Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Partnership's Financial Assets and Liabilities at Fair Value

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