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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Pre-Tax Margin
Pre-tax margin for the three months ended March 31, 2025 decreased to 8.2 percent, compared to 15.3 percent for the corresponding period of 2024. Pre-tax margin was lower for the first quarter of 2025 driven by losses on our investments, including amounts attributable to noncontrolling interests in the alternative asset funds we manage. Adjusted pre-tax margin for the three months ended March 31, 2025 increased to 17.9 percent, compared with 16.8 percent for the corresponding period of 2024 primarily driven by higher adjusted net revenues.
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