12. NOTES RECEIVABLE FROM PARTNERS

Partner contributions to SLP are made in cash, in the form of five or six year interest-bearing promissory notes and/or in the form of nine year interest-bearing limited recourse promissory notes. Certain notes receivable are payable in annual installments and are collateralized by SLP’s units that are purchased with the note. Notes receivable from partners are reflected as a reduction of non-controlling interests in the Consolidated Statements of Financial Condition.

Notes receivable from partners are as follows:

Full recourse notes receivable from partners as of December 31, 2020 and 2019 are $353 and $645, respectively.  There were no limited recourse notes receivable from partners as of December 31, 2020 and 2019. There is no allowance for credit losses on notes receivable from partners as of December 31, 2020 and 2019.