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Receivables from and Payables to Brokers, Dealers and Clearing Organizations
 12 Months Ended
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)20252024
Receivables from brokers, dealers and clearing organizations
Receivable from clearing organizations$33,482 $154,409 
Receivable from brokers and dealers20,130 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.