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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Leases
NOTE 14| 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 December 31, 2025 were as follows:
| (Amounts in thousands) | |
|---|---|
| 2026 | $26,835 |
| 2027 | 24,937 |
| 2028 | 16,876 |
| 2029 | 15,177 |
| 2030 | 13,015 |
| Thereafter | 56,254 |
| Total operating lease payments | 153,094 |
| Less: Tenant improvement allowances | (1,427) |
| Less: Present value discount | (50,316) |
| Total accrued lease liabilities | $101,351 |
The following table summarizes the Company's operating lease costs:
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in millions) | 2025 | 2024 | 2023 |
| Operating lease costs | $24.5 | $22.6 | $21.9 |
Other information related to the Company's operating leases is as follows:
| Year Ended December 31, | ||
|---|---|---|
| (Amounts in millions) | 2025 | 2024 |
| Cash paid for lease liabilities | $27.4 | $25.9 |
| ROU lease assets obtained in exchange for lease liabilities (i.e., new leases and amendments commenced during the period) | 36.3 | 19.1 |
| December 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Weighted average remaining lease term (in years) | 7.9 | 5.3 |
| Weighted average discount rate | 5.9% | 5.0% |
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 ROU lease asset or accrued lease liability is recorded in the consolidated statements of financial condition as of December 31, 2025. The Company's contractual rent commitment over the 15-year lease term is $163.4 million.
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