InterGroup Corp Files 10-Q for Q2 2025

TL;DR

InterGroup Corp's Q2 2025 10-Q is in. Check financials.

AI Summary

InterGroup Corp filed its 10-Q for the period ending December 31, 2024, reporting on its second fiscal quarter. The company, primarily involved in operating apartment buildings, is based in Los Angeles, California. Key financial details and operational updates for this period are outlined in the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of InterGroup Corp, crucial for understanding its current business health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information without immediate red flags.

Key Numbers

• 20241231 — Reporting Period End Date (Indicates the end of the fiscal period covered by the 10-Q)
• 20250214 — Filing Date (Date the 10-Q was officially submitted to the SEC)

Key Players & Entities

• INTERGROUP CORP (company) — Filer of the 10-Q
• 0000069422 (company) — Central Index Key for InterGroup Corp
• 11620 WILSHIRE BOULEVARD (location) — Business and mailing address
• LOS ANGELES (location) — City of business and mailing address
• DE (location) — State of incorporation

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1342KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-25-006758.txt ( ) — 6504KB
• intg-20241231.xsd (EX-101.SCH) — 42KB
• intg-20241231_cal.xml (EX-101.CAL) — 62KB
• intg-20241231_def.xml (EX-101.DEF) — 165KB
• intg-20241231_lab.xml (EX-101.LAB) — 330KB
• intg-20241231_pre.xml (EX-101.PRE) — 259KB
• form10-q_htm.xml (XML) — 1280KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 29 Item 4.

Controls and Procedures

Controls and Procedures. 29

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 30 Item 1A. Risk Factors. 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 30 Item 3. Defaults Upon Senior Securities. 31 Item 4. Mine Safety Disclosures. 31 Item 5. Other Information. 31 Item 6. Exhibits. 31

Signatures

Signatures 32 -2- PART I FINANCIAL INFORMATION THE INTERGROUP CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS Item 1 - Condensed Consolidated Financial Statements As of December 31, 2024 June 30, 2024 (unaudited) ASSETS Investment in Hotel, net $ 39,684,000 $ 40,901,000 Investment in real estate, net 46,957,000 47,542,000 Investment in marketable securities 5,657,000 7,454,000 Cash and cash equivalents 10,420,000 4,333,000 Restricted cash 3,966,000 4,361,000 Other assets, net 3,910,000 3,220,000 Total assets $ 110,594,000 $ 107,811,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Liabilities: Accounts payable and other liabilities - Hotel $ 16,099,000 $ 13,757,000 Accounts payable and other liabilities 3,455,000 4,265,000 Obligations for securities sold 673,000 188,000 Other notes payable 2,263,000 2,388,000 Deferred tax liability 4,724,000 4,724,000 Mortgage notes payable - Hotel, net 100,289,000 100,783,000 Mortgage notes payable - real estate, net 94,426,000 88,173,000 Total liabilities 221,929,000 214,278,000 Shareholders' deficit: Preferred stock, $ .01 par value, 100,000 shares authorized; none issued - - Common stock, $ .01 par value, 4,000,000 shares authorized; 3,459,888 and 3,459,888 issued; 2,155,209 and 2,178,955 outstanding, respectively 38,000 38,000 Additional paid-in capital 3,574,000 3,648,000 Accumulated deficit ( 65,755,000 ) ( 62,632,000 ) Treasury stock, at cost, 1,304,679 and 1,280,933 shares, respectively ( 21,776,000 ) ( 21,393,000 ) Total InterGroup shareholders' deficit ( 83,919,000 ) ( 80,339,000 ) Noncontrolling interest ( 27,416,000 ) ( 26,128,000 ) Total shareholders' deficit ( 111,335,000 ) ( 106,467,000 ) Total liabilities and shareholders' deficit $ 110,594,000 $ 107,811,000 The accompanying notes are an integral part of these (unaudited) condensed consolidated financial statements. -3- THE INTERGROUP CORPORATIO

financial statements

financial statements. Going Concern The condensed consolidated financial statements of Portsmouth have been prepared on a going concern basis, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. However, as of December 31, 2024, certain factors raise substantial doubt about Portsmouth's ability to continue as a going concern within one year after the issuance of these financial As disclosed in Note 9 – Related Party and Other Financing Transactions, Portsmouth has a senior mortgage loan and a mezzanine loan totaling $ 100,289,000 , which matured on January 1, 2024 . On January 3, 2024, Portsmouth received a Notice of Default from the senior loan special servicer, LNR Partners, LLC, and on January 14, 2024, a Notice of Default from the mezzanine lender, CRED Reit Holdco LLC, regarding the matured loans. These notices grant the lenders various rights and remedies, including but not limited to acceleration of the debt and foreclosure on collateral. To address the maturity issue, on April 29, 2024, Portsmouth entered into forbearance agreements with both its senior and mezzanine lenders, extending the maturity date to January 1, 2025, while actively pursuing long-term refinancing solutions. However, on January 3, 2025, Portsmouth received a Notice of Termination from the senior loan special servicer, citing a termination event due to Portsmouth's failure to fully repay the debt by the forbearance expiration date. As a result, the forbearance agreement was terminated, allowing the lender to immediately exercise all rights and remedies, including acceleration of the loan and foreclosure on the collateral. Similarly, on January 14, 2025, the mezzanine lender issued a Notice of Default, stating that the forbearance had expired and that it, too, was entitled to exercise all available legal and contractual remedies. Despite these challenges, Portsmouth and the Company (the "Companies) have made si