PIPER SANDLER COMPANIES
For the period ended Sep 30, 2025. Filed Nov 4, 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.
Sep 30, 2025 · Filed Nov 4, 2025
PIPR$65.92-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001230245-25-000137
Management's Discussion and Analysis of Financial Condition and Results ofExecutive OverviewCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001230245-25-000144
Management's Discussion and Analysis of Financial Condition and Results ofExecutive OverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 21 previous paragraphs and 21 current paragraphs.
13 unchanged; 4 reworded; 4 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Our advisory services results continued to benefit from our sector and product diversification as well as improvement in the market outlook for mergers and acquisitions ("M&A") activity. Our advisory services pipeline is robust and building, and we expect advisory services revenues for the fourth quarter of 2025 to be similar to last year's fourth quarter.
Current report
Our corporate financing activity was strong in the third quarter of 2025 driven by more favorable market conditions. The overall market environment became more conducive resulting from reduced volatility and strong valuations. While our pipeline remains strong and diverse, we expect fourth quarter corporate financing revenues to moderate from the particularly strong third quarter.
Current report
Our fixed income services results benefited from solid client activity across most products and client verticals during the third quarter of 2025 in anticipation of further short-term benchmark interest rate cuts by the U.S. Federal Reserve. In addition, we continued to advise on balance sheet repositioning resulting from bank M&A activity, and as depository clients adjust to the changing rate environment. We remain actively engaged with clients on regular-way sales and trading, and continue to execute on balance sheet restructurings.
Current report
Our municipal financing activity was broad-based in the third quarter of 2025 with strong performance from both our governmental and specialty sector businesses as market conditions remained favorable. With record levels of issuance in the first nine months of the year, we experienced some pull forward of activity. Our pipeline remains strong, particularly in our specialty sector business, and we expect municipal financing revenues for the fourth quarter of 2025 to be similar to the third quarter of 2025.
Removed paragraphs (4)
Previous report
Our advisory services results continued to benefit from our sector and product diversification during the first half of 2025 even as the number of completed middle-market mergers and acquisitions ("M&A") transactions declined year-over-year. Although volatility early in the second quarter of 2025 impacted some deal processes, the outlook for advisory services improved in the current quarter. We have a robust pipeline of announced and in-process M&A transactions and we expect our advisory services revenues in the third quarter of 2025 to be largely consistent with the second quarter.
Previous report
While certain areas of corporate financing activity are improving, other areas continued to be impacted by sector-specific factors. The economic fee pool for companies with sub-$5 billion of market cap in the first half of 2025 decreased 19 percent year-over-year, with some of our core sectors down more meaningfully. Our pipeline remains strong and diverse and our corporate financing activity for the third quarter of 2025 is off to a good start.
Previous report
Our fixed income services business experienced robust activity among our depository clients during the second quarter of 2025 due to more accommodative markets. In addition, the acceleration of bank M&A activity has resulted in increased opportunities for balance sheet restructuring trades. Our non-depository client activity has been subdued as a result of spread tightening and relative value concerns. The combination of potential short-term benchmark interest rate cuts by the U.S. Federal Reserve and a steepening yield curve should continue to enhance client engagement and activity; however, given our strong second quarter results, we anticipate fixed income services revenues to soften in the third quarter of 2025.
Previous report
Our municipal financing activity was robust across both our governmental and specialty sector businesses in the second quarter of 2025. Market conditions remained favorable during the quarter driven by growing infrastructure needs, relatively stable borrowing conditions and strong investor demand due to higher yields. These dynamics led issuers to more actively access the market. We have a robust pipeline yet we expect municipal financing revenues for the third quarter of 2025 to moderate from the very strong second quarter.
Reworded paragraphs (4)
Previous wording
We have taken the following important steps in the execution of our growth strategy:
Current wording
We have taken the following steps in the execution of our growth strategy:
Previous wording
•On August 1, 2025, we announced a definitive agreement to acquire G Squared Capital Partners LLC, a boutique investment bank specializing in government services and defense technology. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions.
Current wording
•On September 12, 2025, we completed the acquisition of G Squared Capital Partners LLC ("G Squared"), a boutique investment bank specializing in government services and defense technology. The acquisition expands the scale of our investment banking technology sector.
Previous wording
During the second quarter of 2025, financial market volatility moderated and equity markets recovered after a sharp sell-off in April with major indices reaching all-time highs, which has led to a more constructive outlook and an increase in our client and business activity. Monetary policy in the U.S. remains a prevalent factor impacting the economy and financial markets. The U.S. Federal Reserve held its short-term benchmark interest rate steady in the second quarter of 2025, indicating that it will monitor the inflationary impacts of U.S. trade policy as it balances its goals of maximum employment and stable prices. The effects of changes to U.S. trade policy, and any retaliatory actions (i.e., "trade wars") by global trading partners, including China, and their potential impact on inflation, supply chains, and global trade remains difficult to predict and has led to periods of heightened volatility in financial markets. In addition, geopolitical concerns, including the conflicts in the Middle East and Eastern Europe and increased tensions with China as a result of the current trade war, could negatively impact financial market activity. A significant decrease in uncertainty, or resolutions to trade disputes and geopolitical concerns, would likely be constructive for global and U.S. economic conditions, and consequently, our client and business activity.
Current wording
The market environment improved significantly during the third quarter of 2025. The equity markets reached record highs, and with lower volatility, equity underwriting meaningfully improved. Monetary policy in the U.S. remains a prevalent factor impacting the economy and financial markets. The U.S. Federal Reserve lowered its short-term benchmark interest rate in the third quarter of 2025 as it balances its goals of maximum employment and stable prices. The effects of changes to U.S. trade policy, and any retaliatory actions (i.e., "trade wars") by global trading partners, including China, and their potential impact on inflation, supply chains, and global trade continues to contribute to elevated economic outlook uncertainty. In addition, geopolitical concerns, including the conflicts in the Middle East and Eastern Europe and tensions with China as a result of the current trade war, could negatively impact financial market activity. Additionally, a prolonged shutdown of the U.S. federal government could also negatively impact capital market activity. A significant decrease in uncertainty, or resolutions to trade disputes and geopolitical concerns, would likely be constructive for overall economic conditions, and consequently, our client and business activity.
Previous wording
The equity markets experienced increased volatility and higher volumes during the second quarter of 2025. Our equity brokerage business continues to benefit from the quality of our trade execution and research product as we assist clients in navigating the heightened volatility and rapidly changing landscape. We expect our equity brokerage revenues to moderate from second quarter levels as volatility has normalized.
Current wording
Our equity brokerage business continues to benefit from the quality of our trade execution and research product. The fourth quarter tends to be our equity brokerage business's strongest quarter of the year and we expect our results to follow that trend for 2025.