v3.26.1
Receivables from and Payables to Brokers, Dealers and Clearing Organizations
 6 Months Ended
Jun. 30, 2026
Broker-Dealer [Abstract]  
Receivables from and Payables to Brokers, Dealers and Clearing Organizations RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS
June 30,December 31,
(Amounts in thousands)20262025
Receivables from brokers, dealers and clearing organizations
Receivable from clearing organizations$187,512 $33,482 
Receivable from brokers and dealers17,763 20,130 
Total receivables from brokers, dealers and clearing organizations$205,275 $53,612 
Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers$2,000 $22,358 
Total payables to brokers, dealers and clearing organizations$2,000 $22,358 
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 to maintain excess net capital of $120 million.