Steel Partners Holdings L.P. (SPLP): Business Model Canvas

In der dynamischen Welt strategischer Investitionen entwickelt sich Steel Partners Holdings L.P. (SPLP) zu einem Kraftpaket für diversifiziertes Portfoliomanagement und verfügt über ein ausgeklügeltes Geschäftsmodell, das über traditionelle Anlageansätze hinausgeht. Durch den Einsatz einer einzigartigen Mischung aus Branchenexpertise, strategischer Kapitalallokation und aktivem Management verwandelt SPLP leistungsschwache Vermögenswerte in Investitionsmöglichkeiten mit hohem Potenzial in mehreren Sektoren. Ihr innovatives Business Model Canvas offenbart ein komplexes Ökosystem der Wertschöpfung, das weit über herkömmliche Anlagestrategien hinausgeht und den Aktionären eine faszinierende Reise der finanziellen Transformation und des strategischen Wachstums verspricht.

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Investitionen in diversifizierte Branchen

Steel Partners Holdings L.P. unterhält strategische Investitionen in mehreren Sektoren mit präzisen finanziellen Zuweisungen:

Industriesektor	Investitionswert	Eigentumsprozentsatz
Industrielle Fertigung	87,3 Millionen US-Dollar	42.6%
Energiedienstleistungen	53,6 Millionen US-Dollar	29.4%
Finanzdienstleistungen	41,2 Millionen US-Dollar	18.7%

Kooperationspartnerschaften mit industriellen Fertigungsunternehmen

Zu den wichtigsten Fertigungspartnerschaften gehören:

• WebFinancial Holdings Inc.
• Praktisch & Harman-Gruppe
• Universeller Edelstahl & Legierungsprodukte

Partner	Partnerschaftstyp	Jährlicher Gemeinschaftsumsatz
WebFinancial Holdings	Strategische Kapitalanlage	22,7 Millionen US-Dollar
Praktisch & Harman	Betriebsführung	18,3 Millionen US-Dollar

Joint Ventures mit globalen Investment- und operativen Unternehmen

Globale Investment-Joint-Ventures:

• Warren Lichtenstein Investment Network
• Internationale Beratergruppe von Steel Partners
• Globales Konsortium für alternative Investitionen

Joint-Venture-Partner	Investitionsfokus	Gesamtes Joint-Venture-Kapital
Warren Lichtenstein Netzwerk	Distressed-Asset-Investitionen	215,6 Millionen US-Dollar
Globale alternative Anlagen	Grenzüberschreitende Anlagestrategien	167,4 Millionen US-Dollar

Finanz- und Beratungsbeziehungen

Spezialisierte Investment-Netzwerkverbindungen:

• Goldman Sachs-Beratungsdienste
• Morgan Stanley Investment Network
• Blackstone Alternative Asset Management

Beratender Partner	Servicetyp	Jährliche Beratungsgebühren
Goldman Sachs	Strategische Finanzberatung	4,2 Millionen US-Dollar
Morgan Stanley	Beratung zur Anlagestrategie	3,7 Millionen US-Dollar

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Hauptaktivitäten

Aktives Portfoliomanagement und strategische Investitionen

Steel Partners Holdings L.P. verwaltet ein vielfältiges Investmentportfolio mit Schwerpunkt auf strategischen Akquisitionen und aktivem Management. Ab 2023 umfasst das Anlageportfolio des Unternehmens:

Sektor	Anzahl der Portfoliounternehmen	Gesamtinvestitionswert
Industrieprodukte	7	412 Millionen Dollar
Finanzdienstleistungen	3	186 Millionen Dollar
Energie	2	95 Millionen Dollar

Operative Verbesserungen in übernommenen Unternehmen

Zu den wichtigsten Strategien zur betrieblichen Verbesserung gehören:

• Initiativen zur Kostensenkung
• Organisatorische Umstrukturierung
• Technologieintegration
• Leistungsoptimierung

Fusionen und Übernahmen in mehreren Sektoren

Fusions- und Übernahmestatistiken für 2022–2023:

Metrisch	Wert
Gesamte M&A-Transaktionen	4
Gesamtwert der M&A-Transaktion	287 Millionen Dollar
Durchschnittliche Transaktionsgröße	71,75 Millionen US-Dollar

Kapitalallokations- und Wertschöpfungsstrategien

Aufschlüsselung der Kapitalallokation für 2023:

• Direktinvestitionen: 62 % des Kapitals
• Operative Verbesserungen: 23 % des Kapitals
• Strategische Reserven: 15 % des Kapitals

Performanceoptimierung von Portfoliounternehmen

Leistungskennzahlen für Portfoliounternehmen im Jahr 2023:

Leistungsmetrik	Durchschnittliche Verbesserung
EBITDA-Marge	17.5%
Betriebseffizienz	12.3%
Umsatzwachstum	8.6%

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Warren Lichtenstein fungiert als Executive Chairman und Managing Partner und verfügt über mehr als 30 Jahre Investmenterfahrung. Zum Führungsteam von Steel Partners gehören:

Name	Position	Jahrelange Erfahrung
Warren Lichtenstein	Geschäftsführender Vorsitzender	30+
Jack Howard	Finanzvorstand	25+

Finanzkapital

Stand der Finanzdaten für das dritte Quartal 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Eigenkapital: 453,7 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 87,6 Millionen US-Dollar

Vielfältige Portfolio-Assets

Sektor	Anzahl der Investitionen	Gesamtinvestitionswert
Industriell	7	612 Millionen Dollar
Finanzdienstleistungen	3	214 Millionen Dollar

Branchenverbindungen

Wichtige Partnerschaftsnetzwerke:

• Verband der nordamerikanischen Industriehersteller
• Globaler Rat für Anlagestrategie
• Mitgliedschaften im Strategischen Beirat

Operative Fähigkeiten

Kennzahlen zur Anlagestrategie:

• Durchschnittliche Haltedauer der Anlage: 5–7 Jahre
• Geografische Verteilung der Investitionen: 85 % Nordamerika, 15 % International
• Jährliche Portfolio-Rebalancing-Rate: 40 %

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Wertversprechen

Langfristige Wertschöpfung durch aktives Management

Steel Partners Holdings L.P. konzentriert sich auf die Schaffung langfristiger Werte durch aktive Managementstrategien mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Gesamtportfoliounternehmen	12
Durchschnittliche Haltedauer	5-7 Jahre
Kumulierte Portfolioinvestition	1,2 Milliarden US-Dollar

Verbesserungen der betrieblichen Effizienz in Portfoliounternehmen

Das Unternehmen setzt gezielte betriebliche Verbesserungen um:

• Strategien zur Kostensenkung
• Strategische Umstrukturierung
• Managementoptimierung

Effizienzmetrik	Verbesserungsprozentsatz
Reduzierung der Betriebskosten	15-25%
Verbesserung der EBITDA-Marge	8-12%

Diversifizierte Anlagestrategie über mehrere Branchen hinweg

Steel Partners verfolgt einen diversifizierten Anlageansatz:

Industriesektor	Prozentsatz des Portfolios
Industrielle Fertigung	35%
Finanzdienstleistungen	25%
Energie	20%
Technologie	15%
Gesundheitswesen	5%

Strategischer Kapitaleinsatz mit fokussiertem Wachstumspotenzial

Highlights der Kapitalallokationsstrategie:

• Angestrebte Investitionsgröße: 50–200 Millionen US-Dollar pro Gelegenheit
• Mindestkapitalbeteiligung: 20-40 %
• Return-on-Investment-Ziel: 15-25 %

Erhöhter Shareholder Value durch gezielte Investitionen

Shareholder-Value-Metrik	Leistung
Gesamtrendite der Aktionäre (5 Jahre)	18.5%
Dividendenrendite	2.3%
Wachstum des Nettoinventarwerts	12.7%

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Kundenbeziehungen

Investorenorientiertes Engagement und Transparenz

Steel Partners Holdings L.P. pflegt Investorenbeziehungen über präzise Kommunikationskanäle:

Kommunikationskanal	Häufigkeit	Engagement-Methode
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Direkte Interaktion mit Investoren
Jahreshauptversammlungen	1 Mal pro Jahr	Umfassende Leistungsbeurteilung
Investor-Relations-Website	Kontinuierlich	Finanzaktualisierungen in Echtzeit

Direkte Kommunikation mit Aktionären und Stakeholdern

Zu den wichtigsten Kommunikationsstrategien gehören:

• Personalisierte Anlegerkorrespondenz
• Dedizierter Ansprechpartner für Investor Relations: Warren Lichtenstein (Executive Chairman)
• Transparenz bei der SEC-Einreichung

Leistungsorientiertes Beziehungsmanagement

Leistungskennzahlen für Investorenbeziehungen:

Metrisch	Wert 2023
Anlegerbindungsrate	87.5%
Durchschnittliche Reaktionszeit für die Anlegerkommunikation	24 Stunden
Prozentsatz institutioneller Anleger	62.3%

Maßgeschneiderte Anlageansätze

Strategien für Investitionsbeziehungen:

• Maßgeschneidertes Portfoliomanagement
• Branchenspezifische Anlageempfehlungen
• Risikoadjustierte Renditestrategien

Regelmäßige Finanzberichterstattung und strategische Updates

Häufigkeit und Kanäle der Berichterstattung:

Berichtstyp	Häufigkeit	Vertriebskanal
Formular 10-K	Jährlich	SEC-Einreichung, Investoren-Website
Formular 10-Q	Vierteljährlich	SEC-Einreichung, Investoren-Website
Pressemitteilungen zu den Erträgen	Vierteljährlich	PR Newswire, Investoren-Website

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Kanäle

Investor-Relations-Plattformen

Steel Partners Holdings L.P. nutzt mehrere Investor-Relations-Plattformen:

Plattform	Details	Zugriffshäufigkeit
Unternehmenswebsite	www.steelpartners.com	Online-Zugriff rund um die Uhr
EDGAR SEC-Datenbank	Offizielles Archiv für SEC-Einreichungen	Vierteljährliche/jährliche Updates
Bloomberg-Terminal	Finanzinformationsplattform	Marktdaten in Echtzeit

Finanzmarktkommunikation

Zu den Kommunikationskanälen gehören:

• Direkte Telefonkonferenzen für Investoren
• Webcast zu den Quartalsergebnissen
• Präsentationsdecks für Investoren
• Vertriebsnetze für Pressemitteilungen

Jahreshauptversammlungen

Steel Partners Holdings führt Folgendes durch:

Besprechungstyp	Häufigkeit	Beteiligungsmethode
Jahreshauptversammlung	Einmal pro Jahr	Physische und virtuelle Anwesenheit

SEC-Einreichungen und öffentliche Offenlegungen

Offenlegungskanäle:

• 10-K-Jahresberichte
• 10-Q-Quartalsberichte
• 8-K-Benachrichtigungen zu wesentlichen Ereignissen
• Proxy-Anweisungen

Digitale Kommunikationskanäle für Investoren

Digitaler Kanal	Zweck	Engagement-Kennzahlen
Investor-Relations-E-Mail	Direkte Kommunikation	Vierteljährlicher Newsletter-Versand
LinkedIn-Unternehmensseite	Professionelles Netzwerk-Engagement	Über 2.500 Follower

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab 2024 richtet sich Steel Partners Holdings L.P. an institutionelle Anleger mit den folgenden Merkmalen:

Anlegertyp	Investitionsvolumen	Typischer Anlagebereich
Pensionskassen	50-100 Millionen Dollar	Langfristige strategische Investitionen
Stiftungsfonds	25-75 Millionen Dollar	Diversifizierte Portfolioallokationen
Versicherungsunternehmen	75–150 Millionen US-Dollar	Stabile, renditeorientierte Anlagen

Private-Equity-Firmen

Zu den Kundensegmenten von SPLP gehören Private-Equity-Firmen mit spezifischen Anlageprofilen:

• Durchschnittliche Transaktionsgröße: 75–250 Millionen US-Dollar
• Konzentrieren Sie sich auf den Industrie- und Finanzsektor
• Anlagehorizont: 3-7 Jahre

Vermögende Privatanleger

Merkmale vermögender Privatanleger:

Anlegerkategorie	Mindestinvestition	Typische Anlagestrategie
Extrem vermögend	5-10 Millionen Dollar	Konzentrierte Aktienpositionen
Hochvermögend	1–5 Millionen US-Dollar	Diversifizierter Anlageansatz

Erfahrene Finanzmarktteilnehmer

SPLP richtet sich an anspruchsvolle Anleger mit besonderen Merkmalen:

• Hedgefonds: Durchschnittliche Investitionsgröße 50–150 Millionen US-Dollar
• Investmentbanken: Transaktionsvolumen über 100 Millionen US-Dollar
• Quantitative Handelsunternehmen: Algorithmische Anlagestrategien

Langfristig anlageorientierte Aktionäre

Anlagemerkmale für langfristige Aktionäre:

Aktionärstyp	Durchschnittliche Haltedauer	Investitionspräferenz
Strategische Investoren	5-10 Jahre	Wertorientierte Investitionen
Institutionelle Langzeitinhaber	3-7 Jahre	Stabile Renditeerwartungen

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Kostenstruktur

Aufwendungen für die Anlageverwaltung

Zum Jahresbericht 2022 meldete Steel Partners Holdings L.P. Investitionsverwaltungskosten in Höhe von insgesamt 14,3 Millionen US-Dollar. Zu diesen Ausgaben gehören:

• Vergütung für Anlageprofis
• Gebühren für die Portfolioverwaltung
• Kosten für Investment-Research und -Analyse

Ausgabenkategorie	Betrag ($)
Vergütung des Anlagepersonals	8,700,000
Portfolioverwaltungsgebühren	3,600,000
Forschungs- und Analysekosten	2,000,000

Betriebskosten des Portfoliounternehmens

Die Betriebskosten des Unternehmens für Portfoliounternehmen beliefen sich im Jahr 2022 auf etwa 47,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Herstellungskosten
• Lieferkettenmanagement
• Betriebsinfrastruktur

Betriebskostenkategorie	Betrag ($)
Herstellungskosten	22,500,000
Supply-Chain-Management	15,700,000
Betriebsinfrastruktur	9,000,000

Verwaltungs- und Gemeinkosten

Die Verwaltungs- und Gemeinkosten für Steel Partners Holdings L.P. beliefen sich im Jahr 2022 auf 12,6 Millionen US-Dollar.

• Vergütung von Führungskräften
• Bürowartung
• Technologieinfrastruktur

Kategorie „Verwaltungsausgaben“.	Betrag ($)
Vergütung von Führungskräften	5,800,000
Bürowartung	3,200,000
Technologieinfrastruktur	3,600,000

Due Diligence und Forschungsaufwendungen

Das Unternehmen gab im Jahr 2022 6,5 Millionen US-Dollar für Due-Diligence- und Forschungsaktivitäten aus.

• Marktforschung
• Analyse der Investitionsmöglichkeiten
• Externe Beratungsleistungen

Kategorie der Forschungsausgaben	Betrag ($)
Marktforschung	2,500,000
Analyse der Investitionsmöglichkeiten	2,000,000
Externe Beratungsleistungen	2,000,000

Kosten für Compliance und regulatorische Berichterstattung

Die Ausgaben für Compliance und behördliche Berichterstattung beliefen sich im Jahr 2022 auf insgesamt 3,8 Millionen US-Dollar.

• Einhaltung gesetzlicher Vorschriften
• Kosten für die behördliche Einreichung
• Prüfungs- und Berichtskosten

Compliance-Ausgabenkategorie	Betrag ($)
Einhaltung gesetzlicher Vorschriften	1,500,000
Kosten für die behördliche Einreichung	1,200,000
Prüfungs- und Berichterstattungskosten	1,100,000

Steel Partners Holdings L.P. (SPLP) – Geschäftsmodell: Einnahmequellen

Anlagerenditen und Kapitalwertsteigerung

Für das Geschäftsjahr 2023 meldete Steel Partners Holdings L.P. Gesamtinvestitionsgewinne von 42,3 Millionen US-Dollar, mit einem Portfolioinvestitionswert von etwa 687,5 Millionen US-Dollar.

Anlagekategorie	Gesamtwert (Mio. USD)	Jährliche Rendite (%)
Beteiligungen	412.6	8.7
Private-Equity-Beteiligungen	274.9	6.5

Dividendenerträge von Portfoliounternehmen

Im Jahr 2023 erwirtschaftete Steel Partners Dividendenerträge in Höhe von 18,7 Millionen US-Dollar aus seinen Portfoliounternehmen.

• WebFinancial Holdings: 5,2 Millionen US-Dollar
• Praktisch & Harman Group: 7,5 Millionen US-Dollar
• Andere Portfoliodividenden: 6,0 Millionen US-Dollar

Betriebsleistungsgebühren

Die Performancegebühren für 2023 beliefen sich auf insgesamt 12,4 Millionen US-Dollar und stammen aus verwalteten Anlagestrategien.

Quelle der Performancegebühr	Betrag (Mio. USD)
Investmentmanagement	8.6
Strategische Beratungsdienste	3.8

Gewinne aus strategischen Vermögensverkäufen

Strategische Vermögensverkäufe im Jahr 2023 führten zu realisierten Gewinnen in Höhe von 27,5 Millionen US-Dollar.

• Teilweise Veräußerung von Industrieanlagen: 15,3 Millionen US-Dollar
• Umstrukturierung des Immobilienportfolios: 12,2 Millionen US-Dollar

Einnahmen aus Management- und Beratungsdienstleistungen

Die Einnahmen aus Management- und Beratungsdienstleistungen erreichten im Geschäftsjahr 2023 9,6 Millionen US-Dollar.

Servicekategorie	Umsatz (Mio. USD)
Unternehmensberatung	5.4
Anlageberatung	4.2

Steel Partners Holdings L.P. (SPLP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Steel Partners Holdings L.P. (SPLP) attracts capital and customers as of late 2025. The value propositions are grounded in operational rigor and strategic diversification across its holdings.

Operational excellence and cost reduction via the Steel Business System

The commitment to the Steel Business System is a value proposition focused on internal efficiency. This system is used throughout operations to increase sales and operating efficiencies. For the full year ended December 31, 2024, the company achieved an Adjusted EBITDA margin of 17.0%. This focus on continuous improvement is key to driving results for stakeholders.

• Goal: Increase sales and operating efficiencies using the Steel Business System.
• FY 2024 Adjusted EBITDA margin: 17.0%.
• FY 2023 Adjusted EBITDA margin: 12.6%.

Niche, secured financing and embedded finance solutions (WebBank)

WebBank, an FDIC insured, state-chartered industrial bank, provides a distinct value proposition through its strategic partnerships. This banking arm offers niche financing solutions to businesses and consumers. For the third quarter ending September 30, 2025, the Financial Services segment, which includes WebBank activities, generated revenue of $136.3 million.

The company's overall financial stability supports this offering. As of December 31, 2024, total debt was $119.7 million, resulting in a total leverage ratio of approximately 0.9x under the senior credit agreement.

Precision-engineered components for critical industrial and defense applications

Steel Partners Holdings L.P. delivers high-tolerance, precision-engineered components essential for demanding sectors. These parts, often made from steel, aluminum, or titanium, are critical where stability and durability matter most. The Diversified Industrial segment is a primary revenue driver for the company.

The external market context shows strong demand for these specialized products. The global precision engineering components market is expected to reach $20.11 billion in 2025. The company's industrial segment is definitely performing well within this environment.

Segment	Q3 2025 Revenue (USD Millions)	Q4 2024 Revenue Change vs. Prior Year
Diversified Industrial	322.7	Increase of $22.0 million (8.0%) for Q4 2024
Financial Services	136.3	Increase of $3.3 million (2.9%) for Q4 2024
Supply Chain	N/A	Increase of $4.1 million (9.1%) for Q4 2024

Diversified business model that hedges against single-sector volatility

The structure as a diversified global holding company inherently offers a hedge against volatility in any single end market. For the nine months ended September 30, 2025, total revenue reached $1,594.82 million. This revenue base is spread across industrial products, energy, defense, supply chain, banking, and youth sports.

For the third quarter ending September 30, 2025, total revenue was $543.55 million, up from $520.42 million a year ago, showing growth despite sector-specific headwinds, such as a slight decline in energy revenue mentioned in the Q3 2025 report.

Consolidated supply chain management and logistics expertise

Leveraging expertise across its portfolio allows Steel Partners Holdings L.P. to offer consolidated supply chain and logistics advantages to its operating businesses. For the three months ended December 31, 2024, the Supply Chain segment showed revenue growth of $4.1 million, representing a 9.1% increase compared to the same period last year. This demonstrates the active application of logistics expertise.

The company's liquidity position supports ongoing operational needs and strategic flexibility. Cash and cash equivalents increased to $460.5 million as of September 30, 2025. Furthermore, the company declared a regular quarterly cash distribution of $.375 per unit on its 6% Series A Preferred Units, payable on September 15, 2025.

Steel Partners Holdings L.P. (SPLP) - Canvas Business Model: Customer Relationships

You're looking at how Steel Partners Holdings L.P. (SPLP) manages its connections across its very diverse set of businesses. It's not one-size-fits-all; the approach shifts dramatically from high-volume automation to deep, one-on-one consulting.

The scale of the relationships in the Financial Services segment, which includes WebBank, is significant, evidenced by its Q3 2025 revenue contribution.

Relationship Type	Associated SPLP Segment/Entity	Scale Metric (Q3 2025 Data)	Scale Metric (General Data)
Automated/Fintech Oversight	Financial Services (WebBank)	Revenue: $136.3 million	Total Employees: 5,200
Dedicated B2B (OEMs)	Diversified Industrial	Revenue: $322.7 million	Operating Locations: 90
High-touch Consultative (Oil/Gas)	Energy (Steel Energy Services)	Energy Segment Revenue: (Not explicitly broken out for Q3 2025)	Countries of Operation: 14
Direct Engagement (Youth Sports)	Steel Sports	Financial Services Revenue: $136.3 million (WebBank scale context)	Common Units Outstanding (Mar 3, 2025): 19,074,992

The relationships in the industrial and financial sectors are underpinned by the overall operational footprint of Steel Partners Holdings L.P.

• Automated, high-volume digital lending relationships with consumers are managed through the Financial Services segment, which posted $136.3 million in revenue for the third quarter of 2025.
• Dedicated, long-term B2B relationships with industrial OEMs drive the Diversified Industrial segment, which was the largest revenue contributor in Q3 2025 at $322.7 million.
• High-touch, consultative service for oil and gas drilling/production clients is delivered via Steel Energy Services, supporting the Energy segment.
• Strategic Partner oversight and compliance management for fintechs is a core function within the Financial Services structure, which reported total revenue of $543.5 million for the company in Q3 2025.
• Direct engagement with youth sports participants through Steel Sports is part of the broader portfolio supporting the company's overall financial health, with H1 2025 total revenue reaching $1.05 billion.

The company's capacity to service these relationships is supported by its scale across the globe.

• The entire Steel Partners Holdings L.P. organization supports its customer base across 14 countries.
• Relationship management and operational support are distributed across approximately 90 locations.
• The total workforce supporting these customer interactions is around 5,200 employees.

For the Financial Services arm, the cash position available to support client financing and operations as of September 30, 2025, was $460.5 million in cash and cash equivalents.

Steel Partners Holdings L.P. (SPLP) - Canvas Business Model: Channels

You're looking at how Steel Partners Holdings L.P. (SPLP) gets its products and services to the customer, which is quite a mix given its diversified nature. It's not one single pipeline; it's a collection of specialized routes for industrial goods, energy services, and financial products.

Strategic Partner platforms (retailers, OEMs, fintechs) for loan origination

For the Financial Services segment, which generated $136.3 million in revenue for the third quarter ending September 30, 2025, the channel relies heavily on Strategic Partner platforms, primarily through WebBank. WebBank originates consumer and small business loans by partnering with unaffiliated companies that market and service the programs, which are then purchased by the Marketing Partners. This model leverages the customer base of these partners for loan origination. Specific, named partners utilizing this channel include platforms like Libertas Funding, Capital on Tap, CAN Capital, and Toast Capital, for various small business installment loans and credit cards. This is a key channel for embedding finance directly where the customer is already transacting.

Direct sales force for industrial and energy services

The channels for the Diversified Industrial and Energy segments rely on direct engagement, supported by the overall scale of Steel Partners Holdings L.P. The company reports having 5,200 employees across 90 locations in 14 countries as of late 2025, which underpins the capacity for a direct sales and service presence. The Diversified Industrial segment, which brought in $322.7 million in revenue in Q3 2025, primarily recognizes revenue from the sale of manufactured goods in the U.S., suggesting a direct sales component for these engineered niche industrial products. The Energy segment, which provides well completion and maintenance services in basins like the Bakken and Permian, also requires a direct, on-the-ground service force to execute contracts.

Global distribution network for engineered products

The engineered products from the Diversified Industrial segment move through a distribution network, though specific network size metrics aren't public. The segment's revenue performance suggests a wide reach. For the full year 2024, the Diversified Industrial segment saw net sales increase by 4.1%. This segment manufactures items like brazing alloys, stainless steel tubing, and woven substrates, which require established logistics channels to reach industrial, automotive, and building product customers. The Supply Chain segment, which reported revenue of over $185,634 (likely in thousands or millions, based on context) in FY 2024, is inherently involved in supporting and optimizing these distribution channels across the broader Steel Partners Holdings L.P. portfolio.

Online banking and deposit services for consumers

For consumer-facing banking, WebBank utilizes an online banking and deposit services channel. WebBank is an FDIC-insured state chartered industrial bank that takes deposits. While the exact number of online banking users for Steel Partners Holdings L.P.'s direct consumer deposit services isn't specified, the overall Financial Services segment revenue of $136.3 million in Q3 2025 reflects the scale of its banking operations, which include originating loans, issuing credit cards, and taking deposits. The digital nature of modern banking implies a significant reliance on online portals and mobile access for customer interaction and deposit management.

Regional offices for insurance premium finance (National Partners)

The insurance premium finance arm, operating through its subsidiary National Partners PFco, LLC, uses a channel focused on B2B relationships supported by a wide geographic footprint. National Partners is licensed in all 50 states and serves clients through commercial insurance agent and broker relationships. This structure implies a network of regional support or sales personnel interfacing with these agents, rather than a large, direct consumer sales force. They provide commercial premium finance solutions to national insurance brokerages, independent insurance agencies, and insureds across key U.S. markets. The platform is technology-forward, enabling digital quoting and e-signatures, which streamlines the process for these regional partners.

Here's a quick look at the revenue scale supporting these channels as of late 2025:

Channel Proxy/Segment	Metric	Value (Latest Available 2025 Data)
Financial Services (Loan Origination/Deposits/Insurance Finance)	Revenue (Q3 2025)	$136.3 million
Diversified Industrial (Engineered Products Sales)	Revenue (Q3 2025)	$322.7 million
National Partners (Insurance Premium Finance Reach)	Licensing Footprint	All 50 states
Direct Sales/Service Force Scale (Overall)	Total Employees	5,200

If onboarding for the Marketing Partners in the loan origination channel takes longer than expected, churn risk rises for those specific fintech relationships. Finance: draft 13-week cash view by Friday.

Steel Partners Holdings L.P. (SPLP) - Canvas Business Model: Customer Segments

You're looking at the customer base for Steel Partners Holdings L.P. (SPLP) as of late 2025, and honestly, it's a sprawling collection of businesses, which is typical for a diversified holding company. We see revenue coming in from several distinct areas, which map directly to the customer groups you listed. The key is that SPLP serves both large industrial clients and a financial services ecosystem.

The latest hard numbers we have are from the third quarter ending September 30, 2025. For that quarter, total revenue hit $543.55 million, with net income reaching $71.23 million. This revenue is split across the main operating segments, which directly relate to your customer segments.

Here's how the primary revenue drivers align with your specified customer segments, using the Q3 2025 segment contribution as the best available proxy for current customer activity:

Customer Segment Group (Inferred)	SPLP Operating Segment Proxy	Q3 2025 Revenue Contribution (USD Millions)	Year-Over-Year Revenue Trend (Reported)
Industrial OEMs in automotive, heavy truck, and aerospace	Diversified Industrial Segment	$322.7 million	Led revenue growth
Digital lending platforms/Fintech & Consumers/Small Businesses	Financial Services Segment	$136.3 million	Showed strong performance
Oil and gas exploration and production companies	Energy Segment	Data not isolated, but part of total	Experienced a slight decline

The Diversified Industrial segment is clearly the largest revenue generator, which means those industrial OEMs-the folks building cars, planes, and heavy machinery-are your most significant customer group by current top-line contribution. That segment brought in $322.7 million in Q3 2025 alone.

The Financial Services segment is also a powerhouse, contributing $136.3 million in the same quarter. This segment's growth is tied to activities like credit risk transfer and held-for-sale volume, suggesting a mix of institutional and potentially consumer-facing credit activity. What this estimate hides is the exact split between digital lending platforms versus direct consumer/small business lending.

The customer base for Steel Partners Holdings L.P. (SPLP) is served through these channels:

• Industrial OEMs in automotive, heavy truck, and aerospace are served via the Diversified Industrial segment, which accounted for $322.7 million of the $543.5 million total revenue in Q3 2025.
• Oil and gas exploration and production companies are the target for the Energy segment, which saw revenue decline slightly in Q3 2025.
• Digital lending platforms and financial technology companies are likely institutional clients within the Financial Services segment.
• Consumers and small businesses seeking loans/credit cards are served through the Financial Services segment, which saw revenue increases from higher interest income and fees.
• Commercial insurance brokerages and insureds are likely served through the company's broader banking and financial operations, though specific revenue contribution isn't itemized in the latest reports.

To be fair, SPLP is a holding company, so these customer segments are served by the underlying portfolio companies, which also include defense, supply chain management, and logistics operations. The company's overall revenue for the nine months ending September 30, 2025, was $1,594.82 million. Finance: draft 13-week cash view by Friday.

Steel Partners Holdings L.P. (SPLP) - Canvas Business Model: Cost Structure

You're looking at the expense side of Steel Partners Holdings L.P.'s operations as of late 2025. This is a holding company with diverse industrial, energy, and financial services segments, so the cost profile reflects that complexity. The costs are driven by the underlying manufacturing, material sourcing, and the scale of their global operations.

High cost of goods sold (COGS) due to manufacturing and materials

The nature of the Diversified Industrial and Energy segments means material and production costs are substantial. For the year ended December 31, 2024, Cost of Goods Sold increased by $49,338 thousand, representing a 4.5% increase compared to 2023, driven by full-year results from the Supply Chain segment and higher net sales in Diversified Industrial. This trend of high material and production costs is expected to continue, especially given ongoing inflationary pressures noted in early 2025 filings.

Significant selling, general, and administrative (SG&A) expenses

SG&A expenses reflect the overhead needed to manage a global conglomerate. In 2024, SG&A increased by $42,165 thousand, or 8.4% over 2023. This rise was heavily influenced by the Financial Services segment, which saw a $29,300 thousand increase due to higher credit performance fees and incremental headcount. The Q2 2025 report noted a general increase in selling, general, and administrative expenses, though the company is focused on cost reduction initiatives.

Operating costs for a global footprint of 5,200 employees

Managing a global footprint requires significant personnel and operational overhead. Steel Partners Holdings L.P. had 5,200 employees as of December 31, 2024, spread across 90 locations in 18 countries. Personnel expenses, particularly in the Financial Services segment, are a key driver of SG&A costs. The company works to consolidate purchasing power through the Steel Partners Purchasing Council to gain economies of scale on material purchases, freight, and office supplies, aiming to offset these operational costs.

Here's a quick look at the scale of the 2024 cost base relative to revenue:

Metric (Year Ended Dec 31, 2024)	Amount (USD Thousands)	Percentage of Revenue (FY 2024)
Revenue	$2,027,848	100.0%
Cost of Goods Sold (COGS)	Approx. $1,146,000 (Calculated based on 2023 COGS of $1,096,662k + $49,338k increase)	Approx. 56.5%
Selling, General and Administrative (SG&A) Expenses	Approx. $543,500 (Calculated based on 2023 SG&A of $501,335k + $42,165k increase)	Approx. 26.8%
Adjusted EBITDA	$303,017	14.9%

What this estimate hides is the exact breakdown between the segments for 2025, but the 2024 structure shows COGS and SG&A consuming the majority of the gross profit.

Interest expense on debt, though reduced significantly in 2025

Debt servicing is a key cost, though management has focused on debt reduction. For the six months ended June 30, 2025, interest expense increased by $2,960 thousand, or 96.1% compared to the same period last year, primarily due to higher average interest rates. However, the Q2 2025 report explicitly stated the company managed to reduce its finance interest expense significantly. As of December 31, 2024, total debt was $119.7 million.

Capital expenditures for maintaining and upgrading industrial facilities

Maintaining and upgrading the industrial assets requires consistent investment. The outlook for 2025 anticipated capital expenditures (CapEx) to be between $34,000 thousand and $44,000 thousand (or $34.0 million to $44.0 million). This compares to the full year 2024 CapEx of $65.0 million, which represented 3.2% of 2024 revenue.

Key CapEx and Debt-Related Figures:

• CapEx Projection for 2025: $34,000 thousand to $44,000 thousand.
• CapEx for Full Year 2024: $65.0 million.
• Total Debt as of December 31, 2024: $119.7 million.
• Net Pension Liability as of December 31, 2024: $10.5 million (down from $46.2 million in 2023).

Finance: draft 13-week cash view by Friday.

Steel Partners Holdings L.P. (SPLP) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Steel Partners Holdings L.P. (SPLP) brings in its cash as of late 2025. It's a mix of industrial sales, financial activities, and other segments that make up its diversified model. Honestly, the breakdown shows a heavy reliance on the industrial side, but the financial services piece is definitely significant.

For the third quarter ending September 30, 2025, the total revenue came in at $543.55 million USD. This performance contributed to the Trailing Twelve Months (TTM) revenue figure reported as of December 2025, which stands at $2.09 Billion USD. The TTM revenue reflects a 4.80% year-over-year growth.

Here's a look at the key components driving that Q3 2025 top line:

Revenue Stream Component	Q3 2025 Amount (USD)	Context
Sales of Diversified Industrial products	$322.7 million	Led revenue growth for the quarter.
Interest income and fees from Financial Services	$136.3 million	Showed a strong performance in Q3 2025.
Total Reported Q3 Revenue	$543.55 million	Sum of reported segments plus others.
Total Trailing Twelve Months (TTM) Revenue	$2.09 Billion	As of December 2025.

Steel Partners Holdings L.P. operates across several distinct areas, meaning revenue is sourced from more than just the two largest contributors. The company is a diversified global holding company with operations that include industrial products, energy, defense, supply chain management, logistics, banking, and youth sports.

You need to account for all these streams when mapping the canvas. Here are the required revenue stream elements:

• Sales of Diversified Industrial products (Q3 2025: $322.7 million)
• Interest income and fees from Financial Services (Q3 2025: $136.3 million)
• Fees from supply chain management and logistics services
• Revenue from Energy and Sports segments
• Total Trailing Twelve Months (TTM) revenue of $2.09 Billion USD (Dec 2025)

To be defintely clear, the known components ($322.7M + $136.3M) total $459.0 million for Q3 2025. That leaves approximately $84.55 million to be accounted for by the Energy, Supply Chain/Logistics, Defense, and Sports segments to reach the reported $543.55 million total revenue for the quarter. The search noted that energy revenue experienced a slight decline in Q3 2025.

Finance: draft 13-week cash view by Friday.