Fair Value (Tables)

9 Months Ended

Sep. 25, 2026

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:


	September 25, 2026
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Money market funds	$	111	$	—	$	—	$	111
Certificates of deposit		—		95		—		95
Total cash equivalents	$	111	$	95	$	—	$	206

Investments segregated under federal regulations:
U.S. treasuries		5,737		—		—		5,737
Total investments segregated under federal regulations	$	5,737	$	—	$	—	$	5,737

Securities owned:
Investment securities:
Government and agency obligations	$	400	$	—	$	—	$	400
Mutual funds(1)		392		—		—		392
Equities		9		—		—		9
Total investment securities	$	801	$	—	$	—	$	801

Inventory securities:
Municipal obligations	$	—	$	33	$	—	$	33
Certificates of deposit		—		19		—		19
Mutual funds		11		—		—		11
Equities		9		—		—		9
Corporate bonds and notes		—		8		—		8
Government and agency obligations		1		—		—		1
Total inventory securities	$	21	$	60	$	—	$	81

Other assets:
Client fractional share ownership assets	$	1,236	$	—	$	—	$	1,236

Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	1,236	$	—	$	—	$	1,236


	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.