0001230245-26-000022 | 10-Q | XBRL Viewer

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Fair Value of Financial Instruments - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($)
Level I \| Investments \| Expiring in first quarter of 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Equity securities subject to contractual sale restrictions	$ 4.9

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2026

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 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 II Inc., an entity that facilitates 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.

Common Stock Split

On March 23, 2026, the Company effected a four-for-one forward split of its common stock ("Stock Split") through the filing of an amendment to the Company's amended and restated certificate of incorporation. The Stock Split proportionately increased the number of authorized shares of common stock from 100,000,000 to 400,000,000. The Company's common stock began trading on the split-adjusted basis at the start of trading on March 24, 2026. All share and per share amounts presented herein have been retrospectively adjusted to reflect the impact of the Stock Split. All shares of common stock retained a par value of $0.01 per share upon the effectiveness of the Stock Split. Accordingly, an amount equal to the par value of the increased shares resulting from the Stock Split was reclassified from additional paid-in capital to common stock outstanding.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("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, 2025.

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.

Change in Presentation of Deal-related Expenses

During the first quarter of 2026, the Company changed its presentation of non-interest expenses on the consolidated statements of operations to remove the separate line item for deal-related expenses. On the consolidated statements of operations, deal-related expenses associated with advisory transactions are included in their respective line items in non-interest expenses and those associated with underwriting transactions are reported in other operating expenses.

Comparative amounts have been reclassified to conform with the current period presentation. This reclassification had no impact on sub-totals or totals on the consolidated statements of operations, including total non-interest expenses. This change had no impact on the consolidated statements of financial condition, consolidated statements of comprehensive income, consolidated statements of changes in shareholders' equity or consolidated statements of cash flows. The following table presents the effects of the change in presentation within the consolidated statements of operations:


	Three Months Ended
	March 31, 2025
(Amounts in thousands)	As Previously Reported		Adjustment		As Adjusted
Non-interest expenses
Compensation and benefits	$	248,457	$	—	$	248,457
Occupancy and equipment	18,227		—		18,227
Outside services	14,718		753		15,471
Communications	14,779		662		15,441
Marketing and business development	13,474		1,399		14,873
Deal-related expenses	5,462		(5,462)		—
Trade execution and clearance	5,174		—		5,174

Intangible asset amortization	2,076		—		2,076
Other operating expenses	5,472		2,648		8,120
Total non-interest expenses	$	327,839	$	—	$	327,839

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest	$ 716	$ 1,225

Compensation Plans - Stock Options (Details) - Stock options - Incentive Plan	3 Months Ended
	Mar. 31, 2026 $ / 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)	$ 11.68
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)	$ 6.12
Grant Year 2018 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Term of stock options	10 years

Financial Instruments and Other Inventory Positions - Schedule of Financial Instruments and Other Inventory Positions by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial instruments and other inventory positions owned
Convertible securities	$ 133,979	$ 140,306
Equity securities	3,718	0
Fixed income securities	7,958	2,831
Taxable securities	8,494	33,021
Tax-exempt securities	107,805	125,419
Short-term securities	101,589	19,531
Asset-backed securities	67,530	92,472
U.S. government agency securities	43,948	82,666
U.S. government securities	5,161	201
Derivative contracts	5,143	5,823
Total financial instruments and other inventory positions owned	485,325	502,270
Financial instruments and other inventory positions sold, but not yet purchased
Equity securities	723	0
Fixed income securities	520	3,300
U.S. government securities	40,004	43,403
Derivative contracts	1,895	1,811
Total financial instruments and other inventory positions sold, but not yet purchased	43,142	48,514
Asset Pledged as Collateral
Financial instruments and other inventory positions owned
Total financial instruments and other inventory positions owned	64,048	67,066
Asset Pledged as Collateral \| Short-term Debt
Financial instruments and other inventory positions owned
Total financial instruments and other inventory positions owned	$ 64,000	$ 67,100

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

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.

Convertible Securities

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

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. Non-exchange traded equity securities are measured primarily using broker quotations, prices observed for recently executed market transactions and internally-developed fair value estimates based on observable inputs and are 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.

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, mortgage bonds and Small Business Administration ("SBA") loans. 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 and are categorized as Level II. The Company purchases the guaranteed portions of SBA loans, which are aggregated into pools for securitization and sold in the secondary market. Prior to securitization, the SBA loans are valued using third-party price quotations. The securitized pools of SBA loans are valued using direct price quotations or price quotations for comparable securities and are generally 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, U.S. treasury bond futures, and equity option contracts. 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 15 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 March 31, 2026:


							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	$	—	$	133,979	$	—	$	—	$	133,979
Equity securities	—		3,718		—		—		3,718
Fixed income securities	—		7,958		—		—		7,958
Municipal securities:
Taxable securities	—		8,494		—		—		8,494
Tax-exempt securities	—		107,805		—		—		107,805
Short-term securities	—		101,589		—		—		101,589
Asset-backed securities	—		67,530		—		—		67,530
U.S. government agency securities	—		43,948		—		—		43,948
U.S. government securities	5,161		—		—		—		5,161
Derivative contracts	—		5,397		4,488		(4,742)		5,143
Total financial instruments and other inventory positions owned	5,161		480,418		4,488		(4,742)		485,325

Cash equivalents	306,942		—		—		—		306,942
Investments at fair value (2)	80,865		—		212,376		—		293,241
Total assets	$	392,968	$	480,418	$	216,864	$	(4,742)	$	1,085,508

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	723	$	—	$	—	$	—	$	723
Fixed income securities	—		520		—		—		520


U.S. government securities	40,004		—		—		—		40,004
Derivative contracts	—		3,499		5,246		(6,850)		1,895
Total financial instruments and other inventory positions sold, but not yet purchased	$	40,727	$	4,019	$	5,246	$	(6,850)	$	43,142

(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 $205.1 million attributable to unrelated third-party ownership in consolidated alternative asset management funds, of which $168.6 million is classified as Level III.

At March 31, 2026, the Company's Level I investments at fair value included $4.9 million of equity securities subject to contractual sale restrictions which will expire in the first quarter of 2027.

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2025:


							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	$	—	$	140,306	$	—	$	—	$	140,306

Fixed income securities	—		2,831		—		—		2,831
Municipal securities:
Taxable securities	—		33,021		—		—		33,021
Tax-exempt securities	—		125,419		—		—		125,419
Short-term securities	—		19,531		—		—		19,531
Asset-backed securities	—		92,472		—		—		92,472
U.S. government agency securities	—		82,666		—		—		82,666
U.S. government securities	201		—		—		—		201
Derivative contracts	—		5,744		2,352		(2,273)		5,823
Total financial instruments and other inventory positions owned	201		501,990		2,352		(2,273)		502,270

Cash equivalents	717,600		—		—		—		717,600
Investments at fair value (2)	87,507		—		217,966		—		305,473
Total assets	$	805,308	$	501,990	$	220,318	$	(2,273)	$	1,525,343

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:

Fixed income securities	$	—	$	3,300	$	—	$	—	$	3,300


U.S. government securities	43,403		—		—		—		43,403
Derivative contracts	—		4,039		6,534		(8,762)		1,811
Total financial instruments and other inventory positions sold, but not yet purchased	$	43,403	$	7,339	$	6,534	$	(8,762)	$	48,514

(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 $216.8 million attributable to unrelated third-party ownership in consolidated alternative asset management funds, of which $171.8 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.

The following table summarizes 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)	Derivative Contracts		Investments at Fair Value		Derivative Contracts
Balance at December 31, 2025	$	2,352	$	217,966	$	6,534
Purchases	—		1,283		—
Sales	—		(6,279)		—
Settlements	(550)		—		(2,825)
Transfers in (1)	—		—		—
Transfers out (2)	—		—		—
Total realized and unrealized gains/(losses)	2,686		(594)		1,537
Balance at March 31, 2026	$	4,488	$	212,376	$	5,246

Balance at December 31, 2024	$	1,819	$	176,970	$	991
Purchases	—		11,486		—
Sales	—		—		—
Settlements	(100)		—		(42)
Transfers in (1)	—		—		—
Transfers out (2)	—		(8,182)		—
Total realized and unrealized gains/(losses)	2,637		(14,010)		1,329
Balance at March 31, 2025	$	4,356	$	166,264	$	2,278

Unrealized gains/(losses) for assets/liabilities held at:
March 31, 2026	$	3,043	$	(4,810)	$	1,359
March 31, 2025	$	3,000	$	(14,010)	$	1,638

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

(2)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 March 31, 2026:

Valuation

Weighted

Technique

Unobservable Input

Range

Average (1)

Assets

Derivative contracts

Discounted cash flow

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

0.1 - 44 bps

19.2 bps

Investments at fair value (2)

Market approach

Revenue multiple (3)

2 - 9 times

6.2 times

EBITDA multiple (3)

10 - 19 times

15.3 times

Equity value as multiple of independent financing value (3)

1 - 3 times

1.9 times

Discounted cash flow

Discount rate (4)

5 - 25%

20.5%

Liabilities

Derivative contracts

Discounted cash flow

Premium over the MMD curve in bps (4)

0 - 37 bps

7.4 bps

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

(2)As of March 31, 2026, the Company had $212.4 million of Level III investments at fair value, of which $58.5 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/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Capital Requirements and Other Regulatory Matters	3 Months Ended
Net Capital Requirements and Other Regulatory Matters	Mar. 31, 2026
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 March 31, 2026, net capital calculated under the SEC rule was $276.1 million, and exceeded the minimum net capital required under the SEC rule by $275.1 million. The Company's 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 March 31, 2026, Piper Sandler Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. 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. Piper Sandler MENA Ltd, an Abu Dhabi Global Market ("ADGM") subsidiary, is authorized and regulated by the ADGM Financial Services Regulatory Authority. As of March 31, 2026, Piper Sandler MENA Ltd was in compliance with the capital requirements of the ADGM Financial Services Regulatory Authority.

Financial Instruments and Other Inventory Positions (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Financial instruments and other inventory positions owned
Corporate securities:
Convertible securities	$	133,979	$	140,306
Equity securities	3,718		—
Fixed income securities	7,958		2,831
Municipal securities:
Taxable securities	8,494		33,021
Tax-exempt securities	107,805		125,419
Short-term securities	101,589		19,531
Asset-backed securities	67,530		92,472
U.S. government agency securities	43,948		82,666
U.S. government securities	5,161		201
Derivative contracts	5,143		5,823
Total financial instruments and other inventory positions owned	$	485,325	$	502,270

Financial instruments and other inventory positions sold, but not yet purchased
Corporate securities:
Equity securities	$	723	$	—
Fixed income securities	520		3,300


U.S. government securities	40,004		43,403
Derivative contracts	1,895		1,811
Total financial instruments and other inventory positions sold, but not yet purchased	$	43,142	$	48,514

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:


	March 31, 2026						December 31, 2025
(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	$	7,066	$	4,938	$	364,758	$	7,033	$	4,878	$	355,129
Trading securities	2,819		3,807		227,760		1,063		5,695		236,400






	$	9,885	$	8,745	$	592,518	$	8,096	$	10,573	$	591,529

(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
(Amounts in thousands)		March 31,
Derivative Category	Operations Category	2026		2025
Interest rate derivative contract	Investment banking	$	(42)	$	—
Interest rate derivative contract	Institutional brokerage	3,344		1,244



		$	3,302	$	1,244

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Mar. 31, 2026 USD ($)
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Excess net capital required	$ 120,000,000

Business Segment and Revenues Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Reportable Segment Financial Results

The components of net revenues are as follows:


	Three Months Ended
	March 31,
(Amounts in thousands)	2026		2025
Revenues
Revenues from contracts with customers:
Investment banking:
Advisory services	$	250,962	$	216,800
Corporate financing	73,315		33,061
Municipal financing	23,913		26,403
Total investment banking	348,190		276,264

Institutional brokerage:
Equity brokerage	60,470		54,254
Fixed income services	50,375		47,670
Total institutional brokerage	110,845		101,924

Total revenues from contracts with customers	459,035		378,188

Interest income	11,646		9,963
Investment income/(loss)	4,464		(29,597)
Total revenues	475,145		358,554
Interest expense	736		1,282
Net revenues	$	474,409	$	357,272

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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+ Details

Recent Accounting Pronouncements (Details)	3 Months Ended
Recent Accounting Pronouncements (Details)	Mar. 31, 2026
Accounting Standards Update 2024-03
New Accounting Pronouncements or Change in Accounting Principle
New Accounting Pronouncement or Change in Accounting Principle, Description	Disaggregation of Income Statement ExpensesIn November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). This guidance enhances the disclosure of income statement expenses by requiring disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of ASU 2024-03 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.

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Computation of Earnings per Share

The computation of EPS, adjusted to reflect the impact of the Stock Split, is as follows:


	Three Months Ended
	March 31,
(Amounts in thousands, except per share data)	2026		2025
Net income attributable to Piper Sandler Companies	$	65,242	$	64,915

Shares for basic and diluted calculations
Average shares used in basic computation	67,841		65,513
Stock options	205		265
Restricted stock units	428		554
Restricted shares	2,761		4,819
Average shares used in diluted computation	71,235		71,150

Earnings per common share
Basic	$	0.96	$	0.99
Diluted	$	0.92	$	0.91

Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026:


Restricted stock
Restricted stock related to compensation plans:
Annual grants			1,701,708
Sign-on grants			388,976
Inducement grants			14,372
2022 Inducement Plan grants			253,220
2024 Inducement Plan grants			138,340
Total restricted stock related to compensation plans			2,496,616

Restricted stock related to acquisitions (1)			969,900
Total restricted stock			3,466,516

Restricted stock units			425,080

Stock options			402,108

(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
2026	75%	75%	150%
2025	75%	75%	150%
2024	75%	75%	150%
2023	100%	100%	200%
2022	75%	75%	150%

Schedule of Expected Payout Leverage for Performance Condition RSUs

As of March 31, 2026, the expected payout leverage for the performance condition portion of the award by grant year is as follows:


						Expected Payout
Grant Year						Leverage
2026						75%
2025						75%
2024						75%

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
2026	2029	3.46%	33.9%
2025	2028	4.32%	34.0%
2024	2027	4.38%	34.3%
2023	2026	4.35%	47.5%
2022	2025	1.80%	43.8%

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)	$	11.68		$	6.12

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended
	March 31,
(Amounts in millions)	2026		2025
Stock-based compensation expense	$	28.0	$	30.8
Forfeitures	0.2		0.3
Tax benefit related to stock-based compensation expense	5.6		5.7

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, 2025	3,450,544	$	47.70
Granted	932,472	80.01
Vested	(912,888)	48.59
Canceled	(3,612)	51.06
March 31, 2026	3,466,516	$	56.15

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, 2025	454,740	$	54.30
Granted	166,064	77.44
Vested	(195,724)	44.44
Canceled	—	—
March 31, 2026	425,080	$	67.88

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, 2025	423,068	$	37.47	5.7	$	20,077,175
Granted	—	—
Exercised	(20,960)	24.75			1,320,453
Canceled	—	—
Expired	—	—
March 31, 2026	402,108	$	38.13	5.6	$	15,447,194

Options exercisable at:


March 31, 2026	202,108	$	33.63	4.4	$	8,675,194

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
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, 2025 for a full description of the Company's significant accounting policies.

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2026

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.


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Assets
Cash and cash equivalents	$	9,300	$	249
Receivables from brokers, dealers and clearing organizations	4,858		—

Investments	252,833		268,121
Other assets	400		844
Total assets	$	267,391	$	269,214

Liabilities



Other liabilities and accrued expenses	$	2,425	$	7,990
Total liabilities	$	2,425	$	7,990

- 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

Acquisitions - Acquisition of G Squared Capital Partners (Details) - G Squared Capital Partners $ in Millions	Sep. 12, 2025 USD ($)
Business Combination
Goodwill, amount expected to be deductible for income tax purposes	$ 7.3
Goodwill acquired	7.3
Service requirement \| Net revenue target
Business Combination
Maximum amount of contingent consideration	8.0
Customer relationships
Business Combination
Intangible assets	$ 2.2

- 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

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+ Details

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III $ in Millions	Mar. 31, 2026 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
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	37
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	7.4
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	0.1
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	44
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	19.2
Investments
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value \| $	$ 212.4
Investments \| Measurement Input, Recent Round of Independent Financing
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value \| $	$ 58.5
Investments \| Discounted cash flow \| Discount rate \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	0.05
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	0.205
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	9
Investments \| Market approach \| Revenue multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	6.2
Investments \| Market approach \| EBITDA multiple \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	10
Investments \| Market approach \| EBITDA multiple \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	19
Investments \| Market approach \| EBITDA multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	15.3
Investments \| Market approach \| Equity value as multiple of independent financing value \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	1
Investments \| Market approach \| Equity value as multiple of independent financing value \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	3
Investments \| Market approach \| Equity value as multiple of independent financing value \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information
Investments at fair value, measurement input	1.9

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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	$	—	$	133,979	$	—	$	—	$	133,979
Equity securities	—		3,718		—		—		3,718
Fixed income securities	—		7,958		—		—		7,958
Municipal securities:
Taxable securities	—		8,494		—		—		8,494
Tax-exempt securities	—		107,805		—		—		107,805
Short-term securities	—		101,589		—		—		101,589
Asset-backed securities	—		67,530		—		—		67,530
U.S. government agency securities	—		43,948		—		—		43,948
U.S. government securities	5,161		—		—		—		5,161
Derivative contracts	—		5,397		4,488		(4,742)		5,143
Total financial instruments and other inventory positions owned	5,161		480,418		4,488		(4,742)		485,325

Cash equivalents	306,942		—		—		—		306,942
Investments at fair value (2)	80,865		—		212,376		—		293,241
Total assets	$	392,968	$	480,418	$	216,864	$	(4,742)	$	1,085,508

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	723	$	—	$	—	$	—	$	723
Fixed income securities	—		520		—		—		520


U.S. government securities	40,004		—		—		—		40,004
Derivative contracts	—		3,499		5,246		(6,850)		1,895
Total financial instruments and other inventory positions sold, but not yet purchased	$	40,727	$	4,019	$	5,246	$	(6,850)	$	43,142

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

At March 31, 2026, the Company's Level I investments at fair value included $4.9 million of equity securities subject to contractual sale restrictions which will expire in the first quarter of 2027.

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2025:


							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	$	—	$	140,306	$	—	$	—	$	140,306

Fixed income securities	—		2,831		—		—		2,831
Municipal securities:
Taxable securities	—		33,021		—		—		33,021
Tax-exempt securities	—		125,419		—		—		125,419
Short-term securities	—		19,531		—		—		19,531
Asset-backed securities	—		92,472		—		—		92,472
U.S. government agency securities	—		82,666		—		—		82,666
U.S. government securities	201		—		—		—		201
Derivative contracts	—		5,744		2,352		(2,273)		5,823
Total financial instruments and other inventory positions owned	201		501,990		2,352		(2,273)		502,270

Cash equivalents	717,600		—		—		—		717,600
Investments at fair value (2)	87,507		—		217,966		—		305,473
Total assets	$	805,308	$	501,990	$	220,318	$	(2,273)	$	1,525,343

Liabilities
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:

Fixed income securities	$	—	$	3,300	$	—	$	—	$	3,300


U.S. government securities	43,403		—		—		—		43,403
Derivative contracts	—		4,039		6,534		(8,762)		1,811
Total financial instruments and other inventory positions sold, but not yet purchased	$	43,403	$	7,339	$	6,534	$	(8,762)	$	48,514

(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 table summarizes 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)	Derivative Contracts		Investments at Fair Value		Derivative Contracts
Balance at December 31, 2025	$	2,352	$	217,966	$	6,534
Purchases	—		1,283		—
Sales	—		(6,279)		—
Settlements	(550)		—		(2,825)
Transfers in (1)	—		—		—
Transfers out (2)	—		—		—
Total realized and unrealized gains/(losses)	2,686		(594)		1,537
Balance at March 31, 2026	$	4,488	$	212,376	$	5,246

Balance at December 31, 2024	$	1,819	$	176,970	$	991
Purchases	—		11,486		—
Sales	—		—		—
Settlements	(100)		—		(42)
Transfers in (1)	—		—		—
Transfers out (2)	—		(8,182)		—
Total realized and unrealized gains/(losses)	2,637		(14,010)		1,329
Balance at March 31, 2025	$	4,356	$	166,264	$	2,278

Unrealized gains/(losses) for assets/liabilities held at:
March 31, 2026	$	3,043	$	(4,810)	$	1,359
March 31, 2025	$	3,000	$	(14,010)	$	1,638

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

(2)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

Derivative contracts

Discounted cash flow

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

0.1 - 44 bps

19.2 bps

Investments at fair value (2)

Market approach

Revenue multiple (3)

2 - 9 times

6.2 times

EBITDA multiple (3)

10 - 19 times

15.3 times

Equity value as multiple of independent financing value (3)

1 - 3 times

1.9 times

Discounted cash flow

Discount rate (4)

5 - 25%

20.5%

Liabilities

Derivative contracts

Discounted cash flow

Premium over the MMD curve in bps (4)

0 - 37 bps

7.4 bps

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

(2)As of March 31, 2026, the Company had $212.4 million of Level III investments at fair value, of which $58.5 million was valued based on a recent round of independent financing.

Compensation Plans - Restricted Stock Units (Details) - Incentive Plan - Restricted stock units	3 Months Ended
	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	36 months
Maximum \| Grant Year 2026
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	150.00%
Maximum \| Grant Year 2025
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	150.00%
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%
Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	36 months
Performance Condition \| Grant Year 2026 \| Expected Payout Leverage
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Grant Year 2025 \| Expected Payout Leverage
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Grant Year 2024 \| Expected Payout Leverage
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Maximum \| Grant Year 2026
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Performance Condition \| Maximum \| Grant Year 2025
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
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%
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 2026 \| Vesting Year 2029
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	3.46%
Expected stock price volatility	33.90%
Market Condition \| Grant Year 2025 \| Vesting Year 2028
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	4.32%
Expected stock price volatility	34.00%
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 \| Maximum \| Grant Year 2026
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
Market Condition \| Maximum \| Grant Year 2025
Share-based Compensation Arrangement by Share-based Payment Award
Payout leverage, percentage	75.00%
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%

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Aug. 23, 2024	Feb. 04, 2022
Aviditi Advisors \| Net revenue target
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration					$ 86.3
Cornerstone Macro \| Net revenue target
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration						$ 27.8
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						$ 6.0
Amount paid related to contingent consideration liability			$ 6.0
Cornerstone Macro \| Net revenue target \| Service requirement
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration	$ 5.2
Contingent consideration	2.1
Cornerstone Macro \| Net revenue target \| Service requirement \| Second Quarter 2026
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Maximum amount of contingent consideration	$ 2.6
Cornerstone Macro \| Net revenue target \| Service requirement \| Second Quarter 2025
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Amount paid related to contingent consideration liability		$ 2.6
Annual MFRS Awards \| Minimum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Award Vesting Period	3 years
Annual MFRS Awards \| Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Award Vesting Period	4 years
Retention MFRS Awards \| Minimum
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
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Plan Liabilities	$ 17.8			$ 19.3
Nonqualified Deferred Compensation Plan \| Level I
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits
Plan Assets	$ 17.8			$ 19.3

Earnings Per Share

3 Months Ended

Mar. 31, 2026

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, adjusted to reflect the impact of the Stock Split, is as follows:


	Three Months Ended
	March 31,
(Amounts in thousands, except per share data)	2026		2025
Net income attributable to Piper Sandler Companies	$	65,242	$	64,915

Shares for basic and diluted calculations
Average shares used in basic computation	67,841		65,513
Stock options	205		265
Restricted stock units	428		554
Restricted shares	2,761		4,819
Average shares used in diluted computation	71,235		71,150

Earnings per common share
Basic	$	0.96	$	0.99
Diluted	$	0.92	$	0.91

The anti-dilutive effects from stock options and restricted shares were immaterial for the three months ended March 31, 2026 and 2025.

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement
Compensation and benefits	$ 296,057	$ 248,457
Occupancy and equipment	18,065	18,227
Outside services	13,717	15,471
Communications	14,910	15,441
Marketing and business development	15,151	14,873
Deal-related expenses		0
Trade execution and clearance	5,037	5,174
Amortization of intangible assets	2,057	2,076
Other operating expenses	21,484	8,120
Total non-interest expenses	$ 386,478	327,839
Previously Reported
Statement
Compensation and benefits		248,457
Occupancy and equipment		18,227
Outside services		14,718
Communications		14,779
Marketing and business development		13,474
Deal-related expenses		5,462
Trade execution and clearance		5,174
Amortization of intangible assets		2,076
Other operating expenses		5,472
Total non-interest expenses		327,839
Revision of Prior Period, Adjustment
Statement
Compensation and benefits		0
Occupancy and equipment		0
Outside services		753
Communications		662
Marketing and business development		1,399
Deal-related expenses		(5,462)
Trade execution and clearance		0
Amortization of intangible assets		0
Other operating expenses		2,648
Total non-interest expenses		$ 0

Compensation Plans - Inducement Plans (Details) - Restricted stock - USD ($) $ in Millions					3 Months Ended
	Aug. 23, 2024	Oct. 07, 2022	Apr. 03, 2020	Jan. 03, 2020	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)					932,472
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)				4,869,692
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)			456,000
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)		644,120
Inducement grants \| 2022 Inducement Plan \| DBO Partners \| Five Year Period
Share-based Compensation Arrangement by Share-based Payment Award
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)	171,920
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

Financial Instruments and Other Inventory Positions - Unrealized Gains/(Losses) on Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss)
Unrealized gains/(losses) on derivative instruments	$ 3,302	$ 1,244
Interest rate derivate contract \| Income Statement Location [Axis]: us-gaap:InvestmentBankingRevenue
Derivative Instruments, Gain (Loss)
Unrealized gains/(losses) on derivative instruments	(42)	0
Interest rate derivate contract \| Income Statement Location [Axis]: pipr:InstitutionalBrokerageRevenue
Derivative Instruments, Gain (Loss)
Unrealized gains/(losses) on derivative instruments	$ 3,344	$ 1,244

- 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/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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

Variable Interest Entities

3 Months Ended

Mar. 31, 2026

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.


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Assets
Cash and cash equivalents	$	9,300	$	249
Receivables from brokers, dealers and clearing organizations	4,858		—

Investments	252,833		268,121
Other assets	400		844
Total assets	$	267,391	$	269,214

Liabilities



Other liabilities and accrued expenses	$	2,425	$	7,990
Total liabilities	$	2,425	$	7,990

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 15 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 $796.9 million and $777.0 million at March 31, 2026 and December 31, 2025, respectively. The Company's exposure to loss from these VIEs is $17.8 million, which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at March 31, 2026. The Company had no liabilities related to these VIEs at March 31, 2026 and December 31, 2025. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of March 31, 2026.

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Assets
Convertible securities	$ 133,979,000	$ 140,306,000
Equity securities	3,718,000	0
Fixed income securities	7,958,000	2,831,000
Taxable securities	8,494,000	33,021,000
Tax-exempt securities	107,805,000	125,419,000
Short-term securities	101,589,000	19,531,000
Asset-backed securities	67,530,000	92,472,000
U.S. government agency securities	43,948,000	82,666,000
U.S. government securities	5,161,000	201,000
Derivative contracts	5,143,000	5,823,000
Total financial instruments and other inventory positions owned	485,325,000	502,270,000
Liabilities
Equity securities	723,000	0
Fixed income securities	520,000	3,300,000
U.S. government securities	40,004,000	43,403,000
Derivative contracts	1,895,000	1,811,000
Total financial instruments and other inventory positions sold, but not yet purchased	43,142,000	48,514,000
Securities posted as collateral	0	0
Measured on a recurring basis
Assets
Convertible securities	133,979,000	140,306,000
Equity securities	3,718,000
Fixed income securities	7,958,000	2,831,000
Taxable securities	8,494,000	33,021,000
Tax-exempt securities	107,805,000	125,419,000
Short-term securities	101,589,000	19,531,000
Asset-backed securities	67,530,000	92,472,000
U.S. government agency securities	43,948,000	82,666,000
U.S. government securities	5,161,000	201,000
Derivative contracts	5,143,000	5,823,000
Total financial instruments and other inventory positions owned	485,325,000	502,270,000
Cash equivalents	306,942,000	717,600,000
Investments at fair value	293,241,000	305,473,000
Total assets	1,085,508,000	1,525,343,000
Derivative asset contracts - counterparty and collateral netting	(4,742,000)	(2,273,000)
Liabilities
Equity securities	723,000
Fixed income securities	520,000	3,300,000
U.S. government securities	40,004,000	43,403,000
Derivative contracts	1,895,000	1,811,000
Total financial instruments and other inventory positions sold, but not yet purchased	43,142,000	48,514,000
Derivative liability contracts - counterparty and cash collateral netting	(6,850,000)	(8,762,000)
Measured on a recurring basis \| Investments attributable to noncontrolling interests
Assets
Investments at fair value	205,100,000	216,800,000
Measured on a recurring basis \| Level I
Assets
U.S. government securities	5,161,000	201,000
Total financial instruments and other inventory positions owned	5,161,000	201,000
Cash equivalents	306,942,000	717,600,000
Investments at fair value	80,865,000	87,507,000
Total assets	392,968,000	805,308,000
Liabilities
Equity securities	723,000
U.S. government securities	40,004,000	43,403,000
Total financial instruments and other inventory positions sold, but not yet purchased	40,727,000	43,403,000
Measured on a recurring basis \| Level II
Assets
Convertible securities	133,979,000	140,306,000
Equity securities	3,718,000
Fixed income securities	7,958,000	2,831,000
Taxable securities	8,494,000	33,021,000
Tax-exempt securities	107,805,000	125,419,000
Short-term securities	101,589,000	19,531,000
Asset-backed securities	67,530,000	92,472,000
U.S. government agency securities	43,948,000	82,666,000
Derivative contracts	5,397,000	5,744,000
Total financial instruments and other inventory positions owned	480,418,000	501,990,000
Total assets	480,418,000	501,990,000
Liabilities
Fixed income securities	520,000	3,300,000
Derivative contracts	3,499,000	4,039,000
Total financial instruments and other inventory positions sold, but not yet purchased	4,019,000	7,339,000
Measured on a recurring basis \| Level III
Assets
Derivative contracts	4,488,000	2,352,000
Total financial instruments and other inventory positions owned	4,488,000	2,352,000
Investments at fair value	212,376,000	217,966,000
Total assets	216,864,000	220,318,000
Liabilities
Derivative contracts	5,246,000	6,534,000
Total financial instruments and other inventory positions sold, but not yet purchased	5,246,000	6,534,000
Measured on a recurring basis \| Level III \| Investments attributable to noncontrolling interests
Assets
Investments at fair value	$ 168,600,000	$ 171,800,000

Business Segment and Revenues Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Variable Interest Entities - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity
Total assets	$ 2,130,063,000	$ 2,592,646,000
Total liabilities	572,204,000	1,009,853,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Available bank line financing	56,000,000.0
Total assets	267,391,000	269,214,000
Total liabilities	2,425,000	7,990,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Total assets	796,900,000	777,000,000.0
Variable interest entities, exposure to loss	17,800,000
Total liabilities	$ 0	$ 0

- Definition

Amount of asset recognized for present right to economic benefit.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Shareholders' Equity - Additional Information (Details) - USD ($)

3 Months Ended

May 01, 2026

Feb. 05, 2025

Mar. 31, 2026

Mar. 31, 2025

Mar. 24, 2026

Mar. 23, 2026

Dec. 31, 2025

Equity [Abstract]

Common stock, shares authorized (in shares)

400,000,000

100,000,000

400,000,000

^[1]

Common stock, par value (in dollars per share)

$ 0.01

Preferred Stock, Shares Authorized

5,000,000

Preferred Stock, Par or Stated Value Per Share

$ 0.01

Dividends [Abstract]

Cash dividends paid

$ 100,700,000

Dividends declared per common share

^[2]

$ 1.43

$ 0.91

Share Repurchases [Abstract]

Common shares repurchased pursuant to repurchase authorizations (in shares)

425,148

Aggregate purchase price of shares repurchased pursuant to repurchase authorizations

$ 33,046,000

$ 0

Average price per share of shares repurchased pursuant to repurchase authorizations (in dollars per share)

$ 77.73

$ 0

Common shares repurchased from employees related to employment tax obligations (in shares)

458,656

1,064,240

Aggregate purchase price of shares repurchased from employees related to employment tax obligations

$ 36,843,000

$ 80,629,000

Average price per share of shares repurchased from employees related to employment tax obligations (in dollars per share)

$ 80.33

$ 75.76

Issuance of Shares [Abstract]

Reissuance of treasury shares as a result of employee vesting and exercise transactions (in shares)

1,253,576

2,676,192

Share Repurchase Program Authorized February 5, 2025

Share Repurchases [Abstract]

Stock Repurchase Program Effective Date

Feb. 05, 2025

Stock Repurchase Program, Authorized Amount

$ 150,000,000.0

Stock Repurchase Program Expiration Date

Dec. 31, 2026

Stock Repurchase Program, Remaining Authorized Repurchase Amount

$ 88,500,000

O2026Q1Dividends

Dividends [Abstract]

Cash dividends paid (amount per share)

$ 0.175

S2025ADividends | Fiscal Year 2025

Dividends [Abstract]

Cash dividends paid (amount per share)

$ 1.25

O2026Q2Dividends | Subsequent Event

Dividends [Abstract]

Dividends declared per common share

$ 0.20

[1]	Common shares information and additional paid-in capital have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.
[2]	Common shares and per common share information have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, All Other Investments [Abstract]
Investments at fair value	$ 293,241	$ 305,473
Investments accounted for under the equity method	17,841	17,045
Total investments	311,082	322,518
Less: Investments attributable to noncontrolling interests	(205,069)	(216,838)
Total investments attributable to Piper Sandler Companies	$ 106,013	$ 105,680

- 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

Investments

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Investments

INVESTMENTS


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Investments at fair value	$	293,241	$	305,473

Investments accounted for under the equity method	17,841		17,045
Total investments	311,082		322,518

Less: Investments attributable to noncontrolling interests (1)	(205,069)		(216,838)
Total investments attributable to Piper Sandler Companies	$	106,013	$	105,680

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

Investments at fair value include equity investments in private companies and mutual funds related to deferred compensation plans. See Note 6 for additional information on the Company's investments 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.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	350 North 5th Street, Suite 1000
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55401-5711
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		71,043,945
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001230245
Current Fiscal Year End Date	--12-31

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	Mar. 31, 2026	Dec. 31, 2025
Derivative
Notional amount	$ 592,518	$ 591,529
Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsOwnedAtFairValue
Derivative
Derivative Assets	9,885	8,096
Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue
Derivative
Derivative Liabilities	8,745	10,573
Customer matched-book \| Interest rate derivate contract
Derivative
Notional amount	364,758	355,129
Customer matched-book \| Interest rate derivate contract \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsOwnedAtFairValue
Derivative
Derivative Assets	7,066	7,033
Customer matched-book \| Interest rate derivate contract \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue
Derivative
Derivative Liabilities	4,938	4,878
Trading securities \| Interest rate derivate contract
Derivative
Notional amount	227,760	236,400
Trading securities \| Interest rate derivate contract \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsOwnedAtFairValue
Derivative
Derivative Assets	2,819	1,063
Trading securities \| Interest rate derivate contract \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue
Derivative
Derivative Liabilities	$ 3,807	$ 5,695

Short-Term Financing	3 Months Ended
Short-Term Financing	Mar. 31, 2026
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 20, 2028, unless otherwise terminated. The interest rate is variable and based on either the federal funds rate or prime rate 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 March 31, 2026 and December 31, 2025, there were $10.0 million of advances against this credit facility, with a weighted average interest rate of 5.64 percent. Secured Revolving Credit Facility The Company has a $30 million revolving credit facility with Huntington Bancshares Incorporated. 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 rate, 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 March 31, 2026, there were $5.0 million of advances against this credit facility, with a weighted average interest rate of 5.65 percent. At December 31, 2025, there were $5.0 million advances against this credit facility, with a weighted average interest rate of 5.69 percent.

Financial Instruments and Other Inventory Positions - Additional Information (Details) - Maximum risk of loss $ in Millions	Mar. 31, 2026 USD ($)
Three unnamed financial institution counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions
Uncollateralized credit exposure	$ 4.4
Notional contract amount	72.4
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions
Uncollateralized credit exposure	$ 3.9

Compensation Plans

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Compensation Plans

COMPENSATION PLANS

Stock-Based Compensation Plans

The Company has three outstanding stock-based compensation plans: the Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive 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.

All share and per share amounts presented herein have been retrospectively adjusted to reflect the impact of the Stock Split, as discussed in Note 1.

The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) as of March 31, 2026:


Restricted stock
Restricted stock related to compensation plans:
Annual grants			1,701,708
Sign-on grants			388,976
Inducement grants			14,372
2022 Inducement Plan grants			253,220
2024 Inducement Plan grants			138,340
Total restricted stock related to compensation plans			2,496,616

Restricted stock related to acquisitions (1)			969,900
Total restricted stock			3,466,516

Restricted stock units			425,080

Stock options			402,108

(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 43.6 million shares of common stock (6.4 million shares remained available for future issuance under the Incentive Plan as of March 31, 2026). 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 or four 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 2025 for its February 2026 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. These restricted shares are subject to graded or ratable vesting terms, 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. During 2022, the Company granted $9.3 million (260,500 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.

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
2026	75%	75%	150%
2025	75%	75%	150%
2024	75%	75%	150%
2023	100%	100%	200%
2022	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 March 31, 2026, the expected payout leverage for the performance condition portion of the award by grant year is as follows:


						Expected Payout
Grant Year						Leverage
2026						75%
2025						75%
2024						75%

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
2026	2029	3.46%	33.9%
2025	2028	4.32%	34.0%
2024	2027	4.38%	34.3%
2023	2026	4.35%	47.5%
2022	2025	1.80%	43.8%

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)	$	11.68		$	6.12

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 2024 Inducement Plan in conjunction with its acquisition of Aviditi Capital Advisors, LLC ("Aviditi Advisors"). On August 23, 2024, the Company granted $11.8 million (171,920 shares) in restricted stock. These restricted shares have both ratable and graded vesting terms with vesting periods of three or five years.

The Company established the 2022 Inducement Plan in conjunction with its acquisition of DBO Partners Holding LLC, including its subsidiary, DBO Partners LLC. On October 7, 2022, the Company granted $17.4 million (644,120 shares) in restricted stock. These restricted shares are generally subject to ratable vesting over a five-year vesting period.

The Company established the 2020 Employment Inducement Award Plan (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 (4,869,692 shares) in restricted stock. These restricted shares had 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 (456,000 shares) in restricted stock under the 2020 Inducement Plan in conjunction with its acquisition of The Valence Group. These restricted shares were subject to graded vesting through April 3, 2025. The Company terminated the 2020 Inducement Plan in April 2025.

Stock-Based Compensation Activity

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


	Three Months Ended
	March 31,
(Amounts in millions)	2026		2025
Stock-based compensation expense	$	28.0	$	30.8
Forfeitures	0.2		0.3
Tax benefit related to stock-based compensation expense	5.6		5.7

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, 2025	3,450,544	$	47.70
Granted	932,472	80.01
Vested	(912,888)	48.59
Canceled	(3,612)	51.06
March 31, 2026	3,466,516	$	56.15

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, 2025	454,740	$	54.30
Granted	166,064	77.44
Vested	(195,724)	44.44
Canceled	—	—
March 31, 2026	425,080	$	67.88

As of March 31, 2026, there was $57.0 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.6 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, 2025	423,068	$	37.47	5.7	$	20,077,175
Granted	—	—
Exercised	(20,960)	24.75			1,320,453
Canceled	—	—
Expired	—	—
March 31, 2026	402,108	$	38.13	5.6	$	15,447,194

Options exercisable at:


March 31, 2026	202,108	$	33.63	4.4	$	8,675,194

As of March 31, 2026, there was $1.3 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 1.9 years. There was no tax benefit recorded as a result of stock option exercises for the three months ended March 31, 2026.

Deferred Compensation Plans

The Company maintains various deferred compensation arrangements for employees as described below.

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 or four 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 to 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 $17.8 million and $19.3 million as of March 31, 2026 and December 31, 2025, 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 2025 acquisition of G Squared, additional cash may be earned if certain net revenue targets are achieved. See Note 4 for additional information.

In conjunction with the 2024 acquisition of Aviditi Advisors, 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. 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.

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 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. The Company expects $5.2 million will be earned related to these additional cash payments, of which $2.6 million was paid in the second quarter of 2025. The Company expects the remaining $2.6 million will be paid by June 30, 2026 and has accrued $2.1 million related to this additional cash payment. Amounts estimated to be payable will be recorded as compensation expense on the consolidated statements of operations over the requisite service period.

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	Mar. 31, 2026	Dec. 31, 2025
Receivables from brokers, dealers and clearing organizations
Receivable from clearing organizations	$ 79,842	$ 33,482
Receivable from brokers and dealers	31,355	20,130
Total receivables from brokers, dealers and clearing organizations	111,197	53,612
Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers	39,639	22,358
Payable to clearing organizations	1,268	0
Total payables to brokers, dealers and clearing organizations	$ 40,907	$ 22,358

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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	$ 6,534	$ 991
Purchases	0	0
Sales	0	0
Settlements	(2,825)	(42)
Transfers in	0	0
Transfers out	0	0
Total realized and unrealized gains/(losses)	1,537	1,329
Ending balance	5,246	2,278
Unrealized gains/(losses) for assets/(liabilities) held at period end	1,359	1,638
Financial instruments and other inventory positions owned \| Derivative contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,352	1,819
Purchases	0	0
Sales	0	0
Settlements	(550)	(100)
Transfers in	0	0
Transfers out	0	0
Total realized and unrealized gains/(losses)	2,686	2,637
Ending balance	4,488	4,356
Unrealized gains/(losses) for assets/(liabilities) held at period end	3,043	3,000
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	217,966	176,970
Purchases	1,283	11,486
Sales	(6,279)	0
Settlements	0	0
Transfers in	0	0
Transfers out	0	(8,182)
Total realized and unrealized gains/(losses)	(594)	(14,010)
Ending balance	212,376	166,264
Unrealized gains/(losses) for assets/(liabilities) held at period end	$ (4,810)	$ (14,010)

Legal Contingencies	3 Months Ended
Legal Contingencies	Mar. 31, 2026
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. A civil action was filed against financial institutions, including Piper Sandler and Piper Sandler Financial Products Inc., in California state court alleging the defendants artificially inflated interest rates set for variable rate demand notes. Variable rate demand notes are municipal bonds with interest rates that reset on a periodic basis. As of March 31, 2026, the Company has accrued $9.7 million for a settlement in principle for this litigation (subject to negotiation of the settlement agreement and court approval). 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 March 31, 2026 are not material. Litigation-related accrual activity included within other operating expenses was $8.5 million for the three months ended March 31, 2026 and was immaterial for the three months ended March 31, 2025.

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Schedule of Investments


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Investments at fair value	$	293,241	$	305,473

Investments accounted for under the equity method	17,841		17,045
Total investments	311,082		322,518

Less: Investments attributable to noncontrolling interests (1)	(205,069)		(216,838)
Total investments attributable to Piper Sandler Companies	$	106,013	$	105,680

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

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2026
Business Combination [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 retention-related restricted stock was determined using the market price of the Company's common stock on the date of acquisition. G Squared Capital Partners LLC ("G Squared") On September 12, 2025, the Company completed the acquisition of G Squared, a boutique investment bank specializing in government services and defense technology. The acquisition expanded the scale of the Company's investment banking technology sector. The purchase price consisted of cash consideration, and restricted stock and restricted cash were granted for retention purposes. Additional cash of up to $8.0 million may be earned by certain employees if a net revenue target is achieved during the performance period from January 1, 2026 to December 31, 2027 and they are employed by the Company at the time of the respective payment. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite service period. If earned, amounts will be paid in the first quarter of 2028 and in the first quarter of 2029. The Company recorded $7.3 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of G Squared. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition date fair value of $2.2 million. Pro forma financial information is not presented as the acquisition is not material. The results of operations of G Squared have been included in the Company's consolidated financial statements prospectively beginning on the acquisition date.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Compensation Plans - Stock-Based Compensation Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Payment Arrangement, Additional Disclosure
Stock-based compensation expense	$ 28,000,000.0	$ 30,800,000
Forfeitures	200,000	300,000
Tax benefit related to stock-based compensation expense	$ 5,600,000	$ 5,700,000
Options Outstanding
Ending Balance (in shares)	402,108
Restricted stock
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares)	3,450,544
Granted (in shares)	932,472
Vested (in shares)	(912,888)
Canceled (in shares)	(3,612)
Ending Balance (in shares)	3,466,516		3,450,544
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share)	$ 47.70
Granted (in dollars per share)	80.01
Vested (in dollars per share)	48.59
Canceled (in dollars per share)	51.06
Ending Balance (in dollars per share)	$ 56.15		$ 47.70
Restricted stock units
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares)	454,740
Granted (in shares)	166,064
Vested (in shares)	(195,724)
Canceled (in shares)	0
Ending Balance (in shares)	425,080		454,740
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share)	$ 54.30
Granted (in dollars per share)	77.44
Vested (in dollars per share)	44.44
Canceled (in dollars per share)	0
Ending Balance (in dollars per share)	$ 67.88		$ 54.30
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	$ 57,000,000.0
Weighted average period over which equity award expense expected to be recognized	2 years 7 months 6 days
Stock options
Options Outstanding
Beginning Balance (in shares)	423,068
Granted (in shares)	0
Exercised (in shares)	(20,960)
Canceled (in shares)	0
Expired (in shares)	0
Ending Balance (in shares)	402,108		423,068
Weighted Average Exercise Price (in dollars per share)
Beginning Balance (in dollars per share)	$ 37.47
Granted (in dollars per share)	0
Exercised (in dollars per share)	24.75
Cancelled (in dollars per share)	0
Expired (in dollars per share)	0
Ending Balance (in dollars per share)	$ 38.13		$ 37.47
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 7 months 6 days		5 years 8 months 12 days
Aggregate Intrinsic Value of Stock Options Outstanding	$ 15,447,194		$ 20,077,175
Aggregate Intrinsic Value of Stock Options Exercised	$ 1,320,453
Number of Exercisable Options (in shares)	202,108
Weighted Average Exercise Price of Options Exercisable	$ 33.63
Weighted Average Remaining Contractual Term for Options Exercisable	4 years 4 months 24 days
Aggregate Intrinsic Value of Options Exercisable	$ 8,675,194
Unrecognized compensation cost related to equity awards	$ 1,300,000
Weighted average period over which equity award expense expected to be recognized	1 year 10 months 24 days
Tax Benefit Recorded As a Result of Stock Option Exercises	$ 0

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 344,434	$ 809,415	$ 126,082	$ 482,834
Receivables from brokers, dealers and clearing organizations	111,197	53,612
Investments	311,082	322,518
Other assets	186,778	188,518
Total assets	2,130,063	2,592,646
Liabilities
Other liabilities and accrued expenses	145,004	119,783
Total liabilities	572,204	1,009,853
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	9,300	249
Receivables from brokers, dealers and clearing organizations	4,858	0
Investments	252,833	268,121
Other assets	400	844
Total assets	267,391	269,214
Liabilities
Other liabilities and accrued expenses	2,425	7,990
Total liabilities	$ 2,425	$ 7,990

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Earnings Per Share, Basic, by Common Class, Including Two Class Method

Net income attributable to Piper Sandler Companies

$ 65,242

$ 64,915

Shares for basic and diluted calculations

Average shares used in basic computation (in shares)

67,841

65,513

^[1]

Average shares used in diluted computation (in shares)

71,235

71,150

^[1]

Earnings per common share

Basic

$ 0.96

$ 0.99

^[1]

Diluted

$ 0.92

$ 0.91

^[1]

Stock options

Shares for basic and diluted calculations

Dilutive impact of securities (in shares)

205

265

Restricted stock units

Shares for basic and diluted calculations

Dilutive impact of securities (in shares)

428

554

Restricted stock

Shares for basic and diluted calculations

Dilutive impact of securities (in shares)

2,761

4,819

[1]	Common shares and per common share information have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other assets
Prepaid expenses	$ 19,684	$ 27,657
Other	13,606	12,559
Total other assets	186,778	188,518
Employee
Other assets
Forgivable employee loans	67,148	60,437
Installment fee receivables
Other assets
Fee receivables	35,442	39,736
Fee receivables
Other assets
Fee receivables	$ 50,898	$ 48,129

- Definition

Amount of assets classified as other.

+ 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

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-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Short-Term Financing - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Short-term Debt
Short-term financing	$ 15,000,000		$ 15,000,000
Repayment of short-term debt	0	$ 5,000,000
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	$ 10,000,000.0		$ 10,000,000.0
Weighted average interest rate	5.64%		5.64%
Revolving credit facility \| Huntington Bancshares Incorporated
Short-term Debt
Line of credit, maximum borrowing capacity	$ 30,000,000
Minimum regulatory net capital required	120,000,000
Short-term financing	$ 5,000,000.0		$ 5,000,000.0
Weighted average interest rate	5.65%		5.69%

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Consolidated Statements of Financial Condition - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 344,434

$ 809,415

Receivables from brokers, dealers and clearing organizations

111,197

53,612

Financial instruments and other inventory positions owned

485,325

502,270

Investments (including noncontrolling interests of $205,069 and $216,838, respectively)

311,082

322,518

Fixed assets (net of accumulated depreciation and amortization of $93,979 and $89,312, respectively)

74,641

77,329

Right-of-use lease assets

60,474

64,004

Goodwill

319,258

Intangible assets (net of accumulated amortization of $172,831 and $170,774, respectively)

98,682

99,598

Net deferred income tax assets

138,192

156,124

Other assets

186,778

188,518

Total assets

2,130,063

2,592,646

Liabilities and Shareholders' Equity

Short-term financing

15,000

Payables to brokers, dealers and clearing organizations

40,907

22,358

Financial instruments and other inventory positions sold, but not yet purchased

43,142

48,514

Accrued compensation

230,929

702,847

Accrued lease liabilities

97,222

101,351

Other liabilities and accrued expenses

145,004

119,783

Total liabilities

572,204

1,009,853

Shareholders’ equity (1):

Common stock, $0.01 par value: Shares authorized: 400,000,000; Shares issued: 78,120,833 and 78,250,916, respectively; Shares outstanding: 67,857,561 and 67,483,432, respectively

779

^[1]

Additional paid-in capital

1,004,878

957,145

^[1]

Retained earnings

680,540

728,931

Less: Common stock held in treasury, at cost: 10,263,272 shares and 10,767,484 shares, respectively

(346,119)

(318,581)

Accumulated other comprehensive income

1,758

2,733

Total common shareholders' equity

1,341,836

1,371,007

Noncontrolling interests

216,023

211,786

Total shareholders' equity

1,557,859

1,582,793

Total liabilities and shareholders' equity

2,130,063

2,592,646

Asset Not Pledged as Collateral

Assets

Financial instruments and other inventory positions owned

421,277

435,204

Asset Pledged as Collateral

Assets

Financial instruments and other inventory positions owned

$ 64,048

$ 67,066

[1]	Common shares information and additional paid-in capital have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

Business Segment and Revenues Information - Business Segment and Revenues Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting
Net income attributable to Piper Sandler Companies	$ 65,242	$ 64,915
Total assets	2,130,063		$ 2,592,646
Total investment banking	348,190	276,264
Total institutional brokerage	110,845	101,924
Total revenues from contracts with customers	459,035	378,188
Interest income	11,646	9,963
Investment income/(loss)	4,464	(29,597)
Total revenues	475,145	358,554
Interest expense	736	1,282
Net revenues	474,409	357,272
Advisory services
Segment Reporting
Total investment banking	250,962	216,800
Corporate financing
Segment Reporting
Total investment banking	73,315	33,061
Municipal financing
Segment Reporting
Total investment banking	23,913	26,403
Equity brokerage
Segment Reporting
Total institutional brokerage	60,470	54,254
Fixed income services
Segment Reporting
Total institutional brokerage	$ 50,375	$ 47,670

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues

Investment banking

$ 348,190

$ 276,264

Institutional brokerage

110,845

101,924

Interest income

11,646

9,963

Investment income/(loss)

4,464

(29,597)

Total revenues

475,145

358,554

Interest expense

736

1,282

Net revenues

474,409

357,272

Non-interest expenses

Compensation and benefits

296,057

248,457

Occupancy and equipment

18,065

18,227

Outside services

13,717

15,471

Communications

14,910

15,441

Marketing and business development

15,151

14,873

Trade execution and clearance

5,037

5,174

Intangible asset amortization

2,057

2,076

Other operating expenses

21,484

8,120

Total non-interest expenses

386,478

327,839

Income before income tax expense/(benefit)

87,931

29,433

Income tax expense/(benefit)

19,619

(7,335)

Net income

68,312

36,768

Net income/(loss) attributable to noncontrolling interests

3,070

(28,147)

Net income attributable to Piper Sandler Companies

$ 65,242

$ 64,915

Earnings per common share (1)

Basic

$ 0.96

$ 0.99

^[1]

Diluted

0.92

0.91

^[1]

Dividends declared per common share

^[1]

$ 1.43

$ 0.91

Weighted average number of common shares outstanding (1)

Basic (in shares)

67,841

65,513

^[1]

Diluted (in shares)

71,235

71,150

^[1]

[1]	Common shares and per common share information have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

Financial Instruments and Other Inventory Positions

3 Months Ended

Mar. 31, 2026

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


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Financial instruments and other inventory positions owned
Corporate securities:
Convertible securities	$	133,979	$	140,306
Equity securities	3,718		—
Fixed income securities	7,958		2,831
Municipal securities:
Taxable securities	8,494		33,021
Tax-exempt securities	107,805		125,419
Short-term securities	101,589		19,531
Asset-backed securities	67,530		92,472
U.S. government agency securities	43,948		82,666
U.S. government securities	5,161		201
Derivative contracts	5,143		5,823
Total financial instruments and other inventory positions owned	$	485,325	$	502,270

Financial instruments and other inventory positions sold, but not yet purchased
Corporate securities:
Equity securities	$	723	$	—
Fixed income securities	520		3,300


U.S. government securities	40,004		43,403
Derivative contracts	1,895		1,811
Total financial instruments and other inventory positions sold, but not yet purchased	$	43,142	$	48,514

At March 31, 2026 and December 31, 2025, financial instruments and other inventory positions owned in the amount of $64.0 million and $67.1 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.

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 index. The Company also enters into equity option contracts to hedge market value risk associated with its convertible securities. The Company may enter into credit default swap contracts to hedge credit spread risk associated with the debt instruments held in our trading inventory. These instruments use rates based upon the Credit Default Swap Index ("CDX").

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:


	March 31, 2026						December 31, 2025
(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	$	7,066	$	4,938	$	364,758	$	7,033	$	4,878	$	355,129
Trading securities	2,819		3,807		227,760		1,063		5,695		236,400






	$	9,885	$	8,745	$	592,518	$	8,096	$	10,573	$	591,529

(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
(Amounts in thousands)		March 31,
Derivative Category	Operations Category	2026		2025
Interest rate derivative contract	Investment banking	$	(42)	$	—
Interest rate derivative contract	Institutional brokerage	3,344		1,244



		$	3,302	$	1,244

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 March 31, 2026, the Company had $4.4 million of uncollateralized credit exposure with three counterparties (notional contract amount of $72.4 million), including $3.9 million of uncollateralized credit exposure with one counterparty.

Receivables from and Payables to Brokers, Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2026

Broker-Dealer [Abstract]

Receivables from and Payables to Brokers, Dealers and Clearing Organizations

RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Receivables from brokers, dealers and clearing organizations

Receivable from clearing organizations	$	79,842	$	33,482

Receivable from brokers and dealers	31,355		20,130



Total receivables from brokers, dealers and clearing organizations	$	111,197	$	53,612

Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers	$	39,639	$	22,358
Payable to clearing organizations	1,268		—



Total payables to brokers, dealers and clearing organizations	$	40,907	$	22,358

Under the Company's fully disclosed clearing agreement, all of its securities inventories with the exception of convertible securities, and all of its customer activities are held by or cleared through Pershing LLC ("Pershing"). The Company has established an arrangement to obtain financing from Pershing related to the majority of its trading activities. The Company also has a clearing arrangement with bank financing related to its convertible securities inventories. Financing under these arrangements is secured primarily by securities, and collateral limitations could reduce the amount of funding available under these arrangements. The funding is at their discretion and could be denied. The Company's clearing arrangement activities are recorded net of trading activity. The Company's fully disclosed clearing agreement includes a covenant requiring Piper Sandler to maintain excess net capital of $120 million.

Business Segment and Revenues Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segment and Revenues Information

BUSINESS SEGMENT AND REVENUES INFORMATION

The Company's activities as an investment bank and institutional securities firm constitute a single business segment. Revenues for the Company are derived from investment banking services and institutional sales, trading and research services. 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. The accounting policies for the reportable segment are the same as those described in Note 2.

The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM, who manages business activities on a consolidated basis, considers monthly plan-to-actual variances of net income attributable to Piper Sandler Companies in assessing performance, determining compensation and making decisions about the use of capital, including repurchases of common stock, dividend payments, and acquisitions.

The CODM evaluates the performance and allocates resources of the reportable segment based on net income attributable to Piper Sandler Companies as reported on the consolidated statements of operations. For the three months ended March 31, 2026 and 2025, net income attributable to Piper Sandler Companies was $65.2 million and $64.9 million, respectively. The significant expense categories of the reportable segment are consistent with the presentation of non-interest expenses on the consolidated statements of operations. The measure of reportable segment assets is reported on the consolidated statements of financial condition as total assets. At March 31, 2026 and December 31, 2025, total assets were $2.13 billion and $2.59 billion, respectively.

The components of net revenues are as follows:


	Three Months Ended
	March 31,
(Amounts in thousands)	2026		2025
Revenues
Revenues from contracts with customers:
Investment banking:
Advisory services	$	250,962	$	216,800
Corporate financing	73,315		33,061
Municipal financing	23,913		26,403
Total investment banking	348,190		276,264

Institutional brokerage:
Equity brokerage	60,470		54,254
Fixed income services	50,375		47,670
Total institutional brokerage	110,845		101,924

Total revenues from contracts with customers	459,035		378,188

Interest income	11,646		9,963
Investment income/(loss)	4,464		(29,597)
Total revenues	475,145		358,554
Interest expense	736		1,282
Net revenues	$	474,409	$	357,272

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 42
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 34
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Topic 280
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Compensation Plans - Incentive Plan Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026 plan shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of stock-based compensation plans \| plan	3
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	932,472
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Equity award grants authorized (in shares)	43,600,000
Shares available for future issuance (in shares)	6,400,000
Incentive Plan \| Annual grants \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Annual grant expense period	1 year
Incentive Plan \| Annual grants \| Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	3 years
Incentive Plan \| Annual grants \| Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period in years	4 years
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)		260,500
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

Organization and Basis of Presentation - Additional Information (Details)

3 Months Ended

Mar. 23, 2026

Mar. 31, 2026

segment

$ / shares

Mar. 24, 2026

Dec. 31, 2025

$ / shares

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Number of reportable segments | segment

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

Stockholders' Equity Note, Stock Split, Conversion Ratio

Common Stock, Shares Authorized | shares

100,000,000

400,000,000

^[1]

[1]	Common shares information and additional paid-in capital have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

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

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

Effective Date

Authorized Amount

Expiration Date

Remaining Authorization at March 31, 2026

February 5, 2025

$150.0 million

December 31, 2026

$88.5 million

Summary of the Company's Repurchase Activity

The following table summarizes the Company's share repurchase activity:


	Three Months Ended
	March 31,
	2026		2025
Shares repurchased pursuant to repurchase authorizations
Common shares repurchased	425,148		—
Aggregate purchase price (in millions)	$	33.0	$	—
Average price per share	$	77.73	$	—

Shares repurchased from employees related to employment tax obligations
Common shares repurchased	458,656		1,064,240
Aggregate purchase price (in millions)	$	36.8	$	80.6
Average price per share	$	80.33	$	75.76

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Stock options (in shares)	402,108
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	3,466,516	3,450,544
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	425,080	454,740
Restricted stock related to compensation plans \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	2,496,616
Restricted stock related to acquisitions \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock outstanding (in shares)	969,900
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)	1,701,708
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)	388,976
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)	14,372
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)	253,220
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)	138,340

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]
Accounting Policies and Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Future Adoption of New Applicable Accounting Standards Disaggregation of Income Statement Expenses In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). This guidance enhances the disclosure of income statement expenses by requiring disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of ASU 2024-03 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net income	$ 68,312	$ 36,768
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization of fixed assets	4,734	4,213
Deferred income taxes	17,932	32,272
Stock-based compensation	28,020	31,161
Amortization of intangible assets	2,057	2,076
Amortization of forgivable loans	7,339	5,020
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	(57,585)	141,838
Net financial instruments and other inventory positions owned	11,573	(39,323)
Investments	11,436	20,354
Other assets	(2,656)	(66,321)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	18,549	(5,097)
Accrued compensation	(410,069)	(351,504)
Other liabilities and accrued expenses	8,641	(18,682)
Net cash used in operating activities	(291,717)	(207,225)
Investing Activities
Business acquisitions, net of cash acquired	(1,152)	0
Purchases of fixed assets, net	(2,155)	(11,148)
Net cash used in investing activities	(3,307)	(11,148)
Financing Activities
Net change in short-term financing	0	5,000
Payment of cash dividends	(100,721)	(70,261)
Increase in noncontrolling interests	1,167	4,841
Repurchase of common stock	(69,889)	(80,629)
Proceeds from stock option exercises	519	1,485
Net cash used in financing activities	(168,924)	(139,564)
Currency adjustment:
Effect of exchange rate changes on cash	(1,033)	1,185
Net decrease in cash and cash equivalents	(464,981)	(356,752)
Cash and cash equivalents at beginning of year	809,415	482,834
Cash and cash equivalents at end of year	$ 344,434	$ 126,082

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, 2024

^[1]

64,446,892

Beginning Balance at Dec. 31, 2024

$ 1,415,773

$ 779

^[1]

$ 981,140

^[1]

$ 561,746

$ (314,656)

$ (1,179)

$ 1,227,830

$ 187,943

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

Net income

36,768

64,915

(28,147)

Dividends declared

(70,261)

Amortization/issuance of restricted stock (2)

^[2]

68,664

Repurchase of common stock through share repurchase program

$ 0

Repurchase of common stock through share repurchase program (in shares)

Issuance of treasury shares for options exercised (in shares)

^[1]

60,000

Issuance of treasury shares for options exercised

$ 1,485

1,469

1,485

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

^[1]

2,616,192

Issuance of treasury shares for restricted stock vestings

$ 0

(63,105)

63,105

Repurchase of common stock from employees (in shares)

(1,064,240)

^[1]

Repurchase of common stock from employees

$ (80,629)

(80,629)

Shares reserved/issued for director compensation (in shares)

^[1]

5,276

Shares reserved/issued for director compensation

333

Other comprehensive income/(loss)

1,136

Fund capital contributions/(distributions), net

4,841

Ending Balance (in shares) at Mar. 31, 2025

^[1]

66,064,120

Ending Balance at Mar. 31, 2025

1,378,110

$ 779

^[1]

987,048

^[1]

556,400

(330,711)

(43)

1,213,473

164,637

Beginning Balance (in shares) at Dec. 31, 2025

^[1]

67,483,432

Beginning Balance at Dec. 31, 2025

1,582,793

$ 779

^[1]

957,145

^[1]

728,931

(318,581)

2,733

1,371,007

211,786

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

Net income

68,312

65,242

3,070

Dividends declared

(113,633)

Amortization/issuance of restricted stock (2)

^[2]

89,252

Repurchase of common stock through share repurchase program

$ (33,046)

(33,046)

Repurchase of common stock through share repurchase program (in shares)

(425,148)

Issuance of treasury shares for options exercised (in shares)

20,960

Issuance of treasury shares for options exercised

$ 519

(113)

632

519

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

1,232,616

Issuance of treasury shares for restricted stock vestings

$ 0

(41,719)

41,719

Repurchase of common stock from employees (in shares)

(458,656)

Repurchase of common stock from employees

$ (36,843)

(36,843)

Shares reserved/issued for director compensation (in shares)

4,357

Shares reserved/issued for director compensation

313

Other comprehensive income/(loss)

(975)

Fund capital contributions/(distributions), net

1,167

Ending Balance (in shares) at Mar. 31, 2026

67,857,561

Ending Balance at Mar. 31, 2026

$ 1,557,859

$ 779

$ 1,004,878

$ 680,540

$ (346,119)

$ 1,758

$ 1,341,836

$ 216,023

[1]	Common shares information and additional paid-in capital have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.
[2]	Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Statement of Financial Position [Abstract]

Investments attributable to noncontrolling interests

$ 205,069

$ 216,838

Accumulated depreciation and amortization on fixed assets

93,979

89,312

Accumulated amortization on intangible assets

$ 172,831

$ 170,774

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

400,000,000

^[1]

Common stock, shares issued (in shares)

78,120,833

78,250,916

^[1]

Common stock, shares outstanding (in shares)

67,857,561

67,483,432

^[1]

Common stock held in treasury, shares (in shares)

10,263,272

10,767,484

^[1]

[1]	Common shares information and additional paid-in capital have been adjusted to reflect the four-for-one forward split of common stock, as discussed in Note 1.

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

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

3 Months Ended

Mar. 31, 2026

Broker-Dealer [Abstract]

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


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Receivables from brokers, dealers and clearing organizations

Receivable from clearing organizations	$	79,842	$	33,482

Receivable from brokers and dealers	31,355		20,130



Total receivables from brokers, dealers and clearing organizations	$	111,197	$	53,612

Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers	$	39,639	$	22,358
Payable to clearing organizations	1,268		—



Total payables to brokers, dealers and clearing organizations	$	40,907	$	22,358

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Other Assets

3 Months Ended

Mar. 31, 2026

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

Other Assets

OTHER ASSETS


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Installment fee receivables	$	35,442	$	39,736
Fee receivables	50,898		48,129
Forgivable employee loans	67,148		60,437
Prepaid expenses	19,684		27,657

Other	13,606		12,559
Total other assets	$	186,778	$	188,518

The Company's installment fee receivables and forgivable employee loans 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 allowance for credit losses was immaterial at March 31, 2026 and December 31, 2025.

Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the effects of the change in presentation within the consolidated statements of operations:


	Three Months Ended
	March 31, 2025
(Amounts in thousands)	As Previously Reported		Adjustment		As Adjusted
Non-interest expenses
Compensation and benefits	$	248,457	$	—	$	248,457
Occupancy and equipment	18,227		—		18,227
Outside services	14,718		753		15,471
Communications	14,779		662		15,441
Marketing and business development	13,474		1,399		14,873
Deal-related expenses	5,462		(5,462)		—
Trade execution and clearance	5,174		—		5,174

Intangible asset amortization	2,076		—		2,076
Other operating expenses	5,472		2,648		8,120
Total non-interest expenses	$	327,839	$	—	$	327,839

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 68,312	$ 36,768
Other comprehensive income/(loss), net of tax:
Other comprehensive income/(loss), net of tax — Foreign currency translation adjustment	(975)	1,136
Comprehensive income	67,337	37,904
Comprehensive income/(loss) attributable to noncontrolling interests	3,070	(28,147)
Comprehensive income attributable to Piper Sandler Companies	$ 64,267	$ 66,051

- 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.

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+ Details

Other Assets (Tables)

3 Months Ended

Mar. 31, 2026

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

Schedule of Other Assets


	March 31,		December 31,
(Amounts in thousands)	2026		2025
Installment fee receivables	$	35,442	$	39,736
Fee receivables	50,898		48,129
Forgivable employee loans	67,148		60,437
Prepaid expenses	19,684		27,657

Other	13,606		12,559
Total other assets	$	186,778	$	188,518

Legal Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Settlement for CA VRDN
Loss Contingencies
Loss Contingency Accrual	$ 9.7
Income Statement Location [Axis]: us-gaap:OtherNoninterestExpense
Loss Contingencies
Litigation Settlement, Fee Expense	$ 8.5

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+ Details

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Mar. 31, 2026 USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Minimum net capital requirement	$ 1,000,000.0
Net capital	276,100,000
Excess net capital	275,100,000
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 \| Huntington Bancshares Incorporated
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer
Minimum regulatory net capital required	$ 120,000,000

Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS' EQUITY

The Company's amended and restated certificate of incorporation provides for the issuance of up to 400,000,000 shares of common stock with a par value of $0.01 per share and up to 5,000,000 shares of undesignated preferred stock with a par value of $0.01 per share.

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 three months ended March 31, 2026, the Company declared and paid a quarterly cash dividend on its common stock of $0.175 per share, and a special cash dividend on its common stock of $1.25 per share. The special cash dividend related to the Company's fiscal year 2025 results. Total dividends paid, including accrued forfeitable dividends paid on restricted stock awards that vested, were $100.7 million for the three months ended March 31, 2026.

On May 1, 2026, the board of directors declared a quarterly cash dividend on its common stock of $0.20 per share to be paid on June 12, 2026, to shareholders of record as of the close of business on May 29, 2026.

Share Repurchases

The Company purchases shares of common stock pursuant to share repurchase program 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 program authorized by the Company's board of directors:

Effective Date

Authorized Amount

Expiration Date

Remaining Authorization at March 31, 2026

February 5, 2025

$150.0 million

December 31, 2026

$88.5 million

The following table summarizes the Company's share repurchase activity:


	Three Months Ended
	March 31,
	2026		2025
Shares repurchased pursuant to repurchase authorizations
Common shares repurchased	425,148		—
Aggregate purchase price (in millions)	$	33.0	$	—
Average price per share	$	77.73	$	—

Shares repurchased from employees related to employment tax obligations
Common shares repurchased	458,656		1,064,240
Aggregate purchase price (in millions)	$	36.8	$	80.6
Average price per share	$	80.33	$	75.76

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 15. During the three months ended March 31, 2026 and 2025, the Company issued 1,253,576 shares and 2,676,192 shares, respectively, related to these obligations.

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 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.

+ References

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+ Details