Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

NOTE 4 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2022.

The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue in the Consolidated Statements of Income, with no impact on income before allocations to partners.

The Partnership did not have any assets or liabilities categorized as Level III during the three- and twelve-month periods ended March 31, 2023 and December 31, 2022, respectively.

The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:

	March 31, 2023
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	336	$	—	$	336
Money market funds		13		—		—		13
Total cash equivalents	$	13	$	336	$	—	$	349
Investments segregated under federal regulations:
U.S. treasuries	$	9,567	$	—	$	—	$	9,567
Certificates of deposit		—		1,500		—		1,500
Total investments segregated under federal regulations	$	9,567	$	1,500	$	—	$	11,067
Securities owned:
Investment securities:
Government and agency obligations	$	400	$	—	$	—	$	400
Mutual funds(1)		304		—		—		304
Certificates of deposit		—		100		—		100
Municipal obligations		—		11		—		11
Equities		8		—		—		8
Total investment securities	$	712	$	111	$	—	$	823
Inventory securities:
Municipal obligations	$	—	$	33	$	—	$	33
Equities		29		—		—		29
Certificates of deposit		—		5		—		5
Corporate bonds and notes		—		4		—		4
Mutual funds		3		—		—		3
Government and agency obligations		1		—		—		1
Total inventory securities	$	33	$	42	$	—	$	75
Other assets:
Client fractional share ownership assets	$	710	$	—	$	—	$	710
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	710	$	—	$	—	$	710

	December 31, 2022
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	144	$	—	$	144
Money market funds		49		—		—		49
Total cash equivalents	$	49	$	144	$	—	$	193
Investments segregated under federal regulations:
U.S. treasuries	$	10,327	$	—	$	—	$	10,327
Certificates of deposit		—		1,000		—		1,000
Total investments segregated under federal regulations	$	10,327	$	1,000	$	—	$	11,327
Securities owned:
Investment securities:
Government and agency obligations	$	1,000	$	—	$	—	$	1,000
Mutual funds(1)		310		—		—		310
Municipal obligations		—		11		—		11
Equities		8		—		—		8
Total investment securities	$	1,318	$	11	$	—	$	1,329
Inventory securities:
Municipal obligations	$	—	$	28	$	—	$	28
Corporate bonds and notes		—		21		—		21
Equities		20		—		—		20
Mutual funds		4		—		—		4
Government and agency obligations		3		—		—		3
Total inventory securities	$	27	$	49	$	—	$	76
Other assets:
Client fractional share ownership assets	$	680	$	—	$	—	$	680
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	680	$	—	$	—	$	680

(1)The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.