Company: INTG
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021858
Chunk: 38

Company: INTERGROUP CORP
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 there were no material changes to the terms, maturities, or covenants
of any existing debt instruments.

Management
continues to monitor market conditions and the Company’s real estate portfolio for potential refinancing opportunities that could
improve liquidity or reduce interest costs; however, no such transactions were undertaken during the reporting period.

Liquidity
Outlook and Going Concern Considerations

The
Company’s liquidity position remains stable following the completion of Portsmouth’s senior mortgage refinancing and mezzanine
debt on March 28, 2025. These transactions enhanced the Company’s maturity profile, improved covenant compliance, and strengthened
its overall capital structure.

During
the quarter ended September 30, 2025, the Company did not enter into any additional financing arrangements or refinancings. All debt
obligations remain current and in compliance with applicable covenants.

Forward-looking
risks remain primarily tied to the performance of the San Francisco hospitality market, including:

    ●
    The
    pace of recovery in business travel,

    ●
    Competitive
    dynamics among local hotels, 

    ●
    Broader
    municipal issues affecting the city’s perception among travelers, and 

    ●
    Potential
    impacts from macroeconomic trends on leisure travel demand.

Management
will continue to monitor these market-specific conditions and adjust operations, capital allocation, and marketing strategies to maintain
the Hotel’s competitive position.

The
Hotel debt and cash-management/lockbox reside at Portsmouth’s subsidiaries; while these provisions may limit distributions upstream
to InterGroup while in effect, they do not encumber InterGroup’s non-Hotel properties or parent-level liquidity. InterGroup’s
exposure to the Hotel financing is limited to its guaranties of specified non-recourse carve-outs and defined springing recourse events.

The
following table provides a summary as of September 30, 2025, the Company’s material financial obligations which also includes interest
payments.

SCHEDULE OF MATERIAL FINANCING OBLIGATION 

    9 Months  
    Year  
    Year  
    Year  
    Year  

    Total  
    2026  
    2027  
    2028  
    2029  
    2030  
    Thereafter 
  
    Mortgage and subordinated notes
    payable 
    $197,458,000  
    $930,000  
    $106,663,000  
    $6