The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model, for general credit risk of the overall portfolio and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute.

Activity in the allowance for credit losses for the three month periods ended March 31, 2023 and 2022 was as follows:

	Three Months Ended
	March 31,
	2023			2022
Beginning Balance	$	17,738		$	33,957
Bad debt expense, net of reversals		7,825			519
Charge-offs, foreign currency translation and other adjustments		(634	)		(663	)
Ending Balance	$	24,929		$	33,813

Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses–other” on the condensed consolidated statements of operations.

Of the Company’s fee receivables at March 31, 2023 and December 31, 2022, $96,611 and $97,964, respectively, represented financing receivables for our Private Capital Advisory fees.

At March 31, 2023 and December 31, 2022, customers and other receivables included $128,666 and $128,890, respectively, of customer loans, which are fully collateralized and closely monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of March 31, 2023 and December 31, 2022.

The aggregate carrying amount of other fees and customers and other receivables was $472,850 and $425,904 at March 31, 2023 and December 31, 2022, respectively.

The allowance for credit losses is substantially all related to M&A and Restructuring fee receivables and other receivables.