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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, 2024
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 November 1, 2024 was 19,185,453.


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, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$388,124 $577,928 
Trade and other receivables - net of allowance for doubtful accounts of $1,348 and $2,481, respectively
240,473 216,429 
Loans receivable, including loans held for sale of $653,219 and $868,884, respectively, net
1,430,323 1,582,536 
Inventories, net210,714 202,294 
Prepaid expenses and other current assets48,311 48,169 
Total current assets2,317,945 2,627,356 
Long-term loans receivable, net236,603 386,072 
Goodwill145,958 148,838 
Other intangible assets, net101,555 114,177 
Deferred tax assets81,397 581 
Other non-current assets328,423 341,465 
Property, plant and equipment, net278,882 253,980 
Operating lease right-of-use assets64,983 76,746 
Long-term investments78,329 41,225 
Total Assets$3,634,075 $3,990,440 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$154,643 $131,922 
Accrued liabilities98,868 117,943 
Deposits1,475,481 1,711,585 
Other current liabilities91,589 103,682 
Total current liabilities1,820,581 2,065,132 
Long-term deposits258,780 370,107 
Long-term debt120,104 191,304 
Other borrowings2,068 15,065 
Preferred unit liability155,065 154,925 
Accrued pension liabilities43,198 46,195 
Deferred tax liabilities35,073 18,353 
Long-term operating lease liabilities52,094 61,790 
Other non-current liabilities63,439 62,161 
Total Liabilities2,550,402 2,985,032 
Commitments and Contingencies
Capital:
Partners' capital common units: 19,183,332 and 21,296,067 issued and outstanding (after deducting 20,626,267 and 18,367,307 units held in treasury, at cost of $434,367 and $329,297), respectively
1,164,004 1,079,853 
Accumulated other comprehensive loss(121,147)(121,223)
Total Partners' Capital1,042,857 958,630 
Noncontrolling interests in consolidated entities40,816 46,778 
Total Capital1,083,673 1,005,408 
Total Liabilities and Capital$3,634,075 $3,990,440 

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,
2024202320242023
Revenue:
Diversified Industrial net sales$318,642 $299,098 $945,576 $918,570 
Energy net revenue40,266 46,742 109,182 145,220 
Financial Services revenue113,027 106,405 338,575 304,570 
Supply Chain revenue48,488 40,009 136,595 70,190 
Total revenue520,423 492,254 1,529,928 1,438,550 
Costs and expenses:
Cost of goods sold295,577 283,285 872,929 833,977 
Selling, general and administrative expenses137,310 124,934 412,301 376,252 
Asset impairment charge530 — 530 329 
Finance interest expense22,648 22,371 69,697 54,494 
Provision for credit losses7,085 36,969 10,159 47,979 
Interest expense1,993 4,115 5,074 15,934 
Realized and unrealized losses (gains) on securities, net2,060 (8,665)(2,994)(6,151)
Other expense (income), net123 (801)(2,489)(5,806)
Total costs and expenses467,326 462,208 1,365,207 1,317,008 
Income from operations before income taxes and equity method investments53,097 30,046 164,721 121,542 
Income tax provision (benefit)16,224 (981)(31,906)(1,707)
Loss of associated companies, net of taxes— 3,140 7 11,944 
Net income36,873 27,887 196,620 111,305 
Net income attributable to noncontrolling interests in consolidated entities(457)(2,315)(9,635)(1,737)
Net income attributable to common unitholders$36,416 $25,572 $186,985 $109,568 
Net income per common unit - basic
Net income attributable to common unitholders$1.83 $1.20 $9.19 $5.10 
Net income per common unit - diluted
Net income attributable to common unitholders$1.65 $1.14 $8.02 $4.68 
Weighted-average number of common units outstanding - basic
19,929,713 21,298,871 20,338,033 21,495,689 
Weighted-average number of common units outstanding - diluted
23,985,875 25,081,210 24,470,418 25,360,324 

See accompanying Notes to Consolidated Financial Statements
3

STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income$36,873 $27,887 $196,620 $111,305 
Other comprehensive income (loss), net of taxes:
Currency translation adjustments2,234 (1,991)520 (1,073)
Changes in pension liabilities and other post-retirement benefit obligations(444)36 (444)36 
Other comprehensive income (loss)1,790 (1,955)76 (1,037)
Comprehensive income38,663 25,932 196,696 110,268 
Comprehensive (income) loss attributable to noncontrolling interests(457)(2,315)(9,635)(1,737)
Comprehensive income attributable to common unitholders$38,206 $23,617 $187,061 $108,531 

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, 2023
39,663,374 (18,367,307)$(329,297)$1,079,853 $(121,223)$958,630 $46,778 $1,005,408 
Net income— — — 34,231 — 34,231 570 34,801 
Currency translation adjustments
— — — — (1,110)(1,110)— (1,110)
Equity compensation - restricted units
2,995 — — 381 — 381 — 381 
Tax withholding related to vesting of restricted units(609)— — (587)— (587)— (587)
Share-based long term incentive plan unit awards27,538 — — 1,604 — 1,604 — 1,604 
Purchases of SPLP common units— (933,787)(39,487)(39,487)— (39,487)— (39,487)
Adjustment to interest in consolidated subsidiaries— — — — — — 155 155 
Other, net
— — — 34 — 34 11 45 
Balance as of March 31, 2024
39,693,298 (19,301,094)(368,784)1,076,029 (122,333)953,696 47,514 1,001,210 
Net income — — — 116,338 — 116,338 8,608 124,946 
Currency translation adjustments— — — — (604)(604)— (604)
Equity compensation - restricted units125,577 — — 522 — 522 — 522 
Tax withholding related to vesting of restricted units(1,515)— — (55)— (55)— (55)
Purchases of SPLP common units— (43,557)(1,646)(1,646)— (1,646)— (1,646)
Adjustment to interest in consolidated subsidiaries— — — — — — (10,697)(10,697)
Other, net— — — 10 — 10 46 56 
Balance as of June 30, 202439,817,360 (19,344,651)(370,430)1,191,198 (122,937)1,068,261 45,471 1,113,732 
Net income— — — 36,416 — 36,416 457 36,873 
Currency translation adjustments— — — — 2,234 2,234 — 2,234 
Changes in pension liabilities and post-retirement benefit obligations— — — — (444)(444)— (444)
Equity compensation - restricted units2,793 — — 765 — 765 — 765 
Tax withholding related to vesting of restricted units(10,554)— — (417)— (417)— (417)
Purchases of SPLP common units— (1,281,616)(63,937)(63,937)— (63,937)— (63,937)
Adjustment to interest in consolidated subsidiaries— — — — — — (5,112)(5,112)
Other, net— — — (21)— (21)— (21)
Balance as of September 30, 2024
39,809,599 (20,626,267)$(434,367)$1,164,004 $(121,147)$1,042,857 $40,816 $1,083,673 


5

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 units
17,174 — — 419 — 419 — 419 
Tax withholding related to the 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 $(150,956)866,320 49,562 915,882 
Net income— — — 25,572 — 25,572 2,315 27,887 
Currency translation adjustments— — — — (1,991)(1,991)— (1,991)
Changes in pension liabilities and post-retirement benefit obligations— — — — 36 36 — 36 
Equity compensation - restricted units
2,284 — — 599 — 599 — 599 
Purchases of SPLP common units— (111,118)(4,891)(4,891)— (4,891)— (4,891)
Adjustment to interest in consolidated subsidiaries— — — (110)— (110)(2,440)(2,550)
Other, net— — (1)1 — 1 (1)— 
Balance as of September 30, 2023
39,664,210 (18,359,295)$(328,985)$1,038,447 $(152,911)$885,536 $49,436 $934,972 

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,
20242023
Cash flows from operating activities:
Net income$196,620 $111,305 
Adjustments to reconcile net income from operations to net cash (used in) provided by operating activities:
Provision for credit losses 10,159 47,979 
Loss of associated companies, net of taxes7 11,944 
Realized and unrealized gains on securities, net(2,994)(6,151)
Derivative gains on economic interests in loans(4,187)(3,762)
Non-cash pension expense4,199 8,948 
Deferred income taxes(65,224)(30,390)
Depreciation and amortization43,839 41,433 
Non-cash lease expense17,342 12,710 
Equity-based compensation1,668 1,007 
Asset impairment charges530 329 
Other1,317 2,193 
Net change in operating assets and liabilities:
Trade and other receivables(24,479)(12,999)
Inventories(8,243)6,241 
Prepaid expenses and other assets2,544 (1,038)
Accounts payable, accrued and other liabilities(20,590)(4,689)
Net decrease (increase) in loans held for sale215,665 (173,385)
Net cash provided by operating activities$368,173 $11,675 
Cash flows from investing activities:
Purchases of investments(50,706)(204,611)
Proceeds from sales of investments13,788 207,893 
Proceeds from maturities of investments16,832 41,058 
Principal repayment on Steel Connect Convertible Note— 1,000 
Loan originations, net of collections76,790 (242,667)
Purchases of property, plant and equipment(55,712)(36,667)
Proceeds from sale of property, plant and equipment1,501 490 
Increase in cash upon consolidation of Steel Connect— 65,896 
Other(181)(1,084)
Net cash provided by (used in) investing activities$2,312 $(168,692)
Cash flows from financing activities:
Net revolver (repayments) borrowings(71,149)6,910 
Repayments of term loans(51)(51)
Purchases of the Company's common units(105,070)(19,727)
Purchases of the Company's preferred units(1,830)— 
Net decrease in other borrowings(10,528)(21,277)
Distribution to preferred unitholders(7,139)(7,225)
Purchase of subsidiary shares from noncontrolling interests(16,181)(2,784)
Tax withholding related to vesting of restricted units(1,059)(433)
Net (decrease) increase in deposits(347,430)531,006 
Net cash (used in) provided by financing activities$(560,437)$486,419 
Net change for the period(189,952)329,402 
Effect of exchange rate changes on cash and cash equivalents148 (1,701)
Cash, cash equivalents and restricted cash at beginning of period577,928 234,448 
Cash, cash equivalents and restricted cash at end of period$388,124 $562,149 

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 (the "Management Agreement") discussed in further detail in Note 16 - "Related Party Transactions."

Basis of Presentation

The accompanying unaudited consolidated financial statements as of September 30, 2024 and for the three and nine month periods ended September 30, 2024 and 2023, 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 since 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 nine months ended September 30, 2024 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, 2023 ("Annual Report" or "Form 10-K"), from which the consolidated balance sheet as of December 31, 2023 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 except for Steel Connect, which closes its books for its fiscal years on July 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 2022, the FASB issued Accounting Standards Update ("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 Company adopted ASU 2022-03 on January 1, 2024. The adoption did not have any impact on the Company's consolidated financial statements and disclosures.

Accounting Standards Not Yet Effective

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The
8

new guidance requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a quantitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption and retrospective application permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption will not impact its consolidated balance sheets or income statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The new guidance requires a public entity to disclose significant expenses and other segment items that are regularly reported to the chief operating decision maker ("CODM") and the nature of segment expense information used to manage operations. Additionally, it requires a public entity to disclose the title and position of the CODM. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statement disclosures; however, adoption will not impact its consolidated balance sheets or income statements.

In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 applies to the formation of a "joint venture" or a "corporate joint venture" and requires a joint venture to initially measure all contributions received upon its formation at fair value. The new guidance is applicable to joint venture entities with a formation date on or after January 1, 2025, on a prospective basis. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact of this accounting standard; however, adoption is not expected to have a material impact on its consolidated balance sheets or income statements.

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 nine months ended September 30, 2024 and 2023. 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
September 30,		Nine Months Ended
September 30,
2024202320242023
United States$464,471 $443,981 $1,368,289 $1,327,713 
Foreign55,952 48,273 161,639 110,837 
Total revenue$520,423 $492,254 $1,529,928 $1,438,550 

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

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 September 30, 2024 and December 31, 2023, the contract asset balance was $6,374 and $5,317, respectively.

9

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, 2023
$7,388 
Deferral of revenue14,805 
Recognition of unearned revenue(16,120)
Balance at September 30, 2024
$6,073 
Balance at December 31, 2022
$4,380 
Deferral of revenue17,416 
Recognition of unearned revenue(15,578)
Balance at September 30, 2023
$6,218 

3. ACQUISITIONS AND DIVESTITURES

STCN Transfer and Exchange Agreement

On April 30, 2023, the Company and Steel Connect, 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"). The Series E Convertible Preferred Stock is convertible into an aggregate of 184.9 million shares (19.8 million shares post June 21, 2023 reverse/forward stock split) 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, when combined with STCN common stock, STCN convertible debt, if converted, and STCN Series C preferred shares, also if converted, owned by the Company, would result in the Steel Partners Group holding approximately 84.0% of the outstanding equity interests of Steel Connect as of the Exchange Transaction closing date. The Exchange Transaction closed on May 1, 2023, the date that the consideration was exchanged between the Company and Steel Connect and as of that date Steel Connect became a consolidated subsidiary for financial reporting 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. 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 as of the Exchange Transaction closing date. 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 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 purchase price and purchase price allocation of the Exchange Transaction were finalized as of December 31, 2023, with no significant changes to preliminary amounts.

The following table summarizes the total Exchange Transaction consideration:

10

(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 stock19,010 
Steel Connect Series C Preferred Stock35,000 
Steel Connect Convertible Note13,006 
Noncontrolling interest ("NCI") at fair value44,800 
Less cash acquired(65,896)
Total estimated consideration, less cash acquired$248,653 

The Company remeasured the fair value of STCN common stock using the quoted market price available on the date immediately prior to when the Exchange Transaction was executed, which was the closing market price as of Friday, April 28, 2023, as that represented the information known and knowable at the time of the Exchange Transaction. The Company notes that the change in the calculation resulted in other adjustments which reallocated the components of total estimated consideration between the fair value of previously held STCN common stock and NCI, with no change to the overall consideration transferred. The other adjustments were recorded as of December 31, 2023 and did not result in any other changes to assets or liabilities recognized by the Company.

The Company's fair value estimates of the assets acquired and the liabilities assumed in the Exchange Transaction, as well as final fair value allocations reflecting adjustments made during the measurement period to date, are as follows:

(in thousands)Initial EstimateOther AdjustmentsFinal Allocation
Trade and other receivables$36,900 $— $36,900 
Inventories, net6,900 — 6,900 
Prepaid expenses and other current assets5,000 — 5,000 
Identifiable intangible assets36,000 (500)35,500 
Other non-current assets3,900 — 3,900 
Property, plant and equipment, net3,400 — 3,400 
Operating lease right-of-use assets29,250 — 29,250 
Investments202,733 — 202,733 
Total assets acquired324,083 (500)323,583 
Accounts payable26,300 — 26,300 
Accrued liabilities29,100 (3,082)26,018 
Other current liabilities15,230 — 15,230 
Long-term operating lease liabilities 21,300 — 21,300 
Other non-current liabilities5,500 300 5,800 
Total liabilities assumed97,430 (2,782)94,648 
Goodwill22,000 (2,282)19,718 
Net assets acquired at fair value$248,653 $(3,082)$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.

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
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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 closing date were as follows:

(in thousands)Useful Life (Years)Amount
Customer relationships
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$25,000 
Trade nameIndefinite10,500 
Estimated fair value of identifiable intangible assets$35,500 

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

4. LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE

Major classifications of Loans receivable, including loans held for sale, held by WebBank as of September 30, 2024 and December 31, 2023 are as follows:
TotalCurrentNon-current
September 30, 2024%December 31, 2023%September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Loans held for sale$653,219 $868,884 $653,219 $868,884 $— $— 
Commercial real estate loans$3,588 — %$2,078 — %$— $— $3,588 $2,078 
Commercial and industrial932,488 90 %980,722 87 %724,592 646,890 207,896 333,832 
Consumer loans102,267 10 %142,410 13 %74,257 92,248 28,010 50,162 
Total loans1,038,343 100 %1,125,210 100 %798,849 739,138 239,494 386,072 
Less:
Allowance for credit losses(24,636)(25,486)(21,745)(25,486)(2,891)— 
Total loans receivable, net$1,013,707 $1,099,724 777,104 713,652 236,603 386,072 
Loans receivable, including loans held for sale (a)
$1,430,323 $1,582,536 $236,603 $386,072 
(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 $1,665,594 and $1,967,021 as of September 30, 2024 and December 31, 2023, respectively.

Loans with an amortized cost of approximately $246,346 and $381,256 were pledged as collateral for potential borrowings as of September 30, 2024 and December 31, 2023, respectively. WebBank serviced $1,699 and $1,744 in loans for others as of September 30, 2024 and December 31, 2023, respectively.

WebBank sold loans classified as loans held for sale of $20,355,843 and $13,811,235 during the nine months ended September 30, 2024 and 2023, 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 $20,332,799 and $14,104,112, respectively.

WebBank's allowance for credit losses ("ACL") increased $3,815, or 18.3%, during the three months ended September 30, 2024 and decreased $850, or 3.3% during the nine months ended September 30, 2024. The increase in ACL was primarily due to underperformance of collateral on one of WebBank’s asset-based lending loans and reduced collateral on commercial premium finance loans, partially offset by a reduction in loan balances.











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Changes in the ACL are summarized as follows:
Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2023$75 $14,744 $10,667 $25,486 
Charge-offs— (2,644)(2,100)(4,744)
Recoveries—