Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 9

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 in the Company’s
Form 10-K for the year ended June 30, 2024.

The
unaudited condensed consolidated financial statements include the accounts of our wholly owned and majority-owned subsidiaries. All material
intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months
ended December 31, 2024 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2025.

Effective
February 19, 2021, the Company’s 83.7% owned subsidiary, Santa Fe Financial Corporation (“Santa Fe”), a public company
(OTCBB: SFEF), was liquidated and all of its assets including its 68.8% interest in Portsmouth Square, Inc. (“Portsmouth”),
a public company (OTCBB: PRSI) were distributed to its shareholders in exchange for their Santa Fe common stock. As of December 31, 2024,
InterGroup owns approximately 75.8% of the outstanding common shares of Portsmouth and the Company’s President, Chairman of the
Board and Chief Executive Officer, John V. Winfield, owns approximately 2.5% of the outstanding common shares of Portsmouth. Mr. Winfield
also serves as the Chairman of the Board and Chief Executive Officer of Portsmouth.

Portsmouth’s
primary business was conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California
limited partnership (“Justice” or the “Partnership”). Effective July 15, 2021, Portsmouth
completed the purchase of 100% of the limited partnership interest of Justice through the acquisition of the remaining 0.7% non-controlling
interest. Effective December 23, 2021, the Partnership was dissolved. The financial statements
of Justice were consolidated with those of Portsmouth.

Prior
to its dissolution effective December 23, 2021, Justice owned and operated a 544-room hotel property located at 750 Kearny Street, San
Francisco, California, known as the Hilton San Francisco Financial District (the “Hotel”) and related facilities including
a five-level underground parking garage through its subsidiaries Justice Operating Company, LLC (“Operating”) and Justice
Mezzanine Company, LLC (“Mezzanine”). Mezzanine was a wholly owned subsidiary of the Partnership; Operating is a wholly owned
subsidiary of Mezzanine. Effective December 23, 2021, Portsmouth replaced Justice as the single member of Me