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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 March 31, 2023
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
Steel Partners logo - C (002).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 May 1, 2023 was 21,666,894.



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)
March 31, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$305,054 $234,448 
Trade and other receivables - net of allowance for doubtful accounts of $2,315 and $2,414, respectively
199,595 183,861 
Loans receivable, including loans held for sale of $694,993 and $602,675, respectively, net
1,314,173 1,131,745 
Inventories, net220,911 214,084 
Prepaid expenses and other current assets42,444 41,090 
Total current assets2,082,177 1,805,228 
Long-term loans receivable, net495,572 423,248 
Goodwill125,910 125,813 
Other intangible assets, net91,370 94,783 
Other non-current assets162,045 195,859 
Property, plant and equipment, net240,108 238,510 
Operating lease right-of-use assets49,716 42,711 
Long-term investments305,960 309,697 
Total Assets$3,552,858 $3,235,849 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$120,080 $109,572 
Accrued liabilities106,898 112,744 
Deposits1,572,301 1,360,477 
Short-term debt987 685 
Current portion of long-term debt67 67 
Other current liabilities67,197 65,598 
Total current liabilities1,867,530 1,649,143 
Long-term deposits281,900 208,004 
Long-term debt182,205 179,572 
Other borrowings31,692 41,682 
Preferred unit liability152,908 152,247 
Accrued pension liabilities87,864 84,948 
Deferred tax liabilities48,161 41,055 
Long-term operating lease liabilities42,756 35,512 
Other non-current liabilities38,001 42,226 
Total Liabilities2,733,017 2,434,389 
Commitments and Contingencies
Capital:
Partners' capital common units: 21,667,031 and 21,605,093 issued and outstanding (after deducting 17,980,183 and 17,904,679 units held in treasury, at cost of $312,505 and $309,257), respectively
969,425 952,094 
Accumulated other comprehensive loss(150,781)(151,874)
Total Partners' Capital818,644 800,220 
Noncontrolling interests in consolidated entities1,197 1,240 
Total Capital819,841 801,460 
Total Liabilities and Capital$3,552,858 $3,235,849 

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
March 31,
20232022
Revenue:
Diversified Industrial net sales$304,426 $327,249 
Energy net revenue48,164 38,317 
Financial Services revenue92,781 40,179 
Total revenue445,371 405,745 
Costs and expenses:
Cost of goods sold261,293 268,170 
Selling, general and administrative expenses114,954 86,124 
Asset impairment charges 403 
Finance interest expense13,741 1,164 
Provision for credit losses7,806 1,282 
Interest expense5,986 4,524 
Realized and unrealized (gains) losses on securities, net(607)27,726 
Other income, net(1,176)(441)
Total costs and expenses401,997 388,952 
Income from operations before income taxes and equity method investments43,374 16,793 
Income tax provision14,604 7,609 
Loss of associated companies, net of taxes3,967 4,643 
Net income24,803 4,541 
Net loss attributable to noncontrolling interests in consolidated entities43 24 
Net income attributable to common unitholders$24,846 $4,565 
Net income per common unit - basic
Net income attributable to common unitholders$1.15 $0.21 
Net income per common unit - diluted
Net income attributable to common unitholders$1.09 $0.20 
Weighted-average number of common units outstanding - basic
21,685,794 22,209,071 
Weighted-average number of common units outstanding - diluted
25,541,246 22,643,016 

See accompanying Notes to Consolidated Financial Statements
3


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
Three Months Ended
March 31,
20232022
Net income$24,803 $4,541 
Other comprehensive income (loss), net of taxes:
Currency translation adjustments1,093 (459)
Other comprehensive income (loss)1,093 (459)
Comprehensive income25,896 4,082 
Comprehensive loss attributable to noncontrolling interests43 24 
Comprehensive income attributable to common unitholders$25,939 $4,106 

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, 2022
39,509,772 (17,904,679)$(309,257)$952,094 $(151,874)$800,220 $1,240 $801,460 
Cumulative effect of change in accounting principle for current expected credit losses, net of tax(3,862)(3,862)— (3,862)
Net income (loss)— — — 24,846 — 24,846 (43)24,803 
Currency translation adjustments
— — — — 1,093 1,093 — 1,093 
Equity compensation - restricted units
146,414 — — (11)— (11)— (11)
Tax withholding related to vesting of restricted units(8,972)— — (333)— (333)— (333)
Purchases of SPLP common units— (75,504)(3,248)(3,248)— (3,248)— (3,248)
Other, net
— — — (61)— (61)— (61)
Balance as of March 31, 202339,647,214 (17,980,183)$(312,505)$969,425 $(150,781)$818,644 $1,197 $819,841 


Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2021
37,828,941 (16,810,932)$(264,284)$795,140 $(131,803)$663,337 $5,711 $669,048 
Net income (loss)— — — 4,565 — 4,565 (24)4,541 
Currency translation adjustments
— — — — (459)(459)— (459)
Equity compensation - restricted units
(37,315)— — 119 — 119 — 119 
Purchases of SPLP common units
— (268,623)(10,418)(10,418)— (10,418)— (10,418)
Purchases of subsidiary shares from noncontrolling interests— — — (3,942)— (3,942)(4,664)(8,606)
Balance as of March 31, 202237,791,626 (17,079,555)$(274,702)$785,464 $(132,262)$653,202 $1,023 $654,225 

See accompanying Notes to Consolidated Financial Statements
5


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended March 31,
20232022
Cash flows from operating activities:
Net income24,803 4,541 
Adjustments to reconcile net income from continuing operations to net cash (used in) provided by operating activities:
Provision for credit losses 7,806 1,282 
Loss of associated companies, net of taxes3,967 4,643 
Realized and unrealized (gains) losses on securities, net(607)27,726 
Derivative gains on economic interests in loans(1,260)(1,030)
Deferred income taxes9,722 (1,106)
Depreciation and amortization12,943 14,163 
Non-cash lease expense2,832 2,496 
Equity-based compensation(11)119 
Other4,146 (1,147)
Net change in operating assets and liabilities:
Trade and other receivables(15,398)(36,357)
Inventories(6,585)(22,474)
Prepaid expenses and other assets(13,440)(5,443)
Accounts payable, accrued and other liabilities15,152 53,956 
Net increase in loans held for sale(92,318)(54,679)
Net cash used in operating activities(48,248)(13,310)
Cash flows from investing activities:
Purchases of investments(5,729)(19,015)
Proceeds from sales of investments36  
Proceeds from maturities of investments36,512 5,364 
Return of investment in associated companies1,000  
Loan originations, net of collections(174,982)56,879 
Purchases of property, plant and equipment(10,708)(7,746)
Other(92) 
Net cash (used in) provided by investing activities(153,963)35,482 
Cash flows from financing activities:
Net revolver borrowings (repayments)2,953 (1,419)
Repayments of term loans(17)(25)
Purchases of the Company's common units(3,248)(10,418)
Net decrease in other borrowings(9,950)(117,733)
Distribution to preferred unitholders(2,408)(2,408)
Purchase of subsidiary shares from noncontrolling interest (8,606)
Tax withholding related to vesting of restricted units(333) 
Net increase (decrease) in deposits285,720 (5,255)
Net cash provided by (used in) financing activities272,717 (145,864)
Net change for the period70,506 (123,692)
Effect of exchange rate changes on cash and cash equivalents100 (239)
Cash, cash equivalents and restricted cash at beginning of period234,448 325,363 
Cash, cash equivalents and restricted cash at end of period$305,054 $201,432 

See accompanying Notes to Consolidated Financial Statements
6


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

All amounts used in the Notes to Consolidated Financial Statements are in thousands, except common and preferred units, per common and preferred unit, share and per share data.

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION

Nature of the Business

Steel Partners Holdings L.P. ("we," "our," "SPLP" or "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries and other interests. It owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy and Financial Services, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments, see Note 17 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement ("Management Agreement") discussed in further detail in Note 16 - "Related Party Transactions."

Basis of Presentation

The accompanying unaudited consolidated financial statements as of March 31, 2023 and for the three-month periods ended March 31, 2023 and 2022, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 ("Annual Report" or "Form 10-K"), from which the consolidated balance sheet as of December 31, 2022 has been derived.

The Company's fiscal quarter ends on the last day of the calendar quarter; however, for certain subsidiaries of the Company, the fiscal quarter periods end on the Saturday that is closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year. The Company and all its subsidiaries close their books for fiscal years on December 31. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter.

Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. Certain reclassifications have been made to the prior period financial statements and notes to conform to the current period presentation.

Adoption of New Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This new standard changed the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and added certain new required disclosures. Under the expected loss model, entities recognize estimated credit losses over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The Company adopted ASU 2016-13 on January 1, 2023. The guidance was applied on a modified-retrospective basis, with the cumulative-effect adjustment recorded to partners' capital on the adoption date. The adoption did not have a material effect on the Company’s trade receivables and other financial assets of its Diversified Industrial and Energy segments. The Company's Financial Services segment recognized an increase of $5,248 to its Allowance for Credit Losses and a decrease of $3,862, net of tax cumulative effect adjustment to the beginning balance of partners' capital from the adoption of ASU 2016-13.

7


WebBank analyzed the portfolio segments and classes of financing receivables based on the implementation of the new standard. There were no necessary changes in the portfolio segments or classes of financing receivables.

The amortized cost basis for loans is the combination of the balance, deferred fees and costs, and premium or discount. WebBank does not generally record an allowance for credit losses ("ACL") for accrued interest because uncollectible accrued interest is reversed through interest income in a timely manner in line with the nonaccrual and past due policies for loans. Accrued interest is included in other assets on the consolidated balance sheets.

As a result of the Company's adoption of ASU 2016-13, the following significant accounting policies have been updated from the policies described in the Annual Report on Form 10-K.

Loans Receivable, Including Loans Held for Sale

WebBank's loan activities include several lending arrangements with companies where it originates credit card and other loans for consumers and small businesses. These loans are classified as Loans receivable and are typically sold after origination. As part of these arrangements, WebBank earns fees that are recorded in non-interest income. Fees earned from these lending arrangements are recorded as fee income. WebBank also purchases participations in commercial and industrial loans through loan syndications. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at amortized cost. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan.

Loans held for sale are carried at amortized cost. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and amortized cost.

Loans that are collateral-dependent are measured at the lower of amortized cost or the fair value of the collateral less the cost to sell.

Loans are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent for commercial loans, 120 days for consumer loans and 180 days for small business loans unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Allowance for Credit Losses

The ACL, which consist of the allowance for loan losses, reserves for unfunded loan commitments, and the allowance on held to maturity debt securities, represents managements estimate of current expected credit losses over the contractual term of WebBank’s loan portfolio, unfunded lending commitments, and held to maturity debt securities as of the balance sheet date.

The reserves for unfunded lending commitments is included in other current liabilities on the consolidated balance sheets. The allowance for held to maturity debt securities is estimated separately from loans and carried at net amortized cost included in other non-current assets on the consolidated balance sheets.

The ACL is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged against the ACL and recognized in the consolidated statements of operations when management believes the recorded loan balance is confirmed as uncollectible.

Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. WebBank leverages economic projections from a third-party provider on a quarterly basis to generate macroeconomic factors for a two-year reasonable and supportable timeframe, before reverting to the baseline loss-curve implied loss expectations.

8


After applying historic loss experience, the quantitatively derived level of ACL is reviewed for each segment using qualitative criteria. Various risk factors are tracked that influence our judgment regarding the level of the ACL across the portfolio segments. Primary qualitative factors that may be reflected in the quantitative models include:

Asset quality trends
Risk management and loan administration practices
Portfolio management and controls
Effect of changes in the nature and volume of the portfolio
Changes in lending policies and underwriting policies
Existence and effect of any portfolio concentrations
National economic business conditions and other macroeconomic adjustments
Regional and local economic and business conditions
Data availability and applicability
Industry monitoring
Value of underlying collateral

Changes in the level of the ACL reflect changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ACL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ACL.

Accounting Standards Not Yet Effective

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The new standard clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring the fair value of the security. The new standard also requires certain disclosures related to equity securities with contractual sale restrictions. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements and related disclosures.

2. REVENUES

Disaggregation of Revenues

Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 17 - "Segment Information."

The following table presents the Company's revenues disaggregated by geography for the three months ended March 31, 2023 and 2022. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements.
Three Months Ended
March 31,
20232022
United States$426,165 $384,270 
Foreign19,206 21,475 
Total revenue$445,371 $405,745 

Contract Balances

Differences in the timing of revenue recognition, billings and cash collections result in billed trade receivables, unbilled receivables (contract assets) and deferred revenues (contract liabilities) on the consolidated balance sheets.

Contract Assets

9


Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the contract asset balance was $11,623 and $11,937, respectively.

Contract Liabilities

The Company records deferred revenues when cash payments are received or due in advance of the Company's performance, including amounts that are refundable, which are recorded as contract liabilities. Contract liabilities are classified as Other current liabilities on the consolidated balance sheets, based on the timing of when the Company expects to recognize revenue.

Contract Liabilities
Balance at December 31, 2022
$4,380 
Deferral of revenue5,031 
Recognition of unearned revenue(4,687)
Balance at March 31, 2023
$4,724 
Balance at December 31, 2021
$3,396 
Deferral of revenue431 
Recognition of unearned revenue(617)
Balance at March 31, 2022
$3,210 

3. ACQUISITION AND DIVESTITURES

WebBank Acquisition of Security Premium Finance

On August 2, 2022, the Company, through its wholly-owned subsidiary, WebBank, completed the acquisition of Security Premium Finance Company, LLC ("Security Premium Finance"), based in Coral Gables, Florida for a total purchase price of $47,280 which was financed with cash on hand. The purchase price contains a profit share interest valued at approximately $1,440, of which $190 was unpaid as of March 31, 2023. Security Premium Finance provides insurance premium financing services for commercial and consumer clients to purchase property and casualty insurance products. In connection with the acquisition, the Company recorded premium finance receivables, other intangible assets and goodwill associated with the acquisition, totaling approximately $43,124, $1,370, and $2,959, respectively, as well as other assets and liabilities. Other intangible assets primarily consist of agent relationships. The goodwill from the acquisition consists largely of the synergies expected from combining the operations of the two businesses. The goodwill of $2,959 is expected to be deductible for income tax purposes.

The purchase price and purchase price allocation of Security Premium Finance were finalized as of March 31, 2023, with no significant changes to preliminary amounts. The results of operations of Security Premium Finance are included with WebBank in the Company's Financial Services segment.

2022 Noncontrolling Interest Acquisition

On January 7, 2022, the Company entered into stock purchase agreements with certain stockholders of iGo, Inc. ("iGo") to purchase such stockholders’ shares of iGo common stock at $5.50 per share in cash. Following the acquisition of such shares, the Company owned more than 90% of iGo’s outstanding shares. On January 14, 2022, iGo merged with a subsidiary of the Company ("Merger") without a vote or meeting of iGo's stockholders pursuant to the short-form merger provisions under the Delaware General Corporation Law. All remaining shares of iGo common stock not owned by the Company immediately prior to the Merger were converted into the right to receive $5.50 per share in cash, and the Company acquired all iGo shares it previously did not own for approximately $8,606. Upon completion of the Merger, iGo became a wholly-owned subsidiary of the Company.

2022 Investment in Nonconsolidated Affiliate

On April 1, 2022, the Company acquired an interest in PCS-Mosaic Co-Invest L.P. ("PCS-Mosaic"), a private investment fund for a purchase price of approximately $23,600. The fund is primarily invested in specialized software
10


development and training services. The Company accounts for its investment as an equity method investment as the Company does not have a controlling financial interest. The Company has not elected the fair value option to account for PCS-Mosaic which will be carried at cost, plus or minus the Company's share of net earnings or losses of the investment, subject to certain other adjustments. The Company’s share of net earnings or losses of the investment is included in Income (loss) of associated companies, net of tax on the Company’s consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Due to the timing of receiving financial information from PCS-Mosaic, the Company records its share of net earnings or losses on a three month lag basis.

2022 Divestiture of SLPE Business

On April 25, 2022, the Company completed the sale of its subsidiary, SL Power Electronics Corporation ("SLPE"), to AEI US Subsidiary LLC, a subsidiary of Advanced Energy Industries, Inc. for a sales price of $144,500, consisting entirely of cash, subject to customary closing net working capital adjustments. SLPE designed, manufactured, and marketed power conversion solutions for original equipment manufacturers in the medical, lighting, audio-visual, controls, and industrial sectors and comprised the Company’s Electrical Products business in the Diversified Industrial segment. SLPE recognized net sales of $14,686 and a loss before taxes of $120 for the three months ended March 31, 2022.

4. LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE

Major classifications of Loans receivable, including loans held for sale, held by WebBank as of March 31, 2023 and December 31, 2022 are as follows:
TotalCurrentNon-current
March 31, 2023%December 31, 2022%March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Loans held for sale$694,993 $602,675 $694,993 $602,675 $ $ 
Commercial real estate loans$1,270  %$987  %$ $ $1,270 $987 
Commercial and industrial1,020,600 89 %857,817 87 %544,523 472,934 476,077 384,883 
Consumer loans129,575 11 %123,204 13 %111,350 85,826 18,225 37,378 
Total loans1,151,445 100 %982,008 100 %655,873 558,760 495,572 423,248 
Less:
Allowance for credit losses(36,693)(29,690)(36,693)(29,690)  
Total loans receivable, net$1,114,752 $952,318 619,180 529,070 495,572 423,248 
Loans receivable, including loans held for sale (a)
$1,314,173 $1,131,745 $495,572 $423,248 
(a)    The amortized cost of loans receivable, including loans held for sale, is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, was $1,808,971 and $1,548,035 as of March 31, 2023 and December 31, 2022, respectively.

Loans with an amortized cost of approximately $438,244 and $323,740 were pledged as collateral for potential borrowings as of March 31, 2023 and December 31, 2022, respectively. WebBank serviced $1,901 and $2,700 in loans for others as of March 31, 2023 and December 31, 2022, respectively.

WebBank sold loans classified as loans held for sale of $4,275,373 and $3,006,100 during the three months ended March 31, 2023 and 2022, respectively. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of consumer and small business loans. Amounts added to loans held for sale during the same periods were $4,388,701 and $3,072,573, respectively.

WebBank's ACL increased $7,003, or 23.6%, during the three months ended March 31, 2023. WebBank continues to monitor the impact of the current economic environment, including potential future negative impacts to its loan portfolio.

Changes in the ACL are summarized as follows:
11


Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2022$28 $18,493 $11,169 $29,690 
Impact of adopting current expected credit loss accounting guidance1 1,144 3,597 4,742 
Charge-offs (3,493)(2,539)(6,032)
Recoveries5 328 154 487 
Provision7 5,156 2,643 7,806 
March 31, 2023$41 $21,628 $15,024 $36,693 

Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2021$23 $9,205 $4,697 $13,925 
Charge-offs (947)(1,273)(2,220)
Recoveries7 415 407 829 
 (Benefit) Provision(5)648 639 1,282 
March 31, 2022$25 $9,321 $4,470 $13,816 

The ACL and outstanding loan balances are summarized as follows:
March 31, 2023Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for credit losses:
Individually evaluated for impairment$8 $876 $ $884 
Collectively evaluated for impairment33 20,752 15,024 35,809 
Total$41 $21,628 $15,024 $36,693 
Outstanding loan balances:
Individually evaluated for impairment$8 $4,171 $ $4,179 
Collectively evaluated for impairment1,262 1,016,429 129,575 1,147,266 
Total$1,270 $1,020,600 $129,575 $1,151,445 

December 31, 2022Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for loan losses:
Individually evaluated for impairment$8 $825 $ $833 
Collectively evaluated for impairment20 17,668 11,169 28,857 
Total$28 $18,493