KBS Real Estate Investment Trust III, Inc. (the Company) has expressed substantial doubt about its ability to continue as a going concern for at least a year from the financial statement issuance date. The estimated value per share of common stock decreased significantly to $2.70 as of December 18, 2025, down from $3.89 on December 12, 2024. The Company faces $1.3 billion in loan maturities and required principal paydowns within the next 12 months as of March 27, 2026. Six of the Company's debt facilities, representing $1.3 billion of outstanding debt secured by 12 properties, are subject to cash sweep arrangements, limiting access to cash flow. The conflicts committee unanimously determined to postpone approval of the Company's liquidation on August 13, 2025, citing ongoing challenges in the U.S. commercial real estate market. Net loss for the year ended December 31, 2025, was $78.756 million, compared to a net loss of $10.851 million in 2024. Rental income decreased to $232.234 million in 2025 from $258.459 million in 2024, primarily due to property sales and a decrease in property tax recoveries. The Company recorded non-cash impairment charges of $65.5 million in 2025 on three properties (The Almaden, Towers at Emeryville, and 60 South Sixth) due to declining fair values and softening market conditions. The investment in Prime US REIT units, a Singapore real estate investment trust, was valued at $46.8 million as of December 31, 2025, a decrease of $0.683 per unit from the initial acquisition price of $0.880 per unit. The Company sold two properties in 2025 (Sterling Plaza and Park Place Village) for net proceeds of $220.1 million, recognizing a gain on sale of $77.4 million.