Third Avenue Management Holds 4.9M Shares in Trinity Place Holdings

TL;DR

**Third Avenue Management owns 4.9 million shares of Trinity Place Holdings, signaling a big institutional bet.**

AI Summary

Third Avenue Management LLC, an investment adviser, filed an amended Schedule 13D on January 8, 2024, disclosing its beneficial ownership of 4,909,472 shares of Trinity Place Holdings Inc. common stock. This represents a significant stake, giving Third Avenue Management LLC sole voting and dispositive power over these shares. This matters to investors because a large institutional holder like Third Avenue Management LLC having such a substantial position could influence corporate decisions and potentially signal confidence in the company's future, or conversely, could lead to pressure for strategic changes.

Why It Matters

This filing indicates a major institutional investor's continued significant stake in Trinity Place Holdings Inc., which could influence the company's strategic direction and stock performance.

Risk Assessment

Risk Level: medium — While a large institutional holder can provide stability, their future actions (buying more, selling, or pushing for changes) introduce a medium level of uncertainty for other shareholders.

Analyst Insight

Investors should monitor future filings from Third Avenue Management LLC for any changes in their ownership stake, as a significant increase or decrease could signal a shift in their outlook on Trinity Place Holdings Inc.

Key Numbers

• 4,909,472 — Shares Beneficially Owned (Represents the total number of common stock shares of Trinity Place Holdings Inc. that Third Avenue Management LLC has sole voting and dispositive power over.)
• 0 — Shared Voting Power (Indicates that Third Avenue Management LLC has exclusive control over the voting rights of its 4,909,472 shares.)
• 0 — Shared Dispositive Power (Indicates that Third Avenue Management LLC has exclusive control over the disposition of its 4,909,472 shares.)

Key Players & Entities

• Third Avenue Management LLC (company) — the reporting person and beneficial owner of shares
• Trinity Place Holdings Inc. (company) — the issuer of the securities
• Michael A. Buono (person) — contact person for Third Avenue Management LLC
• 4,909,472 (dollar_amount) — number of shares beneficially owned by Third Avenue Management LLC
• January 3, 2024 (date) — date of event requiring the filing

Forward-Looking Statements

• Third Avenue Management LLC will maintain its significant stake in Trinity Place Holdings Inc. for the near future. (Third Avenue Management LLC) — medium confidence, target: Q2 2024
• Trinity Place Holdings Inc. may experience increased scrutiny or engagement from Third Avenue Management LLC regarding strategic decisions. (Trinity Place Holdings Inc.) — medium confidence, target: Q4 2024

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, Par Value $0.01 (Title of Class of Securities) 89656
• $39,155 — 4 shares of Common Stock for a total of $39,155.55, upon orders of TAM acting as advise

Filing Documents

• trinity-13da_010324.htm (SC 13D/A) — 29KB
• 0001999371-24-000228.txt ( ) — 31KB

Source and Amount of Funds or Other

Item 3. Source and Amount of Funds or Other Consideration.

to the Schedule 13D is amended and restated

Item 3 to the Schedule 13D is amended and restated as follows: GemCap Investment Funds plc, on behalf of Third Avenue Real Estate Value Fund, sold 218,314 shares of Common Stock for a total of $39,155.55, upon orders of TAM acting as adviser.

Purpose of Transaction

Item 4. Purpose of Transaction. GemCap Investment Funds plc, on behalf of Third Avenue Real Estate Value Fund has adjusted its exposure to certain holdings within the Fund for portfolio management purposes, pursuant to which it has effected the sales of Common Stock reported in this amendment to the Schedule 13D.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer.

of the Schedule 13D is

Item 5 of the Schedule 13D is amended and restated as follows: (a-b) The aggregate number and percentage of Common Stock to which the Schedule 13D relates is 4,909,472 shares of Common Stock, constituting approximately 12.85% of the Common Stock outstanding. 1 TAM has sole beneficial ownership of such shares. TAM is a registered investment adviser that acts as direct adviser to certain investment companies and other funds, and as an adviser to separately managed accounts, and advises the following fund accounts with respect to the Common Stock. 1. Third Avenue Trust, on behalf of Third Avenue Real Estate Value Fund (x) Amount beneficially owned: 4,909,472 shares of Common Stock (y) Percent of class: 12.85% (z) Number of Common Shares as to which TAM has: (i) Sole power to vote or direct the vote: 4,909,472 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 4,909,472 (iv) Shared power to dispose or direct the disposition: 0 1 Based upon 38,199,386 shares of Common Stock reported by the Issuer in its Quarterly Report on Form 10-Q to be outstanding as of November 14, 2023. (c) The table below lists all the transactions in the Issuer's Common Stock effected during the sixty days prior to the date set forth on the cover page. All transactions were made in the open market: Fund Date of Purchase/Sale Buy/Sell Number of Shares Execution Price GemCap Investment Funds plc, on behalf of Third Avenue Real Estate Value Fund 1/3/2024 Sell 143,314 0.1826 GemCap Investment Funds plc, on behalf of Third Avenue Real Estate Value Fund 1/3/2024 Sell 75,000 0.1848 (d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Issuer’s Common Stock other than the funds identified above. (e) Not applicable.

Contracts, Arrangements, Understandings

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

is not applicable

Item 6 is not applicable.

SIGNATURES

SIGNATURES After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: THIRD AVENUE MANAGEMENT LLC By: /s/ Michael A. Buono Name: Michael A. Buono Title: Chief Financial Officer

View Full Filing

View this SC 13D/A filing on SEC EDGAR