PIPER SANDLER COMPANIES

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

About 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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Changes in Shareholders' Equity

Accumulated · Total
Common · Additional · Other · Common · Total
(Amounts in thousands,	Shares	Common	Paid-In	Retained	Treasury	Comprehensive	Shareholders'	Noncontrolling	Shareholders'
except share amounts)	Outstanding	Stock	Capital	Earnings	Stock	Income/(Loss)	Equity	Interests	Equity
Balance at December 31, 2024	16,111,723	$195	$981,724	$561,746	$(314,656)	$(1,179)	$1,227,830	$187,943	$1,415,773
Net income/(loss)	—	—	—	64,915	—	—	64,915	(28,147)	36,768
Dividends	—	—	—	(70,261)	—	—	(70,261)	—	(70,261)
Amortization/issuance of restricted stock (1)	—	—	68,664	—	—	—	68,664	—	68,664
Issuance of treasury shares for options exercised	15,000	—	16	—	1,469	—	1,485	—	1,485
Issuance of treasury shares for restricted stock vestings	654,048	—	(63,105)	—	63,105	—	—	—	—
Repurchase of common stock from employees	(266,060)	—	—	—	(80,629)	—	(80,629)	—	(80,629)
Shares reserved/issued for director compensation	1,319	—	333	—	—	—	333	—	333
Other comprehensive income	—	—	—	—	—	1,136	1,136	—	1,136
Fund capital contributions, net	—	—	—	—	—	—	—	4,841	4,841
Balance at March 31, 2025	16,516,030	$195	$987,632	$556,400	$(330,711)	$(43)	$1,213,473	$164,637	$1,378,110
Net income/(loss)	—	—	—	42,182	—	—	42,182	(10,427)	31,755
Dividends	—	—	—	(17,087)	—	—	(17,087)	—	(17,087)
Amortization/issuance of restricted stock (1)	—	—	7,927	—	—	—	7,927	—	7,927
Repurchase of common stock through share repurchase program	(66,758)	—	—	—	(16,573)	—	(16,573)	—	(16,573)
Issuance of treasury shares for restricted stock vestings	263,298	—	(28,726)	—	28,726	—	—	—	—
Repurchase of common stock from employees	(17,850)	—	—	—	(4,316)	—	(4,316)	—	(4,316)
Shares reserved/issued for director compensation	2,856	—	725	—	—	—	725	—	725
Other comprehensive income	—	—	—	—	—	3,562	3,562	—	3,562
Fund capital contributions, net	—	—	—	—	—	—	—	15,311	15,311
Balance at June 30, 2025	16,697,576	$195	$967,558	$581,495	$(322,874)	$3,519	$1,229,893	$169,521	$1,399,414
Net income	—	—	—	60,266	—	—	60,266	22,212	82,478
Dividends	—	—	—	(11,931)	—	—	(11,931)	—	(11,931)
Amortization/issuance of restricted stock (1)	—	—	7,480	—	—	—	7,480	—	7,480
Issuance of treasury shares for options exercised	18,000	—	(247)	—	2,029	—	1,782	—	1,782
Issuance of treasury shares for restricted stock vestings	25,474	—	(2,875)	—	2,875	—	—	—	—
Repurchase of common stock from employees	(11,202)	—	—	—	(3,678)	—	(3,678)	—	(3,678)
Shares reserved/issued for director compensation	374	—	130	—	—	—	130	—	130
Other comprehensive loss	—	—	—	—	—	(1,104)	(1,104)	—	(1,104)
Fund capital distributions, net	—	—	—	—	—	—	—	(11,407)	(11,407)
Balance at September 30, 2025	16,730,222	$195	$972,046	$629,830	$(321,648)	$2,415	$1,282,838	$180,326	$1,463,164
Continued on next page

Consolidated Statements of Changes in Shareholders' Equity - Continued

Accumulated · Total
Common · Additional · Other · Common · Total
(Amounts in thousands,	Shares	Common	Paid-In	Retained	Treasury	Comprehensive	Shareholders'	Noncontrolling	Shareholders'
except share amounts)	Outstanding	Stock	Capital	Earnings	Stock	Income/(Loss)	Equity	Interests	Equity
Balance at December 31, 2023	15,200,149	$195	$988,136	$454,358	$(356,297)	$(894)	$1,085,498	$213,975	$1,299,473
Net income	—	—	—	42,493	—	—	42,493	7,085	49,578
Dividends	—	—	—	(35,660)	—	—	(35,660)	—	(35,660)
Amortization/issuance of restricted stock (1)	—	—	60,185	—	—	—	60,185	—	60,185
Issuance of treasury shares for restricted stock vestings	730,695	—	(61,232)	—	61,232	—	—	—	—
Repurchase of common stock from employees	(288,977)	—	—	—	(52,091)	—	(52,091)	—	(52,091)
Shares reserved/issued for director compensation	555	—	106	—	—	—	106	—	106
Other comprehensive income	—	—	—	—	—	44	44	—	44
Fund capital contributions, net	—	—	—	—	—	—	—	3,395	3,395
Balance at March 31, 2024	15,642,422	$195	$987,195	$461,191	$(347,156)	$(850)	$1,100,575	$224,455	$1,325,030
Net income/(loss)	—	—	—	34,773	—	—	34,773	(19,803)	14,970
Dividends	—	—	—	(14,787)	—	—	(14,787)	—	(14,787)
Amortization/issuance of restricted stock (1)	—	—	10,608	—	—	—	10,608	—	10,608
Issuance of treasury shares for restricted stock vestings	284,320	—	(25,260)	—	25,260	—	—	—	—
Repurchase of common stock from employees	(27,153)	—	—	—	(5,496)	—	(5,496)	—	(5,496)
Shares reserved/issued for director compensation	2,542	—	527	—	—	—	527	—	527
Other comprehensive income	—	—	—	—	—	58	58	—	58
Fund capital contributions, net	—	—	—	—	—	—	—	9,898	9,898
Balance at June 30, 2024	15,902,131	$195	$973,070	$481,177	$(327,392)	$(792)	$1,126,258	$214,550	$1,340,808
Net income	—	—	—	34,789	—	—	34,789	5,601	40,390
Dividends	—	—	—	(10,667)	—	—	(10,667)	—	(10,667)
Amortization/issuance of restricted stock (1)	—	—	9,968	—	—	—	9,968	—	9,968
Issuance of treasury shares for options exercised	8,000	—	75	—	717	—	792	—	792
Issuance of treasury shares for restricted stock vestings	18,865	—	(1,690)	—	1,690	—	—	—	—
Issuance of treasury shares for acquisitions	21,835	—	4,016	—	1,966	—	5,982	—	5,982
Repurchase of common stock from employees	(8,889)	—	—	—	(2,383)	—	(2,383)	—	(2,383)
Shares reserved/issued for director compensation	828	—	215	—	—	—	215	—	215
Other comprehensive income	—	—	—	—	—	2,354	2,354	—	2,354
Fund capital distributions, net	—	—	—	—	—	—	—	(25,377)	(25,377)
Balance at September 30, 2024	15,942,770	$195	$985,654	$505,299	$(325,402)	$1,562	$1,167,308	$194,774	$1,362,082

(1)Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.