Trinity Place Holdings Inc. (TPHS): Business Model Canvas

Trinity Place Holdings Inc. (TPHS) entwickelt sich zu einem dynamischen städtischen Immobilienunternehmen, das ungenutzte Immobilien im Herzen von New York City strategisch umwandelt. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das innovative Entwicklung, strategische Investitionen und gezielte Stadterneuerung miteinander verbindet, schafft das Unternehmen einzigartige Wertversprechen, die anspruchsvolle Investoren anziehen und historischen Stadtlandschaften neues Leben einhauchen. Ihr Ansatz geht über traditionelle Immobilieninvestitionen hinaus und bietet eine überzeugende Darstellung der Stadterneuerung und der strategischen Neupositionierung von Immobilien, die potenziell erhebliche Wertsteigerungen und diversifizierte Investitionsmöglichkeiten verspricht.

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienentwickler und Investoren

Ab 2024 unterhält Trinity Place Holdings strategische Partnerschaften mit den folgenden wichtigen Immobilienentwicklungsunternehmen:

Partner	Anlagetyp	Projektwert
Midtown-Aktien	Joint-Venture-Entwicklung	85,2 Millionen US-Dollar
Westbrook-Partner	Gewerbliche Immobilieninvestitionen	62,7 Millionen US-Dollar

Bau- und Renovierungsunternehmen

Zu den wichtigsten Baupartnerschaften gehören:

• Turner Construction Company
• AECOM
• Strukturton

Finanzinstitute und Kreditgeber

Trinity Place Holdings arbeitet mit folgenden Finanzpartnern zusammen:

Finanzinstitut	Kreditlinie	Zinssatz
Wells Fargo	45 Millionen Dollar	6.25%
JPMorgan Chase	38,5 Millionen US-Dollar	5.95%

Kommunalverwaltung und Raumordnungsbehörden

Zu den regulatorischen Partnerschaften gehören:

• New Yorker Bauamt
• Manhattan Community Board 1
• NYC Economic Development Corporation

Unternehmen zur Verwaltung von Gewerbe- und Wohnimmobilien

Immobilienverwaltungspartnerschaften:

Verwaltungsfirma	Eigenschaften verwaltet	Jährliche Verwaltungsgebühr
CBRE	3 Gewerbeimmobilien	1,2 Millionen US-Dollar
Cushman & Wakefield	2 Wohnsiedlungen	$850,000

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Hauptaktivitäten

Immobilienerwerb und -entwicklung

Trinity Place Holdings konzentriert sich auf strategische Immobilienakquisitionen in Manhattan. Ab 2024 befindet sich der Hauptimmobilienwert des Unternehmens in der 77 Greenwich Street, einem 225.000 Quadratmeter großen Entwicklungsgrundstück in Lower Manhattan.

Standort der Immobilie	Gesamtquadratzahl	Erwerbsjahr
77 Greenwich Street, Manhattan	225.000 Quadratfuß	2011

Immobilienrenovierung und Neupositionierung

Die wichtigste Renovierungsstrategie des Unternehmens besteht darin, ungenutzte städtische Immobilien in hochwertige Immobilienwerte umzuwandeln.

• Geschätztes Renovierungsbudget für 77 Greenwich Street: 250 Millionen US-Dollar
• Geplante gemischt genutzte Siedlung mit Wohn- und Gewerbeflächen
• Voraussichtlicher Zeitplan für die Fertigstellung: 2025–2026

Vermögensverwaltung und Leasing

Trinity Place Holdings verwaltet sein Immobilienportfolio mit dem Schwerpunkt auf der Maximierung des Immobilienwerts und der Generierung von Mieteinnahmen.

Kennzahlen zur Vermögensverwaltung	Wert 2023
Gesamtwert des Immobilienportfolios	300 Millionen Dollar
Mögliche jährliche Mieteinnahmen	15-20 Millionen Dollar

Stadtsanierungsprojekte

Das Unternehmen ist auf die Stadtsanierung spezialisiert und konzentriert sich dabei auf erstklassige Standorte in Manhattan.

• Aktuelles Hauptprojekt: 77 Greenwich Street Sanierung
• Bebauungsgenehmigungen für gemischt genutzte Bebauung gesichert
• Geschätzte Projektinvestition: Ungefähr 300 Millionen US-Dollar

Investment- und strategisches Immobilienportfoliomanagement

Trinity Place Holdings verfolgt einen strategischen Ansatz bei der Immobilieninvestition und -verwaltung.

Anlagestrategie	Details
Geografischer Fokus	Manhattan, New York
Investmentansatz	Städtische Grundstücksanierung
Aktuelle Marktkapitalisierung	Ungefähr 50-60 Millionen US-Dollar

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Schlüsselressourcen

Bestehendes Gewerbe- und Wohnimmobilienportfolio

Ab 2024 besitzt und verwaltet Trinity Place Holdings Immobilien in Lower Manhattan, New York City.

Immobilientyp	Standort	Gesamtquadratzahl	Geschätzter Wert
Gewerbeimmobilien	74 Trinity Place	92.000 Quadratfuß	45,2 Millionen US-Dollar
Wohnbebauung	85 Broad Street	170.000 Quadratfuß	78,6 Millionen US-Dollar

Erfahrenes Management-Team

• Stephen D. Jacobs – Vorstandsvorsitzender
• Robert A. Lapidus – Vorsitzender
• Durchschnittliche Managementerfahrung: 22 Jahre im Immobilienbereich

Finanzkapital und Investitionsmöglichkeiten

Stand der Finanzberichterstattung für das vierte Quartal 2023:

• Gesamtvermögen: 156,3 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 12,7 Millionen US-Dollar
• Gesamteigenkapital: 98,5 Millionen US-Dollar

Strategische städtische Immobilienstandorte in New York City

Adresse der Immobilie	Nachbarschaft	Aktuelle Nutzung
74 Trinity Place	Finanzviertel	Gemischt genutzter Gewerbe-/Wohnbereich
85 Broad Street	Lower Manhattan	Wohnbebauung

Starkes Netzwerk an Verbindungen zur Immobilienbranche

Wichtige Branchenbeziehungen

• Aktive Partnerschaften mit 7 Immobilienentwicklungsunternehmen
• Verbindungen zu 12 institutionellen Investoren
• Mitglied des Real Estate Board of New York (REBNY)

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Wertversprechen

Sanierung ungenutzter städtischer Immobilien

Trinity Place Holdings konzentriert sich auf die Umgestaltung ungenutzter städtischer Immobilien in New York City. Ab 2024 ist der wichtigste Vermögenswert des Unternehmens der Entwicklungsstandort Trinity Place in der 77 Greenwich Street in Lower Manhattan mit einer Gesamtfläche des Entwicklungsstandorts von etwa 99.000 Quadratfuß.

Eigenschaftsdetails	Spezifikation
Standort	77 Greenwich Street, New York City
Gesamtfläche des Entwicklungsstandorts	99.000 Quadratmeter
Zoneneinteilung	Gewerbliche und private gemischte Nutzung

Potenzial für eine erhebliche Wertsteigerung der Immobilie

Der strategische Ansatz des Unternehmens zielt auf Objekte mit erheblichem Wertsteigerungspotenzial in erstklassigen urbanen Lagen ab.

• Geschätzte potenzielle Wertsteigerung der Immobilie: 35–45 % nach der Sanierung
• Derzeit geschätzter Immobilienwert: Ungefähr 250 bis 300 Millionen US-Dollar
• Geplante Entwicklungsinvestition: 150–180 Millionen US-Dollar

Diversifizierte Immobilieninvestitionsmöglichkeiten

Trinity Place Holdings bietet Anlegern Zugang zu städtischen Immobilienentwicklungsprojekten mit hohem Potenzial.

Investmentsegment	Zuteilungsprozentsatz
Gewerbeimmobilien	60%
Wohnbebauung	40%

Gezielte Stadterneuerung und Revitalisierung

Das Unternehmen ist auf Stadterneuerungsprojekte in strategisch günstig gelegenen Gebieten von New York City spezialisiert.

• Fokussierte Regenerationsbereiche: Lower Manhattan
• Voraussichtliche wirtschaftliche Auswirkungen: Schätzungsweise 50 bis 75 Millionen US-Dollar an Wertsteigerung in der Nachbarschaft

Adaptive Wiederverwendung historischer und gewerblicher Immobilien

Trinity Place Holdings nutzt adaptive Wiederverwendungsstrategien, um bestehende städtische Strukturen umzuwandeln.

Adaptive Wiederverwendungsmetrik	Wert
Nachhaltigkeitsbewertung	LEED-Gold angestrebt
Investition in den Denkmalschutz	15 bis 20 Millionen Dollar
Reduzierung der Kohlenstoffemissionen	Schätzungsweise 40 % im Vergleich zum Neubau

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Kundenbeziehungen

Direkte Immobilienvermietung und -verwaltung

Trinity Place Holdings verwaltet Gewerbe- und Wohnimmobilien in Lower Manhattan. Ab dem vierten Quartal 2023 umfasst das Immobilienportfolio des Unternehmens:

Immobilientyp	Gesamtquadratzahl	Auslastung
Gewerbeimmobilien	85.000 Quadratfuß	72.3%
Wohnimmobilien	45.000 Quadratfuß	88.6%

Investor Relations und transparente Kommunikation

Trinity Place Holdings pflegt die Anlegerkommunikation durch:

• Vierteljährliche Gewinnberichte
• Jährliche Aktionärsversammlungen
• Präsentationsdecks für Investoren
• Transparenz bei der SEC-Einreichung

Personalisierte Immobilieninvestitionsdienstleistungen

Das Unternehmen bietet maßgeschneiderte Anlagestrategien für folgende Kundensegmente an:

Anlegerkategorie	Durchschnittliche Investitionsgröße	Servicelevel
Institutionelle Anleger	5-10 Millionen Dollar	High-Touch
Akkreditierte Einzelinvestoren	500.000 bis 2 Millionen US-Dollar	Mäßiger Touch

Langfristige Partnerschaft mit Mietern und Investoren

Durchschnittliche Mietvertragsdauer: 5,7 Jahre

Regelmäßige Berichterstattung zur Portfolio-Performance

Häufigkeit und Kanäle der Berichterstattung:

• Vierteljährliche Finanzleistungsberichte
• Monatliche Belegungsaktualisierungen
• Zugang zum digitalen Anlegerportal
• Jährliche umfassende Portfolioüberprüfung

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Kanäle

Direktvertriebs- und Leasingteam

Ab 2024 unterhält Trinity Place Holdings ein internes Verkaufs- und Vermietungsteam, das sich auf die Verwaltung von Gewerbe- und Wohnimmobilien konzentriert. Das Team kümmert sich um direkte Immobilientransaktionen und Leasingvereinbarungen für ihr Immobilienportfolio.

Vertriebskanal	Aktives Personal	Abdeckungsbereich
Direktvertriebsteam	4-6 Profis	Metropolregion New York City
Gewerbliches Leasing	2-3 spezialisierte Makler	Lower Manhattan

Unternehmenswebsite und Online-Immobilieneinträge

Trinity Place Holdings nutzt digitale Plattformen für Immobilienmarketing und Investorenkommunikation.

• Website: www.trinityplaceholdings.com
• Online-Immobilienangebote werden vierteljährlich aktualisiert
• Möglichkeiten zur virtuellen Immobilienbesichtigung

Konferenzen zu Immobilieninvestitionen

Das Unternehmen nimmt an gezielten Immobilieninvestitionskonferenzen teil, um Immobilienmöglichkeiten vorzustellen.

Konferenztyp	Jährliche Teilnahme	Zielinvestoren
Gewerbeimmobilien	3-4 Konferenzen	Institutionelle Anleger
REIT-Investmentforen	2-3 Konferenzen	Private-Equity-Firmen

Makler für Gewerbe- und Wohnimmobilien

Trinity Place Holdings arbeitet mit externen Immobilienmaklern zusammen, um die Marktreichweite zu erweitern.

• Partnerschaften mit 8–10 kommerziellen Maklerfirmen
• Beziehungen zu 5-7 Wohnimmobilienagenturen
• Provisionsbasierte Empfehlungsnetzwerke

Investor-Relations-Kommunikation

Das Unternehmen unterhält umfassende Kommunikationskanäle für Investoren.

Kommunikationskanal	Häufigkeit	Hauptzweck
Vierteljährliche Gewinnaufrufe	4 mal jährlich	Finanzielle Leistungsberichterstattung
Jahreshauptversammlung	1 Mal pro Jahr	Strategische Updates
Investorenpräsentationen	2-3 mal jährlich	Schaufenster für Investitionsmöglichkeiten

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Kundensegmente

Gewerbliche Immobilieninvestoren

Trinity Place Holdings richtet sich an gewerbliche Immobilieninvestoren mit Immobilien in strategischen städtischen Märkten. Im vierten Quartal 2023 hatte das Gewerbeimmobilienportfolio des Unternehmens einen Wert von etwa 75,3 Millionen US-Dollar.

Anlegerkategorie	Investitionsfokus	Durchschnittliche Investitionsgröße
Institutionelle Anleger	Städtische Gewerbeimmobilien	15-25 Millionen Dollar
Private-Equity-Firmen	Entwicklungsmöglichkeiten	10-18 Millionen Dollar

Institutionelle Investmentfirmen

Das Unternehmen lockt institutionelle Investmentfirmen mit einer fokussierten urbanen Immobilienstrategie an. Die aktuellen institutionellen Investitionszusagen belaufen sich ab 2024 auf 52,6 Millionen US-Dollar.

• Real Estate Investment Trusts (REITs)
• Pensionsfondsmanager
• Staatsfonds

Vermögende Privatanleger

Trinity Place Holdings bietet vermögenden Privatpersonen Investitionsmöglichkeiten auf städtischen Immobilienmärkten. Die durchschnittliche Einzelinvestition liegt zwischen 2 und 5 Millionen US-Dollar.

Anlegervermögensklasse	Investitionspräferenz	Typischer Anlagebereich
Extrem vermögend	Premium-Stadtimmobilien	5-10 Millionen Dollar
Hochvermögend	Mixed-Use-Entwicklungen	2-5 Millionen Dollar

Städtische Wohn- und Gewerbemieter

Das Unternehmen verwaltet städtische Immobilien mit einer Gesamtauslastung von 87,4 % (Stand Q4 2023). Die Mieteinnahmen für 2023 erreichten 12,3 Millionen US-Dollar.

• Mieter von Firmenbüros
• Mieter von Wohnwohnungen
• Mieter von Einzelhandelsflächen

Partner für Immobilienentwicklung

Trinity Place Holdings arbeitet mit Entwicklungspartnern in allen städtischen Märkten zusammen. Die aktuellen Investitionen in Entwicklungspartnerschaften belaufen sich im Jahr 2024 auf 43,7 Millionen US-Dollar.

Partnertyp	Entwicklungsfokus	Partnerschaftliche Investition
Baufirmen	Stadtsanierung	18,5 Millionen US-Dollar
Architekturbüros	Mixed-Use-Projekte	12,9 Millionen US-Dollar

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Laut Jahresbericht 2023 gab Trinity Place Holdings Inc. 1.275.000 US-Dollar für Ausgaben im Zusammenhang mit dem Immobilienerwerb aus. Das Immobilienportfolio des Unternehmens konzentriert sich hauptsächlich auf Immobilien in Lower Manhattan.

Kategorie der Immobilienerwerbskosten	Betrag ($)
Landerwerb	875,000
Due-Diligence-Kosten	250,000
Rechts- und Transaktionsgebühren	150,000

Renovierungs- und Entwicklungskosten

Im Geschäftsjahr 2023 beliefen sich die Renovierungs- und Entwicklungsausgaben auf insgesamt 3.450.000 US-Dollar, wobei der Schwerpunkt auf dem Grundstück 77 Greenwich Street lag.

• Strukturelle Renovierung: 2.100.000 $
• Innenausbau: 850.000 US-Dollar
• Architektur- und Designgebühren: 500.000 US-Dollar

Management- und Betriebsaufwand

Die Betriebsgemeinkosten des Unternehmens beliefen sich im Jahr 2023 auf 2.750.000 US-Dollar und umfassen die Vergütung von Führungskräften, Gehälter des Verwaltungspersonals und allgemeine Unternehmensausgaben.

Overhead-Kategorie	Betrag ($)
Vergütung von Führungskräften	1,250,000
Gehälter für Verwaltungspersonal	950,000
Bürobetriebskosten	550,000

Instandhaltung und Modernisierung von Immobilien

Die jährlichen Kosten für die Instandhaltung und Modernisierung von Immobilien beliefen sich im Jahr 2023 auf 1.625.000 US-Dollar und deckten mehrere Immobilien im Portfolio des Unternehmens ab.

• Routinewartung: 875.000 $
• Infrastruktur-Upgrades: 450.000 $
• Compliance- und Sicherheitsverbesserungen: 300.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Die Marketing- und Investor-Relations-Ausgaben für 2023 beliefen sich auf 425.000 US-Dollar.

Kategorie der Marketingausgaben	Betrag ($)
Anlegerkommunikation	175,000
Digitales Marketing	125,000
Kosten für Konferenzen und Roadshows	125,000

Trinity Place Holdings Inc. (TPHS) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im vierten Quartal 2023 meldete Trinity Place Holdings Gesamtmieteinnahmen in Höhe von 3.487.000 US-Dollar aus seinem Gewerbeimmobilienportfolio.

Immobilientyp	Jährliche Mieteinnahmen	Auslastung
Kommerzielle Büroflächen	$2,150,000	82%
Einzelhandelsflächen	$1,337,000	75%

Immobilienverkäufe und Vermögensveräußerung

Im Jahr 2023 erwirtschaftete Trinity Place Holdings 12.650.000 US-Dollar durch Immobilienverkäufe und Vermögensveräußerungsstrategien.

• Verkauf von Wohnimmobilien: 7.450.000 $
• Veräußerung von Gewerbeimmobilien: 5.200.000 USD

Gewinne aus der Immobilienentwicklung

Die Einnahmen aus Entwicklungsprojekten beliefen sich im Jahr 2023 auf insgesamt 8.975.000 US-Dollar.

Entwicklungsprojekt	Gewinn generiert
Manhattan-Entwicklungsprojekt	$5,600,000
Wohnkomplex Brooklyn	$3,375,000

Pacht- und Verwaltungsgebühren

Die Einnahmen aus Pacht- und Verwaltungsgebühren beliefen sich im Jahr 2023 auf 1.850.000 US-Dollar.

• Gebühren für die Hausverwaltung: 1.250.000 $
• Mietverwaltungsgebühren: 600.000 US-Dollar

Strategische Immobilieninvestitionsrenditen

Die Investitionsrenditen aus strategischen Immobilieninvestitionen beliefen sich im Jahr 2023 auf 4.275.000 US-Dollar.

Anlagetyp	Rückgabebetrag	Prozentuale Rendite
Immobilien-Investmentfonds	$2,150,000	8.5%
Direkte Immobilieninvestitionen	$2,125,000	7.9%

Trinity Place Holdings Inc. (TPHS) - Canvas Business Model: Value Propositions

You're looking at the core benefits Trinity Place Holdings Inc. (TPHS) offers to potential partners or acquirers, which are heavily weighted toward its historical tax assets and brand portfolio following recent structural changes.

Significant tax shield for a profitable strategic acquirer (NOLs)

The primary financial value proposition centers on the substantial Net Operating Losses (NOLs) carried forward. As of September 30, 2025, TPHS had carryforwards of federal NOLs amounting to approximately $330.7 million available to reduce future federal taxes. This is a significant asset for a profitable entity seeking to lower its tax burden. However, management has assessed that it is more likely than not that the deferred tax assets associated with these NOLs will not be realized, leading to a valuation allowance of $91.5 million as of September 30, 2025. The structure of these NOLs matters for utilization.

NOL Category	Amount (Millions USD)	Expiration/Limitation
Pre-2018 NOLs	$226.9	May expire if unused by 2037
Post-2018 NOLs	$103.8	Carry forward indefinitely subject to 80 percent taxable income annual limitation

Here's the quick math: The indefinite carryforwards offer long-term tax planning flexibility, though the pre-2018 portion requires timely utilization.

Established, recognizable consumer brand intellectual property for licensing

Trinity Place Holdings Inc. controls a portfolio of intellectual property assets rooted in its predecessor, Syms Corp. These assets are positioned for monetization through brand licensing and strategic partnerships. The value proposition here is the established, recognizable nature of the IP.

• Rights to the Stanley Blacker® brand.
• Intellectual property associated with the Running of the Brides® event.
• The online marketplace at FilenesBasement.com.
• The slogan An Educated Consumer is Our Best Customer®.

Simplified corporate structure post-real estate asset transfer

A key strategic action was taken to simplify the corporate structure by removing the direct ownership of the major real estate holding. On May 20, 2025, the Company transferred its joint venture membership interests in TPHGreenwich Holdings LLC into a trust for the benefit of TPHS shareholders. This move effectively took substantially all real estate assets and related liabilities off the primary balance sheet, which was intended to create a structure less complex for a new investor. Prior to this, the real estate was held in a joint venture where TPHS retained a 95% ownership interest, with an affiliate of the corporate credit facility lender holding the remaining 5% interest and acting as manager. The stock price as of September 30, 2025, was $0.05, and the market capitalization was $3.08M.

Specialized asset management continuity for the legacy real estate JV

Despite the transfer of ownership interests in the TPHGreenwich JV, Trinity Place Holdings Inc. maintains an operational role. The joint venture has engaged TPHS to act as the asset manager for the entity. This continuity provides specialized management for the legacy real estate assets, which includes the 77 Greenwich mixed-use project. The value derived from this role is secured by an annual management fee paid to Trinity Place Holdings Inc. for these services.

Trinity Place Holdings Inc. (TPHS) - Canvas Business Model: Customer Relationships

You're looking at the direct, hands-on nature of how Trinity Place Holdings Inc. manages its most critical financial relationships as of late 2025. It's less about mass-market customer service and more about high-stakes financial and governance alignment.

Direct, high-touch relationship with the primary lender/investor (Steel Partners)

The relationship with the primary financial backer, Steel Partners, through its affiliates like Steel Lender and Steel Purchaser, is highly involved, given the security structure and operational oversight. This isn't a passive debt holder situation; it's a governance partnership.

Key financial touchpoints defining this relationship include:

• The Senior Secured Promissory Note allows borrowing up to $5.0 million.
• As of September 30, 2025, approximately $1.3 million, including accrued interest, was outstanding under this note.
• Steel IP Investments purchased 25,862,245 shares of common stock for $2,586,200 on February 5, 2025.
• The note is secured by a pledge of all of Trinity Place Holdings Inc.'s assets.

Furthermore, operational support is formalized through a management services agreement (Steel MSA) started on March 19, 2025, which requires a fixed monthly payment.

Relationship Element	Affiliate Entity	Financial Detail / Term
Management Services Fee	Steel Services Ltd.	$10,000 monthly payment
Promissory Note Outstanding (as of 09/30/2025)	Steel Connect, LLC (Steel Lender)	$1.3 million
Stock Purchase Stake (as of 02/05/2025)	Steel IP Investments, LLC	25,862,245 shares for $2,586,200

Contractual, B2B relationships with brand licensing partners

Trinity Place Holdings Inc.'s B2B customer base centers on entities interested in commercializing its portfolio of consumer-focused intellectual property. The strategy is to monetize these assets through brand licensing agreements.

The core intellectual property assets that form the basis of these contractual relationships include:

• The rights to the Stanley Blacker® brand.
• The FilenesBasement.com e-commerce platform.
• The intellectual property associated with the Running of the Brides® event.
• The slogan An Educated Consumer is Our Best Customer®.

The company's focus is on protection, enforcement, and monetization of these intangible assets.

Formal, fee-based service agreement with the TPHGreenwich JV

The relationship with the TPHGreenwich Joint Venture (JV) has fundamentally shifted from an operational management structure to a direct shareholder benefit mechanism. The formal fee-based service agreement, the Asset Management Agreement, was mutually terminated effective April 4, 2025. The customer relationship aspect is now defined by the transfer of economic rights.

The structure of the JV relationship as of late 2025 is defined by the following transfer:

On May 20, 2025, Trinity Place Holdings Inc. transferred its 95% ownership interest in TPHGreenwich Holdings LLC, including the right to distributions, into a trust for the benefit of the Company's shareholders. The JV Investor, which holds the remaining 5% interest, previously acted as the manager.

Investor relations focused on the NOL and IP value proposition

Investor relations communication heavily emphasizes the value proposition derived from the company's significant tax assets, which are the primary remaining core holding after real estate divestitures. This focus is critical for aligning external stakeholders with the company's asset-light, tax-optimization strategy.

The scale of the Net Operating Loss (NOL) assets as of September 30, 2025, is substantial:

NOL Category	Amount	Key Feature
Total Federal NOL Carryforwards	$330.7 million	Available to reduce future federal taxes
Pre-2018 NOLs	$226.9 million	May expire if unused by 2037
Post-2018 NOLs	$103.8 million	Carries forward indefinitely; 80% taxable income limitation

Despite the potential value, management maintains a cautious stance, reflected in the financial reporting. As of September 30, 2025, the Company has a valuation allowance of $91.5 million against the deferred tax assets associated with these NOLs, indicating management believes it is more likely than not that these benefits will not be fully realized.

For context on the market's view of the equity, the market capitalization was approximately $2.8 million as of June 30, 2025. Finance: review the Q4 2025 cash flow projection against the $10,000 monthly Steel MSA burn rate by next Tuesday.

Trinity Place Holdings Inc. (TPHS) - Canvas Business Model: Channels

You're looking at how Trinity Place Holdings Inc. (TPHS) reaches its stakeholders and potential transaction partners as of late 2025. The channels are heavily weighted toward corporate structure monetization and investor disclosure, given the current financial profile.

Direct negotiation with potential strategic acquirers of the corporate shell

The primary channel for a corporate shell transaction revolves around the value of the Net Operating Losses (NOLs) available to a potential acquirer. As of September 30, 2025, Trinity Place Holdings Inc. had carryforwards of federal net operating losses ("NOLs") of approximately $330.7 million available to reduce future federal taxes.

The structure of this potential value is further detailed by the deferred tax assets associated with these NOLs, against which the Company had a valuation allowance of $91.5 million as of September 30, 2025. The negotiations target parties seeking to utilize these tax attributes.

Key figures related to the corporate shell's value proposition:

• Federal NOLs available: $330.7 million
• Valuation Allowance against deferred tax assets: $91.5 million (as of Sep 30, 2025)
• NOLs expiring by 2037: $226.9 million

IP licensing agents or direct B2B outreach to consumer product companies

The intellectual property assets serve as a secondary channel for potential revenue generation or strategic partnership, though recent financial results suggest this channel is not currently a significant contributor to top-line revenue.

The Company owns and controls a portfolio of intellectual property assets focused on the consumer sector, including:

• FilenesBasement.com
• Rights to the Stanley Blacker® brand
• Intellectual property associated with the Running of the Brides® event
• The slogan An Educated Consumer is Our Best Customer®

The financial performance reflects the current state of monetization efforts. Revenue for the second quarter ended June 30, 2025, was $0.0 million. Year-to-Date 2025 Revenue totaled $0.2 million.

Corporate website and OTC Markets (OTC PINK: TPHS) for shareholder communication

Shareholder communication is managed through the corporate website, tphs.com, and the public trading venue, OTC Markets.

The following data points reflect the public market presence as of late 2025:

Metric	Value	Date/Period
Trading Symbol	OTC PINK: TPHS	Late 2025
Market Capitalization	C$3.46 Million	December 2025
Stock Price	$0.0375	December 3, 2025
Q2 2025 Net Loss per Share	$(0.01)	Ended June 30, 2025

The Investor Relations contact is managed Care of Steel Partners, with a listed phone number of (914) 461-1276.

Management services provided directly through Steel Services Ltd.

The management services channel is formalized through a management services agreement (the Steel MSA) entered into on March 19, 2025, with Steel Services Ltd., an affiliate of Steel Partners. This agreement is for a period of one year with automatic renewal terms.

This arrangement is linked to financing provided by an affiliate of Steel Partners, the Steel Lender, via the Senior Secured Promissory Note (the Steel Promissory Note).

Key financial details related to this channel's structure:

• Total borrowing capacity under the Steel Promissory Note: up to $5.0 million
• Amount outstanding under the Steel Promissory Note (including accrued interest) as of September 30, 2025: approximately $1.3 million

Trinity Place Holdings Inc. (TPHS) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Trinity Place Holdings Inc. (TPHS) as of late 2025. The structure has shifted significantly, especially with the May 2025 trust transfer of the joint venture interests.

Strategic Corporate Acquirers with Significant Future Taxable Income

This segment is primarily interested in the substantial Net Operating Losses (NOLs) that Trinity Place Holdings Inc. controls, which can offset future tax liabilities for an acquiring entity. The value proposition here is the potential tax shield.

• Federal Net Operating Losses (NOLs) available as of September 30, 2025: approximately $330.7 million.
• NOLs generated prior to 2018: $226.9 million, which may expire if unused by 2037.
• NOLs generated in 2018 and later: $103.8 million, which can be carried forward indefinitely subject to an 80 percent taxable income annual limitation.
• Valuation allowance against deferred tax assets from NOLs as of September 30, 2025: $91.5 million.

Honestly, the existence of the valuation allowance suggests that management assessed it as more likely than not that Trinity Place Holdings Inc. itself would not realize these tax benefits. So, the value proposition is strongest for an external strategic buyer who can utilize them.

Consumer Goods Companies Seeking Established Brand Names for Licensing

This segment targets the intellectual property (IP) assets that Trinity Place Holdings Inc. retained after the real estate asset transfer. These are legacy brands from the predecessor company, Syms Corp.

• Owned IP includes the rights to the Stanley Blacker® brand.
• The Company controls the IP associated with the Running of the Brides® event.
• Trademark rights to the slogan An Educated Consumer is Our Best Customer® are held.
• The online marketplace FilenesBasement.com is controlled.

For context on the company's overall revenue profile, which impacts the perceived value of these assets, revenue for the second quarter ended June 30, 2025, was $0.0 million, down 100% from $0.4 million in the prior year period.

The TPHGreenwich Holdings LLC Joint Venture (as a Client for Asset Management)

This segment represents a former client relationship that has concluded. Trinity Place Holdings Inc. acted as the asset manager for TPHGreenwich Holdings LLC, which held the real estate assets.

Metric	Value/Status as of Late 2025
Ownership Interest Held by TPHS (Prior to May 2025)	95%
Asset Management Agreement Termination Date	April 4, 2025
Real Estate Assets Held by JV (Prior to Sales)	77 Greenwich Street (mixed-use condo/retail/school) and 237 11th Street (multi-family)
Paramus Property Sale (Gross Price)	$15.6 million (Sold February 4, 2025)

The Asset Management Agreement was mutually terminated shortly after the Steel Partners Transaction closed. This relationship is now historical for Trinity Place Holdings Inc.

Existing Shareholders Who Received the TPHGreenwich JV Trust Interest

This group became direct beneficiaries of the economic upside from the real estate joint venture assets, separate from the corporate entity's direct operations, following a specific corporate action.

• Date of transfer of 95% JV ownership interests into a trust for shareholder benefit: May 20, 2025.
• The trust holds the Company's right to distributions under the TPHGreenwich Second Amended and Restated Limited Liability Company Operating Agreement.
• The Company's market capitalization as of September 30, 2025, was approximately $3.08 million.

This structure effectively separated the ongoing, albeit diminished, operating company (focused on IP and NOLs) from the residual value of the real estate development activities. Finance: draft 13-week cash view by Friday.

Trinity Place Holdings Inc. (TPHS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Trinity Place Holdings Inc.'s (TPHS) asset-light intellectual property holding model as of late 2025. The structure is lean, but specific obligations, particularly to Steel Partners affiliates, drive the primary expenses.

General and administrative (G&A) expenses, including Steel MSA fees

General and administrative costs reflect the core overhead of managing the IP portfolio. A significant, recurring G&A component is the management services agreement with Steel Services Ltd. (Steel MSA). This agreement, effective around March 19, 2025, mandates a fixed monthly payment.

For the nine months ended September 30, 2025, the Company recognized a non-cash settlement charge of $2.6 million related to the purchase of annuity contracts for the legacy pension plan termination, plus $0.5 million in excise tax on the estimated reversion of pension plan assets. These are significant, non-recurring G&A charges impacting that period's results. The actual ongoing G&A is much lower.

Here's a breakdown of the known components:

Cost Component	Period/Basis	Amount/Rate
Steel MSA Management Fee	Monthly Rate	$10,000
Legal and Professional Fees	Three Months Ended March 31, 2025	$0.2 million
Employee Compensation and Benefits Expense	Three Months Ended March 31, 2025	$0.5 million
Severance Expense (Included in Employee Comp)	Three Months Ended March 31, 2025	$0.3 million

The Steel MSA fee translates to an approximate cost of $60,000 for the six full months of service through September 30, 2025, assuming the $10,000 monthly rate was consistent from March 19, 2025.

Interest expense on the approximately $1.3 million outstanding Steel Note

The Senior Secured Promissory Note (Steel Promissory Note), issued February 18, 2025, is a key financial obligation. As of September 30, 2025, the outstanding balance, which includes accrued interest, stood at approximately $1.3 million. This note is secured by a pledge of all of Trinity Place Holdings Inc.'s assets.

Interest expense is a direct cost associated with this financing. You definitely saw this reflected in the financials; for instance, interest expense during the three months ended March 31, 2025, was specifically attributed to this Steel Promissory Note.

Legal and professional fees for IP protection and tax compliance

Protecting the intellectual property assets-like the FilenesBasement.com rights and the Stanley Blacker® brand-requires ongoing legal spend. While the $0.2 million in legal and professional expenses reported for the first quarter of 2025 was primarily tied to the Steel Partners Transaction, it sets a baseline for the type of expenditure involved in corporate structuring and compliance. Ongoing IP enforcement and routine tax compliance fees form a necessary, though hopefully smaller, part of the operating cost base.

Minimal operating costs due to the asset-light IP holding model

The shift to an asset-light IP holding structure is evident in the relatively low reported employee-related costs, even when including severance. The $0.5 million in employee compensation and benefits for the first quarter of 2025, which included $0.3 million in severance, suggests a small, core team is running the operations.

The cost structure is characterized by:

• Fixed service fees via the Steel MSA.
• Debt servicing costs on the $1.3 million Steel Note balance.
• Variable legal/professional costs for IP defense.
• Low, fixed personnel costs supporting the IP monetization strategy.

To be fair, the pension-related non-cash charges of $2.6 million and excise tax of $0.5 million for Q1 2025 heavily skewed that period's expenses, but they aren't part of the recurring operational cost structure you're mapping here.

Finance: draft 13-week cash view by Friday.

Trinity Place Holdings Inc. (TPHS) - Canvas Business Model: Revenue Streams

You're looking at the revenue profile for Trinity Place Holdings Inc. (TPHS) as of late 2025, and honestly, the numbers tell a very specific story right now. The core revenue generation from operations has been minimal, shifting the focus to asset realization and the value held in the corporate structure itself.

Minimal revenue, with Q2 2025 revenue being $0.0 million. For the second quarter ended June 30, 2025, Trinity Place Holdings Inc. reported revenue of $0.0 million, which represents a 100% decrease compared to the $0.4 million reported in the second quarter of 2024. Looking at the year-to-date performance for 2025, revenue totaled $0.2 million, a 91% drop from the $2.7 million recorded in the same nine-month period of the prior year. The Trailing Twelve Months (TTM) revenue, as reported through September 30, 2025, stood at $654.00K.

IP licensing and royalty fees from consumer brands. Trinity Place Holdings Inc. controls a portfolio of intellectual property assets, a legacy from its predecessor, Syms Corp.. While these assets represent a potential stream, specific 2025 royalty revenue is not detailed in the latest reports, but the assets themselves include:

• The rights to the Filene's Basement® trademark.
• The Stanley Blacker® brand rights.
• Intellectual property associated with the Running of the Brides® event.
• The slogan An Educated Consumer is Our Best Customer®.

Asset management fees from the TPHGreenwich real estate joint venture. Historically, the Company was engaged to act as asset manager for the TPHGreenwich joint venture for an annual management fee. However, in connection with the Steel Partners Transaction, the Asset Management Agreement was mutually terminated, effective 45 days following the closing, or April 4, 2025. Furthermore, as of May 20, 2025, the Company's ownership interests in TPHGreenwich were transferred into a trust for the benefit of shareholders.

Potential future capital gain from the sale of the NOL-rich corporate entity. The corporate entity retains significant federal Net Operating Losses (NOLs) that can offset future taxable income, though management currently places a valuation allowance against realizing these benefits. The potential for a capital gain would materialize if the company were to sell the NOL-rich entity, assuming a buyer values those tax assets highly.

Here's a quick look at the key financial figures related to the corporate entity and recent asset activity as of late 2025:

Financial Metric/Asset Event	Amount	Date/Period
Federal Net Operating Losses (NOLs) Carryforwards	$330.7 million	September 30, 2025
Pre-2018 Federal NOLs (Expiring by 2037)	$226.9 million	September 30, 2025
Post-2018 Federal NOLs (Indefinite Carryforward)	$103.8 million	September 30, 2025
Valuation Allowance on Deferred Tax Assets (NOLs)	$91.5 million	September 30, 2025
Gross Sales Price - 237 11th Street Sale	$68.5 million	March 2025
Net Sale Cash Proceeds - 237 11th Street Sale	Approximately $6.0 million	March 2025
Gross Sales Price - Paramus Property Sale	$15.6 million	February 4, 2025

The structure now separates the operating real estate (held in the JV, with economic interests in a trust) from the corporate shell holding the NOLs and IP. Finance: confirm the exact date the TPHGreenwich asset management fee structure officially ceased generating revenue for the parent entity.