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MORTGAGE NOTES PAYABLE AND MEZZANINE FINANCING | 6 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
MORTGAGE NOTES PAYABLE AND MEZZANINE FINANCING | NOTE 13 – MORTGAGE NOTES PAYABLE AND MEZZANINE FINANCING The Company’s mortgage notes payable consist of (i) the senior mortgage loan secured by the Hilton San Francisco Financial District hotel (the “Hotel”), maintained at Portsmouth, a consolidated subsidiary of the Company, and (ii) mortgage loans secured by the Company’s non-hotel real estate properties. The following table summarizes the schedule maturities of mortgage notes payable as of December 31, 2025: SCHEDULE OF FUTURE MINIMUM PAYMENT FOR MORTGAGE NOTES PAYABLE
For the year ending June 30, |  | Amount |
2026 (6 months) |  | $ | 930,000 |
2027 |  |  | 106,663,000 |
2028 |  |  | 6,588,000 |
2029 |  |  | 1,845,000 |
2030 |  |  | 16,032,000 |
Thereafter |  |  | 65,400,000 |
Total Mortgage Notes Payable |  | $ | 197,458,000 |
Hotel Mortgage and Mezzanine Financing The Company’s Annual Report on Form 10-K for the year ended June 30, 2025 includes a detailed description of the Hotel senior mortgage and mezzanine financing arrangements, including the March 28, 2025 refinancing and related covenants and cash-management provisions. There were no material changes to the terms of these arrangements during the six months ended December 31, 2025. Cash-Management/Lockbox and Debt Service Coverage Ratio (“DSCR”) Provisions The Hotel financing includes lender-controlled cash-management/lockbox arrangement pursuant to which Hotel receipts are deposited into controlled accounts and disbursed in accordance with approved budgets and waterfall provisions. Distributions are subject to DSCR and other conditions specified in the Loan Agreement. These cash-management provisions remain in effect under the current facilities. Maturities and Interest
| ● | Senior Mortgage: $67,000,000 original principal; interest Term SOFR + 4.75% (with SOFR cap 4.50%); interest-only; initial maturity April 9, 2027; three one-year extension options (subject to conditions). During the six months ended December 31, 2025, decreases in Term SOFT reduced the effective interest rate on the senior mortgage. Because the senior mortgage is variable-rate, future changes in Term SOFT will affect the Company’s interest expense. Mezzanine: $36,300,000; 7.25% fixed; co-term/co-extension with senior.
| ● | Security: Senior – Hotel; Mezzanine – membership interest in Operating
| ● | Guarantor: Portsmouth (limited guaranty)
InterGroup Real Estate Mortgages (Non-Hotel) In December 2025, the Company disposed of a non-core 12-unit multifamily property in Los Angeles. This property had been classified as held for sale at June 30, 2025. During the six months ended December 31, 2025, the Company did not enter into any new financing arrangements, modifications, or refinancings related to its non-hotel real estate properties. All mortgage loans remained in good standing and in compliance with their terms and conditions.

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