PIPER SANDLER COMPANIES
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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Sep 30, 2026 · Filed Nov 5, 2026
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Leases
NOTE 12| 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, 2026 were as follows:
| (Amounts in thousands) | |
|---|---|
| Remainder of 2026 | $7,444 |
| 2027 | 29,158 |
| 2028 | 28,112 |
| 2029 | 26,234 |
| 2030 | 23,854 |
| Thereafter | 197,476 |
| Total operating lease payments | 312,278 |
| Less: Tenant improvement allowances | (24,099) |
| Less: Present value discount | (124,476) |
| Total accrued lease liabilities | $163,703 |
The following table summarizes the Company's operating lease costs:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (Amounts in millions) | 2026 | 2025 | 2026 | 2025 |
| Operating lease costs | $7.9 | $6.0 | $19.5 | $18.5 |
Other information related to the Company's operating leases is as follows:
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| (Amounts in millions) | 2026 | 2025 |
| Cash paid for lease liabilities | $19.6 | $20.5 |
| ROU lease assets obtained in exchange for lease liabilities (i.e., new leases and amendments commenced during the period) | 114.1 | 35.2 |
| September 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Weighted average remaining lease term (in years) | 11.1 | 7.9 |
| Weighted average discount rate | 6.6% | 5.9% |
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