Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 42

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 $(469,000) 
    $975,000 
  
    Dividend and interest income 
     121,000  
     270,000 
  
    Margin interest expense 
     (48,000) 
     (67,000)
  
    Trading and management expenses 
     (613,000) 
     (636,000)
  
     Net (loss) gain from investment transactions 
    $(1,009,000) 
    $542,000 

FINANCIAL
CONDITION AND LIQUIDITY

The
Company had cash and cash equivalents of $10,420,000 and $4,333,000 as of December 31, 2024 and June 30, 2024, respectively. The Company
had restricted cash of $3,966,000 and $4,361,000 as of December 31, 2024 and June 30, 2024, respectively. The Company had marketable
securities, net of margin due to securities brokers, of $4,984,000 and $7,266,000 as of December 31, 2024 and June 30, 2024, respectively.
These marketable securities are short-term investments and liquid in nature.

On
July 2, 2014, the Partnership obtained from InterGroup an unsecured loan in the principal amount of $4,250,000 at 12% per year fixed
interest, with a term of 2 years, payable interest only each month. InterGroup received a 3% loan fee. The loan may be prepaid at any
time without penalty. The loan was extended to July 31, 2023. On December 16, 2020, the Partnership and InterGroup entered into a loan
modification agreement which increased the Partnership’s borrowing from InterGroup as needed up to $10,000,000. On December 31,
2021, Portsmouth and InterGroup entered into a loan modification agreement which increased Portsmouth’s borrowing from InterGroup
as needed up to $16,000,000. Upon the dissolution of the Partnership in December 2021, Portsmouth assumed the Partnership’s note
payable to InterGroup in the amount of $11,350,000. In July 2023, the note maturity date was extended to July 31, 2025 and the borrowing
amount available was increased to $20,000,000. The Company agreed to a 0.5% loan