PIPER SANDLER COMPANIES
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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Leases
NOTE 12| LEASES
The Company leases office space throughout the U.S. and in a limited number of foreign countries where its international operations reside. Aggregate minimum lease payments on an undiscounted basis for the Company's operating leases and a reconciliation to accrued lease liabilities included on the consolidated statements of financial condition as of March 31, 2025 were as follows:
| (Amounts in thousands) | |
|---|---|
| Remainder of 2025 | $20,797 |
| 2026 | 26,039 |
| 2027 | 24,101 |
| 2028 | 16,034 |
| 2029 | 14,393 |
| Thereafter | 66,603 |
| Total operating lease payments | 167,967 |
| Less: Tenant improvement allowances | (14,557) |
| Less: Present value discount | (52,745) |
| Total accrued lease liabilities | $100,665 |
The following table summarizes the Company's operating lease costs:
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (Amounts in millions) | 2025 | 2024 |
| Operating lease costs | $6.5 | $5.5 |
| Operating lease costs related to short-term leases | 0.1 | 0.1 |
At March 31, 2025, the weighted average remaining lease term for operating leases was 8.0 years and the weighted average discount rate was 5.7 percent.
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