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Receivables from and Payables to Brokers, Dealers and Clearing Organizations | 12 Months Ended
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Dec. 31, 2025
Broker-Dealer [Abstract] |
Receivables from and Payables to Brokers, Dealers and Clearing Organizations | RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS
| December 31, |  | December 31,
(Amounts in thousands) | 2025 |  | 2024
Receivables from brokers, dealers and clearing organizations |  |  |
Receivable from clearing organizations | $ | 33,482 |  |  | $ | 154,409 |
Receivable from brokers and dealers | 20,130 |  |  | 20,082 |
Total receivables from brokers, dealers and clearing organizations | $ | 53,612 |  |  | $ | 174,491 |
Payables to brokers, dealers and clearing organizations |  |  |
Payable to brokers and dealers | $ | 22,358 |  |  | $ | 5,862 |
Total payables to brokers, dealers and clearing organizations | $ | 22,358 |  |  | $ | 5,862 |
Under the Company's fully disclosed clearing agreement, all of its securities inventories with the exception of convertible securities, and all of its customer activities are held by or cleared through Pershing LLC ("Pershing"). The Company has established an arrangement to obtain financing from Pershing related to the majority of its trading activities. The Company also has a clearing arrangement with bank financing related to its convertible securities inventories. Financing under these arrangements is secured primarily by securities, and collateral limitations could reduce the amount of funding available under these arrangements. The funding is at their discretion and could be denied. The Company's clearing arrangement activities are recorded net of trading activity. The Company's fully disclosed clearing agreement includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of $120 million.

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- Definition The entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481804/940-20-50-1 + Details
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