Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 48

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 48
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.

Key
modifications include:

●December
                                            2021: Portsmouth assumed $11.35 million in outstanding debt upon the dissolution of Justice
                                            Investors L.P.

●July
                                            2023: Increased available borrowings to $20,000,000 and extended maturity to July 31, 2025
                                            with a 0.5% loan modification fee.

●March
                                            2024: Increased available borrowings to $30,000,000 with a 0.5% loan modification fee

●March
                                            2025: Further increased available borrowing capacity to $40,000,000 and extended the maturity
                                            to July 31, 2027.

●May
                                            2025: Reduction of interest rate from 12% to 9%.

The
facility now bears 9% annual interest, is interest-only, and may be prepaid at any time without penalty. During the fiscal year ended
June 30, 2025, Portsmouth borrowed an additional $11,615,000 to fund Hotel refinancing and Hotel operations. As of June 30, 2025, the
outstanding balance was $38,108,000, and Portsmouth had not made any principal repayments. This facility remains a critical source of
liquidity and flexibility for Portsmouth. See also Note 9 – Other Financing Transactions. All material intercompany accounts and
transactions have been eliminated in consolidation.

27

Intergroup
Real Estate – Recent Financing Activity

During
the fiscal year ending June 30, 2025, the Company refinanced the mortgage on its 157-unit apartment located in Florence, Kentucky in
the amount of $9,800,000. The term of the loan is approximately 10 years with an interest rate of 5.40%. The loan matures in January
2035. In May 2025 we amended the loan on our St. Louis, Missouri property, establishing a maturity of June 5, 2028. In May 2025 the Company
made a principal reduction payment of $344,000.

During
the fiscal year ending June 30, 2024, the Company obtained a second mortgage on its 358-unit apartment located in Las Colinas, Texas
in the amount of $4,573,000. The term of the loan is approximately 7 years with an interest rate of 7.60%.

Liquidity
Requirements and Material Cash Requirements

Material
Cash Requirements

Our
material cash