0001230245-24-000179 | 10-Q | XBRL Viewer

Financial Instruments and Other Inventory Positions

9 Months Ended

Sep. 30, 2024

Financial Instruments Owned and Sold, Not yet Purchased [Abstract]

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased

FINANCIAL INSTRUMENTS AND OTHER INVENTORY POSITIONS


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Financial instruments and other inventory positions owned
Corporate securities:
Equity securities	$	—	$	388
Convertible securities	147,946		131,375
Fixed income securities	15,336		1,645
Municipal securities:
Taxable securities	19,608		25,744
Tax-exempt securities	120,282		138,755
Short-term securities	13,594		7,122
Asset-backed securities	50,808		8,149
U.S. government agency securities	34,443		104,418
U.S. government securities	6,282		5,895
Derivative contracts	9,726		11,066
Total financial instruments and other inventory positions owned	$	418,025	$	434,557

Financial instruments and other inventory positions sold, but not yet purchased
Corporate securities:
Equity securities	$	41,681	$	53,857
Fixed income securities	1,856		2,230

U.S. government agency securities	—		48,268
U.S. government securities	64,293		40,437
Derivative contracts	2,921		4,188
Total financial instruments and other inventory positions sold, but not yet purchased	$	110,751	$	148,980

At September 30, 2024 and December 31, 2023, financial instruments and other inventory positions owned in the amount of $97.7 million and $92.8 million, respectively, had been pledged as collateral for short-term financing arrangements.

Financial instruments and other inventory positions sold, but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated statements of financial condition. The Company economically hedges changes in the market value of its financial instruments and other inventory positions owned using inventory positions sold, but not yet purchased, interest rate derivatives, U.S. treasury bond futures and options, and equity option contracts.

Derivative Contract Financial Instruments

Customer Matched-Book Derivatives

The Company enters into interest rate derivative contracts in a principal capacity as a dealer to satisfy the financial needs of its customers. The Company simultaneously enters into an interest rate derivative contract with a third party for the same notional amount to hedge the interest rate and credit risk of the initial client interest rate derivative contract. In certain instances, the Company has only hedged interest rate risk with a third party, and retains uncollateralized credit risk as described below. These instruments use rates based upon the Secured Overnight Financing Rate ("SOFR") index, the MMD index or the Securities Industry and Financial Markets Association ("SIFMA") index. Similarly, the Company enters into a limited number of credit default swap contracts to facilitate customer transactions. These instruments use rates based upon the Commercial Mortgage Backed Securities ("CMBX") index.

Trading Securities Derivatives

The Company enters into interest rate derivative contracts and uses U.S. treasury bond futures and options to hedge interest rate and market value risks primarily associated with its fixed income securities. These instruments use rates based upon the MMD or SOFR indices. The Company also enters into equity option contracts to hedge market value risk associated with its convertible securities.

Derivatives are reported on a net basis by counterparty (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of offset exists and on a net basis by cross product when applicable provisions are stated in master netting agreements. Cash collateral received or paid is netted on a counterparty basis, provided a legal right of offset exists. The total absolute notional contract amount, representing the absolute value of the sum of gross long and short derivative contracts, provides an indication of the volume of the Company's derivative activity and does not represent gains and losses. The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position:


	September 30, 2024						December 31, 2023
(Amounts in thousands)	Derivative		Derivative		Notional		Derivative		Derivative		Notional
Derivative Category	Assets (1)		Liabilities (2)		Amount		Assets (1)		Liabilities (2)		Amount
Interest rate:
Customer matched-book	$	16,439	$	14,019	$	484,334	$	54,676	$	49,293	$	1,356,924
Trading securities	3,047		1,836		154,130		3,769		5,701		196,250






	$	19,486	$	15,855	$	638,464	$	58,445	$	54,994	$	1,553,174

(1)Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition.

(2)Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.

The Company's derivative contracts do not qualify for hedge accounting; therefore, unrealized gains and losses are recorded on the consolidated statements of operations. The gains and losses on the related economically hedged inventory positions are not disclosed below as they are not in qualifying hedging relationships. The following table presents the Company's unrealized gains/(losses) on derivative instruments:


		Three Months Ended				Nine Months Ended
(Amounts in thousands)		September 30,				September 30,
Derivative Category	Operations Category	2024		2023		2024		2023
Interest rate derivative contract	Investment banking	$	(2,760)	$	(230)	$	(3,054)	$	(240)
Interest rate derivative contract	Institutional brokerage	1,423		8,540		3,233		5,463



		$	(1,337)	$	8,310	$	179	$	5,223

Credit risk associated with the Company's derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. Credit exposure associated with the Company's derivatives is driven by uncollateralized market movements in the fair value of the contracts with counterparties and is monitored regularly by the Company's financial risk committee. The Company considers counterparty credit risk in determining derivative contract fair value. The Company's derivative contracts are generally collateralized by its counterparties, who are major financial institutions. As of September 30, 2024, the Company had $6.4 million of uncollateralized credit exposure with three counterparties (notional contract amount of $77.2 million), including $5.9 million of uncollateralized credit exposure with one counterparty.

Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Compensation Plans

COMPENSATION PLANS

Stock-Based Compensation Plans

The Company has four outstanding stock-based compensation plans: the Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive Plan"), the 2020 Employment Inducement Award Plan (the "2020 Inducement Plan"), the 2022 Employment Inducement Award Plan (the "2022 Inducement Plan") and the 2024 Employment Inducement Award Plan (the "2024 Inducement Plan"). The Company's equity awards are recognized on the consolidated statements of operations at grant date fair value over the service period of the award, less forfeitures.

The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) as of September 30, 2024:


Restricted stock
Restricted stock related to compensation plans:
Annual grants			563,257
Sign-on grants			123,947
Inducement grants			39,162
2020 Inducement Plan grants			263,653
2022 Inducement Plan grants			126,608
2024 Inducement Plan grants			42,980
Total restricted stock related to compensation plans			1,159,607

Restricted stock related to acquisitions (1)			764,335
Total restricted stock			1,923,942

Restricted stock units			152,318

Stock options			148,667

(1)Includes restricted stock with service conditions issued in conjunction with certain acquisitions.

Incentive Plan

The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified stock options, to the Company's employees and directors for up to 10.9 million shares of common stock (1.8 million shares remained available for future issuance under the Incentive Plan as of September 30, 2024). The Company believes that such awards help align the interests of employees and directors with those of shareholders and serve as an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, a change in control of the Company (as defined in the Incentive Plan), in the event of a participant's death, and at the discretion of the compensation committee of the Company's board of directors.

Restricted Stock Awards

Restricted stock grants are valued at the market price of the Company's common stock on the date of grant and are amortized over the requisite service period. The Company grants shares of restricted stock to employees as part of year-end compensation ("Annual Grants") and upon initial hiring or as a retention award ("Sign-on Grants" or "Inducement Grants").

The Company's Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. Substantially all Annual Grants provide for continued vesting after termination of employment, so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreements entered into upon termination. The Company determined the service inception date precedes the grant date for these Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by FASB Accounting Standards Codification Topic 718, "Compensation — Stock Compensation." Accordingly, restricted stock granted as part of these Annual Grants is expensed in the one-year period in which those awards are deemed to be earned, which is generally the calendar year preceding the February grant date. For example, the Company recognized compensation expense during fiscal year 2023 for its February 2024 Annual Grant. If an equity award related to these Annual Grants is forfeited as a result of violating the post-termination restrictions, the lower of the fair value of the award at grant date or the fair value of the award at the date of forfeiture is recorded within the consolidated statements of operations as a reversal of compensation expense.

Sign-on Grants are used as a recruiting tool for new employees and are issued to current employees as a retention tool. These awards have both cliff and ratable vesting terms, and the employees must fulfill service requirements in exchange for rights to the awards. Compensation expense is amortized on a straight-line basis from the grant date over the requisite service period, generally three to five years. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded.

Inducement Grants are issued as a retention tool in conjunction with certain acquisitions. During 2022, the Company granted $9.3 million (65,125 shares) in restricted stock under the Incentive Plan in conjunction with its acquisitions of Cornerstone Macro Research LP, including its subsidiary, Cornerstone Macro LLC (collectively, "Cornerstone Macro") and Stamford Partners LLP. These restricted shares are subject to graded vesting, and employees must fulfill service requirements in exchange for the rights to the restricted shares. Compensation expense is amortized on a straight-line basis over the requisite service period, generally three to four years. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded.

Annually, the Company grants stock to its non-employee directors. The stock-based compensation paid to non-employee directors is fully expensed on the grant date and included within outside services expense on the consolidated statements of operations.

Restricted Stock Units

The Company grants restricted stock units to its leadership team ("Leadership Grants"). Restricted stock units will vest and convert to shares of common stock at the end of each 36-month performance period only if the Company satisfies predetermined performance and/or market conditions over the performance period. The performance condition requires the Company to achieve certain average adjusted return on equity targets, as defined in the terms of the award agreements. The market condition requires the Company to achieve a certain total shareholder return ("TSR") relative to members of a predetermined peer group. Under the terms of these awards, the number of units that will actually vest and convert to shares will be based on the extent to which the Company achieves the specified targets during each performance period. The maximum payout leverage by grant year is as follows:


	Maximum Payout Leverage
Grant Year	Performance Condition	Market Condition	Total
2024	75%	75%	150%
2023	100%	100%	200%
2022	75%	75%	150%
2021	75%	75%	150%
2020	75%	75%	150%

The fair value of the performance condition portion of the award was based on the closing price of the Company's common stock on the grant date. If the Company determines that it is probable that the performance condition will be achieved, compensation expense is amortized on a straight-line basis over the 36-month performance period. The Company reevaluates achievement of the performance condition by grant year each reporting period with changes in estimated outcomes accounted for using a cumulative effect adjustment to compensation expense. Compensation expense will be recognized only if the performance condition is met. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. As of September 30, 2024, the expected payout leverage for the performance condition portion of the award by grant year is as follows:


						Expected Payout
Grant Year						Leverage
2024						64%
2023						52%
2022						25%

The market condition must be met for the market condition portion of the award to vest. Compensation expense will be recognized regardless if the market condition is satisfied, and is amortized on a straight-line basis over the 36-month requisite service period (or earlier if age and service conditions are met, as described below). Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. The fair value of the market condition portion of the award was determined on the grant date using a Monte Carlo simulation with the following assumptions:


		Risk-Free	Expected Stock
Grant Year	Vesting Year	Interest Rate	Price Volatility
2024	2027	4.38%	34.3%
2023	2026	4.35%	47.5%
2022	2025	1.80%	43.8%
2021	2024	0.23%	43.2%
2020	2023	1.40%	27.3%

Because the vesting of the market condition portion of the award depends on the Company's TSR relative to a peer group, the valuation modeled the performance of the peer group as well as the correlation between the Company and the peer group. The expected stock price volatility assumptions were determined using historical volatility, as correlation coefficients can only be developed through historical volatility. The risk-free interest rates were determined based on three-year U.S. Treasury bond yields.

The compensation committee of the Company's board of directors included defined retirement provisions in its Leadership Grants. Certain grantees meeting defined age and service requirements will be fully vested in the awards as long as performance and post-termination obligations are met throughout the performance period. These retirement-eligible grants are expensed in the period in which those awards are deemed to be earned, which is the calendar year preceding the February grant date.

Stock Options

On February 15, 2023 and February 15, 2018, the Company granted options to certain executive officers. These options are expensed on a straight-line basis over the required service period of five years, based on the estimated fair value of the award on the respective date of grant. The exercise price per share is equal to the closing price on the respective date of grant plus ten percent. These options are subject to graded vesting, beginning on the third anniversary of the respective grant date, so long as the employee remains continuously employed by the Company. The maximum term of these stock options is ten years.

The fair value of these stock option awards was estimated on the respective date of grant using the Black-Scholes option-pricing model with the following assumptions:


	February 2023			February 2018
	Grant			Grant
Risk-free interest rate	3.94		%	2.82		%
Dividend yield	3.21		%	3.22		%
Expected stock price volatility	38.50		%	37.20		%
Expected life of options (in years)	7.0			7.0
Fair value of options granted (per share)	$	46.71		$	24.49

The risk-free interest rate assumption was based on the U.S. Treasury bond yield with a maturity equal to the expected life of the options. The dividend yield assumption was based on the assumed dividend payout over the expected life of the options. The expected stock price volatility assumption was determined using historical volatility, as correlation coefficients can only be developed through historical volatility. The expected life of options assumption was determined using the simplified method due to the Company's limited exercise information. The simplified method calculates the expected term as the midpoint of the vesting term and the original contractual term of the options.

Inducement Plans

Inducement plan awards are amortized as compensation expense on a straight-line basis over the requisite service period. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded.

The Company established the 2019 Employment Inducement Award Plan (the "2019 Inducement Plan") in conjunction with its acquisition of Weeden & Co. L.P. ("Weeden & Co."). On August 2, 2019, the Company granted $7.3 million (97,752 shares) in restricted stock. These restricted shares were subject to graded vesting through August 2, 2023. The Company terminated the 2019 Inducement Plan in August 2023.

The Company established the 2020 Inducement Plan in conjunction with its acquisition of SOP Holdings, LLC and its subsidiaries, including Sandler O'Neill & Partners, L.P. On January 3, 2020, the Company granted $96.9 million (1,217,423 shares) in restricted stock. These restricted shares have both cliff and graded vesting terms with vesting periods of 18 months, three years or five years (with a weighted average service period of 3.7 years). On April 3, 2020, the Company granted $5.5 million (114,000 shares) in restricted stock under the 2020 Inducement Plan in conjunction with its acquisition of The Valence Group ("Valence"). These restricted shares are subject to graded vesting, generally beginning on the third anniversary of the grant date through April 3, 2025. On December 31, 2020, the Company granted $2.9 million (29,194 shares) in restricted stock under the 2020 Inducement Plan in conjunction with its acquisition of TRS Advisors LLC ("TRS"). These restricted shares were subject to ratable vesting through December 31, 2023.

The Company established the 2022 Inducement Plan in conjunction with its acquisition of DBO Partners Holding LLC, including its subsidiary, DBO Partners LLC (collectively, "DBO Partners"). On October 7, 2022, the Company granted $17.4 million (161,030 shares) in restricted stock. These restricted shares are generally subject to ratable vesting over a five-year vesting period.

The Company established the 2024 Inducement Plan in conjunction with its acquisition of Aviditi Advisors. On August 23, 2024, the Company granted $11.8 million (42,980 shares) in restricted stock. These restricted shares have both ratable and graded vesting terms with vesting periods of three or five years.

Stock-Based Compensation Activity

The following table summarizes the Company's stock-based compensation activity:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in millions)	2024		2023		2024		2023
Stock-based compensation expense	$	20.3	$	21.5	$	69.9	$	61.6
Forfeitures	0.7		0.2		2.2		1.0
Tax benefit related to stock-based compensation expense	3.5		3.3		11.4		11.4

The following table summarizes the changes in the Company's unvested restricted stock:


	Unvested	Weighted Average
	Restricted Stock	Grant Date
	(in Shares)	Fair Value
December 31, 2023	2,593,922	$	104.89
Granted	301,850	213.94
Vested	(938,214)	97.66
Canceled	(33,616)	137.63
September 30, 2024	1,923,942	$	124.96

The following table summarizes the changes in the Company's unvested restricted stock units:


	Unvested	Weighted Average
	Restricted	Grant Date
	Stock Units	Fair Value
December 31, 2023	181,193	$	141.08
Granted	33,694	199.39
Vested	(62,569)	103.69
Canceled	—	—
September 30, 2024	152,318	$	169.34

As of September 30, 2024, there was $84.5 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 3.2 years.

The following table summarizes the changes in the Company's outstanding stock options:


				Weighted Average
		Weighted		Remaining
	Options	Average		Contractual Term	Aggregate
	Outstanding	Exercise Price		(in Years)	Intrinsic Value
December 31, 2023	156,667	$	133.35	6.5	$	6,504,325
Granted	—	—
Exercised	(8,000)	99.00			1,334,949
Canceled	—	—
Expired	—	—
September 30, 2024	148,667	$	135.20	5.9	$	22,093,148

Options exercisable at September 30, 2024	73,667	$	99.00	3.4	$	13,614,398

As of September 30, 2024, there was $2.4 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 3.4 years. There was no tax benefit recorded as a result of stock option exercises for the nine months ended September 30, 2024.

Deferred Compensation Plans

The Company maintains various deferred compensation arrangements for employees.

Mutual Fund Restricted Share Investment Plan

The Mutual Fund Restricted Share ("MFRS") Investment Plan is a fully funded deferred compensation plan which allows eligible employees to receive a portion of their incentive compensation or retention awards in restricted mutual fund shares of investment funds. Compensation expense for MFRS awards is recognized over the period in which the award is deemed to be earned, as discussed below. Forfeitures of MFRS awards are recorded as a reduction of compensation and benefits expense within the consolidated statements of operations.

The Company grants MFRS awards to qualifying employees in February of each year ("Annual MFRS Awards"). Annual MFRS Awards represent a portion of these employees' compensation for performance in the preceding year, similar to the Company's Annual Grants. Annual MFRS Awards vest ratably over three years in equal installments. Annual MFRS Awards provide for continued vesting after termination of employment so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreement entered into upon termination. Annual MFRS Awards are owned by employee recipients (subject to the aforementioned vesting restrictions) and as such are not included on the consolidated statements of financial condition.

The Company also grants MFRS awards for retention purposes ("Retention MFRS Awards"). As employees must fulfill service requirements in exchange for rights to these awards, compensation expense is amortized on a straight-line basis over the requisite service period. Retention MFRS Awards have both ratable and graded vesting terms with vesting periods of three or five years. The Company purchased selected mutual funds to economically hedge its obligation related to the Retention MFRS Awards. These amounts are included in investments on the consolidated statements of financial condition. The related compensation liability is included in accrued compensation on the consolidated statements of financial condition. Changes in the fair value of the investments made by the Company are reported in investment income/(loss) and changes in the corresponding compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations.

Nonqualified Deferred Compensation Plan

The nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, at their election, to defer a portion of their compensation. This plan was closed to future deferral elections by participants for performance periods beginning after December 31, 2017. The amounts deferred under this plan are held in a grantor trust. The Company invests, as a principal, in investments to economically hedge its obligation under the nonqualified deferred compensation plan. The investments in the grantor trust consist of mutual funds which are categorized as Level I in the fair value hierarchy. These investments totaled $21.5 million and $18.6 million as of September 30, 2024 and December 31, 2023, respectively, and are included in investments on the consolidated statements of financial condition. A corresponding deferred compensation liability is included in accrued compensation on the consolidated statements of financial condition. The compensation deferred by the employees was expensed in the period earned. Changes in the fair value of the investments made by the Company are reported in investment income/(loss) and changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations.

Acquisition-Related Compensation Arrangements

In conjunction with the 2024 acquisition of Aviditi Advisors, additional cash may be earned if certain net revenue targets are achieved. See Note 4 for additional information.

In conjunction with the 2022 acquisition of DBO Partners, additional cash of up to $25.0 million may be earned (the "DBO Earnout") if a net revenue target is achieved during the performance period from January 1, 2023 to December 31, 2024. Of the total amount, up to $20.0 million may be earned by former partners with no service requirements. The Company recorded a $1.7 million liability as of the acquisition date for the fair value of this contingent consideration. Adjustments to this liability after the acquisition date are recorded as non-compensation expense on the consolidated statements of operations. As of September 30, 2024, the Company does not expect that the portion of the DBO Earnout with no service requirements will be earned. As a result, the Company has no accrual recorded related to this additional cash payment. The Company recorded a $1.7 million reversal of other operating expenses for the three and nine months ended September 30, 2023 related to this additional cash payment. The remaining $5.0 million may be earned by certain employees, whom are now employees of the Company, in exchange for service requirements. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite service period. As of September 30, 2024, the Company has no accrual recorded for the portion of the DBO Earnout with service requirements. If earned, the DBO Earnout will be paid by March 31, 2025.

In conjunction with the 2022 acquisition of Cornerstone Macro, additional cash of up to $27.8 million was available to be earned based on achieving a net revenue target during the performance period from July 1, 2022 to December 31, 2023. Of the total amount, up to $6.0 million was available to be earned by Cornerstone Macro's equity owners with no service requirements. The Company paid the maximum amount of $6.0 million related to this additional cash payment in the second quarter of 2024. The remaining amount may be earned by the equity owners, whom are now employees of the Company, and certain employees in exchange for service requirements. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite service period, and will be paid by June 30, 2025 and June 30, 2026. As of September 30, 2024, the Company expects $5.5 million will be earned and has accrued $3.4 million related to these additional cash payments. The Company recorded $1.5 million and $0.3 million in compensation expense related to these additional cash payments for the nine months ended September 30, 2024 and 2023, respectively.

In conjunction with the 2020 acquisition of TRS, additional cash was available to be earned by certain employees if a revenue threshold was exceeded during the three-year post-acquisition period (the "TRS Earnout"). The Company paid the maximum amount of $7.0 million related to the TRS Earnout in the first quarter of 2024. Amounts payable were recorded as compensation expense on the consolidated statements of operations over the requisite service period. The Company recorded $0.5 million and $1.6 million in compensation expense related to the TRS Earnout for the nine months ended September 30, 2024 and 2023, respectively.

In conjunction with the 2020 acquisition of Valence, additional cash was available to be earned by certain employees if a revenue threshold was exceeded during the three-year post-acquisition period (the "Valence Earnout"). The Company paid $10.0 million related to the Valence Earnout in the third quarter of 2023. Amounts payable were recorded as compensation expense on the consolidated statements of operations over the requisite service period. The Company recorded $2.2 million in compensation expense related to the Valence Earnout for the nine months ended September 30, 2023.

In conjunction with the 2019 acquisition of Weeden & Co., the Company granted $10.1 million in restricted cash for retention purposes. Compensation expense was amortized on a straight-line basis over the requisite service period. The restricted cash award was subject to graded vesting, beginning on the third anniversary of the grant date through August 2, 2023. The final payment was made in the third quarter of 2023.

Financial Instruments and Other Inventory Positions - Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative
Notional amount	$ 638,464	$ 1,553,174
Financial instruments and other inventory positions owned
Derivative
Derivative Assets	19,486	58,445
Financial instruments and other inventory positions sold, but not yet purchased
Derivative
Derivative Liabilities	15,855	54,994
Customer matched-book \| Interest rate derivate contract
Derivative
Notional amount	484,334	1,356,924
Customer matched-book \| Interest rate derivate contract \| Financial instruments and other inventory positions owned
Derivative
Derivative Assets	16,439	54,676
Customer matched-book \| Interest rate derivate contract \| Financial instruments and other inventory positions sold, but not yet purchased
Derivative
Derivative Liabilities	14,019	49,293
Trading securities \| Interest rate derivate contract
Derivative
Notional amount	154,130	196,250
Trading securities \| Interest rate derivate contract \| Financial instruments and other inventory positions owned
Derivative
Derivative Assets	3,047	3,769
Trading securities \| Interest rate derivate contract \| Financial instruments and other inventory positions sold, but not yet purchased
Derivative
Derivative Liabilities	$ 1,836	$ 5,701

Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill
Goodwill beginning balance			$ 301,760
Goodwill acquired			8,571
Goodwill ending balance	$ 310,331		310,331
Intangible Assets
Intangible assets beginning balance			116,197
Intangible assets acquired			1,595
Amortization of intangible assets	(2,572)	$ (4,833)	(7,294)	$ (14,641)
Intangible assets ending balance	$ 110,498		$ 110,498

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Treasury Stock

Accumulated Other Comprehensive Income/(Loss)

Total Common Shareholders' Equity

Noncontrolling Interests

Beginning Balance (in shares) at Dec. 31, 2022

13,673,064

Beginning Balance at Dec. 31, 2022

$ 1,254,028

$ 195

$ 1,044,719

$ 453,311

$ (441,653)

$ (2,499)

$ 1,054,073

$ 199,955

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

33,446

25,634

7,812

Dividends

(50,861)

Amortization/issuance of restricted stock (1)

^[1]

67,682

Issuance of treasury shares for restricted stock vestings (in shares)

1,584,696

Issuance of treasury shares for restricted stock vestings

(121,284)

121,284

Repurchase of common stock from employees (in shares)

(426,031)

Repurchase of common stock from employees

(60,831)

Shares reserved/issued for director compensation (in shares)

1,398

Shares reserved/issued for director compensation

192

Other comprehensive income/(loss)

955

Fund capital contributions/(distributions), net

(5,048)

Ending Balance (in shares) at Mar. 31, 2023

14,833,127

Ending Balance at Mar. 31, 2023

1,239,563

$ 195

991,309

428,084

(381,200)

(1,544)

1,036,844

202,719

Beginning Balance (in shares) at Dec. 31, 2022

13,673,064

Beginning Balance at Dec. 31, 2022

1,254,028

$ 195

1,044,719

453,311

(441,653)

(2,499)

1,054,073

199,955

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

$ 34,400

Repurchase of common stock from employees (in shares)

(474,354)

Repurchase of common stock from employees

$ (67,600)

Ending Balance (in shares) at Sep. 30, 2023

15,122,192

Ending Balance at Sep. 30, 2023

1,218,728

$ 195

984,732

412,569

(361,146)

(1,974)

1,034,376

184,352

Beginning Balance (in shares) at Mar. 31, 2023

14,833,127

Beginning Balance at Mar. 31, 2023

1,239,563

$ 195

991,309

428,084

(381,200)

(1,544)

1,036,844

202,719

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

14,631

3,954

10,677

Dividends

(13,271)

Amortization/issuance of restricted stock (1)

^[1]

6,693

Issuance of treasury shares for restricted stock vestings (in shares)

261,531

Issuance of treasury shares for restricted stock vestings

(21,158)

21,158

Repurchase of common stock from employees (in shares)

(21,423)

Repurchase of common stock from employees

(2,886)

Shares reserved/issued for director compensation (in shares)

4,930

Shares reserved/issued for director compensation

639

Other comprehensive income/(loss)

779

Fund capital contributions/(distributions), net

12,323

Ending Balance (in shares) at Jun. 30, 2023

15,078,165

Ending Balance at Jun. 30, 2023

1,258,471

$ 195

977,483

418,767

(362,928)

(765)

1,032,752

225,719

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

(13,677)

3,878

(17,555)

Dividends

(10,076)

Amortization/issuance of restricted stock (1)

^[1]

12,809

Issuance of treasury shares for restricted stock vestings (in shares)

69,993

Issuance of treasury shares for restricted stock vestings

(5,685)

5,685

Repurchase of common stock from employees (in shares)

(26,900)

Repurchase of common stock from employees

(3,903)

Shares reserved/issued for director compensation (in shares)

934

Shares reserved/issued for director compensation

125

Other comprehensive income/(loss)

(1,209)

Fund capital contributions/(distributions), net

(23,812)

Ending Balance (in shares) at Sep. 30, 2023

15,122,192

Ending Balance at Sep. 30, 2023

1,218,728

$ 195

984,732

412,569

(361,146)

(1,974)

1,034,376

184,352

Beginning Balance (in shares) at Dec. 31, 2023

15,200,149

Beginning Balance at Dec. 31, 2023

1,299,473

$ 195

988,136

454,358

(356,297)

(894)

1,085,498

213,975

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

49,578

42,493

7,085

Dividends

(35,660)

Amortization/issuance of restricted stock (1)

^[1]

60,185

Issuance of treasury shares for restricted stock vestings (in shares)

730,695

Issuance of treasury shares for restricted stock vestings

(61,232)

61,232

Repurchase of common stock from employees (in shares)

(288,977)

Repurchase of common stock from employees

(52,091)

Shares reserved/issued for director compensation (in shares)

555

Shares reserved/issued for director compensation

106

Other comprehensive income/(loss)

Fund capital contributions/(distributions), net

3,395

Ending Balance (in shares) at Mar. 31, 2024

15,642,422

Ending Balance at Mar. 31, 2024

1,325,030

$ 195

987,195

461,191

(347,156)

(850)

1,100,575

224,455

Beginning Balance (in shares) at Dec. 31, 2023

15,200,149

Beginning Balance at Dec. 31, 2023

1,299,473

$ 195

988,136

454,358

(356,297)

(894)

1,085,498

213,975

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

$ 104,938

Repurchase of common stock from employees (in shares)

(325,019)

Repurchase of common stock from employees

$ (60,000)

Ending Balance (in shares) at Sep. 30, 2024

15,942,770

Ending Balance at Sep. 30, 2024

1,362,082

$ 195

985,654

505,299

(325,402)

1,562

1,167,308

194,774

Beginning Balance (in shares) at Mar. 31, 2024

15,642,422

Beginning Balance at Mar. 31, 2024

1,325,030

$ 195

987,195

461,191

(347,156)

(850)

1,100,575

224,455

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

14,970

34,773

(19,803)

Dividends

(14,787)

Amortization/issuance of restricted stock (1)

^[1]

10,608

Issuance of treasury shares for restricted stock vestings (in shares)

284,320

Issuance of treasury shares for restricted stock vestings

(25,260)

25,260

Repurchase of common stock from employees (in shares)

(27,153)

Repurchase of common stock from employees

(5,496)

Shares reserved/issued for director compensation (in shares)

2,542

Shares reserved/issued for director compensation

527

Other comprehensive income/(loss)

Fund capital contributions/(distributions), net

9,898

Ending Balance (in shares) at Jun. 30, 2024

15,902,131

Ending Balance at Jun. 30, 2024

1,340,808

$ 195

973,070

481,177

(327,392)

(792)

1,126,258

214,550

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

40,390

34,789

5,601

Dividends

(10,667)

Amortization/issuance of restricted stock (1)

^[1]

9,968

Issuance of treasury shares for options exercised (in shares)

8,000

Issuance of treasury shares for options exercised

792

717

792

Issuance of treasury shares for restricted stock vestings (in shares)

18,865

Issuance of treasury shares for restricted stock vestings

(1,690)

1,690

Issuance of treasury shares for acquisitions (in shares)

21,835

Issuance of treasury shares for acquisitions

5,982

4,016

1,966

5,982

Repurchase of common stock from employees (in shares)

(8,889)

Repurchase of common stock from employees

(2,383)

Shares reserved/issued for director compensation (in shares)

828

Shares reserved/issued for director compensation

215

Other comprehensive income/(loss)

2,354

Fund capital contributions/(distributions), net

(25,377)

Ending Balance (in shares) at Sep. 30, 2024

15,942,770

Ending Balance at Sep. 30, 2024

$ 1,362,082

$ 195

$ 985,654

$ 505,299

$ (325,402)

$ 1,562

$ 1,167,308

$ 194,774

[1]	Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

Legal Contingencies	9 Months Ended
Legal Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	LEGAL CONTINGENCIES The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse judgments, settlements, penalties, fines or other relief. The Company accrues for potential losses resulting from pending and potential legal actions, investigations and regulatory proceedings when such losses are probable and reasonably estimable. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to develop before a probability of loss can be determined or range of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of accruals and ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the foregoing, management of the Company believes, based on currently available information, after consultation with outside legal counsel and taking into account any prior accruals, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the financial condition, results of operations or cash flows of the Company, except as described in the next paragraph. During the third quarter of 2024, the Company settled investigations by the SEC and the Commodity Futures Trading Commission (the "CFTC") regarding compliance with recordkeeping requirements for business-related communications sent over unapproved electronic messaging channels. The settlement with the SEC included a civil penalty of $14.0 million and the settlement with the CFTC included a civil penalty of $2.0 million. The Company had previously accrued $16.0 million as estimated civil penalties related to these investigations. If during any period a potential adverse contingency becomes probable or is resolved for an amount in excess of the established accrual, the results of operations and cash flows in that period and the financial condition as of the end of that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been brought to the Company's attention or are not yet determined to be reasonably possible. Reasonably possible losses in excess of amounts accrued at September 30, 2024 are not material.

Financial Instruments and Other Inventory Positions - Unrealized Gains/(Losses) on Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss)
Unrealized gains/(losses) on derivative instruments	$ (1,337)	$ 8,310	$ 179	$ 5,223
Interest rate derivate contract \| Investment banking
Derivative Instruments, Gain (Loss)
Unrealized gains/(losses) on derivative instruments	(2,760)	(230)	(3,054)	(240)
Interest rate derivate contract \| Institutional brokerage
Derivative Instruments, Gain (Loss)
Unrealized gains/(losses) on derivative instruments	$ 1,423	$ 8,540	$ 3,233	$ 5,463

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Investments at fair value	$	270,323	$	285,881
Investments at cost	281		281
Investments accounted for under the equity method	14,250		11,886
Total investments	284,854		298,048

Less: Investments attributable to noncontrolling interests (1)	(190,643)		(211,096)
Total investments attributable to Piper Sandler Companies	$	94,211	$	86,952

(1)Noncontrolling interests are attributable to unrelated third-party ownership in consolidated alternative asset management funds.

Revenues and Business Information - Revenues and Business Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information
Total investment banking	$ 241,470	$ 211,666	$ 731,775	$ 580,037
Total institutional brokerage	100,934	90,493	284,113	274,644
Interest income	7,831	6,980	22,813	19,421
Investment income/(loss)	10,693	(17,108)	7,510	9,804
Total revenues	360,928	292,031	1,046,211	883,906
Interest expense	1,356	2,546	4,404	7,790
Net revenues	359,572	289,485	1,041,807	876,116
Total non-interest expenses	303,957	292,935	905,524	839,376
Pre-tax income/(loss)	$ 55,615	$ (3,450)	$ 136,283	$ 36,740
Pre-tax margin	15.50%	(1.20%)	13.10%	4.20%
Advisory services
Segment Reporting Information
Total investment banking	$ 188,047	$ 154,560	$ 529,144	$ 424,999
Corporate financing
Segment Reporting Information
Total investment banking	17,903	37,171	121,125	100,899
Municipal financing
Segment Reporting Information
Total investment banking	35,520	19,935	81,506	54,139
Equity brokerage
Segment Reporting Information
Total institutional brokerage	52,480	50,243	154,043	154,509
Fixed income services
Segment Reporting Information
Total institutional brokerage	$ 48,454	$ 40,250	$ 130,070	$ 120,135

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Other assets
Prepaid expenses	$ 25,836	$ 22,396
Income tax receivables	3,521	5,939
Other	27,175	14,084
Total other assets	$ 175,264	85,955
Minimum
Other assets
Installment fee receivables term (in years)	2 years
Maximum
Other assets
Installment fee receivables term (in years)	4 years
Employee
Other assets
Forgivable employee loans	$ 48,919	15,771
Installment fee receivables
Other assets
Fee receivables	42,255	0
Fee receivables
Other assets
Fee receivables	$ 27,558	$ 27,765

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS


(Amounts in thousands)
Goodwill
Balance at December 31, 2023	$	301,760
Goodwill acquired	8,571
Balance at September 30, 2024	$	310,331

Intangible assets
Balance at December 31, 2023	$	116,197
Intangible assets acquired	1,595
Amortization of intangible assets	(7,294)
Balance at September 30, 2024	$	110,498

As discussed in Note 4, the addition of goodwill and intangible assets during the nine months ended September 30, 2024 related to the acquisition of Aviditi Advisors. Management identified $1.6 million of customer relationship intangible assets, which are being amortized over a weighted average life of 0.8 years.

At September 30, 2024, intangible assets with determinable lives consisted of customer relationships. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives:


(Amounts in thousands)
Remainder of 2024	$	2,994
2025	8,639
2026	7,253
2027	3,480
2028	2,191
Thereafter	541
Total	$	25,098

Indefinite-lived intangible assets consist of the Sandler trade name of $85.4 million, which is not subject to amortization.

Restructuring and Integration Costs (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Integration Costs


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in thousands)	2024		2023		2024		2023
Restructuring and integration costs
Restructuring costs:
Severance, benefits and outplacement	$	—	$	—	$	(297)	$	2,937
Vacated leased office space	255		—		255		896

Total restructuring costs	255		—		(42)		3,833

Integration costs	520		—		1,794		70
Total restructuring and integration costs	$	775	$	—	$	1,752	$	3,903

Short-Term Financing - Additional Information (Details) - USD ($)		9 Months Ended
	Aug. 23, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Short-term Debt
Short-term financing		$ 20,000,000		$ 30,000,000
Repayment of short-term debt		(27,342,000)	$ 0
Aviditi Advisors
Short-term Debt
Short-term financing assumed in acquisition	$ (17,342,000)
Repayment of short-term debt	$ (17,300,000)
Revolving credit facility \| U.S. Bank N.A.
Short-term Debt
Line of credit, maximum borrowing capacity		120,000,000
Minimum regulatory net capital required		120,000,000
Short-term financing		$ 20,000,000		$ 30,000,000
Weighted average interest rate		6.83%		7.33%
Revolving credit facility \| Cadence Bank
Short-term Debt
Line of credit, maximum borrowing capacity		$ 30,000,000
Minimum regulatory net capital required		120,000,000
Short-term financing		0
Committed line \| U.S. Bank N.A.
Short-term Debt
Line of credit, maximum borrowing capacity		50,000,000
Minimum regulatory net capital required		120,000,000
Short-term financing		$ 0		$ 0
Debt term		1 year

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. The Company's processes are designed to ensure that the fair values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, unobservable inputs are developed based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations and other security-specific information. Valuation adjustments related to illiquidity or counterparty credit risk are also considered. In estimating fair value, the Company may utilize information provided by third-party pricing vendors to corroborate internally-developed fair value estimates.

The Company employs specific control processes to determine the reasonableness of the fair value of its financial instruments. The Company's processes are designed to ensure that the internally-estimated fair values are accurately recorded and that the data inputs and the valuation techniques used are appropriate, consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. Individuals outside of the trading departments perform independent pricing verification reviews as of each reporting date. The Company has established parameters which set forth when the fair value of securities is independently verified. The selection parameters are generally based upon the type of security, the level of estimation risk of a security, the materiality of the security to the Company's consolidated financial statements, changes in fair value from period to period, and other specific facts and circumstances of the Company's securities portfolio. In evaluating the initial internally-estimated fair values made by the Company's traders, the nature and complexity of securities involved (e.g., term, coupon, collateral, and other key drivers of value), level of market activity for securities, and availability of market data are considered. The independent price verification procedures include, but are not limited to, analysis of trade data (both internal and external where available), corroboration to the valuation of positions with similar characteristics, risks and components, or comparison to an alternative pricing source, such as a discounted cash flow model. The Company's valuation committees, comprised of members of senior management and risk management, provide oversight and overall responsibility for the internal control processes and procedures related to fair value measurements.

The following is a description of the valuation techniques used to measure fair value.

Cash Equivalents

Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their net asset value and classified as Level I.

Financial Instruments and Other Inventory Positions

The Company records financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased at fair value on the consolidated statements of financial condition with unrealized gains and losses reflected on the consolidated statements of operations.

Equity Securities

Exchange traded equity securities are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level I.

Convertible Securities

Convertible securities are valued based on observable trades, when available, and therefore are generally categorized as Level II.

Corporate Fixed Income Securities

Fixed income securities include corporate bonds which are valued based on recently executed market transactions of comparable size, internally-developed fair value estimates based on observable inputs, or broker quotations. Accordingly, these corporate bonds are categorized as Level II.

Taxable Municipal Securities

Taxable municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II.

Tax-Exempt Municipal Securities

Tax-exempt municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II. Certain illiquid tax-exempt municipal securities are valued using market data for comparable securities (e.g., maturity and sector) and management judgment to infer an appropriate current yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of the individual security and therefore are categorized as Level III.

Short-Term Municipal Securities

Short-term municipal securities include variable rate demand notes and other short-term municipal securities. Variable rate demand notes and other short-term municipal securities are valued using recently executed observable trades or market price quotations and therefore are generally categorized as Level II.

Asset-Backed Securities

Asset-backed securities are valued using recently executed observable trades, when available, and therefore are generally categorized as Level II. Certain asset-backed securities are valued using models where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data. Accordingly, these asset-backed securities are categorized as Level II.

U.S. Government Agency Securities

U.S. government agency securities include agency debt bonds and mortgage bonds. Agency debt bonds are valued by using either direct price quotes or price quotes for comparable bond securities and are categorized as Level II. Mortgage bonds include bonds secured by mortgages, mortgage pass-through securities, agency collateralized mortgage-obligation ("CMO") securities and agency interest-only securities. Mortgage pass-through securities, CMO securities and interest-only securities are valued using recently executed observable trades or other observable inputs, such as prepayment speeds and therefore are generally categorized as Level II. Mortgage bonds are valued using observable market inputs, such as market yields on spreads over U.S. treasury securities, or models based upon prepayment expectations. These securities are categorized as Level II.

U.S. Government Securities

U.S. government securities include highly liquid U.S. treasury securities which are generally valued using quoted market prices and therefore are categorized as Level I. The Company does not transact in securities of countries other than the U.S. government.

Derivative Contracts

Derivative contracts include interest rate swaps, interest rate locks, and U.S. treasury bond futures. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. The majority of the Company's interest rate derivative contracts, including both interest rate swaps and interest rate locks, are valued using market standard pricing models based on the net present value of estimated future cash flows. The valuation models used do not involve material subjectivity as the methodologies do not entail significant judgment and the pricing inputs are market observable, including contractual terms, yield curves and measures of volatility. These instruments are classified as Level II within the fair value hierarchy. Certain interest rate locks transact in less active markets and are valued using valuation models that include the previously mentioned observable inputs and certain unobservable inputs that require significant judgment, such as the premium over the Municipal Market Data ("MMD") curve. These instruments are classified as Level III.

Investments

The Company's investments valued at fair value include equity investments in private companies and mutual funds related to deferred compensation plans. Investments in private companies are valued based on an assessment of each underlying security, considering rounds of financing, the financial condition and operating results of the private company, third-party transactions and market-based information, including comparable company transactions, trading multiples (e.g., multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA")), discounted cash flow analyses and changes in market outlook, among other factors. These securities are categorized based on the lowest level of input that is significant to the fair value measurement. Certain underlying securities, as well as investments in mutual funds, are valued based on quoted prices from the exchange for identical assets as of the period-end date. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level I. See Note 16 for additional information about the Company's deferred compensation plans.

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of September 30, 2024:


							Counterparty
							and Cash
							Collateral
(Amounts in thousands)	Level I		Level II		Level III		Netting (1)		Total
Assets
Financial instruments and other inventory positions owned:
Corporate securities:

Convertible securities	$	—	$	147,946	$	—	$	—	$	147,946
Fixed income securities	—		15,336		—		—		15,336
Municipal securities:
Taxable securities	—		19,608		—		—		19,608
Tax-exempt securities	—		120,003		279		—		120,282
Short-term securities	—		13,594		—		—		13,594
Asset-backed securities	—		50,808		—		—		50,808
U.S. government agency securities	—		34,443		—		—		34,443
U.S. government securities	6,282		—		—		—		6,282
Derivative contracts	—		14,709		4,777		(9,760)		9,726
Total financial instruments and other inventory positions owned	6,282		416,447		5,056		(9,760)		418,025

Cash equivalents	89,677		—		—		—		89,677
Investments at fair value (2)	100,178		—		170,145		—		270,323
Total assets	$	196,137	$	416,447	$	175,201	$	(9,760)	$	778,025

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	41,681	$	—	$	—	$	—	$	41,681
Fixed income securities	—		1,856		—		—		1,856


U.S. government securities	64,293		—		—		—		64,293
Derivative contracts	—		12,183		3,672		(12,934)		2,921
Total financial instruments and other inventory positions sold, but not yet purchased	$	105,974	$	14,039	$	3,672	$	(12,934)	$	110,751

(1)Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties.

(2)Includes noncontrolling interests of $190.6 million attributable to unrelated third-party ownership in consolidated alternative asset management funds, of which $130.1 million is classified as Level III.

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2023:


							Counterparty
							and Cash
							Collateral
(Amounts in thousands)	Level I		Level II		Level III		Netting (1)		Total
Assets
Financial instruments and other inventory positions owned:
Corporate securities:
Equity securities	$	388	$	—	$	—	$	—	$	388
Convertible securities	—		131,375		—		—		131,375
Fixed income securities	—		1,645		—		—		1,645
Municipal securities:
Taxable securities	—		25,744		—		—		25,744
Tax-exempt securities	—		135,886		2,869		—		138,755
Short-term securities	—		7,122		—		—		7,122
Asset-backed securities	—		8,149		—		—		8,149
U.S. government agency securities	—		104,418		—		—		104,418
U.S. government securities	5,895		—		—		—		5,895
Derivative contracts	—		52,611		5,834		(47,379)		11,066
Total financial instruments and other inventory positions owned	6,283		466,950		8,703		(47,379)		434,557

Cash equivalents	343,856		—		—		—		343,856
Investments at fair value (2)	61,601		—		224,280		—		285,881
Total assets	$	411,740	$	466,950	$	232,983	$	(47,379)	$	1,064,294

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	53,857	$	—	$	—	$	—	$	53,857
Fixed income securities	—		2,230		—		—		2,230

U.S. government agency securities	—		48,268		—		—		48,268
U.S. government securities	40,437		—		—		—		40,437
Derivative contracts	—		47,032		7,962		(50,806)		4,188
Total financial instruments and other inventory positions sold, but not yet purchased	$	94,294	$	97,530	$	7,962	$	(50,806)	$	148,980

(1)Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties.

(2)Includes noncontrolling interests of $211.1 million attributable to unrelated third-party ownership in consolidated alternative asset management funds, of which $177.0 million is classified as Level III.

The carrying values of the Company's cash, receivables and payables either from or to brokers, dealers and clearing organizations, and short-term financings approximate fair value due to either their liquid or short-term nature.

At September 30, 2024, the Company's Level I investments at fair value included $59.1 million of equity securities subject to contractual sale restrictions, of which $3.6 million will expire in the fourth quarter of 2024 and $35.2 million will expire in the first quarter of 2025. The sales restrictions on the remaining $20.3 million of equity securities are in effect during certain trading windows.

The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented:


	Level III
	Assets						Liabilities
(Amounts in thousands)	Tax-Exempt Municipal Securities		Derivative Contracts		Investments at Fair Value		Derivative Contracts
Balance at June 30, 2024	$	270	$	2,655	$	195,834	$	2,974
Purchases	—		—		11,529		—
Sales	—		—		(11,042)		—
Settlements	—		(342)		—		(3,590)
Transfers in	—		—		—		—
Transfers out (1)	—		—		(35,327)		—
Total realized and unrealized gains/(losses)	9		2,464		9,151		4,288
Balance at September 30, 2024	$	279	$	4,777	$	170,145	$	3,672

Balance at June 30, 2023	$	3,890	$	1,327	$	208,837	$	730
Purchases	—		—		9,539		—
Sales	—		—		(19,001)		—
Settlements	—		(85)		—		60
Transfers in	—		—		—		—
Transfers out	—		—		—		—
Total realized and unrealized gains/(losses)	(215)		10,964		4,798		2,284
Balance at September 30, 2023	$	3,675	$	12,206	$	204,173	$	3,074

Unrealized gains/(losses) for assets/liabilities held at:
September 30, 2024	$	9	$	2,548	$	(8,549)	$	3,341
September 30, 2023	$	(215)	$	11,255	$	4,810	$	3,035

Continued on next page


	Level III
	Assets						Liabilities
(Amounts in thousands)	Tax-Exempt Municipal Securities		Derivative Contracts		Investments at Fair Value		Derivative Contracts
Balance at December 31, 2023	$	2,869	$	5,834	$	224,280	$	7,962
Purchases	—		—		23,584		—
Sales	(1,901)		—		(41,042)		—
Settlements	—		(2,842)		—		(6,191)
Transfers in	—		—		—		—
Transfers out (1)	—		—		(48,546)		—
Total realized and unrealized gains/(losses)	(689)		1,785		11,869		1,901
Balance at September 30, 2024	$	279	$	4,777	$	170,145	$	3,672

Balance at December 31, 2022	$	3,887	$	4,756	$	191,845	$	1,082
Purchases	—		—		28,675		—
Sales	—		—		(25,748)		—
Settlements	—		(2,443)		—		(1,353)
Transfers in	—		—		—		—
Transfers out (1)	—		—		(14,691)		—
Total realized and unrealized gains/(losses)	(212)		9,893		24,092		3,345
Balance at September 30, 2023	$	3,675	$	12,206	$	204,173	$	3,074

Unrealized gains/(losses) for assets/liabilities held at:
September 30, 2024	$	12	$	3,571	$	(20,450)	$	3,672
September 30, 2023	$	(212)	$	12,206	$	15,429	$	3,074

(1)Transfers out of Level III are primarily due to unobservable inputs becoming observable.

Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are principally reported in investment income/(loss) on the consolidated statements of operations.

The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's Level III financial instruments as of September 30, 2024:

Valuation

Weighted

Technique

Unobservable Input

Range

Average (1)

Assets

Tax-exempt municipal securities

Discounted cash flow

Expected recovery rate (% of par) (3)

0 - 25%

13.4%

Derivative contracts

Discounted cash flow

Premium over the MMD curve in basis points ("bps") (3)

0.6 - 27 bps

7.9 bps

Investments at fair value (2)

Market approach

Revenue multiple (3)

2 - 10 times

6.5 times

EBITDA multiple (3)

11 - 15 times

13.0 times

Market comparable valuation multiple (3)

0.8 - 2 times

1.1 times

Discounted cash flow

Discount rate (4)

16 - 25%

18.8%

Liabilities

Derivative contracts

Discounted cash flow

Premium over the MMD curve in bps (4)

0.9 - 34 bps

19.3 bps

(1)Unobservable inputs were weighted by the relative fair value of the financial instruments.

(2)As of September 30, 2024, the Company had $170.1 million of Level III investments at fair value, of which $40.7 million was valued based on a recent round of independent financing.

(3)There is uncertainty in the determination of fair value. Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement.

(4)There is uncertainty in the determination of fair value. Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Financial Instruments and Other Inventory Positions - Schedule of Financial Instruments and Other Inventory Positions by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial instruments and other inventory positions owned
Equity securities	$ 0	$ 388
Convertible securities	147,946	131,375
Fixed income securities	15,336	1,645
Taxable securities	19,608	25,744
Tax-exempt securities	120,282	138,755
Short-term securities	13,594	7,122
Asset-backed securities	50,808	8,149
U.S. government agency securities	34,443	104,418
U.S. government securities	6,282	5,895
Derivative contracts	9,726	11,066
Total financial instruments and other inventory positions owned	418,025	434,557
Financial instruments and other inventory positions sold, but not yet purchased
Equity securities	41,681	53,857
Fixed income securities	1,856	2,230
U.S. government agency securities	0	48,268
U.S. government securities	64,293	40,437
Derivative contracts	2,921	4,188
Total financial instruments and other inventory positions sold, but not yet purchased	110,751	148,980
Asset Pledged as Collateral
Financial instruments and other inventory positions owned
Total financial instruments and other inventory positions owned	97,660	92,777
Asset Pledged as Collateral \| Short-term Debt
Financial instruments and other inventory positions owned
Total financial instruments and other inventory positions owned	$ 97,700	$ 92,800

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Estimated fair values of assets acquired and liabilities assumed

The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition:


(Amounts in thousands)
Assets
Cash and cash equivalents	$	11,717
Right-of-use lease assets	1,898
Goodwill	8,571
Intangible assets	1,595
Other assets (1)	42,973
Total assets acquired	66,754

Liabilities
Short-term financing (2)	17,342
Accrued compensation	11,235
Accrued lease liabilities	1,898
Other liabilities and accrued expenses	1,628
Total liabilities assumed	32,103

Net assets acquired	$	34,651

(1)Primarily consists of installment fee receivables, as discussed in Note 11.

(2)Amount was immediately repaid in full on August 23, 2024. See Note 12 for further information.

Net Capital Requirements and Other Regulatory Matters	9 Months Ended
Net Capital Requirements and Other Regulatory Matters	Sep. 30, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Net Capital Requirements and Other Regulatory Matters	NET CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS Piper Sandler is registered as a securities broker dealer with the SEC and is a member of various SROs and securities exchanges. The Financial Industry Regulatory Authority, Inc. ("FINRA") serves as Piper Sandler's primary SRO. Piper Sandler is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. Piper Sandler has elected to use the alternative method permitted by the SEC rule which requires that it maintain minimum net capital of $1.0 million. Advances to affiliates, repayment of subordinated debt, dividend payments and other equity withdrawals by Piper Sandler are subject to certain approvals, notifications and other provisions of SEC and FINRA rules. At September 30, 2024, net capital calculated under the SEC rule was $236.5 million, and exceeded the minimum net capital required under the SEC rule by $235.5 million. The Company's committed line, unsecured revolving credit facility and secured revolving credit facility include covenants requiring Piper Sandler to maintain a minimum regulatory net capital of $120 million. The Company's fully disclosed clearing agreement with Pershing includes a covenant requiring Piper Sandler to maintain excess net capital of $120 million. Piper Sandler Ltd., a broker dealer subsidiary registered in the U.K., is subject to the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. As of September 30, 2024, Piper Sandler Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. Piper Sandler Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the Securities and Futures Ordinance. At September 30, 2024, Piper Sandler Hong Kong Limited was in compliance with the liquid capital requirements of the Hong Kong Securities and Futures Commission. Aviditi Capital Advisors Europe GmbH, a European subsidiary, is authorized and regulated by the Federal Financial Supervisory Authority ("BaFin") as a tied agent of AHP Capital Management GmbH, a third-party financial institution.

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization Piper Sandler Companies is the parent company of Piper Sandler & Co. ("Piper Sandler"), a securities broker dealer and investment banking firm; Piper Sandler Ltd., a firm providing securities brokerage and mergers and acquisitions services in the United Kingdom ("U.K."); Piper Sandler Finance LLC, which facilitates corporate debt underwriting in conjunction with affiliated credit vehicles; Piper Sandler Investment Group Inc., PSC Capital Management LLC, PSC Capital Management II LLC and PSC Capital Management III LLC, entities providing alternative asset management services; Piper Sandler Hedging Services, LLC, an entity that assists clients with hedging strategies; Piper Sandler Financial Products Inc. and Piper Sandler Financial Products II Inc., entities that facilitate derivative transactions; and other immaterial subsidiaries. Piper Sandler Companies and its subsidiaries (collectively, the "Company") operate in one reporting segment providing investment banking services and institutional sales, trading and research services. Investment banking services include financial advisory services, management of and participation in underwritings, and municipal financing activities. Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, corporations, government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, profits and losses from trading these securities, and fees for research services and corporate access offerings. Also, the Company has created alternative asset management funds in merchant banking and healthcare in order to invest firm capital and to manage capital from outside investors. The Company records gains and losses from investments in these funds and receives management and performance fees. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Pursuant to this guidance, certain information and disclosures have been omitted that are included within the complete annual financial statements. Except as disclosed herein, there have been no material changes in the information reported in the financial statements and related disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds. All material intercompany balances have been eliminated. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

Recent Accounting Pronouncements (Details)	9 Months Ended
Recent Accounting Pronouncements (Details)	Sep. 30, 2024
Accounting Standards Update 2023-07
New Accounting Pronouncements or Change in Accounting Principle
New Accounting Pronouncement or Change in Accounting Principle, Description	Improvements to Reportable Segment DisclosuresIn November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). This guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of ASU 2023-07 on its financial statement disclosures.
Accounting Standards Update 2023-09
New Accounting Pronouncements or Change in Accounting Principle
New Accounting Pronouncement or Change in Accounting Principle, Description	Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"). This guidance enhances the annual income tax disclosure requirements by requiring disaggregated information related to the effective tax rate reconciliation and income taxes paid, as well as other disclosure requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of ASU 2023-09 on its financial statement disclosures.

- Definition

Disclosure related to a new accounting pronouncement or a change in accounting principle, including the nature and reason for the change and the effect of the change on prior periods and the current period.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Acquisition Information (Details) - Aviditi Advisors - Customer relationships $ in Millions	Aug. 23, 2024 USD ($)
Business Acquisition
Intangible Assets	$ 1.6
Weighted average useful life	9 months 18 days

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Items Included in Consolidated Statement of Financial Condition [Abstract]

Schedule of Consolidated Variable Interest Entities

The following table presents information about the carrying value of the assets and liabilities of the alternative asset management funds that are consolidated by the Company and included on the consolidated statements of financial condition. The assets can only be used to settle the liabilities of the respective fund, and the creditors of the funds do not have recourse to the general credit of the Company. The alternative asset management funds have a combined $56.0 million of bank line financing available with interest rates based on SOFR plus an applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities is eliminated in consolidation.


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Assets
Cash and cash equivalents	$	5,772	$	6,994


Investments	239,757		266,508
Other assets	—		37
Total assets	$	245,529	$	273,539

Liabilities



Other liabilities and accrued expenses	$	1,148	$	4,857
Total liabilities	$	1,148	$	4,857

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Earnings per Share

The computation of EPS is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in thousands, except per share data)	2024		2023		2024		2023
Net income attributable to Piper Sandler Companies	$	34,789	$	3,878	$	112,055	$	33,466

Shares for basic and diluted calculations
Average shares used in basic computation	15,921		15,105		15,767		14,895
Stock options	65		26		48		24
Restricted stock units	190		167		180		155
Restricted shares	1,594		1,959		1,641		2,103
Average shares used in diluted computation	17,769		17,256		17,636		17,176

Earnings per common share
Basic	$	2.19	$	0.26	$	7.11	$	2.25
Diluted	$	1.96	$	0.22	$	6.35	$	1.95

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Piper Sandler Companies	$ 34,789	$ 3,878	$ 112,055	$ 33,466

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

The following acquisition was accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the equity consideration and retention-related restricted stock was determined using the market price of the Company's common stock on the date of acquisition.

Aviditi Capital Advisors, LLC ("Aviditi Advisors")

On August 23, 2024, the Company completed the acquisition of Aviditi Advisors, an alternative investment bank providing full lifecycle services to financial sponsors, global alternative investment managers and limited partner investors. The acquisition adds private capital advisory capabilities to the platform.

The economic value on the acquisition date was $70 million, which consisted of cash consideration, equity consideration, contingent consideration and contingently returnable consideration, as well as various compensation obligations, as described below.

The equity consideration of $6.0 million consisted of 21,835 shares, which vested immediately and were not subject to service requirements. The contingently returnable consideration of $4.1 million represents the fair value of consideration that is contingently returnable to the Company if certain revenue thresholds are not achieved during the performance period ending December 31, 2024. The equity consideration and contingently returnable consideration were included in the purchase price in addition to the cash consideration of $23.8 million and contingent consideration, which was immaterial based on the acquisition date fair value. The net assets acquired by the Company of $34.7 million are described below.

The compensation obligations of $35.7 million include existing deferred compensation obligations of Aviditi Advisors that were assumed by the Company on the acquisition date and acquisition-related arrangements entered into with certain employees for retention purposes. These compensation obligations consisted of restricted stock ($11.8 million), restricted mutual fund shares of investment funds ($8.6 million), restricted cash ($5.3 million) and forgivable loans ($10.0 million). As employees must fulfill service requirements in exchange for the rights to the restricted shares, restricted mutual fund shares and restricted cash, compensation expense will be amortized on a straight-line basis over the requisite service period. See Note 16 for further discussion on the restricted shares and restricted mutual fund shares. The restricted cash will generally vest in quarterly installments through the first quarter of 2028. The loans will be forgiven, so long as the applicable employees remain continuously employed for the loan term of three to five years. Compensation expense will be amortized on a straight-line basis over the loan term.

Additional cash of up to $86.3 million may be earned if certain net revenue targets are achieved during the performance period from August 23, 2024 to December 31, 2028. Certain amounts may be earned by Aviditi Advisors' non-employee equity owners with no service requirements. The Company recorded a liability as of the acquisition date for the fair value of this contingent consideration, which was included in the purchase price. Adjustments to this liability after the acquisition date, if any, will be recorded as non-compensation expense on the consolidated statements of operations. The remaining amounts may be earned by employee owners in exchange for service requirements. As these amounts compensate employees for future services, the value was not part of the purchase price. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the respective requisite service period. If earned, amounts will be paid on various dates through the second quarter of 2029.

The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition:


(Amounts in thousands)
Assets
Cash and cash equivalents	$	11,717
Right-of-use lease assets	1,898
Goodwill	8,571
Intangible assets	1,595
Other assets (1)	42,973
Total assets acquired	66,754

Liabilities
Short-term financing (2)	17,342
Accrued compensation	11,235
Accrued lease liabilities	1,898
Other liabilities and accrued expenses	1,628
Total liabilities assumed	32,103

Net assets acquired	$	34,651

(1)Primarily consists of installment fee receivables, as discussed in Note 11.

(2)Amount was immediately repaid in full on August 23, 2024. See Note 12 for further information.

The Company recorded $8.6 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. The final goodwill recorded on the Company's consolidated statements of financial condition may differ from that reflected herein as a result of measurement period adjustments. In management's opinion, the goodwill represents the reputation and operating expertise of Aviditi Advisors. Identifiable intangible asset purchased by the Company consisted of customer relationships with an acquisition date fair value of $1.6 million.

Integration costs of $0.5 million and $1.8 million were incurred for the three and nine months ended September 30, 2024, respectively, and are included in restructuring and integration costs on the consolidated statements of operations.

Pro Forma Financial Information

The results of operations of Aviditi Advisors have been included in the Company's consolidated financial statements prospectively beginning on the acquisition date. The acquisition has been fully integrated with the Company's existing operations. Accordingly, post-acquisition revenues and net income are not discernible. Pro forma financial information for Aviditi Advisors is not presented as the impact to the Company's historical results is not material.

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)

9 Months Ended

Sep. 30, 2024

Broker-Dealer [Abstract]

Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Receivables from brokers, dealers and clearing organizations

Receivable from clearing organizations	$	87,567	$	199,143

Receivable from brokers and dealers	7,493		9,176


Other	3,857		3,685
Total receivables from brokers, dealers and clearing organizations	$	98,917	$	212,004

Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers	$	1,757	$	979




Total payables to brokers, dealers and clearing organizations	$	1,757	$	979

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Sep. 30, 2024 USD ($)
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Excess net capital required	$ 120,000,000

Variable Interest Entities - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity
Total assets	$ 2,032,127,000	$ 2,140,983,000
Total Liabilities	670,045,000	841,510,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Available bank line financing	56,000,000
Total assets	245,529,000	273,539,000
Total Liabilities	1,148,000	4,857,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Total assets	1,100,000,000	1,100,000,000
Variable interest entities, exposure to loss	14,700,000
Total Liabilities	$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

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+ References + Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS' EQUITY

Dividends

The Company's current dividend policy is intended to return a metric based on fiscal year net income to its shareholders. The Company's board of directors determines the declaration and payment of dividends and is free to change the Company's dividend policy at any time.

During the nine months ended September 30, 2024, the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.85 per share, and a special cash dividend on its common stock of $1.00 per share. The special cash dividend related to the Company's fiscal year 2023 results. Total dividends paid, including accrued forfeitable dividends paid on restricted stock vestings, were $61.1 million for the nine months ended September 30, 2024.

On October 25, 2024, the board of directors declared a quarterly cash dividend on its common stock of $0.65 per share to be paid on December 13, 2024, to shareholders of record as of the close of business on November 22, 2024.

Share Repurchases

The Company purchases shares of common stock pursuant to share repurchase programs authorized by the Company's board of directors. The Company also purchases shares of common stock from restricted stock award recipients upon the award vesting as recipients sell shares to meet their employment tax obligations.

The following table summarizes the repurchase programs authorized by the Company's board of directors:

Effective Date

Authorized Amount

Expiration Date

Remaining Authorization at September 30, 2024

May 6, 2022

$150.0 million

December 31, 2024

$138.2 million

January 1, 2022

$150.0 million

December 31, 2023

$—

During the nine months ended September 30, 2024 and 2023, the Company did not repurchase shares of common stock related to its share repurchase programs.

The following table summarizes the Company's share repurchase activity from employees related to employment tax obligations:


	Nine Months Ended
	September 30,
	2024		2023






Common shares repurchased	325,019		474,354
Aggregate purchase price (in millions)	$	60.0	$	67.6
Average price per share	$	184.51	$	142.55

Issuance of Shares

The Company issues common shares out of treasury stock as a result of employee restricted share vesting and exercise transactions as discussed in Note 16. During the nine months ended September 30, 2024 and 2023, the Company issued 1,041,880 shares and 1,916,220 shares, respectively, related to these obligations. During the nine months ended September 30, 2024, the Company also issued 21,835 common shares out of treasury stock for equity consideration related to the acquisition of Aviditi Advisors, as discussed in Note 4.

Noncontrolling Interests

The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests represent the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds.

Ownership interests in entities held by parties other than the Company's common shareholders are presented as noncontrolling interests within shareholders' equity, separate from the Company's own equity. Revenues, expenses and net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes amounts attributable to both the Company's common shareholders and noncontrolling interests. Net income or loss is then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net income/(loss) attributable to noncontrolling interests is deducted from consolidated net income/(loss) to determine net income attributable to the Company. The Company does not have other comprehensive income or loss attributable to noncontrolling interests.

- Definition

The entire disclosure for equity.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Investments attributable to noncontrolling interests	$ 190,643	$ 211,096
Accumulated depreciation and amortization on fixed assets	103,973	91,378
Accumulated amortization on intangible assets	$ 157,781	$ 150,487
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,557,026	19,553,101
Common stock, shares outstanding (in shares)	15,942,770	15,200,149
Common stock held in treasury, shares (in shares)	3,614,256	4,352,952

Fair Value of Financial Instruments - Additional Information (Details) - Level I - Investments $ in Millions	Sep. 30, 2024 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Equity securities subject to contractual sale restrictions	$ 59.1
Expiring in fourth quarter of 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Equity securities subject to contractual sale restrictions	3.6
Expiring in first quarter of 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Equity securities subject to contractual sale restrictions	35.2
In effect during certain trading windows
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Equity securities subject to contractual sale restrictions	$ 20.3

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Investment banking	$ 241,470	$ 211,666	$ 731,775	$ 580,037
Institutional brokerage	100,934	90,493	284,113	274,644
Interest income	7,831	6,980	22,813	19,421
Investment income/(loss)	10,693	(17,108)	7,510	9,804
Total revenues	360,928	292,031	1,046,211	883,906
Interest expense	1,356	2,546	4,404	7,790
Net revenues	359,572	289,485	1,041,807	876,116
Non-interest expenses
Compensation and benefits	231,014	207,282	688,169	595,880
Outside services	13,525	12,538	39,921	38,120
Occupancy and equipment	16,481	16,308	49,274	48,056
Communications	13,712	12,883	41,509	40,241
Marketing and business development	10,392	8,674	32,527	29,656
Deal-related expenses	6,050	6,653	18,380	20,172
Trade execution and clearance	5,153	4,864	14,534	14,632
Restructuring and integration costs	775	0	1,752	3,903
Intangible asset amortization	2,572	4,833	7,294	14,641
Other operating expenses	4,283	18,900	12,164	34,075
Total non-interest expenses	303,957	292,935	905,524	839,376
Income/(loss) before income tax expense	55,615	(3,450)	136,283	36,740
Income tax expense	15,225	10,227	31,345	2,340
Net income/(loss)	40,390	(13,677)	104,938	34,400
Net income/(loss) attributable to noncontrolling interests	5,601	(17,555)	(7,117)	934
Net income attributable to Piper Sandler Companies	$ 34,789	$ 3,878	$ 112,055	$ 33,466
Earnings per common share
Basic	$ 2.19	$ 0.26	$ 7.11	$ 2.25
Diluted	1.96	0.22	6.35	1.95
Dividends declared per common share (in dollars per share)	$ 0.65	$ 0.60	$ 2.85	$ 3.05
Weighted average number of common shares outstanding
Basic (in shares)	15,921	15,105	15,767	14,895
Diluted (in shares)	17,769	17,256	17,636	17,176

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables from brokers, dealers and clearing organizations
Receivable from clearing organizations	$ 87,567	$ 199,143
Receivable from brokers and dealers	7,493	9,176
Other	3,857	3,685
Total receivables from brokers, dealers and clearing organizations	98,917	212,004
Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers	1,757	979
Total payables to brokers, dealers and clearing organizations	$ 1,757	$ 979

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Valuation of Financial Instruments by Pricing Observability Levels


							Counterparty
							and Cash
							Collateral
(Amounts in thousands)	Level I		Level II		Level III		Netting (1)		Total
Assets
Financial instruments and other inventory positions owned:
Corporate securities:

Convertible securities	$	—	$	147,946	$	—	$	—	$	147,946
Fixed income securities	—		15,336		—		—		15,336
Municipal securities:
Taxable securities	—		19,608		—		—		19,608
Tax-exempt securities	—		120,003		279		—		120,282
Short-term securities	—		13,594		—		—		13,594
Asset-backed securities	—		50,808		—		—		50,808
U.S. government agency securities	—		34,443		—		—		34,443
U.S. government securities	6,282		—		—		—		6,282
Derivative contracts	—		14,709		4,777		(9,760)		9,726
Total financial instruments and other inventory positions owned	6,282		416,447		5,056		(9,760)		418,025

Cash equivalents	89,677		—		—		—		89,677
Investments at fair value (2)	100,178		—		170,145		—		270,323
Total assets	$	196,137	$	416,447	$	175,201	$	(9,760)	$	778,025

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	41,681	$	—	$	—	$	—	$	41,681
Fixed income securities	—		1,856		—		—		1,856


U.S. government securities	64,293		—		—		—		64,293
Derivative contracts	—		12,183		3,672		(12,934)		2,921
Total financial instruments and other inventory positions sold, but not yet purchased	$	105,974	$	14,039	$	3,672	$	(12,934)	$	110,751

(1)Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties.

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2023:


							Counterparty
							and Cash
							Collateral
(Amounts in thousands)	Level I		Level II		Level III		Netting (1)		Total
Assets
Financial instruments and other inventory positions owned:
Corporate securities:
Equity securities	$	388	$	—	$	—	$	—	$	388
Convertible securities	—		131,375		—		—		131,375
Fixed income securities	—		1,645		—		—		1,645
Municipal securities:
Taxable securities	—		25,744		—		—		25,744
Tax-exempt securities	—		135,886		2,869		—		138,755
Short-term securities	—		7,122		—		—		7,122
Asset-backed securities	—		8,149		—		—		8,149
U.S. government agency securities	—		104,418		—		—		104,418
U.S. government securities	5,895		—		—		—		5,895
Derivative contracts	—		52,611		5,834		(47,379)		11,066
Total financial instruments and other inventory positions owned	6,283		466,950		8,703		(47,379)		434,557

Cash equivalents	343,856		—		—		—		343,856
Investments at fair value (2)	61,601		—		224,280		—		285,881
Total assets	$	411,740	$	466,950	$	232,983	$	(47,379)	$	1,064,294

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	53,857	$	—	$	—	$	—	$	53,857
Fixed income securities	—		2,230		—		—		2,230

U.S. government agency securities	—		48,268		—		—		48,268
U.S. government securities	40,437		—		—		—		40,437
Derivative contracts	—		47,032		7,962		(50,806)		4,188
Total financial instruments and other inventory positions sold, but not yet purchased	$	94,294	$	97,530	$	7,962	$	(50,806)	$	148,980

(1)Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties.

Changes in Fair Value Associated with Level III Financial Instruments

The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented:


	Level III
	Assets						Liabilities
(Amounts in thousands)	Tax-Exempt Municipal Securities		Derivative Contracts		Investments at Fair Value		Derivative Contracts
Balance at June 30, 2024	$	270	$	2,655	$	195,834	$	2,974
Purchases	—		—		11,529		—
Sales	—		—		(11,042)		—
Settlements	—		(342)		—		(3,590)
Transfers in	—		—		—		—
Transfers out (1)	—		—		(35,327)		—
Total realized and unrealized gains/(losses)	9		2,464		9,151		4,288
Balance at September 30, 2024	$	279	$	4,777	$	170,145	$	3,672

Balance at June 30, 2023	$	3,890	$	1,327	$	208,837	$	730
Purchases	—		—		9,539		—
Sales	—		—		(19,001)		—
Settlements	—		(85)		—		60
Transfers in	—		—		—		—
Transfers out	—		—		—		—
Total realized and unrealized gains/(losses)	(215)		10,964		4,798		2,284
Balance at September 30, 2023	$	3,675	$	12,206	$	204,173	$	3,074

Unrealized gains/(losses) for assets/liabilities held at:
September 30, 2024	$	9	$	2,548	$	(8,549)	$	3,341
September 30, 2023	$	(215)	$	11,255	$	4,810	$	3,035

Continued on next page


	Level III
	Assets						Liabilities
(Amounts in thousands)	Tax-Exempt Municipal Securities		Derivative Contracts		Investments at Fair Value		Derivative Contracts
Balance at December 31, 2023	$	2,869	$	5,834	$	224,280	$	7,962
Purchases	—		—		23,584		—
Sales	(1,901)		—		(41,042)		—
Settlements	—		(2,842)		—		(6,191)
Transfers in	—		—		—		—
Transfers out (1)	—		—		(48,546)		—
Total realized and unrealized gains/(losses)	(689)		1,785		11,869		1,901
Balance at September 30, 2024	$	279	$	4,777	$	170,145	$	3,672

Balance at December 31, 2022	$	3,887	$	4,756	$	191,845	$	1,082
Purchases	—		—		28,675		—
Sales	—		—		(25,748)		—
Settlements	—		(2,443)		—		(1,353)
Transfers in	—		—		—		—
Transfers out (1)	—		—		(14,691)		—
Total realized and unrealized gains/(losses)	(212)		9,893		24,092		3,345
Balance at September 30, 2023	$	3,675	$	12,206	$	204,173	$	3,074

Unrealized gains/(losses) for assets/liabilities held at:
September 30, 2024	$	12	$	3,571	$	(20,450)	$	3,672
September 30, 2023	$	(212)	$	12,206	$	15,429	$	3,074

(1)Transfers out of Level III are primarily due to unobservable inputs becoming observable.

Information about Significant Unobservable Inputs used in Fair Value Measurement

Valuation

Weighted

Technique

Unobservable Input

Range

Average (1)

Assets

Tax-exempt municipal securities

Discounted cash flow

Expected recovery rate (% of par) (3)

0 - 25%

13.4%

Derivative contracts

Discounted cash flow

Premium over the MMD curve in basis points ("bps") (3)

0.6 - 27 bps

7.9 bps

Investments at fair value (2)

Market approach

Revenue multiple (3)

2 - 10 times

6.5 times

EBITDA multiple (3)

11 - 15 times

13.0 times

Market comparable valuation multiple (3)

0.8 - 2 times

1.1 times

Discounted cash flow

Discount rate (4)

16 - 25%

18.8%

Liabilities

Derivative contracts

Discounted cash flow

Premium over the MMD curve in bps (4)

0.9 - 34 bps

19.3 bps

(1)Unobservable inputs were weighted by the relative fair value of the financial instruments.

(2)As of September 30, 2024, the Company had $170.1 million of Level III investments at fair value, of which $40.7 million was valued based on a recent round of independent financing.

Goodwill and Intangible Assets - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Trade name
Finite-Lived Intangible Assets [Line Items]
Sandler trade name	$ 85.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Assets (Tables)

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Installment fee receivables	$	42,255	$	—
Fee receivables	27,558		27,765
Forgivable employee loans	48,919		15,771
Prepaid expenses	25,836		22,396
Income tax receivables	3,521		5,939
Other	27,175		14,084
Total other assets	$	175,264	$	85,955

Compensation Plans - Incentive Plan Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 plan shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of stock-based compensation plans \| plan	4
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	301,850
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Equity award grants authorized (in shares)	10,900,000
Shares available for future issuance (in shares)	1,800,000
Incentive Plan \| Annual grants \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	3 years
Annual grant expense period	1 year
Incentive Plan \| Sign-on grants \| Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Grant requisite service period	3 years
Incentive Plan \| Sign-on grants \| Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Grant requisite service period	5 years
Incentive Plan \| Inducement grants \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted \| $		$ 9.3
Granted (in shares)		65,125
Incentive Plan \| Inducement grants \| Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Grant requisite service period		3 years
Incentive Plan \| Inducement grants \| Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Grant requisite service period		4 years

Compensation Plans - Stock-Based Compensation Activity (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Additional Disclosure
Stock-based compensation expense	$ 20,300,000	$ 21,500,000	$ 69,900,000	$ 61,600,000
Forfeitures	700,000	200,000	2,200,000	1,000,000.0
Tax benefit related to stock-based compensation expense	$ 3,500,000	$ 3,300,000	$ 11,400,000	$ 11,400,000
Options Outstanding
Ending Balance (in shares)	148,667		148,667
Restricted stock
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares)			2,593,922
Granted (in shares)			301,850
Vested (in shares)			(938,214)
Canceled (in shares)			(33,616)
Ending Balance (in shares)	1,923,942		1,923,942		2,593,922
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share)			$ 104.89
Granted (in dollars per share)			213.94
Vested (in dollars per share)			97.66
Canceled (in dollars per share)			137.63
Ending Balance (in dollars per share)	$ 124.96		$ 124.96		$ 104.89
Restricted stock units
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares)			181,193
Granted (in shares)			33,694
Vested (in shares)			(62,569)
Canceled (in shares)			0
Ending Balance (in shares)	152,318		152,318		181,193
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share)			$ 141.08
Granted (in dollars per share)			199.39
Vested (in dollars per share)			103.69
Canceled (in dollars per share)			0
Ending Balance (in dollars per share)	$ 169.34		$ 169.34		$ 141.08
Restricted stock and restricted stock units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Unrecognized compensation cost related to equity awards	$ 84,500,000		$ 84,500,000
Weighted average period over which equity award expense expected to be recognized			3 years 2 months 12 days
Stock options
Options Outstanding
Beginning Balance (in shares)			156,667
Granted (in shares)			0
Exercised (in shares)			(8,000)
Canceled (in shares)			0
Expired (in shares)			0
Ending Balance (in shares)	148,667		148,667		156,667
Weighted Average Exercise Price (in dollars per share)
Beginning Balance (in dollars per share)			$ 133.35
Granted (in dollars per share)			0
Exercised (in dollars per share)			99.00
Cancelled (in dollars per share)			0
Expired (in dollars per share)			0
Ending Balance (in dollars per share)	$ 135.20		$ 135.20		$ 133.35
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Weighted Average Remaining Contractual Term of Stock Options Outstanding (in Years)			5 years 10 months 24 days		6 years 6 months
Aggregate Intrinsic Value of Stock Options Outstanding	$ 22,093,148		$ 22,093,148		$ 6,504,325
Aggregate Intrinsic Value of Stock Options Exercised			$ 1,334,949
Number of Exercisable Options (in shares)	73,667		73,667
Weighted Average Exercise Price of Options Exercisable	$ 99.00		$ 99.00
Weighted Average Remaining Contractual Term for Options Exercisable			3 years 4 months 24 days
Aggregate Intrinsic Value of Options Exercisable	$ 13,614,398		$ 13,614,398
Unrecognized compensation cost related to equity awards	$ 2,400,000		$ 2,400,000
Weighted average period over which equity award expense expected to be recognized			3 years 4 months 24 days
Tax Benefit Recorded As a Result of Stock Option Exercises			$ 0

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financial instruments and other inventory positions sold, but not yet purchased \| Derivative contracts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,974	$ 730	$ 7,962	$ 1,082
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(3,590)	60	(6,191)	(1,353)
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Total realized and unrealized gains/(losses)	4,288	2,284	1,901	3,345
Ending balance	3,672	3,074	3,672	3,074
Unrealized gains/(losses) for assets/(liabilities) held at period end	3,341	3,035	3,672	3,074
Financial instruments and other inventory positions owned \| Tax-exempt municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	270	3,890	2,869	3,887
Purchases	0	0	0	0
Sales	0	0	(1,901)	0
Settlements	0	0	0	0
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Total realized and unrealized gains/(losses)	9	(215)	(689)	(212)
Ending balance	279	3,675	279	3,675
Unrealized gains/(losses) for assets/(liabilities) held at period end	9	(215)	12	(212)
Financial instruments and other inventory positions owned \| Derivative contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,655	1,327	5,834	4,756
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(342)	(85)	(2,842)	(2,443)
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Total realized and unrealized gains/(losses)	2,464	10,964	1,785	9,893
Ending balance	4,777	12,206	4,777	12,206
Unrealized gains/(losses) for assets/(liabilities) held at period end	2,548	11,255	3,571	12,206
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	195,834	208,837	224,280	191,845
Purchases	11,529	9,539	23,584	28,675
Sales	(11,042)	(19,001)	(41,042)	(25,748)
Settlements	0	0	0	0
Transfers in	0	0	0	0
Transfers out	(35,327)	0	(48,546)	(14,691)
Total realized and unrealized gains/(losses)	9,151	4,798	11,869	24,092
Ending balance	170,145	204,173	170,145	204,173
Unrealized gains/(losses) for assets/(liabilities) held at period end	$ (8,549)	$ 4,810	$ (20,450)	$ 15,429

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-31720
Entity Registrant Name	PIPER SANDLER COMPANIES
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0168701
Entity Address, Address Line One	800 Nicollet Mall, Suite 900
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	(612)
Local Phone Number	303-6000
Title of Each Class	Common Stock, par value $0.01 per share
Trading Symbol	PIPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,779,518
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001230245
Current Fiscal Year End Date	--12-31

Short-Term Financing	9 Months Ended
Short-Term Financing	Sep. 30, 2024
Debt Disclosure [Abstract]
Short-Term Financing	SHORT-TERM FINANCING Unsecured Revolving Credit Facility The Company has an unsecured $120 million revolving credit facility with U.S. Bank N.A. The credit agreement will terminate on December 18, 2026, unless otherwise terminated. The interest rate is variable and based on either the federal funds rate or prime plus an applicable margin. This credit facility includes customary events of default and covenants that, among other things, require the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, limit the Company's leverage ratio, require maintenance of a minimum ratio of operating cash flow to fixed charges, and impose certain limitations on the Company's ability to make acquisitions and make payments on its capital stock. At September 30, 2024, there were $20.0 million of advances against this credit facility, with a weighted average interest rate of 6.83 percent. At December 31, 2023, there were $30.0 million of advances against this credit facility, with a weighted average interest rate of 7.33 percent. Secured Revolving Credit Facility On August 23, 2024, the Company entered into a $30 million revolving credit facility with Cadence Bank. Advances under this facility are secured by certain installment fee receivables. The credit agreement will terminate on August 23, 2027, unless otherwise terminated. The interest rate is variable and based on either the federal funds rate, prime, or SOFR plus an applicable margin. This credit facility includes customary events of default and covenants that, among other things, require the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, limit the Company's leverage ratio, require maintenance of a minimum fixed charge coverage ratio, and impose certain limitations on the Company's ability to make acquisitions and make payments on its capital stock. At September 30, 2024, the Company had no advances against this credit facility. Committed Line The Company's committed short-term bank line financing at September 30, 2024 consisted of a one-year $50 million committed revolving credit facility with U.S. Bank N.A., which has been renewed annually in the fourth quarter of each year since 2008. Advances under this facility are secured by certain marketable securities. The interest rate is variable and based on the federal funds rate plus an applicable margin. The facility includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, and the unpaid principal amount of all advances under this facility will be due on December 6, 2024. The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At September 30, 2024 and December 31, 2023, the Company had no advances against this line of credit. Short-Term Financing Arrangement Assumed in Acquisition of Aviditi Advisors The Company assumed $17.3 million of short-term financing in conjunction with its acquisition of Aviditi Advisors, as discussed in Note 4. The outstanding balance was immediately repaid in full on August 23, 2024 and the financing arrangement was subsequently terminated.

Compensation Plans - Restricted Stock Units (Details) - Incentive Plan - Restricted stock units	9 Months Ended
	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	36 months
Maximum \| Grant Year 2024
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	150.00%
Maximum \| Grant Year 2023
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	200.00%
Maximum \| Grant Year 2022
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	150.00%
Maximum \| Grant Year 2021
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	150.00%
Maximum \| Grant Year 2020
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	150.00%
Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	36 months
Performance Condition \| Grant Year 2024 \| Expected Payout Leverage
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	64.00%
Performance Condition \| Grant Year 2023 \| Expected Payout Leverage
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	52.00%
Performance Condition \| Grant Year 2022 \| Expected Payout Leverage
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	25.00%
Performance Condition \| Maximum \| Grant Year 2024
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Maximum \| Grant Year 2023
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	100.00%
Performance Condition \| Maximum \| Grant Year 2022
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Maximum \| Grant Year 2021
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Maximum \| Grant Year 2020
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Market Condition
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	36 months
Number of years risk free interest rate	3 years
Market Condition \| Grant Year 2024 \| Vesting Year 2027
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	4.38%
Expected stock price volatility	34.30%
Market Condition \| Grant Year 2023 \| Vesting Year 2026
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	4.35%
Expected stock price volatility	47.50%
Market Condition \| Grant Year 2022 \| Vesting Year 2025
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	1.80%
Expected stock price volatility	43.80%
Market Condition \| Grant Year 2021 \| Vesting Year 2024
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	0.23%
Expected stock price volatility	43.20%
Market Condition \| Grant Year 2020 \| Vesting Year 2023
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	1.40%
Expected stock price volatility	27.30%
Market Condition \| Maximum \| Grant Year 2024
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Market Condition \| Maximum \| Grant Year 2023
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	100.00%
Market Condition \| Maximum \| Grant Year 2022
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Market Condition \| Maximum \| Grant Year 2021
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Market Condition \| Maximum \| Grant Year 2020
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%

Investments

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

Investments

INVESTMENTS


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Investments at fair value	$	270,323	$	285,881
Investments at cost	281		281
Investments accounted for under the equity method	14,250		11,886
Total investments	284,854		298,048

Less: Investments attributable to noncontrolling interests (1)	(190,643)		(211,096)
Total investments attributable to Piper Sandler Companies	$	94,211	$	86,952

(1)Noncontrolling interests are attributable to unrelated third-party ownership in consolidated alternative asset management funds.

At September 30, 2024, investments carried on a cost basis had an estimated fair market value of $0.3 million. Because valuation estimates were based upon management's judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value.

Investments accounted for under the equity method include general and limited partnership interests. The carrying value of these investments is based on the investment vehicle's net asset value. The net assets of investment partnerships consist of investments in both marketable and non-marketable securities. The underlying investments held by such partnerships are valued based on the estimated fair value determined by management in the Company's capacity as general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on financial statements prepared by the unaffiliated general partners.

Revenues and Business Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Revenues and Business Information

REVENUES AND BUSINESS INFORMATION

The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The Company is organized as one reportable segment in order to maximize the value provided to clients by leveraging the diversified expertise and broad relationships of its experienced professionals across the Company. Substantially all of the Company's net revenues and long-lived assets are located in the U.S.

Reportable financial results are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in thousands)	2024		2023		2024		2023
Revenues
Investment banking:
Advisory services	$	188,047	$	154,560	$	529,144	$	424,999
Corporate financing	17,903		37,171		121,125		100,899
Municipal financing	35,520		19,935		81,506		54,139
Total investment banking	241,470		211,666		731,775		580,037

Institutional brokerage:
Equity brokerage	52,480		50,243		154,043		154,509
Fixed income services	48,454		40,250		130,070		120,135
Total institutional brokerage	100,934		90,493		284,113		274,644

Interest income	7,831		6,980		22,813		19,421
Investment income/(loss)	10,693		(17,108)		7,510		9,804
Total revenues	360,928		292,031		1,046,211		883,906
Interest expense	1,356		2,546		4,404		7,790
Net revenues	359,572		289,485		1,041,807		876,116
Total non-interest expenses	303,957		292,935		905,524		839,376
Pre-tax income/(loss)	$	55,615	$	(3,450)	$	136,283	$	36,740

Pre-tax margin	15.5%		(1.2)%		13.1%		4.2%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Sep. 30, 2024 USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Minimum net capital requirement	$ 1,000,000
Net capital	236,500,000
Excess net capital	235,500,000
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Excess net capital required	120,000,000
Revolving credit facility \| U.S. Bank N.A.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Minimum regulatory net capital required	120,000,000
Revolving credit facility \| Cadence Bank
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Minimum regulatory net capital required	120,000,000
Committed line \| U.S. Bank N.A.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Minimum regulatory net capital required	$ 120,000,000

Financial Instruments and Other Inventory Positions - Additional Information (Details) - Maximum risk of loss $ in Millions	Sep. 30, 2024 USD ($)
Three unnamed financial institution counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions
Uncollateralized credit exposure	$ 6.4
Notional contract amount	77.2
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions
Uncollateralized credit exposure	$ 5.9

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Legal Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
Legal Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Settlement with SEC
Loss Contingencies
Loss Contingency Accrual, Payments	$ 14.0
Settlement with CFTC
Loss Contingencies
Loss Contingency Accrual, Payments	$ 2.0
Settlement with SEC and CFTC
Loss Contingencies
Loss Contingency Accrual		$ 16.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 104,938	$ 34,400
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets	12,649	13,530
Deferred income taxes	23,033	(3,168)
Stock-based compensation	71,111	62,747
Amortization of intangible assets	7,294	14,641
Amortization of forgivable loans	10,335	7,722
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	113,087	(37,632)
Net financial instruments and other inventory positions owned	(21,697)	(19,689)
Investments	13,194	15,498
Other assets	(56,192)	893
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	778	7,207
Accrued compensation	(111,760)	(246,241)
Other liabilities and accrued expenses	(17,353)	2,714
Net cash provided by/(used in) operating activities	149,417	(147,378)
Investing Activities
Business acquisitions, net of cash acquired	(16,166)	0
Purchases of fixed assets, net	(7,128)	(8,288)
Net cash used in investing activities	(23,294)	(8,288)
Financing Activities
Net change in short-term financing	(27,342)	0
Payment of contingent consideration	(1,550)	0
Payment of cash dividends	(61,114)	(74,208)
Decrease in noncontrolling interests	(12,084)	(16,537)
Repurchase of common stock	(59,970)	(67,620)
Proceeds from stock option exercises	792	0
Net cash used in financing activities	(161,268)	(158,365)
Currency adjustment:
Effect of exchange rate changes on cash	2,232	282
Net decrease in cash and cash equivalents	(32,913)	(313,749)
Cash and cash equivalents at beginning of period	383,098	365,624
Cash and cash equivalents at end of period	$ 350,185	$ 51,875

Restructuring and Integration Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Integration Costs
Restructuring costs	$ 255	$ 0	$ (42)	$ 3,833
Integration costs	520	0	1,794	70
Restructuring and integration costs	775	0	1,752	3,903
Severance, benefits and outplacement
Restructuring and Integration Costs
Restructuring costs	0	0	(297)	2,937
Vacated leased office space
Restructuring and Integration Costs
Restructuring costs	$ 255	$ 0	$ 255	$ 896

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Equity securities	$ 0	$ 388,000
Convertible securities	147,946,000	131,375,000
Fixed income securities	15,336,000	1,645,000
Taxable securities	19,608,000	25,744,000
Tax-exempt securities	120,282,000	138,755,000
Short-term securities	13,594,000	7,122,000
Asset-backed securities	50,808,000	8,149,000
U.S. government agency securities	34,443,000	104,418,000
U.S. government securities	6,282,000	5,895,000
Derivative contracts	9,726,000	11,066,000
Total financial instruments and other inventory positions owned	418,025,000	434,557,000
Liabilities
Equity securities	41,681,000	53,857,000
Fixed income securities	1,856,000	2,230,000
U.S. government agency securities	0	48,268,000
U.S. government securities	64,293,000	40,437,000
Derivative contracts	2,921,000	4,188,000
Total financial instruments and other inventory positions sold, but not yet purchased	110,751,000	148,980,000
Securities posted as collateral	0	0
Measured on a recurring basis
Assets
Equity securities		388,000
Convertible securities	147,946,000	131,375,000
Fixed income securities	15,336,000	1,645,000
Taxable securities	19,608,000	25,744,000
Tax-exempt securities	120,282,000	138,755,000
Short-term securities	13,594,000	7,122,000
Asset-backed securities	50,808,000	8,149,000
U.S. government agency securities	34,443,000	104,418,000
U.S. government securities	6,282,000	5,895,000
Derivative contracts	9,726,000	11,066,000
Total financial instruments and other inventory positions owned	418,025,000	434,557,000
Cash equivalents	89,677,000	343,856,000
Investments at fair value	270,323,000	285,881,000
Total assets	778,025,000	1,064,294,000
Derivative asset contracts - counterparty and collateral netting	(9,760,000)	(47,379,000)
Liabilities
Equity securities	41,681,000	53,857,000
Fixed income securities	1,856,000	2,230,000
U.S. government agency securities		48,268,000
U.S. government securities	64,293,000	40,437,000
Derivative contracts	2,921,000	4,188,000
Total financial instruments and other inventory positions sold, but not yet purchased	110,751,000	148,980,000
Derivative liability contracts - counterparty and cash collateral netting	(12,934,000)	(50,806,000)
Measured on a recurring basis \| Investments attributable to noncontrolling interests
Assets
Investments at fair value	190,600,000	211,100,000
Measured on a recurring basis \| Level I
Assets
Equity securities		388,000
U.S. government securities	6,282,000	5,895,000
Total financial instruments and other inventory positions owned	6,282,000	6,283,000
Cash equivalents	89,677,000	343,856,000
Investments at fair value	100,178,000	61,601,000
Total assets	196,137,000	411,740,000
Liabilities
Equity securities	41,681,000	53,857,000
U.S. government securities	64,293,000	40,437,000
Total financial instruments and other inventory positions sold, but not yet purchased	105,974,000	94,294,000
Measured on a recurring basis \| Level II
Assets
Convertible securities	147,946,000	131,375,000
Fixed income securities	15,336,000	1,645,000
Taxable securities	19,608,000	25,744,000
Tax-exempt securities	120,003,000	135,886,000
Short-term securities	13,594,000	7,122,000
Asset-backed securities	50,808,000	8,149,000
U.S. government agency securities	34,443,000	104,418,000
Derivative contracts	14,709,000	52,611,000
Total financial instruments and other inventory positions owned	416,447,000	466,950,000
Total assets	416,447,000	466,950,000
Liabilities
Fixed income securities	1,856,000	2,230,000
U.S. government agency securities		48,268,000
Derivative contracts	12,183,000	47,032,000
Total financial instruments and other inventory positions sold, but not yet purchased	14,039,000	97,530,000
Measured on a recurring basis \| Level III
Assets
Tax-exempt securities	279,000	2,869,000
Derivative contracts	4,777,000	5,834,000
Total financial instruments and other inventory positions owned	5,056,000	8,703,000
Investments at fair value	170,145,000	224,280,000
Total assets	175,201,000	232,983,000
Liabilities
Derivative contracts	3,672,000	7,962,000
Total financial instruments and other inventory positions sold, but not yet purchased	3,672,000	7,962,000
Measured on a recurring basis \| Level III \| Investments attributable to noncontrolling interests
Assets
Investments at fair value	$ 130,100,000	$ 177,000,000.0

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments
Investments at fair value	$ 270,323	$ 285,881
Investments at cost	281	281
Investments accounted for under the equity method	14,250	11,886
Total investments	284,854	298,048
Less: Investments attributable to noncontrolling interests	(190,643)	(211,096)
Total investments attributable to Piper Sandler Companies	94,211	$ 86,952
Level III
Schedule of Equity Method Investments
Investments at cost	$ 300

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Acquisitions - Acquisition of Aviditi Advisors (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 23, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition
Goodwill recorded				$ 8,571
Integration costs		$ 520	$ 0	1,794	$ 70
Aviditi Advisors
Business Acquisition
Economic value on the acquisition date	$ 70,000
Equity consideration	$ 6,000
Equity consideration (in shares)	21,835
Contingently returnable consideration	$ 4,100
Cash consideration	23,800
Net assets acquired	34,651
Acquisition-related compensation arrangements	35,700
Goodwill recorded	8,600
Goodwill, amount expected to be deductible for income tax purposes	8,600
Intangible assets	1,595
Integration costs		$ 500		$ 1,800
Aviditi Advisors \| Customer relationships
Business Acquisition
Intangible assets	1,600
Aviditi Advisors \| Net revenue target
Business Acquisition
Maximum amount of contingent consideration	86,300
Aviditi Advisors \| Restricted stock
Business Acquisition
Acquisition-related compensation arrangements	11,800
Aviditi Advisors \| Retention MFRS Awards
Business Acquisition
Acquisition-related compensation arrangements	8,600
Aviditi Advisors \| Restricted cash
Business Acquisition
Acquisition-related compensation arrangements	5,300
Aviditi Advisors \| Forgivable employee loans
Business Acquisition
Acquisition-related compensation arrangements	$ 10,000
Aviditi Advisors \| Forgivable employee loans \| Minimum
Business Acquisition
Employee loans term (in years)	3 years
Aviditi Advisors \| Forgivable employee loans \| Maximum
Business Acquisition
Employee loans term (in years)	5 years

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill and Intangible Assets


(Amounts in thousands)
Goodwill
Balance at December 31, 2023	$	301,760
Goodwill acquired	8,571
Balance at September 30, 2024	$	310,331

Intangible assets
Balance at December 31, 2023	$	116,197
Intangible assets acquired	1,595
Amortization of intangible assets	(7,294)
Balance at September 30, 2024	$	110,498

Schedule of Future Amortization Expense

The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives:


(Amounts in thousands)
Remainder of 2024	$	2,994
2025	8,639
2026	7,253
2027	3,480
2028	2,191
Thereafter	541
Total	$	25,098

Financial Instruments and Other Inventory Positions (Tables)

9 Months Ended

Sep. 30, 2024

Financial Instruments Owned and Sold, Not yet Purchased [Abstract]

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased by Type


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Financial instruments and other inventory positions owned
Corporate securities:
Equity securities	$	—	$	388
Convertible securities	147,946		131,375
Fixed income securities	15,336		1,645
Municipal securities:
Taxable securities	19,608		25,744
Tax-exempt securities	120,282		138,755
Short-term securities	13,594		7,122
Asset-backed securities	50,808		8,149
U.S. government agency securities	34,443		104,418
U.S. government securities	6,282		5,895
Derivative contracts	9,726		11,066
Total financial instruments and other inventory positions owned	$	418,025	$	434,557

Financial instruments and other inventory positions sold, but not yet purchased
Corporate securities:
Equity securities	$	41,681	$	53,857
Fixed income securities	1,856		2,230

U.S. government agency securities	—		48,268
U.S. government securities	64,293		40,437
Derivative contracts	2,921		4,188
Total financial instruments and other inventory positions sold, but not yet purchased	$	110,751	$	148,980

Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount

The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position:


	September 30, 2024						December 31, 2023
(Amounts in thousands)	Derivative		Derivative		Notional		Derivative		Derivative		Notional
Derivative Category	Assets (1)		Liabilities (2)		Amount		Assets (1)		Liabilities (2)		Amount
Interest rate:
Customer matched-book	$	16,439	$	14,019	$	484,334	$	54,676	$	49,293	$	1,356,924
Trading securities	3,047		1,836		154,130		3,769		5,701		196,250






	$	19,486	$	15,855	$	638,464	$	58,445	$	54,994	$	1,553,174

(1)Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition.

(2)Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.

Unrealized Gains/(Losses) on Derivative Instruments

The following table presents the Company's unrealized gains/(losses) on derivative instruments:


		Three Months Ended				Nine Months Ended
(Amounts in thousands)		September 30,				September 30,
Derivative Category	Operations Category	2024		2023		2024		2023
Interest rate derivative contract	Investment banking	$	(2,760)	$	(230)	$	(3,054)	$	(240)
Interest rate derivative contract	Institutional brokerage	1,423		8,540		3,233		5,463



		$	(1,337)	$	8,310	$	179	$	5,223

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 350,185	$ 383,098
Receivables from brokers, dealers and clearing organizations	98,917	212,004
Financial instruments and other inventory positions owned	418,025	434,557
Investments (including noncontrolling interests of $190,643 and $211,096, respectively)	284,854	298,048
Fixed assets (net of accumulated depreciation and amortization of $103,973 and $91,378, respectively)	55,626	60,770
Right-of-use lease assets	72,253	69,387
Goodwill	310,331	301,760
Intangible assets (net of accumulated amortization of $157,781 and $150,487, respectively)	110,498	116,197
Net deferred income tax assets	156,174	179,207
Other assets	175,264	85,955
Total assets	2,032,127	2,140,983
Liabilities and Shareholders' Equity
Short-term financing	20,000	30,000
Payables to brokers, dealers and clearing organizations	1,757	979
Financial instruments and other inventory positions sold, but not yet purchased	110,751	148,980
Accrued compensation	375,140	486,145
Accrued lease liabilities	95,174	93,727
Other liabilities and accrued expenses	67,223	81,679
Total liabilities	670,045	841,510
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000; Shares issued: 19,557,026 and 19,553,101, respectively; Shares outstanding: 15,942,770 and 15,200,149, respectively	195	195
Additional paid-in capital	985,654	988,136
Retained earnings	505,299	454,358
Less: Common stock held in treasury, at cost: 3,614,256 shares and 4,352,952 shares, respectively	(325,402)	(356,297)
Accumulated other comprehensive income/(loss)	1,562	(894)
Total common shareholders' equity	1,167,308	1,085,498
Noncontrolling interests	194,774	213,975
Total shareholders' equity	1,362,082	1,299,473
Total liabilities and shareholders' equity	2,032,127	2,140,983
Asset Not Pledged as Collateral
Assets
Financial instruments and other inventory positions owned	320,365	341,780
Asset Pledged as Collateral
Assets
Financial instruments and other inventory positions owned	$ 97,660	$ 92,777

Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Repurchase Programs Authorized by the Company's Board of Directors

The following table summarizes the repurchase programs authorized by the Company's board of directors:

Effective Date

Authorized Amount

Expiration Date

Remaining Authorization at September 30, 2024

May 6, 2022

$150.0 million

December 31, 2024

$138.2 million

January 1, 2022

$150.0 million

December 31, 2023

$—

Summary of the Company's Repurchase Activity

The following table summarizes the Company's share repurchase activity from employees related to employment tax obligations:


	Nine Months Ended
	September 30,
	2024		2023






Common shares repurchased	325,019		474,354
Aggregate purchase price (in millions)	$	60.0	$	67.6
Average price per share	$	184.51	$	142.55

Shareholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended						9 Months Ended
	Oct. 25, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	May 06, 2022	Jan. 01, 2022
Dividends [Abstract]
Cash dividends paid								$ 61,100,000
Dividends declared per common share (in dollars per share)		$ 0.65			$ 0.60			$ 2.85	$ 3.05
Share Repurchases [Abstract]
Common shares repurchased from employees related to employment tax obligations (in shares)								325,019	474,354
Aggregate purchase price of shares repurchased from employees related to employment tax obligations		$ 2,383,000	$ 5,496,000	$ 52,091,000	$ 3,903,000	$ 2,886,000	$ 60,831,000	$ 60,000,000.0	$ 67,600,000
Average price per share of shares repurchased from employees related to employment tax obligations (in dollars per share)								$ 184.51	$ 142.55
Issuance of Shares [Abstract]
Reissuance of treasury shares as a result of employee vesting and exercise transactions (in shares)								1,041,880	1,916,220
Aviditi Advisors
Issuance of Shares [Abstract]
Issuance of treasury shares for acquisitions (in shares)								21,835
Share repurchase program authorized May 6, 2022
Share Repurchases [Abstract]
Stock Repurchase Program Effective Date								May 06, 2022
Stock Repurchase Program, Authorized Amount										$ 150,000,000.0
Stock Repurchase Program Expiration Date								Dec. 31, 2024
Stock Repurchase Program, Remaining Authorized Repurchase Amount		138,200,000						$ 138,200,000
Share repurchase program authorized January 1, 2022
Share Repurchases [Abstract]
Stock Repurchase Program Effective Date								Jan. 01, 2022
Stock Repurchase Program, Authorized Amount											$ 150,000,000.0
Stock Repurchase Program Expiration Date								Dec. 31, 2023
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 0						$ 0
Quarterly dividend
Dividends [Abstract]
Cash dividends paid (amount per share)								$ 1.85
Quarterly dividend \| Subsequent Event
Dividends [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.65
Special cash dividend
Dividends [Abstract]
Cash dividends paid (amount per share)								$ 1.00

Acquisitions - Aviditi Advisors Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 23, 2024	Dec. 31, 2023
Assets
Goodwill	$ 310,331		$ 301,760
Aviditi Advisors
Assets
Cash and cash equivalents		$ 11,717
Right-of-use lease assets		1,898
Goodwill		8,571
Intangible assets		1,595
Other assets		42,973
Total assets acquired		66,754
Liabilities
Short-term financing		17,342
Accrued compensation		11,235
Accrued lease liabilities		1,898
Other liabilities and accrued expenses		1,628
Total liabilities assumed		32,103
Net Assets Acquired
Net assets acquired		$ 34,651

Receivables from and Payables to Brokers, Dealers and Clearing Organizations

9 Months Ended

Sep. 30, 2024

Broker-Dealer [Abstract]

Receivables from and Payables to Brokers, Dealers and Clearing Organizations

RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Receivables from brokers, dealers and clearing organizations

Receivable from clearing organizations	$	87,567	$	199,143

Receivable from brokers and dealers	7,493		9,176


Other	3,857		3,685
Total receivables from brokers, dealers and clearing organizations	$	98,917	$	212,004

Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers	$	1,757	$	979




Total payables to brokers, dealers and clearing organizations	$	1,757	$	979

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.

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III $ in Millions	Sep. 30, 2024 USD ($) basis_points
Financial instruments and other inventory positions sold, but not yet purchased \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Derivative liability contracts, measurement input	0.9
Financial instruments and other inventory positions sold, but not yet purchased \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Derivative liability contracts, measurement input	34
Financial instruments and other inventory positions sold, but not yet purchased \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Derivative liability contracts, measurement input	19.3
Financial instruments and other inventory positions owned \| Tax-exempt municipal securities \| Discounted cash flow \| Expected recovery rate \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Tax-exempt securities, measurement input	0
Financial instruments and other inventory positions owned \| Tax-exempt municipal securities \| Discounted cash flow \| Expected recovery rate \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Tax-exempt securities, measurement input	0.25
Financial instruments and other inventory positions owned \| Tax-exempt municipal securities \| Discounted cash flow \| Expected recovery rate \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Tax-exempt securities, measurement input	0.134
Financial instruments and other inventory positions owned \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Derivative asset contracts, measurement input	0.6
Financial instruments and other inventory positions owned \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Derivative asset contracts, measurement input	27
Financial instruments and other inventory positions owned \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Derivative asset contracts, measurement input	7.9
Investments
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value \| $	$ 170.1
Investments \| Recent round of financing
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value \| $	$ 40.7
Investments \| Discounted cash flow \| Discount rate \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	0.16
Investments \| Discounted cash flow \| Discount rate \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	0.25
Investments \| Discounted cash flow \| Discount rate \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	0.188
Investments \| Market approach \| Revenue multiple \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	2
Investments \| Market approach \| Revenue multiple \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	10
Investments \| Market approach \| Revenue multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	6.5
Investments \| Market approach \| EBITDA multiple \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	11
Investments \| Market approach \| EBITDA multiple \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	15
Investments \| Market approach \| EBITDA multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	13.0
Investments \| Market approach \| Market comparable valuation multiple \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	0.8
Investments \| Market approach \| Market comparable valuation multiple \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	2
Investments \| Market approach \| Market comparable valuation multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	1.1

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 350,185	$ 383,098	$ 51,875	$ 365,624
Investments	284,854	298,048
Other assets	175,264	85,955
Total assets	2,032,127	2,140,983
Liabilities
Payables to brokers, dealers and clearing organizations	1,757	979
Other liabilities and accrued expenses	67,223	81,679
Total liabilities	670,045	841,510
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	5,772	6,994
Investments	239,757	266,508
Other assets	0	37
Total assets	245,529	273,539
Liabilities
Other liabilities and accrued expenses	1,148	4,857
Total liabilities	$ 1,148	$ 4,857

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE ("EPS")

Basic earnings per common share is computed by dividing net income attributable to Piper Sandler Companies by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options, restricted stock units and restricted shares. The Company uses the treasury stock method to calculate diluted earnings per common share.

The computation of EPS is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in thousands, except per share data)	2024		2023		2024		2023
Net income attributable to Piper Sandler Companies	$	34,789	$	3,878	$	112,055	$	33,466

Shares for basic and diluted calculations
Average shares used in basic computation	15,921		15,105		15,767		14,895
Stock options	65		26		48		24
Restricted stock units	190		167		180		155
Restricted shares	1,594		1,959		1,641		2,103
Average shares used in diluted computation	17,769		17,256		17,636		17,176

Earnings per common share
Basic	$	2.19	$	0.26	$	7.11	$	2.25
Diluted	$	1.96	$	0.22	$	6.35	$	1.95

The anti-dilutive effects from stock options and restricted shares were immaterial for the three and nine months ended September 30, 2024 and 2023.

Revenues and Business Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reportable Segment Financial Results

Reportable financial results are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in thousands)	2024		2023		2024		2023
Revenues
Investment banking:
Advisory services	$	188,047	$	154,560	$	529,144	$	424,999
Corporate financing	17,903		37,171		121,125		100,899
Municipal financing	35,520		19,935		81,506		54,139
Total investment banking	241,470		211,666		731,775		580,037

Institutional brokerage:
Equity brokerage	52,480		50,243		154,043		154,509
Fixed income services	48,454		40,250		130,070		120,135
Total institutional brokerage	100,934		90,493		284,113		274,644

Interest income	7,831		6,980		22,813		19,421
Investment income/(loss)	10,693		(17,108)		7,510		9,804
Total revenues	360,928		292,031		1,046,211		883,906
Interest expense	1,356		2,546		4,404		7,790
Net revenues	359,572		289,485		1,041,807		876,116
Total non-interest expenses	303,957		292,935		905,524		839,376
Pre-tax income/(loss)	$	55,615	$	(3,450)	$	136,283	$	36,740

Pre-tax margin	15.5%		(1.2)%		13.1%		4.2%

Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Outstanding Equity Awards

The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) as of September 30, 2024:


Restricted stock
Restricted stock related to compensation plans:
Annual grants			563,257
Sign-on grants			123,947
Inducement grants			39,162
2020 Inducement Plan grants			263,653
2022 Inducement Plan grants			126,608
2024 Inducement Plan grants			42,980
Total restricted stock related to compensation plans			1,159,607

Restricted stock related to acquisitions (1)			764,335
Total restricted stock			1,923,942

Restricted stock units			152,318

Stock options			148,667

(1)Includes restricted stock with service conditions issued in conjunction with certain acquisitions.

Schedule of Maximum Payout Leverage for Leadership Grants

The maximum payout leverage by grant year is as follows:


	Maximum Payout Leverage
Grant Year	Performance Condition	Market Condition	Total
2024	75%	75%	150%
2023	100%	100%	200%
2022	75%	75%	150%
2021	75%	75%	150%
2020	75%	75%	150%

Schedule of Expected Payout Leverage for Performance Condition RSUs

As of September 30, 2024, the expected payout leverage for the performance condition portion of the award by grant year is as follows:


						Expected Payout
Grant Year						Leverage
2024						64%
2023						52%
2022						25%

Schedule of Market Condition RSU Valuation Assumptions

The fair value of the market condition portion of the award was determined on the grant date using a Monte Carlo simulation with the following assumptions:


		Risk-Free	Expected Stock
Grant Year	Vesting Year	Interest Rate	Price Volatility
2024	2027	4.38%	34.3%
2023	2026	4.35%	47.5%
2022	2025	1.80%	43.8%
2021	2024	0.23%	43.2%
2020	2023	1.40%	27.3%

Schedule of Stock Options Valuation Assumptions

The fair value of these stock option awards was estimated on the respective date of grant using the Black-Scholes option-pricing model with the following assumptions:


	February 2023			February 2018
	Grant			Grant
Risk-free interest rate	3.94		%	2.82		%
Dividend yield	3.21		%	3.22		%
Expected stock price volatility	38.50		%	37.20		%
Expected life of options (in years)	7.0			7.0
Fair value of options granted (per share)	$	46.71		$	24.49

Schedule of Stock-Based Compensation Expense

The following table summarizes the Company's stock-based compensation activity:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in millions)	2024		2023		2024		2023
Stock-based compensation expense	$	20.3	$	21.5	$	69.9	$	61.6
Forfeitures	0.7		0.2		2.2		1.0
Tax benefit related to stock-based compensation expense	3.5		3.3		11.4		11.4

Changes in Unvested Restricted Stock

The following table summarizes the changes in the Company's unvested restricted stock:


	Unvested	Weighted Average
	Restricted Stock	Grant Date
	(in Shares)	Fair Value
December 31, 2023	2,593,922	$	104.89
Granted	301,850	213.94
Vested	(938,214)	97.66
Canceled	(33,616)	137.63
September 30, 2024	1,923,942	$	124.96

Changes in Unvested Restricted Stock Units

The following table summarizes the changes in the Company's unvested restricted stock units:


	Unvested	Weighted Average
	Restricted	Grant Date
	Stock Units	Fair Value
December 31, 2023	181,193	$	141.08
Granted	33,694	199.39
Vested	(62,569)	103.69
Canceled	—	—
September 30, 2024	152,318	$	169.34

Changes in Outstanding Stock Options

The following table summarizes the changes in the Company's outstanding stock options:


				Weighted Average
		Weighted		Remaining
	Options	Average		Contractual Term	Aggregate
	Outstanding	Exercise Price		(in Years)	Intrinsic Value
December 31, 2023	156,667	$	133.35	6.5	$	6,504,325
Granted	—	—
Exercised	(8,000)	99.00			1,334,949
Canceled	—	—
Expired	—	—
September 30, 2024	148,667	$	135.20	5.9	$	22,093,148

Options exercisable at September 30, 2024	73,667	$	99.00	3.4	$	13,614,398

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest	$ 4,370	$ 7,750
Cash paid during the period for income taxes	$ 5,912	$ 21,646

Compensation Plans - Stock Options (Details) - Stock options - Incentive Plan	9 Months Ended
	Sep. 30, 2024 $ / shares
Grant Year 2023
Share-based Compensation Arrangement by Share-based Payment Award
Grant requisite service period	5 years
Share based compensation option exercise price	10.00%
Risk-free interest rate	3.94%
Dividend yield	3.21%
Expected stock price volatility	38.50%
Expected life of options (in years)	7 years
Fair value of options granted (per share)	$ 46.71
Grant Year 2023 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Term of stock options	10 years
Grant Year 2018
Share-based Compensation Arrangement by Share-based Payment Award
Grant requisite service period	5 years
Share based compensation option exercise price	10.00%
Risk-free interest rate	2.82%
Dividend yield	3.22%
Expected stock price volatility	37.20%
Expected life of options (in years)	7 years
Fair value of options granted (per share)	$ 24.49
Grant Year 2018 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Term of stock options	10 years

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 2,994
2025	8,639
2026	7,253
2027	3,480
2028	2,191
Thereafter	541
Total	$ 25,098

Compensation Plans - Deferred Compensation Plans (Details) - USD ($)			3 Months Ended			9 Months Ended
	Dec. 31, 2020	Apr. 03, 2020	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 07, 2022	Feb. 04, 2022	Aug. 02, 2019
DBO Partners \| Net revenue target
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration									$ 25,000,000.0
DBO Partners \| Net revenue target \| No service requirement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration									20,000,000.0
Contingent consideration						$ 0			1,700,000
Expense recorded related to earnout					$ (1,700,000)		$ (1,700,000)
DBO Partners \| Net revenue target \| Service requirement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration									$ 5,000,000.0
Contingent consideration						0
Cornerstone Macro \| Net revenue target
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration										$ 27,800,000
Cornerstone Macro \| Net revenue target \| No service requirement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration										$ 6,000,000.0
Amount paid related to contingent consideration liability			$ 6,000,000.0
Cornerstone Macro \| Net revenue target \| Service requirement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration						5,500,000
Contingent consideration						3,400,000
Expense recorded related to earnout						1,500,000	300,000
TRS Advisors LLC \| Revenue threshold
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Expense recorded related to earnout						$ 500,000	1,600,000
Amount paid related to contingent consideration liability				$ 7,000,000.0
Earnout performance period (in years)	3 years
The Valence Group \| Revenue threshold
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Expense recorded related to earnout							$ 2,200,000
Amount paid related to contingent consideration liability					$ 10,000,000.0
Earnout performance period (in years)		3 years
Weeden & Co. \| Restricted cash
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Acquisition-related compensation arrangements											$ 10,100,000
Annual MFRS Awards
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Award Vesting Period						3 years
Retention MFRS Awards \| Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Award Vesting Period						5 years
Retention MFRS Awards \| Minimum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Award Vesting Period						3 years
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Plan Liabilities						$ 21,500,000		$ 18,600,000
Nonqualified Deferred Compensation Plan \| Level I
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Plan Assets						$ 21,500,000		$ 18,600,000

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Stock options (in shares)	148,667
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	1,923,942	2,593,922
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	152,318	181,193
Restricted stock related to compensation plans \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	1,159,607
Restricted stock related to acquisitions \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	764,335
Incentive Plan \| Restricted stock related to compensation plans \| Restricted stock \| Annual grants
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	563,257
Incentive Plan \| Restricted stock related to compensation plans \| Restricted stock \| Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	123,947
Incentive Plan \| Restricted stock related to compensation plans \| Restricted stock \| Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	39,162
2020 Inducement Plan \| Restricted stock related to compensation plans \| Restricted stock \| Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	263,653
2022 Inducement Plan \| Restricted stock related to compensation plans \| Restricted stock \| Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	126,608
2024 Inducement Plan \| Restricted stock related to compensation plans \| Restricted stock \| Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	42,980

Restructuring and Integration Costs

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Integration Costs

RESTRUCTURING AND INTEGRATION COSTS


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in thousands)	2024		2023		2024		2023
Restructuring and integration costs
Restructuring costs:
Severance, benefits and outplacement	$	—	$	—	$	(297)	$	2,937
Vacated leased office space	255		—		255		896

Total restructuring costs	255		—		(42)		3,833

Integration costs	520		—		1,794		70
Total restructuring and integration costs	$	775	$	—	$	1,752	$	3,903

Compensation Plans - Inducement Plans (Details) - Restricted stock - USD ($) $ in Millions							9 Months Ended
	Aug. 23, 2024	Oct. 07, 2022	Dec. 31, 2020	Apr. 03, 2020	Jan. 03, 2020	Aug. 02, 2019	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)							301,850
Inducement grants \| 2019 Inducement Plan \| Weeden & Co.
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted						$ 7.3
Granted (in shares)						97,752
Inducement grants \| 2020 Inducement Plan \| Sandler O'Neill
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted					$ 96.9
Granted (in shares)					1,217,423
Inducement grants \| 2020 Inducement Plan \| Sandler O'Neill \| Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years					3 years 8 months 12 days
Inducement grants \| 2020 Inducement Plan \| Sandler O'Neill \| 18 Month Period
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years					18 months
Inducement grants \| 2020 Inducement Plan \| Sandler O'Neill \| Three Year Period
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years					3 years
Inducement grants \| 2020 Inducement Plan \| Sandler O'Neill \| Five Year Period
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years					5 years
Inducement grants \| 2020 Inducement Plan \| The Valence Group
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted				$ 5.5
Granted (in shares)				114,000
Inducement grants \| 2020 Inducement Plan \| TRS Advisors LLC
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted			$ 2.9
Granted (in shares)			29,194
Inducement grants \| 2022 Inducement Plan \| DBO Partners
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted		$ 17.4
Granted (in shares)		161,030
Award vesting period in years		5 years
Inducement grants \| 2024 Inducement Plan \| Aviditi Advisors
Share-based Compensation Arrangement by Share-based Payment Award
Value of restricted stock granted	$ 11.8
Granted (in shares)	42,980
Inducement grants \| 2024 Inducement Plan \| Aviditi Advisors \| Three Year Period
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	3 years
Inducement grants \| 2024 Inducement Plan \| Aviditi Advisors \| Five Year Period
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	5 years

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method
Net income attributable to Piper Sandler Companies	$ 34,789	$ 3,878	$ 112,055	$ 33,466
Shares for basic and diluted calculations
Average shares used in basic computation (in shares)	15,921	15,105	15,767	14,895
Average shares used in diluted computation (in shares)	17,769	17,256	17,636	17,176
Earnings per common share
Basic	$ 2.19	$ 0.26	$ 7.11	$ 2.25
Diluted	$ 1.96	$ 0.22	$ 6.35	$ 1.95
Stock options
Shares for basic and diluted calculations
Dilutive impact of securities (in shares)	65	26	48	24
Restricted stock units
Shares for basic and diluted calculations
Dilutive impact of securities (in shares)	190	167	180	155
Restricted stock
Shares for basic and diluted calculations
Dilutive impact of securities (in shares)	1,594	1,959	1,641	2,103

Other Assets

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

OTHER ASSETS


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Installment fee receivables	$	42,255	$	—
Fee receivables	27,558		27,765
Forgivable employee loans	48,919		15,771
Prepaid expenses	25,836		22,396
Income tax receivables	3,521		5,939
Other	27,175		14,084
Total other assets	$	175,264	$	85,955

Installment fee receivables are related to the Company's private fund placement services and are generally paid in installments over a period of two to four years. The Company's installment fee receivables are carried at amortized cost, which approximates fair value, and would be categorized as Level II assets in the fair value hierarchy if they were carried at fair value.

The Company estimates the allowance for credit losses using relevant available information from internal and external sources relating to historical credit loss experience, current economic conditions and reasonable and supportable forecasts that could potentially affect the collectibility of the reported amounts. The allowance for credit losses was immaterial at September 30, 2024 and December 31, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 40,390	$ (13,677)	$ 104,938	$ 34,400
Other comprehensive income, net of tax:
Other comprehensive income/(loss), net of tax — Foreign currency translation adjustment	2,354	(1,209)	2,456	525
Comprehensive income/(loss)	42,744	(14,886)	107,394	34,925
Comprehensive income/(loss) attributable to noncontrolling interests	5,601	(17,555)	(7,117)	934
Comprehensive income attributable to Piper Sandler Companies	$ 37,143	$ 2,669	$ 114,511	$ 33,991

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for a full description of the Company's significant accounting policies.

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Items Included in Consolidated Statement of Financial Condition [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES ("VIEs")

The Company has investments in and/or acts as the managing partner of various partnerships and limited liability companies. These entities were established for the purpose of investing in securities of public or private companies, and were initially financed through the capital commitments or seed investments of the members.

VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities. The determination as to whether an entity is a VIE is based on the structure and nature of each entity. The Company also considers other characteristics such as the power through voting rights or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance and how the entity is financed.

The Company is required to consolidate all VIEs for which it is considered to be the primary beneficiary. The determination as to whether the Company is considered to be the primary beneficiary is based on whether the Company has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

Consolidated VIEs

The Company's consolidated VIEs include certain alternative asset management funds in which the Company has an investment and, as the managing partner, is deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The following table presents information about the carrying value of the assets and liabilities of the alternative asset management funds that are consolidated by the Company and included on the consolidated statements of financial condition. The assets can only be used to settle the liabilities of the respective fund, and the creditors of the funds do not have recourse to the general credit of the Company. The alternative asset management funds have a combined $56.0 million of bank line financing available with interest rates based on SOFR plus an applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities is eliminated in consolidation.


	September 30,		December 31,
(Amounts in thousands)	2024		2023
Assets
Cash and cash equivalents	$	5,772	$	6,994


Investments	239,757		266,508
Other assets	—		37
Total assets	$	245,529	$	273,539

Liabilities



Other liabilities and accrued expenses	$	1,148	$	4,857
Total liabilities	$	1,148	$	4,857

The Company has investments in a grantor trust which was established as part of a nonqualified deferred compensation plan. The Company is the primary beneficiary of the grantor trust. Accordingly, the assets and liabilities of the grantor trust are consolidated by the Company on the consolidated statements of financial condition. See Note 16 for additional information on the Company's nonqualified deferred compensation plan.

Nonconsolidated VIEs

The Company determined it is not the primary beneficiary of certain VIEs and, accordingly, does not consolidate them. These VIEs had net assets approximating $1.1 billion at September 30, 2024 and December 31, 2023. The Company's exposure to loss from these VIEs is $14.7 million, which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at September 30, 2024. The Company had no liabilities related to these VIEs at September 30, 2024 and December 31, 2023. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of September 30, 2024.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Policies and Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Future Adoption of New Applicable Accounting Standards Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). This guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of ASU 2023-07 on its financial statement disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"). This guidance enhances the annual income tax disclosure requirements by requiring disaggregated information related to the effective tax rate reconciliation and income taxes paid, as well as other disclosure requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of ASU 2023-09 on its financial statement disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

+ Details