PIPER SANDLER COMPANIES
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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Jun 30, 2025 · Filed Aug 6, 2025
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Off-Balance Sheet Arrangements
In the ordinary course of business we enter into various types of off-balance sheet arrangements. The following table summarizes the notional contract value of our off-balance sheet arrangements for the periods presented:
| Expiration Per Period · Total Contractual Amount | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Remainder of · 2028 · 2030 · June 30, · December 31, | |||||||||||||
| (Amounts in thousands) | 2025 | 2026 | 2027 | - 2029 | - 2031 | Later | 2025 | 2024 | |||||
| Customer matched-book derivative contracts (1) (2) | $20,000 | $30,000 | $3,074 | $23,492 | $— | $265,040 | $341,606 | $393,860 | |||||
| Trading securities derivative contracts (2) | 216,226 | 45,500 | 5,000 | — | 8,000 | — | 274,726 | 171,333 | |||||
| Investment commitments (3) | — | — | — | — | — | — | 32,320 | 72,688 | |||||
(1)We have three counterparties (contractual amount of $74.6 million at June 30, 2025) who are not required to post collateral. The uncollateralized amounts, representing the fair value of the derivative contracts, expose us to the credit risk of these counterparties. At June 30, 2025, we had $5.3 million of credit exposure with these counterparties, including $4.6 million of credit exposure with one counterparty.
(2)We believe the fair value of these derivative contracts is a more relevant measure of the obligations because we believe the notional or contract amount overstates the expected payout. At June 30, 2025 and December 31, 2024, the net fair value of these derivative contracts approximated $7.5 million and $3.3 million, respectively.
(3)The investment commitments have no specified call dates. The timing of capital calls is based on market conditions and investment opportunities.
Derivatives
Derivatives' notional or contract amounts are not reflected as assets or liabilities on our consolidated statements of financial condition. Rather, the fair value of the derivative transactions are reported on the consolidated statements of financial condition as assets or liabilities in financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased, as applicable.
For a discussion of our activities related to derivative products, see Note 7 to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Investment Commitments
We have investments, including those made as part of our alternative asset management activities, in limited partnerships or limited liability companies that make direct or indirect equity or debt investments in companies. We commit capital and/or act as the managing partner of these entities. We have committed capital of $32.3 million to certain entities and these commitments generally have no specified call dates.
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