PIPER SANDLER COMPANIES
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 June 30, 2025 were as follows:
| (Amounts in thousands) | |
|---|---|
| Remainder of 2025 | $13,790 |
| 2026 | 26,225 |
| 2027 | 24,291 |
| 2028 | 16,227 |
| 2029 | 14,590 |
| Thereafter | 67,125 |
| Total operating lease payments | 162,248 |
| Less: Tenant improvement allowances | (9,673) |
| Less: Present value discount | (51,360) |
| Total accrued lease liabilities | $101,215 |
The following table summarizes the Company's operating lease costs:
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| (Amounts in millions) | 2025 | 2024 | 2025 | 2024 |
| Operating lease costs | $6.0 | $5.5 | $12.5 | $11.1 |
| Operating lease costs related to short-term leases | 0.2 | 0.1 | 0.3 | 0.2 |
At June 30, 2025, the weighted average remaining lease term for operating leases was 7.4 years and the weighted average discount rate was 5.7 percent.
In July 2025, the Company entered into a lease agreement for its office space in New York, New York. As the Company anticipates taking possession of the space in 2026, no ROU lease asset or accrued lease liability is recorded in the consolidated statements of financial condition as of June 30, 2025. The Company's contractual rent commitment over the 15-year lease term is $163.4 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.