On October 17, 2018, KBS Real Estate Investment Trust III, Inc. (the “Company”), through indirect wholly owned subsidiaries, entered into a three-year loan facility with U.S. Bank, N.A., as administrative agent (the “Agent”), for a committed amount of up to $215.0 million (the “Portfolio Revolving Loan Facility”). As previously disclosed, on January 23, 2020, the Company, through indirect wholly owned subsidiaries (collectively, the “Borrower”), entered into a first modification and additional advance agreement (the “Modified Portfolio Revolving Loan Facility”) with the Agent and the Lenders (defined below) to (i) increase the committed amount by $110.0 million to $325.0 million, subject to certain conditions in the loan agreement, (ii) add 201 17th Street as collateral for the Modified Portfolio Revolving Loan Facility, and (iii) reset the loan term. On November 2, 2021, in connection with the disposition of one of the real estate properties securing the Modified Portfolio Revolving Loan Facility, the committed amount was reduced to $249.2 million, of which $124.6 million is term debt and $124.6 million is revolving debt.

The lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank, N.A., Regions Bank, Citizens Bank, City National Bank and Associated Bank, N.A. (the “Lenders”). On February 28, 2023, the Borrower entered into a second modification with the Agent and the Lenders to convert the benchmark interest rate from LIBOR to Term SOFR. Effective March 1, 2023, the Modified Portfolio Revolving Loan Facility bears interest at the one-month forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”) plus 160 basis points per annum, which increased the margin from 150 basis points to include a SOFR adjustment of 10 basis points per annum.

All other material terms of the Modified Portfolio Revolving Loan Facility remain the same. In addition, on February 28, 2023, the Borrower exercised its first extension option under the Modified Portfolio Revolving Loan Facility and extended the maturity date of the Modified Portfolio Revolving Loan Facility to March 1, 2024. The Modified Portfolio Revolving Loan Facility is secured by 515 Congress, the McEwen Building, Gateway Tech Center and 201 17th Street.