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 doubtful accounts 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 doubtful accounts for the three month periods ended March 31, 2022 and 2021 was as follows:

	Three Months Ended
	March 31,
	2022			2021
Beginning Balance	$	33,957		$	36,649
Bad debt expense, net of reversals		519			375
Charge-offs, foreign currency translation and other adjustments		(663	)		(2,022	)
Ending Balance *	$	33,813		$	35,002

*The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include reimbursable expense receivables.

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, 2022 and December 31, 2021, $110,321 and $123,189, respectively, represented financing receivables for our Private Capital Advisory fees. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables.

At March 31, 2022 and December 31, 2021, customers and other receivables included $123,988 and $122,229, 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, 2022 and December 31, 2021.

The aggregate carrying amount of all other receivables of $582,331 and $560,391 at March 31, 2022 and December 31, 2021, respectively, approximates fair value.