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

Revenues and Business Information

NOTE 18| REVENUES AND BUSINESS INFORMATION

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

Reportable financial results are as follows:

	Year Ended December 31,
(Amounts in thousands)	2023	2022	2021
Revenues
Investment banking:
Advisory services	$709,316	$776,428	$1,026,138
Corporate financing	131,077	125,342	362,797
Municipal financing	83,419	107,739	164,284
Total investment banking	923,812	1,009,509	1,553,219
Institutional brokerage:
Equity brokerage	209,512	210,314	154,067
Fixed income services	168,027	194,953	233,510
Total institutional brokerage	377,539	405,267	387,577
Interest income	26,723	20,365	6,967
Investment income/(loss)	30,039	(23)	94,032
Total revenues	1,358,113	1,435,118	2,041,795
Interest expense	10,146	9,480	10,734
Net revenues	1,347,967	1,425,638	2,031,061
Total non-interest expenses	1,225,381	1,291,269	1,589,549
Pre-tax income	$122,586	$134,369	$441,512
Pre-tax margin	9.1%	9.4%	21.7%

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.