Core Insights - Trinity Place Holdings Inc. reported its third quarter financial results for the period ending September 30, 2025, highlighting its ongoing strategy in intellectual property and asset management [1] Company Overview - The company is focused on intellectual property holding, investment, and commercialization, with a portfolio that includes assets from its predecessor, Syms Corp, such as FilenesBasement.com and the Stanley Blacker® brand [2] Financial Highlights - For the nine months ended September 30, 2025, the company recognized a non-cash settlement charge of $2.6 million related to the termination of its legacy pension plan, along with a $0.5 million excise tax on the estimated reversion of pension plan assets [5] - The company reported cash proceeds of approximately $0.9 million from the pension asset reversion during the three months ended September 30, 2025, and paid approximately $0.4 million in related excise tax [6] - The company had carryforwards of federal net operating losses (NOLs) totaling approximately $330.7 million as of September 30, 2025, with $226.9 million generated prior to 2018 and $103.8 million generated in 2018 and later years [9][10] Debt and Financing - On February 18, 2025, the company issued a Senior Secured Promissory Note to Steel Connect, LLC, allowing it to borrow up to $5.0 million, with approximately $1.3 million outstanding as of September 30, 2025 [3] - The company entered into a management services agreement with Steel Services Ltd. for managerial support, with a monthly fee of $10,000 [4] Stock Activity - During the three months ended September 30, 2025, the company repurchased 1,100,000 shares of its common stock for a total cash payment of $44,000, and also repurchased an additional 200,000 shares for $8,000 [7][8] Operating Results - The company reported total revenues of $239,000 for the three months ended September 30, 2025, compared to $3.1 million for the same period in the previous year, indicating a significant decline [14] - The operating loss for the three months was $304,000, compared to a loss of $1.0 million in the same period of the prior year [14]