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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission File Number: 001-35493
https://cdn.kscope.io/861f71061befb983e11f898dbce8a1f9-splp-20210930_g1.jpg
STEEL PARTNERS HOLDINGS L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware13-3727655
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
590 Madison Avenue, 32nd Floor
New York, New York
10022
(Address of Principal Executive Offices)(Zip Code)
(212) 520-2300
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on which Registered
Common Units, no par valueSPLPNew York Stock Exchange
6.0% Series A Preferred UnitsSPLP-PRANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The number of common units outstanding as of November 1, 2021 was 21,139,183.



STEEL PARTNERS HOLDINGS L.P.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
STEEL PARTNERS HOLDINGS L.P.
Consolidated Balance Sheets
(unaudited)
(in thousands, except common units)
September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$132,743 $135,788 
Marketable securities 106 
Trade and other receivables - net of allowance for doubtful accounts of $3,590 and $3,368, respectively
202,730 164,106 
Receivables from related parties3,151 2,073 
Loans receivable, including loans held for sale of $159,241 and $88,171, respectively, net
504,407 306,091 
Inventories, net169,697 137,086 
Prepaid expenses and other current assets45,884 58,053 
Total current assets1,058,612 803,303 
Long-term loans receivable, net746,204 2,183,017 
Goodwill148,028 150,852 
Other intangible assets, net124,337 138,581 
Deferred tax assets16,983 66,553 
Other non-current assets40,620 42,068 
Property, plant and equipment, net213,737 228,992 
Operating lease right-of-use assets28,249 29,715 
Long-term investments256,615 291,297 
Total Assets$2,633,385 $3,934,378 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$133,032 $100,759 
Accrued liabilities77,390 69,967 
Deposits292,357 285,393 
Payables to related parties1,474 4,080 
Short-term debt34 397 
Current portion of long-term debt11,206 10,361 
Other current liabilities47,430 46,044 
Total current liabilities562,923 517,001 
Long-term deposits197,156 70,266 
Long-term debt252,201 323,392 
Other borrowings668,392 2,090,223 
Preferred unit liability148,895 146,892 
Accrued pension liabilities139,783 183,462 
Deferred tax liabilities2,112 2,169 
Long-term operating lease liabilities20,386 21,845 
Other non-current liabilities36,595 39,906 
Total Liabilities2,028,443 3,395,156 
Commitments and Contingencies
Capital:
Partners' capital common units: 21,235,338 and 22,920,804 issued and outstanding (after deducting 16,598,557 and 14,916,635 units held in treasury, at cost of $257,547 and $219,245), respectively
772,614 707,309 
Accumulated other comprehensive loss(172,832)(172,649)
Total Partners' Capital599,782 534,660 
Noncontrolling interests in consolidated entities5,160 4,562 
Total Capital604,942 539,222 
Total Liabilities and Capital$2,633,385 $3,934,378 
See accompanying Notes to Consolidated Financial Statements
2


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Operations
(unaudited)
(in thousands, except common units and per common unit data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenue:
Diversified Industrial net sales$306,471 $274,420 $860,719 $787,138 
Energy net revenue45,862 22,378 119,716 75,282 
Financial Services revenue39,780 33,535 112,604 109,496 
Total revenue392,113 330,333 1,093,039 971,916 
Costs and expenses:
Cost of goods sold252,819 220,633 712,101 637,705 
Selling, general and administrative expenses80,405 67,399 223,793 215,466 
Asset impairment charges   617 
Finance interest expense1,790 2,537 6,649 9,446 
Provision for (benefit from) loan losses437 (9,684)(1,845)30,706 
Interest expense5,089 6,988 16,059 23,337 
Realized and unrealized losses (gains) on securities, net21,453 (969)40,232 25,515 
Other income, net(1,091)(1,577)(36,984)(4,544)
Total costs and expenses360,902 285,327 960,005 938,248 
Income from continuing operations before income taxes and equity method investments31,211 45,006 133,034 33,668 
Income tax provision6,428 13,533 56,435 9,043 
Loss (income) of associated companies, net of taxes2,685 (3,194)(26,276)26,420 
Net income (loss) from continuing operations22,098 34,667 102,875 (1,795)
Discontinued operations (see Note 3)
Gain (loss) from discontinued operations, net of taxes7 (21)135 (2,602)
Net gain (loss) on deconsolidation of discontinued operations 1,161  (21,787)
Net gain (loss) from discontinued operations, net of taxes7 1,140 135 (24,389)
Net income (loss)22,105 35,807 103,010 (26,184)
Net loss (income) attributable to noncontrolling interests in consolidated entities (continuing operations)195 (248)(519)(569)
Net income (loss) attributable to common unitholders$22,300 $35,559 $102,491 $(26,753)
Net income (loss) per common unit - basic
Net income (loss) from continuing operations$1.06 $1.38 $4.69 $(0.10)
Net income (loss) from discontinued operations 0.05 0.01 (0.98)
Net income (loss) attributable to common unitholders$1.06 $1.43 $4.70 $(1.08)
Net income (loss) per common unit - diluted
Net income (loss) from continuing operations$0.92 $0.72 $3.63 $(0.10)
Net income (loss) from discontinued operations 0.02  (0.98)
Net income (loss) attributable to common unitholders$0.92 $0.74 $3.63 $(1.08)
Weighted-average number of common units outstanding - basic
21,018,615 24,874,281 21,816,833 24,844,114 
Weighted-average number of common units outstanding - diluted
27,672,551 52,067,382 30,715,447 24,844,114 

See accompanying Notes to Consolidated Financial Statements
3


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income (loss)$22,105 $35,807 $103,010 $(26,184)
Other comprehensive (loss) income, net of taxes:
Unrealized gains on available-for-sale debt securities182  182  
Currency translation adjustments(762)1,379 (365)(184)
Other comprehensive (loss) income(580)1,379 (183)(184)
Comprehensive income (loss)21,525 37,186 102,827 (26,368)
Comprehensive loss (income) attributable to noncontrolling interests195 (248)(519)(569)
Comprehensive income (loss) attributable to common unitholders$21,720 $36,938 $102,308 $(26,937)

See accompanying Notes to Consolidated Financial Statements
4


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2020
37,837,439 (14,916,635)$(219,245)$707,309 $(172,649)$534,660 $4,562 $539,222 
Net income — — — 52,951 — 52,951 391 53,342 
Currency translation adjustments
— — — — (217)(217)— (217)
Equity compensation - restricted units
28,588 — — 363 — 363 — 363 
Balance as of March 31, 202137,866,027 (14,916,635)(219,245)760,623 (172,866)587,757 4,953 592,710 
Net income — — — 27,240 — 27,240 323 27,563 
Currency translation adjustments— — — — 614 614 — 614 
Equity compensation - restricted units
(36,104)— — 354 — 354 — 354 
Purchases of SPLP common units— (1,351,488)(28,612)(28,612)— (28,612)— (28,612)
Balance as of June 30, 202137,829,923 (16,268,123)(247,857)759,605 (172,252)587,353 5,276 592,629 
Net income— — — 22,300 — 22,300 (195)22,105 
Unrealized gains on available-for-sale securities— — — — 182 182 — 182 
Currency translation adjustments— — — — (762)(762)— (762)
Equity compensation - restricted units
3,972 — — 399 — 399 — 399 
Purchases of SPLP common units— (330,434)(9,690)(9,690)— (9,690)— (9,690)
Other, net— — — — — — 79 79 
Balance as of September 30, 202137,833,895 (16,598,557)$(257,547)$772,614 $(172,832)$599,782 $5,160 $604,942 

5


Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2019
37,670,992 (12,647,864)$(198,781)$654,249 $(191,422)$462,827 $3,806 $466,633 
Net (loss) income— — — (60,878)— (60,878)130 (60,748)
Currency translation adjustments
— — — — (2,936)(2,936)— (2,936)
Equity compensation - restricted units
(9,854)— — 104 — 104 — 104 
Deconsolidation of API (see Note 3)— — — — 17,481 17,481 — 17,481 
Other, net— — — (2)— (2)60 58 
Balance as of March 31, 202037,661,138 (12,647,864)(198,781)593,473 (176,877)416,596 3,996 420,592 
Net (loss) income— — — (1,434)— (1,434)191 (1,243)
Currency translation adjustments— — — — 1,373 1,373 — 1,373 
Equity compensation - restricted units
(84,021)— — 49 — 49 — 49 
Other, net— — — (3)— (3)28 25 
Balance as of June 30, 202037,577,117 (12,647,864)(198,781)592,085 (175,504)416,581 4,215 420,796 
Net (loss) income
— — — 35,559 — 35,559 248 35,807 
Unrealized gains on derivative financial instruments— — — — — — — — 
Currency translation adjustments
— — — — 1,379 1,379 — 1,379 
Equity compensation - restricted units
260,360 — — 334 — 334 — 334 
Other, net
— — — (1)— (1)66 65 
Balance as of September 30, 202037,837,477 (12,647,864)$(198,781)$627,977 $(174,125)$453,852 $4,529 $458,381 

See accompanying Notes to Consolidated Financial Statements
6


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net income (loss)$103,010 $(26,184)
Gain (loss) from discontinued operations135 (24,389)
Net income (loss) from continuing operations102,875 (1,795)
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
(Benefit from) provision for loan losses (1,845)30,706 
(Income) loss of associated companies, net of taxes(26,276)26,420 
Realized and unrealized losses on securities, net40,232 25,515 
Gain on sale of Edge business(8,096) 
Gain on sale of property, plant and equipment(6,646) 
Derivative gains on economic interests in loans(3,819)(3,692)
Deferred income taxes45,679 4,714 
Depreciation and amortization45,192 48,735 
Non-cash lease expense7,650 6,890 
Equity-based compensation1,116 589 
Asset impairment charges 617 
Other(340)3,619 
Net change in operating assets and liabilities:
Trade and other receivables(42,365)(1,995)
Inventories(34,428)4,137 
Prepaid expenses and other assets12,199 (1,041)
Accounts payable, accrued and other liabilities(1,174)7,967 
Net (increase) decrease in loans held for sale(71,070)144,844 
Net cash provided by operating activities - continuing operations58,884 296,230 
Net cash provided by (used in) operating activities - discontinued operations135 (1,649)
Total cash provided by operating activities59,019 294,581 
Cash flows from investing activities:
Purchases of investments(9,018)(7,256)
Proceeds from sales of investments24,667 2,327 
Proceeds from maturities of investments8,292 32,995 
Loan originations, net of collections782,032 (2,022,276)
Proceeds from sales of loans530,969  
Purchases of property, plant and equipment(19,556)(15,581)
Proceeds from sale of property, plant and equipment6,979 3,067 
Proceeds from sale of Edge business16,000  
Acquisition, net of cash acquired (3,500)
Other182  
Net cash provided by (used in) investing activities - continuing operations1,340,547 (2,010,224)
Net cash provided by (used in) investing activities - discontinued operations  
Net cash provided by (used in) investing activities1,340,547 (2,010,224)
Cash flows from financing activities:
Net revolver repayments(63,013)(26,948)
Repayments of term loans(7,697)(8,181)
Purchases of the Company's common units(38,302) 
Repayments of other borrowings(2,476,640) 
Proceeds from other borrowings