Trinity Place Holdings Inc. (OTC PINK: TPHS) (the “Company,” “we,” “our,” or “us”) today announced operating results for the third quarter ended September 30, 2026.
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, as well as the intellectual property associated with the Running of the Brides® event and the An Educated Consumer is Our Best Customer® slogan. Our strategy today centers on monetizing these assets through brand licensing, e-commerce initiatives, strategic partnerships, and protection and enforcement of our intellectual property rights.
Net Operating Losses
At September 30, 2026, the Company had carryforwards of federal net operating losses (“NOLs”) of approximately $352.8 million available to reduce future federal taxes. Of the Company’s federal NOLs, $224.5 million were generated prior to 2018 and may expire if unused by 2037, and $128.2 million were generated in 2018 and later years and can be carried forward indefinitely subject to an 80 percent taxable income annual limitation.
Based on management’s assessment, it is more likely than not that the deferred tax assets associated with the federal NOLs will not be realized by future taxable income or tax planning strategies. Accordingly, the Company has a valuation allowance of $74.1 million as of September 30, 2026. If our assumptions change and we determine that we will be able to realize these federal NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recognized as a reduction of income tax expense and an increase in the deferred tax asset.
Note that our certificate of incorporation includes a provision intended to help preserve certain tax benefits primarily associated with our NOLs. This provision generally prohibits, subject to certain exceptions, transfers of stock that would result in a person or group of persons becoming a 4.75 percent stockholder, or that would result in an increase or decrease in stock ownership by a person or group of persons that is an existing 4.75 percent stockholder.
Forward-Looking Statements
Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.
| TRINITY PLACE HOLDINGS INC. | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| September 30, 2026 | ||||||
| (in thousands, except par value and share amounts) | ||||||
| September 30, 2026 | December 31, 2025 | |||||
| (unaudited) | ||||||
| ASSETS | ||||||
| Cash and cash equivalents | $ |
74 |
|
$ |
216 |
|
| Prepaid expenses and other current assets, net |
79 |
|
107 |
|
||
| Total assets | $ |
153 |
|
$ |
323 |
|
| LIABILITIES | ||||||
| Note payable | $ |
1,699 |
|
$ |
1,344 |
|
| Accounts payable and accrued expenses |
80 |
|
117 |
|
||
| Accrued professional fees |
168 |
|
242 |
|
||
| Total liabilities |
1,947 |
|
1,703 |
|
||
| Commitments and Contingencies | ||||||
| STOCKHOLDERS’ DEFICIT | ||||||
| Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025 |
— |
|
— |
|
||
| Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025 |
— |
|
— |
|
||
| Special stock, $0.01 par value; 1 share authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025 |
— |
|
— |
|
||
| Common stock, $0.01 par value; 79,999,997 shares authorized; 73,447,413 shares issued at September 30, 2026 and December 31, 2025; 64,947,266 shares outstanding at September 30, 2026 and December 31, 2025 |
735 |
|
735 |
|
||
| Additional paid-in capital |
150,713 |
|
150,713 |
|
||
| Treasury stock (8,500,147 shares at September 30, 2026 and December 31, 2025) |
(57,730 |
) |
(57,730 |
) |
||
| Accumulated deficit |
(95,512 |
) |
(95,098 |
) |
||
| Total stockholders’ deficit |
(1,794 |
) |
(1,380 |
) |
||
| Total liabilities and stockholders’ deficit | $ |
153 |
|
$ |
323 |
|
| TRINITY PLACE HOLDINGS INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| AND COMPREHENSIVE LOSS | ||||||||||||
| (in thousands, except per share amounts) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|||||
| Revenues | ||||||||||||
| Revenue | $ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
239 |
|
| Total revenues |
— |
|
— |
|
— |
|
239 |
|
||||
| Operating expenses | ||||||||||||
| Property operating expenses |
— |
|
3 |
|
— |
|
33 |
|
||||
| General and administrative |
77 |
|
301 |
|
323 |
|
1,705 |
|
||||
| Depreciation and amortization |
— |
|
— |
|
— |
|
1 |
|
||||
| Other income, net |
— |
|
— |
|
(14 |
) |
— |
|
||||
| Total operating expenses |
77 |
|
304 |
|
309 |
|
1,739 |
|
||||
| Operating loss |
(77 |
) |
(304 |
) |
(309 |
) |
(1,500 |
) |
||||
| Non-cash pension settlement expense and estimated excise tax on plan asset reversion |
— |
|
37 |
|
— |
|
(3,086 |
) |
||||
| Interest expense, net |
(39 |
) |
(29 |
) |
(105 |
) |
(62 |
) |
||||
| Loss before taxes | $ |
(116 |
) |
$ |
(296 |
) |
$ |
(414 |
) |
$ |
(4,648 |
) |
| Income tax benefit |
— |
|
— |
|
— |
|
194 |
|
||||
| Net loss | $ |
(116 |
) |
$ |
(296 |
) |
$ |
(414 |
) |
$ |
(4,454 |
) |
| Other comprehensive income: | ||||||||||||
| Reclassification of accumulated comprehensive loss on pension settlement |
— |
|
— |
|
— |
|
729 |
|
||||
| Other comprehensive income |
— |
|
— |
|
— |
|
729 |
|
||||
| Comprehensive loss | $ |
(116 |
) |
$ |
(296 |
) |
$ |
(414 |
) |
$ |
(3,725 |
) |
| Loss per common share – basic and diluted | $ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.07 |
) |
| Weighted average common shares outstanding – basic and diluted |
64,970 |
|
66,198 |
|
64,970 |
|
66,245 |
|
||||
| TRINITY PLACE HOLDINGS INC. | ||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| Common Stock | Treasury Stock | |||||||||||||||||||||
| Shares | Amount | Additional Paid-In Capital |
Shares | Amount | Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity (Deficit) |
|||||||||||||||
| Balance at December 31, 2025 |
73,447 |
$ |
735 |
$ |
150,713 |
|
(8,500 |
) |
$ |
(57,730 |
) |
$ |
(95,098 |
) |
$ |
— |
|
$ |
(1,380 |
) |
||
| Net loss |
— |
— |
— |
|
— |
|
— |
|
(154 |
) |
— |
|
(154 |
) |
||||||||
| Balance at March 31, 2026 |
73,447 |
735 |
150,713 |
|
(8,500 |
) |
(57,730 |
) |
(95,252 |
) |
— |
|
(1,534 |
) |
||||||||
| Net loss |
— |
— |
— |
|
— |
|
— |
|
(144 |
) |
— |
|
(144 |
) |
||||||||
| Balance at June 30, 2026 |
73,447 |
735 |
150,713 |
|
(8,500 |
) |
(57,730 |
) |
(95,396 |
) |
— |
|
(1,678 |
) |
||||||||
| Net loss |
— |
— |
— |
|
— |
|
— |
|
(116 |
) |
— |
|
(116 |
) |
||||||||
| Balance at September 30, 2026 |
73,447 |
$ |
735 |
$ |
150,713 |
|
(8,500 |
) |
$ |
(57,730 |
) |
$ |
(95,512 |
) |
$ |
— |
|
$ |
(1,794 |
) |
||
| Common Stock | Treasury Stock | |||||||||||||||||||||
| Shares | Amount | Additional Paid-In Capital |
Shares | Amount | Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity (Deficit) |
|||||||||||||||
| Balance at December 31, 2024 |
72,487 |
$ |
725 |
$ |
150,183 |
|
(7,173 |
) |
$ |
(57,676 |
) |
$ |
(90,302 |
) |
$ |
(729 |
) |
$ |
2,201 |
|
||
| Net loss |
— |
— |
— |
|
— |
|
— |
|
(3,651 |
) |
— |
|
(3,651 |
) |
||||||||
| Settlement of stock awards |
960 |
10 |
537 |
|
(27 |
) |
(2 |
) |
— |
|
— |
|
545 |
|
||||||||
| Reclassification of accumulated comprehensive loss on pension settlement |
— |
— |
— |
|
— |
|
— |
|
— |
|
729 |
|
729 |
|
||||||||
| Stock-based compensation |
— |
— |
(7 |
) |
— |
|
— |
|
— |
|
— |
|
(7 |
) |
||||||||
| Balance at March 31, 2025 |
73,447 |
735 |
150,713 |
|
(7,200 |
) |
(57,678 |
) |
(93,953 |
) |
— |
|
(183 |
) |
||||||||
| Net loss |
— |
— |
— |
|
— |
|
— |
|
(507 |
) |
— |
|
(507 |
) |
||||||||
| Balance at June 30, 2025 |
73,447 |
735 |
150,713 |
|
(7,200 |
) |
(57,678 |
) |
(94,460 |
) |
— |
|
(690 |
) |
||||||||
| Net loss |
— |
— |
— |
|
— |
|
— |
|
(296 |
) |
— |
|
(296 |
) |
||||||||
| Stock buy-back |
— |
— |
— |
|
(200 |
) |
(8 |
) |
— |
|
— |
|
(8 |
) |
||||||||
| Balance at September 30, 2025 |
73,447 |
$ |
735 |
$ |
150,713 |
|
(7,400 |
) |
$ |
(57,686 |
) |
$ |
(94,756 |
) |
$ |
— |
|
$ |
(994 |
) |
||
| TRINITY PLACE HOLDINGS INC. | ||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (in thousands) | ||||||
| (unaudited) | ||||||
| Nine Months Ended September 30, | ||||||
|
2026 |
|
2025 |
|
|||
| Cash flows from operating activities: | ||||||
| Net loss | $ |
(414 |
) |
$ |
(4,454 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization |
— |
|
1 |
|
||
| Other non-cash adjustment – paid-in-kind interest |
105 |
|
— |
|
||
| Settlement of stock awards and stock-based compensation expense |
— |
|
530 |
|
||
| Sale of intangibles |
(14 |
) |
— |
|
||
| Non-cash pension settlement expense |
— |
|
2,605 |
|
||
| Net change in operating assets and liabilities: | ||||||
| Receivables |
— |
|
146 |
|
||
| Prepaid expenses and other assets, net |
28 |
|
1,046 |
|
||
| Accounts payable and accrued expenses |
(111 |
) |
(1,186 |
) |
||
| Net cash used in operating activities |
(406 |
) |
(1,312 |
) |
||
| Cash flows from investing activities: | ||||||
| Net proceeds from sale of intangibles |
14 |
|
— |
|
||
| Net cash provided by investing activities |
14 |
|
— |
|
||
| Cash flows from financing activities: | ||||||
| Proceeds from Steel Promissory Note |
250 |
|
1,250 |
|
||
| Settlement of stock awards |
— |
|
8 |
|
||
| Stock buy-back |
— |
|
(8 |
) |
||
| Net cash provided by financing activities |
250 |
|
1,250 |
|
||
| Net (decrease) increase in cash and cash equivalents and restricted cash |
(142 |
) |
(62 |
) |
||
| Cash and cash equivalents and restricted cash, beginning of period |
216 |
|
403 |
|
||
| Cash and cash equivalents and restricted cash, end of period | $ |
74 |
|
$ |
341 |
|
| Cash and cash equivalents, beginning of period |
216 |
|
277 |
|
||
| Restricted cash, beginning of period |
— |
|
126 |
|
||
| Cash and cash equivalents and restricted cash, beginning of period | $ |
216 |
|
$ |
403 |
|
| Cash and cash equivalents, end of period |
74 |
|
341 |
|
||
| Cash and cash equivalents and restricted cash, end of period | $ |
74 |
|
$ |
341 |
|
| Supplemental disclosure of cash flow information: | ||||||
| Cash paid during the period for interest | $ |
— |
|
$ |
— |
|
| Cash paid during the period for taxes | $ |
3 |
|
$ |
15 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20261113622491/en/
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