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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission File Number: 001-35493
splp-20220331_g1.jpg
STEEL PARTNERS HOLDINGS L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware13-3727655
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
590 Madison Avenue, 32nd Floor
New York, New York
10022
(Address of Principal Executive Offices)(Zip Code)
(212) 520-2300
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on which Registered
Common Units, no par valueSPLPNew York Stock Exchange
6.0% Series A Preferred UnitsSPLP-PRANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☑
Non-accelerated filer ☐
Smaller reporting company ☑
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The number of common units outstanding as of May 2, 2022 was 20,715,251.


STEEL PARTNERS HOLDINGS L.P.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATIONPage
Item 1.Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
STEEL PARTNERS HOLDINGS L.P.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except common units)
March 31, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$201,432 $325,363 
Trade and other receivables - net of allowance for doubtful accounts of $3,121 and $3,510, respectively
217,208 193,976 
Receivables from related parties3,471 2,944 
Loans receivable, including loans held for sale of $253,311 and $198,632, respectively, net
625,800 529,529 
Inventories, net196,989 184,271 
Prepaid expenses and other current assets46,397 48,019 
Assets held for sale75,224 — 
Total current assets1,366,521 1,284,102 
Long-term loans receivable, net411,690 511,444 
Goodwill122,855 148,018 
Other intangible assets, net103,637 119,830 
Other non-current assets92,376 79,143 
Property, plant and equipment, net228,180 234,976 
Operating lease right-of-use assets32,464 36,636 
Long-term investments228,226 261,080 
Total Assets$2,585,949 $2,675,229 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$154,546 $123,282 
Accrued liabilities92,471 86,848 
Deposits457,708 447,152 
Payables to related parties2,031 1,885 
Short-term debt482 100 
Current portion of long-term debt1,046 1,071 
Other current liabilities56,366 54,674 
Liabilities held for sale18,394 — 
Total current liabilities783,044 715,012 
Long-term deposits361,924 377,735 
Long-term debt268,050 269,850 
Other borrowings215,881 333,963 
Preferred unit liability150,231 149,570 
Accrued pension liabilities78,502 82,376 
Deferred tax liabilities12,043 13,674 
Long-term operating lease liabilities24,907 27,511 
Other non-current liabilities37,142 36,490 
Total Liabilities1,931,724 2,006,181 
Commitments and Contingencies
Capital:
Partners' capital common units: 20,712,071 and 21,018,009 issued and outstanding (after deducting 17,079,555 and 16,810,932 units held in treasury, at cost of $274,702 and $264,284), respectively
785,464 795,140 
Accumulated other comprehensive loss(132,262)(131,803)
Total Partners' Capital653,202 663,337 
Noncontrolling interests in consolidated entities1,023 5,711 
Total Capital654,225 669,048 
Total Liabilities and Capital$2,585,949 $2,675,229 
See accompanying Notes to Consolidated Financial Statements
2


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except common units and per common unit data)
Three Months Ended
March 31,
20222021
Revenue:
Diversified Industrial net sales$327,249 $248,489 
Energy net revenue38,317 32,086 
Financial Services revenue40,179 33,918 
Total revenue405,745 314,493 
Costs and expenses:
Cost of goods sold268,170 208,685 
Selling, general and administrative expenses86,124 68,800 
Asset impairment charge403 — 
Finance interest expense1,164 2,232 
Provision for (benefit from) loan losses1,282 (715)
Interest expense4,524 5,466 
Realized and unrealized losses on securities, net27,726 23,249 
Other income, net(441)(35,039)
Total costs and expenses388,952 272,678 
Income from operations before income taxes and equity method investments16,793 41,815 
Income tax provision7,609 14,594 
Loss (income) of associated companies, net of taxes4,643 (26,121)
Net income4,541 53,342 
Net loss (income) attributable to noncontrolling interests in consolidated entities24 (391)
Net income attributable to common unitholders$4,565 $52,951 
Net income per common unit - basic
Net income attributable to common unitholders$0.21 $2.34 
Net income per common unit - diluted
Net income attributable to common unitholders$0.20 $1.60 
Weighted-average number of common units outstanding - basic
22,209,071 22,619,764 
Weighted-average number of common units outstanding - diluted
22,643,016 34,930,146 
See accompanying Notes to Consolidated Financial Statements
3

STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
Three Months Ended
March 31,
20222021
Net income$4,541 $53,342 
Other comprehensive loss, net of taxes:
Currency translation adjustments(459)(217)
Other comprehensive loss(459)(217)
Comprehensive income4,082 53,125 
Comprehensive loss (income) attributable to noncontrolling interests24 (391)
Comprehensive income attributable to common unitholders$4,106 $52,734 
See accompanying Notes to Consolidated Financial Statements
4

STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(Unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2021
37,828,941 (16,810,932)$(264,284)$795,140 $(131,803)$663,337 $5,711 $669,048 
Net income (loss)— — — 4,565 — 4,565 (24)4,541 
Currency translation adjustments
— — — — (459)(459)— (459)
Equity compensation - restricted units
(37,315)— — 119 — 119 — 119 
Purchases of SPLP common units— (268,623)(10,418)(10,418)— (10,418)— (10,418)
Purchases of subsidiary shares from noncontrolling interests— — — (3,942)— (3,942)(4,664)(8,606)
Balance as of March 31, 2022
37,791,626 (17,079,555)$(274,702)$785,464 $(132,262)$653,202 $1,023 $654,225 


Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2020
37,837,439 (14,916,635)$(219,245)$707,309 $(172,649)$534,660 $4,562 $539,222 
Net income— — — 52,951 — 52,951 391 53,342 
Currency translation adjustments
— — — — (217)(217)— (217)
Equity compensation - restricted units
28,588 — — 363 — 363 — 363 
Balance as of March 31, 2021
37,866,027 (14,916,635)$(219,245)$760,623 $(172,866)$587,757 $4,953 $592,710 

See accompanying Notes to Consolidated Financial Statements
5

STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net income$4,541 $53,342 
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Provision for (benefit from) loan losses 1,282 (715)
Loss (income) of associated companies, net of taxes4,643 (26,121)
Realized and unrealized losses on securities, net27,726 23,249 
Gain on sale of Edge business— (8,096)
Gain on sale of property, plant and equipment— (6,646)
Derivative gains on economic interests in loans(1,030)(1,453)
Deferred income taxes(1,106)10,626 
Depreciation and amortization14,163 15,129 
Non-cash lease expense2,496 3,025 
Equity-based compensation119 363 
Other(1,147)(181)
Net change in operating assets and liabilities:
Trade and other receivables(36,357)(24,633)
Inventories(22,474)(16,246)
Prepaid expenses and other assets(5,443)1,074 
Accounts payable, accrued and other liabilities53,956 (12,343)
Net increase in loans held for sale(54,679)(3,145)
Net cash (used in) provided by operating activities(13,310)7,229 
Cash flows from investing activities:
Purchases of investments(19,015)(1,000)
Proceeds from sales of investments— 24,086 
Proceeds from maturities of investments5,364 2,005 
Loan originations, net of collections56,879 (397,129)
Purchases of property, plant and equipment(7,746)(4,901)
Proceeds from sale of property, plant and equipment— 6,979 
Proceeds from sale of Edge business— 16,000 
Net cash provided by (used in) investing activities35,482 (353,960)
Cash flows from financing activities:
Net revolver repayments(1,419)(36,994)
Repayments of term loans(25)(2,538)
Purchases of the Company's common units(10,418)— 
Net (decrease) increase in other borrowings(117,733)376,211 
Distribution to preferred unitholders(2,408)(2,408)
Purchase of subsidiary shares from noncontrolling interest(8,606)— 
Net (decrease) increase in deposits(5,255)77,524 
Net cash (used in) provided by financing activities(145,864)411,795 
Net change for the period(123,692)65,064 
Effect of exchange rate changes on cash and cash equivalents(239)(614)
Cash, cash equivalents and restricted cash at beginning of period325,363 135,788 
Cash, cash equivalents and restricted cash at end of period$201,432 $200,238 
See accompanying Notes to Consolidated Financial Statements
6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION

Nature of the Business

Steel Partners Holdings L.P. ("we," "our," "SPLP" or "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries and other interests. It owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy and Financial Services, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement ("Management Agreement") discussed in further detail in Note 17 - "Related Party Transactions."

Impact of the Ongoing Novel Coronavirus ("COVID-19") Pandemic

The ongoing COVID-19 pandemic (in particular, the emergence of new variants of the virus across the globe) has caused, and continues to cause, significant disruptions in the U.S. and global economies. For example, national and local governments in the United States and around the world continue to implement measures to prevent the spread of COVID-19 and its variants, including travel bans, prohibitions on group events and gatherings, shutdowns of certain businesses, quarantines, curfews, and recommendations to practice physical distancing. Such measures have restricted and continue to restrict individuals’ daily activities and curtail or cease many businesses’ normal operations.

As of the date of this filing, for the period ended March 31, 2022, the Company has not experienced any significant disruptions to its businesses as compared to the same period in the prior fiscal year. The Company experienced adverse impacts to its consolidated financial results for the fiscal year ended December 31, 2020. Despite indications of economic recovery, the severity of the impact of the COVID-19 pandemic on the Company’s business in 2022 and beyond will depend on a number of uncertain factors and trends. Such factors and trends include, but are not limited to: the duration and severity of the virus and its current variants; the emergence of new variant strains; the availability and widespread use of vaccines; the impact of the global business and economic environment on liquidity and the availability of capital; and governmental actions that have been taken, or may be taken in the future, to mitigate adverse economic or other impacts or to mitigate the spread of the virus and its variants. The Company continues to monitor for any developments or updates to COVID-19 guidelines from public health and governmental authorities, as well as the protection of the health and safety of its personnel, and is continuously working to ensure that its health and safety protocols, business continuity plans and crisis management protocols are in place to help mitigate any negative impacts of the COVID-19 pandemic on the Company’s employees, business or operations.

Basis of Presentation

The accompanying unaudited consolidated financial statements as of March 31, 2022 and for the three-month periods ended March 31, 2022 and 2021, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (“Annual Report” or “Form 10-K”), from which the consolidated balance sheet as of December 31, 2021 has been derived.

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

7

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

Held for Sale

As of March 31, 2022, the Company classified certain assets and liabilities as held for sale in our consolidated balance sheet, related to the divestiture of SL Power Electronics Corporation ("SLPE"), a subsidiary in the Diversified Industrial segment. For more information, see Note 4 - "Acquisition and Divestitures" and Note 21, - “Subsequent Events” below, and “Significant Developments—Disposition of SPLE” under Part I. Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part I of this Form 10-Q.

Accounting Standards Not Yet Effective

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-05 provides entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, that are within the scope of Subtopic 326-20, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The new standards were to be effective for the Company's 2020 fiscal year. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. This new standard amended the effective date of Topic 326 for smaller reporting companies until January 1, 2023. A company's determination about whether it is eligible to be a smaller reporting company is based on its most recent determination as of November 15, 2019, in accordance with SEC regulations. As of this date, the Company met the SEC definition of a smaller reporting company. Therefore, the Company will adopt Topic 326 beginning January 1, 2023. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's allowance for loan losses ("ALLL").

2. REVENUES

Disaggregation of Revenues

Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 18 - "Segment Information."

The following table presents the Company's revenues disaggregated by geography for the three months ended March 31, 2022 and 2021. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements.
Three Months Ended
March 31,
20222021
United States$384,270 $295,868 
Foreign21,475 18,625 
Total revenue$405,745 $314,493 

Contract Balances

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

Contract Assets

8

Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the contract asset balance was $12,619 and $12,014, respectively.

Contract Liabilities

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

Contract Liabilities
Balance at December 31, 2021
$3,396 
Deferral of revenue431 
Recognition of unearned revenue(617)
Balance at March 31, 2022
$3,210 
Balance at December 31, 2020
$7,707 
Deferral of revenue6,044 
Recognition of unearned revenue(5,649)
Balance at March 31, 2021
$8,102 

3. DISCONTINUED OPERATIONS

On January 31, 2020, the Company announced that API Group Limited and certain of its affiliates commenced administration proceedings in the U.K. The purpose of the administration proceedings is to facilitate an orderly sale or wind-down of its U.K. operations, which include API Laminates Limited and API Foils Holdings Limited. In the U.S., API Americas Inc. voluntarily filed for Chapter 11 proceedings in Bankruptcy Court on February 2, 2020, in order to facilitate the sale or liquidation of its U.S. assets. The API Americas Inc. Chapter 11 bankruptcy proceedings were closed by the Bankruptcy Court on December 21, 2020. The API entities were wholly-owned subsidiaries of the Company and part of the Diversified Industrial segment. The Company deconsolidated the API entities on January 31, 2020 as it no longer held a controlling financial interest as of that date. On the date of the deconsolidation, the Company believed that API became a variable interest entity. The Company determined at deconsolidation that it was not the primary beneficiary of API as the Company no longer held a controlling financial interest in API and the Company lacked significant decision-making ability.

4. ACQUISITION AND DIVESTITURES

2022 Noncontrolling Interest Acquisition

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

Held for Sale

SLPE is classified as held for sale as of March 31, 2022. SLPE, which is within the Company’s Diversified Industrial Segment, designs, manufactures, and markets power conversion solutions for original equipment manufacturers in the medical, lighting, audio-visual, controls, and industrial sectors. On April 25, 2022, the Company closed the transaction for the sale of SLPE, to AEI US Subsidiary LLC, a subsidiary of Advanced Energy Industries, Inc. For more information, see Note 4 - "Acquisition and Divestitures" and Note 21 – "Subsequent Events" below, and "Significant Developments—Disposition of SPLE" under Part I. Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" included
9

in Part I of this Form 10-Q. SLPE recognized net sales of $65,974 and income before taxes of $5,120 for the year ended December 31, 2021. The major classes of assets and liabilities included as held for sale related to SLPE are presented in the table below.

AssetsMarch 31, 2022
Current assets:
Cash and cash equivalents$6,596 
Trade and other receivables12,273 
Inventories, net9,537 
Prepaid expenses and other current assets435 
Total current assets28,841 
Goodwill25,157 
Other intangibles, Net11,950 
Other non-current assets4,297 
Property, plant and equipment, net4,979 
Total assets classified as held for sale$75,224 
Liabilities
Current liabilities:
Accounts payable$8,365 
Accrued liabilities4,817 
Other current liabilities1,875 
Total current liabilities15,057 
Long-term operating lease liabilities2,961 
Other non-current liabilities376 
Total liabilities classified as held for sale$18,394 

2021 Divestiture of Edge Business

On February 1, 2021, the Company completed the sale of its Edge business for a sales price of $16,000, subject to a working capital adjustment. The Company recognized a pre-tax gain of $8,096 which is presented in Other income, net in the consolidated statement of operations during the three months ended March 31, 2021. Edge provided roofing edge products and components utilized in the securement of perimeter roof edges and was part of the Company's OMG business in the Diversified Industrial segment. Edge recognized net sales of $17,534 and operating income of $1,250 for the year ended December 31, 2020.

5. LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE

Major classifications of Loans receivable, including loans held for sale, held by WebBank as of March 31, 2022 and December 31, 2021 are as follows:
TotalCurrentNon-current
March 31, 2022%December 31, 2021%March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Loans held for sale$253,311 $198,632 $253,311 $198,632 $— $— 
Commercial real estate loans$783 — %$663 — %— — 783 663 
Commercial and industrial730,734 92 %779,536 91 %340,314 293,965 390,420 485,571 
Consumer loans66,478 8 %76,067 9 %45,991 50,857 20,487 25,210 
Total loans797,995 100 %856,266 100 %386,305 344,822 411,690 511,444 
Less:
Allowance for loan losses(13,816)(13,925)(13,816)(13,925)— — 
Total loans receivable, net$784,179 $842,341 372,489 330,897 411,690 511,444 
Loans receivable, including loans held for sale (a)
$625,800 $529,529 $411,690 $511,444 
(a)    The carrying value of loans receivable, including loans held for sale, is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, was $1,036,899 and $1,041,459 as of March 31, 2022 and December 31, 2021, respectively.

10

Loans with a carrying value of approximately $155,332 and $167,437 were pledged as collateral for potential borrowings as of March 31, 2022 and December 31, 2021, respectively. WebBank serviced $2,764 and $2,780 in loans for others as of March 31, 2022 and December 31, 2021, respectively.

WebBank sold loans classified as loans held for sale of $3,006,100 and $2,208,754 during the three months ended March 31, 2022 and 2021, respectively. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of consumer and small business loans. Amounts added to loans held for sale during the same periods were $3,072,573 and $2,213,886, respectively. The increase in sold loans classified as held for sale as of March 31, 2022 reflects decreased lending during the prior period, March 31, 2021, related to the COVID-19 pandemic.

Allowance for Loan Losses

The ALLL represents an estimate of probable and estimable losses inherent in the loan portfolio as of the balance sheet date. Losses are charged to the ALLL when incurred. Generally, commercial loans are charged off or charged down when they are determined to be uncollectible in whole or in part. Consumer term loans are charged off at 120 days past due and open-end consumer and small and medium business loans are charged off at 180 days past due unless the loan is well secured and in the process of collection. The amount of the ALLL is established by analyzing the portfolio at least quarterly, and a provision for or reduction of loan losses is recorded so that the ALLL is at an appropriate level at the balance sheet date. The methodologies used to estimate the ALLL depend upon the impairment status and portfolio segment of the loan. Loan groupings are created for each loan class and are then graded against historical and industry loss rates.

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

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

Changes in the level of the ALLL reflect changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ALLL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ALLL. WebBank's ALLL decreased $109, or 1%, during the three months ended March 31, 2022. WebBank continues to monitor the impact of the current economic environment, including potential future negative impacts to its loan portfolio.

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

11

Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2020$22 $9,293 $17,744 $27,059 
Charge-offs— (3,607)(3,669)(7,276)
Recoveries6 514 396 916 
(Benefit) Provision(6)1,038 (1,747)(715)
March 31, 2021$22 $7,238 $12,724 $19,984 

The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows:
March 31, 2022Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for loan losses:
Individually evaluated for impairment$9 $77 $— $86 
Collectively evaluated for impairment16 9,244 4,470 13,730 
Total$25 $9,321 $4,470 $13,816 
Outstanding loan balances:
Individually evaluated for impairment$9 $953 $— $962 
Collectively evaluated for impairment774 729,781 66,478 797,033 
Total$783 $730,734 $66,478 $797,995 

December 31, 2021Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for loan losses:
Individually evaluated for impairment$9 $152 $— $161 
Collectively evaluated for impairment14 9,053 4,697 13,764 
Total$23 $9,205 $4,697 $13,925 
Outstanding loan balances:
Individually evaluated for impairment$9 $2,079 $— $2,088 
Collectively evaluated for impairment654 777,457 76,067 854,178 
Total$663 $779,536 $76,067 $856,266 

Nonaccrual and Past Due Loans

Commercial and industrial loans past due 90 days or more and still accruing interest were $4,050 and $3,037 at March 31, 2022 and December 31, 2021, respectively. Consumer loans past due 90 days or more and still accruing interest were $310 and $460 at March 31, 2022 and December 31, 2021, respectively. The Company did not have any nonaccrual loans at March 31, 2022 or December 31, 2021.

Past due loans (accruing and nonaccruing) are summarized as follows:
March 31, 2022Current30-89 Days
Past Due		90+ Days
Past Due		Total
Past Due		Total LoansRecorded
Investment
In Accruing
Loans 90+
Days Past Due
Nonaccrual
Loans
That Are
Current (a)
Commercial real estate loans$783 $— $— $— $783 $— $