PIPER SANDLER COMPANIES
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Goodwill and Intangible Assets
NOTE 11 | GOODWILL AND INTANGIBLE ASSETS
| (Amounts in thousands) | |
|---|---|
| Goodwill | |
| Balance at December 31, 2023 | $301,760 |
| Goodwill acquired | 10,264 |
| Balance at December 31, 2024 | $312,024 |
| Goodwill acquired | 7,234 |
| Balance at December 31, 2025 | $319,258 |
| Intangible assets | |
| Balance at December 31, 2023 | $116,197 |
| Intangible assets acquired | 1,595 |
| Amortization of intangible assets | (10,288) |
| Balance at December 31, 2024 | $107,504 |
| Intangible assets acquired | 2,093 |
| Amortization of intangible assets | (9,999) |
| Balance at December 31, 2025 | $99,598 |
As discussed in Note 4, the addition of goodwill and intangible assets during the year ended December 31, 2025 related to the acquisition of G Squared. Management identified $2.2 million of customer relationship intangible assets, which are being amortized over a weighted average life of 0.6 years. The addition of goodwill and intangible assets during the year ended December 31, 2024 related to the acquisition of Aviditi Advisors. Management identified $1.5 million of customer relationship intangible assets, which were amortized over a weighted average life of 0.8 years.
At December 31, 2025, intangible assets with determinable lives consisted of customer relationships. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives:
| (Amounts in thousands) | |
|---|---|
| 2026 | $7,986 |
| 2027 | 3,480 |
| 2028 | 2,191 |
| 2029 | 541 |
| Total | $14,198 |
Indefinite-lived intangible assets of $85.4 million consist of a trade name, which is not subject to amortization.
The Company performed its annual impairment testing as of October 31, which resulted inno impairment related to goodwill or indefinite-lived intangible assets in 2025, 2024 and 2023.
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