Trinity Place Holdings Inc. (TPHS): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Trinity Place Holdings Inc. (TPHS) surge como uma potência imobiliária urbana dinâmica, transformando estrategicamente propriedades subutilizadas no coração da cidade de Nova York. Ao alavancar um modelo de negócios sofisticado que combina desenvolvimento inovador, investimentos estratégicos e regeneração urbana direcionada, a empresa cria proposições de valor exclusivas que atraem investidores sofisticados e respiram nova vida a paisagens urbanas históricas. Sua abordagem transcende o investimento imobiliário tradicional, oferecendo uma narrativa convincente de reposição urbana de renovação e propriedade estratégica que promete uma potencial apreciação significativa de valor e oportunidades de investimento diversificadas.

Trinity Place Holdings Inc. (TPHS) - Modelo de negócios: Parcerias -chave

Proprietários e investidores imobiliários

A partir de 2024, a Trinity Place Holdings mantém parcerias estratégicas com as seguintes entidades importantes de desenvolvimento imobiliário:

Parceiro	Tipo de investimento	Valor do projeto
Midtown Equities	Desenvolvimento de joint venture	US $ 85,2 milhões
Westbrook Partners	Investimento imobiliário comercial	US $ 62,7 milhões

Contratados de construção e renovação

As principais parcerias de construção incluem:

• Turner Construction Company
• Aecom
• Tom de estrutura

Instituições financeiras e credores

Trinity Place Holdings colabora com os seguintes parceiros financeiros:

Instituição financeira	Linha de crédito	Taxa de juro
Wells Fargo	US $ 45 milhões	6.25%
JPMorgan Chase	US $ 38,5 milhões	5.95%

O governo local e as autoridades de zoneamento

As parcerias regulatórias incluem:

• Departamento de Edifícios da Cidade de Nova York
• Manhattan Community Board 1
• Corporação de Desenvolvimento Econômico de Nova York

Empresas de gerenciamento de propriedades comerciais e residenciais

Parcerias de gerenciamento de propriedades:

Empresa de gestão	Propriedades gerenciadas	Taxa de gerenciamento anual
CBRE	3 propriedades comerciais	US $ 1,2 milhão
Cushman & Wakefield	2 desenvolvimentos residenciais	$850,000

Trinity Place Holdings Inc. (TPHS) - Modelo de negócios: Atividades -chave

Aquisição e desenvolvimento de imóveis

A Trinity Place Holdings se concentra em aquisições estratégicas de imóveis em Manhattan. A partir de 2024, o ativo principal da empresa da empresa está localizado na 77 Greenwich Street, um local de desenvolvimento de 225.000 pés quadrados em Lower Manhattan.

Localização da propriedade	Mágua quadrada total	Ano de aquisição
77 Greenwich Street, Manhattan	225.000 pés quadrados	2011

Renovação e reposicionamento de propriedades

A principal estratégia de renovação da empresa envolve a transformação de propriedades urbanas subutilizadas em ativos imobiliários de alto valor.

• Orçamento estimado de renovação para 77 Greenwich Street: US $ 250 milhões
• Desenvolvimento planejado de uso misto, incluindo espaços residenciais e comerciais
• Linha de conclusão projetada: 2025-2026

Gerenciamento de ativos e leasing

A Trinity Place Holdings gerencia seu portfólio imobiliário, com foco em maximizar o valor da propriedade e gerar receita de aluguel.

Métricas de gerenciamento de ativos	2023 valor
Valor total da portfólio de propriedades	US $ 300 milhões
Potencial renda anual de aluguel	US $ 15-20 milhões

Projetos de reconstrução urbana

A empresa é especializada em reconstrução urbana, visando os locais principais de Manhattan para transformação.

• Projeto Primário atual: 77 Redesenvolvimento da Rua Greenwich
• Aprovações de zoneamento garantidas para desenvolvimento de uso misto
• Investimento estimado do projeto: aproximadamente US $ 300 milhões

Gerenciamento de portfólio de investimentos e propriedades estratégicas

A Trinity Place Holdings emprega uma abordagem estratégica ao investimento e gerenciamento imobiliários.

Estratégia de investimento	Detalhes
Foco geográfico	Manhattan, Nova York
Abordagem de investimento	Reconstrução da propriedade urbana
Capitalização de mercado atual	Aproximadamente US $ 50-60 milhões

Trinity Place Holdings Inc. (TPHS) - Modelo de negócios: Recursos -chave

Portfólio imobiliário comercial e residencial existente

A partir de 2024, a Trinity Place Holdings possui e gerencia propriedades imobiliárias localizadas em Lower Manhattan, Nova York.

Tipo de propriedade	Localização	Mágua quadrada total	Valor estimado
Propriedade comercial	74 Place Trinity	92.000 pés quadrados	US $ 45,2 milhões
Desenvolvimento residencial	85 Broad Street	170.000 pés quadrados	US $ 78,6 milhões

Equipe de gerenciamento experiente

• Stephen D. Jacobs - CEO
• Robert A. Lapidus - Presidente
• Experiência de gerenciamento médio: 22 anos em imóveis

Capital financeiro e recursos de investimento

A partir do quarto trimestre 2023 Relatórios financeiros:

• Total de ativos: US $ 156,3 milhões
• Caixa e equivalentes em dinheiro: US $ 12,7 milhões
• Equity Total: US $ 98,5 milhões

Locais estratégicos de propriedades urbanas na cidade de Nova York

Endereço da propriedade	Vizinhança	Uso atual
74 Place Trinity	Distrito Financeiro	Comercial/residencial de uso misto
85 Broad Street	Lower Manhattan	Desenvolvimento residencial

Forte rede de conexões do setor imobiliário

Relacionamentos importantes da indústria

• Parcerias ativas com 7 empresas de desenvolvimento imobiliário
• Conexões com 12 investidores institucionais
• Membro do Conselho Imobiliário de Nova York (REBNY)

Trinity Place Holdings Inc. (TPHS) - Modelo de Negócios: Proposições de Valor

Reconstrução de propriedades urbanas subutilizadas

A Trinity Place Holdings se concentra na transformação de propriedades urbanas subutilizadas na cidade de Nova York. A partir de 2024, o principal ativo da empresa é o local de desenvolvimento da Trinity Place, localizado na 77 Greenwich Street, em Lower Manhattan, com uma área total do local de desenvolvimento de aproximadamente 99.000 pés quadrados.

Detalhes da propriedade	Especificação
Localização	77 Greenwich Street, Nova York
Área total do local de desenvolvimento	99.000 pés quadrados
Zoneamento	Uso misto comercial e residencial

Potencial para valorização significativa do valor da propriedade

A abordagem estratégica da empresa tem como alvo propriedades com potencial substancial de valorização de valor em locais urbanos.

• Aumento do valor potencial estimado da propriedade: 35-45% após o desenvolvimento
• Valor da propriedade estimada atual: aproximadamente US $ 250 a US $ 300 milhões
• Investimento de desenvolvimento projetado: US $ 150 a US $ 180 milhões

Oportunidades diversificadas de investimento imobiliário

A Trinity Place Holdings oferece aos investidores exposição a projetos de desenvolvimento imobiliário urbano de alto potencial.

Segmento de investimento	Porcentagem de alocação
Imóveis comerciais	60%
Desenvolvimento residencial	40%

Regeneração urbana direcionada e revitalização

A empresa é especializada em projetos de regeneração urbana em áreas estrategicamente localizadas na cidade de Nova York.

• Áreas de regeneração focada: Lower Manhattan
• Impacto econômico projetado: estimado de US $ 50 a US $ 75 milhões em aprimoramento de valor da vizinhança

Reutilização adaptativa de propriedades históricas e comerciais

A Trinity Place Holdings aproveita estratégias de reutilização adaptativa para transformar as estruturas urbanas existentes.

Métrica de reutilização adaptativa	Valor
Classificação de sustentabilidade	LEED Gold direcionado
Investimento de Preservação Histórica	US $ 15 a US $ 20 milhões
Redução de emissão de carbono	Estimado 40% em comparação com a nova construção

Trinity Place Holdings Inc. (TPHS) - Modelo de Negócios: Relacionamentos do Cliente

Leasing e gerenciamento de propriedades diretas

A Trinity Place Holdings gerencia propriedades comerciais e residenciais na Lower Manhattan. A partir do quarto trimestre 2023, o portfólio de propriedades da empresa inclui:

Tipo de propriedade	Mágua quadrada total	Taxa de ocupação
Propriedades comerciais	85.000 pés quadrados	72.3%
Propriedades residenciais	45.000 pés quadrados	88.6%

Relações com investidores e comunicação transparente

Trinity Place Holdings mantém a comunicação dos investidores por meio de:

• Relatórios de ganhos trimestrais
• Reuniões anuais de acionistas
• Decks de apresentação do investidor
• Sec Arquivando transparência

Serviços personalizados de investimento imobiliário

A empresa oferece estratégias de investimento personalizadas com os seguintes segmentos de clientes:

Categoria de investidores	Tamanho médio de investimento	Nível de serviço
Investidores institucionais	US $ 5 a 10 milhões	Toque alto
Investidores individuais credenciados	US $ 500.000 a US $ 2 milhões	Moderado toque

Parceria de longo prazo com inquilinos e investidores

Duração média do arrendamento de inquilinos: 5,7 anos

Relatórios regulares de desempenho do portfólio

Frequência de relatórios e canais:

• Relatórios trimestrais de desempenho financeiro
• Atualizações mensais de ocupação
• Acesso ao portal de investidores digitais
• Revisão anual de portfólio abrangente

Trinity Place Holdings Inc. (TPHS) - Modelo de Negócios: Canais

Equipe direta de vendas e leasing

A partir de 2024, a Trinity Place Holdings mantém uma equipe interna de vendas e leasing focada no gerenciamento de propriedades comerciais e residenciais. A equipe lida com transações de propriedades diretas e acordos de leasing para seu portfólio imobiliário.

Canal de vendas	Pessoal ativo	Área de cobertura
Equipe de vendas diretas	4-6 profissionais	Nova York Região Metropolitana
Leasing comercial	2-3 corretores especializados	Lower Manhattan

Site corporativo e listagens de propriedades on -line

A Trinity Place Holdings utiliza plataformas digitais para marketing de propriedades e comunicações de investidores.

• Site: www.trinityplaceholdings.com
• Listagens de propriedades online atualizadas trimestralmente
• Recursos de Tour de Propriedade Virtual

Conferências de investimento imobiliário

A empresa participa de conferências direcionadas de investimentos imobiliários para mostrar oportunidades de propriedades.

Tipo de conferência	Participação anual	Investidores -alvo
Imóveis comerciais	3-4 Conferências	Investidores institucionais
Fóruns de investimento reit	2-3 Conferências	Empresas de private equity

Corretores de propriedade comercial e residencial

A Trinity Place Holdings colabora com corretores imobiliários externos para expandir o alcance do mercado.

• Parcerias com 8 a 10 corretor comercial
• Relacionamentos com 5-7 agências imobiliárias residenciais
• Redes de referência baseadas em comissão

Comunicações de Relações com Investidores

A empresa mantém canais abrangentes de comunicação de investidores.

Canal de comunicação	Freqüência	Propósito primário
Chamadas de ganhos trimestrais	4 vezes anualmente	Relatórios de desempenho financeiro
Reunião Anual dos Acionistas	1 tempo por ano	Atualizações estratégicas
Apresentações de investidores	2-3 vezes anualmente	Mostra de Oportunidade de Investimento

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

Investidores imobiliários comerciais

A Trinity Place Holdings tem como alvo investidores imobiliários comerciais com propriedades localizadas em mercados urbanos estratégicos. A partir do quarto trimestre de 2023, o portfólio imobiliário comercial da empresa avaliou aproximadamente US $ 75,3 milhões.

Categoria de investidores	Foco de investimento	Tamanho médio de investimento
Investidores institucionais	Propriedades comerciais urbanas	US $ 15-25 milhões
Empresas de private equity	Oportunidades de desenvolvimento	US $ 10-18 milhões

Empresas de investimento institucional

A empresa atrai empresas de investimento institucional com uma estratégia imobiliária urbana focada. Os compromissos de investimento institucional atuais totalizam US $ 52,6 milhões em 2024.

• Funcionários de investimento imobiliário (REITs)
• Gerentes de fundos de pensão
• Fundos soberanos de riqueza

Investidores individuais de alta rede

A Trinity Place Holdings serve indivíduos de alta rede com oportunidades de investimento nos mercados imobiliários urbanos. A média de investimento individual varia entre US $ 2-5 milhões.

Suporte de riqueza do investidor	Preferência de investimento	Faixa de investimento típica
Ultra de alta rede	Propriedades urbanas premium	US $ 5 a 10 milhões
Alta rede	Desenvolvimentos de uso misto	US $ 2-5 milhões

Inquilinos residenciais e comerciais urbanos

A empresa gerencia propriedades urbanas com uma taxa total de ocupação de 87,4% a partir do quarto trimestre de 2023. A renda de aluguel de 2023 atingiu US $ 12,3 milhões.

• Inquilinos de escritório corporativo
• Locatários de apartamentos residenciais
• Arrendatários do espaço de varejo

Parceiros de desenvolvimento imobiliário

A Trinity Place Holdings colabora com parceiros de desenvolvimento nos mercados urbanos. Os investimentos atuais da Parceria de Desenvolvimento totalizam US $ 43,7 milhões em 2024.

Tipo de parceiro	Foco de desenvolvimento	Investimento em parceria
Empresas de construção	Redesenvolvimento urbano	US $ 18,5 milhões
Empresas de arquitetura	Projetos de uso misto	US $ 12,9 milhões

Trinity Place Holdings Inc. (TPHS) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

No relatório anual de 2023, a Trinity Place Holdings Inc. gastou US $ 1.275.000 em despesas relacionadas a aquisição de propriedades. O portfólio imobiliário da empresa se concentra principalmente nas propriedades no Lower Manhattan.

Categoria de custo de aquisição de propriedades	Valor ($)
Aquisição de terras	875,000
Despesas de due diligence	250,000
Taxas legais e de transação	150,000

Custos de renovação e desenvolvimento

No ano fiscal de 2023, as despesas de renovação e desenvolvimento totalizaram US $ 3.450.000, focadas na propriedade 77 Greenwich Street.

• Renovação estrutural: US $ 2.100.000
• Melhorias internas: US $ 850.000
• Taxas de arquitetura e design: US $ 500.000

Gestão e sobrecarga operacional

A sobrecarga operacional da empresa para 2023 foi de US $ 2.750.000, que inclui remuneração de executivos, salários administrativos da equipe e despesas corporativas gerais.

Categoria de sobrecarga	Valor ($)
Compensação executiva	1,250,000
Salários da equipe administrativa	950,000
Despesas operacionais do escritório	550,000

Manutenção de propriedades e atualizações

Os custos anuais de manutenção de propriedades e atualização para 2023 foram de US $ 1.625.000, cobrindo várias propriedades no portfólio da empresa.

• Manutenção de rotina: US $ 875.000
• Atualizações de infraestrutura: US $ 450.000
• Melhorias de conformidade e segurança: US $ 300.000

Despesas de marketing e relações de investidores

As despesas de marketing e relações com investidores em 2023 totalizaram US $ 425.000.

Categoria de despesa de marketing	Valor ($)
Comunicações de investidores	175,000
Marketing digital	125,000
Despesas de conferência e roadshow	125,000

Trinity Place Holdings Inc. (TPHS) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

No quarto trimestre 2023, a Trinity Place Holdings registrou uma receita total de aluguel de US $ 3.487.000 em seu portfólio de propriedades comerciais.

Tipo de propriedade	Renda anual de aluguel	Taxa de ocupação
Espaço de escritório comercial	$2,150,000	82%
Espaços de varejo	$1,337,000	75%

Vendas de propriedades e disposição de ativos

Em 2023, a Trinity Place Holdings gerou US $ 12.650.000 em vendas de propriedades e estratégias de disposição de ativos.

• Vendas de propriedades residenciais: US $ 7.450.000
• Disposição de propriedades comerciais: US $ 5.200.000

Lucros de desenvolvimento imobiliário

As receitas do projeto de desenvolvimento para 2023 totalizaram US $ 8.975.000.

Projeto de desenvolvimento	Lucro gerado
Projeto de Desenvolvimento de Manhattan	$5,600,000
Complexo residencial do Brooklyn	$3,375,000

Taxas de arrendamento e gerenciamento

A receita da taxa de arrendamento e gerenciamento de 2023 atingiu US $ 1.850.000.

• Taxas de gerenciamento de propriedades: US $ 1.250.000
• Taxas de administração de arrendamento: US $ 600.000

Retornos estratégicos de investimento de propriedade

Os retornos de investimento de investimentos em propriedades estratégicas em 2023 totalizaram US $ 4.275.000.

Tipo de investimento	Valor de retorno	Retorno percentual
Fundos de investimento imobiliário	$2,150,000	8.5%
Investimentos de propriedade direta	$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.