INTERGROUP CORP

The InterGroup Corporation is a Delaware corporation formed in 1985, succeeding Mutual Real Estate Investment Trust (M-REIT), a New York real estate investment trust established in 1965. The company has been publicly held since M-REIT's initial public offering in 1966. InterGroup was organized to acquire, develop, operate, rehabilitate, and sell various types of real property, and to engage in other business and investment activities. The company's social responsibility commitment, originally focused on providing affordable housing without regard to race, broadened in 1985 after reviewing equal housing laws. At that time, it transitioned from a REIT to a corporation to pursue diverse investments beyond real estate and expand its social impact while increasing shareholder value. As of June 30, 2025, InterGroup owns approximately 75.9% of the outstanding common shares of Portsmouth. Portsmouth's main business has historically been conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership. Portsmouth received management fees as a general partner of Justice for overseeing and managing the Partnership's assets, which were eliminated in consolidation.