Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 52

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 52
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as a going concern.

On
March 28, 2025, Portsmouth completed a comprehensive refinancing of its senior mortgage and modified its mezzanine loan, improving maturities,
pricing and covenant profile. Since closing, Portsmouth has remained current on required debt service and continued property upgrades
intended to support operating performance. In March 2025 and May 2025, Portsmouth’s related-party revolving credit facility with
InterGroup was amended to increase capacity to $40,000,000, extend maturity to July 31, 2027, and reduce the interest rate to 9%, providing
contingency liquidity (see Note 8 — Related-Party Financing). See Note 9 — Mortgage Notes Payable for loan terms.

Based
on the refinancing and current forecasts for the twelve months following issuance, management concluded that the conditions and events
that initially raised substantial doubt have been alleviated and that substantial doubt does not exist for Portsmouth as of issuance
under ASC 205-40.

Market dynamics in San Francisco and broader macroeconomic factors—including potential pressure on occupancy and RevPAR—could
adversely affect Portsmouth’s results and, indirectly, consolidated liquidity (e.g., through covenant or cash-management constraints
on distributions). Management will continue to monitor conditions and adjust operations and capital allocation as necessary. See Note
1 — Basis of Presentation (Going Concern) for the Company’s detailed going-concern disclosure related to Portsmouth.

29

MATERIAL
CASH REQUIREMENTS FROM CONTRACTUAL AND OTHER OBLIGATIONS

The
following table summarizes, as of June 30, 2025, our material contractual (including estimated interest) and other cash requirements.
A tabular presentation is provided for investor clarity; however, Item 303 no longer requires a contractual obligations table.

    Year  
    Year  
    Year  
    Year  
    Year  

    Total  
    2026  
    2027  
    2028  
    2029  
    2030  
    Thereafter 
  
    Mortgage and subordinated notes payable 
    $197,760,000  
    $1,229,000  
    $106,663,000  
    $6,588,000  
    $1,845,000  
    $16,032,000  
    $65,403,000 
  
    Other notes payable 
     1,979,000  
     567,