Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 33

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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    $19,554,000  
    $18,022,000 

NOTE
13 – SUBSEQUENT EVENT

The Company evaluated subsequent events through the
date that the accompanying condensed consolidated financial statements were issued, and has determined that no material subsequent events
exist through the date of this filing that require adjustment to or disclosure in the condensed consolidated financial statements, other
than as disclosed below.

On
January 3, 2025, Justice Operating Company, LLC, a subsidiary of Portsmouth received a Notice of Termination (the “Notice) from
the senior loan special servicer, LNR Partners and on January 14, 2025, Justice Mezzanine Company, LLC, a subsidiary of Portsmouth, received
a Notice of Default from the mezzanine lender, CRED Reit Holdco LLC. On January 10, 2025, the Companies filed the required Form 8-K with
the Securities and Exchange Commission. On January 21, 2025, the Company entered into a non-binding term-sheet with PRIME Finance and
with CRED Reit Holdco LLC, to refinance Portsmouth’s senior and mezzanine loans.

-20-

  Item
  2 –
  MANAGEMENT’S DISCUSSION
  AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING
STATEMENTS AND PROJECTIONS

This
quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”).
Forward-looking statements include, but are not limited to, statements related to our expectations regarding the performance of our business,
our financial results, our liquidity and capital resources, including anticipated repayment of certain of the Company’s indebtedness,
the impact to our business and financial condition, the effects of competition and the effects of future legislation or regulations and
other non-historical statements, the impact from macroeconomic factors (including inflation, increases in interest rates, potential economic
slowdown or a recession and geopolitical conflicts). Forward-looking statements include all statements that are not historical facts,
and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“could,”