Company Quick10K Filing
Piper Jaffray
Price72.46 EPS7
Shares14 P/E10
MCap1,021 P/FCF56
Net Debt-24 EBIT130
TEV997 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-05-15
8-K 2020-05-01
8-K 2020-04-03
8-K 2020-02-21
8-K 2020-01-31
8-K 2020-01-03
8-K 2019-12-20
8-K 2019-12-13
8-K 2019-10-30
8-K 2019-10-15
8-K 2019-09-16
8-K 2019-07-26
8-K 2019-07-09
8-K 2019-07-09
8-K 2019-05-29
8-K 2019-05-17
8-K 2019-04-26
8-K 2019-02-25
8-K 2019-02-01
8-K 2018-10-26
8-K 2018-09-12
8-K 2018-07-27
8-K 2018-05-17
8-K 2018-04-27
8-K 2018-02-06
8-K 2018-02-01
8-K 2018-01-01

PJC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1 Organization and Basis of Presentation
Note 2 Accounting Policies and Pronouncements
Note 3 Acquisitions
Note 5 Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, But Not Yet Purchased
Note 6 Fair Value of Financial Instruments
Note 7 Variable Interest Entities ("VIES")
Note 8 Receivables From and Payables To Brokers, Dealers and Clearing Organizations
Note 9 Investments
Note 10 Other Assets
Note 11 Goodwill and Intangible Assets
Note 12 Short - Term Financing
Note 13 Long - Term Financing
Note 14 Legal Contingencies
Note 15 Leases
Note 16 Restructuring and Integration Costs
Note 17 Shareholders' Equity
Note 18 Compensation Plans
Note 19 Earnings per Share ("Eps")
Note 20 Revenues and Business Information
Note 21 Net Capital Requirements and Other Regulatory Matters
Note 22 Income Taxes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 pscq22020ex311.htm
EX-31.2 pscq22020ex312.htm
EX-32.1 pscq22020ex321.htm

Piper Jaffray Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.02.41.81.20.60.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

pipr-20200630
false2020Q2000123024512/3171,06265,99162,37940,8640.010.01100,000,000100,000,00019,532,13619,526,53313,803,92513,717,3155,728,2115,809,218Includes amortization of restricted stock issued as part of deal consideration. See Note 3 for further discussion.threeP1YP4Y12217.8364.3111816.072612.0one year125P1YP3YP3YP3Y00012302452020-01-012020-06-30xbrli:shares00012302452020-07-31iso4217:USD00012302452020-06-3000012302452019-12-31iso4217:USDxbrli:shares00012302452020-04-012020-06-3000012302452019-04-012019-06-3000012302452019-01-012019-06-300001230245us-gaap:CommonStockMember2019-12-310001230245us-gaap:AdditionalPaidInCapitalMember2019-12-310001230245us-gaap:RetainedEarningsMember2019-12-310001230245us-gaap:TreasuryStockMember2019-12-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001230245us-gaap:ParentMember2019-12-310001230245us-gaap:NoncontrollingInterestMember2019-12-310001230245us-gaap:RetainedEarningsMember2020-01-012020-03-310001230245us-gaap:ParentMember2020-01-012020-03-310001230245us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100012302452020-01-012020-03-310001230245us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001230245us-gaap:CommonStockMember2020-01-012020-03-310001230245us-gaap:TreasuryStockMember2020-01-012020-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001230245us-gaap:CommonStockMember2020-03-310001230245us-gaap:AdditionalPaidInCapitalMember2020-03-310001230245us-gaap:RetainedEarningsMember2020-03-310001230245us-gaap:TreasuryStockMember2020-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001230245us-gaap:ParentMember2020-03-310001230245us-gaap:NoncontrollingInterestMember2020-03-3100012302452020-03-310001230245us-gaap:RetainedEarningsMember2020-04-012020-06-300001230245us-gaap:ParentMember2020-04-012020-06-300001230245us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001230245us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001230245us-gaap:CommonStockMember2020-04-012020-06-300001230245us-gaap:TreasuryStockMember2020-04-012020-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001230245us-gaap:CommonStockMember2020-06-300001230245us-gaap:AdditionalPaidInCapitalMember2020-06-300001230245us-gaap:RetainedEarningsMember2020-06-300001230245us-gaap:TreasuryStockMember2020-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001230245us-gaap:ParentMember2020-06-300001230245us-gaap:NoncontrollingInterestMember2020-06-300001230245us-gaap:CommonStockMember2018-12-310001230245us-gaap:AdditionalPaidInCapitalMember2018-12-310001230245us-gaap:RetainedEarningsMember2018-12-310001230245us-gaap:TreasuryStockMember2018-12-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001230245us-gaap:ParentMember2018-12-310001230245us-gaap:NoncontrollingInterestMember2018-12-3100012302452018-12-310001230245us-gaap:RetainedEarningsMember2019-01-012019-03-310001230245us-gaap:ParentMember2019-01-012019-03-310001230245us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100012302452019-01-012019-03-310001230245us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001230245us-gaap:CommonStockMember2019-01-012019-03-310001230245us-gaap:TreasuryStockMember2019-01-012019-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001230245us-gaap:CommonStockMember2019-03-310001230245us-gaap:AdditionalPaidInCapitalMember2019-03-310001230245us-gaap:RetainedEarningsMember2019-03-310001230245us-gaap:TreasuryStockMember2019-03-310001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001230245us-gaap:ParentMember2019-03-310001230245us-gaap:NoncontrollingInterestMember2019-03-3100012302452019-03-310001230245us-gaap:RetainedEarningsMember2019-04-012019-06-300001230245us-gaap:ParentMember2019-04-012019-06-300001230245us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001230245us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001230245us-gaap:CommonStockMember2019-04-012019-06-300001230245us-gaap:TreasuryStockMember2019-04-012019-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001230245us-gaap:CommonStockMember2019-06-300001230245us-gaap:AdditionalPaidInCapitalMember2019-06-300001230245us-gaap:RetainedEarningsMember2019-06-300001230245us-gaap:TreasuryStockMember2019-06-300001230245us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001230245us-gaap:ParentMember2019-06-300001230245us-gaap:NoncontrollingInterestMember2019-06-3000012302452019-06-30pipr:segment0001230245pipr:TheValenceGroupMember2020-04-032020-04-030001230245pipr:TheValenceGroupMemberus-gaap:RestrictedStockMember2020-04-032020-04-030001230245pipr:TheValenceGroupMemberus-gaap:RestrictedStockMember2020-04-030001230245pipr:FiveYearVestingPeriodMemberpipr:TheValenceGroupMemberus-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMember2020-01-012020-06-300001230245srt:ScenarioForecastMemberpipr:TheValenceGroupMember2020-04-042023-04-030001230245pipr:TheValenceGroupMember2020-04-030001230245pipr:TheValenceGroupMemberus-gaap:CustomerRelationshipsMember2020-04-030001230245pipr:TheValenceGroupMember2020-04-012020-06-300001230245pipr:TheValenceGroupMember2020-01-012020-06-300001230245pipr:SandlerONeillMember2020-01-032020-01-030001230245pipr:SandlerONeillMember2020-01-030001230245us-gaap:RestrictedStockMemberpipr:SandlerONeillMember2020-01-032020-01-030001230245us-gaap:RestrictedStockMemberpipr:SandlerONeillMember2020-01-030001230245pipr:RestrictedcashMemberpipr:SandlerONeillMember2020-01-030001230245pipr:A18MonthVestingPeriodMemberus-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:SandlerONeillMember2020-01-012020-06-300001230245us-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:ThreeYearVestingPeriodMemberpipr:SandlerONeillMember2020-01-012020-06-300001230245pipr:FiveYearVestingPeriodMemberus-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:SandlerONeillMember2020-01-012020-06-300001230245srt:WeightedAverageMemberus-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:SandlerONeillMember2020-01-012020-06-300001230245us-gaap:CustomerRelationshipsMemberpipr:SandlerONeillMember2020-01-030001230245us-gaap:TradeNamesMemberpipr:SandlerONeillMember2020-01-030001230245pipr:SandlerONeillMember2020-04-012020-06-300001230245pipr:SandlerONeillMember2020-01-012020-06-300001230245pipr:WeedenCo.Member2019-08-020001230245pipr:WeedenCo.Member2019-08-022019-08-020001230245pipr:WeedenCo.Memberus-gaap:RestrictedStockMember2019-08-020001230245pipr:WeedenCo.Memberus-gaap:RestrictedStockMember2019-08-022019-08-020001230245pipr:NetrevenuetargetMemberpipr:WeedenCo.Member2019-08-022019-08-020001230245pipr:NetrevenuetargetMemberpipr:WeedenCo.Member2020-06-300001230245pipr:NetrevenuetargetMemberpipr:WeedenCo.Member2020-04-012020-06-300001230245pipr:NetrevenuetargetMemberpipr:WeedenCo.Member2020-01-012020-06-300001230245pipr:WeedenCo.Memberus-gaap:CustomerRelationshipsMember2019-08-022019-08-020001230245pipr:WeedenCo.Memberus-gaap:ComputerSoftwareIntangibleAssetMember2019-08-022019-08-020001230245pipr:AdvisoryResearchMember2019-01-012019-09-300001230245pipr:AdvisoryResearchMemberpipr:EquitystrategiesrevenueMember2019-09-270001230245pipr:AdvisoryResearchMemberpipr:EquitystrategiesrevenueMember2020-04-012020-06-300001230245pipr:AdvisoryResearchMember2019-04-012019-06-300001230245pipr:AdvisoryResearchMember2019-01-012019-06-300001230245pipr:AdvisoryResearchMemberus-gaap:TradeNamesMember2019-01-012019-06-300001230245pipr:AdvisoryResearchMemberus-gaap:TradeNamesMember2019-04-012019-06-300001230245srt:ScenarioForecastMemberpipr:AdvisoryResearchMemberpipr:MLPRevenueMember2019-09-212020-09-200001230245srt:ScenarioForecastMemberpipr:AdvisoryResearchMemberpipr:EquitystrategiesrevenueMember2020-01-012023-12-310001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberpipr:CustomerMatchedBookMemberus-gaap:InterestRateContractMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:CustomerMatchedBookMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:CustomerMatchedBookMemberus-gaap:InterestRateContractMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberpipr:CustomerMatchedBookMemberus-gaap:InterestRateContractMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:CustomerMatchedBookMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:CustomerMatchedBookMemberus-gaap:InterestRateContractMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:InterestRateContractMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:InterestRateContractMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:InterestRateContractMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:InterestRateContractMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:InterestRateContractMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:StockOptionMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:StockOptionMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:StockOptionMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:StockOptionMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:StockOptionMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:TradingSecuritiesDerivativeContractMemberus-gaap:StockOptionMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2020-06-300001230245us-gaap:NondesignatedMember2020-06-300001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2019-12-310001230245us-gaap:NondesignatedMember2019-12-310001230245us-gaap:NondesignatedMemberpipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMember2020-04-012020-06-300001230245us-gaap:NondesignatedMemberpipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMember2019-04-012019-06-300001230245us-gaap:NondesignatedMemberpipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMember2020-01-012020-06-300001230245us-gaap:NondesignatedMemberpipr:InvestmentBankingRevenuesMemberus-gaap:InterestRateContractMember2019-01-012019-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:InterestRateContractMember2020-04-012020-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:InterestRateContractMember2019-04-012019-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:InterestRateContractMember2020-01-012020-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:InterestRateContractMember2019-01-012019-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:StockOptionMember2020-04-012020-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:StockOptionMember2019-04-012019-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:StockOptionMember2020-01-012020-06-300001230245us-gaap:NondesignatedMemberpipr:InstitutionalBrokerageRevenuesMemberus-gaap:StockOptionMember2019-01-012019-06-300001230245us-gaap:NondesignatedMember2020-04-012020-06-300001230245us-gaap:NondesignatedMember2019-04-012019-06-300001230245us-gaap:NondesignatedMember2020-01-012020-06-300001230245us-gaap:NondesignatedMember2019-01-012019-06-300001230245pipr:CounterpartiesnotrequiredtopostcollateralMemberus-gaap:FairValueConcentrationOfRiskMaximumAmountOfLossMember2020-06-300001230245pipr:OneunnamedfinancialinstitutionalnotrequiredtopostcollateralMemberus-gaap:FairValueConcentrationOfRiskMaximumAmountOfLossMember2020-06-300001230245pipr:MerchantBankingInvestmentsMemberus-gaap:FairValueInputsLevel3Member2020-06-300001230245pipr:MerchantBankingInvestmentsMemberus-gaap:FairValueInputsLevel3Member2019-12-310001230245pipr:MerchantBankingInvestmentsMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300001230245pipr:MerchantBankingInvestmentsMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001230245us-gaap:FairValueMeasurementsRecurringMember2020-06-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NoncontrollingInterestMember2020-06-300001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001230245us-gaap:FairValueMeasurementsRecurringMember2019-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001230245us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NoncontrollingInterestMember2019-12-310001230245us-gaap:FairValueInputsLevel3Member2020-06-300001230245us-gaap:FairValueInputsLevel3Member2019-12-31xbrli:pure0001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-03-310001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-04-012020-06-300001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-03-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-04-012020-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-03-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-04-012020-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-06-300001230245us-gaap:InvestmentsMember2020-03-310001230245us-gaap:InvestmentsMember2020-04-012020-06-300001230245us-gaap:InvestmentsMember2020-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2020-03-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2020-04-012020-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2020-06-300001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-03-310001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-04-012019-06-300001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-03-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-04-012019-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-06-300001230245us-gaap:InvestmentsMember2019-03-310001230245us-gaap:InvestmentsMember2019-04-012019-06-300001230245us-gaap:InvestmentsMember2019-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2019-03-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2019-04-012019-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2019-06-300001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-12-310001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-01-012020-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-12-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-01-012020-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2020-01-012020-06-300001230245us-gaap:InvestmentsMember2019-12-310001230245us-gaap:InvestmentsMember2020-01-012020-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2019-12-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2020-01-012020-06-300001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2018-12-310001230245us-gaap:MortgageBackedSecuritiesMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-01-012019-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2018-12-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-01-012019-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2018-12-310001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMember2019-01-012019-06-300001230245us-gaap:InvestmentsMember2018-12-310001230245us-gaap:InvestmentsMember2019-01-012019-06-300001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2018-12-310001230245us-gaap:DerivativeMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMember2019-01-012019-06-30pipr:basis_points0001230245srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MeasurementInputCreditSpreadMember2020-06-300001230245srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MeasurementInputCreditSpreadMember2020-06-300001230245us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberpipr:FinancialInstrumentsAndOtherInventoryPositionsOwnedMemberus-gaap:MeasurementInputCreditSpreadMember2020-06-300001230245us-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:MeasurementInputRevenueMultipleMember2020-06-300001230245us-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMemberus-gaap:MeasurementInputRevenueMultipleMember2020-06-300001230245us-gaap:MarketApproachValuationTechniqueMemberpipr:EquityinvestmentinprivatecompanyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:InvestmentsMemberus-gaap:MeasurementInputRevenueMultipleMember2020-06-300001230245us-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberpipr:EquityinvestmentinprivatecompanyMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMember2020-06-300001230245us-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberpipr:EquityinvestmentinprivatecompanyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentsMember2020-06-300001230245us-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberpipr:EquityinvestmentinprivatecompanyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:InvestmentsMember2020-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2020-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2020-06-300001230245pipr:FinancialInstrumentsAndOtherInventoryPositionsSoldButNotYetPurchasedMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2020-06-300001230245us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-06-300001230245us-gaap:VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember2020-06-300001230245us-gaap:VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember2019-12-310001230245pipr:PershingclearingarrangementMember2020-06-300001230245pipr:TheValenceGroupMemberus-gaap:CustomerRelationshipsMember2020-01-012020-06-300001230245us-gaap:CustomerRelationshipsMemberpipr:SandlerONeillMember2020-01-012020-06-300001230245us-gaap:CommercialPaperMember2020-06-300001230245us-gaap:CommercialPaperMember2019-12-310001230245us-gaap:RevolvingCreditFacilityMember2020-06-300001230245us-gaap:RevolvingCreditFacilityMember2019-12-310001230245srt:MinimumMemberus-gaap:CommercialPaperMember2020-01-012020-06-300001230245srt:MaximumMemberus-gaap:CommercialPaperMember2020-01-012020-06-300001230245srt:WeightedAverageMemberus-gaap:CommercialPaperMemberpipr:CpSeriesIiMember2020-01-012020-06-300001230245us-gaap:CommercialPaperMemberpipr:CpSeriesIiMember2020-06-300001230245us-gaap:LineOfCreditMember2020-06-300001230245us-gaap:LineOfCreditMember2020-01-012020-06-300001230245us-gaap:SeniorNotesMember2020-06-300001230245us-gaap:SeniorNotesMemberpipr:ClassAFixedRateSeniorNotesDueOctober2021Member2020-06-300001230245us-gaap:SeniorNotesMemberpipr:ClassBFixedRateSeniorNotesDueOctober2023Member2020-06-300001230245pipr:UnsecuredPromissoryNotesMemberpipr:TheValenceGroupMember2020-06-300001230245srt:WeightedAverageMember2020-06-300001230245us-gaap:EmployeeSeveranceMember2020-04-012020-06-300001230245us-gaap:EmployeeSeveranceMember2019-04-012019-06-300001230245us-gaap:EmployeeSeveranceMember2020-01-012020-06-300001230245us-gaap:EmployeeSeveranceMember2019-01-012019-06-300001230245us-gaap:ContractTerminationMember2020-04-012020-06-300001230245us-gaap:ContractTerminationMember2019-04-012019-06-300001230245us-gaap:ContractTerminationMember2020-01-012020-06-300001230245us-gaap:ContractTerminationMember2019-01-012019-06-300001230245us-gaap:FacilityClosingMember2020-04-012020-06-300001230245us-gaap:FacilityClosingMember2019-04-012019-06-300001230245us-gaap:FacilityClosingMember2020-01-012020-06-300001230245us-gaap:FacilityClosingMember2019-01-012019-06-300001230245pipr:ShareRepurchaseProgramAuthorized2020Member2020-01-010001230245pipr:ShareRepurchaseProgramAuthorized2020Member2020-01-012020-06-300001230245pipr:ShareRepurchaseProgramAuthorized2020Member2020-06-300001230245pipr:ShareRepurchaseProgramAuthorized2017Member2017-09-300001230245pipr:ShareRepurchaseProgramAuthorized2017Member2019-01-012019-06-300001230245pipr:QuarterlyDividendMember2020-01-012020-06-300001230245pipr:SpecialAnnualDividendMember2020-01-012020-06-300001230245us-gaap:SubsequentEventMember2020-07-312020-07-31pipr:plan0001230245pipr:RestrictedstockrelatedtocompensationMemberus-gaap:RestrictedStockMemberpipr:AnnualGrantMemberpipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMember2020-06-300001230245pipr:SignOnGrantMemberpipr:RestrictedstockrelatedtocompensationMemberus-gaap:RestrictedStockMemberpipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMember2020-06-300001230245pipr:RestrictedstockrelatedtocompensationMemberus-gaap:RestrictedStockMemberpipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMember2020-06-300001230245pipr:A2019EmploymentInducementAwardPlanMemberpipr:RestrictedstockrelatedtocompensationMemberus-gaap:RestrictedStockMember2020-06-300001230245pipr:RestrictedstockrelatedtocompensationMemberus-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMember2020-06-300001230245pipr:RestrictedstockrelatedtocompensationMemberus-gaap:RestrictedStockMember2020-06-300001230245us-gaap:RestrictedStockMemberpipr:DealConsiderationMember2020-06-300001230245us-gaap:RestrictedStockMember2020-06-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMember2020-06-300001230245pipr:AmendedAndRestated2003AnnualAndLongTermIncentivePlanMember2020-06-300001230245us-gaap:RestrictedStockMemberpipr:AnnualGrantMember2020-01-012020-06-300001230245pipr:SignOnGrantMembersrt:MaximumMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001230245srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberpipr:LeadershipGrantsSubsequentto2016Member2020-01-012020-06-300001230245srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberpipr:AverageadjustedreturnonequityMemberpipr:LeadershipGrantsSubsequentto2016Member2020-01-012020-06-300001230245pipr:GrantYear2020Memberus-gaap:RestrictedStockUnitsRSUMemberpipr:AverageadjustedreturnonequityMembersrt:ProFormaMember2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:AverageadjustedreturnonequityMembersrt:ProFormaMemberpipr:GrantYear2019Member2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:AverageadjustedreturnonequityMembersrt:ProFormaMemberpipr:GrantYear2018Member2020-01-012020-06-300001230245pipr:TotalShareholderReturnPeerGroupMembersrt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberpipr:LeadershipGrantsSubsequentto2016Member2020-01-012020-06-300001230245pipr:GrantYear2020Memberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:GrantYear2019Member2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMemberpipr:GrantYear2018Member2020-01-012020-06-300001230245pipr:GrantYear2017Memberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001230245pipr:GrantYear2016Membersrt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberpipr:AverageadjustedreturnonequityMember2020-01-012020-06-300001230245pipr:GrantYear2016Membersrt:MaximumMemberpipr:TotalShareholderReturnMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001230245pipr:GrantYear2016Memberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001230245us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001230245srt:MaximumMemberus-gaap:EmployeeStockOptionMember2020-01-012020-06-300001230245pipr:A2016EmploymentInducementAwardPlanMemberpipr:SimmonsCompanyInternationalMemberus-gaap:RestrictedStockMember2016-05-162016-05-160001230245pipr:A2019EmploymentInducementAwardPlanMemberpipr:WeedenCo.LPMemberus-gaap:RestrictedStockMember2019-08-022019-08-020001230245us-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMemberpipr:SandlerONeillMember2020-01-032020-01-030001230245pipr:TheValenceGroupMemberus-gaap:RestrictedStockMemberpipr:A2020EmploymentInducementAwardPlanMember2020-04-032020-04-030001230245us-gaap:RestrictedStockMember2019-12-310001230245us-gaap:RestrictedStockMember2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMember2019-12-310001230245us-gaap:RestrictedStockUnitsRSUMember2020-06-300001230245pipr:RestrictedstockandrestrictedstockunitsRSUsMember2020-06-300001230245pipr:RestrictedstockandrestrictedstockunitsRSUsMember2020-01-012020-06-3000012302452019-01-012019-12-310001230245us-gaap:EmployeeStockOptionMember2020-06-300001230245pipr:MutualFundRestrictedSharesMember2020-01-012020-06-300001230245pipr:NonqualifiedDeferredCompensationPlanMember2020-06-300001230245pipr:NonqualifiedDeferredCompensationPlanMember2019-12-310001230245pipr:SimmonsCompanyInternationalMemberpipr:EarnoutperformanceawardplanMember2019-09-300001230245pipr:SimmonsCompanyInternationalMemberpipr:EarnoutperformanceawardplanMember2020-01-012020-06-300001230245pipr:SimmonsCompanyInternationalMemberpipr:EarnoutperformanceawardplanMember2019-04-012019-06-300001230245pipr:SimmonsCompanyInternationalMemberpipr:EarnoutperformanceawardplanMember2019-01-012019-06-300001230245pipr:SignOnGrantMembersrt:MinimumMemberus-gaap:RestrictedStockMember2020-01-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMember2020-04-012020-06-300001230245us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300001230245us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300001230245us-gaap:RestrictedStockMember2020-04-012020-06-300001230245us-gaap:RestrictedStockMember2019-04-012019-06-300001230245us-gaap:RestrictedStockMember2019-01-012019-06-300001230245pipr:StockoptionsandrestrictedsharesMember2020-04-012020-06-300001230245pipr:StockoptionsandrestrictedsharesMember2020-01-012020-06-300001230245pipr:AdvisoryServicesMember2020-04-012020-06-300001230245pipr:AdvisoryServicesMember2019-04-012019-06-300001230245pipr:AdvisoryServicesMember2020-01-012020-06-300001230245pipr:AdvisoryServicesMember2019-01-012019-06-300001230245pipr:EquitiesFinancingMember2020-04-012020-06-300001230245pipr:EquitiesFinancingMember2019-04-012019-06-300001230245pipr:EquitiesFinancingMember2020-01-012020-06-300001230245pipr:EquitiesFinancingMember2019-01-012019-06-300001230245pipr:DebtFinancingMember2020-04-012020-06-300001230245pipr:DebtFinancingMember2019-04-012019-06-300001230245pipr:DebtFinancingMember2020-01-012020-06-300001230245pipr:DebtFinancingMember2019-01-012019-06-300001230245pipr:EquitySalesandTradingMember2020-04-012020-06-300001230245pipr:EquitySalesandTradingMember2019-04-012019-06-300001230245pipr:EquitySalesandTradingMember2020-01-012020-06-300001230245pipr:EquitySalesandTradingMember2019-01-012019-06-300001230245pipr:FixedIncomeSalesandTradingMember2020-04-012020-06-300001230245pipr:FixedIncomeSalesandTradingMember2019-04-012019-06-300001230245pipr:FixedIncomeSalesandTradingMember2020-01-012020-06-300001230245pipr:FixedIncomeSalesandTradingMember2019-01-012019-06-300001230245pipr:CommittedCreditFacilityMember2020-06-30

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 June 30, 2020
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 No. 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,Minnesota55402
(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 July 31, 2020, the registrant had 17,929,341 shares of Common Stock outstanding.



Piper Sandler Companies
Index to Quarterly Report on Form 10-Q
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Piper Sandler Companies
Consolidated Statements of Financial Condition
June 30,December 31,
20202019
(Amounts in thousands, except share data)(Unaudited)
Assets
Cash and cash equivalents$235,887  $250,018  
Receivables from brokers, dealers and clearing organizations193,303  283,108  
Financial instruments and other inventory positions owned269,428  434,088  
Financial instruments and other inventory positions owned and pledged as collateral174,866  205,674  
Total financial instruments and other inventory positions owned444,294  639,762  
Fixed assets (net of accumulated depreciation and amortization of $71,062 and $65,991, respectively)
38,134  29,850  
Goodwill215,309  87,649  
Intangible assets (net of accumulated amortization of $62,379 and $40,864, respectively)167,771  16,686  
Investments144,076  158,141  
Net deferred income tax assets79,735  68,035  
Right-of-use lease asset91,929  40,030  
Other assets100,470  55,440  
Total assets$1,710,908  $1,628,719  
Liabilities and Shareholders' Equity
Short-term financing$99,990  $49,978  
Long-term financing195,000  175,000  
Payables to brokers, dealers and clearing organizations34,905  7,514  
Financial instruments and other inventory positions sold, but not yet purchased141,424  185,425  
Accrued compensation248,409  300,527  
Accrued lease liability107,988  57,169  
Other liabilities and accrued expenses69,480  46,578  
Total liabilities897,196  822,191  
Shareholders' equity:
Common stock, $0.01 par value:
Shares authorized: 100,000,000 at June 30, 2020 and December 31, 2019;
Shares issued: 19,532,136 at June 30, 2020 and 19,526,533 at December 31, 2019;
Shares outstanding: 13,803,925 at June 30, 2020 and 13,717,315 at December 31, 2019195  195  
Additional paid-in capital807,541  757,669  
Retained earnings226,577  258,669  
Less common stock held in treasury, at cost: 5,728,211 shares at June 30, 2020 and 5,809,218 shares at December 31, 2019
(286,745) (284,378) 
Accumulated other comprehensive loss(1,612) (872) 
Total common shareholders' equity745,956  731,283  
Noncontrolling interests67,756  75,245  
Total shareholders' equity813,712  806,528  
Total liabilities and shareholders' equity$1,710,908  $1,628,719  
See Notes to the Consolidated Financial Statements
3

Table of Contents
Piper Sandler Companies
Consolidated Statements of Operations
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(Amounts in thousands, except per share data)2020201920202019
Revenues:
Investment banking$199,827  $118,739  $358,825  $259,800  
Institutional brokerage89,339  32,204  178,482  67,169  
Interest income3,065  6,863  9,130  14,430  
Investment income/(loss)3,733  17,605  (10,093) 19,197  
Total revenues295,964  175,411  536,344  360,596  
Interest expense3,526  2,993  7,738  5,636  
Net revenues292,438  172,418  528,606  354,960  
Non-interest expenses:
Compensation and benefits213,560  102,476  401,684  219,603  
Outside services9,899  8,451  18,338  17,022  
Occupancy and equipment13,269  8,425  25,507  16,774  
Communications11,096  6,849  22,730  14,714  
Marketing and business development2,588  8,089  12,627  14,827  
Deal-related expenses11,204  6,725  16,144  11,453  
Trade execution and clearance4,312  1,017  11,463  2,823  
Restructuring and integration costs3,724  6,395  5,626  6,395  
Intangible asset amortization11,637  753  21,515  1,506  
Other operating expenses3,752  2,313  19,604  5,781  
Total non-interest expenses285,041  151,493  555,238  310,898  
Income/(loss) from continuing operations before income tax expense/(benefit)
7,397  20,925  (26,632) 44,062  
Income tax expense/(benefit)4,700  (180) (7,074) 4,012  
Income/(loss) from continuing operations2,697  21,105  (19,558) 40,050  
Discontinued operations:
Loss from discontinued operations, net of tax
  (2,166)   (2,305) 
Net income/(loss)
2,697  18,939  (19,558) 37,745  
Net income/(loss) applicable to noncontrolling interests
1,243  8,550  (6,285) 7,934  
Net income/(loss) applicable to Piper Sandler Companies
$1,454  $10,389  $(13,273) $29,811  
Net income/(loss) applicable to Piper Sandler Companies' common shareholders
$1,454  $10,151  $(13,273) $27,887  
Continued on next page
4

Table of Contents
Piper Sandler Companies
Consolidated Statements of Operations – Continued
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(Amounts in thousands, except per share data)2020201920202019
Amounts applicable to Piper Sandler Companies
Net income/(loss) from continuing operations
$1,454  $12,555  $(13,273) $32,116  
Net loss from discontinued operations
  (2,166)   (2,305) 
Net income/(loss) applicable to Piper Sandler Companies
$1,454  $10,389  $(13,273) $29,811  
Earnings/(loss) per basic common share
Income/(loss) from continuing operations
$0.11  $0.90  $(0.96) $2.24  
Loss from discontinued operations
  (0.15)   (0.16) 
Earnings/(loss) per basic common share
$0.11  $0.75  $(0.96) $2.08  
Earnings/(loss) per diluted common share
Income/(loss) from continuing operations
$0.10  $0.87  $(0.96) $2.18  
Loss from discontinued operations
  (0.15)   (0.16) 
Earnings/(loss) per diluted common share
$0.10  $0.72  $(0.96) $2.02  
Dividends declared per common share$0.20  $0.38  $1.33  $1.76  
Weighted average common shares outstanding
Basic13,794  13,588  13,795  13,397  
Diluted14,476  14,024  14,444  13,778  

See Notes to the Consolidated Financial Statements
5

Table of Contents
Piper Sandler Companies
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(Amounts in thousands)2020201920202019
Net income/(loss)$2,697  $18,939  $(19,558) $37,745  
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment(68) (101) (740) 114  
Comprehensive income/(loss)2,629  18,838  (20,298) 37,859  
Comprehensive income/(loss) applicable to noncontrolling interests
1,243  8,550  (6,285) 7,934  
Comprehensive income/(loss) applicable to Piper Sandler Companies
$1,386  $10,288  $(14,013) $29,925  

See Notes to the Consolidated Financial Statements

6

Table of Contents
Piper Sandler Companies
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)

AccumulatedTotal
CommonAdditionalOtherCommonTotal
(Amounts in thousands,SharesCommonPaid-InRetainedTreasuryComprehensiveShareholders'NoncontrollingShareholders'
 except share amounts)
OutstandingStockCapitalEarningsStockLossEquityInterestsEquity
Balance at December 31, 2019
13,717,315  $195  $757,669  $258,669  $(284,378) $(872) $731,283  $75,245  $806,528  
Net loss—  —  —  (14,727) —  —  (14,727) (7,528) (22,255) 
Dividends
—  —  —  (16,066) —  —  (16,066) —  (16,066) 
Amortization/issuance of restricted stock (1)
—  —  44,195  —  —  —  44,195  —  44,195  
Repurchase of common stock through share repurchase program
(128,865) —  —  —  (9,225) —  (9,225) —  (9,225) 
Issuance of treasury shares for restricted stock vestings
254,111  —  (12,551) —  12,551  —    —    
Issuance of treasury shares for deal consideration
34,205  —  1,049  —  1,674  —  2,723  —  2,723  
Repurchase of common stock from employees
(94,615) —  —  —  (8,068) —  (8,068) —  (8,068) 
Shares reserved/issued for director compensation
1,779  —  116  —  —  —  116  —  116  
Other comprehensive loss
—  —  —  —  —  (672) (672) —  (672) 
Fund capital distributions, net
—  —  —  —  —  —    (1,201) (1,201) 
Balance at March 31, 2020
13,783,930  $195  $790,478  $227,876  $(287,446) $(1,544) $729,559  $66,516  $796,075  
Net income—  —  —  1,454  —  —  1,454  1,243  2,697  
Dividends
—  —