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 three months ended March 31, 2021 and the year ended December 31, 2020:

Full recourse notes receivable from partners as of March 31, 2021 and December 31, 2020 are $602 and $353, respectively. There were no limited recourse notes receivable from partners as of March 31, 2021 or December 31, 2020. There is no allowance for credit losses on notes receivable from partners as of March 31, 2021 or December 31, 2020.