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Intergroup Corp (INTG)

Business Summary

The InterGroup Corporation operates principally in the ownership and operation of a hotel, the ownership and management of multifamily and commercial real estate, and investments in marketable and other securities. As of June 30, 2026, the Company owned approximately 75.9% of the outstanding common stock of Portsmouth Square, Inc., a consolidated subsidiary that owns and operates the Hilton San Francisco Financial District, a full-service hotel located at 750 Kearny Street in San Francisco, California. The Hotel generates revenues principally from guestrooms, food and beverage operations, parking and other ancillary operations and serves business, convention, group and leisure travelers. The Company also generates income from the ownership, management and, when appropriate, sale of real estate, including fifteen apartment complexes, one commercial real estate property and three single-family houses, concentrated in Texas and Los Angeles County, California, plus approximately two acres of unimproved land in Maui, Hawaii. The Company also invests from time to time in marketable securities and other investments under the supervision of an Executive Strategic Real Estate and Securities Investment Committee of the Board of Directors.

The Hotel operates in a highly competitive San Francisco lodging market and competes with full-service and other lodging properties for business, convention, group and leisure travelers, with competition based on factors including location, brand affiliation, room rates, property condition, amenities, service levels and access to corporate, convention and leisure demand. The Hotel's Financial District location, Hilton affiliation and recently renovated guestrooms and public areas are important competitive factors. The multifamily rental market is also highly competitive, with the Company competing for residents primarily based on location, rental rates, property condition, amenities and services. The Company's securities investments are made under the supervision of an Executive Strategic Real Estate and Securities Investment Committee, with delegated authority to manage the portfolio to the Chairman and Chief Executive Officer subject to investment guidelines.

The Company's core business model generates revenue from three principal sources: Hotel operations, real estate operations, and investment transactions. Hotel revenues come from guestrooms, food and beverage, parking and other ancillary operations. Real estate revenues come from the ownership and management of multifamily and commercial properties, with leases on a short-term basis, no lease extending beyond one year. Investment income comes from marketable securities and other investments, with gains and losses recognized in earnings. The Hotel is operated under a franchise agreement with Hilton and managed by Aimbridge Hospitality under a hotel management agreement, with Aimbridge receiving a base management fee equal to 1.70% of total Hotel revenue and potentially an incentive fee based on operating performance.

Hotel Operations segment income increased to $12.524 million in fiscal 2026 from $8.732 million in fiscal 2025. Total Hotel revenue increased approximately 20% to $55.797 million in fiscal 2026 from $46.363 million in fiscal 2025. Hotel rooms revenue was $48,396,000 in fiscal 2026 compared to $39,648,000 in fiscal 2025. Food and beverage revenue was $3,164,000 in fiscal 2026 versus $2,862,000 in fiscal 2025. Garage revenue was $3,307,000 in fiscal 2026 versus $3,214,000 in fiscal 2025. Other operating departments revenue was $930,000 in fiscal 2026 versus $639,000 in fiscal 2025. Hotel operating expenses increased by $5.642 million to $43.273 million in fiscal 2026 from $37.631 million in fiscal 2025. The Hotel has 558 guest rooms and suites, situated on 22 floors, with approximately 22,000 square feet of meeting space and a five-level underground parking garage.

Real Estate Operations segment income increased to $8.853 million in fiscal 2026 from $8.465 million in fiscal 2025. Revenues from real estate operations increased to $18,154,000 in fiscal 2026 from $18,015,000 in fiscal 2025. Real estate operating expenses decreased to $9,301,000 from $9,550,000. The Company had a net gain on marketable securities of $953,000 for fiscal 2026 compared with a net loss of $1,347,000 for fiscal 2025. The fiscal 2026 securities gain consisted of a realized gain of $167,000 and an unrealized gain of $786,000, compared with a realized loss of $329,000 and an unrealized loss of $1.018 million in fiscal 2025. After dividend and interest income and trading and margin interest expense, the Company recorded a net loss from marketable securities operations of $213,000 in fiscal 2026 compared with a net loss of $2.502 million in fiscal 2025.

In December 2025, the Company completed the sale of a 12-unit multifamily property located in Los Angeles County, California for a sales price of $4.85 million, resulting in a gain on sale of $3,508,000. Effective September 30, 2025, the Hotel's available room inventory increased from 544 to 558 rooms following the conversion of 14 former administrative office spaces into guestrooms. The pedestrian bridge formerly spanning Kearny Street between the Hotel and Portsmouth Square Park was removed on August 9, 2026, with the Hotel closed from July 31, 2026 through August 9, 2026 and resuming guest operations on August 10, 2026. In August 2026, the intercompany credit facility's maturity was extended from July 31, 2027 to July 31, 2029. The Company did not repurchase any shares of its common stock during the fiscal quarter ended June 30, 2026, and as of June 30, 2026, approximately 33,616 shares remained available for repurchase under the program.

The Company reported net income of $336,000 for fiscal 2026 compared with a net loss of $7.547 million for fiscal 2025. The improvement primarily reflected a $4.223 million increase in income from operations to $11.866 million, a $3.508 million gain on the sale of a multifamily property, a $2.289 million decrease in the net loss from marketable securities operations to $213,000 and an $890,000 decrease in mortgage interest expense to $12.666 million. These improvements were partially offset by higher income tax expense and the absence of the $1.416 million gain on extinguishment of debt recognized in fiscal 2025. Net income attributable to InterGroup was $1,643,000 in fiscal 2026 compared with a net loss of $5,348,000 in fiscal 2025. Basic earnings per share attributable to InterGroup was $0.77 in fiscal 2026 versus a loss of $2.47 in fiscal 2025.

Business Outlook & Financial Sufficiency

Management believes the Company's existing liquidity sources and financing arrangements are sufficient to meet its obligations for at least 12 months following issuance of the consolidated financial statements. The Company's liquidity remains subject to Hotel and real estate operating performance, interest rates, capital requirements, debt-extension conditions and the availability of refinancing. Management currently expects to satisfy the applicable conditions and exercise the first extension of the Hotel's senior mortgage loan and mezzanine loan through April 9, 2028.

The Hotel experienced improved business travel and convention demand during fiscal 2026, which contributed to higher occupancy, average daily rate and room revenue compared with fiscal 2025. The Company expects to continue benefiting from the completed guestrooms renovation, which included the addition of 14 guestrooms to available inventory during fiscal 2026. The Hotel's average daily rate increased $35, or approximately 16%, to $253 from $218; average occupancy increased three percentage points to 95% from 92%; and RevPAR increased $39, or approximately 20%, to $239 from $200. San Francisco lodging demand remains subject to changes in local economic conditions, convention activity, business and leisure travel and public perceptions of the city.

The Company evaluates real estate and other investment opportunities subject to guidelines established by the Board of Directors and its Executive Strategic Real Estate and Securities Investment Committee and the availability of appropriate financing. The Company also invests from time to time in marketable securities and other investments. As of June 30, 2026, the Company's marketable equity securities portfolio included investments in American Realty Investors, Inc. and Snowflake Inc., which represented approximately 29.2% and 13.9%, respectively, of the fair value of the portfolio. The Company's securities investments are made under the supervision of an Executive Strategic Real Estate and Securities Investment Committee, with delegated authority to manage the portfolio to the Chairman and Chief Executive Officer subject to investment guidelines.

The Company's ability to increase room rates is subject to demand, competition and other market conditions. The Company's residential rental properties generally have leases of one year or less, which may provide opportunities to adjust rental rates as leases expire or renew. However, the Company's ability to increase rents at certain properties is limited by applicable state and local rent stabilization and tenant-protection laws. Continued inflationary pressure could increase the Company's operating and capital costs and, to the extent those increases cannot be offset by higher room rates, rental rates, occupancy or other revenue growth, could adversely affect operating margins and cash flows.

Following the removal of the pedestrian bridge in August 2026, Portsmouth expects to incur capital expenditures for the design and construction of permanent improvements to the Hotel's Kearny Street entrance. Portsmouth has not yet established a reliable estimate of the cost of its permanent entrance improvements, which will depend on the final design, governmental and other approvals, permitting requirements and construction conditions. The City and its contractor are separately performing restoration work associated with the bridge demolition.

The Company has not declared any cash dividends on its common stock and currently intends to retain any future earnings to fund operations, invest in the business, and service debt. Any future determination to declare cash dividends will be at the discretion of the Board of Directors and subject to applicable law and any restrictions contained in the Company's financing arrangements. The Company maintains a share repurchase program that was initially announced on January 13, 1998 and subsequently amended, with no stated expiration date, and as of June 30, 2026, approximately 33,616 shares remained available for repurchase under the program.

The Hotel requires substantial ongoing capital expenditures for renovations, maintenance, furniture, fixtures, equipment, technology and compliance with brand standards and governmental requirements. The Company may not generate sufficient cash flow to fund these expenditures and may need additional debt or equity financing. Delays, cost overruns, labor shortages, supply chain disruptions, inflation or an inability to obtain financing could adversely affect the Hotel's competitiveness and the Company's financial performance.

The Company's operations are subject to various federal, state, and local environmental laws and regulations, and management is not aware of any pending environmental matters or remediation obligations that are expected to have a material adverse effect on the Company's business, financial condition, results of operations, or cash flows. Compliance with existing environmental laws has not had, and is not currently expected to have, a material effect on the Company's capital expenditures, earnings or competitive position.

Management Sentiments & Priorities

Management's message emphasizes the Company's improved financial performance in fiscal 2026, with net income of $336,000 compared with a net loss of $7.547 million in fiscal 2025, driven by higher Hotel revenues, a gain on sale of real estate, and reduced losses from marketable securities operations. The Company's strategic priorities include continuing to benefit from improved business travel and convention demand in San Francisco, completing the guestrooms renovation which added 14 guestrooms to available inventory, and managing the Hotel's financing, including the senior mortgage loan and mezzanine loan with three one-year extension options. Management expects to satisfy the applicable conditions and exercise the first extension through April 9, 2028, and believes the Company's existing liquidity sources and financing arrangements are sufficient to meet its obligations for at least 12 months following issuance of the consolidated financial statements.

Financial Details

Total revenues were $73,951,000 in fiscal 2026 compared to $64,378,000 in fiscal 2025. Net income was $336,000 in fiscal 2026 compared to a net loss of $7,547,000 in fiscal 2025. Diluted earnings per share was $0.15 in fiscal 2026, while diluted loss per share was not applicable in fiscal 2025. Income from operations was $11,866,000 in fiscal 2026 compared to $7,643,000 in fiscal 2025. Interest expense on mortgages and mezzanine was $12,666,000 in fiscal 2026 compared to $13,556,000 in fiscal 2025. Net cash provided by operating activities was $3.450 million in fiscal 2026 compared to $5.893 million in fiscal 2025. As of June 30, 2026, the Company had cash and cash equivalents of $6.356 million and restricted cash of $10.943 million, for total cash, cash equivalents and restricted cash of $17.299 million, compared with $15.195 million as of June 30, 2025. The Company also held marketable securities with a fair value of $4.394 million as of June 30, 2026, compared with $969,000 as of June 30, 2025. The Company had a net gain on marketable securities of $953,000 in fiscal 2026 compared with a net loss of $1,347,000 in fiscal 2025. The fiscal 2026 securities gain consisted of a realized gain of $167,000 and an unrealized gain of $786,000, compared with a realized loss of $329,000 and an unrealized loss of $1.018 million in fiscal 2025. The Company recorded a gain from insurance claims of $124,000 in fiscal 2026, a gain from sale of real estate of $3,508,000, and a gain on debt extinguishment of $1,416,000 in fiscal 2025. Income tax expense was $2,283,000 in fiscal 2026 compared to $548,000 in fiscal 2025. Net loss attributable to the noncontrolling interest was $1,307,000 in fiscal 2026 compared to $2,199,000 in fiscal 2025. Net income attributable to InterGroup was $1,643,000 in fiscal 2026 compared to a net loss of $5,348,000 in fiscal 2025. Basic earnings per share attributable to InterGroup was $0.77 in fiscal 2026 versus a loss of $2.47 in fiscal 2025. Diluted earnings per share attributable to InterGroup was $0.71 in fiscal 2026. Weighted average number of common shares outstanding was 2,149,399 in fiscal 2026 and 2,162,153 in fiscal 2025. Weighted average number of diluted shares outstanding was 2,312,594 in fiscal 2026. Hotel Operations segment income was $12.524 million in fiscal 2026 compared to $8.732 million in fiscal 2025. Real Estate Operations segment income was $8.853 million in fiscal 2026 compared to $8.465 million in fiscal 2025. Net loss from marketable securities operations was $213,000 in fiscal 2026 compared to $2.502 million in fiscal 2025.

Risk Factors

The Company's financial performance is highly concentrated in a single hotel property in San Francisco, and any event that adversely affects the local economy, travel demand or Hotel operations could materially reduce Hotel revenues, cash flows and operating results. The Hotel requires substantial ongoing capital expenditures, and the Company may not generate sufficient cash flow to fund these expenditures, potentially requiring additional debt or equity financing. The Company has significant consolidated debt obligations, including the Hotel's senior mortgage and mezzanine indebtedness and mortgage debt secured by non-Hotel real estate properties, which require substantial principal and interest payments and may subject the applicable borrowers and guarantors to financial and other covenants. As of June 30, 2026, two equity securities collectively represented approximately 43% of the fair value of the Company's marketable equity securities portfolio, increasing exposure to changes in the value of those investments. The Company depends on third parties, Aimbridge Hospitality and Hilton, to operate and franchise the Hotel, and failure to satisfy franchise standards, termination or nonrenewal of the management or franchise agreement, or poor operational performance could materially adversely affect operations and financial results. The Company's President, Chief Executive Officer and Chairman of the Board of Directors, John V. Winfield, beneficially owns a majority of the Company's common stock, allowing him to control or significantly influence the election of the Board of Directors and other matters requiring shareholder approval.

References

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  712. [712] Item 7, MD&A — Investment Transactions
  713. [713] Item 7, MD&A — Investment Transactions
  714. [714] Item 7, MD&A — Investment Transactions
  715. [715] Item 7, MD&A — Investment Transactions
  716. [716] Item 7, MD&A — Investment Transactions
  717. [717] Item 7, MD&A — Investment Transactions
  718. [718] Item 7, MD&A — Investment Transactions
  719. [719] Item 7, MD&A — Investment Transactions
  720. [720] Item 7, MD&A — Investment Transactions
  721. [721] Item 7, MD&A — Investment Transactions
  722. [722] Item 7, MD&A — Investment Transactions
  723. [723] Item 7, MD&A — Investment Transactions
  724. [724] Item 7, MD&A — Investment Transactions
  725. [725] Item 7, MD&A — Investment Transactions
  726. [726] Item 7, MD&A — Investment Transactions
  727. [727] Item 7, MD&A — Investment Transactions
  728. [728] Item 7, MD&A — Investment Transactions
  729. [729] Item 7, MD&A — Investment Transactions
  730. [730] Item 7, MD&A — Investment Transactions
  731. [731] Item 7, MD&A — Investment Transactions
  732. [732] Item 7, MD&A — Investment Transactions
  733. [733] Item 7, MD&A — Investment Transactions
  734. [734] Item 7, MD&A — Investment Transactions
  735. [735] Item 7, MD&A — Investment Transactions
  736. [736] Item 7, MD&A — Investment Transactions
  737. [737] Item 7, MD&A — Investment Transactions
  738. [738] Item 7, MD&A — Investment Transactions
  739. [739] Item 7, MD&A — Investment Transactions
  740. [740] Item 7, MD&A — Investment Transactions
  741. [741] Item 7, MD&A — Investment Transactions
  742. [742] Item 7, MD&A — Investment Transactions
  743. [743] Item 7, MD&A — Investment Transactions
  744. [744] Item 7, MD&A — Investment Transactions
  745. [745] Item 7, MD&A — Investment Transactions
  746. [746] Item 7, MD&A — Investment Transactions
  747. [747] Item 7, MD&A — Investment Transactions
  748. [748] Item 7, MD&A — Investment Transactions
  749. [749] Item 7, MD&A — Investment Transactions
  750. [750] Item 7, MD&A — Investment Transactions
  751. [751] Item 7, MD&A — Investment Transactions
  752. [752] Item 7, MD&A — Investment Transactions
  753. [753] Item 7, MD&A — Investment Transactions
  754. [754] Item 7, MD&A — Investment Transactions
  755. [755] Item 7, MD&A — Investment Transactions
  756. [756] Item 7, MD&A — Investment Transactions
  757. [757] Item 7, MD&A — Investment Transactions
  758. [758] Item 7, MD&A — Investment Transactions
  759. [759] Item 7, MD&A — Investment Transactions
  760. [760] Item 7, MD&A — Investment Transactions
  761. [761] Item 7, MD&A — Investment Transactions
  762. [762] Item 7, MD&A — Investment Transactions
  763. [763] Item 7, MD&A — Investment Transactions
  764. [764] Item 7, MD&A — Investment Transactions
  765. [765] Item 7, MD&A — Investment Transactions
  766. [766] Item 7, MD&A — Investment Transactions
  767. [767] Item 7, MD&A — Investment Transactions
  768. [768] Item 7, MD&A — Investment Transactions
  769. [769] Item 7, MD&A — Investment Transactions
  770. [770] Item 7, MD&A — Investment Transactions
  771. [771] Item 7, MD&A — Investment Transactions
  772. [772] Item 7, MD&A — Investment Transactions
  773. [773] Item 7, MD&A — Investment Transactions
  774. [774] Item 7, MD&A — Investment Transactions
  775. [775] Item 7, MD&A — Investment Transactions
  776. [776] Item 7, MD&A — Investment Transactions
  777. [777] Item 7, MD&A — Investment Transactions
  778. [778] Item 7, MD&A — Investment Transactions
  779. [779] Item 7, MD&A — Investment Transactions
  780. [780] Item 7, MD&A — Investment Transactions
  781. [781] Item 7, MD&A — Investment Transactions
  782. [782] Item 7, MD&A — Investment Transactions
  783. [783] Item 7, MD&A — Investment Transactions
  784. [784] Item 7, MD&A — Investment Transactions
  785. [785] Item 7, MD&A — Investment Transactions
  786. [786] Item 7, MD&A — Investment Transactions
  787. [787] Item 7, MD&A — Investment Transactions
  788. [788] Item 7, MD&A — Investment Transactions
  789. [789] Item 7, MD&A — Investment Transactions
  790. [790] Item 7, MD&A — Investment Transactions
  791. [791] Item 7, MD&A — Investment Transactions
  792. [792] Item 7, MD&A — Investment Transactions
  793. [793] Item 7, MD&A — Investment Transactions
  794. [794] Item 7, MD&A — Investment Transactions
  795. [795] Item 7, MD&A — Investment Transactions
  796. [796] Item 7, MD&A — Investment Transactions
  797. [797] Item 7, MD&A — Investment Transactions
  798. [798] Item 7, MD&A — Investment Transactions
  799. [799] Item 7, MD&A — Investment Transactions
  800. [800] Item 7, MD&A — Investment Transactions
  801. [801] Item 7, MD&A — Investment Transactions
  802. [802] Item 7, MD&A — Investment Transactions
  803. [803] Item 7, MD&A — Investment Transactions
  804. [804] Item 7, MD&A — Investment Transactions
  805. [805] Item 7, MD&A — Investment Transactions
  806. [806] Item 7, MD&A — Investment Transactions
  807. [807] Item 7, MD&A — Investment Transactions
  808. [808] Item 7, MD&A — Investment Transactions
  809. [809] Item 7, MD&A — Investment Transactions
  810. [810] Item 7, MD&A — Investment Transactions
  811. [811] Item 7, MD&A — Investment Transactions
  812. [812] Item 7, MD&A — Investment Transactions
  813. [813] Item 7, MD&A — Investment Transactions
  814. [814] Item 7, MD&A — Investment Transactions
  815. [815] Item 7, MD&A — Investment Transactions
  816. [816] Item 7, MD&A — Investment Transactions
  817. [817] Item 7, MD&A — Investment Transactions
  818. [818] Item 7, MD&A — Investment Transactions
  819. [819] Item 7, MD&A — Investment Transactions
  820. [820] Item 7, MD&A — Investment Transactions
  821. [821] Item 7, MD&A — Investment Transactions
  822. [822] Item 7, MD&A — Investment Transactions
  823. [823] Item 7, MD&A — Investment Transactions
  824. [824] Item 7, MD&A — Investment Transactions
  825. [825] Item 7, MD&A — Investment Transactions
  826. [826] Item 7, MD&A — Investment Transactions
  827. [827] Item 7, MD&A — Investment Transactions
  828. [828] Item 7, MD&A — Investment Transactions
  829. [829] Item 7, MD&A — Investment Transactions
  830. [830] Item 7, MD&A — Investment Transactions
  831. [831] Item 7, MD&A — Investment Transactions
  832. [832] Item 7, MD&A — Investment Transactions
  833. [833] Item 7, MD&A — Investment Transactions
  834. [834] Item 7, MD&A — Investment Transactions
  835. [835] Item 7, MD&A — Investment Transactions
  836. [836] Item 7, MD&A — Investment Transactions
  837. [837] Item 7, MD&A — Investment Transactions
  838. [838] Item 7, MD&A — Investment Transactions
  839. [839] Item 7, MD&A — Investment Transactions
  840. [840] Item 7, MD&A — Investment Transactions
  841. [841] Item 7, MD&A — Investment Transactions
  842. [842] Item 7, MD&A — Investment Transactions
  843. [843] Item 7, MD&A — Investment Transactions
  844. [844] Item 7, MD&A — Investment Transactions
  845. [845] Item 7, MD&A — Investment Transactions
  846. [846] Item 7, MD&A — Investment Transactions
  847. [847] Item 7, MD&A — Investment Transactions
  848. [848] Item 7, MD&A — Investment Transactions
  849. [849] Item 7, MD&A — Investment Transactions
  850. [850] Item 7, MD&A — Investment Transactions
  851. [851] Item 7, MD&A — Investment Transactions
  852. [852] Item 7, MD&A — Investment Transactions
  853. [853] Item 7, MD&A — Investment Transactions
  854. [854] Item 7, MD&A — Investment Transactions
  855. [855] Item 7, MD&A — Investment Transactions
  856. [856] Item 7, MD&A — Investment Transactions
  857. [857] Item 7, MD&A — Investment Transactions
  858. [858] Item 7, MD&A — Investment Transactions
  859. [859] Item 7, MD&A — Investment Transactions
  860. [860] Item 7, MD&A — Investment Transactions
  861. [861] Item 7, MD&A — Investment Transactions
  862. [862] Item 7, MD&A — Investment Transactions
  863. [863] Item 7, MD&A — Investment Transactions
  864. [864] Item 7, MD&A — Investment Transactions
  865. [865] Item 7, MD&A — Investment Transactions
  866. [866] Item 7, MD&A — Investment Transactions
  867. [867] Item 7, MD&A — Investment Transactions
  868. [868] Item 7, MD&A — Investment Transactions
  869. [869] Item 7, MD&A — Investment Transactions
  870. [870] Item 7, MD&A — Investment Transactions
  871. [871] Item 7, MD&A — Investment Transactions
  872. [872] Item 7, MD&A — Investment Transactions
  873. [873] Item 7, MD&A — Investment Transactions
  874. [874] Item 7, MD&A — Investment Transactions
  875. [875] Item 7, MD&A — Investment Transactions
  876. [876] Item 7, MD&A — Investment Transactions
  877. [877] Item 7, MD&A — Investment Transactions
  878. [878] Item 7, MD&A — Investment Transactions
  879. [879] Item 7, MD&A — Investment Transactions
  880. [880] Item 7, MD&A — Investment Transactions
  881. [881] Item 7, MD&A — Investment Transactions
  882. [882] Item 7, MD&A — Investment Transactions
  883. [883] Item 7, MD&A — Investment Transactions
  884. [884] Item 7, MD&A — Investment Transactions
  885. [885] Item 7, MD&A — Investment Transactions
  886. [886] Item 7, MD&A — Investment Transactions
  887. [887] Item 7, MD&A — Investment Transactions
  888. [888] Item 7, MD&A — Investment Transactions
  889. [889] Item 7, MD&A — Investment Transactions
  890. [890] Item 7, MD&A — Investment Transactions
  891. [891] Item 7, MD&A — Investment Transactions
  892. [892] Item 7, MD&A — Investment Transactions
  893. [893] Item 7, MD&A — Investment Transactions
  894. [894] Item 7, MD&A — Investment Transactions
  895. [895] Item 7, MD&A — Investment Transactions
  896. [896] Item 7, MD&A — Investment Transactions
  897. [897] Item 7, MD&A — Investment Transactions
  898. [898] Item 7, MD&A — Investment Transactions
  899. [899] Item 7, MD&A — Investment Transactions
  900. [900] Item 7, MD&A — Investment Transactions
  901. [901] Item 7, MD&A — Investment Transactions
  902. [902] Item 7, MD&A — Investment Transactions
  903. [903] Item 7, MD&A — Investment Transactions
  904. [904] Item 7, MD&A — Investment Transactions
  905. [905] Item 7, MD&A — Investment Transactions
  906. [906] Item 7, MD&A — Investment Transactions
  907. [907] Item 7, MD&A — Investment Transactions
  908. [908] Item 7, MD&A — Investment Transactions
  909. [909] Item 7, MD&A — Investment Transactions
  910. [910] Item 7, MD&A — Investment Transactions
  911. [911] Item 7, MD&A — Investment Transactions
  912. [912] Item 7, MD&A — Investment Transactions
  913. [913] Item 7, MD&A — Investment Transactions
  914. [914] Item 7, MD&A — Investment Transactions
  915. [915] Item 7, MD&A — Investment Transactions
  916. [916] Item 7, MD&A — Investment Transactions
  917. [917] Item 7, MD&A — Investment Transactions
  918. [918] Item 7, MD&A — Investment Transactions
  919. [919] Item 7, MD&A — Investment Transactions
  920. [920] Item 7, MD&A — Investment Transactions
  921. [921] Item 7, MD&A — Investment Transactions
  922. [922] Item 7, MD&A — Investment Transactions
  923. [923] Item 7, MD&A — Investment Transactions
  924. [924] Item 7, MD&A — Investment Transactions
  925. [925] Item 7, MD&A — Investment Transactions
  926. [926] Item 7, MD&A — Investment Transactions
  927. [927] Item 7, MD&A — Investment Transactions
  928. [928] Item 7, MD&A — Investment Transactions
  929. [929] Item 7, MD&A — Investment Transactions
  930. [930] Item 7, MD&A — Investment Transactions
  931. [931] Item 7, MD&A — Investment Transactions
  932. [932] Item 7, MD&A — Investment Transactions
  933. [933] Item 7, MD&A — Investment Transactions
  934. [934] Item 7, MD&A — Investment Transactions
  935. [935] Item 7, MD&A — Investment Transactions
  936. [936] Item 7, MD&A — Investment Transactions
  937. [937] Item 7, MD&A — Investment Transactions
  938. [938] Item 7, MD&A — Investment Transactions
  939. [939] Item 7, MD&A — Investment Transactions
  940. [940] Item 7, MD&A — Investment Transactions
  941. [941] Item 7, MD&A — Investment Transactions
  942. [942] Item 7, MD&A — Investment Transactions
  943. [943] Item 7, MD&A — Investment Transactions
  944. [944] Item 7, MD&A — Investment Transactions
  945. [945] Item 7, MD&A — Investment Transactions
  946. [946] Item 7, MD&A — Investment Transactions
  947. [947] Item 7, MD&A — Investment Transactions
  948. [948] Item 7, MD&A — Investment Transactions
  949. [949] Item 7, MD&A — Investment Transactions
  950. [950] Item 7, MD&A — Investment Transactions
  951. [951] Item 7, MD&A — Investment Transactions
  952. [952] Item 7, MD&A — Investment Transactions
  953. [953] Item 7, MD&A — Investment Transactions
  954. [954] Item 7, MD&A — Investment Transactions
  955. [955] Item 7, MD&A — Investment Transactions
  956. [956] Item 7, MD&A — Investment Transactions
  957. [957] Item 7, MD&A — Investment Transactions
  958. [958] Item 7, MD&A — Investment Transactions
  959. [959] Item 7, MD&A — Investment Transactions
  960. [960] Item 7, MD&A — Investment Transactions
  961. [961] Item 7, MD&A — Investment Transactions
  962. [962] Item 7, MD&A — Investment Transactions
  963. [963] Item 7, MD&A — Investment Transactions
  964. [964] Item 7, MD&A — Investment Transactions
  965. [965] Item 7, MD&A — Investment Transactions
  966. [966] Item 7, MD&A — Investment Transactions
  967. [967] Item 7, MD&A — Investment Transactions
  968. [968] Item 7, MD&A — Investment Transactions
  969. [969] Item 7, MD&A — Investment Transactions
  970. [970] Item 7, MD&A — Investment Transactions
  971. [971] Item 7, MD&A — Investment Transactions
  972. [972] Item 7, MD&A — Investment Transactions
  973. [973] Item 7, MD&A — Investment Transactions
  974. [974] Item 7, MD&A — Investment Transactions
  975. [975] Item 7, MD&A — Investment Transactions
  976. [976] Item 7, MD&A — Investment Transactions
  977. [977] Item 7, MD&A — Investment Transactions
  978. [978] Item 7, MD&A — Investment Transactions
  979. [979] Item 7, MD&A — Investment Transactions
  980. [980] Item 7, MD&A — Investment Transactions
  981. [981] Item 7, MD&A — Investment Transactions
  982. [982] Item 7, MD&A — Investment Transactions
  983. [983] Item 7, MD&A — Investment Transactions
  984. [984] Item 7, MD&A — Investment Transactions
  985. [985] Item 7, MD&A — Investment Transactions
  986. [986] Item 7, MD&A — Investment Transactions
  987. [987] Item 7, MD&A — Investment Transactions
  988. [988] Item 7, MD&A — Investment Transactions
  989. [989] Item 7, MD&A — Investment Transactions
  990. [990] Item 7, MD&A — Investment Transactions
  991. [991] Item 7, MD&A — Investment Transactions
  992. [992] Item 7, MD&A — Investment Transactions
  993. [993] Item 7, MD&A — Investment Transactions
  994. [994] Item 7, MD&A — Investment Transactions
  995. [995] Item 7, MD&A — Investment Transactions
  996. [996] Item 7, MD&A — Investment Transactions
  997. [997] Item 7, MD&A — Investment Transactions
  998. [998] Item 7, MD&A — Investment Transactions
  999. [999] Item 7, MD&A — Investment Transactions
  1000. [1000] Item 7, MD&A — Investment Transactions

Analysis on 9/28/2026