PIPER SANDLER COMPANIES
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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Sep 30, 2024 · Filed Nov 7, 2024
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Other Assets
NOTE 11| OTHER ASSETS
| September 30, | December 31, | |
|---|---|---|
| (Amounts in thousands) | 2024 | 2023 |
| Installment fee receivables | $42,255 | $— |
| Fee receivables | 27,558 | 27,765 |
| Forgivable employee loans | 48,919 | 15,771 |
| Prepaid expenses | 25,836 | 22,396 |
| Income tax receivables | 3,521 | 5,939 |
| Other | 27,175 | 14,084 |
| Total other assets | $175,264 | $85,955 |
Installment fee receivables are related to the Company's private fund placement services and are generally paid in installments over a period oftwo tofour years. The Company's installment fee receivables are carried at amortized cost, which approximates fair value, and would be categorized as Level II assets in the fair value hierarchy if they were carried at fair value.
The Company estimates the allowance for credit losses using relevant available information from internal and external sources relating to historical credit loss experience, current economic conditions and reasonable and supportable forecasts that could potentially affect the collectibility of the reported amounts. The allowance for credit losses was immaterial at September 30, 2024 and December 31, 2023.
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