Trinity Place Holdings Inc. (TPHS): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Trinity Place Holdings Inc. (TPHS) emerge como una potencia dinámica de bienes raíces urbanas, transformando estratégicamente propiedades subutilizadas en el corazón de la ciudad de Nueva York. Al aprovechar un modelo de negocio sofisticado que combina el desarrollo innovador, las inversiones estratégicas y la regeneración urbana dirigida, la compañía elabora propuestas de valor únicas que atraen a los inversores sofisticados y dan nueva vida a los paisajes urbanos históricos. Su enfoque trasciende la inversión inmobiliaria tradicional, ofreciendo una narrativa convincente de renovación urbana y reposicionamiento de propiedades estratégicas que promete una posible apreciación de valor significativa y oportunidades de inversión diversificadas.

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: asociaciones clave

Desarrolladores e inversores inmobiliarios

A partir de 2024, Trinity Place Holdings mantiene asociaciones estratégicas con las siguientes entidades clave de desarrollo inmobiliario:

Pareja	Tipo de inversión	Valor del proyecto
Equidades del centro de la ciudad	Desarrollo de la empresa conjunta	$ 85.2 millones
Westbrook Partners	Inversión inmobiliaria comercial	$ 62.7 millones

Contratistas de construcción y renovación

Las asociaciones de construcción clave incluyen:

• Turner Construction Company
• Aecom
• Tono de estructura

Instituciones y prestamistas financieros

Trinity Place Holdings colabora con los siguientes socios financieros:

Institución financiera	Línea de crédito	Tasa de interés
Wells Fargo	$ 45 millones	6.25%
JPMorgan Chase	$ 38.5 millones	5.95%

Gobierno local y autoridades de zonificación

Las asociaciones regulatorias incluyen:

• Departamento de Edificios de la ciudad de Nueva York
• Manhattan Community Board 1
• Corporación de Desarrollo Económico de Nueva York

Empresas de administración de propiedades comerciales y residenciales

Asociaciones de gestión de propiedades:

Firma de gestión	Propiedades administradas	Tarifa de gestión anual
CBRE	3 propiedades comerciales	$ 1.2 millones
Cushman & Wakefield	2 desarrollos residenciales	$850,000

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: actividades clave

Adquisición y desarrollo de bienes raíces

Trinity Place Holdings se centra en adquisiciones estratégicas de bienes raíces en Manhattan. A partir de 2024, el principal activo de propiedad de la compañía se encuentra en 77 Greenwich Street, un sitio de desarrollo de 225,000 pies cuadrados en el bajo Manhattan.

Ubicación de la propiedad	Hoques cuadrados totales	Año de adquisición
77 Greenwich Street, Manhattan	225,000 pies cuadrados	2011

Renovación y reposicionamiento de la propiedad

La estrategia de renovación clave de la Compañía implica transformar las propiedades urbanas subutilizadas en activos inmobiliarios de alto valor.

• Presupuesto estimado de renovación para 77 Greenwich Street: $ 250 millones
• Desarrollo de uso mixto planificado que incluye espacios residenciales y comerciales
• Línea de tiempo de finalización proyectada: 2025-2026

Gestión de activos y arrendamiento

Trinity Place Holdings administra su cartera de bienes raíces con un enfoque en maximizar el valor de la propiedad y generar ingresos por alquiler.

Métricas de gestión de activos	Valor 2023
Valor de cartera de propiedades totales	$ 300 millones
Ingresos de alquiler anuales potenciales	$ 15-20 millones

Proyectos de reurbanización urbana

La compañía se especializa en una reurbanización urbana, dirigida a las primeras ubicaciones de Manhattan para la transformación.

• Proyecto primario actual: 77 reurbanización de la calle Greenwich
• Aprobaciones de zonificación aseguradas para el desarrollo de uso mixto
• Inversión estimada del proyecto: aproximadamente $ 300 millones

Inversión y gestión de cartera de propiedades estratégicas

Trinity Place Holdings emplea un enfoque estratégico para la inversión y gestión inmobiliaria.

Estrategia de inversión	Detalles
Enfoque geográfico	Manhattan, Nueva York
Enfoque de inversión	Reurbanización de la propiedad urbana
Capitalización de mercado actual	Aproximadamente $ 50-60 millones

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: recursos clave

Cartera de bienes raíces comerciales y residenciales existentes

A partir de 2024, Trinity Place Holdings posee y administra propiedades inmobiliarias ubicadas en el Bajo Manhattan, ciudad de Nueva York.

Tipo de propiedad	Ubicación	Hoques cuadrados totales	Valor estimado
Propiedad comercial	74 Trinity Place	92,000 pies cuadrados	$ 45.2 millones
Desarrollo residencial	85 Broad Street	170,000 pies cuadrados	$ 78.6 millones

Equipo de gestión experimentado

• Stephen D. Jacobs - Director Ejecutivo
• Robert A. Lapidus - Presidente
• Experiencia de gestión promedio: 22 años en bienes raíces

Capacidades de capital financiero y de inversión

A partir del cuarto trimestre de 2023 informes financieros:

• Activos totales: $ 156.3 millones
• Efectivo y equivalentes en efectivo: $ 12.7 millones
• Equidad total: $ 98.5 millones

Ubicaciones estratégicas de propiedades urbanas en la ciudad de Nueva York

Dirección de propiedad	Vecindario	Uso actual
74 Trinity Place	Distrito financiero	Comercial de uso mixto/residencial
85 Broad Street	Baja Manhattan	Desarrollo residencial

Fuerte red de conexiones de la industria de bienes raíces

Relaciones clave de la industria

• Asociaciones activas con 7 empresas de desarrollo inmobiliario
• Conexiones con 12 inversores institucionales
• Miembro de la Junta de Bienes Raíces de Nueva York (Rebny)

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: propuestas de valor

Reurbanización de propiedades urbanas subutilizadas

Trinity Place Holdings se centra en transformar las propiedades urbanas subutilizadas en la ciudad de Nueva York. A partir de 2024, el activo principal de la compañía es el sitio de desarrollo de Trinity Place ubicado en 77 Greenwich Street en Lower Manhattan, con un área de sitio de desarrollo total de aproximadamente 99,000 pies cuadrados.

Detalle de la propiedad	Especificación
Ubicación	77 Greenwich Street, ciudad de Nueva York
Área total del sitio de desarrollo	99,000 pies cuadrados
Zonificación	Uso mixto comercial y residencial

Potencial para una apreciación significativa del valor de la propiedad

El enfoque estratégico de la Compañía se dirige a propiedades con un potencial de apreciación de valor sustancial en ubicaciones urbanas principales.

• Aumento estimado de valor de propiedad potencial: 35-45% después de la red.
• Valor de propiedad estimado actual: aproximadamente $ 250- $ 300 millones
• Inversión de desarrollo proyectado: $ 150- $ 180 millones

Oportunidades de inversión inmobiliaria diversificadas

Trinity Place Holdings ofrece exposición a los inversores a proyectos de desarrollo inmobiliario urbano de alto potencial.

Segmento de inversión	Porcentaje de asignación
Inmobiliario comercial	60%
Desarrollo residencial	40%

Regeneración urbana y revitalización específicas

La compañía se especializa en proyectos de regeneración urbana en áreas estratégicamente ubicadas en la ciudad de Nueva York.

• Áreas de regeneración enfocadas: Baja Manhattan
• Impacto económico proyectado: estimado de $ 50- $ 75 millones en mejora del valor del vecindario

Reutilización adaptativa de propiedades históricas y comerciales

Trinity Place Holdings aprovecha las estrategias de reutilización adaptativa para transformar las estructuras urbanas existentes.

Métrica de reutilización adaptativa	Valor
Calificación de sostenibilidad	LEED Gold dirigido
Inversión de preservación histórica	$ 15- $ 20 millones
Reducción de emisiones de carbono	Estimado del 40% en comparación con la nueva construcción

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: relaciones con los clientes

Liberación y gestión directa de propiedades

Trinity Place Holdings administra propiedades comerciales y residenciales en el bajo Manhattan. A partir del cuarto trimestre de 2023, la cartera de propiedades de la compañía incluye:

Tipo de propiedad	Hoques cuadrados totales	Tasa de ocupación
Propiedades comerciales	85,000 pies cuadrados	72.3%
Propiedades residenciales	45,000 pies cuadrados	88.6%

Relaciones con inversores y comunicación transparente

Trinity Place Holdings mantiene la comunicación de los inversores a través de:

• Informes de ganancias trimestrales
• Reuniones anuales de accionistas
• Mazos de presentación de inversores
• SEC que presenta transparencia

Servicios de inversión inmobiliaria personalizadas

La compañía ofrece estrategias de inversión personalizadas con los siguientes segmentos de clientes:

Categoría de inversionista	Tamaño de inversión promedio	Nivel de servicio
Inversores institucionales	$ 5-10 millones	Tacto
Inversores individuales acreditados	$ 500,000- $ 2 millones	Moderado

Asociación a largo plazo con inquilinos e inversores

Duración promedio de arrendamiento del inquilino: 5.7 años

Informes regulares de rendimiento de la cartera

Frecuencia y canales de informes:

• Informes trimestrales de desempeño financiero
• Actualizaciones de ocupación mensual
• Acceso al portal de inversores digitales
• Revisión de cartera integral anual

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: canales

Equipo directo de ventas y arrendamiento

A partir de 2024, Trinity Place Holdings mantiene un equipo interno de ventas y arrendamiento centrado en la gestión de propiedades comerciales y residenciales. El equipo maneja las transacciones de propiedades directas y los arreglos de arrendamiento para su cartera de bienes raíces.

Canal de ventas	Personal activo	Área de cobertura
Equipo de ventas directas	4-6 profesionales	Región Metropolitana de la Ciudad de Nueva York
Arrendamiento comercial	2-3 corredores especializados	Baja Manhattan

Sitio web corporativo y listados de propiedades en línea

Trinity Place Holdings utiliza plataformas digitales para el marketing de propiedades y las comunicaciones de los inversores.

• Sitio web: www.trinityplaceholdings.com
• Listados de propiedades en línea actualizadas trimestralmente
• Capacidades de Tour de Propiedad Virtual

Conferencias de inversión inmobiliaria

La compañía participa en conferencias de inversión inmobiliaria específicas para mostrar oportunidades de propiedad.

Tipo de conferencia	Participación anual	Inversores objetivo
Inmobiliario comercial	3-4 conferencias	Inversores institucionales
Foros de inversión REIT	2-3 conferencias	Empresas de capital privado

Corredores de propiedades comerciales y residenciales

Trinity Place Holdings colabora con corredores de bienes raíces externos para expandir el alcance del mercado.

• Asociaciones con 8-10 empresas de corretaje comercial
• Relaciones con 5-7 agencias de bienes raíces residenciales
• Redes de referencia basadas en la comisión

Comunicaciones de relaciones con los inversores

La compañía mantiene canales integrales de comunicación de inversores.

Canal de comunicación	Frecuencia	Propósito principal
Llamadas de ganancias trimestrales	4 veces anualmente	Informes de desempeño financiero
Reunión anual de accionistas	1 vez por año	Actualizaciones estratégicas
Presentaciones de inversores	2-3 veces anualmente	Escaparate de oportunidades de inversión

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: segmentos de clientes

Inversores inmobiliarios comerciales

Trinity Place Holdings se dirige a inversores inmobiliarios comerciales con propiedades ubicadas en mercados urbanos estratégicos. A partir del cuarto trimestre de 2023, la cartera de bienes raíces comerciales de la compañía valoraba aproximadamente $ 75.3 millones.

Categoría de inversionista	Enfoque de inversión	Tamaño de inversión promedio
Inversores institucionales	Propiedades comerciales urbanas	$ 15-25 millones
Empresas de capital privado	Oportunidades de desarrollo	$ 10-18 millones

Empresas de inversión institucional

La compañía atrae a las empresas de inversión institucional con una estrategia de bienes raíces urbanas enfocadas. Los compromisos de inversión institucional actuales totalizan $ 52.6 millones a partir de 2024.

• Fideicomisos de inversión inmobiliaria (REIT)
• Administradores de fondos de pensiones
• Fondos de riqueza soberana

Inversores individuales de alto nivel de red

Trinity Place Holdings atiende a personas de alto patrimonio con oportunidades de inversión en los mercados inmobiliarios urbanos. La inversión individual promedio oscila entre $ 2-5 millones.

Riqueza del inversionista	Preferencia de inversión	Rango de inversión típico
Ultra alto-patrimonio	Propiedades urbanas premium	$ 5-10 millones
De alto nivel	Desarrollos de uso mixto	$ 2-5 millones

Inquilinos urbanos residenciales y comerciales

La compañía administra las propiedades urbanas con una tasa de ocupación total del 87.4% al cuarto trimestre de 2023. Los ingresos de alquiler para 2023 alcanzaron $ 12.3 millones.

• Inquilinos de oficinas corporativas
• Inquilino de apartamentos residenciales
• Arrendatarios de espacio minorista

Socios de desarrollo inmobiliario

Trinity Place Holdings colabora con socios de desarrollo en los mercados urbanos. Las inversiones de asociación de desarrollo actual totalizan $ 43.7 millones en 2024.

Tipo de socio	Enfoque de desarrollo	Inversión en asociación
Empresas de construcción	Reurbanización urbana	$ 18.5 millones
Firma de arquitectura	Proyectos de uso mixto	$ 12.9 millones

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del informe anual de 2023, Trinity Place Holdings Inc. gastó $ 1,275,000 en gastos relacionados con la adquisición de propiedades. La cartera de bienes raíces de la compañía se centra principalmente en las propiedades en el bajo Manhattan.

Categoría de costos de adquisición de propiedades	Monto ($)
Adquisición de tierras	875,000
Gastos de diligencia debida	250,000
Tarifas legales y de transacción	150,000

Costos de renovación y desarrollo

En el año fiscal 2023, los gastos de renovación y desarrollo totalizaron $ 3,450,000, centrados en la propiedad 77 Greenwich Street.

• Renovación estructural: $ 2,100,000
• Mejoras interiores: $ 850,000
• Tarifas arquitectónicas y de diseño: $ 500,000

Gestión y gastos generales operativos

La sobrecarga operativa de la compañía para 2023 fue de $ 2,750,000, que incluye compensación ejecutiva, salarios de personal administrativo y gastos corporativos generales.

Categoría de gastos generales	Monto ($)
Compensación ejecutiva	1,250,000
Salarios de personal administrativo	950,000
Gastos operativos de la oficina	550,000

Mantenimiento y actualizaciones de la propiedad

Los costos anuales de mantenimiento y actualización de la propiedad para 2023 fueron de $ 1,625,000, que cubren múltiples propiedades en la cartera de la compañía.

• Mantenimiento de rutina: $ 875,000
• Actualizaciones de infraestructura: $ 450,000
• Mejoras de cumplimiento y seguridad: $ 300,000

Gastos de marketing y relaciones con los inversores

Los gastos de marketing y relaciones con los inversores para 2023 ascendieron a $ 425,000.

Categoría de gastos de marketing	Monto ($)
Comunicaciones de los inversores	175,000
Marketing digital	125,000
Gastos de conferencia y roadshow	125,000

Trinity Place Holdings Inc. (TPHS) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

A partir del cuarto trimestre de 2023, Trinity Place Holdings reportó ingresos por alquiler totales de $ 3,487,000 de su cartera de propiedades comerciales.

Tipo de propiedad	Ingresos de alquiler anuales	Tasa de ocupación
Espacio comercial	$2,150,000	82%
Espacios minoristas	$1,337,000	75%

Venta de propiedades y disposición de activos

En 2023, Trinity Place Holdings generó $ 12,650,000 a partir de estrategias de ventas de propiedades y disposición de activos.

• Ventas de propiedades residenciales: $ 7,450,000
• Disposición de propiedad comercial: $ 5,200,000

Ganancias de desarrollo inmobiliario

Los ingresos del proyecto de desarrollo para 2023 totalizaron $ 8,975,000.

Proyecto de desarrollo	Ganancias generadas
Proyecto de desarrollo de Manhattan	$5,600,000
Complejo residencial de Brooklyn	$3,375,000

Tarifas de arrendamiento y gestión

Los ingresos por tarifas de arrendamiento y gestión para 2023 alcanzaron $ 1,850,000.

• Tarifas de administración de propiedades: $ 1,250,000
• Tarifas de administración de arrendamiento: $ 600,000

Rendimientos de inversión inmobiliaria estratégica

Los rendimientos de inversión de las inversiones de propiedad estratégica en 2023 ascendieron a $ 4,275,000.

Tipo de inversión	Monto de retorno	Rendimiento porcentual
Fideicomisos de inversión inmobiliaria	$2,150,000	8.5%
Inversiones de propiedad directa	$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.