Share NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (OTC PINK: TPHS) (the "Company," "we," "our," or "us") today announced operating results for its fourth quarter and the year ended December 31, 2025. The Company is an intellectual property holding, investment, and commercialization company. We own and control a portfolio of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. ("Syms†), including FilenesBasement.com, our rights to the Stanley Black ...

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]