NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (OTC PINK: TPHS) (the \"Company,\" \"we,\" \"our,\" or \"us\") today announced operating results for the first quarter ended March 31, 2026.<\/p>
\nThe 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. (\u201cSyms\u201d), including FilenesBasement.com, our rights to the Stanley Blacker\u00ae brand, as well as the intellectual property associated with the Running of the Brides\u00ae event and the An Educated Consumer is Our Best Customer\u00ae 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.<\/p>
\nNet Operating Losses<\/b><\/p>
\nAt March 31, 2026, the Company had carryforwards of federal net operating losses (\u201cNOLs\u201d) of approximately $329.9 million available to reduce future federal taxes. Of the Company\u2019s federal NOLs, $226.9 million were generated prior to 2018 and may expire if unused by 2037, and $103.0 million were generated in 2018 and later years and can be carried forward indefinitely subject to an 80 percent taxable income annual limitation.<\/p>
\nBased on management\u2019s assessment, it is more likely than not that the deferred tax assets associated with the NOLs will not be realized by future taxable income or tax planning strategies. Accordingly, the Company has a valuation allowance of $90.4 million as of March 31, 2026. If our assumptions change and we determine that we will be able to realize these 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.<\/p>
\nNote that our certificate of incorporation includes a provision intended to help preserve certain tax benefits primarily associated with our NOLs. This provision generally prohibits 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.<\/p>
\nForward-Looking Statements<\/b><\/p>
\nCertain 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.<\/p>
\n(Financial Tables on Following Pages)<\/b><\/p> \nTRINITY PLACE HOLDINGS INC.<\/b><\/p><\/td><\/tr>\n \nCONSOLIDATED BALANCE SHEETS<\/b><\/p><\/td><\/tr>\n \nMarch 31, 2026<\/b><\/p><\/td><\/tr>\n \n(in thousands, except par value and share amounts)<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nMarch 31, 2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nDecember 31, 2025<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n(unaudited)<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nASSETS<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents<\/p><\/td> \n$<\/p><\/td> \n54<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n216<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nPrepaid expenses and other current assets, net<\/p><\/td> \n\u00a0<\/p><\/td> \n78<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n107<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOther assets<\/p><\/td> \n\u00a0<\/p><\/td> \n25<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTotal assets<\/p><\/td> \n$<\/p><\/td> \n157<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n323<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLIABILITIES<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNote payable<\/p><\/td> \n$<\/p><\/td> \n1,372<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n1,344<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nAccounts payable and accrued expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n128<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n117<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nAccrued professional fees<\/p><\/td> \n\u00a0<\/p><\/td> \n191<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n242<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTotal liabilities<\/p><\/td> \n\u00a0<\/p><\/td> \n1,691<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1,703<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCommitments and Contingencies<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSTOCKHOLDERS' DEFICIT<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nPreferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nPreferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSpecial stock, $0.01 par value; 1 share authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCommon stock, $0.01 par value; 79,999,997 shares authorized; 73,447,413 shares issued at March 31, 2026 and December 31, 2025; 64,947,266 shares outstanding at March 31, 2026 and December 31, 2025<\/p><\/td> \n\u00a0<\/p><\/td> \n735<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n735<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nAdditional paid-in capital<\/p><\/td> \n\u00a0<\/p><\/td> \n150,713<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n150,713<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTreasury stock (8,500,147 shares at March 31, 2026 and December 31, 2025)<\/p><\/td> \n\u00a0<\/p><\/td> \n(57,730<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(57,730<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nAccumulated other comprehensive loss<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nAccumulated deficit<\/p><\/td> \n\u00a0<\/p><\/td> \n(95,252<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(95,098<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nTotal stockholders' deficit<\/p><\/td> \n\u00a0<\/p><\/td> \n(1,534<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(1,380<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTotal liabilities and stockholders' deficit<\/p><\/td> \n$<\/p><\/td> \n157<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n323<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nTRINITY PLACE HOLDINGS INC.<\/b><\/p><\/td><\/tr>\n \nCONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p><\/td><\/tr>\n \nAND COMPREHENSIVE LOSS<\/b><\/p><\/td><\/tr>\n \n(in thousands, except per share amounts)<\/b><\/p><\/td><\/tr>\n \n(unaudited)<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nRevenues<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOther income<\/p><\/td> \n$<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n239<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTotal revenues<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n239<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOperating expenses<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nProperty operating expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n24<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nGeneral and administrative<\/p><\/td> \n\u00a0<\/p><\/td> \n126<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n983<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nDepreciation and amortization<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTotal operating expenses<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n126<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1,008<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOperating loss<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n(126<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(769<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNon-cash pension settlement expense and estimated excise tax on plan asset reversion<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(3,068<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nInterest expense, net<\/p><\/td> \n\u00a0<\/p><\/td> \n(28<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(8<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nLoss before taxes<\/b><\/p><\/td> \n$<\/p><\/td> \n(154<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(3,845<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nIncome tax benefit<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n194<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet loss<\/b><\/p><\/td> \n$<\/p><\/td> \n(154<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(3,651<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nOther comprehensive income:<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nReclassification of accumulated comprehensive loss on pension settlement<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n729<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOther comprehensive income<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n729<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nComprehensive loss<\/b><\/p><\/td> \n$<\/p><\/td> \n(154<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(2,922<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nLoss per common share - basic and diluted<\/b><\/p><\/td> \n$<\/p><\/td> \n(0.00<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(0.06<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nWeighted average common shares outstanding - basic and diluted<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n64,970<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n66,269<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nTRINITY PLACE HOLDINGS INC.<\/b><\/p><\/td><\/tr>\n \nCONSOLIDATED STATEMENTS OF STOCKHOLDERS\u2019 EQUITY<\/b><\/p><\/td><\/tr>\n \n(in thousands)<\/b><\/p><\/td><\/tr>\n \n(unaudited)<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nCommon Stock<\/p><\/td> \n\u00a0<\/p><\/td> \nAdditional\n \n\u00a0<\/p><\/td> \nTreasury Stock<\/p><\/td> \n\u00a0<\/p><\/td> \nAccumulated\n \n\u00a0<\/p><\/td> \nAccumulated\n \n\u00a0<\/p><\/td> \nTotal\n \n\u00a0<\/p><\/td> \nShares<\/p><\/td> \n\u00a0<\/p><\/td> \nAmount<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \nShares<\/p><\/td> \n\u00a0<\/p><\/td> \nAmount<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nBalance at December 31, 2025<\/b><\/p><\/td> \n73,447<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n735<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n150,713<\/p><\/td> \n\u00a0<\/p><\/td> \n(8,500<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(57,730<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(95,098<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(1,380<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNet loss<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(154<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(154<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nBalance at March 31, 2026<\/b><\/p><\/td> \n73,447<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n735<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n150,713<\/p><\/td> \n\u00a0<\/p><\/td> \n(8,500<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(57,730<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(95,252<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(1,534<\/p><\/td> \n)<\/p><\/td><\/tr>\n<\/table> \n\u00a0<\/p><\/td> \nCommon Stock<\/p><\/td> \n\u00a0<\/p><\/td> \nAdditional\n \n\u00a0<\/p><\/td> \nTreasury Stock<\/p><\/td> \n\u00a0<\/p><\/td> \nAccumulated\n \n\u00a0<\/p><\/td> \nAccumulated\n \n\u00a0<\/p><\/td> \nTotal\n \n\u00a0<\/p><\/td> \nShares<\/p><\/td> \n\u00a0<\/p><\/td> \nAmount<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \nShares<\/p><\/td> \n\u00a0<\/p><\/td> \nAmount<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nBalance at December 31, 2024<\/b><\/p><\/td> \n72,487<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n725<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n150,183<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(7,173<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(57,676<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(90,302<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(729<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2,201<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet loss<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(3,651<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(3,651<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nSettlement of stock awards<\/p><\/td> \n960<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n10<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n537<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(27<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(2<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n545<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nReclassification of accumulated comprehensive loss on pension settlement<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n729<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n729<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nStock-based compensation<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(7<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(7<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nBalance at March 31, 2025<\/b><\/p><\/td> \n73,447<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n735<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n150,713<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(7,200<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(57,678<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(93,953<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(183<\/p><\/td> \n)<\/p><\/td><\/tr>\n<\/table> \nTRINITY PLACE HOLDINGS INC.<\/b><\/p><\/td><\/tr>\n \nCONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p><\/td><\/tr>\n \n(in thousands)<\/b><\/p><\/td><\/tr>\n \n(unaudited)<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash flows from operating activities:<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet loss<\/p><\/td> \n$<\/p><\/td> \n(154<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(3,651<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nAdjustments to reconcile net loss to net cash used in operating activities:<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nDepreciation and amortization<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOther non-cash adjustment - paid-in-kind interest<\/p><\/td> \n\u00a0<\/p><\/td> \n28<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n8<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSettlement of stock awards and stock-based compensation expense<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n530<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNon-cash pension settlement expense<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n2,605<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet change in operating assets and liabilities:<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nReceivables<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n146<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nPrepaid expenses and other assets, net<\/p><\/td> \n\u00a0<\/p><\/td> \n4<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n479<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nAccounts payable and accrued expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n(40<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(969<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNet cash used in operating activities<\/p><\/td> \n\u00a0<\/p><\/td> \n(162<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(851<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCash flows from investing activities:<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet cash used in investing activities<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash flows from financing activities:<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nProceeds from Steel Promissory Note<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1,000<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSettlement of stock awards<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n8<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet cash provided by financing activities<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1,008<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet (decrease) increase in cash and cash equivalents and restricted cash<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n(162<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n157<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents and restricted cash, beginning of period<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n216<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n403<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents and restricted cash, end of period<\/b><\/p><\/td> \n$<\/p><\/td> \n54<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n560<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents, beginning of period<\/p><\/td> \n\u00a0<\/p><\/td> \n216<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n277<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nRestricted cash, beginning of period<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n126<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents and restricted cash, beginning of period<\/b><\/p><\/td> \n$<\/p><\/td> \n216<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n403<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents, end of period<\/p><\/td> \n\u00a0<\/p><\/td> \n54<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n450<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nRestricted cash, end of period<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n110<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash and cash equivalents and restricted cash, end of period<\/b><\/p><\/td> \n$<\/p><\/td> \n54<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n560<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSupplemental disclosure of cash flow information:<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash paid during the period for interest<\/p><\/td> \n$<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCash paid during the period for taxes<\/p><\/td> \n$<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n12<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \n\u00a0<\/p>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n