Trinity Place Holdings Inc. (TPHS): Business Model Canvas [Jan-2025 Mis à jour]

Trinity Place Holdings Inc. (TPHS) apparaît comme une puissance immobilière urbaine dynamique, transformant stratégiquement les propriétés sous-utilisées au cœur de New York. En tirant parti d'un modèle commercial sophistiqué qui mélange le développement innovant, les investissements stratégiques et la régénération urbaine ciblée, l'entreprise élabore des propositions de valeur uniques qui attirent des investisseurs sophistiqués et respirent une nouvelle vie dans des paysages urbains historiques. Leur approche transcende l'investissement immobilier traditionnel, offrant un récit convaincant de rénovation urbaine et de repositionnement de propriétés stratégiques qui promet une appréciation potentielle de valeur significative et des opportunités d'investissement diversifiées.

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: partenariats clés

Développeurs et investisseurs immobiliers

En 2024, Trinity Place Holdings maintient des partenariats stratégiques avec les principales entités de développement immobilier suivantes:

Partenaire	Type d'investissement	Valeur du projet
Actions de Midtown	Développement de coentreprise	85,2 millions de dollars
Partenaires de Westbrook	Investissement immobilier commercial	62,7 millions de dollars

Entrepreneurs de construction et de rénovation

Les principaux partenariats de construction comprennent:

• Turner Construction Company
• Aecom
• Structure Tone

Institutions et prêteurs financiers

Trinity Place Holdings collabore avec les partenaires financiers suivants:

Institution financière	Ligne de crédit	Taux d'intérêt
Wells Fargo	45 millions de dollars	6.25%
JPMorgan Chase	38,5 millions de dollars	5.95%

Gouvernement local et autorités de zonage

Les partenariats réglementaires comprennent:

• Département des bâtiments de la ville de New York
• Board communautaire de Manhattan 1
• NYC Economic Development Corporation

Sociétés de gestion immobilière commerciales et résidentielles

Partenariats de gestion immobilière:

Cabinet de gestion	Propriétés gérées	Frais de gestion annuels
CBRE	3 propriétés commerciales	1,2 million de dollars
Cushman & Wakefield	2 développements résidentiels	$850,000

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: activités clés

Acquisition et développement immobiliers

Trinity Place Holdings se concentre sur les acquisitions de biens immobiliers stratégiques à Manhattan. En 2024, le principal actif immobilier de la société est situé au 77 Greenwich Street, un site de développement de 225 000 pieds carrés à Lower Manhattan.

Emplacement de la propriété	Total en pieds carrés	Année d'acquisition
77 Greenwich Street, Manhattan	225 000 pieds carrés	2011

Rénovation des biens et repositionnement

La stratégie de rénovation clé de l'entreprise consiste à transformer les propriétés urbaines sous-utilisées en actifs immobiliers de grande valeur.

• Budget de rénovation estimé pour 77 Greenwich Street: 250 millions de dollars
• Développement à usage mixte prévu, y compris les espaces résidentiels et commerciaux
• Time d'achèvement prévu: 2025-2026

Gestion des actifs et location

Trinity Place Holdings gère son portefeuille immobilier en mettant l'accent sur la maximisation de la valeur de la propriété et la génération de revenus de location.

Métriques de gestion des actifs	Valeur 2023
Valeur totale du portefeuille de propriétés	300 millions de dollars
Revenu de location annuel potentiel	15-20 millions de dollars

Projets de réaménagement urbain

L'entreprise est spécialisée dans le réaménagement urbain, ciblant les emplacements Prime Manhattan pour la transformation.

• Projet principal actuel: 77 Redeveloppement de la rue Greenwich
• Approbations de zonage garanties pour le développement à usage mixte
• Investissement estimé du projet: environ 300 millions de dollars

Gestion du portefeuille d'investissement et de propriété stratégique

Trinity Place Holdings utilise une approche stratégique de l'investissement et de la gestion immobilières.

Stratégie d'investissement	Détails
Focus géographique	Manhattan, New York
Approche d'investissement	Réaménagement des biens urbains
Capitalisation boursière actuelle	Environ 50 à 60 millions de dollars

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: Ressources clés

Portfolio immobilier commercial et résidentiel existant

En 2024, Trinity Place Holdings possède et gère les propriétés immobilières situées à Lower Manhattan, New York.

Type de propriété	Emplacement	Total en pieds carrés	Valeur estimée
Propriété commerciale	74 Trinity Place	92 000 pieds carrés	45,2 millions de dollars
Développement résidentiel	85 Broad Street	170 000 pieds carrés	78,6 millions de dollars

Équipe de gestion expérimentée

• Stephen D. Jacobs - directeur général
• Robert A. Lapidus - Président
• Expérience de gestion moyenne: 22 ans dans l'immobilier

Capacités de capital financier et d'investissement

Depuis le quatrième trimestre de l'information financière:

• Actif total: 156,3 millions de dollars
• Equivalents en espèces et en espèces: 12,7 millions de dollars
• Équité totale: 98,5 millions de dollars

Emplacements de propriété urbaine stratégique à New York City

Adresse de propriété	Quartier	Utilisation actuelle
74 Trinity Place	District financier	Commercial / résidentiel à usage mixte
85 Broad Street	Lower Manhattan	Développement résidentiel

Strong réseau de connexions de l'industrie immobilière

Relations clés de l'industrie

• Partenariats actifs avec 7 sociétés de développement immobilier
• Connexions avec 12 investisseurs institutionnels
• Membre de l'Office immobilier de New York (Rebny)

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: propositions de valeur

Réaménagement des propriétés urbaines sous-utilisées

Trinity Place Holdings se concentre sur la transformation des propriétés urbaines sous-utilisées à New York. En 2024, le principal actif de la société est le site de développement de Trinity Place situé au 77 Greenwich Street à Lower Manhattan, avec une zone de développement totale d'environ 99 000 pieds carrés.

Détail de la propriété	Spécification
Emplacement	77 Greenwich Street, New York City
Zone de site de développement total	99 000 pieds carrés
Zonage	Usage mixte commercial et résidentiel

Potentiel d'appréciation importante de la valeur de la propriété

L'approche stratégique de l'entreprise cible les propriétés avec un potentiel d'appréciation de valeur substantielle dans les emplacements urbains privilégiés.

• Augmentation de la valeur de la propriété potentielle estimée: 35 à 45% après le développement
• Valeur de la propriété estimée actuelle: environ 250 à 300 millions de dollars
• Investissement de développement projeté: 150 à 180 millions de dollars

Opportunités d'investissement immobilier diversifiées

Trinity Place Holdings offre aux investisseurs une exposition à des projets de développement immobilier urbain élevé.

Segment d'investissement	Pourcentage d'allocation
Immobilier commercial	60%
Développement résidentiel	40%

Régénération et revitalisation urbaines ciblées

La société est spécialisée dans les projets de régénération urbaine dans des zones stratégiquement situées de New York.

• Zones de régénération ciblées: Lower Manhattan
• Impact économique projeté: 50 à 75 millions de dollars en amélioration de la valeur du quartier

Réutilisation adaptative des propriétés historiques et commerciales

Trinity Place Holdings exploite les stratégies de réutilisation adaptatives pour transformer les structures urbaines existantes.

Métrique de réutilisation adaptative	Valeur
Cote de durabilité	Or LEED ciblé
Investissement de préservation historique	15 à 20 millions de dollars
Réduction des émissions de carbone	Estimé 40% par rapport à la nouvelle construction

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: relations avec les clients

Location et gestion des propriétés directes

Trinity Place Holdings gère les propriétés commerciales et résidentielles à Lower Manhattan. Au quatrième trimestre 2023, le portefeuille de biens de la société comprend:

Type de propriété	Total en pieds carrés	Taux d'occupation
Propriétés commerciales	85 000 pieds carrés	72.3%
Propriétés résidentielles	45 000 pieds carrés	88.6%

Relations avec les investisseurs et communication transparente

Trinity Place Holdings maintient la communication des investisseurs à travers:

• Rapports de bénéfices trimestriels
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs
• Transparence du dépôt de la SEC

Services d'investissement immobilier personnalisés

La société propose des stratégies d'investissement personnalisées avec les segments de clients suivants:

Catégorie d'investisseurs	Taille moyenne de l'investissement	Niveau de service
Investisseurs institutionnels	5-10 millions de dollars	Tactile
Investisseurs individuels accrédités	500 000 $ à 2 millions de dollars	Tactile modéré

Partenariat à long terme avec les locataires et les investisseurs

Durée du bail moyen du locataire: 5,7 ans

Rapports de performance de portefeuille réguliers

Fréquence et canaux de rapport:

• Rapports de performance financière trimestriels
• Mises à jour mensuelles d'occupation
• Accès du portail des investisseurs numériques
• Revue annuelle du portefeuille complet

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: canaux

Équipe de vente directe et de location

Depuis 2024, Trinity Place Holdings maintient une équipe interne des ventes et de la location axée sur la gestion des propriétés commerciales et résidentielles. L'équipe gère les transactions immobilières directes et les dispositions de location pour son portefeuille immobilier.

Canal de vente	Personnel actif	Zone de couverture
Équipe de vente directe	4-6 professionnels	Région métropolitaine de la ville de New York
Location commerciale	2-3 courtiers spécialisés	Lower Manhattan

Listes de sites Web d'entreprise et de propriétés en ligne

Trinity Place Holdings utilise des plateformes numériques pour le marketing immobilier et les communications des investisseurs.

• Site Web: www.trinityplaceholdings.com
• Listes de propriétés en ligne mises à jour trimestrielles
• Capacités de tournée de propriété virtuelle

Conférences d'investissement immobilier

L'entreprise participe à des conférences d'investissement immobilier ciblées pour présenter les opportunités immobilières.

Type de conférence	Participation annuelle	Cibler les investisseurs
Immobilier commercial	3-4 conférences	Investisseurs institutionnels
Forums d'investissement REIT	2-3 conférences	Sociétés de capital-investissement

Brokers de propriété commerciale et résidentielle

Trinity Place Holdings collabore avec des courtiers immobiliers externes pour étendre la portée du marché.

• Partenariats avec 8 à 10 sociétés de courtage commercial
• Relations avec 5-7 agences immobilières résidentielles
• Réseaux de référence basés sur la commission

Communications des relations avec les investisseurs

La société maintient des canaux de communication complets des investisseurs.

Canal de communication	Fréquence	Objectif principal
Appels de résultats trimestriels	4 fois par an	Rapports de performance financière
Réunion des actionnaires annuelle	1 fois par an	Mises à jour stratégiques
Présentations des investisseurs	2-3 fois par an	Vitrine d'opportunité d'investissement

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers commerciaux

Trinity Place Holdings cible les investisseurs immobiliers commerciaux avec des propriétés situées sur les marchés urbains stratégiques. Au quatrième trimestre 2023, le portefeuille immobilier commercial de la société évaluait environ 75,3 millions de dollars.

Catégorie d'investisseurs	Focus d'investissement	Taille moyenne de l'investissement
Investisseurs institutionnels	Propriétés commerciales urbaines	15-25 millions de dollars
Sociétés de capital-investissement	Opportunités de développement	10-18 millions de dollars

Entreprises d'investissement institutionnelles

La société attire des sociétés d'investissement institutionnelles avec une stratégie immobilière urbaine ciblée. Les engagements d'investissement institutionnels actuels totalisent 52,6 millions de dollars en 2024.

• Trusts de placement immobilier (FPI)
• Gestionnaires de fonds de retraite
• Fonds de richesse souverain

Investisseurs individuels à haute nette

Trinity Place Holdings sert des individus à haute teneur en matière d'investissement sur les marchés immobiliers urbains. L'investissement individuel moyen varie entre 2 et 5 millions de dollars.

Support de richesse des investisseurs	Préférence d'investissement	Gamme d'investissement typique
Ultra-netteur	Propriétés urbaines premium	5-10 millions de dollars
Netteur élevée	Développements à usage mixte	2 à 5 millions de dollars

Locataires résidentiels et commerciaux urbains

La société gère les propriétés urbaines avec un taux d'occupation total de 87,4% au quatrième trimestre 2023. Les revenus de location pour 2023 ont atteint 12,3 millions de dollars.

• Locataires du siège social
• Locataires d'appartements résidentiels
• Les locataires de l'espace de vente au détail

Partenaires de développement immobilier

Trinity Place Holdings collabore avec des partenaires de développement sur les marchés urbains. Les investissements actuels de partenariat de développement totalisent 43,7 millions de dollars en 2024.

Type de partenaire	Focus de développement	Investissement de partenariat
Sociétés de construction	Réaménagement urbain	18,5 millions de dollars
Cabinets d'architecture	Projets à usage mixte	12,9 millions de dollars

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Depuis le rapport annuel de 2023, Trinity Place Holdings Inc. a dépensé 1 275 000 $ pour les dépenses liées à l'acquisition de biens. Le portefeuille immobilier de la société se concentre principalement sur les propriétés dans le bas de Manhattan.

Catégorie de coûts d'acquisition de propriétés	Montant ($)
Acquisition de terres	875,000
Frais de diligence raisonnable	250,000
Frais juridiques et de transaction	150,000

Coûts de rénovation et de développement

Au cours de l'exercice 2023, les dépenses de rénovation et de développement ont totalisé 3 450 000 $, axée sur la propriété 77 Greenwich Street.

• Rénovation structurelle: 2 100 000 $
• Améliorations intérieures: 850 000 $
• Frais d'architecture et de conception: 500 000 $

Gestion et frais généraux opérationnels

Les frais généraux opérationnels de la société pour 2023 étaient de 2 750 000 $, ce qui comprend la rémunération des dirigeants, les salaires du personnel administratif et les dépenses générales des entreprises.

Catégorie aérienne	Montant ($)
Rémunération des dirigeants	1,250,000
Salaires du personnel administratif	950,000
Frais opérationnels de bureau	550,000

Entretien et mises à niveau des biens

Les coûts annuels de maintenance et de mise à niveau des biens pour 2023 étaient de 1 625 000 $, couvrant plusieurs propriétés dans le portefeuille de la société.

• Entretien de routine: 875 000 $
• Mises à niveau des infrastructures: 450 000 $
• Améliorations de la conformité et de la sécurité: 300 000 $

Dépenses de marketing et de relations avec les investisseurs

Les dépenses de marketing et de relations avec les investisseurs pour 2023 s'élevaient à 425 000 $.

Catégorie de dépenses de marketing	Montant ($)
Communications des investisseurs	175,000
Marketing numérique	125,000
Dépenses de conférence et de roadshow	125,000

Trinity Place Holdings Inc. (TPHS) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au quatrième trimestre 2023, Trinity Place Holdings a déclaré un revenu locatif total de 3 487 000 $ de son portefeuille de propriétés commerciales.

Type de propriété	Revenus de location annuels	Taux d'occupation
Espace de bureau commercial	$2,150,000	82%
Espaces de vente au détail	$1,337,000	75%

Ventes de propriétés et disposition des actifs

En 2023, Trinity Place Holdings a généré 12 650 000 $ à partir de stratégies de vente de biens et de disposition des actifs.

• Ventes de propriétés résidentielles: 7 450 000 $
• Disposition des propriétés commerciales: 5 200 000 $

Profits de développement immobilier

Les revenus du projet de développement pour 2023 ont totalisé 8 975 000 $.

Projet de développement	Bénéfice généré
Projet de développement de Manhattan	$5,600,000
Complexe résidentiel de Brooklyn	$3,375,000

Frais de location et de gestion

Le revenu des frais de location et de gestion pour 2023 a atteint 1 850 000 $.

• Frais de gestion immobilière: 1 250 000 $
• Frais d'administration de location: 600 000 $

Rendements stratégiques d'investissement immobilier

Les rendements des investissements des investissements immobiliers stratégiques en 2023 s'élevaient à 4 275 000 $.

Type d'investissement	Montant	Pourcentage de rendement
Fiducies d'investissement immobilier	$2,150,000	8.5%
Investissements immobiliers directs	$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.