PIPER SANDLER COMPANIES

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

PIPR$66.75-1.3%Stored close · as of Nov 10, 2026

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Contents

Parent Company Only and PSLS

NOTE 25| PARENT COMPANY ONLY AND PSLS

Parent Company Only

Condensed Statements of Financial Condition

	December 31,	December 31,
(Amounts in thousands)	2023	2022
Assets
Cash and cash equivalents	$100	$200
Investment in and advances to subsidiaries	1,147,090	1,221,123
Other assets	14,346	10,435
Total assets	$1,161,536	$1,231,758
Liabilities and Shareholders' Equity
Short-term financing	$30,000	$—
Long-term financing	—	125,000
Accrued compensation	42,698	48,414
Other liabilities and accrued expenses	3,340	4,271
Total liabilities	76,038	177,685
Shareholders' equity	1,085,498	1,054,073
Total liabilities and shareholders' equity	$1,161,536	$1,231,758

Condensed Statements of Operations

	Year Ended December 31,
(Amounts in thousands)	2023	2022	2021
Revenues
Dividends from subsidiaries	$118,934	$172,383	$74,456
Interest income	917	1,235	508
Investment income/(loss)	1,823	(3,461)	2,723
Total revenues	121,674	170,157	77,687
Interest expense	6,083	6,759	8,606
Net revenues	115,591	163,398	69,081
Total non-interest expenses	6,319	4,497	7,522
Income before income tax expense and equity in income of subsidiaries	109,272	158,901	61,559
Income tax expense	28,957	41,050	15,636
Income of parent company	80,315	117,851	45,923
Equity in undistributed/(distributed in excess of) income of subsidiaries	5,176	(7,177)	232,591
Net income attributable to Piper Sandler Companies	$85,491	$110,674	$278,514

Condensed Statements of Cash Flows

	Year Ended December 31,
(Amounts in thousands)	2023	2022	2021
Operating Activities
Net income	$85,491	$110,674	$278,514
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	1,168	941	1,019
Equity distributed in excess of/(in undistributed) income of subsidiaries	(5,176)	7,177	(232,591)
Net cash provided by operating activities	81,483	118,792	46,942
Financing Activities
Net change in short-term financing	30,000	—	—
Repayment of long-term financing	(125,000)	—	(70,000)
Advances from subsidiaries	168,541	176,070	192,309
Payment of cash dividend	(84,444)	(107,528)	(99,350)
Repurchase of common stock	(70,680)	(187,334)	(69,901)
Net cash used in financing activities	(81,583)	(118,792)	(46,942)
Net change in cash and cash equivalents	(100)	—	—
Cash and cash equivalents at beginning of year	200	200	200
Cash and cash equivalents at end of year	$100	$200	$200

PSLS

Condensed Statements of Financial Condition

	December 31,	December 31,
(Amounts in thousands)	2023	2022
Assets
Cash and cash equivalents	$5,810	$4,362
Right-of-use lease assets	102	514
Fee receivables	1,329	1,392
Prepaid expenses	46	115
Other assets	910	807
Total assets	$8,197	$7,190
Liabilities and Shareholder's Equity
Accrued compensation	$1,818	$2,998
Accrued lease liabilities	102	514
Other liabilities and accrued expenses	1,443	373
Total liabilities	3,363	3,885
Shareholder's equity	4,834	3,305
Total liabilities and shareholder's equity	$8,197	$7,190

ContentsView on SEC.gov

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