Annual report pursuant to Section 13 and 15(d)

Notes Receivable from Partners

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Notes Receivable from Partners
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Notes Receivable from Partners

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:

 

December 31,
2023

 

 

December 31,
2022

 

Beginning balance

 

$

437

 

 

$

606

 

New notes issued to partners

 

 

—

 

 

 

—

 

Repayment of notes

 

 

(95

)

 

 

(172

)

Interest accrued and capitalized on notes receivable

 

 

2

 

 

 

3

 

Ending balance

 

$

344

 

 

$

437

 

 

Full recourse notes receivable from partners as of December 31, 2023 and 2022 are $344 and $437, respectively. There were no limited recourse notes receivable from partners as of December 31, 2023 and 2022. There is no allowance for credit losses on notes receivable from partners as of December 31, 2023 and 2022.