{"schema_version":"secwatch.filing_event.v1","accession":"0001482430-24-000003","form_type":"8-K","ticker":"KBSR","cik":"0001482430","company_name":"KBS Real Estate Investment Trust III, Inc.","filed_at":"2024-01-04T23:59:59+00:00","discovered_at":"2026-05-14T18:03:24.297341+00:00","generated_at":"2026-06-07T03:55:31.241928+00:00","sec_items":["1.01","2.03","2.04"],"event_type":"debt","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"KBS REIT III extends $601M portfolio loan to Feb 6, 2024; defaults on $125M Spear Street loan","bullets":["Third extension agreement extended $601.3M portfolio loan to Feb 6, 2024; $5M paydown made, Excess Cash Flow swept.","201 Spear Street default on Nov 14, 2023; property valued below $125M debt; deed-in-lieu transaction entered Dec 29, 2023.","Lender can transfer title within six months; agrees not to pursue KBS REIT III unless bankruptcy/insolvency before Nov 2025.","Default on Spear Street may accelerate $649.5M of other debt obligations.","Substantial doubt about going concern for at least one year from Nov 14, 2023."],"urls":{"canonical":"https://secwatch.observer/filing/0001482430-24-000003","json":"https://secwatch.observer/filing/0001482430-24-000003.json","markdown":"https://secwatch.observer/filing/0001482430-24-000003.md","text":"https://secwatch.observer/filing/0001482430-24-000003.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1482430/000148243024000003/0001482430-24-000003-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1482430/000148243024000003/kbsriii-20231114.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T03:55:31.241928+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"48700313a3b0f283109750af8cee3c08c20ffbd2","claim":"KBS Real Estate Investment Trust III, Inc. reported a default on loan of $125.0 million with 201 Spear Street Lender at 5.0% plus the greater of (a) one-month term SOFR plus 1.45% or (b) the Prime Rat.","evidence_excerpt":"payment, resulting in an event of default on the loan on November 14, 2023. The 201 Spear Street property is currently valued at substantially less than the outstanding debt of $125.0 million. As of November 15, 2023, interest on the loan began to accrue at the default interest rate of the lesser of (i) the maximum rate allowed by law or (ii) 5.0% plus the greater of","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1482430/000148243024000003/0001482430-24-000003-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$125.0 million"},{"label":"Counterparty","value":"201 Spear Street Lender"},{"label":"Rate","value":"5.0% plus the greater of (a) one-month term SOFR plus 1.45% or (b) the Prime Rat"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"},{"claim_id":"ec6144f58d3c8420c9bd3f864fc39f60f01de488","claim":"KBS Real Estate Investment Trust III, Inc. incurred credit facility of $5.0 million with Bank of America, N.A., as administrative agent maturing February 6, 2024.","evidence_excerpt":"In addition, the Third Extension Agreement required that the Amended and Restated Portfolio Loan Facility Borrowers make a principal paydown on the loan in the amount of $5.0 million, and the aggregate commitment under the Amended and Restated Portfolio Loan Facility was permanently reduced by that amount. The aggregate outstanding principal balance of the","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1482430/000148243024000003/0001482430-24-000003-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$5.0 million"},{"label":"Counterparty","value":"Bank of America, N.A., as administrative agent"},{"label":"Maturity","value":"February 6, 2024"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}