Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 0

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 0
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GENERAL

The
InterGroup Corporation (“InterGroup” or the “Company” and may also be referred to as “we”, “us”,
or “our” in this report) is a Delaware corporation formed in 1985, as the successor to Mutual Real Estate Investment Trust
(“M-REIT”), a New York real estate investment trust created in 1965. The Company has been a publicly held company since M-REIT’s
first public offering of shares in 1966.

The
Company was organized to buy, develop, operate, rehabilitate, and dispose of real property of various types and descriptions, and to
engage in such other business and investment activities as would benefit the Company and its shareholders. The Company was founded upon,
and remains committed to, social responsibility. Such social responsibility was originally defined as providing decent, affordable housing
for individuals without regard to race. In 1985, after examining the impact of federal, state, and local equal housing laws, the Company
determined to broaden its definition of social responsibility. The Company changed its form from a REIT to a corporation so that it could
pursue a variety of investments beyond real estate and broaden its social impact by pursuing opportunities with the potential to increase
shareholder value, consistent with the Company’s underlying commitment to social responsibility.

As
of June 30, 2025, InterGroup owns approximately 75.9% of the outstanding common shares of Portsmouth. As of June 30, 2025, 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. The Company’s Chief
Operating Officer, David Gonzalez, was elected President of Portsmouth in May 2021.

Portsmouth’s
primary business has historically been conducted through its general and limited partnership interest in Justice Investors Limited Partnership,
a California limited partnership (“Justice” or the “Partnership”). Portsmouth received management fees as a general
partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees were eliminated in consolidation.
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.