NOTE 15 – SUBSEQUENT EVENTS

Portsmouth Square Pedestrian Bridge Removal

On August 9, 2026, the physical removal of the pedestrian bridge connecting the Hotel to Portsmouth Square was completed. The Hotel had temporarily suspended guest operations from July 31, 2026 through August 9, 2026 to facilitate the bridge demolition and resumed guest operations on August 10, 2026. Following removal of the bridge, the City and its contractor continued work associated with the project, including restoration of portions of the Hotel façade and surrounding areas affected by the demolition. The Company is separately responsible for the design and construction of permanent improvements to the Hotel’s Kearny Street entrance.

Extension of Related Party Credit Facility

In August 2026, the Company and its majority shareholder, The InterGroup Corporation (“InterGroup”), amended the Company’s unsecured revolving credit facility to extend its maturity date from July 31, 2027 to July 31, 2029. All other material terms of the facility remained unchanged. As of June 30, 2026, $38,108,000 was outstanding under the $40,000,000 facility. See Note 8 – Related Party and Other Financing Transactions.