Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 89

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 89
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 and issue equity in public markets if needed, a measure that
would be pursued as part of broader liquidity planning.

Four
of the Portsmouth directors serve as directors of InterGroup. The Company’s Vice President Real Estate was elected President of
Portsmouth in May 2021. The Company’s director and Chairman of the Audit Committee is William J. Nance.

As
Chairman of the Executive Strategic Real Estate and Securities Investment Committee, the Company’s President and Chief Executive
Officer (CEO), John V. Winfield, directs the investment activity of the Company in public and private markets pursuant to authority granted
by the Board of Directors. Mr. Winfield also serves as Chief Executive Officer and Chairman of the Board of Portsmouth and oversees the
investment activity of Portsmouth. Effective June 2016, Mr. Winfield became the Managing Director of Justice and served in that position
until the dissolution of Justice in December 2021. Depending on certain market conditions and various risk factors, the Chief Executive
Officer and Portsmouth may, at times, invest in the same companies in which the Company invests. Such investments align the interests
of the Company with the interests of related parties because it places the personal resources of the Chief Executive Officer and the
resources of Portsmouth, at risk in substantially the same manner as the Company in connection with investment decisions made on behalf
of the Company.

    52

NOTE
10 – MORTGAGE NOTES PAYABLE

Presentation
and borrower entities unless otherwise noted, “the Company” refers to The InterGroup Corporation on a consolidated basis.
The Hotel mortgage and mezzanine debt described in Sections A–E are obligations of Portsmouth Square, Inc. (“Portsmouth”)
subsidiaries Justice Operating Company, LLC (“Operating”), and Justice Mezzanine Company, LLC (“Mezzanine”).
These loans are secured at the Hotel-subsidiary level and are non-recourse to InterGroup except to the extent of limited guaranties described
in Section D. InterGroup’s separate real estate mortgages (non-Hotel) are presented in Section F.

Obligor
and recourse overview (as of and for the periods presented):

    Facility 
    Primary obligor 
    Collateral 
    Recourse to InterGroup
  
    Hilton San Francisco Financial District – senior mortgage 
    Justice Operating Company, LLC (Portsmouth subsidiary) 
    Hotel and related assets 
    Limited guaranty by Portsmouth; InterGroup as additional guarantor (see Section D)
  
    Hilton San Francisco