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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, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission File Number: 001-35493
Steel Partners logo - C (002).jpg
STEEL PARTNERS HOLDINGS L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware13-3727655
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
590 Madison Avenue, 32nd Floor
New York, New York
10022
(Address of Principal Executive Offices)(Zip Code)
(212) 520-2300
(Registrant's Telephone Number, Including Area Code)

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

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

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

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

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

The number of common units outstanding as of May 1, 2024 was 20,393,258.



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, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$446,668 $577,928 
Trade and other receivables - net of allowance for doubtful accounts of $2,160 and $2,481, respectively
223,559 216,429 
Loans receivable, including loans held for sale of $705,362 and $868,884, respectively, net
1,400,739 1,582,536 
Inventories, net204,823 202,294 
Prepaid expenses and other current assets37,443 48,169 
Total current assets2,313,232 2,627,356 
Long-term loans receivable, net348,574 386,072 
Goodwill148,791 148,838 
Other intangible assets, net109,827 114,177 
Other non-current assets336,487 342,046 
Property, plant and equipment, net253,330 253,980 
Operating lease right-of-use assets72,507 76,746 
Long-term investments58,211 41,225 
Total Assets$3,640,959 $3,990,440 
LIABILITIES AND CAPITAL
Current liabilities:
Accounts payable$142,886 $131,922 
Accrued liabilities98,183 117,943 
Deposits1,526,207 1,711,585 
Other current liabilities97,672 103,682 
Total current liabilities1,864,948 2,065,132 
Long-term deposits337,619 370,107 
Long-term debt92,738 191,304 
Other borrowings8,426 15,065 
Preferred unit liability153,743 154,925 
Accrued pension liabilities44,353 46,195 
Deferred tax liabilities18,994 18,353 
Long-term operating lease liabilities58,307 61,790 
Other non-current liabilities60,621 62,161 
Total Liabilities2,639,749 2,985,032 
Commitments and Contingencies
Capital:
Partners' capital common units: 20,392,204 and 21,296,067 issued and outstanding (after deducting 19,301,094 and 18,367,307 units held in treasury, at cost of $368,784 and $329,297), respectively
1,076,029 1,079,853 
Accumulated other comprehensive loss(122,333)(121,223)
Total Partners' Capital953,696 958,630 
Noncontrolling interests in consolidated entities47,514 46,778 
Total Capital1,001,210 1,005,408 
Total Liabilities and Capital$3,640,959 $3,990,440 

See accompanying Notes to Consolidated Financial Statements
2


STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except common units and per common unit data)
Three Months Ended
March 31,
20242023
Revenue:
Diversified Industrial net sales$292,440 $304,426 
Energy net revenue31,921 48,164 
Financial Services revenue109,955 92,781 
Supply Chain revenue42,030  
Total revenue476,346 445,371 
Costs and expenses:
Cost of goods sold274,156 261,293 
Selling, general and administrative expenses135,292 114,954 
Finance interest expense23,963 13,741 
Provision for credit losses755 7,806 
Interest expense1,394 5,986 
Realized and unrealized gains on securities, net(4,068)(607)
Other income, net(815)(1,176)
Total costs and expenses430,677 401,997 
Income from operations before income taxes and equity method investments45,669 43,374 
Income tax provision10,861 14,604 
Loss of associated companies, net of taxes7 3,967 
Net income34,801 24,803 
Net (income) loss attributable to noncontrolling interests in consolidated entities(570)43 
Net income attributable to common unitholders$34,231 $24,846 
Net income per common unit - basic
Net income attributable to common unitholders$1.65 $1.15 
Net income per common unit - diluted
Net income attributable to common unitholders$1.50 $1.09 
Weighted-average number of common units outstanding - basic
20,762,244 21,685,794 
Weighted-average number of common units outstanding - diluted
24,811,176 25,541,246 

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,
20242023
Net income$34,801 $24,803 
Other comprehensive (loss) income, net of taxes:
Currency translation adjustments(1,110)1,093 
Other comprehensive (loss) income(1,110)1,093 
Comprehensive income33,691 25,896 
Comprehensive (income) loss attributable to noncontrolling interests(570)43 
Comprehensive income attributable to common unitholders$33,121 $25,939 

See accompanying Notes to Consolidated Financial Statements
4



STEEL PARTNERS HOLDINGS L.P.
Consolidated Statements of Changes in Capital
(Unaudited)
(in thousands, except common units and treasury units)
Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2023
39,663,374 (18,367,307)$(329,297)$1,079,853 $(121,223)$958,630 $46,778 $1,005,408 
Net income— — — 34,231 — 34,231 570 34,801 
Currency translation adjustments
— — — — (1,110)(1,110)— (1,110)
Equity compensation - restricted units
2,995 — — 381 — 381 — 381 
Tax withholding related to vesting of restricted units(609)— — (587)— (587)— (587)
Share-based long term incentive plan unit awards27,538 — — 1,604 — 1,604 — 1,604 
Purchases of SPLP common units— (933,787)(39,487)(39,487)— (39,487)— (39,487)
Adjustment to interest in consolidated subsidiaries— — — — — — 155 155 
Other, net
— — — 34 — 34 11 45 
Balance as of March 31, 2024
39,693,298 (19,301,094)$(368,784)$1,076,029 $(122,333)$953,696 $47,514 $1,001,210 


Steel Partners Holdings L.P. Common Unitholders
CommonTreasury UnitsPartners'Accumulated Other ComprehensiveTotal Partners'Noncontrolling Interests in ConsolidatedTotal
UnitsUnitsDollarsCapitalLossCapitalEntitiesCapital
Balance as of December 31, 2022
39,509,772 (17,904,679)$(309,257)$952,094 $(151,874)$800,220 $1,240 $801,460 
Cumulative effect of change in accounting principle for current expected credit losses, net of tax— — — (3,862)— (3,862)— (3,862)
Net income (loss)— — — 24,846 — 24,846 (43)24,803 
Currency translation adjustments
— — — — 1,093 1,093 — 1,093 
Equity compensation - restricted units
146,414 — — (11)— (11)— (11)
Tax withholding related to vesting of restricted units(8,972)— — (333)— (333) (333)
Purchases of SPLP common units— (75,504)(3,248)(3,248)— (3,248)— (3,248)
Other, net
— — — (61)— (61) (61)
Balance as of March 31, 202339,647,214 (17,980,183)$(312,505)$969,425 $(150,781)$818,644 $1,197 $819,841 

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,
20242023
Cash flows from operating activities:
Net income$34,801 $24,803 
Adjustments to reconcile net income from operations to net cash (used in) provided by operating activities:
Provision for credit losses 755 7,806 
Loss of associated companies, net of taxes7 3,967 
Realized and unrealized gains on securities, net(4,068)(607)
Derivative gains on economic interests in loans(1,283)(1,260)
Non-cash pension expense1,400 2,980 
Deferred income taxes654 9,722 
Depreciation and amortization14,414 12,943 
Non-cash lease expense5,747 2,832 
Equity-based compensation381 (11)
Other340 1,166 
Net change in operating assets and liabilities:
Trade and other receivables(7,371)(15,398)
Inventories(2,752)(6,585)
Prepaid expenses and other assets14,335 (13,440)
Accounts payable, accrued and other liabilities(23,421)15,152 
Net decrease (increase) in loans held for sale163,521 (92,318)
Net cash provided by (used in) operating activities$197,460 $(48,248)
Cash flows from investing activities:
Purchases of investments(14,083)(5,729)
Proceeds from sales of investments994 36 
Proceeds from maturities of investments6,188 36,512 
Principal repayment on Steel Connect Convertible Note 1,000 
Loan originations, net of collections54,958 (174,982)
Purchases of property, plant and equipment(10,066)(10,708)
Proceeds from sale of property, plant and equipment1,173  
Other(15)(92)
Net cash provided by (used in) investing activities$39,149 $(153,963)
Cash flows from financing activities:
Net revolver (repayments) borrowings(98,545)2,953 
Repayments of term loans(17)(17)
Purchases of the Company's common units(39,487)(3,248)
Purchases of the Company's preferred units(1,830) 
Net decrease in other borrowings(6,576)(9,950)
Distribution to preferred unitholders(2,380)(2,408)
Purchase of subsidiary shares from noncontrolling interests(24) 
Tax withholding related to vesting of restricted units(587)(333)
Net (decrease) increase in deposits(217,866)285,720 
Net cash (used in) provided by financing activities$(367,312)$272,717 
Net change for the period(130,703)70,506 
Effect of exchange rate changes on cash and cash equivalents(557)100 
Cash, cash equivalents and restricted cash at beginning of period577,928 234,448 
Cash, cash equivalents and restricted cash at end of period$446,668 $305,054 

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, and price per ounce.

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION

Nature of the Business

Steel Partners Holdings L.P. ("we," "our," "SPLP," or "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries and other interests. It owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services and Supply Chain, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments, see Note 17 - "Segment Information." Steel Partners Holdings GP Inc. ("SPH GP"), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC ("Manager"), pursuant to the terms of an amended and restated management agreement (the "Management Agreement") discussed in further detail in Note 16 - "Related Party Transactions."

Basis of Presentation

The accompanying unaudited consolidated financial statements as of March 31, 2024 and for the three month periods ended March 31, 2024 and 2023, which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. The financial results of Steel Connect, Inc. ("Steel Connect" or "STCN") have been included in the Company's consolidated financial statements since May 1, 2023 (see Note 3 - "Acquisitions and Divestitures"). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("Annual Report" or "Form 10-K"), from which the consolidated balance sheet as of December 31, 2023 has been derived.

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

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

Adoption of New Accounting Standards

In June 2022, the FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The new standard clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring the fair value of the security. The new standard also requires certain disclosures related to equity securities with contractual sale restrictions. The Company adopted ASU 2022-03 on January 1, 2024. The adoption did not have any impact on the Company's consolidated financial statements and disclosures.

Accounting Standards Not Yet Effective

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The
7


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

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

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

2. REVENUES

Disaggregation of Revenues

Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 17 - "Segment Information."

The following table presents the Company's revenues disaggregated by geography for the three months ended March 31, 2024 and 2023. The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements.
Three Months Ended
March 31,
20242023
United States$426,956 $426,165 
Foreign49,390 19,206 
Total revenue$476,346 $445,371 

Contract Balances

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

Contract Assets

Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the contract asset balance was $5,922 and $5,317, respectively.

8


Contract Liabilities

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

Contract Liabilities
Balance at December 31, 2023
$7,388 
Deferral of revenue5,156 
Recognition of unearned revenue(5,301)
Balance at March 31, 2024
$7,243 
Balance at December 31, 2022
$4,380 
Deferral of revenue5,031 
Recognition of unearned revenue(4,687)
Balance at March 31, 2023
$4,724 

3. ACQUISITIONS AND DIVESTITURES

STCN Transfer and Exchange Agreement

On April 30, 2023, the Company and Steel Connect, executed a series of agreements, in which the Steel Partners Group transferred an aggregate of 3,597,744 shares of common stock, par value $0.10 per share, of Aerojet Rocketdyne Holdings, Inc. ("Aerojet") held by the Steel Partners Group to Steel Connect in exchange for 3,500,000 shares of newly created Series E Convertible Preferred Stock of Steel Connect (the "Series E Convertible Preferred Stock" and such transfer and related transactions, the "Exchange Transaction"). The Series E Convertible Preferred Stock is convertible into an aggregate of 184.9 million shares (19.8 million shares post June 21, 2023 reverse/forward stock split) of Steel Connect common stock, par value $0.01 per share (the “common stock” or “Common Stock”), and will vote together with the Steel Connect common stock and participate in any dividends paid on the Steel Connect common stock, in each case on an as-converted basis. Upon conversion of the Series E Convertible Preferred Stock, when combined with STCN common stock, STCN convertible debt, if converted, and STCN Series C preferred shares, also if converted, owned by the Company, would result in the Steel Partners Group holding approximately 84.0% of the outstanding equity interests of Steel Connect as of the Exchange Transaction date. The Exchange Transaction closed on May 1, 2023, the date that the consideration was exchanged between the Company and Steel Connect and as of that date Steel Connect became a consolidated subsidiary for financial reporting purposes. Steel Connect is not consolidated for Federal income tax purposes because the ownership in Steel Connect is dispersed between different federal tax consolidation groups. Steel Connect's assets and liabilities have been included in the Company's consolidated balance sheet, with a related noncontrolling interest of 16.0% of STCN's common stock. Prior to May 1, 2023, the Company held a 49.6% ownership interest in Steel Connect and accounted for its investment in Steel Connect in accordance with the equity method of accounting. The Company remeasured the previously held equity method investment to its fair value based upon a valuation of Steel Connect, as of the date of the Exchange Transaction.

The Exchange Transaction was accounted for in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations, and, accordingly, Steel Connect’s results of operations have been consolidated in our financial statements since the date of the Exchange Transaction. The Company recorded a preliminary allocation of the Exchange Transaction to assets acquired and liabilities assumed based on their estimated fair values as of May 1, 2023. The purchase price and purchase price allocation of the Exchange Transaction were finalized as of December 31, 2023, with no significant changes to preliminary amounts.

The following table summarizes the total Exchange Transaction consideration:

9


(in thousands)May 1, 2023
Fair value of Aerojet common stock$202,733 
Fair value of previously held interests in Steel Connect:
Steel Connect common stock19,010 
Steel Connect Series C Preferred Stock35,000 
Steel Connect Convertible Note13,006 
Noncontrolling interest ("NCI") at fair value44,800 
Less cash acquired(65,896)
Total estimated consideration, less cash acquired$248,653 

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

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

(in thousands)Initial EstimateMeasurement Period AdjustmentsFinal Allocation
Trade and other receivables$36,900 $ $36,900 
Inventories, net6,900  6,900 
Prepaid expenses and other current assets5,000  5,000 
Identifiable intangible assets36,000 (500)35,500 
Other non-current assets3,900  3,900 
Property, plant and equipment, net3,400  3,400 
Operating lease right-of-use assets29,250  29,250 
Investments202,733  202,733 
Total assets acquired324,083 (500)323,583 
Accounts payable26,300  26,300 
Accrued liabilities29,100  29,100 
Other current liabilities15,230  15,230 
Long-term operating lease liabilities 21,300  21,300 
Other non-current liabilities5,500 300 5,800 
Total liabilities assumed97,430 300 97,730 
Goodwill22,000 800 22,800 
Net assets acquired at fair value$248,653 $ $248,653 

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

Identifiable intangible assets were recognized at their estimated acquisition date fair values. The fair value of the trade name asset was determined using the relief-from-royalty method and the fair value of the customer relationships asset was determined using the excess earnings method. These income-based approaches included assumptions such as the amount and
10


timing of projected cash flows, growth rates, customer attrition rates, discount rates, and the assessment of the asset’s life cycle. The estimated fair value and estimated remaining useful lives of identifiable intangible assets as of the Exchange Transaction date were as follows:

(in thousands)Useful Life (Years)Amount
Customer relationships
7
$25,000 
Trade nameIndefinite10,500 
Estimated fair value of identifiable intangible assets$35,500 

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

4. LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE

Major classifications of Loans receivable, including loans held for sale, held by WebBank as of March 31, 2024 and December 31, 2023 are as follows:
TotalCurrentNon-current
March 31, 2024%December 31, 2023%March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Loans held for sale$705,362 $868,884 $705,362 $868,884 $ $ 
Commercial real estate loans$2,844  %$2,078  %$ $ $2,844 $2,078 
Commercial and industrial939,693 88 %980,722 87 %635,756 646,890 303,937 333,832 
Consumer loans123,534 12 %142,410 13 %81,741 92,248 41,793 50,162 
Total loans1,066,071 100 %1,125,210 100 %717,497 739,138 348,574 386,072 
Less:
Allowance for credit losses(22,120)(25,486)(22,120)(25,486)  
Total loans receivable, net$1,043,951 $1,099,724 695,377 713,652 348,574 386,072 
Loans receivable, including loans held for sale (a)
$1,400,739 $1,582,536 $348,574 $386,072 
(a)    The amortized cost of loans receivable, including loans held for sale, is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, including loans held for sale, was $1,743,860 and $1,967,021 as of March 31, 2024 and December 31, 2023, respectively.

Loans with an amortized cost of approximately $301,851 and $381,256 were pledged as collateral for potential borrowings as of March 31, 2024 and December 31, 2023, respectively. At both March 31, 2024 and December 31, 2023, WebBank serviced $1,744 in loans for others.

WebBank sold loans classified as loans held for sale of $5,676,769 and $4,275,373 during the three months ended March 31, 2024 and 2023, respectively. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of consumer and small business loans. Amounts added to loans held for sale during the same periods were $5,513,362 and $4,388,701, respectively.

WebBank's allowance for credit losses ("ACL") decreased $3,366, or 13.2%, during the three months ended March 31, 2024. The decrease in the ACL was primarily driven by a reduction in loan balances. WebBank continues to monitor the impact of the current economic environment, including potential future negative impacts to its loan portfolio.

Changes in the ACL are summarized as follows:
Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2023$75 $14,744 $10,667 $25,486 
Charge-offs (2,644)(2,100)(4,744)
Recoveries 399 164 563 
Provision (benefit)63 946 (194)815 
March 31, 2024$138 $13,445 $8,537 $22,120 

11


Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
December 31, 2022$28 $18,493 $11,169 $29,690 
Impact of adopting current expected credit loss accounting guidance1 1,144 3,597 4,742 
Charge-offs (3,493)(2,539)(6,032)
Recoveries5 328 154 487 
Provision7 5,156 2,643 7,806 
March 31, 2023$41 $21,628 $15,024 $36,693 

The ACL and outstanding loan balances are summarized as follows:
March 31, 2024Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for credit losses:
Individually evaluated for impairment$8 $1,079 $ $1,087 
Collectively evaluated for impairment130 12,366 8,537 21,033 
Total$138 $13,445 $8,537 $22,120 
Outstanding loan balances:
Individually evaluated for impairment$8 $3,416 $ $3,424 
Collectively evaluated for impairment2,836 936,277 123,534 1,062,647 
Total$2,844 $939,693 $123,534 $1,066,071 

December 31, 2023Commercial Real Estate LoansCommercial & IndustrialConsumer LoansTotal
Allowance for loan losses:
Individually evaluated for impairment$8 $1,000 $ $1,008 
Collectively evaluated for impairment67 13,744 10,667 24,478 
Total$75 $14,744 $10,667 $25,486 
Outstanding loan balances:
Individually evaluated for impairment$8 $3,095 $ $3,103 
Collectively evaluated for impairment2,070 977,627 142,410 1,122,107 
Total$2,078 $980,722 $142,410 $1,125,210 

Nonaccrual and Past Due Loans

Commercial and industrial loans past due 90 days or more and still accruing interest were $9,710 and $10,270 at March 31, 2024 and December 31, 2023, respectively. Consumer loans past due 90 days or more and still accruing interest were $2,000 and $4,790 at March 31, 2024 and December 31, 2023, respectively. The Company had nonaccrual loans of $832 and $814 at March 31, 2024 and December 31, 2023, respectively.

Past due loans (accruing and nonaccruing) are summarized as follows:
March 31, 2024Current30-89 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$2,844 $ $ $ $2,844 $ $ 
Commercial and industrial919,243 10,740 9,710 20,450 939,693 9,710 832 
Consumer loans117,944 3,590 2,000 5,590 123,534 2,000  
Total loans$1,040,031 $14,330 $11,710 $26,040 $1,066,071 $11,710 $832 

December 31, 2023Current30-89 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$2,078 $ $ $ $2,078 $ $ 
Commercial and industrial959,852 10,600 10,270 20,870 980,722 10,270 814 
Consumer loans132,570 5,050 4,790 9,840 142,410 4,790  
Total loans$1,094,500 $15,650 $15,060 $30,710 $1,125,210 $15,060 $814 
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(a)    Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected.

Credit Quality Indicators

In addition to the past due and nonaccrual criteria, loans are analyzed using a loan grading system. Generally, internal grades are assigned to commercial loans based on the performance of the loans, financial/statistical models and loan officer judgment. For consumer loans and some commercial and industrial loans, the primary credit quality indicator is payment status. Reviews and grading of loans with unpaid principal balances of $100 or more is performed once per year. Grades follow definitions of Pass, Special Mention, Substandard and Doubtful, which are consistent with published definitions of regulatory risk classifications. The definitions of Pass, Special Mention, Substandard and Doubtful are summarized as follows:

Pass: An asset in this category is a higher quality asset and does not fit any of the other categories described below. The likelihood of loss is considered remote.
Special Mention: An asset in this category has a specific weakness or problem but does not currently present a significant risk of loss or default as to any material term of the loan or financing agreement.
Substandard: An asset in this category has a developing or minor weakness or weaknesses that could result in loss or default if deficiencies are not corrected or adverse conditions arise.
Doubtful: An asset in this category has an existing weakness or weaknesses that have developed into a serious risk of significant loss or default with regard to a material term of the financing agreement.

Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows:
March 31, 2024Non - GradedPassSpecial
Mention
Sub-
standard
DoubtfulTotal Loans
Commercial real estate loans$ $2,836 $ $8 $ $2,844 
Commercial and industrial704,873 231,404  3,416  939,693 
Consumer loans123,534     123,534 
Total loans$828,407 $234,240 $ $3,424 $ $1,066,071 

December 31, 2023Non - GradedPassSpecial
Mention
Sub-
standard
DoubtfulTotal Loans
Commercial real estate loans$ $2,070 $ $8 $ $2,078 
Commercial and industrial675,952 301,675  3,095  980,722 
Consumer loans142,410     142,410 
Total loans$818,362 $303,745 $ $3,103 $ $1,125,210 























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The following table represents the amortized cost basis loan balances by year of origination and credit quality indicator:

As of March 31, 2024Revolving loans amortized cost basis
Amortized Cost Basis by Origination Year
20232022202120202019PriorTotal
Commercial Real Estate Loans
Risk Rating:
Pass$782 $1,113 $588 $126 $61 $166 $ $2,836 
Sub-standard     8  8 
Total Commercial Real Estate Loans$782 $1,113 $588 $126 $61 $174 $ $2,844 
Commercial & Industrial
Risk Rating:
Pass$ $74,724 $106,365 $50,104 $211 $ $ $231,404 
Non - graded273,077 260,050 8,376 4,158