The Company's short-term investments primarily consist of its marketable securities portfolio. The classification of marketable securities as a current asset is based on the intended holding period and realizability of the investments. The investments are carried at fair value and totaled $137 and $220 as of September 30, 2020 and December 31, 2019, respectively. Unrealized losses on short-term investments for the three months ended September 30, 2020 and 2019 totaled $19 and $342, respectively, and $39 and $342 in the nine months ended September 30, 2020 and 2019, respectively.


	Ownership %				Long-Term Investments Balance

	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Corporate securities (a)					$	159,212	$	186,777
Collateralized debt securities					433		855

Steel Connect, Inc. ("STCN") convertible notes (b)					9,055		11,839
STCN preferred stock (c)					25,918		39,178



STCN common stock	29.0	%	29.4	%	9,819		26,547
Aviat Networks, Inc. ("Aviat") common stock	12.4	%	12.4	%	14,719		9,417
Other	—	%	43.8	%	—		1,223


Total					$	219,156	$	275,836

(b) Represents investment in STCN convertible notes. The convertible notes outstanding as of December 31, 2018 matured on March 1, 2019. The Company entered into a new convertible note with STCN ("New Note") on February 28, 2019, which matures on March 1, 2024. The cost basis of the New Note totaled $14,943 as of September 30, 2020 and the gross unrealized loss was $5,888 as of September 30, 2020. The New Note is convertible into shares of STCN's common stock at an initial conversion rate of 421.2655 shares of common stock per $1,000 principal amount of the New Note (which is equivalent to an initial conversion price of approximately $2.37 per share), subject to

adjustment upon the occurrence of certain events. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment. The New Notes, if converted as of September 30, 2020, when combined with STCN common and preferred shares, also if converted, owned by the Company, would result in the Company having a direct interest of approximately 48.7% of STCN's outstanding shares.

(c) Represents investment in shares of STCN preferred stock with a cost basis of $35,633. Each share of preferred stock can be converted into shares of STCN's common stock at an initial conversion price equal to $1.96 per share, subject to adjustment upon the occurrence of certain events. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment.


	(Income) Loss of Associated Companies, Net of Taxes
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
STCN convertible notes	$	(530)	$	246	$	2,784	$	1,752
STCN preferred stock	(1,755)		456		13,260		(1,612)



STCN common stock	968		1,128		14,839		(346)
Aviat common stock	(1,877)		25		(4,003)		(202)
Other	—		—		(460)		—


Total	$	(3,194)	$	1,855	$	26,420	$	(408)

The amounts of unrealized gains (losses) for the three and nine months ended September 30, 2020 and 2019 that relate to equity securities still held as of September 30, 2020 and 2019, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net gains (losses) recognized during the period on equity securities	$	969	$	30,234	$	(25,515)	$	68,720
Less: Net gains (losses) recognized during the period on equity securities sold during the period	—		5,691		(2,706)		5,691
Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period	$	969	$	24,543	$	(22,809)	$	63,029

The Company's investments in associated companies are eligible to be accounted for under the equity method of accounting, however, the Company has elected the fair value option for most of these investments. Associated companies are included in the Corporate and Other segment. Certain associated companies have a fiscal year end that differs from December 31. Additional information for SPLP's significant investments in associated companies is as follows:

•STCN operates through its wholly-owned subsidiaries, IWCO Direct Holdings, Inc. ("IWCO") and ModusLink Corporation ("ModusLink"). IWCO delivers data-driven marketing solutions for its customers. Its full range of services includes strategy, creative and execution for omnichannel marketing campaigns, along with postal logistics programs for direct mail. Through its Mail-Gard® division, IWCO also offers business continuity and disaster recovery services to protect against unexpected business interruptions, along with providing print and mail outsourcing services. ModusLink is a supply chain business process management company serving clients in markets such as consumer electronics, communications, computing, medical devices, software and retail.

•Aviat designs, manufactures and sells a range of wireless networking solutions and services to mobile and fixed telephone service providers, private network operators, government agencies, transportation and utility companies, public safety agencies and broadcast system operators across the globe.

The following summary balance sheet amounts are for STCN as of July 31, 2020 and 2019, respectively, and the statements of operations amounts are for the three months and nine months ended July 31, 2020 and 2019, respectively, which are both STCN's nearest corresponding fiscal quarters to the Company's fiscal quarters ended September 30, 2020 and 2019:


	July 31, 2020		July 31, 2019
Summary of balance sheet amounts:
Current assets	$	223,543	$	213,324
Non-current assets	535,629		518,239
Total assets	$	759,172	$	731,563

Current liabilities	$	249,932	$	256,850
Non-current liabilities	425,242		386,835
Total liabilities	675,174		643,685
Contingently redeemable preferred stock	35,180		35,186
Equity	48,818		52,692
Total liabilities and equity	$	759,172	$	731,563

	Three Months Ended July 31,				Nine Months Ended July 31,
	2020		2019		2020		2019
Summary operating results:
Net revenue	$	164,857	$	204,471	$	557,660	$	604,697
Gross profit	$	39,994	$	37,126	$	118,713	$	111,530
Net loss	$	(360)	$	(37,982)	$	(10,076)	$	(59,362)

WebBank has held-to-maturity ("HTM") debt securities which are carried at amortized cost and included in Other non-current assets on the Company's consolidated balance sheets. The amount and contractual maturities of HTM debt securities are noted in the tables below. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. The securities are collateralized by unsecured consumer loans.


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains (Losses)		Estimated Fair Value		Carrying Value
Collateralized securities	$	12,384	$	70	$	12,454	$	12,384

Contractual maturities within:
One year to five years							2,273
Five years to ten years							8,499
After ten years							1,612
Total							$	12,384

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains (Losses)		Estimated Fair Value		Carrying Value
Collateralized securities	$	37,896	$	(3)	$	37,893	$	37,896

Contractual maturities within:
One year to five years							23,339
Five years to ten years							12,373
After ten years							2,184
Total							$	37,896

WebBank regularly evaluates each HTM debt security whose value has declined below amortized cost to assess whether the decline in fair value is other-than-temporary. If there is an other-than-temporary impairment in the fair value of any individual security classified as HTM, WebBank writes down the security to fair value with a corresponding credit loss portion charged to earnings, and the non-credit portion charged to accumulated other comprehensive income or loss ("AOCI").