Fair Value

3 Months Ended

Mar. 28, 2025

Fair Value Disclosures [Abstract]

Fair Value

NOTE 5 – 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, 2024. 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.

The Partnership did not have any assets or liabilities categorized as Level III during the three- and twelve-month periods ended March 28, 2025 and December 31, 2024, respectively. The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:

	March 28, 2025
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	171	$	—	$	171
Money market funds		34		—		—		34
Total cash equivalents	$	34	$	171	$	—	$	205
Investments segregated under federal regulations:
U.S. treasuries	$	9,670	$	—	$	—	$	9,670
Certificates of deposit		—		900		—		900
Total investments segregated under federal regulations	$	9,670	$	900	$	—	$	10,570
Securities owned:
Investment securities:
Mutual funds(1)	$	331	$	—	$	—	$	331
Government and agency obligations		201		—		—		201
Certificates of deposit		—		75		—		75
Municipal obligations		—		11		—		11
Equities		7		—		—		7
Total investment securities	$	539	$	86	$	—	$	625
Inventory securities:
Mutual funds	$	56	$	—	$	—	$	56
Equities		37		—		—		37
Municipal obligations		—		27		—		27
Corporate bonds and notes		—		9		—		9
Certificates of deposit		—		5		—		5
Government and agency obligations		4		—		—		4
Total inventory securities	$	97	$	41	$	—	$	138
Other assets:
Client fractional share ownership assets	$	924	$	—	$	—	$	924
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	924	$	—	$	—	$	924

	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

(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.