PIPER SANDLER COMPANIES
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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Sep 30, 2025 · Filed Nov 4, 2025
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Leases
NOTE 13| LEASES
The Company leases office space throughout the U.S. and in a limited number of foreign countries where its international operations reside. Aggregate minimum lease payments on an undiscounted basis for the Company's operating leases and a reconciliation to accrued lease liabilities included on the consolidated statements of financial condition as of September 30, 2025 were as follows:
| (Amounts in thousands) | |
|---|---|
| Remainder of 2025 | $6,858 |
| 2026 | 26,676 |
| 2027 | 24,787 |
| 2028 | 16,708 |
| 2029 | 15,004 |
| Thereafter | 68,438 |
| Total operating lease payments | 158,471 |
| Less: Tenant improvement allowances | (7,755) |
| Less: Present value discount | (51,059) |
| Total accrued lease liabilities | $99,657 |
The following table summarizes the Company's operating lease costs:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (Amounts in millions) | 2025 | 2024 | 2025 | 2024 |
| Operating lease costs | $6.0 | $5.6 | $18.5 | $16.7 |
| Operating lease costs related to short-term leases | 0.2 | 0.2 | 0.5 | 0.4 |
At September 30, 2025, the weighted average remaining lease term for operating leases was 7.4 years and the weighted average discount rate was 5.8 percent.
In July 2025, the Company entered into a lease agreement for its office space in New York City, New York. As the Company anticipates taking possession of the space in 2026, no right-of-use lease asset or accrued lease liability is recorded in the consolidated statements of financial condition as of September 30, 2025. The Company's contractual rent commitment over the 15-year lease term is $163.4 million.
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