PIPER SANDLER COMPANIES
For the period ended Jun 30, 2025. Filed Aug 6, 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.
Jun 30, 2025 · Filed Aug 6, 2025
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Pre-Tax Margin
Pre-tax margin for the six months ended June 30, 2025 decreased to 10.4 percent, compared to 11.8 percent for the six months ended June 30, 2024. Pre-tax margin was lower for the first half of 2025 driven by higher losses on our investments, including amounts attributable to noncontrolling interests in the alternative asset management funds we manage. Adjusted pre-tax margin for the six months ended June 30, 2025 increased to 18.0 percent, compared with 17.0 percent for the corresponding period of 2024, primarily driven by higher adjusted net revenues and a lower adjusted compensation ratio.
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