Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable from Partners

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Notes Receivable from Partners
9 Months Ended
Sep. 30, 2024
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 Condensed Consolidated Statements of Financial Condition.

Notes receivable from partners are as follows for the nine months ended September 30, 2024 and the year ended December 31, 2023:

 

 

September 30,
2024

 

 

December 31,
2023

 

Beginning balance

 

$

344

 

 

$

437

 

Repayment of notes

 

 

(94

)

 

 

(95

)

Interest accrued and capitalized on notes receivable

 

 

1

 

 

 

2

 

Ending balance

 

$

251

 

 

$

344

 

 

Full recourse notes receivable from partners as of September 30, 2024 and December 31, 2023 are $251 and $344, respectively. There were no limited recourse notes receivable from partners as of September 30, 2024 or December 31, 2023. There is no allowance for credit losses on notes receivable from partners as of September 30, 2024 or December 31, 2023.