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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 June 30, 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 August 1, 2023 was 21,362,759.



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)
June 30, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$353,157 $234,448 
Trade and other receivables - net of allowance for doubtful accounts of $2,425 and $2,414, respectively
254,986 183,861 
Loans receivable, including loans held for sale of $743,594 and $602,675, respectively, net
1,428,283 1,131,745 
Inventories, net224,102 214,084 
Prepaid expenses and other current assets44,396 41,090 
Total current assets2,304,924 1,805,228 
Long-term loans receivable, net462,729 423,248 
Goodwill148,027 125,813 
Other intangible assets, net123,347 94,783 
Other non-current assets165,980 195,859 
Property, plant and equipment, net246,503 238,510 
Operating lease right-of-use assets75,531 42,711 
Long-term investments239,842 309,697 
Total Assets$3,766,883 $3,235,849 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$135,932 $109,572 
Accrued liabilities136,082 112,744 
Deposits1,613,022 1,360,477 
Short-term debt283 685 
Current portion of long-term debt67 67 
Other current liabilities90,012 65,598 
Total current liabilities1,975,398 1,649,143 
Long-term deposits304,809 208,004 
Long-term debt184,788 179,572 
Other borrowings25,715 41,682 
Preferred unit liability153,576 152,247 
Accrued pension liabilities90,053 84,948 
Deferred tax liabilities15,956 41,055 
Long-term operating lease liabilities61,736 35,512 
Other non-current liabilities38,970 42,226 
Total Liabilities2,851,001 2,434,389 
Commitments and Contingencies
Capital:
Partners' capital common units: 21,413,749 and 21,605,093 issued and outstanding (after deducting 18,248,177 and 17,904,679 units held in treasury, at cost of $324,093 and $309,257), respectively
1,017,276 952,094 
Accumulated other comprehensive loss(150,956)(151,874)
Total Partners' Capital866,320 800,220 
Noncontrolling interests in consolidated entities49,562 1,240 
Total Capital915,882 801,460 
Total Liabilities and Capital$3,766,883 $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
June 30,
Six Months Ended
June 30,
2023202220232022
Revenue:
Diversified Industrial net sales$315,046 $346,664 $619,472 $673,913 
Energy net revenue50,314 47,024 98,478 85,341 
Financial Services revenue105,384 47,720 198,165 87,899 
Supply Chain revenue30,181  30,181  
Total revenue500,925 441,408 946,296 847,153 
Costs and expenses:
Cost of goods sold289,399 288,813 550,692 556,983 
Selling, general and administrative expenses136,364 100,841 251,318 186,965 
Asset impairment charges329 32 329 435 
Finance interest expense18,382 1,672 32,123 2,836 
Provision for credit losses3,204 3,883 11,010 5,165 
Interest expense5,833 4,818 11,819 9,342 
Gains from sales of businesses (85,185) (85,185)
Realized and unrealized losses (gains) on securities, net3,121 (1,515)2,514 26,211 
Other income, net(3,829)(1,240)(5,005)(1,681)
Total costs and expenses452,803 312,119 854,800 701,071 
Income from operations before income taxes and equity method investments48,122 129,289 91,496 146,082 
Income tax (benefit) provision(15,330)39,436 (726)47,045 
Loss (income) of associated companies, net of taxes4,837 (2,260)8,804 2,383 
Net income58,615 92,113 83,418 96,654 
Net loss (income) attributable to noncontrolling interests in consolidated entities535 (35)578 (11)
Net income attributable to common unitholders$59,150 $92,078 $83,996 $96,643 
Net income per common unit - basic
Net income attributable to common unitholders$2.75 $4.03 $3.89 $4.29 
Net income per common unit - diluted
Net income attributable to common unitholders$2.44 $3.52 $3.53 $3.82 
Weighted-average number of common units outstanding - basic
21,506,699 22,846,677 21,595,730 22,529,635 
Weighted-average number of common units outstanding - diluted
25,462,813 27,061,579 25,501,513 26,931,547 

See accompanying Notes to Consolidated Financial Statements
3


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Net income$58,615 $92,113 $83,418 $96,654 
Other comprehensive (loss) income, net of taxes:
Currency translation adjustments(175)(2,194)918 (2,653)
Other comprehensive (loss) income(175)(2,194)918 (2,653)
Comprehensive income58,440 89,919 84,336 94,001 
Comprehensive loss (income) attributable to noncontrolling interests535 (35)578 (11)
Comprehensive income attributable to common unitholders$58,975 $89,884 $84,914 $93,990 

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 $801,460 
Cumulative effect of change in accounting principle for current expected credit losses, net of tax— — — (3,862)— (3,862)— (3,862)
Net income (loss)— — — 24,846 — 24,846 (43)24,803 
Currency translation adjustments
— — — — 1,093 1,093 — 1,093 
Equity compensation - restricted units
146,414 — — (11)— (11)— (11)
Tax withholding related to vesting of restricted units(8,972)— — (333)— (333)— (333)
Purchases of SPLP common units— (75,504)(3,248)(3,248)— (3,248)— (3,248)
Other, net
— — — (61)— (61)— (61)
Balance as of March 31, 202339,647,214 (17,980,183)(312,505)969,425 (150,781)818,644 1,197 819,841 
Net income — — — 59,150 — 59,150 (535)58,615 
Currency translation adjustments— — — — (175)(175)— (175)
Equity compensation - restricted units17,174 — — 419 — 419 — 419 
Tax withholding related to vesting of restricted units(2,462)— — (100)— (100)— (100)
Purchases of SPLP common units— (267,994)(11,588)(11,588)— (11,588)— (11,588)
Noncontrolling interests assumed upon consolidation of Steel Connect (Note 3)— — — — — — 48,900 48,900 
Other, net— — — (30)— (30)— (30)
Balance as of June 30, 202339,661,926 (18,248,177)$(324,093)$1,017,276 $(150,956)$866,320 $49,562 $915,882 


5


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 $669,048 
Net income (loss)— — — 4,565 — 4,565 (24)4,541 
Currency translation adjustments
— — — — (459)(459)— (459)
Equity compensation - restricted units
(37,315)— — 119 — 119 — 119 
Purchases of SPLP common units
— (268,623)(10,418)(10,418)— (10,418)— (10,418)
Purchases of subsidiary shares from noncontrolling interests— — — (3,942)— (3,942)(4,664)(8,606)
Balance as of March 31, 202237,791,626 (17,079,555)(274,702)785,464 (132,262)653,202 1,023 654,225 
Net income— — — 92,078 — 92,078 35 92,113 
Currency translation adjustments— — — — (2,194)(2,194)— (2,194)
Equity compensation - restricted units
1,705,239 — — 354 — 354 — 354 
Purchases of SPLP common units— (500,064)(20,999)(20,999)— (20,999)— (20,999)
Other, net— — — 11 — 11 — 11 
Balance as of June 30, 202239,496,865 (17,579,619)$(295,701)$856,908 $(134,456)$722,452 $1,058 $723,510 

See accompanying Notes to Consolidated Financial Statements
6


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Six Months Ended June 30,
20232022
Cash flows from operating activities:
Net income83,418 96,654 
Adjustments to reconcile net income from operations to net cash (used in) provided by operating activities:
Provision for credit losses 11,010 5,165 
Loss of associated companies, net of taxes8,804 2,383 
Realized and unrealized losses on securities, net2,514 26,211 
Gains on sales of businesses (85,185)
Derivative gains on economic interests in loans(2,347)(2,382)
Deferred income taxes(20,923)15,161 
Depreciation and amortization26,740 27,511 
Non-cash lease expense7,166 4,991 
Equity-based compensation408 473 
Other7,498 (1,809)
Net change in operating assets and liabilities:
Trade and other receivables(33,332)(32,706)
Inventories(2,671)(38,290)
Prepaid expenses and other assets(5,884)(7,213)
Accounts payable, accrued and other liabilities4,007 75,507 
Net increase in loans held for sale(140,919)(187,332)
Net cash used in operating activities(54,511)(100,861)
Cash flows from investing activities:
Purchases of investments(14,194)(144,227)
Proceeds from maturities of investments38,291 6,900 
Return of investment in associated companies1,000  
Loan originations, net of collections(210,852)(13,640)
Purchases of property, plant and equipment(23,551)(18,470)
Net proceeds from sales of businesses 142,081 
Increase in cash upon consolidation of Steel Connect65,896  
Other(492) 
Net cash used in investing activities(143,902)(27,356)
Cash flows from financing activities:
Net revolver borrowings (repayments)4,848 (94,551)
Repayments of term loans(34)(51)
Purchases of the Company's common units(14,836)(31,417)
Net decrease in other borrowings(15,903)(214,211)
Distribution to preferred unitholders(4,817)(4,817)
Purchase of subsidiary shares from noncontrolling interest (8,606)
Tax withholding related to vesting of restricted units(433) 
Net increase in deposits349,350 360,620 
Net cash provided by financing activities318,175 6,967 
Net change for the period119,762 (121,250)
Effect of exchange rate changes on cash and cash equivalents(1,053)(2,490)
Cash, cash equivalents and restricted cash at beginning of period234,448 325,363 
Cash, cash equivalents and restricted cash at end of period$353,157 $201,623 

See accompanying Notes to Consolidated Financial Statements
7


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, and price per ounce.

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, Financial Services and Supply Chain, 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 June 30, 2023 and for the three and six month periods ended June 30, 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. The financial results of Steel Connect, Inc. ("Steel Connect" or "STCN") have been included in the Company's consolidated financial statements from the acquisition date of May 1, 2023 (see Note 3 - "Acquisitions and Divestitures"). 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 and six months ended June 30, 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.
8



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.
9



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 and six months ended June 30, 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
June 30,
Six Months Ended
June 30,
2023202220232022
United States$457,567 $419,645 $883,732 $803,915 
Foreign43,358 21,763 62,564 43,238 
Total revenue$500,925 $441,408 $946,296 $847,153 

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

10


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 June 30, 2023 and December 31, 2022, the contract asset balance was $6,245 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 revenue12,739 
Recognition of unearned revenue(10,063)
Balance at June 30, 2023
$7,056 
Balance at December 31, 2021
$3,396 
Deferral of revenue3,200 
Recognition of unearned revenue(3,437)
Balance at June 30, 2022
$3,159 

3. ACQUISITIONS AND DIVESTITURES

Transfer and Exchange Agreement

On April 30, 2023, the Company and Steel Connect, Inc. ("Steel Connect" or "STCN"), executed a series of agreements, in which the Company and certain of its affiliates (the "Steel Partners Group") transferred an aggregate of 3,597,744 shares of common stock, par value $0.10 per share, of Aerojet Rocketdyne Holdings, Inc. ("Aerojet") held by the Steel Partners Group to Steel Connect in exchange for 3,500,000 shares of newly created Series E Convertible Preferred Stock of Steel Connect (the “Series E Convertible Preferred Stock” and such transfer and related transactions, the "Exchange Transaction"). Following approval by the Steel Connect stockholders pursuant to the rules of The Nasdaq Stock Market LLC, the Series E Convertible Preferred Stock is convertible into an aggregate of 184.9 million shares of Steel Connect common stock, par value $0.01 per share (the “common stock” or “Common Stock”), and will vote together with the Steel Connect common stock and participate in any dividends paid on the Steel Connect common stock, in each case on an as-converted basis. Upon conversion of the Series E Convertible Preferred Stock, the Steel Partners Group would hold approximately 84.0% of the outstanding equity interests of Steel Connect, and Steel Connect became a consolidated subsidiary for financial statement purposes. Steel Connect is not consolidated for Federal income tax purposes because the ownership in Steel Connect is dispersed between different federal tax consolidation groups. The Exchange Transaction closed on May 1, 2023, the date that the consideration was exchanged between the Company and Steel Connect. Steel Connect's assets and liabilities have been included in the Company's consolidated balance sheet, with a related noncontrolling interest of 16.0% of STCN's common stock. Prior to May 1, 2023, the Company held a 49.6% ownership interest in Steel Connect and accounted for its investment in Steel Connect in accordance with the equity method of accounting. The Company remeasured the previously held equity method investment to its fair value based upon a valuation of Steel Connect, as of the date of the Exchange Transaction. The Exchange Transaction accomplishes the Company's objective, which is to increase ownership in Steel Connect in order to benefit from future earnings and growth and strengthens Steel Connect’s balance sheet to permit it to do acquisitions.

The Exchange Transaction was accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, and, accordingly, Steel Connect’s results of operations have been consolidated in our financial statements since the date of the Exchange Transaction. The Company recorded a preliminary allocation of the Exchange Transaction to assets acquired and liabilities assumed based on their estimated fair values as of May 1, 2023. The final Exchange Transaction allocation, which is expected to be completed in the fourth quarter of 2023, will be based on final appraisals and other analysis of fair values of acquired assets and liabilities. The Company does not expect that differences between the preliminary and final Exchange Transaction allocation will have a material impact on its results of operations or financial position. The transaction costs associated with the Exchange Transaction were approximately $1,803 and were expensed as incurred within selling, general and administrative expenses for the six months ended June 30, 2023.
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The following table summarizes the total Exchange Transaction consideration:

(in thousands)May 1, 2023
Fair value of Aerojet common stock$202,733 
Fair value of previously held interests in Steel Connect:
Steel Connect common stock14,910 
Steel Connect Series C Preferred Stock35,000 
Steel Connect Convertible Note13,006 
Noncontrolling interest at fair value48,900 
Less cash acquired(65,896)
Total estimated consideration, less cash acquired$248,653 

The following table summarizes the initial fair value amounts recognized for each major class of assets acquired or liabilities assumed and noncontrolling interests at the transaction date:

(in thousands)May 1, 2023
Trade and other receivables$36,900 
Inventories, net6,900 
Prepaid expenses and other current assets5,000 
Identifiable intangible assets36,000 
Other non-current assets3,900 
Property, plant and equipment, net3,400 
Operating lease right-of-use assets29,250 
Investments202,733 
Total assets acquired324,083 
Accounts payable26,300 
Accrued liabilities29,100 
Other current liabilities15,230 
Long-term operating lease liabilities 21,300 
Other non-current liabilities5,500 
Total liabilities assumed97,430 
Goodwill22,000 
Net assets acquired at fair value$248,653 

The excess of the Exchange Transaction consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill, which was primarily attributed to expected synergies and the assembled workforce of Steel Connect and will not be deductible for income tax purposes. The fair values assigned to the net identifiable assets and liabilities assumed were based on management’s estimates and assumptions.

12


Identifiable intangible assets were recognized at their estimated acquisition date fair values. The fair value of the trade name asset was determined using the relief-from-royalty method and the fair value of the customer relationships asset was determined using the excess earnings method. These income-based approaches included assumptions such as the amount and timing of projected cash flows, growth rates, customer attrition rates, discount rates, and the assessment of the asset’s life cycle. The estimated fair value and estimated remaining useful lives of identifiable intangible assets as of the Exchange Transaction date were as follows:

(in thousands)Useful Life (Years)Amount
Customer relationships
7
$25,500 
Trade nameIndefinite10,500 
Estimated fair value of identifiable intangible assets$36,000 

The operating results of Steel Connect have been included in our consolidated financial statements since the date of the Exchange Transaction.

(Unaudited) Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the fiscal year ended December 31, 2022, has been prepared as if the Exchange Transaction had occurred on January 1, 2021.

(in thousands, except per share data)As reportedPro Forma
Total revenue$1,695,441 $1,902,177 
Income from operations before income taxes and equity method investments$275,498 $284,111 
Net income$206,165 $271,215 
Net income per common unit - basic$9.03 $11.62 
Net income per common unit - diluted$8.12 $10.33 

The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the transaction been consummated as of that time, nor is it intended to be a projection of future results.

2022 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
13


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 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. 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 $4,722 and $19,408 and income before taxes of $191 and $72 for the three months and six months ended June 30, 2022, respectively.

4. LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE

Major classifications of Loans receivable, including loans held for sale, held by WebBank as of June 30, 2023 and December 31, 2022 are as follows:
TotalCurrentNon-current
June 30, 2023%December 31, 2022%June 30, 2023December 31, 2022June 30, 2023December 31, 2022
Loans held for sale$743,594 $602,675 $743,594 $602,675 $ $ 
Commercial real estate loans$1,484  %$987  %$ $ $1,484 $987 
Commercial and industrial1,031,208 87 %857,817 87 %593,541 472,934 437,667 384,883 
Consumer loans148,837 13 %123,204 13 %125,259 85,826 23,578 37,378 
Total loans1,181,529 100 %982,008 100 %718,800 558,760 462,729 423,248 
Less:
Allowance for credit losses(34,111)(29,690)(34,111)(29,690)  
Total loans receivable, net$1,147,418 $952,318 684,689 529,070 462,729 423,248 
Loans receivable, including loans held for sale (a)
$1,428,283 $1,131,745 $462,729 $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 $1,892,219 and $1,548,035 as of June 30, 2023 and December 31, 2022, respectively.

Loans with an amortized cost of approximately $398,514 and $323,740 were pledged as collateral for potential borrowings as of June 30, 2023 and December 31, 2022, respectively. WebBank serviced $1,746 and $2,700 in loans for others as of June 30, 2023 and December 31, 2022, respectively.

WebBank sold loans classified as loans held for sale of $8,839,805 and $6,965,315 during the six months ended June 30, 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 $9,072,787 and $7,182,804, respectively.

14


WebBank's ACL decreased $2,582, or 7.0%, during the three months ended June 30, 2023 and increased $4,421, or 14.9% during the six months ended June 30, 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:
Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2022$28 $18,493 $11,169 $29,690 
Impact of adopting current expected credit loss accounting guidance (see Note 1)1 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 
Charge-offs (3,826)(2,462)(6,288)
Recoveries54 366 82 502 
(Benefit) Provision(47)4,815 (1,564)3,204 
June 30, 2023$48 $22,983 $11,080 $34,111 

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 
Charge-offs (1,005)(884)(1,889)
Recoveries6 410 276 692 
(Benefit) Provision(6)2,489 1,400 3,883 
June 30, 2022$25 $11,215 $5,262 $16,502 

The ACL and outstanding loan balances are summarized as follows:
June 30, 2023Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for credit losses:
Individually evaluated for impairment$8 $932 $ $940 
Collectively evaluated for impairment40 22,051 11,080 33,171 
Total$48 $22,983 $11,080 $34,111 
Outstanding loan balances:
Individually evaluated for impairment$8 $3,448 $ $3,456 
Collectively evaluated for impairment1,476 1,027,760 148,837 1,178,073 
Total$1,484 $1,031,208 $148,837 $1,181,529 

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 $11,169 $29,690 
Outstanding loan balances:
Individually evaluated for impairment$8 $4,357 $ $4,365 
Collectively evaluated for impairment979 853,460 123,204 977,643 
Total$