v3.26.1
Fair Value
 3 Months Ended
Mar. 27, 2026
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, 2025. 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 27, 2026 and December 31, 2025, respectively. The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:

 

 

March 27, 2026

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

—

 

 

$

95

 

 

$

—

 

 

$

95

 

Money market funds

 

 

36

 

 

 

—

 

 

 

—

 

 

 

36

 

Total cash equivalents

 

$

36

 

 

$

95

 

 

$

—

 

 

$

131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments segregated under federal regulations:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

7,968

 

 

 

—

 

 

 

—

 

 

 

7,968

 

Total investments segregated under federal regulations

 

$

7,968

 

 

$

—

 

 

$

—

 

 

$

7,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities owned:

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government and agency obligations

 

$

699

 

 

$

—

 

 

$

—

 

 

$

699

 

Mutual funds(1)

 

 

344

 

 

 

—

 

 

 

—

 

 

 

344

 

Equities

 

 

8

 

 

 

—

 

 

 

—

 

 

 

8

 

Total investment securities

 

$

1,051

 

 

$

—

 

 

$

—

 

 

$

1,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory securities:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal obligations

 

$

—

 

 

$

17

 

 

$

—

 

 

$

17

 

Equities

 

 

10

 

 

 

—

 

 

 

—

 

 

 

10

 

Mutual funds

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

Corporate bonds and notes

 

 

—

 

 

 

6

 

 

 

—

 

 

 

6

 

Certificates of deposit

 

 

—

 

 

 

4

 

 

 

—

 

 

 

4

 

Government and agency obligations

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Total inventory securities

 

$

21

 

 

$

27

 

 

$

—

 

 

$

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Client fractional share ownership assets

 

$

1,087

 

 

$

—

 

 

$

—

 

 

$

1,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other:

 

 

 

 

 

 

 

 

 

 

 

 

Client fractional share redemption obligations

 

$

1,087

 

 

$

—

 

 

$

—

 

 

$

1,087

 

 

 

 

 

December 31, 2025

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

107

 

 

$

—

 

 

$

—

 

 

$

107

 

Certificates of deposit

 

 

—

 

 

 

95

 

 

 

—

 

 

 

95

 

Total cash equivalents

 

$

107

 

 

$

95

 

 

$

—

 

 

$

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments segregated under federal regulations:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

9,271

 

 

$

—

 

 

$

—

 

 

$

9,271

 

Certificates of deposit

 

 

—

 

 

 

200

 

 

 

—

 

 

 

200

 

Total investments segregated under federal regulations

 

$

9,271

 

 

$

200

 

 

$

—

 

 

$

9,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities owned:

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds(1)

 

$

393

 

 

$

—

 

 

$

—

 

 

$

393

 

Certificates of deposit

 

 

—

 

 

 

75

 

 

 

—

 

 

 

75

 

Equities

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

Total investment securities

 

$

402

 

 

$

75

 

 

$

—

 

 

$

477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory securities:

 

 

 

 

 

 

 

 

 

 

 

 

Municipal obligations

 

$

—

 

 

$

23

 

 

$

—

 

 

$

23

 

Equities

 

 

17

 

 

 

—

 

 

 

—

 

 

 

17

 

Certificates of deposit

 

 

—

 

 

 

6

 

 

 

—

 

 

 

6

 

Corporate bonds and notes

 

 

—

 

 

 

5

 

 

 

—

 

 

 

5

 

Mutual funds

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Government and agency obligations

 

 

1

 

 

 

—

 

 

 

—

 

 

 

1

 

Total inventory securities

 

$

20

 

 

$

34

 

 

$

—

 

 

$

54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Client fractional share ownership assets

 

$

1,118

 

 

$

—

 

 

$

—

 

 

$

1,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other:

 

 

 

 

 

 

 

 

 

 

 

 

Client fractional share redemption obligations

 

$

1,118

 

 

$

—

 

 

$

—

 

 

$

1,118

 

 

(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.