10-Q 1 pipr-20220930.htm 10-Q pipr-20220930
false2022Q3000123024512/31P3YP3Y1000012302452022-01-012022-09-3000012302452022-10-26xbrli:shares00012302452022-09-30iso4217:USD00012302452021-12-310001230245us-gaap:AssetNotPledgedAsCollateralMember2022-09-300001230245us-gaap:AssetNotPledgedAsCollateralMember2021-12-310001230245us-gaap:AssetPledgedAsCollateralMember2022-09-300001230245us-gaap:AssetPledgedAsCollateralMember2021-12-31iso4217:USDxbrli:shares00012302452022-07-012022-09-3000012302452021-07-012021-09-3000012302452021-01-012021-09-300001230245us-gaap:CommonStockMember2021-12-310001230245us-gaap:AdditionalPaidInCapitalMember2021-12-310001230245us-gaap:RetainedEarningsMember2021-12-310001230245us-gaap:TreasuryStockMember2021-12-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001230245us-gaap:ParentMember2021-12-310001230245us-gaap:NoncontrollingInterestMember2021-12-310001230245us-gaap:RetainedEarningsMember2022-01-012022-03-310001230245us-gaap:ParentMember2022-01-012022-03-310001230245us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100012302452022-01-012022-03-310001230245us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001230245us-gaap:CommonStockMember2022-01-012022-03-310001230245us-gaap:TreasuryStockMember2022-01-012022-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001230245us-gaap:CommonStockMember2022-03-310001230245us-gaap:AdditionalPaidInCapitalMember2022-03-310001230245us-gaap:RetainedEarningsMember2022-03-310001230245us-gaap:TreasuryStockMember2022-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001230245us-gaap:ParentMember2022-03-310001230245us-gaap:NoncontrollingInterestMember2022-03-3100012302452022-03-310001230245us-gaap:RetainedEarningsMember2022-04-012022-06-300001230245us-gaap:ParentMember2022-04-012022-06-300001230245us-gaap:NoncontrollingInterestMember2022-04-012022-06-3000012302452022-04-012022-06-300001230245us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001230245us-gaap:CommonStockMember2022-04-012022-06-300001230245us-gaap:TreasuryStockMember2022-04-012022-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001230245us-gaap:CommonStockMember2022-06-300001230245us-gaap:AdditionalPaidInCapitalMember2022-06-300001230245us-gaap:RetainedEarningsMember2022-06-300001230245us-gaap:TreasuryStockMember2022-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001230245us-gaap:ParentMember2022-06-300001230245us-gaap:NoncontrollingInterestMember2022-06-3000012302452022-06-300001230245us-gaap:RetainedEarningsMember2022-07-012022-09-300001230245us-gaap:ParentMember2022-07-012022-09-300001230245us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001230245us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001230245us-gaap:CommonStockMember2022-07-012022-09-300001230245us-gaap:TreasuryStockMember2022-07-012022-09-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001230245us-gaap:CommonStockMember2022-09-300001230245us-gaap:AdditionalPaidInCapitalMember2022-09-300001230245us-gaap:RetainedEarningsMember2022-09-300001230245us-gaap:TreasuryStockMember2022-09-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001230245us-gaap:ParentMember2022-09-300001230245us-gaap:NoncontrollingInterestMember2022-09-300001230245us-gaap:CommonStockMember2020-12-310001230245us-gaap:AdditionalPaidInCapitalMember2020-12-310001230245us-gaap:RetainedEarningsMember2020-12-310001230245us-gaap:TreasuryStockMember2020-12-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001230245us-gaap:ParentMember2020-12-310001230245us-gaap:NoncontrollingInterestMember2020-12-3100012302452020-12-310001230245us-gaap:RetainedEarningsMember2021-01-012021-03-310001230245us-gaap:ParentMember2021-01-012021-03-310001230245us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100012302452021-01-012021-03-310001230245us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001230245us-gaap:CommonStockMember2021-01-012021-03-310001230245us-gaap:TreasuryStockMember2021-01-012021-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001230245us-gaap:CommonStockMember2021-03-310001230245us-gaap:AdditionalPaidInCapitalMember2021-03-310001230245us-gaap:RetainedEarningsMember2021-03-310001230245us-gaap:TreasuryStockMember2021-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001230245us-gaap:ParentMember2021-03-310001230245us-gaap:NoncontrollingInterestMember2021-03-3100012302452021-03-310001230245us-gaap:RetainedEarningsMember2021-04-012021-06-300001230245us-gaap:ParentMember2021-04-012021-06-300001230245us-gaap:NoncontrollingInterestMember2021-04-012021-06-3000012302452021-04-012021-06-300001230245us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001230245us-gaap:CommonStockMember2021-04-012021-06-300001230245us-gaap:TreasuryStockMember2021-04-012021-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001230245us-gaap:CommonStockMember2021-06-300001230245us-gaap:AdditionalPaidInCapitalMember2021-06-300001230245us-gaap:RetainedEarningsMember2021-06-300001230245us-gaap:TreasuryStockMember2021-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001230245us-gaap:ParentMember2021-06-300001230245us-gaap:NoncontrollingInterestMember2021-06-3000012302452021-06-300001230245us-gaap:RetainedEarningsMember2021-07-012021-09-300001230245us-gaap:ParentMember2021-07-012021-09-300001230245us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001230245us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001230245us-gaap:CommonStockMember2021-07-012021-09-300001230245us-gaap:TreasuryStockMember2021-07-012021-09-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001230245us-gaap:CommonStockMember2021-09-300001230245us-gaap:AdditionalPaidInCapitalMember2021-09-300001230245us-gaap:RetainedEarningsMember2021-09-300001230245us-gaap:TreasuryStockMember2021-09-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001230245us-gaap:ParentMember2021-09-300001230245us-gaap:NoncontrollingInterestMember2021-09-3000012302452021-09-30pipr:segment0001230245pipr:CornerstoneMacroMember2022-02-042022-02-040001230245pipr:CornerstoneMacroMember2022-02-040001230245pipr:CornerstoneMacroMemberus-gaap:RestrictedStockMember2022-02-042022-02-040001230245pipr:CornerstoneMacroMemberus-gaap:RestrictedStockMember2022-02-040001230245pipr:CornerstoneMacroMemberpipr:DueFromEmployeesMember2022-02-040001230245pipr:CornerstoneMacroMembersrt:WeightedAverageMemberus-gaap:RestrictedStockMember2022-02-042022-02-040001230245pipr:CornerstoneMacroMembersrt:WeightedAverageMemberpipr:DueFromEmployeesMember2022-02-042022-02-040001230245pipr:CornerstoneMacroMemberpipr:NetrevenuetargetMember2022-02-040001230245pipr:CornerstoneMacroMemberpipr:NoServiceRequirementMemberpipr:NetrevenuetargetMember2022-02-040001230245us-gaap:CustomerRelationshipsMemberpipr:CornerstoneMacroMember2022-02-040001230245pipr:CornerstoneMacroMember2022-07-012022-09-300001230245pipr:CornerstoneMacroMember2022-01-012022-09-300001230245pipr:CornerstoneMacroMember2021-07-012021-09-300001230245pipr:CornerstoneMacroMember2021-01-012021-09-300001230245pipr:StamfordPartnersMember2022-06-102022-06-100001230245us-gaap:CustomerRelationshipsMemberpipr:StamfordPartnersMember2022-06-100001230245us-gaap:AssetPledgedAsCollateralMemberus-gaap:ShortTermDebtMember2022-09-300001230245us-gaap:AssetPledgedAsCollateralMemberus-gaap:ShortTermDebtMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:CustomerMatchedBookMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:CustomerMatchedBookMember2022-09-300001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:CustomerMatchedBookMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:CustomerMatchedBookMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:CustomerMatchedBookMember2021-12-310001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:CustomerMatchedBookMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMember2022-09-300001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMember2021-12-310001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NondesignatedMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:NondesignatedMember2022-09-300001230245us-gaap:NondesignatedMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NondesignatedMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:NondesignatedMember2021-12-310001230245us-gaap:NondesignatedMember2021-12-310001230245pipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2022-07-012022-09-300001230245pipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-07-012021-09-300001230245pipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2022-01-012022-09-300001230245pipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-01-012021-09-300001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2022-07-012022-09-300001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2021-07-012021-09-300001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2022-01-012022-09-300001230245us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2021-01-012021-09-300001230245us-gaap:StockOptionMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2022-07-012022-09-300001230245us-gaap:StockOptionMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2021-07-012021-09-300001230245us-gaap:StockOptionMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2022-01-012022-09-300001230245us-gaap:StockOptionMemberus-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMember2021-01-012021-09-300001230245us-gaap:NondesignatedMember2022-07-012022-09-300001230245us-gaap:NondesignatedMember2021-07-012021-09-300001230245us-gaap:NondesignatedMember2022-01-012022-09-300001230245us-gaap:NondesignatedMember2021-01-012021-09-300001230245us-gaap:FairValueConcentrationOfRiskMaximumAmountOfLossMemberpipr:CounterpartiesnotrequiredtopostcollateralMember2022-09-300001230245us-gaap:FairValueConcentrationOfRiskMaximumAmountOfLossMemberpipr:OneunnamedfinancialinstitutionalnotrequiredtopostcollateralMember2022-09-300001230245pipr:MeasurementInputExpectedRecoveryRateMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NontaxableMunicipalBondsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-09-30xbrli:pure0001230245pipr:MeasurementInputExpectedRecoveryRateMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:NontaxableMunicipalBondsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-09-300001230245pipr:MeasurementInputExpectedRecoveryRateMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NontaxableMunicipalBondsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2022-09-300001230245us-gaap:InterestRateLockCommitmentsMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2022-09-30pipr:basis_points0001230245us-gaap:InterestRateLockCommitmentsMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2022-09-300001230245us-gaap:InterestRateLockCommitmentsMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2022-09-300001230245us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:InvestmentsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:InvestmentsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:InvestmentsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:InvestmentsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245pipr:MeasurementInputExpectedLiquidationValueMemberus-gaap:InvestmentsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245pipr:MeasurementInputExpectedLiquidationValueMemberus-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245pipr:MeasurementInputExpectedLiquidationValueMemberus-gaap:InvestmentsMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:InterestRateLockCommitmentsMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2022-09-300001230245us-gaap:InterestRateLockCommitmentsMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2022-09-300001230245us-gaap:InterestRateLockCommitmentsMembersrt:WeightedAverageMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2022-09-300001230245us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Memberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:InvestmentsMemberpipr:MeasurementInputRecentRoundOfFinancingMemberus-gaap:FairValueInputsLevel3Memberpipr:EquityinvestmentinprivatecompanyMember2022-09-300001230245us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001230245us-gaap:FairValueMeasurementsRecurringMember2022-09-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NoncontrollingInterestMember2022-09-300001230245us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001230245us-gaap:FairValueMeasurementsRecurringMember2021-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NoncontrollingInterestMember2021-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2022-09-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2021-12-310001230245us-gaap:FairValueInputsLevel3Member2022-09-300001230245us-gaap:FairValueInputsLevel3Member2021-12-310001230245us-gaap:FairValueInputsLevel3Member2021-01-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2022-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2022-07-012022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2022-09-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-07-012022-09-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-07-012022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-09-300001230245us-gaap:InvestmentsMember2022-06-300001230245us-gaap:InvestmentsMember2022-07-012022-09-300001230245us-gaap:InvestmentsMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2022-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2022-07-012022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2021-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2021-07-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MortgageBackedSecuritiesMember2021-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MortgageBackedSecuritiesMember2021-07-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MortgageBackedSecuritiesMember2021-09-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-07-012021-09-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-07-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-09-300001230245us-gaap:InvestmentsMember2021-06-300001230245us-gaap:InvestmentsMember2021-07-012021-09-300001230245us-gaap:InvestmentsMember2021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2021-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2021-07-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2022-01-012022-09-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-12-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-01-012022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2022-01-012022-09-300001230245us-gaap:InvestmentsMember2021-12-310001230245us-gaap:InvestmentsMember2022-01-012022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2021-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2022-01-012022-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2020-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:NontaxableMunicipalBondsMember2021-01-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MortgageBackedSecuritiesMember2020-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MortgageBackedSecuritiesMember2021-01-012021-09-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-12-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-01-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2021-01-012021-09-300001230245us-gaap:InvestmentsMember2020-12-310001230245us-gaap:InvestmentsMember2021-01-012021-09-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2020-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:DerivativeMember2021-01-012021-09-300001230245us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-09-300001230245us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-09-300001230245us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310001230245pipr:PershingclearingarrangementMember2022-09-300001230245us-gaap:CustomerRelationshipsMemberpipr:CornerstoneMacroMember2022-02-042022-02-040001230245us-gaap:CustomerRelationshipsMemberpipr:StamfordPartnersMember2022-06-102022-06-100001230245us-gaap:TradeNamesMember2022-09-300001230245us-gaap:RevolvingCreditFacilityMember2022-09-300001230245us-gaap:LineOfCreditMember2022-01-012022-09-300001230245us-gaap:LineOfCreditMember2022-09-300001230245srt:WeightedAverageMember2022-09-300001230245us-gaap:FacilityClosingMember2022-07-012022-09-300001230245us-gaap:FacilityClosingMember2021-07-012021-09-300001230245us-gaap:FacilityClosingMember2022-01-012022-09-300001230245us-gaap:FacilityClosingMember2021-01-012021-09-300001230245us-gaap:EmployeeSeveranceMember2022-07-012022-09-300001230245us-gaap:EmployeeSeveranceMember2021-07-012021-09-300001230245us-gaap:EmployeeSeveranceMember2022-01-012022-09-300001230245us-gaap:EmployeeSeveranceMember2021-01-012021-09-300001230245pipr:ShareRepurchaseProgramAuthorizedMay62022Member2022-01-012022-09-300001230245pipr:ShareRepurchaseProgramAuthorizedMay62022Member2022-05-060001230245pipr:ShareRepurchaseProgramAuthorizedMay62022Member2022-09-300001230245pipr:ShareRepurchaseProgramAuthorizedJanuary12022Member2022-01-012022-09-300001230245pipr:ShareRepurchaseProgramAuthorizedJanuary12022Member2022-01-010001230245pipr:ShareRepurchaseProgramAuthorizedJanuary12022Member2022-09-300001230245pipr:ShareRepurchaseProgramAuthorizedJanuary12020Member2022-01-012022-09-300001230245pipr:ShareRepurchaseProgramAuthorizedJanuary12020Member2020-01-010001230245pipr:ShareRepurchaseProgramAuthorizedJanuary12020Member2022-09-300001230245pipr:QuarterlyDividendMember2022-01-012022-09-300001230245pipr:SpecialDividendMember2022-01-012022-09-300001230245us-gaap:SubsequentEventMemberpipr:QuarterlyDividendMember2022-10-282022-10-28pipr:plan0001230245pipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMemberpipr:AnnualGrantMemberpipr:RestrictedStockRelatedToCompensationPlansMemberus-gaap:RestrictedStockMember2022-09-300001230245pipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMemberpipr:RestrictedStockRelatedToCompensationPlansMemberpipr:SignOnGrantMemberus-gaap:RestrictedStockMember2022-09-300001230245pipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMemberpipr:InducementGrantMemberpipr:RestrictedStockRelatedToCompensationPlansMemberus-gaap:RestrictedStockMember2022-09-300001230245pipr:InducementGrantMemberpipr:A2019EmploymentInducementAwardPlanMemberpipr:RestrictedStockRelatedToCompensationPlansMemberus-gaap:RestrictedStockMember2022-09-300001230245pipr:InducementGrantMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:RestrictedStockRelatedToCompensationPlansMemberus-gaap:RestrictedStockMember2022-09-300001230245pipr:RestrictedStockRelatedToCompensationPlansMemberus-gaap:RestrictedStockMember2022-09-300001230245pipr:RestrictedStockRelatedToAcquisitionsMemberus-gaap:RestrictedStockMember2022-09-300001230245us-gaap:RestrictedStockMember2022-09-300001230245us-gaap:RestrictedStockUnitsRSUMember2022-09-300001230245pipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMember2022-09-300001230245pipr:AnnualGrantMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001230245srt:MinimumMemberpipr:SignOnGrantMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001230245srt:MaximumMemberpipr:SignOnGrantMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001230245pipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMemberpipr:InducementGrantMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001230245pipr:InducementGrantMembersrt:MinimumMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001230245pipr:InducementGrantMembersrt:MaximumMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMemberpipr:AverageadjustedreturnonequityMember2022-01-012022-09-300001230245srt:ProFormaMemberus-gaap:RestrictedStockUnitsRSUMemberpipr:GrantYear2022Memberpipr:AverageadjustedreturnonequityMember2022-01-012022-09-300001230245srt:ProFormaMemberpipr:GrantYear2021Memberus-gaap:RestrictedStockUnitsRSUMemberpipr:AverageadjustedreturnonequityMember2022-01-012022-09-300001230245srt:ProFormaMemberus-gaap:RestrictedStockUnitsRSUMemberpipr:GrantYear2020Memberpipr:AverageadjustedreturnonequityMember2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMemberpipr:TotalShareholderReturnPeerGroupMember2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:VestingYear2025Memberpipr:GrantYear2022Member2022-01-012022-09-300001230245pipr:GrantYear2021Memberus-gaap:RestrictedStockUnitsRSUMemberpipr:VestingYear2024Member2022-01-012022-09-300001230245pipr:VestingYear2023Memberus-gaap:RestrictedStockUnitsRSUMemberpipr:GrantYear2020Member2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:VestingYear2022Memberpipr:GrantYear2019Member2022-01-012022-09-300001230245pipr:GrantYear2018Memberus-gaap:RestrictedStockUnitsRSUMemberpipr:VestingYear2021Member2022-01-012022-09-300001230245us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001230245srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-09-300001230245pipr:InducementGrantMemberpipr:WeedenCo.LPMemberpipr:A2019EmploymentInducementAwardPlanMemberus-gaap:RestrictedStockMember2019-08-022019-08-020001230245pipr:InducementGrantMemberpipr:SandlerONeillMemberpipr:A2020EmploymentInducementAwardPlanMemberus-gaap:RestrictedStockMember2020-01-032020-01-030001230245pipr:InducementGrantMemberpipr:SandlerONeillMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:A18MonthVestingPeriodMemberus-gaap:RestrictedStockMember2020-01-032020-01-030001230245pipr:ThreeYearPeriodMemberpipr:InducementGrantMemberpipr:SandlerONeillMemberpipr:A2020EmploymentInducementAwardPlanMemberus-gaap:RestrictedStockMember2020-01-032020-01-030001230245pipr:FiveYearVestingPeriodMemberpipr:InducementGrantMemberpipr:SandlerONeillMemberpipr:A2020EmploymentInducementAwardPlanMemberus-gaap:RestrictedStockMember2020-01-032020-01-030001230245pipr:InducementGrantMemberpipr:SandlerONeillMemberpipr:A2020EmploymentInducementAwardPlanMembersrt:WeightedAverageMemberus-gaap:RestrictedStockMember2020-01-032020-01-030001230245pipr:InducementGrantMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:TheValenceGroupMemberus-gaap:RestrictedStockMember2020-04-032020-04-030001230245pipr:InducementGrantMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:TRSAdvisorsLLCMemberus-gaap:RestrictedStockMember2020-12-312020-12-310001230245us-gaap:RestrictedStockMember2021-12-310001230245us-gaap:RestrictedStockMember2022-01-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMember2021-12-310001230245pipr:RestrictedstockandrestrictedstockunitsRSUsMember2022-09-300001230245pipr:RestrictedstockandrestrictedstockunitsRSUsMember2022-01-012022-09-3000012302452021-01-012021-12-310001230245us-gaap:EmployeeStockOptionMember2022-09-300001230245pipr:MutualFundRestrictedSharesMember2022-01-012022-09-300001230245pipr:NonqualifiedDeferredCompensationPlanMember2022-09-300001230245pipr:NonqualifiedDeferredCompensationPlanMember2021-12-310001230245pipr:RevenueThresholdMemberpipr:TheValenceGroupMember2020-04-032020-04-030001230245pipr:RevenueThresholdMemberpipr:TRSAdvisorsLLCMember2020-12-312020-12-310001230245pipr:RevenueThresholdMemberpipr:TheValenceGroupMember2022-09-300001230245pipr:RevenueThresholdMemberpipr:TheValenceGroupMember2022-07-012022-09-300001230245pipr:RevenueThresholdMemberpipr:TheValenceGroupMember2022-01-012022-09-300001230245pipr:RevenueThresholdMemberpipr:TheValenceGroupMember2021-07-012021-09-300001230245pipr:RevenueThresholdMemberpipr:TheValenceGroupMember2021-01-012021-09-300001230245pipr:RevenueThresholdMemberpipr:TRSAdvisorsLLCMember2022-09-300001230245pipr:RevenueThresholdMemberpipr:TRSAdvisorsLLCMember2021-07-012021-09-300001230245pipr:RevenueThresholdMemberpipr:TRSAdvisorsLLCMember2022-07-012022-09-300001230245pipr:RevenueThresholdMemberpipr:TRSAdvisorsLLCMember2021-01-012021-09-300001230245pipr:RevenueThresholdMemberpipr:TRSAdvisorsLLCMember2022-01-012022-09-300001230245pipr:WeedenCo.Memberpipr:NetrevenuetargetMember2019-08-020001230245pipr:WeedenCo.Memberpipr:NetrevenuetargetMember2021-01-012021-09-300001230245pipr:WeedenCo.Memberpipr:NetrevenuetargetMember2021-07-012021-09-300001230245pipr:SandlerONeillMemberpipr:RestrictedCashMember2020-01-030001230245pipr:WeedenCo.Memberpipr:RestrictedCashMember2019-08-020001230245us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001230245us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001230245us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001230245us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001230245us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001230245us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001230245us-gaap:RestrictedStockMember2022-07-012022-09-300001230245us-gaap:RestrictedStockMember2021-07-012021-09-300001230245us-gaap:RestrictedStockMember2021-01-012021-09-300001230245us-gaap:RestrictedStockMember2022-07-012022-09-300001230245us-gaap:RestrictedStockMember2022-01-012022-09-300001230245pipr:AdvisoryServicesMember2022-07-012022-09-300001230245pipr:AdvisoryServicesMember2021-07-012021-09-300001230245pipr:AdvisoryServicesMember2022-01-012022-09-300001230245pipr:AdvisoryServicesMember2021-01-012021-09-300001230245pipr:EquitiesFinancingMember2022-07-012022-09-300001230245pipr:EquitiesFinancingMember2021-07-012021-09-300001230245pipr:EquitiesFinancingMember2022-01-012022-09-300001230245pipr:EquitiesFinancingMember2021-01-012021-09-300001230245pipr:DebtFinancingMember2022-07-012022-09-300001230245pipr:DebtFinancingMember2021-07-012021-09-300001230245pipr:DebtFinancingMember2022-01-012022-09-300001230245pipr:DebtFinancingMember2021-01-012021-09-300001230245pipr:EquitySalesandTradingMember2022-07-012022-09-300001230245pipr:EquitySalesandTradingMember2021-07-012021-09-300001230245pipr:EquitySalesandTradingMember2022-01-012022-09-300001230245pipr:EquitySalesandTradingMember2021-01-012021-09-300001230245pipr:FixedIncomeSalesandTradingMember2022-07-012022-09-300001230245pipr:FixedIncomeSalesandTradingMember2021-07-012021-09-300001230245pipr:FixedIncomeSalesandTradingMember2022-01-012022-09-300001230245pipr:FixedIncomeSalesandTradingMember2021-01-012021-09-300001230245pipr:CommittedCreditFacilityMember2022-09-300001230245us-gaap:SeniorNotesMember2022-09-300001230245pipr:DomesticAndForeignTaxAuthorityMember2022-07-012022-09-300001230245pipr:DomesticAndForeignTaxAuthorityMember2021-07-012021-09-300001230245pipr:DomesticAndForeignTaxAuthorityMember2022-01-012022-09-300001230245pipr:DomesticAndForeignTaxAuthorityMember2021-01-012021-09-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to                     

Commission File Number: 001-31720
PIPER SANDLER COMPANIES
(Exact Name of Registrant as specified in its Charter)
Delaware 30-0168701
(State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.)
800 Nicollet Mall, Suite 900 
Minneapolis, Minnesota
55402
(Address of Principal Executive Offices) (Zip Code)
(612)303-6000
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Stock, par value $0.01 per sharePIPRThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   No  

As of October 26, 2022, the registrant had 17,832,955 shares of Common Stock outstanding.



Piper Sandler Companies
Index to Quarterly Report on Form 10-Q


PART I.    FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS.

Piper Sandler Companies
Consolidated Statements of Financial Condition
September 30,December 31,
20222021
(Amounts in thousands, except share data)(Unaudited)
Assets
Cash and cash equivalents$274,489 $970,965 
Receivables from brokers, dealers and clearing organizations234,743 254,130 
Financial instruments and other inventory positions owned330,848 230,423 
Financial instruments and other inventory positions owned and pledged as collateral109,714 118,551 
Total financial instruments and other inventory positions owned440,562 348,974 
Fixed assets (net of accumulated depreciation and amortization of $84,999 and $76,823, respectively)
64,539 51,761 
Goodwill243,971 227,508 
Intangible assets (net of accumulated amortization of $125,755 and $115,672, respectively)
130,626 119,778 
Investments (including noncontrolling interests of $192,418 and $164,565, respectively)
276,075 252,045 
Net deferred income tax assets166,823 158,200 
Right-of-use lease asset89,092 71,341 
Other assets120,915 110,605 
Total assets$2,041,835 $2,565,307 
Liabilities and Shareholders' Equity
Long-term financing$125,000 $125,000 
Payables to brokers, dealers and clearing organizations26,924 13,247 
Financial instruments and other inventory positions sold, but not yet purchased97,726 128,690 
Accrued compensation422,759 900,079 
Accrued lease liability110,589 89,625 
Other liabilities and accrued expenses66,068 81,811 
Total liabilities849,066 1,338,452 
Shareholders' equity:
Common stock, $0.01 par value:
Shares authorized: 100,000,000 at September 30, 2022 and December 31, 2021;
Shares issued: 19,543,362 at September 30, 2022 and 19,541,037 at December 31, 2021;
Shares outstanding: 13,659,396 at September 30, 2022 and 14,129,519 at
  December 31, 2021
195 195 
Additional paid-in capital1,022,300 925,387 
Retained earnings423,724 450,165 
Less common stock held in treasury, at cost: 5,883,966 shares at September 30, 2022 and 5,411,518 shares at December 31, 2021
(441,889)(312,573)
Accumulated other comprehensive loss(3,844)(964)
Total common shareholders' equity1,000,486 1,062,210 
Noncontrolling interests192,283 164,645 
Total shareholders' equity1,192,769 1,226,855 
Total liabilities and shareholders' equity$2,041,835 $2,565,307 
See Notes to the Consolidated Financial Statements
3

Piper Sandler Companies
Consolidated Statements of Operations
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(Amounts in thousands, except per share data)2022202120222021
Revenues:
Investment banking$241,427 $335,603 $733,061 $1,018,824 
Institutional brokerage89,711 90,099 299,215 295,417 
Interest income5,454 1,485 13,846 5,215 
Investment income/(loss)(2,190)21,046 (4,328)71,508 
Total revenues334,402 448,233 1,041,794 1,390,964 
Interest expense2,649 2,668 7,205 8,144 
Net revenues331,753 445,565 1,034,589 1,382,820 
Non-interest expenses:
Compensation and benefits232,966 301,859 720,782 907,439 
Outside services13,399 10,736 39,004 29,004 
Occupancy and equipment16,759 14,483 46,857 42,225 
Communications12,464 10,623 38,104 32,457 
Marketing and business development11,704 5,552 32,574 12,733 
Deal-related expenses8,017 10,975 21,869 32,116 
Trade execution and clearance5,155 3,637 15,081 12,024 
Restructuring and integration costs6,467 314 9,323 3,882 
Intangible asset amortization3,769 7,520 10,083 22,560 
Other operating expenses2,151 4,156 9,213 15,743 
Total non-interest expenses312,851 369,855 942,890 1,110,183 
Income before income tax expense18,902 75,710 91,699 272,637 
Income tax expense8,169 23,512 28,533 67,852 
Net income10,733 52,198 63,166 204,785 
Net income/(loss) applicable to noncontrolling interests(3,799)6,477 (9,407)39,784 
Net income applicable to Piper Sandler Companies$14,532 $45,721 $72,573 $165,001 
Earnings per common share
Basic$1.05 $3.22 $5.15 $11.53 
Diluted$0.87 $2.68 $4.27 $9.81 
Dividends declared per common share$0.60 $0.55 $6.30 $3.25 
Weighted average number of common shares outstanding
Basic13,775 14,213 14,089 14,314 
Diluted16,733 17,047 16,980 16,821 

See Notes to the Consolidated Financial Statements
4

Piper Sandler Companies
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(Amounts in thousands)2022202120222021
Net income$10,733 $52,198 $63,166 $204,785 
Other comprehensive loss, net of tax:
Foreign currency translation adjustment(884)(556)(2,880)(53)
Comprehensive income9,849 51,642 60,286 204,732 
Comprehensive income/(loss) applicable to noncontrolling interests(3,799)6,477 (9,407)39,784 
Comprehensive income applicable to Piper Sandler Companies$13,648 $45,165 $69,693 $164,948 

See Notes to the Consolidated Financial Statements

5

Piper Sandler Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
AccumulatedTotal
CommonAdditionalOtherCommonTotal
(Amounts in thousands,SharesCommonPaid-InRetainedTreasuryComprehensiveShareholders'NoncontrollingShareholders'
 except share amounts)
OutstandingStockCapitalEarningsStockIncome/(Loss)EquityInterestsEquity
Balance at December 31, 2021
14,129,519 $195 $925,387 $450,165 $(312,573)$(964)$1,062,210 $164,645 $1,226,855 
Net income/(loss)— — — 36,651 — — 36,651 (11,993)24,658 
Dividends
— — — (81,390)— — (81,390)— (81,390)
Amortization/issuance of restricted stock (1)
— — 114,048 — — — 114,048 — 114,048 
Repurchase of common stock through share repurchase program
(653,029)— — — (92,945)— (92,945)— (92,945)
Issuance of treasury shares for restricted stock vestings
854,668 — (50,934)— 50,934 —  —  
Repurchase of common stock from employees
(136,440)— — — (20,927)— (20,927)— (20,927)
Shares reserved/issued for director compensation
2,038 — 253 — — — 253 — 253 
Other comprehensive loss— — — — — (686)(686)— (686)
Fund capital distributions, net
— — — — — —  (13,503)(13,503)
Balance at March 31, 202214,196,756 $195 $988,754 $405,426 $(375,511)$(1,650)$1,017,214 $139,149 $1,156,363 
Net income— — — 21,390 — — 21,390 6,385 27,775 
Dividends
— — — (8,410)— — (8,410)— (8,410)
Amortization/issuance of restricted stock (1)
— — 17,612 — — — 17,612 — 17,612 
Repurchase of common stock through share repurchase program
(415,358)— — — (49,991)— (49,991)— (49,991)
Issuance of treasury shares for restricted stock vestings
10,207 — (738)— 738 —  —  
Repurchase of common stock from employees
(2,633)— — — (331)— (331)— (331)
Shares reserved/issued for director compensation
3,696 — 465 — — — 465 — 465 
Other comprehensive loss— — — — — (1,310)(1,310)— (1,310)
Fund capital contributions, net— — — — — —  35,462 35,462 
Balance at June 30, 2022 13,792,668 $195 $1,006,093 $418,406 $(425,095)$(2,960)$996,639 $180,996 $1,177,635 
Net income/(loss)— — — 14,532 — — 14,532 (3,799)10,733 
Dividends
— — — (9,214)— — (9,214)— (9,214)
Amortization/issuance of restricted stock (1)
— — 20,936 — — — 20,936 — 20,936 
Repurchase of common stock through share repurchase program
(176,626)— — — (18,853)— (18,853)— (18,853)
Issuance of treasury shares for restricted stock vestings
64,895 — (4,814)— 4,814 —  —  
Repurchase of common stock from employees
(22,291)— — — (2,755)— (2,755)— (2,755)
Shares reserved/issued for director compensation750 — 85 — — — 85 — 85 
Other comprehensive loss— — — — — (884)(884)— (884)
Fund capital contributions, net— — — — — —  15,086 15,086 
Balance at September 30, 202213,659,396 $195 $1,022,300 $423,724 $(441,889)$(3,844)$1,000,486 $192,283 $1,192,769 
Continued on next page
6

Piper Sandler Companies
Consolidated Statements of Changes in Shareholders' Equity - Continued
(Unaudited)

AccumulatedTotal
CommonAdditionalOtherCommonTotal
(Amounts in thousands,SharesCommonPaid-InRetainedTreasuryComprehensiveShareholders'NoncontrollingShareholders'
 except share amounts)
OutstandingStockCapitalEarningsStockIncome/(Loss)EquityInterestsEquity
Balance at December 31, 202013,776,025 $195 $847,785 $271,001 $(289,359)$(197)$829,425 $96,657 $926,082 
Net income— — — 49,459 — — 49,459 16,134 65,593 
Dividends
— — — (34,551)— — (34,551)— (34,551)
Amortization/issuance of restricted stock (1)
— — 62,691 — — — 62,691 — 62,691 
Repurchase of common stock through share repurchase program
(58,519)— — — (6,218)— (6,218)— (6,218)
Issuance of treasury shares for restricted stock vestings
823,951 — (41,500)— 41,500 —  —  
Repurchase of common stock from employees
(120,222)— — — (12,735)— (12,735)— (12,735)
Shares reserved/issued for director compensation
849 — 104 — — — 104 — 104 
Other comprehensive income— — — — — 306 306 — 306 
Fund capital distributions, net
— — — — — —  (10,046)(10,046)
Balance at March 31, 202114,422,084 $195 $869,080 $285,909 $(266,812)$109 $888,481 $102,745 $991,226 
Net income
— — — 69,821 — — 69,821 17,173 86,994 
Dividends
— — — (6,456)— — (6,456)— (6,456)
Amortization/issuance of restricted stock (1)— — 19,775 — — — 19,775 — 19,775 
Repurchase of common stock through share repurchase program
(139,178)— — — (16,856)— (16,856)— (16,856)
Issuance of treasury shares for restricted stock vestings
9,287 — (497)— 497 —  —  
Repurchase of common stock from employees
(2,874)— — — (361)— (361)— (361)
Shares reserved/issued for director compensation
3,648 — 453 — — — 453 — 453 
Other comprehensive income— — — — — 197 197 — 197 
Fund capital distributions, net— — — — — —  (2)(2)
Balance at June 30, 202114,292,967 $195 $888,811 $349,274 $(283,532)$306 $955,054 $119,916 $1,074,970 
Net income— — — 45,721 — — 45,721 6,477 52,198 
Dividends
— — — (8,098)— — (8,098)— (8,098)
Amortization/issuance of restricted stock (1)
— — 20,117 — — — 20,117 — 20,117 
Repurchase of common stock through share repurchase program
(220,206)— — — (29,176)— (29,176)— (29,176)
Issuance of treasury shares for restricted stock vestings
63,357 — (3,455)— 3,455 —  —  
Repurchase of common stock from employees
(22,587)— — — (3,022)— (3,022)— (3,022)
Shares reserved/issued for director compensation1,178 — 165 — — — 165 — 165 
Other comprehensive loss— — — — — (556)(556)— (556)
Fund capital contributions, net
— — — — — —  7,498 7,498 
Balance at September 30, 202114,114,709 $195 $905,638 $386,897 $(312,275)$(250)$980,205 $133,891 $1,114,096 
(1)Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

See Notes to the Consolidated Financial Statements
7

Piper Sandler Companies
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(Amounts in thousands)20222021
Operating Activities:
Net income$63,166 $204,785 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets11,398