Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

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:

	December 31, 2024
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	170	$	—	$	170
Money market funds		92		—		—		92
Total cash equivalents	$	92	$	170	$	—	$	262
Investments segregated under federal regulations:
U.S. treasuries	$	10,134	$	—	$	—	$	10,134
Certificates of deposit		—		900		—		900
Total investments segregated under federal regulations	$	10,134	$	900	$	—	$	11,034
Securities owned:
Investment securities:
Mutual funds(1)	$	362	$	—	$	—	$	362
Government and agency obligations		197		—		—		197
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		8		—		—		8
Total investment securities	$	567	$	112	$	—	$	679
Inventory securities:
Municipal obligations	$	—	$	26	$	—	$	26
Equities		15		—		—		15
Corporate bonds and notes		—		11		—		11
Mutual funds		6		—		—		6
Government and agency obligations		4		—		—		4
Certificates of deposit		—		1		—		1
Total inventory securities	$	25	$	38	$	—	$	63
Other assets:
Client fractional share ownership assets	$	936	$	—	$	—	$	936
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	936	$	—	$	—	$	936

	December 31, 2023
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	179	$	—	$	179
Money market funds		76		—		—		76
Total cash equivalents	$	76	$	179	$	—	$	255
Investments segregated under federal regulations:
U.S. treasuries	$	9,893	$	—	$	—	$	9,893
Certificates of deposit		—		1,500		—		1,500
Total investments segregated under federal regulations	$	9,893	$	1,500	$	—	$	11,393
Securities owned:
Investment securities:
Government and agency obligations	$	600	$	—	$	—	$	600
Mutual funds(1)		346		—		—		346
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		11		—		—		11
Total investment securities	$	957	$	112	$	—	$	1,069
Inventory securities:
Municipal obligations	$	—	$	29	$	—	$	29
Equities	$	21	$	—	$	—	$	21
Certificates of deposit	$	—	$	20	$	—	$	20
Mutual funds(1)	$	9	$	—	$	—	$	9
Corporate bonds and notes	$	—	$	5	$	—	$	5
Government and agency obligations		4		—		—		4
Total inventory securities	$	34	$	54	$	—	$	88
Other assets:
Client fractional share ownership assets	$	824	$	—	$	—	$	824
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	824	$	—	$	—	$	824

(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.