InterGroup Corp Enters Loan Agreement

TL;DR

InterGroup Corp just signed a new loan agreement, adding to its debt obligations.

AI Summary

On April 29, 2024, The InterGroup Corporation entered into a material definitive agreement, specifically a loan agreement. This agreement creates a direct financial obligation for the company. The filing does not specify the exact dollar amount of the loan or the lender involved.

Why It Matters

This filing indicates InterGroup Corp has taken on new debt, which could impact its financial leverage and future investment capacity.

Risk Assessment

Risk Level: medium — Taking on new debt can increase financial risk for a company, especially if the terms are unfavorable or the company's ability to repay is uncertain.

Key Players & Entities

• The InterGroup Corporation (company) — Registrant
• April 29, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 1-10324 (commission_file_number) — SEC File Number
• 13-3293645 (irs_number) — IRS Employer Identification No.
• 1516 S. Bundy Drive, Suite 200, Los Angeles, CA 90025 (address) — Business and Mail Address

FAQ

Key Financial Figures

• $8,589,706.44 — 10% principal paydown in the amount of $8,589,706.44. On April 29, 2024, CRED REIT HOLDCO
• $4.5 million — 2025. The Mezz Lender also has advanced $4.5 million for payment of the 10% principal paydow

Filing Documents

• form8-k.htm (8-K) — 38KB
• 0001493152-24-017460.txt ( ) — 208KB
• intg-20240429.xsd (EX-101.SCH) — 3KB
• intg-20240429_lab.xml (EX-101.LAB) — 33KB
• intg-20240429_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

01

Item 1.01. Entry Into Material Definitive Agreements. On April 29, 2024, U.S. Bank National Association and other lenders ("Lender") entered into a Forbearance Agreement (the "Mortgage Loan Forbearance Agreement"), all capitalized terms are used in this paragraph as defined in this agreement with Justice Operating Company, LLC ("Justice"), a subsidiary of the Portsmouth Square, Inc. ("Portsmouth"), a subsidiary of The InterGroup Corporation. Assuming no Termination Event occurs, Lender agrees to not take any action with respect to the loan facility set forth therein prior to January 1, 2025. During the Forbearance Period, Justice shall make all regularly scheduled payments to the Lender. The Mortgage Loan Forbearance Agreement also contains amended terms as to financial covenants and a 10% principal paydown in the amount of $8,589,706.44. On April 29, 2024, CRED REIT HOLDCO LLC ("Mezz Lender") entered into a Forbearance Agreement (the "Mezz Forbearance Agreement"), all capitalized terms in this paragraph are used as defined in the Mezz Forbearance Agreement with Justice Mezzanine Company, LLC ("Justice Mezz"), an indirect subsidiary of Portsmouth Square, Inc. ("Portsmouth"). Assuming no Termination Event occurs, Mezz Lender agrees to not take any action with respect to the loan facility set forth therein prior to January 1, 2025. The Mezz Lender also has advanced $4.5 million for payment of the 10% principal paydown with respect to the Mortgage Loan Forbearance Agreement (defined below). During the Forbearance Period, no payments will be due to the Mezz Lender. Both forbearance agreements also contain customary and usual terms, events of default, transaction fees, and representations and warranties and covenants for like transactions. Portsmouth will endeavor to refinance the aforementioned loans prior to their new maturity.

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. See

01 above

Item 1.01 above. ITEM 9.01 EXHIBITS 104 Cover Page Interactive Data File

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE INTERGROUP CORPORATION Dated: May 1, 2024 By: /s/ John V. Winfield Chairman of the Board; President and Chief Executive Officer