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$67.64+2.6%Stored close · as of Nov 9, 2026

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

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Contents

Item 1. Financial Statements

INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statements of Financial Condition	4
Consolidated Statements of Operations	5
Consolidated Statements of Comprehensive Income	6
Consolidated Statements of Changes in Shareholders' Equity	7
Consolidated Statements of Cash Flows	9
Notes to the Consolidated Financial Statements	10
Note 1	Organization and Basis of Presentation	10
Note 2	Summary of Significant Accounting Policies	10
Note 3	Recent Accounting Pronouncements	11
Note 4	Acquisitions	11
Note 5	Receivables from and Payables to Brokers, Dealers and Clearing Organizations	12
Note 6	Fair Value of Financial Instruments	12
Note 7	Financial Instruments and Other Inventory Positions	20
Note 8	Investments	22
Note 9	Variable Interest Entities	22
Note 10	Goodwill and Intangible Assets	24
Note 11	Other Assets	24
Note 12	Short-Term Financing	25
Note 13	Leases	25
Note 14	Legal Contingencies	26
Note 15	Shareholders' Equity	27
Note 16	Business Segment and Revenues Information	29
Note 17	Compensation Plans	30
Note 18	Restructuring and Integration Costs	36
Note 19	Earnings Per Share	37
Note 20	Net Capital Requirements and Other Regulatory Matters	38

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.