PIPER SANDLER COMPANIES
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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, 2026 · Filed Nov 5, 2026
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Pre-Tax Margin
Pre-tax margin for the three months ended September 30, 2026 decreased to 15.0 percent, compared to 22.4 percent for the corresponding period of 2025 driven primarily by losses on our investments, including amounts attributable to noncontrolling interests in the alternative asset management funds we manage, as well as higher non-compensation expenses. Adjusted operating margin for the three months ended September 30, 2026 decreased to 19.8 percent, compared with 21.2 percent for the corresponding period of 2025 driven primarily by higher adjusted non-compensation expenses.
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