoanMemberus-gaap:MortgagesMember2025-12-310001482430us-gaap:SecuredOvernightFinancingRateSofrMemberkbsriii:CarillonMortgageLoanMemberus-gaap:MortgagesMember2026-01-012026-03-310001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMember2025-12-310001482430us-gaap:SecuredOvernightFinancingRateSofrMemberkbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430kbsriii:A30013003WashingtonMortgageLoanMemberus-gaap:MortgagesMember2026-03-310001482430kbsriii:A30013003WashingtonMortgageLoanMemberus-gaap:MortgagesMember2025-12-310001482430kbsriii:AdjustedTermSecuredOvernightFinancingRateASOFRMemberkbsriii:A30013003WashingtonMortgageLoanMemberus-gaap:MortgagesMember2026-01-012026-03-310001482430us-gaap:SecuredOvernightFinancingRateSofrMemberkbsriii:A30013003WashingtonMortgageLoanMemberus-gaap:MortgagesMember2026-01-012026-03-310001482430kbsriii:AccentureTowerRevolvingLoanMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:AccentureTowerRevolvingLoanMemberus-gaap:SecuredDebtMember2025-12-310001482430us-gaap:SecuredOvernightFinancingRateSofrMemberkbsriii:AccentureTowerRevolvingLoanMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430kbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001482430kbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001482430us-gaap:SecuredOvernightFinancingRateSofrMemberkbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2025-12-310001482430us-gaap:SecuredOvernightFinancingRateSofrMemberkbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430kbsriii:TheAlmadenMortgageLoanMemberus-gaap:MortgagesMember2024-01-012024-01-010001482430kbsriii:CarillonMortgageLoanMemberus-gaap:MortgagesMember2025-04-012025-04-010001482430kbsriii:CarillonMortgageLoanMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:LoanGuarantorAndLoanBorrowerMemberkbsriii:CarillonMortgageLoanMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:LoanGuarantorAndLoanBorrowerMemberkbsriii:AccentureTowerRevolvingLoanMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:AccentureTowerRevolvingLoanMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430kbsriii:DebtCovenantPeriodOneMemberkbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-220001482430kbsriii:DebtCovenantPeriodTwoMemberkbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-220001482430kbsriii:DebtCovenantPeriodTwoMemberkbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-222024-11-220001482430kbsriii:DebtCovenantPeriodThreeMemberkbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-220001482430kbsriii:DebtCovenantPeriodThreeMemberkbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-222024-11-220001482430kbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-232025-09-230001482430kbsriii:CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-230001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430kbsriii:DebtCovenantPeriodOneMemberkbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:DebtCovenantPeriodTwoMemberkbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:DebtCovenantPeriodThreeMemberkbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMemberkbsriii:DebtCovenantPeriodOneMember2026-03-310001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMemberkbsriii:DebtCovenantPeriodTwoMember2026-03-310001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMemberus-gaap:SecuredDebtMemberkbsriii:DebtCovenantPeriodThreeMember2026-03-310001482430us-gaap:InterestExpenseMember2026-01-012026-03-310001482430us-gaap:InterestExpenseMember2025-01-012025-03-310001482430kbsriii:ModifiedPortfolioRevolvingLoanBorrowersMember2026-03-012026-03-310001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberkbsriii:ModifiedPortfolioRevolvingLoanBorrowersMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:LoanGuarantorAndLoanBorrowerMemberkbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMember2026-03-310001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-12-310001482430us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMembersrt:MinimumMember2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMembersrt:MaximumMember2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2026-01-012026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-12-310001482430us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2025-12-310001482430us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-01-012025-03-310001482430us-gaap:NondesignatedMember2026-01-012026-03-310001482430us-gaap:NondesignatedMember2025-01-012025-03-310001482430us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001482430us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001482430us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001482430us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001482430us-gaap:FairValueMeasurementsRecurringMember2026-03-310001482430us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001482430us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001482430us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001482430us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001482430us-gaap:FairValueMeasurementsNonrecurringMember2026-01-012026-03-310001482430us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2026-01-012026-03-310001482430us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2026-01-012026-03-310001482430us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001482430srt:OfficeBuildingMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001482430srt:OfficeBuildingMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberkbsriii:MeasurementInputTerminalCapRateMember2026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:AssetManagementFeesMember2026-01-012026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:AssetManagementFeesMember2025-01-012025-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:AssetManagementFeesMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:AssetManagementFeesMember2025-12-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:ReimbursementOfOperatingExpensesMember2026-01-012026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:ReimbursementOfOperatingExpensesMember2025-01-012025-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:ReimbursementOfOperatingExpensesMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:ReimbursementOfOperatingExpensesMember2025-12-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:DispositionFeesMember2026-01-012026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:DispositionFeesMember2025-01-012025-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:DispositionFeesMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:DispositionFeesMember2025-12-310001482430kbsriii:AdvisorAndDealerManagerMember2026-01-012026-03-310001482430kbsriii:AdvisorAndDealerManagerMember2025-01-012025-03-310001482430kbsriii:AdvisorAndDealerManagerMemberus-gaap:RelatedPartyMember2026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberus-gaap:RelatedPartyMember2025-12-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:SalariesBenefitsAndOverheadMember2026-01-012026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:SalariesBenefitsAndOverheadMember2025-01-012025-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:IncurredCostsOfSupplementalCoverageMember2025-01-012025-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:IncurredCostsOfSupplementalCoverageMember2026-01-012026-03-310001482430kbsriii:Carillon515CongressGatewayTechCenter20117thStreetAndAccentureTowerMember2024-11-222024-11-220001482430kbsriii:A515CongressGatewayTechCenterAnd20117thStreetMemberkbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMember2026-01-012026-03-310001482430kbsriii:AccentureTowerMember2024-12-202024-12-200001482430kbsriii:AmendedAndRestatedPortfolioLoanFacilityMember2025-02-062025-02-060001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:MonthlyAssetManagementFeePaidInCashMember2022-10-012022-10-010001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:FullyFundedBonusRetentionFundMember2023-12-012023-12-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:BonusRetentionFundDepositMember2026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:PaymentsFromBonusRetentionFundMember2026-01-012026-03-310001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:DeferredAssetManagementFeesMember2022-09-300001482430kbsriii:AdvisorAndDealerManagerMemberkbsriii:NonCompoundedReturnOnNetInvestedCapitalMember2026-01-012026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:TheRenewalAdvisoryAgreementMember2026-01-012026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:DeferredAssetManagementFeesMember2025-12-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:DeferredAssetManagementFeesMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:BonusRetentionFundDepositMember2025-12-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:AssetManagementFeesDeferredInConnectionWithAgreementsRelatedToTheRefinancingOfTheCompanysDebtObligationsMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:AssetManagementFeesDeferredInConnectionWithAgreementsRelatedToTheRefinancingOfTheCompanysDebtObligationsMember2025-12-310001482430kbsriii:AssetManagementFeesMemberus-gaap:RelatedPartyMember2025-12-310001482430kbsriii:AssetManagementFeesMemberus-gaap:RelatedPartyMember2026-03-310001482430kbsriii:KbsCapitalAdvisorsLlcOrAffiliatesMember2026-03-310001482430srt:MaximumMemberkbsriii:KbsCapitalAdvisorsLlcAffiliatesOrUnaffiliatedThirdPartiesMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:DispositionFeesMember2024-10-110001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:Carillon515CongressGatewayTechCenter20117thStreetAndAccentureTowerMemberkbsriii:DispositionFeesMember2026-03-310001482430us-gaap:RelatedPartyMemberkbsriii:AdvisorAndDealerManagerMemberkbsriii:PortfolioLoanPropertiesAccentureTowerTheAlmadenMemberkbsriii:DispositionFeesMember2025-02-060001482430srt:SubsidiariesMemberus-gaap:RelatedPartyMember2015-05-290001482430srt:SubsidiariesMemberus-gaap:RelatedPartyMember2024-08-122024-08-120001482430us-gaap:RelatedPartyMember2026-01-012026-03-310001482430us-gaap:RelatedPartyMember2025-01-012025-03-310001482430kbsriii:SREITMemberus-gaap:RelatedPartyMember2019-07-182019-07-180001482430kbsriii:SREITMember2019-07-180001482430kbsriii:SREITMemberkbsriii:LindaBren2017TrustMember2019-07-180001482430us-gaap:RelatedPartyMember2026-03-310001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMemberus-gaap:SubsequentEventMember2026-04-020001482430kbsriii:LoanGuarantorAndLoanBorrowerMemberkbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMemberus-gaap:SubsequentEventMember2026-04-020001482430kbsriii:ModifiedPortfolioRevolvingLoanFacilityMemberus-gaap:SecuredDebtMemberus-gaap:SubsequentEventMember2026-04-022026-04-020001482430kbsriii:A30013003WashingtonMortgageLoanSeventhModificationMemberus-gaap:MortgagesMemberus-gaap:SubsequentEventMember2026-04-292026-04-290001482430kbsriii:A30013003WashingtonMortgageLoanFinalExtensionOptionMemberus-gaap:MortgagesMemberus-gaap:SubsequentEventMember2026-04-292026-04-29\n\n[Table of Contents](#i758c3b7255e7474cbddebb4f9235afc0_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n______________________________________________________\n\n \n\nFORM 10-Q\n\n______________________________________________________\n\n(Mark One)\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from              to             \n\nCommission file number 000-54687\n\n______________________________________________________\n\n \n\nKBS REAL ESTATE INVESTMENT TRUST III, INC.\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n______________________________________________________\n\n \n\nMaryland27-1627696\n\n(State or Other Jurisdiction of\nIncorporation or Organization)(I.R.S. Employer\nIdentification No.)\n\n800 Newport Center Drive, Suite 700\n\nNewport Beach,California 92660\n\n(Address of Principal Executive Offices) (Zip Code)\n\n(949) 417-6500\n\n(Registrant’s Telephone Number, Including Area Code)\n\n_______________________________________ \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each Class Name of Each Exchange on Which Registered\n\nNone None\n\nTrading Symbol(s)\n\n____________________________________________________\n\nNone\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒     No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer☐Accelerated Filer☐\n\nNon-Accelerated Filer☒Smaller reporting company☐\n\nEmerging growth company☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  ☒\n\nAs of May 11, 2026, there were 148,516,246 outstanding shares of common stock of KBS Real Estate Investment Trust III, Inc.\n\n[Table of Contents](#i758c3b7255e7474cbddebb4f9235afc0_7)\n\nKBS REAL ESTATE INVESTMENT TRUST III, INC.\n\nFORM 10-Q\n\nMarch 31, 2026\n\nINDEX\n\n[PART I.](#i758c3b7255e7474cbddebb4f9235afc0_10)\n\n[FINANCIAL INFORMATION](#i758c3b7255e7474cbddebb4f9235afc0_10)\n\n[2](#i758c3b7255e7474cbddebb4f9235afc0_10)\n\n[Item 1.](#i758c3b7255e7474cbddebb4f9235afc0_10)\n\n[Financial Statements](#i758c3b7255e7474cbddebb4f9235afc0_10)\n\n[2](#i758c3b7255e7474cbddebb4f9235afc0_10)\n\n[Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#i758c3b7255e7474cbddebb4f9235afc0_13)\n\n[2](#i758c3b7255e7474cbddebb4f9235afc0_13)\n\n[Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2026 and 2025](#i758c3b7255e7474cbddebb4f9235afc0_16)\n\n[3](#i758c3b7255e7474cbddebb4f9235afc0_16)\n\n[Consolidated Statements of Equity (unaudited) for the Three Months Ended March 31, 2026 and 2025](#i758c3b7255e7474cbddebb4f9235afc0_22)\n\n[4](#i758c3b7255e7474cbddebb4f9235afc0_22)\n\n[Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2026 and 2025](#i758c3b7255e7474cbddebb4f9235afc0_25)\n\n[5](#i758c3b7255e7474cbddebb4f9235afc0_25)\n\n[Condensed Notes to Consolidated Financial Statements as of March 31, 2026 (unaudited)](#i758c3b7255e7474cbddebb4f9235afc0_28)\n\n[6](#i758c3b7255e7474cbddebb4f9235afc0_28)\n\n[Item 2.](#i758c3b7255e7474cbddebb4f9235afc0_85)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i758c3b7255e7474cbddebb4f9235afc0_85)\n\n[32](#i758c3b7255e7474cbddebb4f9235afc0_85)\n\n[Item 3.](#i758c3b7255e7474cbddebb4f9235afc0_124)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i758c3b7255e7474cbddebb4f9235afc0_124)\n\n[51](#i758c3b7255e7474cbddebb4f9235afc0_124)\n\n[Item 4.](#i758c3b7255e7474cbddebb4f9235afc0_127)\n\n[Controls and Procedures](#i758c3b7255e7474cbddebb4f9235afc0_127)\n\n[52](#i758c3b7255e7474cbddebb4f9235afc0_127)\n\n[PART II.](#i758c3b7255e7474cbddebb4f9235afc0_130)\n\n[OTHER INFORMATION](#i758c3b7255e7474cbddebb4f9235afc0_130)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_130)\n\n[Item 1.](#i758c3b7255e7474cbddebb4f9235afc0_133)\n\n[Legal Proceedings](#i758c3b7255e7474cbddebb4f9235afc0_133)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_133)\n\n[Item 1A.](#i758c3b7255e7474cbddebb4f9235afc0_136)\n\n[Risk Factors](#i758c3b7255e7474cbddebb4f9235afc0_136)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_136)\n\n[Item 2.](#i758c3b7255e7474cbddebb4f9235afc0_142)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i758c3b7255e7474cbddebb4f9235afc0_142)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_142)\n\n[Item 3.](#i758c3b7255e7474cbddebb4f9235afc0_148)\n\n[Defaults upon Senior Securities](#i758c3b7255e7474cbddebb4f9235afc0_148)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_148)\n\n[Item 4.](#i758c3b7255e7474cbddebb4f9235afc0_151)\n\n[Mine Safety Disclosures](#i758c3b7255e7474cbddebb4f9235afc0_151)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_151)\n\n[Item 5.](#i758c3b7255e7474cbddebb4f9235afc0_154)\n\n[Other Information](#i758c3b7255e7474cbddebb4f9235afc0_154)\n\n[53](#i758c3b7255e7474cbddebb4f9235afc0_154)\n\n[Item 6.](#i758c3b7255e7474cbddebb4f9235afc0_157)\n\n[Exhibits](#i758c3b7255e7474cbddebb4f9235afc0_157)\n\n[54](#i758c3b7255e7474cbddebb4f9235afc0_157)\n\n[SIGNATURES](#i758c3b7255e7474cbddebb4f9235afc0_160)\n\n[55](#i758c3b7255e7474cbddebb4f9235afc0_160)\n\n1\n\n[Table of Contents](#i758c3b7255e7474cbddebb4f9235afc0_7)\n\nPART I. FINANCIAL INFORMATION"}