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美國
證券交易委員會
華盛頓特區20549

表格 10-Q
（標記一）
☑根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
or
☐根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從___________到_____________

委託文件編號：001-39866001-35493
Steel Partners logo - C (002).jpg
鋼鐵合作伙伴控股有限合夥
（依據其憲章指定的註冊名稱）
特拉華州13-3727655
（註冊地或其他組織機構的州或其他轄區）（納稅人識別號碼）
590麥迪遜大道，32nd樓層
紐約, 紐約
10022
(主要領導機構的地址)(郵政編碼)
(212) 520-2300
根據證券法規第425條（17 CFR 230.425）的書面通信

在法案第12(b)條的規定下注冊的證券：
每種類別的證券交易符號每個交易所的名稱
普通份額，無面值SPLP請使用moomoo賬號登錄查看New York Stock Exchange
6.0% A系列優先單位SPLP-PRA請使用moomoo賬號登錄查看New York Stock Exchange

請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。Yes ☑ 否 ☐

請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。Yes ☑ 否 ☐

請在以下空格內打勾，表示公司是大型加速審核註冊處理者、加速審核註冊處理者、非加速審核註冊處理者、小型報告公司或新興成長型公司。詳見《證券交易法》規則120億.2中的「大型加速審核註冊處理者」、「加速審核註冊處理者」、「小型報告公司」和「新興成長型公司」的定義。
大型加速歸檔人☐
加速文件提交人 ☑
非加速申報人 ☐
小型報告公司☑
新興成長公司 ☐
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐

勾選表示註冊人是否爲無實質業務的公司（根據法規12b-2條規定）。 是☐ 否 ☑

截至2024年11月1日，普通股的發行數量爲 19,185,453.


鋼鐵合作伙伴控股有限合夥
目錄
第一部分 — 財務信息
項目1。基本報表（未經審計）
事項二
第3項。
事項4。
第二部分 — 其他信息
項目1。
項目1A。
事項二
項目6。


第一部分 - 財務信息
項目1.基本報表
鋼鐵合作伙伴控股有限合夥
合併資產負債表
（未經審計）
(以千爲單位，除非另有規定)
2024年9月30日2023年12月31日
資產
流動資產：
現金及現金等價物$388,124 $577,928 
交易及其他應收賬款-扣除呆賬準備 $1,348 和 $2,481，分別
240,473 216,429 
應收貸款，包括待售貸款$653,219 和 $868,884，淨額
1,430,323 1,582,536 
淨存貨210,714 202,294 
預付費用和其他流動資產48,311 48,169 
總流動資產2,317,945 2,627,356 
長期應收貸款，淨額236,603 386,072 
商譽145,958 148,838 
其他無形資產，淨額101,555 114,177 
遞延所得稅資產81,397 581 
其他非流動資產328,423 341,465 
物業、廠房和設備，淨值278,882 253,980 
經營租賃權使用資產64,983 76,746 
所有基金類型投資78,329 41,225 
總資產$3,634,075 $3,990,440 
負債和資本
流動負債:
應付賬款$154,643 $131,922 
應計負債98,868 117,943 
存款1,475,481 1,711,585 
其他流動負債91,589 103,682 
流動負債合計1,820,581 2,065,132 
開多期限存款258,780 370,107 
長期債務120,104 191,304 
其他借款2,068 15,065 
首選單位責任155,065 154,925 
應計養老金責任43,198 46,195 
遞延稅款負債35,073 18,353 
長期經營租賃負債52,094 61,790 
其他非流動負債63,439 62,161 
總負債2,550,402 2,985,032 
承諾和事後約定
資本：
合夥人資產普通單位: 19,183,332 和 21,296,067 已發行並流通股份（扣除庫存單位後，成本爲 20,626,267 和 18,367,307 單位。434,367 和 $329,297和), 分別爲
1,164,004 1,079,853 
累計其他綜合損失(121,147)(121,223)
合夥人資本合計1,042,857 958,630 
非控股實體中的股權40,816 46,778 
總資本1,083,673 1,005,408 
負債和資本合計$3,634,075 $3,990,440 

請參閱附註中針對合併財務報表的基本報表。
2

鋼鐵合作伙伴控股有限合夥
截至2020年6月30日和2019年6月30日三個月和六個月的營業額
（未經審計）
(以千爲單位，除每股數據外，其他數據均以常用單位表示)
三個月截至
9月30日,		九個月結束
9月30日,
2024202320242023
營業收入：
多元化工業淨銷售額$318,642 $299,098 $945,576 $918,570 
能源營業收入40,266 46,742 109,182 145,220 
金融服務營業收入113,027 106,405 338,575 304,570 
供應鏈營業收入48,488 40,009 136,595 70,190 
總收入520,423 492,254 1,529,928 1,438,550 
成本和費用：
營業成本295,577 283,285 872,929 833,977 
銷售，總務及管理費用137,310 124,934 412,301 376,252 
資產減值損失530 — 530 329 
財務利息支出22,648 22,371 69,697 54,494 
撥備7,085 36,969 10,159 47,979 
利息支出1,993 4,115 5,074 15,934 
證券的已實現和未實現損失（利得），扣除2,060 (8,665)(2,994)(6,151)
% and 123 (801)(2,489)(5,806)
總成本和費用467,326 462,208 1,365,207 1,317,008 
稅前營業額和股權法下投資收益53,097 30,046 164,721 121,542 
所得稅負擔（利益）16,224 (981)(31,906)(1,707)
關聯公司的損失，稅後淨額— 3,140 7 11,944 
淨利潤36,873 27,887 196,620 111,305 
淨利潤歸屬於合併實體的非控制權益(457)(2,315)(9,635)(1,737)
歸屬於普通股份單位的淨利潤$36,416 $25,572 $186,985 $109,568 
每普通單位的淨收入-基本
淨利潤歸屬於普通單位持有人$1.83 $1.20 $9.19 $5.10 
每普通單位的淨收入-攤薄
淨利潤歸屬於普通單位持有人$1.65 $1.14 $8.02 $4.68 
普通單位未拆分的加權平均數量-基本
19,929,713 21,298,871 20,338,033 21,495,689 
普通單位未拆分的加權平均數量-攤薄
23,985,875 25,081,210 24,470,418 25,360,324 

請參閱附註中針對合併財務報表的基本報表。
3

鋼鐵合作伙伴控股有限公司
合併綜合收益表
(未經審計)
(以千爲單位)
截至三個月
九月三十日		截至九個月
九月三十日
2024202320242023
凈利潤$36,873 $27,887 $196,620 $111,305 
其他綜合收益(損失)，稅後淨額:
貨幣翻譯調整2,234 (1,991)520 (1,073)
養老負債和其他養老福利義務的變化(444)36 (444)36 
其他綜合收益（損失）1,790 (1,955)76 (1,037)
綜合收益38,663 25,932 196,696 110,268 
歸屬於非控制性權益的綜合（收益）損失(457)(2,315)(9,635)(1,737)
歸屬於普通單元持有人的綜合收益$38,206 $23,617 $187,061 $108,531 

見隨附的合併財務報表附註
4


鋼鐵合作伙伴控股有限合夥公司
資本變動合併報表
(未經審計)
（以千爲單位，除了普通單位和國庫單位）
鋼鐵合作伙伴控股L.P.普通單元持有者
普通股國庫單位合作伙伴的累計其他綜合總合作夥伴的合併中的非控制性權益總計
單位單位美元資本Loss資本Entities資本
截至2023年12月31日的餘額
39,663,374 (18,367,307)$(329,297)$1,079,853 $(121,223)$958,630 $46,778 $1,005,408 
凈利潤— — — 34,231 — 34,231 570 34,801 
貨幣翻譯調整
— — — — (1,110)(1,110)— (1,110)
股權激勵 - 限制單位
2,995 — — 381 — 381 — 381 
與限制單位歸屬相關的稅款扣繳(609)— — (587)— (587)— (587)
基於股份的長期激勵計劃單位獎勵27,538 — — 1,604 — 1,604 — 1,604 
購買SPLP普通單位— (933,787)(39,487)(39,487)— (39,487)— (39,487)
合併子公司的權益調整— — — — — — 155 155 
其他，淨數
— — — 34 — 34 11 45 
截至2024年3月31日的餘額
39,693,298 (19,301,094)(368,784)1,076,029 (122,333)953,696 47,514 1,001,210 
凈利潤 — — — 116,338 — 116,338 8,608 124,946 
貨幣翻譯調整— — — — (604)(604)— (604)
股權補償 - 限制單位125,577 — — 522 — 522 — 522 
與限制單位歸屬相關的稅款預扣(1,515)— — (55)— (55)— (55)
購買SPLP普通單位— (43,557)(1,646)(1,646)— (1,646)— (1,646)
對合並子公司的權益調整— — — — — — (10,697)(10,697)
其他，淨數— — — 10 — 10 46 56 
截至2024年6月30日的餘額39,817,360 (19,344,651)(370,430)1,191,198 (122,937)1,068,261 45,471 1,113,732 
凈利潤— — — 36,416 — 36,416 457 36,873 
貨幣翻譯調整— — — — 2,234 2,234 — 2,234 
養老金負債和養老福利義務的變化— — — — (444)(444)— (444)
股權補償 - 限制單位2,793 — — 765 — 765 — 765 
與限制單位的歸屬相關的稅收代扣(10,554)— — (417)— (417)— (417)
購買SPLP普通單位— (1,281,616)(63,937)(63,937)— (63,937)— (63,937)
對合並子公司的權益調整— — — — — — (5,112)(5,112)
其他，淨數— — — (21)— (21)— (21)
截至2024年9月30日的餘額
39,809,599 (20,626,267)$(434,367)$1,164,004 $(121,147)$1,042,857 $40,816 $1,083,673 


5

鋼鐵合作伙伴控股L.P.普通單位持有者
普通股國庫單位合夥人的累計其他綜合合夥人的總計合併財務報表中的非控股權益總計
單位單位美元資本Loss資本Entities資本
截至2022年12月31日的餘額
39,509,772 (17,904,679)$(309,257)$952,094 $(151,874)$800,220 $1,240 $801,460 
當前預期信用損失會計原則變更的累積影響，扣除稅款— — — (3,862)— (3,862)— (3,862)
凈利潤（虧損）— — — 24,846 — 24,846 (43)24,803 
貨幣翻譯調整
— — — — 1,093 1,093 — 1,093 
股權補償 - 限制性單位
146,414 — — (11)— (11)— (11)
與限制性單位的歸屬相關的稅款扣繳(8,972)— — (333)— (333)— (333)
購買SPLP普通單位— (75,504)(3,248)(3,248)— (3,248)— (3,248)
其他，淨數
— — — (61)— (61)— (61)
截至2023年3月31日的餘額39,647,214 (17,980,183)(312,505)969,425 (150,781)818,644 1,197 819,841 
凈利潤— — — 59,150 — 59,150 (535)58,615 
貨幣翻譯調整— — — — (175)(175)— (175)
股權補償 - 限制單位
17,174 — — 419 — 419 — 419 
與限制單位歸屬相關的稅收扣繳(2,462)— — (100)— (100)— (100)
購買SPLP普通單位— (267,994)(11,588)(11,588)— (11,588)— (11,588)
合併Steel Connect時假定的非控股權益（注3）— — — — — — 48,900 48,900 
其他，淨數— — — (30)— (30)— (30)
截至2023年6月30日的餘額39,661,926 (18,248,177)(324,093)1,017,276 $(150,956)866,320 49,562 915,882 
凈利潤— — — 25,572 — 25,572 2,315 27,887 
貨幣翻譯調整— — — — (1,991)(1,991)— (1,991)
養老金負債及退休後福利義務的變更— — — — 36 36 — 36 
股權補償 - 限制單位
2,284 — — 599 — 599 — 599 
購買SPLP普通單位— (111,118)(4,891)(4,891)— (4,891)— (4,891)
對合並子公司的權益調整— — — (110)— (110)(2,440)(2,550)
其他，淨數— — (1)1 — 1 (1)— 
截至2023年9月30日的餘額
39,664,210 (18,359,295)$(328,985)$1,038,447 $(152,911)$885,536 $49,436 $934,972 

請參閱附註中針對合併財務報表的基本報表。
6

鋼鐵合夥控股有限合夥公司
合併現金流量報表
(未經審計)
(以千爲單位)
截至9月30日的九個月
20242023
經營活動產生的現金流：
凈利潤$196,620 $111,305 
調整凈利潤與經營活動產生的現金流的關係：
信貸損失準備金 10,159 47,979 
相關公司的損失，扣除稅後7 11,944 
證券的已實現和未實現收益，淨額(2,994)(6,151)
貸款經濟利益的衍生收益(4,187)(3,762)
非現金養老金費用4,199 8,948 
遞延所得稅(65,224)(30,390)
折舊和攤銷43,839 41,433 
非現金租賃費用17,342 12,710 
基於股權的薪酬1,668 1,007 
資產減值費用530 329 
其他1,317 2,193 
營業資產和負債的淨變動：
交易及其他應收款(24,479)(12,999)
存貨(8,243)6,241 
預付費用和其他資產2,544 (1,038)
應付賬款、應計和其他負債(20,590)(4,689)
出售貸款的淨減（增）215,665 (173,385)
經營活動提供的淨現金$368,173 $11,675 
投資活動的現金流：
投資購買(50,706)(204,611)
投資銷售收入13,788 207,893 
來自投資到期的收益16,832 41,058 
Steel Connect可轉換債券的本金償還— 1,000 
貸款發放，扣除收回款項76,790 (242,667)
購買物業、廠房和設備(55,712)(36,667)
物業、廠房和設備的銷售收入1,501 490 
在合併Steel Connect時現金增加— 65,896 
其他(181)(1,084)
投資活動提供的（使用的）淨現金$2,312 $(168,692)
融資活動產生的現金流:
淨循環信貸（還款）借款(71,149)6,910 
定期貸款的還款(51)(51)
購買公司的普通單位(105,070)(19,727)
購買公司的優先單位(1,830)— 
其他借款淨減少(10,528)(21,277)
向優先單位持有者分配(7,139)(7,225)
向非控股股東購買子公司股份(16,181)(2,784)
與限制單位歸屬相關的稅款扣留(1,059)(433)
存款淨（減少）增加(347,430)531,006 
融資活動所使用的淨現金（或提供的淨現金）$(560,437)$486,419 
期間淨變化(189,952)329,402 
匯率變化對現金及現金等價物的影響148 (1,701)
期初現金、現金等價物和受限現金577,928 234,448 
期末現金、現金等價物和受限現金$388,124 $562,149 

請參閱附註中針對合併財務報表的基本報表。
7

合併基本報表附註（未經審計）

在合併基本報表的附註中使用的所有金額均以千爲單位，除了普通和優先單位、每個普通和優先單位、分享和每個分享的數據，以及每盎司的價格。

1. 業務的性質及呈現基礎

業務性質

鋼鐵合夥人控股有限公司（"我們，" "我們的，" "SPLP，" 或者 "公司"）是一家多元化的全球控股公司，通過合併子公司和其他利益參與多個業務。它擁有並運營多項業務，並在包括多元化工業產品、能源、軍工股、供應鏈管理和物流、銀行以及青少年體育等多個公司中擁有重要的利益。SPLP通過以下部門運營：多元化工業、能源、金融服務和供應鏈，這些部門分別管理並提供不同的產品和服務。有關公司報告部門的其他詳細信息，請參見注釋17 - "部門信息。" 鋼鐵合夥人控股GP公司（"SPH GP"），是一家特拉華州公司，是SPLP的普通合夥人，並由SPLP全資擁有。公司由SP通用服務有限責任公司（"經理"）根據修訂和重述的管理協議（"管理協議"）的條款進行管理，詳細討論見註釋16 - "相關方交易。"

財務報表的基礎

截至2024年9月30日以及截至2024年和2023年9月30日的三個月和九個月期間的未審計合併基本報表，由公司根據證券交易委員會（"SEC"）對中期的規則和規定編制，包括公司的賬戶及其合併子公司的賬戶。自2023年5月1日起，Steel Connect, Inc.（"Steel Connect" 或 "STCN"）的財務結果已納入公司的合併基本報表。管理層認爲，所有必要的調整（由正常的經常性調整組成）已在此反映，以確保公正的展示。2024年9月30日結束的三個月和九個月的經營結果不一定代表全年的經營結果。應將此未審計合併基本報表與公司在截至2023年12月31日的財政年度年度報告（"年度報告" 或 "Form 10-K"）中包含的經審計合併基本報表一起閱讀，其中派生出截至2023年12月31日的合併資產負債表。

公司的財務季度在日歷季度的最後一天結束；然而，對於公司的某些子公司，財務季度的結束時間是在離日歷季度最後一天最近的星期六，除了財年的最後一個季度。公司及其所有子公司在12月31日結束財務年度的賬目，而Steel Connect則在7月31日結束其財務年度的賬目。爲便於展示，這裏包含的季度基本報表被描述爲在日歷季度的最後一天結束。

某些通常在按照美國公認會計原則（「美國GAAP」）編制的年度基本報表中包含的財務信息，但在中期報告中並不需要，已被簡化或省略。管理層必須做出影響合併基本報表及相關附註披露的估算和假設。雖然管理層使用其最佳判斷，實際結果可能與這些估算有所不同。對前期基本報表和附註進行了一些重分類，以符合當前期的呈現。

新會計準則的採用

2022年6月，FASB發佈了會計準則更新（"ASU"）2022-03公允價值計量（主題820）：合同銷售限制下的權益證券的公允價值計量新標準明確指出，權益證券出售的合同限制在測量證券的公允價值時不應被考慮。新的標準還要求披露與具有合同銷售限制的權益證券相關的某些信息。公司於2024年1月1日採用了ASU 2022-03。該採用對公司的合併基本報表和披露沒有影響。

尚未生效的會計準則

在2023年12月，FASB發佈了ASU 2023-09， 所得稅（主題740）：對所得稅披露的改進， 旨在提高所得稅披露的透明度、決策效用和有效性。
8

新的指導要求提供關於有效稅率調整的分解信息，以及滿足數量閾值的稅款支付的附加信息。新的指導適用於2024年12月15日後開始的年度報告期，允許提前採用和追溯應用。公司目前正在評估這一指導，判斷其對合並財務報表披露的影響；然而，採用不會影響其合併資產負債表或損益表。

在2023年11月，FASB發佈了ASU 2023-07， 分部報告（主題280）：對可報告分部披露的改善， 該指引旨在改善可報告細分領域的披露要求，主要通過增強對重大細分費用的披露，使財務報表用戶能夠更好地理解細分利潤或虧損的元件，從而評估每個可報告細分領域及整體實體的潛在未來現金流。新的指引要求公共實體披露重大費用以及定期向首席運營決策者（"CODM"）報告的其他細分項目，以及用於管理運營的細分費用信息的性質。此外，要求公共實體披露CODM的職務和職位。該ASU不改變公共實體識別其運營細分、將其彙總或應用定量閾值來判斷其可報告細分領域的方式。新的指引自2023年12月15日之後開始的年度報告期和2024年12月15日之後開始的財年中的中期報告期間生效。公司目前正在評估該指引，以判斷其對合並財務報表披露可能產生的影響；然而，採用該指引將不會影響其合併資產負債表或損益表。

在2023年8月，FASB發佈了ASU 2023-05， 業務組合——合資企業形成（子主題805-60）：確認和初始計量 ("ASU 2023-05"). ASU 2023-05適用於"合資企業"或"企業合資企業"的形成，並要求合資企業在其成立時初步按公允價值計量所收到的所有貢獻。新的指導方針適用於2025年1月1日或之後成立的合資企業，適用前瞻性基礎。允許提前採用。公司目前正在評估該指導方針，以判斷該會計準則的影響；然而，預計採用不會對其合併資產負債表或利潤表產生重大影響。

2. 營業收入

收入的細分

公司的收入按照各個業務部門進行分拆，因爲這些業務部門類別反映了經濟因素如何影響收入和現金流的性質、數量、時間和不確定性。 有關公司可報告部門的更多詳細信息，請參見第17項 - "部門信息。"

下表列出了截至2024年和2023年9月30日的三個月和九個月期間公司的營業收入按地區劃分的情況。公司的營業收入主要來自國內。國外營業收入則基於產生收入的法律子公司所在的國家。 任何單一外國國家的營業收入對公司的合併基本報表並不重要。
截至三個月
九月三十日		截至九個月
九月三十日
2024202320242023
美國$464,471 $443,981 $1,368,289 $1,327,713 
外資55,952 48,273 161,639 110,837 
總營業收入$520,423 $492,254 $1,529,928 $1,438,550 

合同餘額

收入確認、開票和現金回收時機的差異導致合併資產負債表上出現應收賬款、未開票應收款（合同資產）和遞延收入（合同負債）。

合同資產

未開票應收款項產生於向客戶開票的時間與收入確認的時間不一致的情況，例如當公司在客戶被開票之前就確認了收入。合同資產在合併資產負債表中被歸類爲預付費用和其他流動資產。截至2024年9月30日和2023年12月31日，合同資產餘額爲$6,374 和 $5,317，分別爲。

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合同負債

公司在收到現金支付或現金支付到期但尚未完成公司合同履行之前記錄遞延收入，包括可退還的金額，這些金額被記錄爲合同負債。合同負債根據公司預計確認營業收入的時間，被歸類爲其他流動負債，在合併資產負債表上列示。

合同負債
截至2023年12月31日的餘額
$7,388 
收入遞延14,805 
確認未完成收入(16,120)
截至2024年9月30日的餘額
$6,073 
截至2022年12月31日的餘額
$4,380 
收入遞延17,416 
確認未完成收入(15,578)
截至2023年9月30日的餘額
$6,218 

3. 收購與出售

STCN 轉讓和交易所協議

在2023年4月30日，公司與Steel Connect簽署了一系列協議，其中公司及其某些附屬公司（"Steel Partners Group"）將總計 3,597,744 股普通股，面值$0.10 每股的Aerojet Rocketdyne Holdings, Inc.（"Aerojet"）股份轉讓給Steel Connect，以換取 3,500,000 Steel Connect的新創建的E系列可轉換優先股（"E系列可轉換優先股"，該轉讓及相關交易爲"交易所"）。E系列可轉換優先股可轉換爲總計 184.9百萬股（19.8百萬股，於2023年6月21日進行反向/正向股票拆分後）Steel Connect普通股，面值爲$0.01 每股（「普通股」或「普通股」），並將與Steel Connect普通股一起投票，並參與支付給Steel Connect普通股的任何分紅派息，均按轉換後的基礎參與。E系列可轉換優先股轉換後，若與STCN普通股、STCN可轉換債務（如果轉換）和STCN C系列優先股（也可轉換）合併，將導致Steel Partners Group持有大約 84.0%的Steel Connect的已發行股權利益，截至交易所交易完成日。交易所於2023年5月1日完成，該日公司與Steel Connect之間的對價已交換，截止該日期Steel Connect已成爲合併子公司，以便於財務報告目的。Steel Connect在聯邦所得稅方面不進行合併，因爲Steel Connect的所有權分散在不同的聯邦稅收合併組之間。Steel Connect的資產和負債已納入公司的合併資產負債表中，以及相關的非控股權益爲 16.0% 的STCN普通股截至交易所交易完成日期。2023年5月1日之前，公司持有一 49.6% 的Steel Connect的所有權利益，並根據權益法對其在Steel Connect的投資進行了會計處理。公司根據交易所交易日期的Steel Connect估值，重新計量了先前持有的權益法投資至其公允價值。

交易所交易按照會計標準編纂（"ASC"）第805章進行了會計處理， 商業組合因此，自交易所交易之日起，Steel Connect 的經營業績已納入我們的基本報表。公司根據 2023 年 5 月 1 日的估計公允價值記錄了交易所交易對所購資產和所假定負債的初步分配。交易所交易的購買價格和購買價格分配已於 2023 年 12 月 31 日最終確定，初步金額沒有重大變化。

下表總結了總交易所交易對價：

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(以千爲單位)2023年5月1日
Aerojet普通股的公允價值$202,733 
Steel Connect中之前持有的權益的公允價值：
Steel Connect普通股19,010 
Steel Connect C系列優先股35,000 
Steel Connect可轉換票據13,006 
按公允價值計算的非控制性權益（"NCI"）44,800 
減少獲得的現金(65,896)
總估計對價，減少獲得的現金$248,653 

公司在交易所交易執行前一天使用了STCN普通股的報價市場價格重新測量了其公平價值，該價格爲2023年4月28日星期五的收盤市場價格，因爲這代表了在交易所交易時已知和可知的信息。公司指出，計算的變化導致其他調整，這些調整重新分配了總體估計對價在以前持有的STCN普通股和新華保險之間的組成部分，整體轉移的對價沒有變化。其他調整於2023年12月31日記錄，並未導致公司確認的資產或負債的其他變更。

公司對在交易所交易中獲得的資產和承擔的負債的公允價值估算，以及截至目前在計量期間所做的調整反映的最終公允價值分配如下：

(以千爲單位)初步估算其他調整最終分配
交易及其他應收款$36,900 $— $36,900 
存貨，淨額6,900 — 6,900 
預付款項及其他流動資產5,000 — 5,000 
可識別的無形資產36,000 (500)35,500 
其他非流動資產3,900 — 3,900 
物業、廠房及設備，淨值3,400 — 3,400 
經營租賃使用權資產29,250 — 29,250 
投資202,733 — 202,733 
總資產收購324,083 (500)323,583 
應付賬款26,300 — 26,300 
應計負債29,100 (3,082)26,018 
其他流動負債15,230 — 15,230 
長期經營租賃負債 21,300 — 21,300 
其他非流動負債5,500 300 5,800 
總負債假設97,430 (2,782)94,648 
商譽22,000 (2,282)19,718 
以公允價值取得的淨資產$248,653 $(3,082)$248,653 

交易所交易對價超過所購淨可識別資產和承擔負債的公允價值的部分被記錄爲商譽，這主要歸因於預期協同效應和Steel Connect的組建員工隊伍，並且在所得稅方面不可抵扣。分配給淨可識別資產和承擔負債的公允價值基於管理層的估計和假設。

可識別的無形資產在其估計的收購日期公平價值上確認。商標資產的公平價值是通過減免特許權使用費法確定的，而客戶關係資產的公平價值是通過超額收益法確定的。這些基於收入的方法包括一些假設，例如金額和
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預計現金流的時間、增長率、客戶流失率、折現率以及資產生命週期的評估。 截至交易所交易完成日，可識別無形資產的估計公允價值和剩餘使用年限如下：

(以千爲單位)使用壽命（年）金額
客戶關係
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$25,000 
交易名稱不定期10,500 
可識別無形資產的預計公允價值$35,500 

Steel Connect的運營結果自交易所交易日期起已包含在我們的合併基本報表中。

4. 應收貸款，包括待售貸款

截至2024年9月30日和2023年12月31日，WebBank所持的貸款應收款的主要分類，包括待售貸款如下：
總計當前非流動資產
2024年9月30日%2023年12月31日%2024年9月30日2023年12月31日2024年9月30日2023年12月31日
待售貸款$653,219 $868,884 $653,219 $868,884 $— $— 
商業房地產貸款$3,588 — %$2,078 — %$— $— $3,588 $2,078 
商業和工業932,488 90 %980,722 87 %724,592 646,890 207,896 333,832 
消費貸款102,267 10 %142,410 13 %74,257 92,248 28,010 50,162 
總貸款1,038,343 100 %1,125,210 100 %798,849 739,138 239,494 386,072 
減：
信用損失準備(24,636)(25,486)(21,745)(25,486)(2,891)— 
總貸款應收款，淨值$1,013,707 $1,099,724 777,104 713,652 236,603 386,072 
應收貸款，包括持有待售的貸款 (a)
$1,430,323 $1,582,536 $236,603 $386,072 
(a) 貸款應收款的攤銷成本，包括待售貸款，被認爲代表了公平價值，因爲其利率與具有類似到期的金融工具的市場利率沒有顯著差異。貸款應收款的公平價值，包括待售貸款，金額爲 $1,665,594 和 $1,967,021 截至2024年9月30日和2023年12月31日，分別爲。

大約$的攤銷成本貸款被作爲2024年9月30日和2023年12月31日潛在借款的擔保。246,346 和 $381,256 WebBank在2024年9月30日和2023年12月31日爲他人服務的貸款金額爲$。1,699 和 $1,744 在2024年9月30日和2023年12月31日，WebBank分別爲他人提供了$的貸款。

WebBank出售了分類爲待售貸款的貸款，金額爲$20,355,843 和 $13,811,235 在截至2024年和2023年9月30日的九個月中，分別爲。出售的貸款已從合併資產負債表中註銷。分類爲待售貸款的貸款主要由消費貸款和小企業貸款組成。在同一期間，新增加到待售貸款中的金額爲$20,332,799 和 $14,104,112，分別。

WebBank的信用損失準備金（"ACL"）增加了$3,815、 18.3%，截至2024年9月30日的三個月內，並減少了$850、 3.3%，截至2024年9月30日的九個月內。ACL的增加主要是由於WebBank的一項資產擔保貸款的抵押品表現不佳以及商業保費融資貸款的抵押品減少，部分被貸款餘額的減少所抵消。











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ACL的變化總結如下：
商業房地產業貸款商業與工業消費貸款總計
2023年12月31日$75 $14,744 $10,667 $25,486 
減值— (2,644)(2,100)(4,744)
回收— 399 164 563 
撥備（福利）63 946 (194)815 
2024年3月31日$138 $13,445 $8,537 $22,120 
減值— (2,051)(1,285)(3,336)
回收— 391 66 457 
準備金18 716 846 1,580 
2024年6月30日$156 $12,501 $8,164 $20,821 
減值— (2,106)(1,305)(3,411)
回收— 315 79 394 
準備金32 5,742 1,058 6,832 
2024年9月30日$188 $16,452 $7,996 $24,636 

商業房地產業貸款商業與工業消費貸款總計
2022年12月31日$28 $18,493 $11,169 $29,690 
採用當前預期信用損失會計指導的影響1 1,144 3,597 4,742 
減值— (3,493)(2,539)(6,032)
回收5 328 154 487 
準備金7 5,156 2,643 7,806 
2023年3月31日$41 $21,628 $15,024 $36,693 
減值— (3,826)(2,462)(6,288)
回收54 366 82 502 
(好處) 規定(47)4,815 (1,564)3,204 
2023年6月30日$48 $22,983 $11,080 $34,111 
減值— (4,569)(1,864)(6,433)
回收— 305 88 393 
準備金1 35,191 1,777 36,969 
2023年9月30日$49 $53,910 $11,081 $65,040 

ACL和未償貸款餘額總結如下：
2024年9月30日商業房地產業貸款商業與工業消費貸款總計
信貸損失準備金：
逐個評估減值$— $4,562 $— $4,562 
集體評估減值188 11,890 7,996 20,074 
總計$188 $16,452 $7,996 $24,636 
未償貸款餘額：
單獨評估減值$— $27,890 $— $27,890 
集體評估減值3,588 904,598 102,267 1,010,453 
總計$3,588 $932,488 $102,267 $1,038,343 

2023年12月31日商業房地產業貸款商業與工業消費貸款總計
貸款損失準備：
單獨評估減值$8 $1,000 $— $1,008 
集體評估減值67 13,744 10,667 24,478 
總計$75 $14,744 $10,667 $25,486 
未償還貸款餘額：
單獨評估減值$8 $3,095 $— $3,103 
集體評估減值2,070 977,627 142,410 1,122,107 
總計$2,078 $980,722 $142,410 $1,125,210 

13

不計息和逾期貸款

逾期90天或更長時間且仍在計息的商業和工業貸款爲$5,800 和 $10,270 截至2024年9月30日和2023年12月31日，分別爲$870 和 $4,790 逾期90天或更長時間且仍在計息的個人貸款爲$25,312 和 $814 截至2024年9月30日和2023年12月31日，公司的不計息貸款爲$


逾期貸款（計息和不計息）如下總結：
2024年9月30日當前30-89 天
逾期		90 天以上
逾期		總計
逾期		總貸款錄製
投資
在應計中
貸款逾期90天以上
逾期天數
不計息
貸款
那些是
當前 (a)
商業房地產貸款$3,588 $— $— $— $3,588 $— $— 
商業和工業912,578 14,110 5,800 19,910 932,488 5,800 25,312 
消費貸款98,857 2,540 870 3,410 102,267 870 — 
總貸款$1,015,023 $16,650 $6,670 $23,320 $1,038,343 $6,670 $25,312 

2023年12月31日當前30-89天
逾期		90天以上
逾期		總計
逾期		總貸款錄製
投資
在累積中
逾期90天的貸款
逾期天數
不計息
貸款
那是
當前 (a)
商業房地產貸款$2,078 $— $— $— $2,078 $— $— 
商業和工業959,852 10,600 10,270 20,870 980,722 10,270 814 
消費貸款132,570 5,050 4,790 9,840 142,410 4,790 — 
總貸款$1,094,500 $15,650 $15,060 $30,710 $1,125,210 $15,060 $814 
(a)      代表已經逾期超過30天的非應計貸款，然而仍然不期望全額償還本金和利息。

信用質量因數

除了逾期和不計息標準外，貸款還通過貸款等級制度進行分析。一般來說，內部評級根據貸款的表現、財務/統計模型和貸款官的判斷賦予商業貸款。對於消費貸款以及一些商業和工業貸款，主要的信用質量指標是支付狀態。未償還本金餘額達到$的貸款每年進行一次審查和評分。100 評級遵循通過、特別關注、次級和可疑的定義，這些定義與監管風險分類的發佈定義一致。通過、特別關注、次級和可疑的定義總結如下：

•通過該類別的資產是一種更高質量的資產，不屬於以下所述的其他類別。損失的可能性被認爲是很小的。
•特別關注: 這一類別的資產存在特定的弱點或問題，但目前並未對貸款或融資協議的任何重要條款構成重大風險或違約。
•亞標準在這個類別中的資產存在發展中或輕微的弱點，這可能會導致損失或違約，如果缺陷沒有得到糾正或不利條件出現。
•疑似在這一類別中的資產存在一種或多種已發展成爲重大損失或違約風險的弱點，涉及融資協議的一個重要條款。

按這些信用質量因數分類的未償貸款餘額（產生利息和不產生利息）總結如下：
2024年9月30日非評分通過Special
提到		子-
標準		疑似總貸款
商業房地產貸款$— $3,588 $— $— $— $3,588 
商業和工業700,030 204,568 — 27,890 — 932,488 
消費貸款102,267 — — — — 102,267 
總貸款$802,297 $208,156 $— $27,890 $— $1,038,343 

14

2023年12月31日非等級通過Special
提到		子-
標準		疑似總貸款
商業房地產貸款$— $2,070 $— $8 $— $2,078 
商業和工業675,952 301,675 — 3,095 — 980,722 
消費貸款142,410 — — — — 142,410 
總貸款$818,362 $303,745 $— $3,103 $— $1,125,210 

下表展示了按照貸款發放年份和信用質量指標計算的攤銷成本基礎貸款餘額:

截至2024年9月30日循環貸款攤銷成本基礎
按來源年份攤銷成本基礎
20242023202220212020以前總計
商業房地產業貸款
風險評級:
通過$1,607 $1,106 $582 $97 $59 $137 $— $3,588 
總商業房地產業貸款$1,607 $1,106 $582 $97 $59 $137 $— $3,588 
商業與工業
風險評級:
通過$— $77,859 $81,522 $44,961 $226 $— $— $204,568 
未評級501,358 28,536 901 1,972 4,427 7 162,829 700,030 
次標準666 226 24,562 — — 2,436 — 27,890 
總商業與工業$502,024 $106,621 $106,985 $46,933 $4,653 $2,443 $162,829 $932,488 
當前期間的總沖銷$172 $4,549 $1,698 $100 $238 $44 $— $6,801 
消費貸款
風險評級:
非評分$33,677 $42,513 $14,551 $1,068 $160 $183 $10,115 $102,267 
總消費貸款$33,677 $42,513 $14,551 $1,068 $160 $183 $10,115 $102,267 
當前期間的總沖銷$49 $3,107 $1,297 $118 $29 $90 $— $4,690 

截至2023年12月31日循環貸款攤銷成本基礎
按來源年份攤銷成本基礎
20232022202120202019以前總計
商業房地產業貸款
風險評級:
通過$1,116 $591 $126 $61 $42 $134 $— $2,070 
次級— — — — — 8 — 8 
商業房地產業貸款總額$1,116 $591 $126 $61 $42 $142 $— $2,078 
商業與工業
風險評級:
通過$135,468 $114,821 $51,181 $205 $— $— $— $301,675 
非評級508,163 11,717 414 1,901 278 62 153,417 675,952 
次級560 27 — — — 2,508 — 3,095 
商業與工業總額$644,191 $126,565 $51,595 $2,106 $278 $2,570 $153,417 $980,722 
消費貸款
風險評級:
非評級$74,242 $25,733 $2,475 $594 $1,056 $51 $38,259 $142,410 
消費貸款總額$74,242 $25,733 $2,475 $594 $1,056 $51 $38,259 $142,410 


不良貸款
15


當基於當前信息和事件，WebBank認爲無法根據貸款協議的合同條款收回所有到期款項，包括計劃中的利息支付時，貸款被視爲減值。當貸款減值時，WebBank會估計減值的餘額金額，並根據貸款未來現金流的預計現值（按照貸款的有效利率貼現），貸款的可觀察市場價格，或貸款基礎抵押品的公允價值減去銷售成本，分配額外的準備金。當減值基於貸款基礎抵押品的公允價值時，減值的餘額部分通常會被沖銷。

截至2024年9月30日的三個月和九個月期間，WebBank沒有根據小企業管理局（"SBA"）在《冠狀病毒援助、救濟和經濟安全法案（"CARES"）》下授權的薪水保護計劃（"PPP"）發放新貸款。 現有貸款由PPP流動性工具提供資金，期限爲兩到五年，償還由SBA保證。借款人可以在票據日期後最多16個月開始還款，且在16個月的延期期間，利息將以1%的利率繼續累計。如果滿足某些標準，貸款可以全部或部分（最高可達全額本金和任何已累計利息）被免除。支付給WebBank的貸款處理費用由SBA支付，計入貸款發放費用。淨遞延費用在貸款的整個生命週期內作爲貸款的收益調整進行確認。如果貸款在到期日前被SBA還清或免除，剩餘的未攤銷遞延費用將在該時刻計入利息收入。PPP貸款包括在上表的商業和工業貸款中。到2024年9月30日，總PPP貸款及相關負債爲$5,466 和 $4,437，分別爲$3,475 和 $1,991 記錄到貸款應收款淨額和長期貸款應收款淨額中，分別爲$2,369 和 $2,068 在截至2024年9月30日的公司合併資產負債表中，分別包括在其他流動負債和其他借款中。A截至2023年12月31日，總PPP貸款及相關負債爲 $16,660 和 $15,065，分別包括在截至2023年12月31日的合併資產負債表中的長期貸款應收款淨額和其他借款中。借款人獲赦時，SBA將支付WebBank貸款的本金和應計利息。WebBank已從SBA收到免除付款，並從借款人那裏收到了$11,195 在截至2024年9月30日的九個月期間。

5. 庫存，淨值

庫存淨額的總結如下：
2024年9月30日2023年12月31日
成品$55,808 $62,798 
處理中36,211 34,376 
原材料67,074 68,895 
各種完成階段的精細和加工貴金屬
52,015 36,393 
211,108 202,462 
後進先出準備金(394)(168)
總計$210,714 $202,294 

優質和人造貴金屬庫存

爲了生產某些產品，公司購置、維持和使用 貴金屬 金屬庫存。公司將某些 貴金屬 庫存按後進先出（"LIFO"）成本或市場價值中的較低者記錄，所有調整通過營業成本進行記錄。剩餘的貴金屬庫存主要按公允價值進行覈算。

公司根據費用寄售協議獲得某些貴金屬。截至2024年9月30日和2023年12月31日，公司約有$39,692 和 $30,242，分別爲貴金屬，主要是白銀，在寄售下按公允價值記錄於庫存中，並在公司合併資產負債表的應付賬款中記錄相同金額的相應負債。寄售協議下收取的費用記錄在公司的合併損益表中的利息支出中。

16

2024年9月30日2023年12月31日
補充庫存信息：
貴金屬按最後進先出法計價$3,919 $2,113 
貴金屬按非最後進先出法計價，主要以公允價值計$47,702 $34,112 
每盎司市場價格：
白銀$31.63 $23.93 
黃金$2,653.47 $2,069.11 
鉑金 $1,013.51 $998.58 
美元/盎司$1,025.82 $1,108.32 

6. 商譽及其他無形資產, 淨值

可報告的分部 goodwill 賬面價值變動的彙總如下：
多元化工業能源金融服務供應鏈公司及其他總計
截至2023年12月31日的餘額
總商譽$155,423 $67,143 $9,474 $22,785 $81 $254,906 
累計減值(41,278)(64,790)— — — (106,068)
淨商譽114,145 2,353 9,474 22,785 81 148,838 
貨幣翻譯調整202 — — — — 202 
其他調整— — — (3,082)— (3,082)
截至2024年9月30日的餘額
總商譽155,625 67,143 9,474 19,703 81 252,026 
累計減值(41,278)(64,790)— — — (106,068)
淨商譽$114,347 $2,353 $9,474 $19,703 $81 $145,958 

截至2024年9月30日和2023年12月31日，電氣產品報告單元（包含在多元化工業部門內）的商譽爲$46,882 和 $46,682，分別截至2023年12月1日，電氣產品報告單元的公允價值超過其淨賬面價值$ 11%. 截至2024年9月30日，公司未發現電氣產品報告單元存在減值因數。電氣產品報告單元的公允價值可能會受到報告單元業績、預計未來現金流的數量和時間、客戶對電氣產品服務的需求下降、管理層執行其業務策略的能力，以及一般市場條件（如經濟衰退和利率變化，包括折現率）的顯著影響。未來現金流的估計本質上是主觀的，實際結果可能與公司的估計有重大差異。基於我們對這些情況的評估，我們已確定，如果公司的持續現金流預測未能實現，或者在減值測試中使用的市場因數惡化，包括終值增長率或加權平均成本的不利變化，公司可能需要在未來期間記錄減值費用。

其他無形資產淨額的彙總如下：
2024年9月30日2023年12月31日
賬面總額累計攤銷淨賬面總額累計攤銷淨
客戶關係$217,320 $155,080 $62,240 $216,968 $144,686 $72,282 
商標、商號和品牌名稱
57,167 24,698 32,469 57,160 23,431 33,729 
開發的科技、專利和專利申請
33,290 26,444 6,846 33,102 25,086 8,016 
其他
16,664 16,664 — 16,662 16,512 150 
總計$324,441 $222,886 $101,555 $323,892 $209,715 $114,177 

截至2024年9月30日和2023年12月31日的商標的無期限生命爲$22,216 和 $22,210分別。與無形資產相關的攤銷費用爲$4,267 和 $4,438 截止2024年9月30日和2023年9月30日的三個月內，金額爲$12,839 和 $12,211 截至2024年和2023年9月30日的九個月。

根據截至2024年9月30日的總賬面價值，公司對可識別無形資產在2024年至2028年期間的攤銷費用的估計如下表所示。

17

截至12月31日的年度
20242025202620272028
預估攤銷費用$17,192 $15,705 $13,687 $13,007 $12,213 

7. 投資

下表總結了截至2024年9月30日和2023年12月31日公司的長期開多投資。
所有權百分比長期投資餘額
2024年9月30日2023年12月31日2024年9月30日2023年12月31日
DMC Global, Inc. (a)
9.8 %— %25,610 $— 
PCS-美國美盛 (b)
58.3 %58.3 %19,058 19,067 
其他開多的投資 (c)
33,661 22,158 
總計$78,329 $41,225 

a)DMC Global, Inc. 的未實現損失總額爲 $1,081 截至2024年9月30日的九個月內。
b)代表公司對PCS-美國美盛的投資，這項投資採用權益法進行會計處理。
c)該餘額由多個公共和非公共公司的普通股投資以及可供出售證券組成。

截至2024年和2023年9月30日的三個月和九個月，相關公司的損失（扣除稅款後）如下：

截至三個月
九月三十日		截至九個月
九月三十日
2024202320242023
STCN可轉換債券$— $— $— $389 
STCN普通股— — — 8,415 
PCS-美國美盛— 3,140 7 3,140 
相關公司的損失，扣除稅後
$— $3,140 $7 $11,944 

截至2024年和2023年9月30日，相關於截至2024年和2023年9月30日持有的股權證券的未實現（收益）損失金額如下：

截至三個月
九月三十日		截至九個月
九月三十日
2024202320242023
期間對股票證券確認的淨虧損（收益）$2,060 $(8,665)$(2,994)$(6,151)
減：期間對出售的股票證券確認的淨（收益）虧損— (10,394)(4,222)(6,690)
期末仍持有的股票證券在期間確認的未實現虧損（收益）$2,060 $1,729 $1,228 $539 

權益法投資

截至2024年9月30日，公司的聯營公司投資包括美國美盛，該公司採用權益法會計處理。美國美盛是一個私募投資基金，主要投資於專業的軟件開發和培訓服務。美國美盛的賬面價值以成本計入，加上或減去公司對該投資的淨收益或損失的份額。聯營公司被包含在企業和其他部門中。

自2023年5月1日起，STCN被公司合併。有關公司與STCN之間交易所交易的更多細節，請參見第3條備註 - "收購與剝離"。

18

其他投資

WebBank持有到期持有（"HTM"）的債務證券，這些證券以攤銷成本計入公司的合併資產負債表中的其他非流動資產。 HTM債務證券的金額和合同到期日見下表。實際到期可能與預期或合同到期不同，因爲借款人可能有權在有或沒有罰款的情況下提前贖回或預付義務。這些證券以無擔保消費貸款作爲抵押。
2024年9月30日
攤銷成本未實現毛利預計公允價值賬面價值
擔保證券$307,297 $3,548 $310,845 $307,297 
合同到期時間在：
少於五年301,077 
五年到十年314 
十年後5,906 
總計$307,297 
2023年12月31日
攤銷成本未實現毛利預計公允價值賬面價值
抵押證券$322,268 $2,199 $324,467 $322,268 
合同到期時間：
少於五年318,644 
五年至十年— 
十年以上3,624 
總計$322,268 

WebBank定期評估每個HTm債務證券的價值，當其低於攤餘成本時，評估公允價值的下降是否屬於其他。若任一HTm分類的個別證券出現非暫時性公允價值減值，WebBank將該證券的價值調整至公允價值，並將相應的信用損失部分計入收益，同時將相應的非信用部分計入累計其他綜合收益。HTm債務證券的ACL爲$3,131 和 $2,199 截至2024年9月30日和2023年12月31日，分別爲$，此金額包括在證券的淨攤餘成本餘額中。在截至2024年9月30日的九個月期間，WebBank記錄了對HTm債務證券的信用損失準備金爲$932.

8. 債務

長期債務的當前部分包含在公司合併資產負債表上的其他流動負債中。 債務的元件及其與長期債務賬面價值的對賬見下表：
2024年9月30日2023年12月31日
長期債務：
信用協議$119,300 $190,449 
其他債務 - 國內871 922 
小計120,171 191,371 
減：一年內到期部分 67 67 
長期債務120,104 191,304 
總債務$120,171 $191,371 

截至2024年9月30日的長期債務將在以下五年到期：
總計20242025202620272028之後
長期債務$120,171 $17 $67 $119,367 $720 $— $— 

截至2024年9月30日，公司修訂後的高級信用協議（"貸款協議"）涵蓋了除WebBank和Steel Connect之外的所有子公司，並提供了一項最高總額不超過$的高級有擔保循環信用額度。600,000 （"循環信用貸款"），其中包括一個$的附屬設施用於臨時貸款，50,000 一個$的附屬設施用於備用信用證，50,000 以及一個貨幣附屬額（可用歐元和英鎊）等於$的較小者，75,000 以及循環信用的總金額。
19

信用承諾。信用協議在某些情況下允許增加信用協議下的總循環信用承諾本金金額，增加的金額爲$300,000 和額外的金額，只要槓桿比率（如信用協議中定義）不會超過 3.50:1。借款利息按年利率計，分別爲基礎利率、SOFR利率或定期RFR（如信用協議中定義），根據借款人的選擇，加上適用的利差，如信用協議中所述。截止2024年9月30日，信用協議還規定對未使用的借款收取承諾費用，費率爲 0.150%。

信用協議包含財務契約，包括： (i) 槓桿比率不得超過 4.25 與每個財務季度結束時的1.00相比；但前提是，儘管如此， 在重大收購（如信用協議中定義）後，借款人不得允許槓桿比率在此重大收購之後的四個（4）個財務季度結束時的計算超過 4.50 與1.00相比， (ii) 利息覆蓋比率在每個財務季度結束時計算，不低於 3.00 與1.00相比。信用協議還包含與此類交易相關的標準陳述、保證和契約，包括但不限於與以下內容相關的契約： (i) 財務報告和通知； (ii) 義務的支付； (iii) 遵守法律； (iv) 維護保險； (v) 維護財產。 截至2024年9月30日，公司遵守信用協議下所有財務和非財務契約。公司認爲在未來十二個月內將繼續符合信用協議的契約。 信用協議將於2026年12月29日到期。

信貸協議的加權平均利率爲 6.18截至2024年9月30日爲止，信用證總額爲$10,631 公司的信用證主要用於支持與某些環保母基、保險計劃和房地產業租賃相關的履約和財務義務。信貸協議允許公司借款用於其優先單位的分紅派息、養老金繳款、投資、收購和其他一般企業開支。根據截至2024年9月30日的財務結果，公司在信貸協議下的總可用額是基於合併調整後的EBITDA（如信貸協議中定義）和信貸協議中描述的某些約定，約爲$470,000 截至2024年9月30日。

Steel Connect 循環信貸額度

Steel Connect的全資子公司ModusLink公司（"ModusLink"）與Umpqua銀行簽訂了一項循環信貸協議（"Umpqua Revolver"），該協議提供最高信貸承諾金額爲$12,500 以及信用證的子限額爲$5,000 並於2026年3月31日到期。 截至2024年9月30日，ModusLink遵守Umpqua Revolver的契約，並認爲在接下來的十二個月內將繼續遵守Umpqua Revolver的契約。 截至2024年9月30日，ModusLink可用的借款能力爲 $11,890 並且信用證的未償還金額爲$610 。

2024年5月1日，ModusLink簽署了《信貸協議第二修正案》（以下稱「第二修正案」），修訂了Umpqua循環信貸。第二修正案的主要內容包括將循環貸款的到期日期從2025年3月31日延長至2026年3月31日，移除了Umpqua循環信貸中對於「調整後息稅折舊攤銷前利潤（Adjusted EBITDA）」定義的某些調整，提高了最低調整後可辨認淨資產，並移除了對ModusLink支付分紅派息能力的某些上限和條件。

9. 金融工具

WebBank - 貸款中的經濟利益

WebBank的衍生金融工具代表了在出售後對貸款的持續經濟利益。這些衍生工具在公司的合併資產負債表中以公允價值的毛額計入其他非流動資產，並在公允價值層級中歸類爲第3級（見註釋14 - "公允價值計量"）。截至2024年9月30日，未到期衍生工具的到期日爲n 三 至 五年. 衍生工具公允價值變化所產生的收益和損失在公司的合併運營報表中的金融服務營業收入中計入。公允價值代表WebBank在報告日期基於折現現金流模型對同類或類似工具終止合約時預計收到或支付的金額。WebBank不會出於投機或交易目的簽訂衍生合同。

20

貴金屬和商品庫存

截至2024年9月30日，公司持有以下到期的遠期合同，結算日期至2024年10月。截止2024年9月30日，沒有未結算的期貨合同。
商品數量（以整單位計算）名義價值
白銀129,363 盎司$4,042 
黃金1 盎司$6 
美元/盎司1,261 盎司$1,374 
鉑金 46 盎司$46 
銅207,000 磅$906 
錫27 公噸$839 

公允價值對沖。 根據ASC 815，某些遠期合同被視爲公允價值對沖，用於公司的以公允價值計量的貴金屬庫存。這些合同對沖 31,500 我們的白銀的單位數（以整體單位計）以及公司大部分的銅磅。這些衍生品的公允價值被確認爲公司合併資產負債表上的衍生資產和負債。衍生資產和負債的公允價值的淨變化，以及被對沖庫存的公允價值的變化，計入公司合併的運營報表，並且這些金額由於對沖的有效性主要相互抵消。

Economic Hedges. The remaining outstanding forward contracts for silver, and all the contracts for gold, palladium, platinum and tin, are accounted for as economic hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market with gains and losses recorded in earnings in the Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method.

The forward contracts were made with a counterparty rated Aa2 by Moody's. Accordingly, management evaluated counterparty risk and believes that there is minimal credit risk of default. The Company estimates the fair value of its derivative contracts based on the counterparty's statement. The Company maintains collateral on account with the third-party broker which varies in amount depending on the value of open contracts and the current market price.

The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets are as follows:
Fair Value of Derivative Assets (Liabilities)
September 30, 2024December 31, 2023
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as ASC 815 hedges
Commodity contractsOther liabilities$(58)Other liabilities$(25)
Derivatives not designated as ASC 815 hedges
Commodity contractsPrepaid expenses and other current assets$5 Prepaid expenses and other current assets$75 
Economic interests in loansOther non-current assets$5,207 Other non-current assets$4,903 

The effects of fair value hedge accounting on the consolidated statements of operations for the three and nine months ended September 30, 2024 was losses of $106 and $495, respectively, and for the three and nine months ended September 30, 2023 was gains of $46 and $213, respectively. The effects of derivatives not designated as ASC 815 hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 are as follows:

Derivatives Not Designated as Hedging Instruments:Location of Gain (Loss) Recognized in IncomeAmount of Gain (Loss) Recognized in Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Commodity contractsOther (expense) income, net$(419)$33 $(1,008)$790 
Economic interests in loansFinancial Services revenue1,606 1,415 4,187 3,763 
Total$1,187 $1,448 $3,179 $4,553 

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Financial Instruments with Off-Balance Sheet Risk

WebBank is a party to financial instruments with off-balance sheet risk. In the normal course of business, these financial instruments include commitments to extend credit in the form of loans as part of WebBank's lending arrangements. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized on the Company's consolidated balance sheets. The contractual amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments.

As of September 30, 2024 and December 31, 2023, WebBank's undisbursed loan commitments totaled $299,689 and $340,621, respectively. Commitments to extend credit are agreements to lend to a borrower who meets the lending criteria through one of WebBank's lending agreements, provided there is no violation of any condition established in the contract with the counterparty to the lending arrangement.

Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments are expected to expire without the credit being extended, the total commitment amounts do not necessarily represent future cash requirements. WebBank evaluates each prospective borrower's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by WebBank upon extension of credit, is based on management's credit evaluation of the borrower and WebBank's counterparty.

WebBank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. WebBank uses the same credit policy in making commitments and conditional obligations as it does for on balance sheet instruments.

10. PENSION AND OTHER POST-RETIREMENT BENEFITS

The Company maintains several qualified and non-qualified pension plans and other post-retirement benefit plans. The following table presents the components of pension expense for the Company's significant pension plans. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Interest cost$4,199 $4,538 $12,598 $13,614 
Expected return on plan assets(5,010)(4,467)(15,030)(13,401)
Amortization of actuarial loss2,185 2,882 6,555 8,647 
Total net pension expense$1,374 $2,953 $4,123 $8,860 

Net pension expense is included in Selling, general and administrative expenses in the consolidated statements of operations. During the nine months ended September 30, 2024, the Company contributed $7,226 to its pension plans. Required future pension contributions are estimated based upon assumptions such as discount rates on future obligations, assumed rates of return on plan assets and legislative changes. Actual future pension costs and required funding obligations will be affected by changes in the factors and assumptions described in the previous sentence, including the impact of declines in pension plan assets and interest rates, as well as other changes such as any plan termination or other acceleration events. The Company currently estimates it will contribute $2,983 to its pension plans during the remainder of 2024.

11. CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

As of September 30, 2024, the Company had 19,183,332 Class A units (regular common units) outstanding.

22

Common Unit Repurchase Program

The Board of Directors of SPH GP, the general partner of SPLP, (the "Board of SPH GP") has approved the repurchase of up to an aggregate of 9,520,240 of the Company's common units (the "Repurchase Program"), which is inclusive of 750,000 common units approved in March 2024. The Repurchase Program, which was announced on December 7, 2016, supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs. Any purchases made under the Repurchase Program will be made from time to time on the open market or in negotiated transactions off the market, in compliance with applicable laws and regulations. The timing, manner, price and amount of any repurchase will depend on economic and market conditions, share price, trading volume, applicable legal requirements and other factors. In connection with the Repurchase Program, the Company may enter into a stock purchase plan. The Repurchase Program has no termination date. The Company repurchased, under the Repurchase Program, 13,813 and 991,157 common units for an aggregate purchase price of $547 and $41,680 during the three and nine months ended September 30, 2024, respectively. From the inception of the Repurchase Program the Company has purchased 8,799,777 common units for an aggregate price of approximately $206,078. As of September 30, 2024, there remained 720,463 common units that may yet be purchased under the Repurchase Program.

On September 1, 2024, the Company entered into a purchase agreement with Hale Partnership Fund, L.P. and related parties (the "Hale Entities") pursuant to which the Company purchased an aggregate of 1,267,803 Common Units from the Hale Entities for an aggregate purchase price of $63,390. This agreement was approved by the Company’s Board of Directors outside of the Repurchase Program.

Incentive Award Plan

The Company's 2018 Incentive Award Plan (the "2018 Plan") provides equity-based compensation through the grant of options to purchase the Company's limited partnership units, unit appreciation rights, restricted units, phantom units, substitute awards, performance awards, other unit-based awards, and, as appropriate, any tandem distribution equivalent rights granted with respect to an award (collectively, "LP Units"). On May 18, 2020, the Company's unitholders approved the Amended and Restated 2018 Incentive Award Plan, which increased the number of LP Units issuable under the 2018 Plan by 500,000 to a total of 1,000,000 LP Units. On June 9, 2021, the Company's unitholders approved the Second Amended and Restated 2018 Incentive Award Plan ("Second A&R 2018 Plan"), which increased the number of LP Units issuable under the 2018 Plan by 1,000,000 to a total of 2,000,000 LP Units. The Company granted 153,266 restricted LP Units under the Second A&R 2018 Plan during the nine months ended September 30, 2024. Of the restricted LP Units granted during the nine months ended September 30, 2024, 27,538 restricted LP Units were granted during the three months ending March 31, 2024, which vested immediately on the date of the grant, and 125,728 restricted LP Units were granted during the three months ended June 30, 2024, which will vest in approximately 2.5 years.

Preferred Units

The Company's 6.0% Series A preferred units, no par value (the "SPLP Preferred Units") entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution. The Company declared cash distributions of approximately $2,380 and $2,408 to preferred unitholders for the three months ended September 30, 2024, and 2023, respectively, and approximately $7,139 and $7,225 for the nine months ended September 30, 2024, and 2023, respectively. The SPLP Preferred Units have a term of nine years, ending February 2026, and are redeemable at any time at the Company's option at a $25 liquidation value per unit, plus any accrued and unpaid distributions (payable in cash or SPLP common units, or a combination of both, at the Company's discretion). If redeemed in common units, the number of common units to be issued will be equal to the liquidation value per unit divided by the volume weighted-average price of the common units for 60 days prior to the redemption. On February 2, 2024, the Board of SPH GP approved the repurchase of up to 400,000 of the SPLP Preferred Units. For the nine months ended September 30, 2024, the Company repurchased 76,146 SPLP Preferred Units for $1,830. The Company did not repurchase any SPLP Preferred Units during the three months ended September 30, 2024.

The SPLP Preferred Units have no voting rights, except that holders have certain voting rights in limited circumstances relating to the election of directors following the failure to pay six quarterly distributions. The SPLP Preferred Units are recorded as non-current liabilities, including accrued interest expense, on the Company's consolidated balance sheets as of September 30, 2024 and December 31, 2023 because they have an unconditional obligation to be redeemed for cash or by issuing a variable number of SPLP common units for a monetary value that is fixed and known at inception. Because the SPLP Preferred Units are classified as liabilities, distributions thereon are recorded as a component of Interest expense in the Company's consolidated statements of operations. As of September 30, 2024 and December 31, 2023, there were 6,345,982 and 6,422,128 SPLP Preferred Units outstanding, respectively.

23

On November 6, 2024, the Board of SPH GP declared a regular quarterly cash distribution of $0.375 per unit, payable December 15, 2024, to unitholders of record as of December 1, 2024, on its SPLP Preferred Units.

Accumulated Other Comprehensive Loss

Changes, net of tax, where applicable, in AOCI are as follows:
Unrealized loss on available-for-sale debt securitiesCumulative translation adjustmentsChange in net pension and other benefit obligationsTotal
Balance at December 31, 2023
$(92)$(14,993)$(106,138)$(121,223)
Net other comprehensive loss attributable to common unitholders— (1,110)— (1,110)
Balance at March 31, 2024
(92)(16,103)(106,138)(122,333)
Net other comprehensive loss attributable to common unitholders— (604)— (604)
Balance as of June 30, 2024
(92)(16,707)(106,138)(122,937)
Net other comprehensive income attributable to common unitholders— 2,234 (444)1,790 
Balance at September 30, 2023$(92)$(14,473)$(106,582)$(121,147)

Unrealized loss on available-for-sale securitiesCumulative translation adjustmentsChange in net pension and other benefit obligationsTotal
Balance at December 31, 2022
$(92)$(17,113)$(134,669)$(151,874)
Net other comprehensive income attributable to common unitholders— 1,093 — 1,093 
Balance at March 31, 2023
(92)(16,020)(134,669)(150,781)
Net other comprehensive loss attributable to common unitholders— (175)— (175)
Balance at June 30, 2023
$(92)$(16,195)$(134,669)$(150,956)
Net other comprehensive loss attributable to common unitholders— (1,991)36 (1,955)
Balance at September 30, 2023
$(92)$(18,186)$(134,633)$(152,911)

Incentive Unit Awards

In 2012, SPLP issued to the Manager partnership profits interests in the form of Incentive Units which entitle the holder generally to share in 15% of the increase in the equity value of the Company, based on the volume weighted average price of the Company’s common units for the 20 trading days prior to the year-end measurement date. In 2015, the Manager assigned its rights to Incentive Units to a related party, SPH SPV-I LLC ("SPH SPV-I") pursuant to an Incentive Unit Agreement. Vesting in Incentive Units is measured annually on the last day of the Company’s fiscal year and is based upon exceeding a baseline equity value per common unit which is currently $41.82 and was determined when the most recent award vested on December 31, 2022. The number of outstanding Incentive Units is equal to 100% of the common units outstanding, including common units held by non-wholly-owned subsidiaries. The measurement date equity value per common unit is determined by calculating the volume weighted average price of the Company’s common units for 20 trading days prior to a measurement date. If an Incentive Unit award vests as of an annual measurement date they will be issued as Class C units.

Upon vesting in Incentive Units, the baseline equity value will be recalculated as the new baseline equity value to be assessed at the next annual measurement date. If the baseline equity value is not exceeded as of an annual measurement date, then no portion of annual Incentive Units will be classified as Class C common units for that year and the baseline equity value per common unit will be the same amount as determined upon the prior vesting. The Class C units have the same rights as the LP Units, including, without limitation, with respect to partnership distributions and allocations of income, gain, loss and deduction, in all respects, except that liquidating distributions made by the Company to such holder may not exceed the amount of its capital account allocable to such Class C units and such Class C units may not be sold in the public market, until they have converted into LP Units. At such time that the amount of the capital account allocable to a Class C unit is equal to the amount of the capital account allocable to an LP Unit, such Class C unit shall convert automatically into an LP Unit.

If September 30, 2024 was the annual measurement date, no Incentive Units would vest or be issued as Class C common units based upon the volume weighted-average price of the Company's common units for 20 trading days prior to September 30, 2024. Pursuant to the terms to the Incentive Unit Agreement, vesting of the Incentive Units only occurs based on the value of the Company’s common units at the annual measurement date on December 31, and therefore, more, fewer or no Incentive Units may vest for 2024.

24

12. INCOME TAXES

The Company's tax provision represents the income tax expense or benefit of its consolidated subsidiaries that are taxable entities. The income tax provision fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The Company recorded an income tax provision of $16,224 for the three months ended September 30, 2024 and an income tax benefit of $981 for the same period in 2023. The Company recorded income tax benefits of $31,906 and $1,707 for the nine months ended September 30, 2024 and 2023, respectively. Provisions have been made for federal, state, local, and foreign income taxes on the results of operations generated by our consolidated subsidiaries that are taxable entities. Significant differences between the statutory rate and the effective tax rate include the effect of the release of valuation allowances with respect to deferred tax assets, partnership losses for which no tax benefit is recognized, tax expense related to unrealized gains and losses on investment, the effect of tax credits and incentives, and other permanent differences. The Company's consolidated subsidiaries have recorded deferred tax valuation allowances to the extent that they believe it is more likely than not that the benefits of certain deferred tax assets will not be realized in future periods.

The income tax benefits recorded for the nine months ended September 30, 2024, include the impact of the release of Steel Connect's valuation allowance on its deferred tax assets which resulted in a one-time non-cash income tax benefit of $73,536. During the three months ended June 30, 2024, Steel Connect reassessed the need for a valuation allowance against its deferred tax assets. After considering historical and projected future taxable income and existing taxable temporary differences, Steel Connect determined that it is more likely than not that the deferred tax assets will be realized. As a result, Steel Connect released substantially all of its valuation allowance on the NOLs carried forward after July 31, 2024 (Steel Connect's fiscal year-end), other than the valuation allowance relating to an estimated $912 of state NOLs that Steel Connect anticipates will expire unutilized.

Each year, the Company files many tax returns given the number of national, state and local tax jurisdictions in which the Company operates. These tax returns are subject to examination by the tax authorities. As a result, there is an uncertainty in income taxes recognized in the financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations.

13. NET INCOME PER COMMON UNIT

The following data was used in computing net income per common unit shown in the Company's consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income$36,873 $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 unitholders36,416 25,572 186,985 109,568 
Effect of dilutive securities:
Interest expense from SPLP Preferred Units (a)
3,044 3,083 9,183 9,228 
Net income attributable to common unitholders – assuming dilution$39,460 $28,655 $196,168 $118,796 
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 
Denominator for net income per common unit – basic19,929,713 21,298,871 20,338,033 21,495,689 
Effect of dilutive securities:
Incentive Units— 154,078 — 153,063 
Unvested restricted common units54,640 24,341 47,812 19,340 
SPLP Preferred Units4,001,522 3,603,920 4,084,573 3,692,232 
Denominator for net income per common unit – diluted23,985,875 25,081,210 24,470,418 25,360,324 
(a)    Assumes the SPLP Preferred Units were redeemed in common units as described in Note 11 - "Capital and Accumulated Other Comprehensive Loss."

25

14. FAIR VALUE MEASUREMENTS

Financial assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of September 30, 2024 and December 31, 2023 are summarized by type of inputs applicable to the fair value measurements as follows:
September 30, 2024Level 1Level 2Level 3Total
Assets:
Long-term investments (a)
$48,861 $5,568 $4,842 $59,271 
Precious metal and commodity inventories recorded at fair value
49,355 — — 49,355 
Economic interests in loans (b)
— — 5,207 5,207 
Warrants (c)
— — 1,436 1,436 
Total$98,216 $5,568 $11,485 $115,269 
Liabilities:
Commodity contracts on precious metal and commodity inventories
$— $53 $— $53 
Other precious metal liabilities$41,022 $— $— $41,022 
Total$41,022 $53 $— $41,075 

December 31, 2023Level 1Level 2Level 3Total
Assets:
Long-term investments (a)
$15,965 $447 $5,746 $22,158 
Precious metal and commodity inventories recorded at fair value
35,361 — — 35,361 
Economic interests in loans (b)
— — 4,903 4,903 
Commodity contracts on precious metal and commodity inventories
— 75 — 75 
Warrants (c)
— — 1,436 1,436 
Total$51,326 $522 $12,085 $63,933 
Liabilities:
Commodity contracts on precious metal and commodity inventories
$— $25 $— $25 
Other precious metal liabilities 30,958 — — 30,958 
Total$30,958 $25 $— $30,983 
(a)    For additional details of the long-term investments, see Note 7 – "Investments." The investment in PCS-Mosaic of $19,058 and $19,067 as of September 30, 2024 and December 31, 2023, respectively, is not included in the fair value leveling tables as it is valued at cost.
(b)    For additional details of the economic interests in loans, see Note 9 – "Financial Instruments".
(c)     Included within Other non-current assets in the Company's consolidated balance sheets.

During the three and nine months ended September 30, 2024, $5,075 of assets, were transferred from Level 1 to Level 2, due to being delisted from the London Stock Exchange. There were no level changes during the three and nine months ending September 30, 2023.

Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date ("Level 1").

Level 2 inputs may include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data ("Level 2").

Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available and may include data developed by the Company ("Level 3").

The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and accounts payable, approximates carrying value due to the short-term maturities of these assets and liabilities. Carrying cost approximates fair value for long-term debt, which has variable interest rates.

The precious metal and commodity inventories associated with the Company's fair value hedges (see Note 9 - "Financial Instruments") are reported at fair value. Fair values of these inventories are based on quoted market prices on commodity exchanges and are considered Level 1 measurements. The derivative instruments that the Company purchases in connection with its precious metal and commodity inventories, specifically commodity futures and forward contracts, are also
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valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements.

Following is a summary of changes in financial assets measured using Level 3 inputs:
Long Term Investments (a)
Economic Interests in Loans (b)
Warrants (b)
Total
Balance as of December 31, 2023
$5,746 $4,903 $1,436 $12,085 
Purchases
373 — — 373 
Sales, cash collections, and eliminations(49)(3,883)— (3,932)
Realized gains— 4,187 — 4,187 
Unrealized losses
(1,228)— — (1,228)
Balance as of September 30, 2024
$4,842 $5,207 $1,436 $11,485 
Balance as of December 31, 2022
$52,336 $5,728 $3,564 $61,628 
Purchases
589 — — 589 
Sales, cash collections, and eliminations(49,521)(4,393)— (53,914)
Realized gains
(5)3,763 — 3,758 
Unrealized gains
106 — — 106 
Balance as of September 30, 2023
$3,505 $5,098 $3,564 $12,167 
(a)    Unrealized gains and losses are recorded in Loss of associated companies, net of taxes in the Company's consolidated statements of operations.
(b)    Realized and unrealized gains and losses are recorded in Realized and unrealized losses (gains) on securities, net or Financial Services revenue in the Company's consolidated statements of operations.

Long-Term Investments - Valuation Techniques

The Company estimated the value of its investment in the STCN Note as of March 31, 2023 using a Binomial Lattice Model. Key inputs in the valuation included the trading price and volatility of STCN's common stock, the risk-free rate of return, as well as the dividend rate, conversion price, and maturity date. The fair value of the Company’s investment in STCN preferred stock as of March 31, 2023 was its par value because the Company has the right to redeem and the issuer has the right to convert the instrument at the redemption value. The Company's investments in the STCN Note and STCN preferred stock were remeasured as of the date of the Exchange Transaction. The Company's investment in Steel Connect as of March 31, 2023 was eliminated as the Company's ownership of Steel Connect increased to 84.0% on May 1, 2023, as discussed in Note 3 - "Acquisitions and Divestitures".

Marketable Securities and Other - Valuation Techniques

The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities.

The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund and determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. The fair value of the derivatives held by WebBank (see Note 9 - "Financial Instruments") represent the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date and is based on discounted cash flow analyses that consider credit, performance and prepayment. Unobservable inputs used in the discounted cash flow analyses are: a constant prepayment rate of 8.82% to 35.95%, a constant default rate of 1.72% to 21.50% and a discount rate of 1.82% to 25.41%.

Assets Measured at Fair Value on a Nonrecurring Basis

The Company's non-financial assets and liabilities measured at fair value on a non-recurring basis, include goodwill and other intangible assets, any assets and liabilities acquired in a business combination, or its long-lived assets written down to fair value. To measure fair value for such assets and liabilities, the Company uses techniques including an income approach, a market approach and/or appraisals (Level 3 inputs). The income approach is based on a discounted cash flow analysis ("DCF") and calculates the fair value by estimating the after-tax cash flows attributable to an asset or liability and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. The discount rates, which are intended to reflect the risks inherent in future cash flow
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projections, used in the DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from analysis of peer companies and consider the industry weighted-average return on debt and equity from a market participant perspective. A market approach values a business by considering the prices at which shares of capital stock, or related underlying assets, of reasonably comparable companies are trading in the public market or the transaction price at which similar companies have been acquired. If comparable companies are not available, the market approach is not used.

15. COMMITMENTS AND CONTINGENCIES

Environmental and Litigation Matters

The Company and certain of the Company's subsidiaries are defendants in certain legal proceedings and environmental investigations and have been designated as potentially responsible parties ("PRPs") by federal and state agencies with respect to certain sites with which they may have had direct or indirect involvement. Most of such legal proceedings and environmental investigations involve unspecified amounts of potential damage claims or awards, are in an initial procedural phase, involve significant uncertainty as to the outcome or involve significant factual issues that need to be resolved, such that it is not possible for the Company to estimate a range of possible loss. For matters that have progressed sufficiently through the investigative process such that the Company is able to reasonably estimate a range of possible loss, an estimated range of possible loss, in excess of the accrued liability (if any) for such matters, is provided. Any estimated range of possible loss is or will be based on currently available information and involves elements of judgment and significant uncertainties and may not represent the Company's maximum possible loss exposure. The circumstances of such legal proceedings and environmental investigations will change from time to time, and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such legal proceedings and environmental investigations would have a material effect on the financial position, liquidity or results of operations of the Company.

The legal proceedings and environmental investigations are in various stages of administrative or judicial proceedings and include demands for recovery of past governmental costs, and for future investigations and remedial actions. In some cases, the dollar amounts of the claims have not been specified and, with respect to a number of the PRP claims, have been asserted against a number of other entities for the same cost recovery or other relief as was asserted against certain of the Company's subsidiaries. The Company accrues liabilities associated with environmental and litigation matters on an undiscounted basis, when they become probable and reasonably estimable. As of September 30, 2024, on a consolidated basis, the Company recorded liabilities of $2,581 and $25,390 in Accrued liabilities and Other non-current liabilities, respectively, on the consolidated balance sheet. As of December 31, 2023, on a consolidated basis, the Company recorded liabilities of $13,107 and $25,388 in Accrued Liabilities and Other non-current liabilities, respectively, on the consolidated balance sheet, which represent the current estimate of environmental remediation liabilities as well as reserves related to the litigation matters discussed below. Expenses relating to these costs, and any recoveries, are included in Selling, general and administrative expenses in the Company's consolidated statements of operations. Estimates of the Company's liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates.

Environmental Matters

Certain subsidiaries of the Company have existing and contingent liabilities relating to environmental matters, including costs of remediation, capital expenditures, and potential fines and penalties relating to possible violations of federal and state environmental laws. Such existing and contingent liabilities are continually being readjusted based upon the emergence of new findings, techniques and alternative remediation methods.

Included among these liabilities, certain of the Company's subsidiaries have been identified as PRPs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") or similar state statutes at sites and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws at some of the sites at which the Company's subsidiaries are PRP's.

Based upon information currently available, the Company's subsidiaries do not expect that their respective environmental costs, including the incurrence of additional fines and penalties, if any, will have a material adverse effect on them or that the resolution of these environmental matters will have a material adverse effect on the financial position, results of
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operations or cash flows of such subsidiaries or the Company, but there can be no such assurances. The Company anticipates that the subsidiaries will pay any such amounts out of their respective working capital, although there is no assurance that they will have sufficient funds to pay them. In the event that a subsidiary is unable to fund its liabilities, claims could be made against its respective parent companies for payment of such liabilities.

The sites where certain of the Company's subsidiaries have environmental liabilities include the following:

The Company has been working with the Connecticut Department of Energy and Environmental Protection ("CTDEEP") with respect to its obligations under a 1989 consent order that applies to a former manufacturing facility located in Fairfield, Connecticut. A preliminary ecological risk assessment of the wetlands portion was submitted in 2016 to the CTDEEP for their review and approval. The CTDEEP required an additional assessment of the wetlands and Company officials continue to meet with CTDEEP representatives to agree on a workplan for the additional assessment. Additional investigation of the wetlands is expected in 2024 and 2025 and remediation will likely start in 2027, pending approval of a mutually acceptable wetlands work plan. A work plan to investigate the upland portion of the parcel was prepared by the Company and approved by the CTDEEP in March 2018 and implemented from 2019 through 2023. Additional upland investigatory work will be required to fully define the areas requiring remediation and is also dependent upon CTDEEP requirements and approval. Based on currently known information, the Company reasonably estimates that it may incur aggregate losses over a period of multiple years of between $10,500 and $17,500. The Company has a reserve of $14,458 recorded for future remediation costs, which is our best estimate within this range of potential losses. Due to the uncertainties, there can be no assurance that the final resolution of this matter will not be material to the financial position, results of operations or cash flows of the Company.

In 1986, a subsidiary of the Company entered into an administrative consent order ("ACO") with the New Jersey Department of Environmental Protection ("NJDEP") to investigate and remediate property in Montvale, New Jersey that it purchased in 1984. The ACO required investigation and remediation activities to be performed with regard to soil and groundwater contamination. The Company has been actively investigating and remediating the soil and groundwater since that time and has completed the implementation of the groundwater treatment system in operation at the property. Pursuant to a settlement agreement with the former owner/operator of the site, the responsibility for site investigation and remediation costs and other related costs are contractually allocated 75% to the former owner/operator and 25% jointly to the Company, all after having the first $1,000 paid by the former owner/operator. Additionally, the Company had been reimbursed indirectly through insurance coverage for a portion of the costs for which it is responsible. There is no assurance that the former owner/operator or guarantors will continue to timely reimburse the Company for expenditures and/or will be financially capable of fulfilling their obligations under the settlement agreement and the guaranties. There is no assurance that there will be any additional insurance reimbursement. A reserve of approximately $812 has been established for the Company's expected 25% share of anticipated costs at this site, which is based upon the recent selection of a final remedy, on-going operations and maintenance, additional investigations and monitored natural attenuation testing over the next 30 years. Also, a reserve and related receivable of approximately $2,437 has been established for the former owner/operator's expected share of anticipated costs at this site. On December 18, 2019, the State of New Jersey ("State") filed a complaint against the Company and other non-affiliated corporations related to former operations at this location. The State sought unspecified damages, including reimbursement for all cleanup and removal costs and other damages that the State claims it has incurred, including the lost value of, and reasonable assessment costs for, any natural resource injured as a result of the alleged discharge of hazardous substances and pollutants, as well as attorneys' fees and costs. On July 1, 2020, the Company answered and asserted crossclaims for indemnification and contribution against another defendant, Cycle Chem, Inc. Cycle Chem also asserted crossclaims against the Company. As a result of a confidential mediation, the parties negotiated a settlement amount of $10,500, of which the Company would pay $2,625, its 25% share, and of which other non-affiliated corporations would pay the remaining $7,875, their 75% share. The State also agreed to a separate settlement amount of $3,500 with Cycle Chem for which they were 100% responsible. The Court approved the settlement and on June 27, 2024, the Company and the other defendants paid their portion of the settlement to the State.

The Company's subsidiary, SL Industries, Inc. ("SLI"), may incur environmental costs in the future as a result of the past activities of its former subsidiary, SL Surface Technologies, Inc. ("SurfTech"), in Pennsauken, New Jersey ("Pennsauken Site") and in Camden, New Jersey and at its former subsidiary, SGL Printed Circuits in Wayne, New Jersey. At the Pennsauken Site, SLI entered into a consent decree with both the U.S. Department of Justice and the U.S. Environmental Protection Agency ("EPA") in 2013 and has since completed the remediation required by the consent decree and has paid the EPA a fixed sum for its past oversight costs. Separate from the consent decree, in December 2012, the NJDEP made a settlement demand of $1,800 for past and future cleanup and removal costs and natural resource damages ("NRD"). To avoid the time and expense of litigating the matter, SLI offered to pay approximately $300 to fully resolve the claim presented by the State. SLI's settlement offer was rejected. On December 6, 2018, the State filed a complaint against SLI related to the Pennsauken Site. The State is seeking treble damages and attorneys' fees, NRD for loss of use of groundwater, as well as a request that SLI pay all cleanup and
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removal costs that the State has incurred and will incur at the Pennsauken Site. On August 21, 2019, SLI submitted a $1,070 settlement offer, which was not accepted. The parties have substantially completed the fact and expert discovery, including the exchange of competing expert reports. The Company has a reserve of $2,582, which is the amount of SLI's last settlement offer. SLI intends to assert all legal and procedural defenses available to it. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of the Company.

SLI reported soil contamination and groundwater contamination in 2003 from the SurfTech site located in Camden, New Jersey. Substantial investigation and remediation work has been completed under the direction of the licensed site remediation professional for the site. Additional investigations related to PFAS compounds have been initiated and have delayed remediation actions. Remediation actions, including soil excavation and groundwater bioremediation, are expected to start in the first half of 2025 pending completion of the PFAS investigations. Post-remediation groundwater monitoring will be conducted following completion of soil excavation. A reserve of $2,837 has been established for anticipated costs at this site, but there can be no assurance that there will not be potential additional costs associated with the site, which cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of the Company.

SLI is currently participating in environmental assessment and cleanup at a commercial facility located in Wayne, New Jersey. Contaminated soil and groundwater have undergone remediation with the NJDEP and LSRP oversight, but contaminants of concern in groundwater and surface water, which extend off-site, remain above applicable NJDEP remediation standards. A reserve of approximately $1,106 has been established for anticipated costs, but there can be no assurance that there will not be potential additional costs associated with the site which cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of SLI, HNH or the Company.

Litigation Matters

Reith v. Lichtenstein, et al. On April 13, 2018, a purported shareholder of STCN, Donald Reith, filed a verified complaint, Reith v. Lichtenstein, et al., 2018-0277 (Del. Ch.) (the "Reith litigation") in the Delaware Court of Chancery. The plaintiff sought to assert class action and derivative claims against the Company and several of its affiliated companies, together with certain members of STCN's board of directors, as well as other named defendants (collectively, the "defendants") in connection with the acquisition of $35,000 of STCN's Series C Preferred Stock by an affiliate of the Company and equity grants made to three individual defendants. The complaint includes claims for breach of fiduciary duty against all the individual defendants as STCN directors; claims for aiding and abetting breach of fiduciary duty against the Company; a claim for breach of fiduciary duty as controlling stockholder against the Company; and a derivative claim for unjust enrichment against the Company and the three individuals who received equity grants. The complaint demands damages in an unspecified amount for STCN and its stockholders, together with rescission, disgorgement and other equitable relief. On August 13, 2021, the parties entered into a memorandum of understanding (the "MOU") in connection with the settlement of the Reith litigation. Pursuant to the MOU, the defendants agreed (subject to court approval) to cause their directors' and officers' liability insurance carriers to pay to STCN $2,750 in cash. The Company's insurance carrier agreed to pay $1,100 of the settlement, and STCN's insurance carrier agreed to pay the remaining $1,650. Following the parties' entry into a Stipulation and Agreement of Compromise, Settlement, and Release (the "Proposed Settlement Agreement") on February 18, 2022, on March 17, 2022, the Court of Chancery granted a scheduling order (the "Scheduling Order") in connection with the Proposed Settlement Agreement. Pursuant to the terms of the MOU, certain of the individual defendants who are also current and former employees of the Company—Warren Lichtenstein (Executive Chairman), Jack Howard (President), and William Fejes (former Chief Operating Officer)—entered into separate letter agreements (the "Surrender Agreements") with STCN whereby they each agreed to surrender to STCN an aggregate 3,300,000 shares which they had initially received in December 2017 in consideration for services to STCN. Pursuant to the MOU and the Surrender Agreements, on August 17, 2021, Mr. Lichtenstein surrendered 2,133,333 Steel Connect shares (1,833,333 vested shares and 300,000 unvested shares), and Mr. Howard surrendered 1,066,667 Steel Connect shares (916,667 vested shares and 150,000 unvested shares). Also pursuant to the MOU and the Surrender Agreements, Mr. Fejes surrendered 100,000 vested shares in December 2021. After the parties filed papers in support of court approval of the settlement and an objector filed papers in opposition to court approval of the settlement, and after hearings held on August 12 and August 18, 2022, and after the parties and insurers agreed to modify the proposed settlement to increase by $250 the cash to be paid by the insurers, the Court of Chancery declined to approve the settlement as described in the Proposed Settlement Agreement on September 23, 2022. After the Court of Chancery rejected the settlement, it was no longer probable the Company had a liability for the proposed settlement nor a receivable for the related insurance coverage and therefore both amounts were no longer accrued.

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On April 8, 2024, STCN, the defendants and Mr. Reith entered into a new memorandum of understanding contemplating the settlement of the Reith litigation.

On October 18, 2024, STCN, the defendants and Mr. Reith entered into a Stipulation and Agreement of Compromise, Settlement and Release to resolve the Reith litigation (the "Second Proposed Settlement Agreement"). If the Second Proposed Settlement Agreement is approved by the Court, the defendants, among other things, shall cause their insurers to make a cash payment of $6,000 to STCN and, after deducting any Court-approved award of attorneys' fees and certain litigation expenses, STCN shall distribute the balance of the cash payment to the holders of STCN common stock pursuant to the allocation provisions set forth in the previously disclosed Stockholders Agreement dated April 30, 2023 by and among the Company, STCN, and other stockholders signatory thereto (the "Stockholders’ Agreement") as amended by the Second Proposed Settlement Agreement. The Second Proposed Settlement Agreement requires Court approval, and there can be no assurances that such approval will be granted.

Mohammad Ladjevardian v. Warren G. Lichtenstein, et al. On September 1, 2023, a purported stockholder of STCN, Mohammad Ladjevardian, filed a verified complaint in the Delaware Court of Chancery alleging a single direct claim for breach of fiduciary duty against members of STCN's Board of Directors, the Company, Steel Excel, Inc. ("Steel Excel"), and WebFinancial Corporation ("WebFinancial") in connection with the Exchange Transaction. The complaint alleged that although the challenged transaction was approved by the independent Strategic Planning Committee of STCN's Board of Directors, the committee failed to obtain a "control premium" or to consider the dilutive effect that the Series E Convertible Preferred Stock issuance had on the plaintiff's holdings. Remedies requested included rescission of the Series E Convertible Preferred Stock and a judicially imposed requirement that all future transactions involving the Company and its affiliates be subject to minority stockholder approval. On September 27, 2023, the entity defendants moved to dismiss the complaint. On October 5, 2023, the individual defendants moved to dismiss the complaint.

On April 18, 2024, in order to avoid the cost and uncertainty of litigation, Messrs. Lichtenstein and Howard, the Company, Steel Excel and WebFinancial, without admitting any wrongdoing, entered into a Settlement Agreement and Securities Purchase Agreements (the "SPAs") with the Estate of Mohammad Ladjevardian and certain parties related to Mohammad Ladjevardian (the "Ladjevardian Parties"). Pursuant to the SPAs, (a) Steel Excel purchased an aggregate of 701,246 shares of Common Stock of STCN held by the Ladjevardian Parties at a price of $9.83 per share, which represented the closing market price of the shares on April 17, 2024, and (b) made an aggregate cash settlement payment of $1,522 to the Ladjevardian Parties.

BNS Claims. A subsidiary of BNS Holdings Liquidating Trust ("BNS Sub") has been named as a defendant in multiple alleged asbestos-related toxic-tort claims filed over a period beginning in 1994 through September 30, 2024. In many cases these claims involved more than 100 defendants. There remained approximately 55 pending asbestos claims as of September 30, 2024. BNS Sub believes it has significant defenses to any liability for toxic-tort claims on the merits. None of these toxic-tort claims has gone to trial and, therefore, there can be no assurance that these defenses will prevail. BNS Sub has insurance policies covering asbestos-related claims for years beginning 1974 through 1988. BNS Sub annually receives retroactive billings or credits from its insurance carriers for any increase or decrease in claims accruals as claims are filed, settled or dismissed, or as estimates of the ultimate settlement costs for the then-existing claims are revised. As of both September 30, 2024 and December 31, 2023, BNS Sub has accrued $1,359 and $1,357 respectively, relating to the open and active claims against BNS Sub. This accrual includes the amount of unpaid retroactive billings submitted to the Company by the insurance carriers and also the Company's best estimate of the likely costs for BNS Sub to settle these claims outside the amounts funded by insurance. There can be no assurance that the number of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to-date of existing claims and that BNS Sub will not need to significantly increase its estimated liability for the costs to settle these claims to an amount that could have a material effect on the consolidated financial statements.

In the ordinary course of our business, the Company is subject to other periodic lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes, employment, environmental, health and safety matters, as well as claims associated with our historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against the Company, it does not believe any currently pending legal proceeding to which it is a party will have a material adverse effect on its business, prospects, financial condition, cash flows, results of operations or liquidity.

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16. RELATED PARTY TRANSACTIONS

The receivables from related parties and payables to related parties are included in Prepaid expenses and other current assets and Other current liabilities, respectively, on the Company's consolidated balance sheets. The components of receivables from related parties and payables to related parties for the years ended September 30, 2024 and December 31, 2023 are presented below:

September 30, 2024December 31, 2023
Receivable from related parties:
Receivable from other related parties$306 $234 
Payables to related parties:
Accrued management fees$506 $170 
Payables to other related parties1,789 2,359 
Total$2,295 $2,529 

Management Agreement with SP General Services LLC

SPLP is managed by the Manager, pursuant to the terms of the Management Agreement, which receives a fee at an annual rate of 1.5% of total Partners' capital ("Management Fee"), payable on the first day of each quarter and subject to a quarterly adjustment. In addition, SPLP may issue to the Manager partnership profits interests in the form of incentive units, which will be classified as Class C common units of SPLP, upon exceeding a baseline equity value per common unit, which is determined as of the last day of each fiscal year (see Note 11 - "Capital and Accumulated Other Comprehensive Loss" for additional information on the incentive units).

The Management Agreement is automatically renewed each December 31 for successive one-year terms unless otherwise determined at least 60 days prior to each renewal date by a majority of the Company's independent directors. The Management Fee was $4,014 and $3,249 for the three months ended September 30, 2024 and 2023, respectively, and net of reimbursement for use of Company assets of $(4) and $0 for the three months ended September 30, 2024 and 2023, respectively. The Management Fee was $11,137 and $9,319 for the nine months ended September 30, 2024 and 2023, respectively, and net of reimbursement for use of Company assets of $20 and $0 for the nine months ended September 30, 2024 and 2023, respectively. The Management Fee is included in Selling, general and administrative expenses in the Company's consolidated statements of operations. Unpaid amounts for management fees included in Other current liabilities on the Company's consolidated balance sheet were $506 and $170 as of September 30, 2024 and December 31, 2023, respectively.

SPLP will bear (or reimburse the Manager with respect to) all its reasonable costs and expenses of the managed entities, the Manager, SPH GP or their affiliates, including but not limited to: travel, legal, tax, accounting, auditing, consulting, administrative, compliance, investor relations costs related to being a public entity rendered for SPLP or SPH GP, as well as expenses incurred by the Manager and SPH GP which are reasonably necessary for the performance by the Manager of its duties and functions under the Management Agreement and certain other expenses incurred by managers, officers, employees and agents of the Manager or its affiliates on behalf of SPLP. Reimbursable expenses incurred by the Manager in connection with its provision of services under the Management Agreement, the substantial majority of which was for business-related air travel, were approximately $535 and $1,203 for the three months ended September 30, 2024 and 2023, respectively, and $2,100 and $3,582 for the nine months ended September 30, 2024 and 2023, respectively. Unpaid amounts for reimbursable expenses were approximately $1,595 and $2,185 as of September 30, 2024 and December 31, 2023, respectively, and are included in Other current liabilities on the Company's consolidated balance sheets.

Corporate Services

The Company's subsidiary, Steel Services Ltd ("Steel Services"), through management services agreements with its subsidiaries and portfolio companies, provides services, which include assignment of C-Level management personnel, legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations, operating group management and other similar services. In addition to its servicing agreements with SPLP and its consolidated subsidiaries, which are eliminated in consolidation, Steel Services has management services agreements with other companies considered to be related parties, including J. Howard Inc. and Steel Partners, Ltd. and affiliates. In total, Steel Services currently charges approximately $88 annually to these companies, such fees are payable to Steel Services quarterly. Upon closing of the Exchange Transaction on May 1, 2023, STCN became a consolidated subsidiary of the Company as described in Note 3 - "Acquisitions and Divestitures". Service fees charged to STCN after May 1, 2023 are
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eliminated in consolidation. All amounts billed under these service agreements are classified as a reduction of Selling, general and administrative expenses.

Mutual Securities, Inc.

Pursuant to the Management Agreement, the Manager is responsible for selecting executing brokers. Securities transactions for SPLP are allocated to brokers on the basis of reliability, price and execution. The Manager has selected Mutual Securities, Inc. as an introducing broker and may direct a substantial portion of the managed entities' trades to such firm, among others. An officer of the Manager and SPH GP is affiliated with Mutual Securities, Inc. The commissions paid by SPLP to Mutual Securities, Inc. were not significant in any period.

Other

At September 30, 2024 and December 31, 2023, several related parties and consolidated subsidiaries had deposits totaling $27 and $110, respectively, at WebBank. Approximately $27 of these deposits, including interest which was not significant, have been eliminated in consolidation as of both September 30, 2024 and December 31, 2023.

17. SEGMENT INFORMATION

SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services, and Supply Chain, which are managed separately and offer different products and services. The Diversified Industrial segment is comprised of manufacturers of engineered niche industrial products, including joining materials, tubing, building materials, performance materials, electrical products, cutting replacement products and services, and a packaging business. The Energy segment provides drilling and production services to the oil & gas industry and owns a youth sports business. The Financial Services segment consists primarily of the operations of WebBank, a Utah chartered industrial bank, which engages in a full range of banking activities. The Supply Chain segment is comprised of the operations of Steel Connect's wholly-owned subsidiary, ModusLink, which provides supply chain management and logistics services.

Corporate and Other consists of several consolidated subsidiaries, including Steel Services, equity method and other investments, and cash and cash equivalents. Its income or loss includes certain unallocated general corporate expenses.

Steel Services has management services agreements with its consolidated subsidiaries and other related companies as further discussed in Note 16 - "Related Party Transactions." Steel Services charged the Diversified Industrial, Energy, Financial Services, and Supply Chain segments approximately $13,699, $2,373, $540 and $630, respectively, for the three months ended September 30, 2024 and charged the Diversified Industrial, Energy, Financial Services and Supply Chain segments approximately $13,184, $2,344, $497 and $617, respectively, for the three months ended September 30, 2023. These service fees are reflected as expenses in the segment income (loss) below, but are eliminated in consolidation. Steel Services charged the Diversified Industrial, Energy, Financial Services, and Supply Chain segments approximately $41,097, $7,118, $1,620, and $1,891, respectively, for the nine months ended September 30, 2024 and charged the Diversified Industrial, Energy, Financial Services, and Supply Chain segments approximately $39,552, $7,033, $1,490, and $1,028, respectively, for the nine months ended September 30, 2023. These service fees are reflected as expenses in the segment income (loss) below, but are eliminated in consolidation.

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Segment information is presented below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue:
Diversified Industrial$318,642 $299,098 $945,576 $918,570 
Energy40,266 46,742 109,182 145,220 
Financial Services113,027 106,405 338,575 304,570 
Supply Chain48,488 40,009 136,595 70,190 
Total revenue$520,423 $492,254 $1,529,928 $1,438,550 
Income (loss) before interest expense and income taxes:
Diversified Industrial$26,346 $14,756 $66,175 $61,015 
Energy
3,466 5,968 8,149 15,239 
Financial Services23,945 (2,588)80,846 48,246 
Supply Chain2,637 4,011 8,870 5,846 
Corporate and Other(1,304)8,874 5,748 (4,814)
Income before interest expense and income taxes55,090 31,021 169,788 125,532 
Interest expense
1,993 4,115 5,074 15,934 
Income tax provision (benefit)16,224 (981)(31,906)(1,707)
Net income$36,873 $27,887 $196,620 $111,305 
Loss of associated companies, net of taxes:
Corporate and Other$— $3,140 $7 $11,944 
Total$— $3,140 $7 $11,944 
Segment depreciation and amortization:
Diversified Industrial$10,604 $10,257 $31,743 $30,333 
Energy2,161 2,740 6,482 7,732 
Financial Services233 205 620 630 
Supply Chain1,450 1,324 4,145 2,234 
Corporate and Other548 167 849 504 
Total depreciation and amortization$14,996 $14,693 $43,839 $41,433 

18. REGULATORY MATTERS

WebBank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain actions by regulators that, if undertaken, could have a direct material effect on WebBank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WebBank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. WebBank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

As a result of Basel III becoming fully implemented as of January 1, 2019, WebBank's minimum requirements increased for both the quantity and quality of capital held by WebBank. The rules include a new common equity Tier 1 capital to risk-weighted assets ratio ("CET1 Ratio") of 4.5% and a capital conservation buffer of 2.5% of risk-weighted assets, which, as fully phased-in, effectively results in a minimum CET1 Ratio of 7.0%. Basel III raised the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% (which, with the capital conservation buffer, effectively results in a minimum Tier 1 capital ratio of 8.5% as fully phased-in) and effectively results in a minimum total capital to risk-weighted assets ratio of 10.5% (with the capital conservation buffer fully phased-in), and requires a minimum leverage ratio of 4.0%. Basel III also made changes to risk weights for certain assets and off-balance sheet exposures. WebBank expects that its capital ratios under Basel III will continue to exceed the well-capitalized minimum capital requirements and such amounts are disclosed in the table below:

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Amount of Capital Required
ActualFor Capital
Adequacy Purposes		Minimum Capital Adequacy With
Capital Buffer		To Be Well Capitalized Under
Prompt Corrective Provisions
AmountRatioAmountRatioAmountRatioAmountRatio
As of September 30, 2024
Total Capital
(to risk-weighted assets)$381,256 18.80 %$162,499 8.00 %$213,280 10.50 %$203,123 10.00 %
Tier 1 Capital
(to risk-weighted assets)$355,854 17.50 %$121,874 6.00 %$172,655 8.50 %$162,499 8.00 %
Common Equity Tier 1 Capital
(to risk-weighted assets)$355,854 17.50 %$91,406 4.50 %$142,186 7.00 %$132,030 6.50 %
Tier 1 Capital
(to average assets)$355,854 16.30 %$87,397 4.00 %n/an/a$109,247 5.00 %
As of December 31, 2023
Total Capital
(to risk-weighted assets)$359,747 15.40 %$186,523 8.00 %$244,811 10.50 %$233,154 10.00 %
Tier 1 Capital
(to risk-weighted assets)$334,833 14.40 %$139,892 6.00 %$198,180 8.50 %$186,523 8.00 %
Common Equity Tier 1 Capital
(to risk-weighted assets)$334,833 14.40 %$104,919 4.50 %$163,207 7.00 %$151,550 6.50 %
Tier 1 Capital
(to average assets)$334,833 13.20 %$101,663 4.00 %n/an/a$127,078 5.00 %

The Federal Reserve, Office of the Comptroller of Currency and Federal Deposit Insurance Corporation issued an interim final rule that excludes loans pledged as collateral to the Federal Reserve's PPP Lending Facility from supplementary leverage ratio exposure and average total consolidated assets. Additionally, PPP loans will receive a zero percent risk weight under the risk-based capital rules of the federal banking agencies.

19. SUPPLEMENTAL CASH FLOW INFORMATION

A summary of supplemental cash flow information for the nine months ended September 30, 2024 and 2023 is presented in the following table:
Nine Months Ended September 30,
20242023
Cash paid during the period for:
Interest$96,174 $59,125 
Taxes$33,160 $30,135 


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

As used in this Quarterly Report on Form 10-Q (this "Form 10-Q"), unless the context otherwise requires, the terms "we," "our," "SPLP" and the "Company" refer to Steel Partners Holdings L.P.

The following discussion is intended to assist you in understanding our present business and the results of operations, together with our present financial condition. This section should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes contained in this Form 10-Q, along with the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Annual Report"). All monetary amounts used in this discussion are in thousands.

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Cautionary Statement Regarding Forward-Looking Statements

This Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, in particular, forward-looking statements under the headings "Item 1 - Financial Statements" and "Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations." These statements appear in a number of places in this report and include statements regarding the Company's intent, belief or current expectations with respect to, among other things, (i) its financing plans, (ii) trends affecting its financial condition or results of operations, (iii) the impact of legal claims and related contingencies, (iv) expectations and estimates regarding certain tax and accounting matters, including the impact on our financial statements, (v) WebBank, including its debt securities, credit risk and minimum capital requirements, (vi) cash flows from operations for the next twelve months, (vii) full-year capital expenditures, and (viii) the impact of competition. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements; however, this report also contains other forward-looking statements in addition to historical information.

Forward-looking statements are only predictions based upon the Company's current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by the statements. Factors that could cause actual results or conditions to differ from those anticipated by these and other forward-looking statements include: disruptions to the Company's business as a result of economic downturns; the negative impact of inflation and supply chain disruptions; the significant volatility of crude oil and commodity prices, including from the ongoing Russia-Ukraine war or the disruptions caused by the ongoing conflict between Israel and Hamas; the effects of rising interest rates; the Company's subsidiaries' sponsor defined pension plans, which could subject the Company to future cash flow requirements; the ability to comply with legal and regulatory requirements, including environmental, health and safety laws and regulations, banking regulations and other extensive requirements to which the Company and its businesses are subject; risks associated with the Company’s wholly-owned subsidiary, WebBank, as a result of its Federal Deposit Insurance Corporation ("FDIC") status, highly-regulated lending programs, and capital requirements; the ability to meet obligations under the Company's senior credit facility through future cash flows or financings; the risk of recent events affecting the financial services industry, including the closures or other failures of several large banks; the risk of management diversion, increased costs and expenses, and impact on profitability in connection with the Company's business strategy to make acquisitions, including in connection with the Company's recent majority investment in the Supply Chain segment; the impact of losses in the Company's investment portfolio; the Company's ability to protect its intellectual property rights and obtain or retain licenses to use others' intellectual property on which the Company relies; the Company's exposure to risks inherent to conducting business outside of the U.S.; the impact of any changes in U.S. trade policies; the adverse impact of litigation or compliance failures on the Company's profitability; a significant disruption in, or breach in security of, the Company's technology systems or protection of personal data; the loss of any significant customer contracts; the Company's ability to maintain effective internal control over financial reporting; the rights of unitholders with respect to voting and maintaining actions against the Company or its affiliates; potential conflicts of interest arising from certain interlocking relationships amount us and affiliates of the Company's Executive Chairman; the Company's dependence on the Manager and impact of the management fee on the Company's total partners’ capital; the impact to the development of an active market for the Company's units due to transfer restrictions and other factors; the Company's tax treatment and its subsidiaries’ ability to fully utilize their tax benefits; the potential negative impact on our operations of changes in tax rates, laws or regulations, including U.S. government tax reform; the loss of essential employees; and other factors described in the "Risk Factors" in Part I, Item 1A of the Form 10-K that could affect the Company's results. Any forward-looking statement made in this Form 10-Q speaks only as of the date hereof, and investors should not rely upon forward-looking statements as predictions of future events. Except as otherwise required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

OVERVIEW

SPLP, together with its subsidiaries, is a diversified global holding company that 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. Each of our companies has its own management team with significant experience in their respective industries.

The Diversified Industrial segment is comprised of manufacturers of engineered niche industrial products, with leading market positions in many of the markets they serve. The businesses in this segment distribute products to customers through their sales personnel, outside sales representatives and distributors in North and South America, Europe, Australia, Asia and several
36

other international markets. Its manufacturing operations encompass joining materials, tubing, building materials, performance materials, electrical products, cutting replacement products and services, and metallized films.

The Energy segment provides drilling and production services to the oil & gas industry and owns a youth sports business. The operations of the sports business are not material to the Company. The profitability of the energy business is highly sensitive to changes in the price of crude oil. Any future decline in oil prices will negatively impact this business.

The Financial Services segment consists primarily of the operations of WebBank, of which we own 100% through our subsidiary WebFinancial Holding Corporation. WebBank is an FDIC-insured state chartered industrial bank headquartered in Utah. WebBank is subject to comprehensive regulation, examination and supervision of the FDIC and the State of Utah Department of Financial Institutions ("UDFI"). WebBank is not considered a "bank" for Bank Holding Company Act purposes and, as such, SPLP is not regulated as a bank holding company. WebBank engages in a full range of banking activities, including originating loans, issuing credit cards and taking deposits that are federally insured. WebBank originates and funds consumer and small business loans through lending programs with unaffiliated companies that market and service the programs ("Marketing Partners"), where the Marketing Partners subsequently purchase the loans (or interests in the loans) that are originated by WebBank. WebBank retains a portion of the loans it originates for its Marketing Partners. WebBank also has private-label financing programs that are branded for a specific retailer, manufacturer, dealer channel, proprietary network or bank card program. WebBank participates in syndicated commercial and industrial as well as asset-based credit facilities and asset-based securitizations through relationships with other financial institutions. Through its subsidiary, National Partners PFco, LLC ("National Partners"), WebBank provides commercial premium finance solutions for national insurance brokerages, independent insurance agencies and insureds in key markets throughout the U.S.

During the three months ended September 30, 2024, WebBank did not issue new loans under the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP"), authorized under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The existing loans were funded by the PPP Liquidity Facility and have terms of between two and five years with repayment guaranteed by the SBA. Payments by borrowers up to sixteen months after the note date, and interest will continue to accrue during the sixteen-month deferment at 1%. Loans can be forgiven in whole or in part (up to full principal and any accrued interest) if certain criteria are met. Loan processing fees paid to WebBank from the SBA are accounted for as loan origination fees. Net deferred fees are recognized over the life of the loan as yield adjustments on the loans. If a loan is paid off or forgiven by the SBA prior to its maturity date, the remaining unamortized deferred fees will be recognized in interest income at that time. As of September 30, 2024, the total PPP loans and associated liabilities are $5,466 and $4,437, respectively, and included in Long-term loans receivable, net and Other borrowings, respectively, in the consolidated balance sheet as of September 30, 2024. Upon borrower forgiveness, the SBA pays WebBank for the principal and accrued interest owed on the loan.

The Supply Chain segment consists primarily of the operations of Steel Connect, Inc.'s ("Steel Connect" or "STCN") wholly-owned subsidiary, ModusLink Corporation ("ModusLink" or "Supply Chain"), which serves the supply chain management market. ModusLink provides digital and physical supply chain solutions to many of the world's leading brands across a diverse range of industries, including consumer electronics, telecommunications, computing and storage, software and content, consumer packaged goods, health and personal care products, retail and luxury and connected devices. These solutions are delivered through a combination of industry expertise, innovative service solutions, and integrated operations, proven business processes, an expansive global footprint and world-class technology. With a global footprint spanning North America, Europe and the Asia Pacific region, ModusLink's solutions and services are designed to improve end-to-end supply chains in order to drive growth, lower costs, and improve profitability.

Corporate and Other consists of several consolidated subsidiaries, including our subsidiary, Steel Services Ltd ("Steel Services"), equity method and other investments, and cash and cash equivalents. Its income or loss includes certain unallocated general corporate expenses. Steel Services has management services agreements with our consolidated subsidiaries and other related companies. Steel Services provides assignment of C-Level management personnel, legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations, operating group management and other similar services. For additional information on these service agreements, see Note 16 - "Related Party Transactions" to the SPLP consolidated financial statements found elsewhere in this Form 10-Q.

Significant Developments

Common Unit Repurchase Program

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During the three months ended September 30, 2024, the Company repurchased 13,813 common units for an aggregate purchase price of $547 under the Repurchase Program. From the inception of the Repurchase Program the Company has purchased 8,799,777 common units for an aggregate price of approximately $206,078. As of September 30, 2024, there remained 720,463 common units that may yet be purchased under the Repurchase Program.

On September 1, 2024, the Company entered into a purchase agreement with Hale Partnership Fund, L.P. and related parties (the "Hale Entities") pursuant to which the Company purchased an aggregate of 1,267,803 Common Units from the Hale Entities for an aggregate purchase price of $63,390. This agreement was approved by the Company’s Board of Directors outside of the Repurchase Program.

RESULTS OF OPERATIONS

Comparison of the Three and Nine Months Ended September 30, 2024 and 2023
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue$520,423 $492,254 $1,529,928 $1,438,550 
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 
Interest expense1,993 4,115 5,074 15,934 
Realized and unrealized losses (gains) on securities, net2,060 (8,665)(2,994)(6,151)
All other expense, net *29,856 58,539 77,367 96,667 
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 income$36,873 $27,887 $196,620 $111,305 
* Includes Finance interest expense, Provision for credit losses, and Other expense (income), net from the Consolidated Statements of Operations

Revenue

Revenue for the three months ended September 30, 2024 increased $28,169, or 5.7%, as compared to the same period last year. This increase was due to $19,544 or 6.5%, higher net sales from the Diversified Industrial segment, $8,479, or 21.2% higher revenue from the Supply Chain segment, and $6,622, or 6.2% higher revenue from the Financial Services segment. These increases were partially offset by $6,476 or 13.9%, lower net revenue from the Energy segment.

Revenue for the nine months ended September 30, 2024 increased $91,378, or 6.4%, as compared to the same period last year, as a result of higher revenue of $34,005 or 11.2% from the Financial Services segment and higher net sales of $27,006, or 2.9% from the Diversified Industrial segments, as well as higher revenue of $66,405 or 94.6% from the Supply Chain segment, primarily driven by favorable impact of the consolidation, partially offset by lower net revenue of $36,038, or 24.8% from the Energy segment.

Cost of Goods Sold

Cost of goods sold for the three months ended September 30, 2024 increased $12,292, or 4.3%, as compared to the same period last year, resulting from higher net sales from the Diversified Industrial segment and higher revenue from the Supply Chain segment, partially offset by the impact of lower net revenue from the Energy segment.

Cost of goods sold for the nine months ended September 30, 2024 increased $38,952, or 4.7%, as compared to the same period last year, resulting from consolidation of the Supply Chain segment and higher net sales from the Diversified Industrial segment, partially offset by the impact of lower net revenue from the Energy segment.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") for the three months ended September 30, 2024 increased $12,376, or 9.9%, as compared to the same period last year. The increase was primarily due to higher expenses from the Financial Services segment of $7,600 and Supply Chain segment of $4,900. The increase for the Financial Services segment was primarily due to higher credit performance fees due to higher credit risk transfer ("CRT") balances and higher personnel expenses related to incremental headcount. The increase for the Supply Chain segment was primarily due to an increase in merger and acquisition related expenses compared to the prior period.

SG&A for the nine months ended September 30, 2024 increased $36,049, or 9.6%, as compared to the same period last year. The increase was primarily driven by higher SG&A expenses from the Financial Services segment of $22,600 as discussed above and Supply Chain segment of $16,400, primarily due to the consolidation impact.

Interest Expense

Interest expense decreased $2,122, or 51.6% and $10,860 or 68.2% for the three and nine months ended September 30, 2024, respectively, as compared to the same period last year. The decrease for the three and nine month periods was primarily due to significantly lower average debt outstanding.

Realized and Unrealized Losses (Gains) on Securities, Net

The Company recorded losses of $2,060 and gains of $2,994 for the three and nine months ended September 30, 2024, as compared to gains of $8,665 and $6,151 for the three and nine months ended September 30, 2023, respectively. These gains and losses were due to unrealized gains and losses related to the mark-to-market adjustments on the Company's portfolio of securities.
All Other Expense, Net

All other expense, net totaled $29,856 for the three months ended September 30, 2024, as compared to $58,539 in the same period of 2023 and $77,367 for the nine months ended September 30, 2024, as compared to $96,667 in the same period of 2023. Lower all other expense, net for the three months ended September 30, 2024 was primarily due to $29,884 lower provisions for credit losses related to the Financial Services segment, as compared to the same period of 2023. Lower all other expense, net for the nine months ended September 30, 2024 was primarily due to $37,820 lower provisions for credit losses, partially offset by $15,203 higher finance interest expense related to the Financial Services segment, as compared to the same period of 2023.

Income Tax Provision (Benefit)

The Company recorded an income tax provision of $16,224 and an income tax benefit of $981 for the three months ended September 30, 2024 and 2023, respectively, and income tax benefits of $31,906 and $1,707 for the nine months ended September 30, 2024 and 2023, respectively. As a limited partnership, the Company is generally not directly subject to federal and state income taxes, and instead its profits and losses are passed directly to its limited partners for inclusion in their respective income tax returns. Provisions have been made for federal, state, local, and foreign income taxes on the results of operations generated by our consolidated subsidiaries that are taxable entities. The Company's effective tax rate was (19.4%) and (1.4%) for the nine months ended September 30, 2024 and 2023, respectively. The lower effective tax rate for the nine months ended September 30, 2024, is primarily due to a non-cash income tax benefit of $73,536 for the reduction in the valuation allowance against Steel Connect's deferred tax assets. Significant differences between the statutory rate and the effective tax rate include the effect of the release of valuation allowances with respect to deferred tax assets, partnership losses for which no tax benefit is recognized, tax expense related to unrealized gains and losses on investment, the effect of tax credits and incentives, and other permanent differences.

Loss of Associated Companies, Net of Taxes

The Company recorded a loss from associated companies, net of taxes, of $7 for the nine months ended September 30, 2024, as compared to losses from associated companies, net of taxes, of $3,140 and $11,944 for the three and nine months ended September 30, 2023, respectively.

For the details of each of these investments and the related mark-to-market adjustments, see Note 7 - "Investments" to the Company's consolidated financial statements found elsewhere in this Form 10-Q.
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Segment Analysis
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue:
Diversified Industrial$318,642 $299,098 $945,576 $918,570 
Energy40,266 46,742 109,182 145,220 
Financial Services113,027 106,405 338,575 304,570 
Supply Chain48,488 40,009 136,595 70,190 
Total revenue
$520,423 $492,254 $1,529,928 $1,438,550 
Income (loss) from operations before interest expense and income taxes:
Diversified Industrial$26,346 $14,756 $66,175 $61,015 
Energy3,466 5,968 8,149 15,239 
Financial Services23,945 (2,588)80,846 48,246 
Supply Chain2,637 4,011 8,870 5,846 
Corporate and other(1,304)8,874 5,748 (4,814)
Income from operations before interest expense and income taxes55,090 31,021 169,788 125,532 
Interest expense1,993 4,115 5,074 15,934 
Income tax provision (benefit)16,224 (981)(31,906)(1,707)
Net income$36,873 $27,887 $196,620 $111,305 
Loss of associated companies, net of taxes:
Corporate and other$— $3,140 $7 $11,944 
Total$— $3,140 $7 $11,944 
Segment depreciation and amortization:
Diversified Industrial$10,604 $10,257 $31,743 $30,333 
Energy2,161 2,740 6,482 7,732 
Financial Services233 205 620 630 
Supply Chain1,450 1,324 4,145 2,234 
Corporate and other548 167 849 504 
Total depreciation and amortization$14,996 $14,693 $43,839 $41,433 

Diversified Industrial

Net sales for the three months ended September 30, 2024 increased $19,544, or 6.5%, as compared to the same period of 2023, primarily driven by higher sales for the Joining Materials business unit, Electrical Products business unit, and Building Materials business unit. The increase of $9,100 for the Joining Materials business unit was primarily driven by higher precious metal prices and sales volume. The increase of $5,200 for the Electrical Products business unit was primarily driven by strong demand from both industrial and aerospace & defense sectors. The increase of $4,000 for the Building Materials business unit was primarily driven by higher sales volume from its roofing products, partially offset by lower sales volume from its FastenMaster products.

Net sales for the nine months ended September 30, 2024 increased $27,006, or 2.9%, as compared to the same period of 2023, primarily driven by higher sales for the Building Materials business unit, Joining Materials business unit, and Electrical Products business unit. The increase of $12,500 for the Building Materials business unit was primarily driven by higher sales volume from its roofing products. The increase of $11,100 for the Joining Materials business unit was primarily driven by higher precious metal prices. The increase of $8,400 for the Electrical Products business unit was primarily driven by strong demand from both industrial and aerospace & defense sectors.

Segment operating income for the three months ended September 30, 2024 increased $11,590, as compared to the same period of 2023. Higher operating income for the 2024 period was primarily driven by higher sales volume as discussed above and improved profit margin from the Electrical Products business unit.

Segment operating income for the nine months ended September 30, 2024 increased $5,160, as compared to the same period of 2023. Higher operating income for the 2024 period was primarily driven by higher net sales as mentioned above and improved profit margin from both the Building Materials business unit and Electrical Products business unit.

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Energy

Net revenue for the three months ended September 30, 2024 decreased $6,476, or 13.9%, as compared to the same period of 2023. The decrease in net revenue was primarily due to lower rig hours.

Net revenue for the nine months ended September 30, 2024 decreased $36,038, or 24.8%, as compared to the same period of 2023. The decrease in net revenue was primarily due to lower rig hours.

Segment operating income for the three months ended September 30, 2024 decreased $2,502, as compared to the same period of 2023 primarily driven by lower net revenue mentioned above during the 2024 period.

Segment operating income for the nine months ended September 30, 2024 decreased $7,090, as compared to the same period of 2023 primarily driven by lower net revenue mentioned above during the 2024 period.

Financial Services

Revenue for the three months ended September 30, 2024 increased $6,622, or 6.2%, as compared to the same period of 2023. The increase was primarily due to an increase in interest income and fees from higher credit risk transfer, held for sale volume, and higher interest from held to maturity investments, as compared to the same period of 2023.

Revenue for the nine months ended September 30, 2024 increased $34,005, or 11.2%, as compared to the same period of 2023. The increase was primarily due to an increase in interest income and fees from higher asset based lending, credit risk transfer, held for sale volume, and higher interest rates, as compared to the same period of 2023.

Segment operating income for the three months ended September 30, 2024 was $23,945, as compared to an operating loss of $2,588 for the same period of 2023. Strong operating results was due primarily to higher revenue mentioned above and lower provisions for credit losses of $29,884, partially offset by higher SG&A expenses of $7,600 for the three months ended September 30, 2024 as compared to the same period last year. The lower provision for loan losses was driven by lower retentions of held to maturity loans and increased reserves in 2023 primarily resulting from the deterioration in value of the collateral supporting one of WebBank’s asset-based lending loans. The higher SG&A expenses was driven by higher credit performance fees due to higher CRT balances as well as higher personnel expense related an increase in employees.

Segment operating income for the nine months ended September 30, 2024 increased $32,600, or 67.6%, as compared to the same period of 2023. The increase was due primarily to higher revenue mentioned above and lower provisions for credit losses of $37,820, partially offset by higher SG&A expenses of $22,600 and finance interest expense of $15,203 for the nine months ended September 30, 2024 as compared to the same period last year. The lower provision for loan losses was driven by lower retentions of held to maturity loans and increased reserves in 2023 primarily resulting from the deterioration in value of the collateral supporting one of WebBank’s asset-based lending loans. The lower provision for credit losses was driven by lower retentions of held for sale loans. The higher SG&A expenses was driven by higher credit performance fees due to higher CRT balances as well as higher personnel expense related an increase in employees. The higher finance interest expense was due primarily to an increase in higher interest rates.

Supply Chain

The Company added the Supply Chain segment on May 1, 2023 with revenue of $48,488 and $136,595 for the three and nine months ended September 30, 2024, respectively, as compared to $40,009 and $70,190 for the three and nine months ended September 30, 2023. The increase of $8,479, or 21.2% for the three month period in 2024 was primarily due to higher sales volume, as compared to the same period of 2023.

Operating income was $2,637 and $8,870 for the three and nine months ended September 30, 2024, respectively, as compared to $4,011 and $5,846 for the three and nine months ended September 30, 2023. Lower operating income for the three month period in 2024 was primarily due to higher SG&A costs, partially offset by favorable impact of higher sales volume, as compared to the same period of 2023.

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Corporate and Other

Operating loss was $1,304 and operating income was $5,748 for the three and nine months ended September 30, 2024, respectively, as compared to operating income of $8,874 and operating loss of $4,814 for the three and nine months ended September 30, 2023, respectively. The fluctuations were primarily due to changes in investment results from long-term investments.

DISCUSSION OF CONSOLIDATED CASH FLOWS

The following table provides a summary of the Company's consolidated cash flows from operations for the nine months ended September 30, 2024 and 2023:
Nine Months Ended September 30,
20242023
Net cash provided by operating activities$368,173 $11,675 
Net cash provided by (used in) investing activities2,312 (168,692)
Net cash (used in) provided by financing activities(560,437)486,419 
Net change for the period$(189,952)$329,402 

Cash Flows from Operating Activities

During the nine months ended September 30, 2024, the Company generated $368,173 of cash from operating activities, which was primarily due to a net decrease in loans held for sale of $215,665 and net income of $196,620, partially offset by a deferred income tax benefit of $65,224. During the nine months ended September 30, 2023, the Company generated $11,675 of cash, which was primarily due to operating income of $111,305 and adjustments to operating income, including a provision for credit losses of $47,979 and depreciation and amortization of $41,433, partially offset by changes in operating assets and liabilities of $185,870 .
Cash Flows from Investing Activities

During the nine months ended September 30, 2024, the Company generated $2,312 of cash from investing activities, which was primarily due to loan originations, net of collections, of $76,790, proceeds from maturities of investments of $16,832 and proceeds from sales of investments of $13,788, partially offset by capital expenditures of $55,712 and purchases of investments of $50,706. During the nine months ended September 30, 2023, the Company used $168,692 of cash, which was primarily due to loan originations, net of collections, of $242,667, and partially offset by an increase in cash on consolidation of Steel Connect as of the Exchange Transaction closing date.
Cash Flows from Financing Activities

During the nine months ended September 30, 2024, the Company used $560,437 of cash from financing activities, which was primarily due to a decrease in deposits of $347,430, common unit repurchases of $105,070, net revolver repayments of $71,149, the purchase of subsidiary shares from noncontrolling interests of $16,181, and a net decrease in other borrowings of $10,528. During the nine months ended September 30, 2023, the Company generated $486,419 of cash, which was primarily due to an increase in deposits of $531,006, partially offset by repayments of PPP borrowings of $21,277 and share repurchases of $19,727.

LIQUIDITY AND CAPITAL RESOURCES

SPLP (excluding its operating subsidiaries, the "Holding Company") is a diversified global holding company with assets that principally consist of the stock of its direct subsidiaries, equity method and other investments, and cash and cash equivalents. The Company works with its businesses to enhance their liquidity and operations and increase long-term value for its unitholders and stakeholders through working capital improvements, capital allocation policies, and operational and growth initiatives. Management plans to use the following strategies to continue to enhance liquidity: (1) continuing to implement improvements using the Steel Business System throughout all the Company's operations to increase sales and operating efficiencies; (2) supporting profitable sales growth both internally and potentially through acquisitions; and (3) evaluating from time to time and as appropriate, strategic alternatives with respect to its businesses and/or assets. The Company continues to examine all of its options and strategies, including acquisitions, divestitures and other corporate transactions, to increase cash flow and stakeholder value.

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The Company's senior credit facility, as amended and restated, (the "Credit Agreement") consists of a senior secured revolving credit facility in an aggregate principal amount not to exceed $600,000 (the "Revolving Credit Loans"), which includes a $50,000 subfacility for swing line loans, a $50,000 subfacility for standby letters of credit and a currency sublimit (available in euros and pounds sterling) equal to the lesser of $75,000 and the total amount of the Revolving Credit Commitment. The Credit Agreement covers substantially all of the Company's subsidiaries, with the exception of WebBank and Steel Connect. Availability under the Credit Agreement is based upon earnings and certain covenants, including a maximum ratio limit on Total Leverage and a minimum ratio limit on Interest Coverage, each as defined in the Credit Agreement. The Credit Agreement is subject to certain mandatory prepayment provisions and restrictive and financial covenants, primarily the leverage ratios described above. The Company was in compliance with all financial and nonfinancial covenants as of September 30, 2024. The Company believes it will remain in compliance with the Credit Agreement's covenants for the next twelve months. If the Company does not meet its financial covenants, and if it is unable to secure necessary waivers or other amendments from its lenders on terms acceptable to management, its ability to access available lines of credit could be limited, its debt obligations could be accelerated and liquidity could be adversely affected. The Credit Agreement will expire on December 29, 2026, and all outstanding amounts will be due and payable.

The Holding Company and its operating subsidiaries believe that they have access to adequate resources to meet their needs for normal operating costs, capital expenditures, pension payments, debt obligations and working capital for their existing business, as well as to fund its taxes, legal and environmental matters, for at least the next twelve months. These resources include cash and cash equivalents, investments, cash provided by operating activities and unused lines of credit. The Holding Company and its operating businesses' ability to satisfy their debt service obligations, to fund planned capital expenditures and required pension payments, and to make acquisitions or repurchase units under its common unit repurchase program will depend upon their future operating performance, which will be affected by prevailing economic conditions in the markets in which they operate, as well as financial, business and other factors, some of which are beyond their control. As indicated above, there can be no assurances that the Holding Company and its operating businesses will continue to have access to their lines of credit if their financial performance does not satisfy the financial covenants set forth in their respective financing agreements, which could also result in the acceleration of their debt obligations by their respective lenders, adversely affecting liquidity.

As of September 30, 2024, the Company's working capital was $497,364, as compared to working capital of $562,224 as of December 31, 2023. The Company's total availability under the Credit Agreement was approximately $470,000 as of September 30, 2024. During the nine months ended September 30, 2024, capital expenditures were $55,712, as compared to $36,667 for the same period of 2023. The Company currently expects full-year capital expenditures in the range of $66,000 to $70,000 in 2024, as compared to $51,451 in 2023. The Company and its subsidiaries have ongoing commitments, which include funding of the minimum requirements of its subsidiaries' pension plans. During the nine months ended September 30, 2024, the Company contributed $7,226 to its pension plans. The Company currently estimates it will contribute $2,983 to its pension plans during the remainder of 2024. Required future pension contributions are estimated based upon assumptions such as discount rates on future obligations, assumed rates of return on plan assets and legislative changes. Actual future pension costs and required funding obligations will be affected by changes in the factors and assumptions described in the previous sentence, including the impact of declines in pension plan assets and interest rates, as well as other changes such as any plan termination or other acceleration events.

WebBank manages its liquidity to provide adequate funds to meet anticipated financial obligations, such as certificate of deposit maturities and to fund customer credit needs. WebBank had $127,111 and $170,286 in cash and cash equivalents, time deposits placed at other institutions and federal funds sold as of September 30, 2024 and December 31, 2023, respectively. WebBank had $115,000 and $50,000 in lines of credit from its correspondent banks as of September 30, 2024 and December 31, 2023, respectively. WebBank had $219,301 and $325,175 available from the Federal Reserve discount window as of September 30, 2024 and December 31, 2023, respectively. Therefore, WebBank had a total of $461,412 and $545,461 in cash, lines of credit and access to the Federal Reserve Bank discount window as of September 30, 2024 and December 31, 2023, respectively, which represents approximately 21.3% and 21.8%, respectively, of WebBank's total assets, excluding PPP loans.

Steel Connect's wholly-owned subsidiary, ModusLink, has a revolving credit agreement (the "Umpqua Revolver") with Umpqua Bank which provides for a maximum credit commitment of $12,500 and a sub-limit of $5,000 for letters of credit and expires on March 31, 2026. As of September 30, 2024, ModusLink was in compliance with the Umpqua Revolver's covenants, and believes it will remain in compliance with the Umpqua Revolver’s covenants for the next twelve months. As of September 30, 2024, ModusLink had available borrowing capacity of $11,890 and there was $610 outstanding for letters of credit.

On May 1, 2024, ModusLink entered into a Second Amendment to Credit Agreement (the "Second Amendment"), amending the Umpqua Revolver. Among other things, the Second Amendment extended the maturity date with respect to
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revolving loans from March 31, 2025 to March 31, 2026, removed certain adjustments in the definition of "Adjusted EBITDA" as set forth in the Umpqua Revolver, increased the minimum Adjusted Tangible Net Worth and removed certain caps and conditions on ModusLink's ability to pay dividends.

OTHER

Critical Accounting Estimates

The Company's consolidated financial statements are prepared in conformity with U.S. GAAP, which require us to make estimates and assumptions that affect the amounts reported in the financial statements. The critical accounting policies and estimates that we believe are most critical to the portrayal of our financial condition and results of operations are reported in the "Critical Accounting Policies" section of Part II. Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the 2023 Annual Report.

As of September 30, 2024 and December 31, 2023, the Electrical Products reporting unit, which is included within the Diversified Industrial segment, had goodwill of $46,882 and $46,682, respectively. As of December 1, 2023 the Electrical Products reporting unit's fair value exceeded its net book value by 11%. As of September 30, 2024, the Company did not identify indicators of impairment for the Electrical Products reporting unit. The fair value of the Electrical Products reporting unit can be significantly impacted by the reporting unit's performance, the amount and timing of expected future cash flows, decreased customer demand for Electrical Products' services, management's ability to execute its business strategies, and general market conditions, such as economic downturns, and changes in interest rates, including discount rates. Future cash flow estimates are, by their nature, subjective, and actual results may differ materially from the Company's estimates. Based on our assessment of these circumstances, we have determined that goodwill at our Electrical Products reporting unit is at risk for future impairment if the Company's ongoing cash flow projections are not met or if market factors utilized in the impairment test deteriorate, including an unfavorable change in the terminal growth rate or the weighted-average cost of capital, the Company may have to record impairment charges in future periods.

The Company completed the annual impairment test of Steel Connect's goodwill and indefinite-lived intangible assets as of June 1, 2024. There were no goodwill impairment charges recorded as a result of this assessment.

There were no material changes to the critical accounting policies during the nine months ended September 30, 2024, as compared to those disclosed in the Company's 2023 Annual Report. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Consistent with the rules applicable to "Smaller Reporting Companies" we have omitted information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company conducted an evaluation under the supervision and with the participation of our management, including the Principal Executive Officer and the Principal Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as such terms are defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this report. Disclosure controls and procedures are controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company, including its consolidated subsidiaries, in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its Principal Executive and Principal Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Based on that evaluation, the Company's management, including the Principal Executive Officer and the Principal Financial Officer, concluded that the Company's disclosure controls and procedures were effective as of September 30, 2024.

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Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION
Item 1. Legal Proceedings

The Company and its subsidiaries are parties to a variety of legal actions arising out of the normal course of business and otherwise. For further information regarding our legal proceedings, see the description of legal and environmental matters set forth in Note 15 - "Commitments and Contingencies" to the SPLP consolidated financial statements included in Part I of this Form 10-Q and incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes to the risk factors as disclosed in Part I, Item 1A, Risk Factors in our most recent Annual Report on Form 10-K. Investors are encouraged to review such risk factors in such Form 10-K prior to making an investment in the Company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Not applicable

(b) Not applicable

(c) Issuer Purchases of Equity Securities

The Board of SPH GP, has approved the repurchase of up to an aggregate of 9,520,240 of the Company's common units ("Repurchase Program"), which is inclusive of 750,000 common units approved in March 2024. The Repurchase Program was announced on December 7, 2016 and supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs, as discussed in further detail in Note 11 - "Capital and Accumulated Other Comprehensive Loss." Any purchases made under the Repurchase Program will be made from time to time on the open market or in negotiated transactions off the market, in compliance with applicable laws and regulations. The timing, manner, price and amount of any repurchase will depend on economic and market conditions, share price, trading volume, applicable legal requirements and other factors. In connection with the Repurchase Program, the Company may enter into a stock purchase plan. The Repurchase Program has no termination date. In the three months ended September 30, 2024, the Company repurchased, under the Repurchase Program, 13,813 common units for $547. Since inception of the Repurchase Program the Company has purchased 8,799,777 common units for an aggregate price of approximately $206,078. As of September 30, 2024, there were approximately 720,463 common units that may yet be purchased under the Repurchase Program.

On September 1, 2024, the Company entered into a purchase agreement with Hale Partnership Fund, L.P. and related parties (the "Hale Entities") pursuant to which the Company purchased an aggregate of 1,267,803 Common Units from the Hale Entities for an aggregate purchase price of $63,390. This agreement was approved by the Company’s Board of Directors outside of the Repurchase Program.

The following table provides information about our repurchases of common units during the three months ended September 30, 2024. During that period, we did not act in concert with any affiliate or any other person to acquire any of our common stock and, accordingly, we do not believe that purchases by any such affiliate or other person (if any) are reportable in the following table.

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PeriodTotal Number of Units Purchased Average Price Paid per UnitTotal Number of Units Purchased as Part of Publicly Announced Plans or ProgramsApproximate Number of Units that May Yet Be Purchased Under the Plans or Programs
July 1, 2024 through July 31, 2024— $— — 734,276 
August 1, 2024 through August 31, 2024— $— — 734,276 
September 1, 2024 through September 30, 20241,281,616 $49.89 13,813 720,463 
Total1,281,616 13,813 
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Item 5. Other Information

Insider trading arrangements and policies

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits
Exhibit No.Description
31.1+
31.2+
32.1*
32.2*
101.INS+
Inline XBRL Instance Document.
101.SCH+
Inline XBRL Taxonomy Extension Schema.
101.CAL+
Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF+
Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB+
Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE+
Inline XBRL Taxonomy Extension Presentation Linkbase.
104+
Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101).

+ Filed herewith.
* Furnished herewith.
47

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:November 8, 2024STEEL PARTNERS HOLDINGS L.P.
By:Steel Partners Holdings GP Inc.,
Its General Partner
By:/s/ Ryan O'Herrin
Ryan O'Herrin
Chief Financial Officer and Authorized Signatory
(Principal Financial Officer)
48