Piper Sandler Companies

Connecting capital with opportunity
As a leading investment bank, we enable growth and success for our 
clients through deep sector expertise, candid advice and a differentiated, 
highly productive culture.
OUR VALUES
We create and implement superior financial solutions for our clients. 
Serving clients is our fundamental purpose.
We earn our clients' trust by delivering the best guidance and service. 
Great people working together as a team are our competitive advantage.
As we serve, we are committed to these core values:
•
Always place our clients' interests first 
•
Conduct ourselves with integrity and treat others with respect 
•
Work in partnership with our clients and each other 
•
Attract, retain and develop a diverse group of the best people in a high-quality, inclusive environment
•
Contribute our talents and resources to serve the communities in which we live and work

Financial highlights
Piper Sandler generated another strong year with adjusted net revenues of $1.5 billion, a 16% increase compared 
to 2023, and adjusted earnings per diluted common share of $12.69 for 2024. Our results reflect the benefits and 
durability of our diversified and scaled business, and we delivered our second strongest year on record. In 
addition, we returned $140 million to shareholders through dividends and share repurchases.
Summary of Adjusted Financial Results*
* Financial measures presented above and included in the following letter to our fellow shareholders are on a non-GAAP, adjusted basis. The non-GAAP measures 
are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures. Please refer to the Appendix for a reconciliation of these 
non-GAAP financial measures to the most directly comparable U.S. GAAP measure.
($ in millions, except per share data)
2020
2021
2022
2023
2024
Adjusted net revenues
Advisory services
$443.3 
$1,026.1 
$776.4 
$709.3 
$808.7 
Corporate financing
295.3 
362.8 
125.3 
131.1 
173.9 
Municipal financing
119.8 
164.3 
107.7 
83.4 
122.5 
Equity brokerage
161.4 
154.1 
210.3 
209.5 
215.3 
Fixed income services
196.3 
233.5 
195.0 
168.0 
186.2 
Investment income
10.4 
35.0 
1.6 
7.1 
7.2 
Interest income, net of expense
8.5 
4.7 
17.4 
21.8 
27.2 
Adjusted net revenues
$1,235.0 
$1,980.5 
$1,433.7 
$1,330.2 
$1,541.0 
Adjusted operating income
$250.3 
$550.0 
$269.2 
$212.9 
$303.7 
Adjusted operating margin
20.3%
27.8%
18.8%
16.0%
19.7%
Adjusted net income
$177.6 
$399.0 
$201.3 
$166.4 
$228.2 
Adjusted earnings per diluted 
common share
$10.02 
$21.92 
$11.26 
$9.28 
$12.69 
Total dividend per share related to fiscal 
year adjusted net income
$3.10 
$9.45 
$3.65 
$3.40 
$5.50 
Total capital returned through share 
repurchases and dividends paid
$50.1 
$169.3 
$294.9 
$155.1 
$140.2 
ADJUSTED NET REVENUES*
($ in millions)
ADJUSTED DILUTED EPS*
$1,235 
$1,980 
$1,434 
$1,330 
$1,541 
2020
2021
2022
2023
2024
$10.02 
$21.92 
$11.26 
$9.28 
$12.69 
2020
2021
2022
2023
2024

2024 Annual Report  |  1
Over the past decade, our growth strategy has been grounded in 
providing greater value to clients and driving shareholder value 
through diversification across business lines, sectors, product 
offerings and geographical regions. During this expansion, a primary 
focus has been identifying areas where we can both enhance our 
offerings and position ourselves as market leaders. This approach 
has resulted in our ability to deliver strong earnings across cycles.
In 2024, Piper Sandler generated adjusted net revenues of $1.5 
billion, adjusted net income of $228 million and adjusted earnings 
per diluted common share of $12.69. Our results reflect our second 
strongest year on record driven by contributions across all business 
lines and strong operating discipline, leading to a 37% increase in 
adjusted net income year-over-year. Performance for the year was 
led by advisory services which accounted for over half of our firm-
wide net revenues for the fourth consecutive year. 
Consistent Growth Across Business Lines
Our corporate investment banking revenues grew to $983 million in 
2024, an increase of 17% compared to 2023. This growth was 
driven by robust performance in advisory services and corporate 
financing. Contributions from sectors were relatively diverse, with six 
out of our seven industry teams reporting revenue growth relative to 
2023. Furthermore, our agented debt business achieved another 
record year, bolstered by increased revenue from private equity 
clients.
Within corporate investment banking, advisory services revenues of 
$809 million for 2024 grew 14% over the prior year driven by more 
completed deals and a higher average fee. The strength of our 
diversified platform as well as increased revenues from private 
equity clients resulted in 2024 being the second strongest advisory 
year on record. We ranked as a top 3 advisor based on the number 
of announced U.S. M&A deals valued under $1 billion. In total, we 
completed 288 advisory transactions with an aggregate transaction 
value of $89 billion. Our financial services group led performance, 
even with headwinds in the depository space, showcasing their 
resilience as we proudly maintained our position as the No. 1 
advisor in U.S. M&A for banks based on the number of announced 
transactions. Our energy, power & infrastructure group delivered 
record performance, asserting our leadership in energy services 
where we were the top advisor based on the number of completed 
M&A deals. 
To our fellow shareholders:
$1.5 billion
2024 adjusted net revenues
$228 million
2024 adjusted net income
$12.69
2024 adjusted diluted EPS
$89 billion
Aggregate value of 288 
advisory transactions
No. 1
Advisor in U.S. M&A for 
banks
No. 1
Advisor in M&A for energy 
services
Top 3
Advisor in U.S. M&A             
< $1 billion

2  |  Piper Sandler Companies
Corporate financing revenues for the year reached $174 million, 
representing a 33% increase compared to 2023, fueled by a higher 
number of completed deals as equity market issuance returned to 
more normalized levels. We completed 117 equity, debt and 
preferred financings raising $46 billion for corporate clients. The 
performance was primarily driven by our healthcare franchise, which 
served as bookrunner on 40 out of the 42 equity deals. Additionally, 
we expanded our share of equity financings for financial services 
companies, ranking as the most active underwriter to banks in 2024.
Public finance generated municipal financing revenues of $123 
million for 2024, increasing 47% compared to the prior year. This 
was driven by increased issuance activity across both our specialty 
sectors and governmental businesses resulting from increased 
investor demand. We underwrote 501 municipal negotiated 
transactions raising $17 billion of par value for our clients and 
maintained our No. 2 ranking based on the number of municipal 
negotiated underwritings. The special district group, which assists 
clients in raising capital to fund the public infrastructure needs of 
growing communities, delivered a record year with 85 transactions 
raising $3 billion of capital. 
Our equity brokerage business achieved record revenues of $215 
million, supported by strong client activity across our high-touch, 
electronic and derivatives trading platforms. The strength of our 
platform attracted over 1,600 unique clients and we traded 11.3 
billion shares on their behalf. We continue to maintain one of the 
largest research platforms in the small and mid-cap space with 
approximately 950 stocks under coverage. Additionally, our macro 
research capabilities continue to rank among the best on Wall 
Street.
We generated $186 million of fixed income revenues, benefiting 
from a normalizing yield curve as well as investments we have made 
in the business, reflecting an 11% increase from 2023. Our capital-
light fixed income business is structured around providing best-in-
class advice to two key client verticals – depositories and non-
depositories (asset managers, public entities, RIAs/money 
managers and insurance companies). Our unique position is driven 
by our deep understanding of banks and credit unions. Our proximity 
to and understanding of financial institutions and their respective 
business flow is also highly valued among our growing non-
depository client base. 
$46 billion
Capital raised for corporate 
clients across 117 deals
No. 1
Equity underwriter to banks
No. 2
Municipal negotiated 
underwriter
11.3 billion
Equity shares traded for 
1,600+ unique clients
$17 billion
Par value raised for 
municipal clients across 
501 transactions

2024 Annual Report  |  3
Continuing Opportunity to Grow Private Equity Market Share
Our emphasis on expanding revenues from private equity clients continued to yield strong results in 2024. 
Advisory revenues from this client segment grew over 20%, exceeding the overall sponsor M&A market's growth in 
both value and volume. In particular, our agented debt business generated another record year, driven by our 
financial sponsor clients increasingly looking to us to raise debt for acquisitions of new platforms, add-on 
acquisitions, refinancings of existing debt, and in support of our sell-side mandates. Overall, approximately 50% of 
our advisory services revenues are derived from financial sponsors, underscoring the importance of this client 
base to our overall strategy.
In 2024, we completed the acquisition of Aviditi Advisors, which formed our private capital advisory group, further 
bolstering our ability to serve this important client base by providing integrated, full-lifecycle support to private 
equity GPs and their investors. Aviditi Advisors operates across three core services: private fundraising, 
secondary capital (including continuation vehicles) and capital solutions. The addition of these key capabilities will 
allow us to further deepen and monetize our existing relationships and attract new financial sponsors clients.
The investments we have made to provide private equity clients with a broader array of services across a wider 
number of industry sectors has, and will, contribute to our future growth with this important client base which 
represents a large and growing segment of the investment banking fee pool. 

4  |  Piper Sandler Companies
Transforming Our Business Through Strategic Investments
A key pillar of our firm’s growth has been successfully integrating targeted acquisitions to fill white spaces and 
deepen our product and sector expertise with a focus on growing where we can be market leaders. In the past five 
years, we have demonstrated consistent revenue growth as a result of selecting partners, not sellers, who, 
together with us, are looking to deliver an expanded offering to clients. Since 2019, the following eight acquisitions 
have significantly strengthened our capabilities:
$826 
$1,235 
$1,980 
$1,434 
$1,330 
$1,541 
2019
2020
2021
2022
2023
2024
2019
Weeden & Co.
Equity Trading
2020
Sandler O’Neill
Financial Services 
Investment Bank
The Valence Group
Chemicals M&A Practice
2022
Cornerstone Macro
Macro Research & 
Derivatives Trading
Stamford Partners
European Consumer M&A 
Boutique
DBO Partners
Technology Investment 
Bank
2021
TRS Advisors
Restructuring 
Advisory
2024
Aviditi Advisors
Private Capital 
Advisory
ADJUSTED NET REVENUES
($ in millions)
In 2024, we also added to our capabilities by recruiting new talent across sectors, products and business lines. 
Within investment banking, we hired managing directors to strengthen and broaden our industry and product 
coverage with notable additions in commercial & residential services, fintech, energy, chemicals, asset & wealth 
management, and activist defense & shareholder engagement. Our investment banking managing director 
headcount increased to 183, up 14 from 2023. We added global market structure & algorithmic trading capabilities 
within equities, as well as expanded our coverage in both biotech and energy services equity research. Within 
public finance, we attracted top-tier talent to enhance our platform, expanding our geographic footprint with our 
new Missouri team supporting school districts and other governmental issuers. Additionally, we bolstered our fixed 
income platform with added capabilities in high-yield municipal trading and structured products.

2024 Annual Report  |  5
A Focus On Operating Discipline
Our operating discipline has been a longstanding hallmark of Piper Sandler. Our adjusted operating margin 
increased 370 basis points year-over-year to 19.7% for 2024, a strong outcome on an absolute and relative basis 
as the peer group average was 16.3%. We continue to deliver near-term value to shareholders through operating 
discipline while also expanding the platform. 
In 2024, we achieved an adjusted compensation ratio of 62%, improving 160 basis points from the previous year 
and among the best in our peer group. We remain focused on rewarding our talented workforce, balancing 
employee retention and investment opportunities while maintaining an efficient operational structure. Additionally, 
our disciplined approach to non-compensation expenses is a key driver of our operating leverage. Our adjusted 
non-compensation ratio improved 210 basis points year-over-year and our adjusted non-compensation expenses 
increased 4% year-over-year, a strong performance compared to our peer group average increase of 8%.
Our focus on maintaining a strong balance sheet has enabled us to return $140 million to shareholders through 
dividends and share repurchases during 2024. Total dividends for fiscal year 2024 were $5.50 per share of 
common stock, equating to a payout ratio of 43% of adjusted net income. Additionally, we repurchased 
approximately 347,000 shares of our common stock which more than offset the dilution from our 2024 annual 
grants. Our total shareholder return, inclusive of dividends, for the five-year period ending December 31, 2024, 
was 342%, ranking No.1 among our peer set and over triple the return of the S&P 500. Overall, our disciplined 
approach ensures that we can continue to invest in growth and deliver superior returns to our shareholders. This 
foundation of operating excellence will support our ongoing objectives and enable us to capitalize on emerging 
opportunities in the marketplace.
342%
222%
116%
92%
Piper Sandler
Peer Group
Average
KBW Index
S&P 500
5-YEAR TOTAL SHAREHOLDER RETURN
PIPER SANDLER 5-YEAR GROWTH
(2024 vs. 2019)
87%
120%
Net Revenues
Operating Income

6  |  Piper Sandler Companies
Looking Ahead
As we look forward, our strategy remains focused on executing our long-term objectives to drive revenue growth, 
expand our market presence and enhance shareholder value. Over the past 130 years, we have built a diversified 
and scalable platform that elevates our earnings power and effectiveness across market cycles. Our commitment 
to deep sector expertise and best-in-class execution has enabled us to build enduring client relationships and 
secure market leadership.
To advance our goals, we will continue to:
• 
Expand our business through strategic investments and selectively add partners who share our client-centric 
culture and who can leverage our platform to better serve clients.
• 
Grow our investment banking revenues to $2 billion through market share gains, accretive combinations, 
developing internal talent, and continued sector, product and geographic expansion with a specific focus on:  
–
Private equity – continue to grow revenue with this significant client base across product, sector and 
geographic footprint
–
Technology sector – we remain committed to investing in our technology investment banking platform as 
we look to increase our share of this sector's large fee pool
–
Europe – continue to capitalize on the strength of our U.S. franchises by expanding in Europe
• 
Focus on growing the public finance platform by enhancing market leadership with A-plus talent while 
developing high potential, next generation bankers aligned with opportunities in key segments like education, 
special districts and other specialty businesses. 
• 
Continue to grow our durable and profitable equities platform through product and geographic expansion, and 
corporate development in order to offset a declining fee pool environment.
• 
Grow fixed income revenues to $300 million by investing in top-tier talent that provides differentiated advice 
and expertise, building on our municipal franchise, increasing our electronic trading capabilities, and 
deepening our expertise in structured products and loan strategies.
The exceptional culture at Piper Sandler – characterized by entrepreneurship, hard work, collaboration and a focus 
on clients – has been the cornerstone of our success. We appreciate our colleagues for their commitment to 
serving our clients and delivering positive results. 
On behalf of the entire Piper Sandler team, we sincerely thank you, our shareholders, for your trust and support. 
We look forward to continuing to serve the best interests of our clients, employees, shareholders and communities.
Debbra Schoneman
President
Chad Abraham
Chairman and Chief Executive Officer

2024 Annual Report  |  7
Board of Directors
Chad R. Abraham
Chairman and Chief Executive Officer
Piper Sandler Companies
Jonathan J. Doyle
Vice Chairman and Head of Financial Services
Piper Sandler Companies
William R. Fitzgerald
Former Chairman and Chief Executive Officer
Ascent Capital Group, Inc.
Ann Gallo
Former Senior Managing Director and Partner
Wellington Management Company, LLP
Victoria M. Holt
Former President and Chief Executive Officer
Proto Labs, Inc.
Robbin Mitchell
Senior Advisor
Boston Consulting Group
Thomas S. Schreier Jr. 
(Lead Independent Director)
Former Chairman 
Nuveen Asset Management
Sherry M. Smith
Former Executive Vice President 
and Chief Financial Officer
SUPERVALU INC.
Philip E. Soran
Former President, Chief Executive Officer
and Director
Compellent Technologies, Inc.
Brian R. Sterling
Former Managing Director 
Piper Sandler Companies
Scott C. Taylor
Former Executive Vice President 
and General Counsel
NortonLifeLock Inc. (formerly Symantec Corp.)
Leadership Team
Chad R. Abraham
Chairman and Chief Executive Officer
Debbra L. Schoneman
President
James P. Baker
Global Co-Head of Investment Banking 
and Capital Markets
John Beckelman
Head of Fixed Income
Katherine P. Clune
Chief Financial Officer
Michael R. Dillahunt
Global Co-Head of Investment Banking 
and Capital Markets
Jonathan J. Doyle
Vice Chairman and Head of Financial Services
Christine N. Esckilsen
Chief Human Capital Officer
John W. Geelan
General Counsel and Secretary
J.P. Peltier
Global Group Head of Healthcare 
Investment Banking 
Shawn C. Quant
Chief Information and Operations Officer
Thomas P. Schnettler
Vice Chairman of Piper Sandler & Co.

8  |  Piper Sandler Companies
Reconciliation of U.S. GAAP financial measures to adjusted, non-GAAP 
financial measures
The financial highlights and letter to shareholders include non-GAAP, or ‘‘adjusted,’’ financial measures. The 
corresponding reconciliations of these non-GAAP financial measures to the most comparable U.S. GAAP financial 
measures are included below.
Adjustments to these non-GAAP financial measures include (1) the exclusion of investment (income)/loss and 
non-compensation expenses related to noncontrolling interests, (2) the exclusion of interest expense on long-term 
financing from net revenues, (3) the exclusion of compensation and non-compensation expenses from acquisition-
related agreements, (4) the exclusion of restructuring and integration costs related to acquisitions and/or 
headcount reductions, (5) the exclusion of amortization of intangible assets related to acquisitions, (6) the 
exclusion of non-compensation expenses from regulatory settlements with the Securities and Exchange 
Commission and the Commodity Futures Trading Commission regarding compliance with recordkeeping 
requirements for business-related communications, (7) the exclusion of discontinued operations, and (8) the 
income tax impact allocated to the adjustments. The adjusted weighted average diluted shares outstanding used 
in the calculation of non-GAAP earnings per diluted common share contains an adjustment to include the common 
shares for unvested restricted stock awards with service conditions granted pursuant to all acquisitions since 
January 1, 2020.
Management believes that presenting results and measures on this adjusted basis alongside U.S. GAAP 
measures provides the most meaningful basis for comparison of its operating results across periods, and 
enhances the overall understanding of our current financial performance by excluding certain items that may not 
be indicative of our core operating results. The non-GAAP financial measures should be considered in addition to, 
not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. 
Appendix
NET REVENUES
A reconciliation of U.S. GAAP net revenues to adjusted net revenues for the years ended December 31:
($ in millions)
2024
2023
2022
2021
2020
2019
U.S. GAAP net revenues
$1,525.9 
$1,348.0 
$1,425.6 
$2,031.1 
$1,238.2 
$834.6 
Adjustments:
Investment (income)/loss related to noncontrolling 
interests
15.1 
(22.9)
1.6 
(59.1)
(12.9)
(10.8)
Interest expense on long-term financing
- 
5.1 
6.5 
8.4 
9.6 
1.8 
Adjusted net revenues
$1,541.0 
$1,330.2 
$1,433.7 
$1,980.5 
$1,235.0 
$825.6 
Note: amounts presented in the tables above are rounded to millions and may not foot.

2024 Annual Report  |  9
Note: amounts presented in the tables above are rounded to millions and may not foot.
COMPENSATION EXPENSES
A reconciliation of U.S. GAAP compensation and benefits to adjusted compensation and benefits for the years 
ended December 31:
NON-COMPENSATION EXPENSES
A reconciliation of U.S. GAAP non-compensation expenses to adjusted non-compensation expenses for the years 
ended December 31:
($ in millions)
2024
2023
2022
2021
2020
2019
U.S. GAAP compensation and benefits
$1,004.2 
$897.0 
$983.5 
$1,305.2 
$877.5 
$516.1 
Adjustments:
Compensation from acquisition-related agreements
(48.7)
(51.1)
(87.5)
(116.8)
(113.4)
(5.1)
Adjusted compensation and benefits
$955.4 
$846.0 
$896.0 
$1,188.4 
$764.1 
$511.0 
($ in million)
2024
2023
2022
2021
2020
2019
U.S. GAAP non-compensation expenses
$303.3 
$328.3 
$307.7 
$284.4 
$292.2 
$199.5 
Adjustments:
Non-compensation expenses related to 
noncontrolling interests
(8.5)
(9.4)
(7.9)
(7.2)
(4.0)
(4.3)
Restructuring and integration costs
(2.6)
(7.7)
(11.4)
(4.7)
(10.8)
(14.3)
Amortization of intangible assets related to 
acquisitions
(10.3)
(19.4)
(15.4)
(30.1)
(44.7)
(4.3)
Non-compensation expenses from acquisition-
related agreements
(3.1)
1.1 
(4.5)
(0.2)
(12.1)
(0.1)
Non-compensation expenses from regulatory 
settlements
3.0 
(21.5)
-
- 
- 
- 
Adjusted non-compensation expenses
$281.9 
$271.3 
$268.6 
$242.1 
$220.6 
$176.5 

10  |  Piper Sandler Companies
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE
A reconciliation of U.S. GAAP income from continuing operations before income tax expense to adjusted income 
before adjusted income tax expense for the years ended December 31:
($ in millions)
2024
2023
2022
2021
2020
2019
U.S. GAAP income from continuing operations before 
income tax expense
$218.4 
$122.6 
$134.4 
$441.5 
$68.5 
$119.0 
Adjustments:
Investment (income)/loss related to noncontrolling 
interests
15.1 
(22.9)
1.6 
(59.1)
(12.9)
(10.8)
Interest expense on long-term financing
- 
5.1 
6.5 
8.4 
9.6 
1.8 
Non-compensation expenses related to 
noncontrolling interests 
8.5 
9.4 
7.9 
7.2 
4.0 
4.3 
Compensation from acquisition-related agreements
48.7 
51.1 
87.5 
116.8 
113.4 
5.1 
Restructuring and integration costs
2.6 
7.7 
11.4 
4.7 
10.8 
14.3 
Amortization of intangible assets related to 
acquisitions
10.3 
19.4 
15.4 
30.1 
44.7 
4.3 
Non-compensation expenses from acquisition-
related agreements
3.1 
(1.1)
4.5 
0.2 
12.1 
0.1 
Non-compensation expenses from regulatory 
settlements
(3.0)
21.5 
-
-
-
-
Adjusted operating income
$303.7 
$212.9 
$269.2 
$550.0 
$250.3 
$138.2 
Interest expense on long-term financing
- 
(5.1)
(6.5)
(8.4)
(9.6)
(1.8)
Adjusted income before adjusted income tax expense
$303.7 
$207.8 
$262.7 
$541.5 
$240.7 
$136.4 
NET INCOME ATTRIBUTABLE TO PIPER SANDLER COMPANIES
A reconciliation of U.S. GAAP net income attributable to Piper Sandler Companies to adjusted net income for the 
years ended December 31:
($ in millions)
2024
2023
2022
2021
2020
2019
U.S. GAAP net income attributable to Piper Sandler 
Companies
$181.1 
$85.5 
$110.7 
$278.5 
$40.5 
$111.7 
Adjustment to exclude net income from discontinued 
operations
-
- 
-
-
-
23.8 
Net income from continuing operations
$181.1 
$85.5 
$110.7 
$278.5 
$40.5 
$87.9 
Adjustments:
Compensation from acquisition-related agreements
38.5 
40.6 
66.7 
93.1 
85.9 
4.1 
Restructuring and integration costs
2.0 
5.7 
8.9 
3.5 
8.7 
10.8 
Amortization of intangible assets related to 
acquisitions
7.6 
14.3 
11.8 
23.6 
33.4 
3.3 
Non-compensation expenses from acquisition-
related agreements
2.3 
(0.8)
3.3 
0.2 
9.0 
0.1 
Non-compensation expenses from regulatory 
settlements
(3.3)
21.1 
-
-
-
-
Adjusted net income
$228.2 
$166.4 
$201.3 
$399.0 
$177.6 
$106.2 
Note: amounts presented in the tables above are rounded to millions and may not foot.

2024 Annual Report  |  11
EARNINGS PER DILUTED COMMON SHARE
A reconciliation of U.S. GAAP earnings per diluted common share to adjusted earnings per diluted common share 
for the years ended December 31:
2024
2023
2022
2021
2020
2019
U.S. GAAP earnings per diluted common share
$10.24 
$4.96 
$6.52 
$16.43 
$2.72 
$7.69 
Adjustment to exclude net income from discontinued 
operations
- 
- 
-
-
-
1.65 
Income from continuing operations
$10.24 
$4.96 
$6.52 
$16.43 
$2.72 
$6.05 
Adjustment related to participating shares (1)
- 
- 
-
-
-
0.04 
Adjustment for inclusion of unvested acquisition-
related stock
(0.20)
(0.38)
(0.60)
(1.62)
(1.89)
-
$10.04 
$4.58 
$5.92 
$14.81 
$0.83 
$6.09 
Adjustments:
Compensation from acquisition-related agreements
2.17 
2.36 
3.93 
5.49 
5.76 
0.29 
Restructuring and integration costs
0.11 
0.33 
0.53 
0.21 
0.58 
0.75 
Amortization of intangible assets related to 
acquisitions
0.43 
0.83 
0.69 
1.40 
2.24 
0.23 
Non-compensation expenses from acquisition-
related agreements
0.13
(0.05)
0.19 
0.01 
0.61 
0.01 
Non-compensation expenses from regulatory 
settlements
(0.19)
1.23 
-
-
-
-
Adjusted earnings per diluted common share
$12.69 
$9.28 
$11.26 
$21.92 
$10.02 
$7.36 
1)
For periods prior to 2020, Piper Sandler Companies calculated earnings per common share using the two-class method, which required 
the allocation of consolidated adjusted net income between common shareholders and participating security holders, which in the case of 
Piper Sandler Companies, represented unvested stock with non-forfeitable dividend rights. No allocation of undistributed earnings was 
made for periods in which a loss was incurred, or for periods in which the special cash dividend exceeded adjusted net income resulting 
in an undistributed loss.
WEIGHTED AVERAGE DILUTED COMMON SHARE OUTSTANDING
A reconciliation of U.S. GAAP weighted average diluted common shares outstanding to adjusted weighted 
average diluted common shares outstanding for the years ended December 31:
(Amounts in millions)
2024
2023
2022
2021
2020
2019
U.S. GAAP weighted average diluted common shares 
outstanding
17.7
17.2
17.0
17.0
14.9
13.9
Adjustment:
Unvested acquisition-related restricted stock with 
service conditions
0.3
0.7
0.9
1.3
2.8
-
Adjusted weighted average diluted common shares 
outstanding
18.0
17.9
17.9
18.2
17.7
13.9
Note: amounts presented in the tables above are rounded to millions and may not foot.

12 |  Piper Sandler Companies
Peer Group Performance
The peer group referenced within the annual shareholder letter includes Evercore Inc. (EVR), Houlihan Lokey, Inc. 
(HLI), Lazard, Inc. (LAZ), Moelis & Company (MC) and PJT Partners Inc. (PJT). The peer group also includes the 
Capital Markets segment of Raymond James Financial, Inc. (RJF) and the Institutional Group segment of Stifel 
Financial Corp. (SF) as these segments are a more direct comparison to Piper Sandler. 
Financial measures are obtained from reports on file with the SEC or the company’s website and reflect the twelve 
month period ending December 31, 2024. 
Market Share Positions & Market Data
Market share positions and market data presented within the letter to shareholders are referenced from the 
following independent sources:
MERGERMARKET
•
No. 3 advisor in U.S. M&A based on number of announced transactions during 2024 with a reported deal 
value of < $1 billion
S&P CAPITAL IQ PRO
•
Total shareholder return, inclusive of dividends, for the five-year period ending December 31, 2024 was 342% 
for Piper Sandler; 222% for the Peer Group (i.e., average of EVR, HLI, LAZ, MC, PJT, RJF, and SF); 116% for 
the KBW Capital Markets Index; and, 92% for the S&P 500
•
No. 1 advisor in U.S. M&A for banks & thrifts based on the number of announced transactions during 2024
BLOOMBERG
•
No. 1 advisor in energy services M&A based on number of closed transactions during 2024 for the oil & gas 
services & equipment industry
DEALOGIC
•
No. 1 equity underwriter based on the number of deals completed and capital raised during 2024 for banks; 
includes IPOs, follow-on offerings, PIPEs and ATM offerings for depository institutions > $10 million in value
REFINITIV
•
No. 2 underwriter based on number of U.S. sole/senior negotiated and private placement transactions during 
2024
PITCHBOOK
•
2024 vs. 2023 growth in U.S. PE M&A deal activity (value and volumes)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K 
☑  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2024 
Commission File No. 001-31720 
PIPER SANDLER COMPANIES 
(Exact Name of Registrant as specified in its Charter)
Delaware
 
30-0168701
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification No.)
800 Nicollet Mall, Suite 900
 
Minneapolis, Minnesota
55402
(Address of Principal Executive Offices)
 
(Zip Code)
(612) 303-6000
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange On Which Registered
Common Stock, par value $0.01 per share
PIPR
The New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☑  No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.  Yes  ☐  No  ☑
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.    Yes  ☑ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such 
files).    Yes  ☑ No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth 
company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new 
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal 
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that 
prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☑
The aggregate market value of the 17,195,151 shares of the registrant's Common Stock, par value $0.01 per share, held by non-affiliates based upon 
the last sale price, as reported on the New York Stock Exchange, of the Common Stock on June 30, 2024 was approximately $3.96 billion.
As of February 20, 2025, the registrant had 17,730,430 shares of Common Stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE 
Part III of this Annual Report on Form 10-K incorporates by reference information (to the extent specific sections are referred to herein) from the 
registrant's Proxy Statement for its 2025 Annual Meeting of Shareholders to be held on May 22, 2025.

Table of Contents
Part I
Item 1.
Business
3
Item 1A.
Risk Factors
8
Item 1B.
Unresolved Staff Comments
22
Item 1C.
Cybersecurity
23
Item 2.
Properties
24
Item 3.
Legal Proceedings
24
Item 4.
Mine Safety Disclosures
24
Part II
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases 
of Equity Securities
25
Item 6.
Reserved
27
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
28
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
54
Item 8.
Financial Statements and Supplementary Data
55
Management's Report on Internal Control Over Financial Reporting
55
Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)
56
Consolidated Financial Statements
59
Notes to the Consolidated Financial Statements
64
Supplementary Data
108
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
109
Item 9A.
Controls and Procedures
109
Item 9B.
Other Information
109
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
109
Part III
Item 10.
Directors, Executive Officers and Corporate Governance
110
Item 11.
Executive Compensation
110
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters
110
Item 13.
Certain Relationships and Related Transactions, and Director Independence
110
Item 14.
Principal Accountant Fees and Services
110
Part IV
Item 15.
Exhibit and Financial Statement Schedules
111
Item 16.
Form 10-K Summary
114
Signatures
115
Piper Sandler Companies  |  2

Part I
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K for the year ended December 31, 2024 (this "Form 10-K") contains forward-looking 
statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are 
forward-looking statements. These forward-looking statements include, among other things, statements other than 
historical information or statements of current conditions and may relate to our future plans and objectives and results, 
and also may include our belief regarding the effect of various legal proceedings, as set forth under "Legal Proceedings" 
in Part I, Item 3 of this Form 10-K and in our subsequent reports filed with the Securities and Exchange Commission 
("SEC"). Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual 
results to differ materially from those anticipated, including those factors discussed below under "Risk Factors" in Part I, 
Item 1A of this Form 10-K, as well as those factors discussed under "External Factors Impacting Our Business" included 
in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this 
Form 10-K and in our subsequent reports filed with the SEC. Forward-looking statements speak only as of the date they 
are made, and we undertake no obligation to update them in light of new information or future events.
Item 1. Business.
OVERVIEW
Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, 
private equity groups, public entities, non-profit entities and institutional investors in the United States ("U.S.") and 
internationally. Founded in 1895, Piper Sandler Companies provides a broad set of products and services, including 
financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage 
services; fundamental equity and macro research services; fixed income services; and alternative asset management 
strategies. Our headquarters are located in Minneapolis, Minnesota and we have offices across the U.S. and 
international locations in London, Aberdeen, Munich, Paris, Zurich and Hong Kong. 
OUR BUSINESS
We operate in one reportable segment providing investment banking services, institutional sales and trading services for 
various equity and fixed income products, and research services. We are organized as one reportable segment in order 
to maximize the value we provide to clients by leveraging our diversified expertise and broad relationships of the 
experienced professionals across our company.
Investment Banking
For our corporate clients and financial sponsors, we provide advisory services, which includes mergers and acquisitions 
("M&A"); equity and debt financings; equity and debt private placements; and debt, restructuring and private capital 
advisory. We operate in the following focus sectors: healthcare; financial services; energy and power; consumer; 
services and industrials; technology; and chemicals, primarily focusing on middle-market clients. For our government 
and non-profit clients, we underwrite municipal issuances, provide municipal financial advisory and loan placement 
services, and offer various over-the-counter derivative products. Our public finance investment banking capabilities 
focus on state and local governments, cultural and social service non-profit entities, special districts and development 
infrastructure, project finance, and the education, healthcare, hospitality, senior living, housing and transportation 
sectors.
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Piper Sandler Companies  |  3

Equity and Fixed Income Institutional Brokerage
We offer both equity and fixed income advisory and trade execution services for institutional investors, corporations, and 
government and non-profit entities. Integral to our capital markets efforts, we have equity sales and trading relationships 
with institutional investors in North America and Europe that invest in our core sectors. Our fundamental equity research 
analysts provide investment ideas and support to our trading clients on approximately 950 companies. Our macro 
research teams provide a comprehensive overview of global trends, such as economic and energy trends, as well as 
policy actions and political developments. Fixed income services provides advice on balance sheet management, 
investment strategy and customized portfolio solutions. We provide fixed income sales and trading solutions to banks, 
registered investment advisors, public entities, credit unions, asset managers, and insurance companies. We principally 
engage in trading activities to facilitate customer activity. 
Alternative Asset Management Funds
We have created alternative asset management funds in merchant banking and healthcare in order to invest firm capital 
and to manage capital from outside investors. 
FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS
As of December 31, 2024, the substantial majority of our net revenues and long-lived assets were located in the U.S.
COMPETITION
Our business is subject to intense competition driven by large Wall Street and international firms, regional broker 
dealers, boutique and niche-specialty firms and alternative trading systems that effect securities transactions through 
various electronic venues. Competition is based on a variety of factors, including price, quality of advice and service, 
reputation, product selection, transaction execution, financial resources and investment performance. Many of our large 
competitors have greater financial and technology resources than we have and may have greater capacity for risk and 
potential innovation as well as more flexibility to offer a broader set of products and services than we can.
In addition, there is significant competition within the securities industry for obtaining and retaining the services of 
qualified employees. Our business is a human capital business, and attracting and retaining employees depends, 
among other things, on our company's culture, management, work environment, geographic locations and 
compensation.
HUMAN CAPITAL
Piper Sandler Companies connects capital with opportunity to create value and build a better future, and our employees 
have been critical to achieving this mission throughout our operating history of more than 125 years. We believe that 
great people working together as a team are our competitive advantage, and it is crucial that we continue to attract and 
retain talented employees. As part of these efforts, we strive to foster a community where everyone feels included and 
empowered to do their best work; provide training, mentorship and development opportunities; offer a competitive 
compensation and benefits program; and give employees the opportunity to give back to their communities.
As of December 31, 2024, we had 1,805 full-time employees, of which 1,700 were employed in the U.S. and 105 in the 
United Kingdom ("U.K."), Germany, France, Switzerland and Hong Kong. Approximately 1,370 of our employees were 
registered with the Financial Industry Regulatory Authority, Inc. ("FINRA") as of December 31, 2024. One key metric we 
use to benchmark our firm to industry peer companies is the number of investment banking managing directors. At 
December 31, 2024, we had 183 corporate investment banking managing directors. 
Recruitment and Talent Development
A core tenet of our talent system is to develop talent from within our company and to supplement with external 
candidates. We believe that diverse teams with unique backgrounds, skills and experiences yield more innovative 
solutions. This is reflected in our commitment to engage, hire and retain bright, committed people to work in partnership 
in an environment that allows each person to achieve personal success and add value to our teams and communities. 
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Piper Sandler Companies  |  4

We provide opportunities for employees to grow and build their careers through various training, mentorship and 
development programs. Additionally, our employee resource groups, which are open to all employees, help develop 
connections, build community and create opportunities for engagement. We also have a talent and succession planning 
process, which is reviewed annually with our board of directors. 
We maintain several programs and partnerships to help us broaden the pipeline to attract great talent, including summer 
internships, the Career Exploration Program, the Piper Sandler MBA Fellowship Program and community partnerships 
with organizations that focus on coaching, training and mentoring college students with varied backgrounds and 
experiences. The Career Exploration Program and the Piper Sandler MBA Fellowship Program are designed to attract 
talented undergraduate students and MBA students, respectively, whose life experiences, demonstrated interests, and 
achievements will contribute to our culture. These programs serve as a direct pipeline for summer internship 
opportunities that have the potential to convert to full-time positions.
Compensation and Benefits Program 
Our compensation program is designed to attract, reward and retain employees who possess the skills necessary to 
support our business objectives and assist in the achievement of our strategic goals. We provide employees with 
competitive compensation packages that include base salary, annual incentive bonuses, restricted share awards, and 
length of service awards. For further information on the restricted shares we grant to employees as part of year-end 
compensation, see Note 18 to our consolidated financial statements in Part II, Item 8 of this Form 10-K. We also offer 
benefits such as life and health (medical, dental and vision) insurance, paid time off, tuition reimbursement and a 401(k) 
plan with matching employer contributions. We also offer family support services, such as paid parental leave, fertility 
benefits and adoption assistance, as well as various health and wellness programs. We believe our programs align both 
individual employees and long-term company performance with shareholder interests. 
Community Leadership
We are committed to contributing our talents and resources to serve the communities in which we live and work through 
the Piper Sandler Foundation, various charitable campaigns, employee programs and volunteerism. We believe this 
commitment assists in our efforts to attract and retain employees. In 2024, we donated a total of $8.0 million through 
employee donations, our corporate matching gifts programs and corporate grants. Piper Sandler Companies matches 
each employee's donations up to $5,000. In 2024, our employees supported over 1,850 causes. We launched a 
volunteer rewards program during 2024 that provides up to $1,000 of financial support to the causes where our 
employees volunteer their time.
REGULATION
As a participant in the financial services industry, our business is regulated by U.S. federal and state regulatory 
agencies, by self-regulatory organizations ("SROs") and securities exchanges, and by foreign governmental agencies, 
financial regulatory bodies and securities exchanges. We are subject to complex and extensive regulation of most 
aspects of our business, including the manner in which securities transactions are effected, net capital requirements, 
financial and electronic recordkeeping and reporting procedures, relationships and conflicts with customers, conduct, 
experience and training requirements for certain employees, and the manner in which we prevent and detect money-
laundering and bribery activities. The regulatory framework of the financial services industry is designed primarily to 
safeguard the integrity of the capital markets and to protect customers, not creditors or shareholders. 
The laws, rules and regulations comprising this regulatory framework can (and do) change frequently, as can the 
interpretation and enforcement of existing laws, rules and regulations. Conditions in the global financial markets and 
economy can cause legislators and regulators to increase the examination, enforcement and rule-making activity 
directed toward the financial services industry. The intensity of the regulatory environment may correlate with the level 
and nature of our legal proceedings for a given period, and increased intensity could have an adverse effect on our 
business, financial condition, and results of operations.
Table of Contents
Piper Sandler Companies  |  5

Our U.S. broker dealer subsidiary (Piper Sandler & Co.) is registered as a securities broker dealer with the SEC and is a 
member of various SROs and securities exchanges. FINRA serves as the primary SRO of Piper Sandler & Co., and the 
New York Stock Exchange ("NYSE") has oversight over NYSE-related market activities. FINRA regulates many aspects 
of our U.S. broker dealer business, including registration, education and conduct of our broker dealer employees, 
examinations, rulemaking, enforcement of these rules and the federal securities laws, trade reporting and the 
administration of dispute resolution between investors and registered firms. We have agreed to abide by the rules of 
FINRA (as well as those of the NYSE and other SROs), and FINRA has the power to expel, fine and otherwise discipline 
Piper Sandler & Co. and its officers, directors and employees. Among the rules that apply to Piper Sandler & Co. are the 
uniform net capital rule of the SEC (Rule 15c3-1) and the net capital rule of FINRA. Both rules set a minimum level of 
net capital a broker dealer must maintain and require that a portion of the broker dealer's assets be relatively liquid. 
Under the applicable FINRA rule, FINRA may prohibit a member firm from expanding its business or paying cash 
dividends if resulting net capital falls below FINRA requirements. In addition, Piper Sandler & Co. is subject to certain 
notification requirements related to withdrawals of excess net capital. As a result of these rules, our ability to make 
withdrawals of capital from Piper Sandler & Co. may be limited. In addition, Piper Sandler & Co. is licensed as a broker 
dealer in each of the 50 states, requiring us to comply with applicable laws, rules and regulations of each state. Any 
state may revoke a license to conduct a securities business and fine or otherwise discipline broker dealers and their 
officers, directors and employees. 
We also operate entities in various international jurisdictions, and these entities are subject to regulation by the relevant 
international authorities, including the Financial Conduct Authority of the U.K., the Hong Kong Securities and Futures 
Commission, the German Federal Financial Supervisory Authority, and the Guernsey Financial Services Commission 
("GFSC"). These authorities regulate these entities (in their respective jurisdictions) in areas of capital adequacy, 
customer protection and business conduct, among others.
Entities in the jurisdictions identified above are also subject to anti-money laundering regulations. Piper Sandler & Co. is 
subject to the USA PATRIOT Act of 2001, which contains anti-money laundering and financial transparency laws and 
mandates the implementation of various regulations requiring us to implement standards for verifying client identification 
at the time the client relationship is initiated, monitoring client transactions and reporting suspicious activity. Our entities 
in Hong Kong, the U.K., Germany and Guernsey are subject to similar anti-money laundering laws and regulations in 
those jurisdictions. We are also subject to the U.S. Foreign Corrupt Practices Act as well as other anti-bribery and anti-
corruption laws in the jurisdictions in which we operate. These laws generally prohibit companies and their 
intermediaries from engaging in bribery or making other improper payments to foreign officials for the purpose of 
obtaining or retaining business or gaining an unfair business advantage. 
We maintain subsidiaries that are registered as investment advisors with the SEC and subject to regulation and 
oversight by the SEC. PSC Capital Partners LLC, Piper Heartland Healthcare Capital LLC and Piper Sandler Finance 
Management LLC are asset management subsidiaries and registered investment advisors. As registered investment 
advisors, these entities are subject to requirements that relate to, among other things, fiduciary duties to clients, 
maintaining an effective compliance program, solicitation agreements, conflicts of interest, financial and electronic 
recordkeeping and reporting requirements, disclosure requirements, limitations on agency cross and principal 
transactions between the advisor and advisory clients, as well as general anti-fraud prohibitions. Piper Sandler & Co. is 
also a registered investment advisor and subject to these requirements. Parallel General Partner Limited is the general 
partner of several private equity limited partnerships; it and the limited partnerships are registered and regulated by the 
GFSC.
Certain of our businesses also are subject to compliance with laws and regulations of U.S. federal and state 
governments, non-U.S. governments, their respective agencies or various SROs or exchanges governing the privacy of 
client information, as applicable. Any failure with respect to our practices, procedures and controls in any of these areas 
could subject us to regulatory consequences, including fines, and potentially other significant liabilities. 
Table of Contents
Piper Sandler Companies  |  6

INFORMATION ABOUT OUR EXECUTIVE OFFICERS 
Information regarding our executive officers and their ages as of February 20, 2025, are as follows:
Name
Age
Position(s)
Chad R. Abraham
56
Chief Executive Officer
Debbra L. Schoneman
56
President
Katherine P. Clune
44
Chief Financial Officer
James P. Baker
57
Global Co-Head of Investment Banking and Capital Markets
Michael R. Dillahunt
56
Global Co-Head of Investment Banking and Capital Markets
Jonathan J. Doyle
59
Vice Chairman and Head of Financial Services Group
John W. Geelan
49
General Counsel and Secretary
Chad R. Abraham is our chief executive officer, a position he has held since January 2018. He previously served as 
global co-head of investment banking and capital markets from October 2010 to December 2017. Prior to that, he 
served as head of equity capital markets since November 2005. Mr. Abraham joined Piper Sandler Companies in 1991 
in our investment banking group and was promoted to managing director and head of technology investment banking in 
1999.
Debbra L. Schoneman is our president, a position she has held since January 2018. She previously served as chief 
financial officer from May 2008 to December 2017, and global head of equities from June 2017 to December 2017. Prior 
to that, she served as treasurer from August 2006 until May 2008; and as finance director of our corporate and 
institutional services business from July 2002 until July 2004 when the role was expanded to include our public finance 
services division. Ms. Schoneman joined Piper Sandler Companies in 1990 in our accounting department.
Katherine P. Clune is our chief financial officer, a position she has held since January 2024. She most recently served 
as senior vice president of finance from November 2023 to January 2024. Before joining Piper Sandler Companies, Ms. 
Clune was treasurer and head of planning and strategy at Evercore Inc., from June 2022 to November 2023, and global 
head of financial planning and analysis at Morgan Stanley from June 2020 to June 2022. Prior to that, Ms. Clune served 
in various capacities with Morgan Stanley from 2005 through June 2022, including global head, liquidity coverage and 
planning, and chief financial officer, U.S. banks.
James P. Baker is our global co-head of investment banking and capital markets, a position he has held since January 
2019. Prior to that, he served as our co-head of energy investment banking from February 2016 to December 2018. Mr. 
Baker joined Piper Sandler Companies in February 2016 in connection with our acquisition of Simmons & Company 
International, where Mr. Baker came to serve as a managing director and leader of its midstream/downstream 
investment banking group after joining in 2001. Prior to that, Mr. Baker was a director and chief financial officer at Koch 
Industries and led corporate finance and corporate development for Koch’s energy businesses, and a director for Alton 
Geoscience where he provided consulting services to refining and marketing companies on the West Coast.
Michael R. Dillahunt is our global co-head of investment banking and capital markets, a position he has held since 
March 2021. Prior to that, he served as co-head of our services and industrials group from 2011 to 2020, and as vice 
chairman of investment banking and chairman of M&A and private equity coverage from 2020 to March 2021. Mr. 
Dillahunt joined Piper Sandler Companies in 1998, prior to which he had been an M&A and corporate attorney at 
Milbank LLP. 
Jonathan J. Doyle is our vice chairman, senior managing principal and head of the financial services group, a position 
he has held since January 2020. Mr. Doyle joined Piper Sandler Companies in connection with our acquisition of 
Sandler O'Neill, where Mr. Doyle served as a senior managing principal since January 2012, and partner since January 
1995. Mr. Doyle began his career at Marine Midland Bank.
John W. Geelan is our general counsel and secretary. He served as assistant general counsel and assistant secretary 
from November 2007 until becoming general counsel in January 2013. Mr. Geelan joined Piper Sandler Companies in 
2005.
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Piper Sandler Companies  |  7

ADDITIONAL INFORMATION
Our principal executive offices are located at 800 Nicollet Mall, Suite 900, Minneapolis, Minnesota 55402, and our 
general telephone number is (612) 303-6000. We maintain an Internet Web site at http://www.pipersandler.com. The 
information contained on and connected to our Web site is not incorporated into this Form 10-K. We make available free 
of charge on or through our Web site our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports 
on Form 8-K, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities 
Exchange Act of 1934, as amended (the "Exchange Act"), and all other reports we file with the SEC, as soon as 
reasonably practicable after we electronically file these reports with, or furnish them to, the SEC. Such reports are also 
available on the SEC's Web site at http://www.sec.gov. "Piper Sandler," the "Company," "registrant," "we," "us" and "our" 
refer to Piper Sandler Companies and our subsidiaries. The Piper Sandler logo and the other trademarks, tradenames 
and service marks of Piper Sandler Companies mentioned in this report or elsewhere, including, but not limited to, 
PIPER SANDLER®, PIPER JAFFRAY®, REALIZE THE POWER OF PARTNERSHIP®, CORNERSTONE MACRO®, 
SIMMONS ENERGY A DIVISION OF PIPER SANDLER®, SIMMONS ENERGY A DIVISION OF PIPER JAFFRAY®, 
SIMMONS ENERGY®, SIMMONS & COMPANY INTERNATIONAL®, SIMMONSCO-INTL®, PIPER SANDLER 
FINANCESM, BIOINSIGHTS®, TAKING STOCK WITH TEENS®, Aviditi®, Aviditi Advisors® and GUIDES FOR THE 
JOURNEY®, are the property of Piper Sandler & Co., a subsidiary of Piper Sandler Companies.
Item 1A. Risk Factors.
In the normal course of our business activities, we are exposed to a variety of strategic risks, market risks, human 
capital risks, liquidity risks, credit risks, operational risks, and legal and regulatory risks. A description of each of these 
principal areas of risk, as well as the primary risk management processes that we use to mitigate our risk exposure in 
each, is discussed below under the caption "Risk Management" included in "Management's Discussion and Analysis of 
Financial Condition and Results of Operations" in Part II, Item 7 of this Form 10-K.
The following discussion sets forth risk factors that we have identified in each principal area of risk as being the most 
material to our business, future financial condition, and results of operations. Although we discuss these risk factors 
primarily in the context of their potential effects on our business, financial condition or results of operations, it should be 
understood that these effects can have further negative implications such as: reducing the price of our common stock; 
reducing our capital, which can have regulatory and other consequences; affecting the confidence that our clients and 
other counterparties have in us, with a resulting negative effect on our ability to conduct and grow our business; and 
reducing the attractiveness of our securities to potential purchasers, which may adversely affect our ability to raise 
capital and secure other funding or the prices at which we are able to do so. Further, additional risks beyond those 
discussed below and elsewhere in this Form 10-K or in other of our reports filed with, or furnished to, the SEC could 
adversely affect us. We cannot provide assurance that the risk factors herein or elsewhere in our other reports filed with, 
or furnished to, the SEC address all potential risks that we may face.
These risk factors also serve to describe factors which may cause our results to differ materially from those described in 
forward-looking statements included in this Form 10-K or in other documents or statements that make reference to this 
Form 10-K. Forward-looking statements, as further described in this Form 10-K under the heading "Cautionary Note 
Regarding Forward-Looking Statements," and other factors that may affect future results are discussed below under 
"Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this Form 
10-K.
STRATEGIC AND MARKET RISK
Our business success depends in large part upon the strategic decisions made by our executive management, the 
alignment of business plans developed to act upon those decisions, and the quality of implementation of these business 
plans. Strategic risk represents the risk associated with our executive management failing to develop and execute on 
the appropriate strategic vision which demonstrates a commitment to our culture, leverages our core competencies, 
appropriately responds to external factors in the marketplace, and is in the best interests of our company. In setting out 
and executing upon a strategic vision for our business, we are faced with a number of inherent risks, including risks 
relating to external events, market and economic conditions, competition, and business performance that could all 
negatively affect our ability to execute on our strategic decisions and, therefore, our future financial condition or results 
of operations. The risks related to external events and overall market and economic conditions are referred to as market 
risk. The following are material risk factors that could pose a risk to our strategic vision, and the market risks that may 
impact execution of our strategy.
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Developments in market and economic conditions have in the past adversely affected, and may in the future 
adversely affect, our business and profitability and cause volatility in our results of operations.
Economic and market conditions have had, and will continue to have, a direct and material impact on our results of 
operations and financial condition because performance in the financial services industry is heavily influenced by the 
overall strength of economic conditions and financial market activity. For example:
•
In 2024, our business generally benefited from continued U.S. economic strength and moderation in the pace of 
inflation, which led to an increase in business and client activity. Nevertheless, overall financial market activity 
continued to remain somewhat subdued compared to historical levels due to uncertainty concerning future U.S. 
Federal Reserve policy and the potential for a resurgence of inflation. We believe that the trajectory of market 
conditions in 2025 will be dependent on several factors, including a continued moderation of the pace of inflation, 
the ability of the U.S. Federal Reserve to continue to cut interest rates, the effects of, or market uncertainty 
concerning the effects of tariffs, tax, regulatory and other policies of the new U.S. presidential administration, and 
the effects of macroeconomic or political uncertainty in the U.S. or abroad. Widespread concern or doubts in the 
market about U.S. or global economic conditions, the potential for financial contagion or widespread corporate or 
government defaults, the possibility of the broader outbreak of armed conflict in the Middle East or Eastern Europe, 
geopolitical tensions concerning Taiwan, or the pace, impact, or effectiveness of the actions by the U.S. Federal 
Reserve with respect to interest rates, or the efficacy or adequacy of government measures enacted to support the 
U.S. and global economy, could erode the outlook for macroeconomic conditions, economic growth, and business 
confidence, which would negatively impact our businesses.
•
Our investment banking revenues from our advisory and equity capital markets businesses are directly related to 
macroeconomic conditions and corresponding financial market activity. Our investment banking business overall, 
but especially our capital markets business, benefits from cycles of strong financial market activity and company 
valuations. As an example, a significant portion of our investment banking revenues in recent years has been 
derived from advisory and capital markets engagements in our focus sectors and from financial sponsor clients, and 
activity in these areas is highly correlated to market conditions and the macroeconomic environment. During 
periods of heightened economic uncertainty, financial market activity can significantly decline, and our business 
may suffer reduced revenues as a result. If the outlook for macroeconomic conditions in 2025 were to deteriorate, 
the level of financial market activity could significantly decrease, which would reduce our investment banking 
revenues more generally. In addition, market volatility or uncertainty related to a decline in the U.S. or global 
macroeconomic outlook could cause financial market activity to decrease, which would also negatively affect our 
investment banking revenues. Global macroeconomic conditions and U.S. financial markets also remain vulnerable 
to the potential risks posed by exogenous shocks, which could include, among other things, political or social unrest 
or economic uncertainty in the U.S. and the European Union, including the potential for financial contagion or 
widespread corporate or government defaults, renewed concern about China's economy or financial sector, the 
wider outbreak of armed conflict in the Middle East or Eastern Europe, geopolitical tensions concerning Taiwan, and 
complications involving terrorism and armed conflicts around the world, or other challenges to global trade. More 
generally, because our business is closely correlated to the macroeconomic outlook, a significant deterioration in 
that outlook or an exogenous shock would likely have an immediate and significant negative impact on our 
investment banking business and our overall results of operations.
It is difficult to predict the economic and market conditions for 2025, which are dependent upon global and U.S. 
economic conditions and geopolitical events globally. Our smaller scale and the cyclical nature of the economy and the 
financial services industry leads to volatility in our financial results, including our operating margins, compensation 
ratios, business mix, and revenue and expense levels. Our financial performance may be limited by the fixed nature of 
certain expenses, the impact from unanticipated losses or expenses during the year, our business mix, and the inability 
to scale back costs in a timeframe to match decreases in revenue-related changes in market and economic conditions. 
As a result, our financial results may vary significantly from quarter to quarter and year to year.
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Developments in specific business sectors and markets in which we conduct our business have in the past 
adversely affected, and may in the future adversely affect, our business and profitability.
Our results for a particular period may be disproportionately impacted by declines in specific sectors of the U.S. or 
global economy, or for certain products within the financial services industry, due to our business mix and focus areas. 
For example:
•
Our investment banking business focuses on specific sectors, including healthcare, financial services, energy and 
power, consumer, services and industrials, technology, and chemicals. Volatility, uncertainty, or slowdowns in any of 
these sectors may adversely affect our business, sometimes disproportionately, and may cause volatility in the net 
revenues we receive from our corporate advisory and capital markets activities. Both the healthcare and financial 
services sectors are significant contributors to our overall results, and negative developments in either of these 
sectors, including negative developments that result from legislative or regulatory actions, would materially and 
disproportionately impact our investment banking results, even if general economic conditions were strong. In 
addition, we may not participate, or may participate to a lesser degree than other firms, in sectors that experience 
significant activity, such as real estate, and our operating results may not correlate with the results of other firms 
that participate in these sectors.
•
Our public finance investment banking business depends heavily upon conditions in the municipal market. It 
focuses on investment banking activity in sectors that include state and local governments, cultural and social 
service non-profit entities, special districts and development infrastructure, project finance, and the education, 
healthcare, hospitality, senior living, housing and transportation sectors, with an emphasis on transactions with a 
par value of $500 million or less. Challenging market conditions for these sectors that are disproportionately worse 
than those impacting the broader economy or municipal markets generally may adversely impact our business. 
Further, the enactment, or the threat of enactment, of any legislation that alters the financing alternatives available 
to local or state governments or tax-exempt organizations through the elimination or reduction of tax-exempt bonds 
could have a negative impact on our results of operations in these businesses. In addition, our public finance 
banking business is currently concentrated in the middle market, and to the extent that market conditions for our 
clients results in lower activity as compared to larger issuers, our results of operations will be negatively impacted.
•
Our fixed income institutional brokerage business derives its revenue from sales and trading activity in the 
municipal and taxable markets and from U.S. government agency products. Our operating results for our fixed 
income institutional brokerage business may not correlate with the results of other firms or the fixed income market 
generally because we do not participate in significant segments of the fixed income markets such as credit default 
swaps, corporate high-yield bonds, currencies or commodities. Our client activity in the fixed income institutional 
brokerage business is currently concentrated in the depositories sector.
Financing and advisory services engagements are transactional in nature and do not generally provide for 
subsequent engagements.
Even though we work to represent our clients at every stage of their lifecycle, we are typically retained on a short-term, 
engagement-by-engagement basis in connection with specific advisory or capital markets transactions. As a 
consequence, the timing of when fees are earned varies, and, therefore, our financial results from advisory and capital 
markets activities may experience volatility quarter to quarter based on equity market conditions as well as the 
macroeconomic business cycle more broadly. In particular, our revenues related to advisory transactions tend to be 
more unpredictable from quarter to quarter due to the one-time nature of the transaction and the size of the fee. As a 
result, high levels of revenue in one quarter will not necessarily be predictive of continued high levels of revenue in any 
subsequent period. If we are unable to generate a substantial number of new engagements and generate fees from the 
successful completion of those transactions, our business and results of operations could be adversely affected.
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We may make strategic acquisitions, enter into new business opportunities, or engage in joint ventures that 
could cause us to incur unforeseen expenses, have disruptive effects on our business and may not yield the 
benefits we expect.
A significant portion of our growth in recent years has come through corporate development activities, including 
acquisitions. There are a number of risks associated with these activities. Costs or difficulties relating to a transaction, 
including integration of products, employees, technology systems, accounting systems and management controls, or 
entry into a new business line, may be difficult to predict accurately and be greater than expected causing our estimates 
to differ from actual results. Importantly, we may be unable to retain key personnel after a transaction, including 
personnel who are critical to the success of the ongoing business. We may incur unforeseen liabilities of an acquired 
company or from entry into a new business line that could impose significant and unanticipated legal costs on us. We 
will need to successfully manage these risks in order to fully realize the anticipated benefits of these transactions.
Our corporate development activities may require increased costs in the form of management personnel, financial and 
management systems and controls and facilities, which, in the absence of continued revenue growth, could cause our 
operating margins to decline. In addition, when we acquire a business, a substantial portion of the purchase price is 
often allocated to goodwill and other identifiable intangible assets. Our goodwill and indefinite-lived intangible assets are 
tested at least annually for impairment. If, in connection with that test, we determine that a reporting unit's fair value is 
less than its carrying value, we would be required to recognize an impairment to the goodwill associated with the 
reporting unit. More generally, any difficulties that we experience could disrupt our ongoing business, increase our 
expenses and adversely affect our operating results and financial condition. We also may be unable to achieve 
anticipated benefits and synergies from a transaction as fully as expected or within the expected time frame.
Our long-term strategic growth plan relies upon corporate development, and our ability to realize that growth will be 
dependent on our ability to identify and execute on accretive opportunities. To the extent that we are unable to do so, 
our long-term growth may be negatively impacted.
We may not be able to compete successfully with other companies in the financial services industry that have 
significantly greater resources than we do.
The financial services industry remains highly competitive, and our revenues and profitability may suffer if we are unable 
to compete effectively. We generally compete on the basis of such factors as quality of advice and service, reputation, 
price, product selection, transaction execution and financial resources. Pricing and other competitive pressures in 
investment banking, including the use of multiple book runners, co-managers, and multiple financial advisors handling 
transactions, have affected and could continue to adversely affect our revenues.
We remain at a competitive disadvantage given our relatively small size compared to some of our competitors. Large 
financial services firms generally have a larger capital base, greater access to capital, and greater technology 
resources, affording them greater capacity for risk and potential for innovation, an extended geographic reach and 
flexibility to offer a broader set of products. For example, some of these firms are able to use their larger capital base to 
offer additional products or services to their investment banking clients, which can be a competitive advantage. With 
respect to our fixed income institutional brokerage and public finance investment banking businesses, it is more difficult 
for us to diversify and differentiate our product set, and our fixed income business mix currently is concentrated in 
investment grade fixed income products, potentially with less opportunity for growth than other firms which have grown 
their fixed income businesses by investing in, developing and offering non-traditional products (e.g., credit default 
swaps, interest rate products and currencies and commodities).
Our institutional brokerage business is subject to pricing and competitive pressures.
The ability to execute trades electronically and through alternative trading systems and competitive pressures on our 
clients have increased the pressure on trading commissions and spreads within the equities institutional brokerage 
business over the past few years. We expect to continue to experience pricing and other competitive pressures in our 
equities and fixed income institutional brokerage businesses in the future. In addition, we will need to continue to invest 
in these businesses in order to continue to meet our clients’ needs and maintain sufficient scale.
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Our inability to identify and address actual, potential, or perceived conflicts of interest may negatively impact 
our reputation and have a material adverse effect on our business.
We regularly address actual, potential or perceived conflicts of interest in our business, including situations where our 
services to a particular client or our own investments or other interests conflict, or are perceived to conflict, with the 
interests of another client. Appropriately identifying and dealing with conflicts of interest is complex and difficult, and we 
face the risk that our current policies, controls and procedures do not timely identify or appropriately manage such 
conflicts of interest. It is possible that actual, potential or perceived conflicts could give rise to client dissatisfaction, 
litigation or regulatory enforcement actions. Our reputation could be damaged if we fail, or appear to fail, to deal 
appropriately with potential or actual conflicts of interest. Client dissatisfaction, litigation, or regulatory enforcement 
actions arising from a failure to adequately deal with conflicts of interest, and the reputational harm suffered as a 
consequence, could have a material adverse effect on our business.
Damage to our reputation could harm our business.
Maintaining our reputation is critical to attracting and maintaining clients, customers, investors, and employees. If we fail 
to deal with, or appear to fail to deal with, issues that may give rise to reputational risk, such failure or appearance of 
failure could have a material adverse effect on our business and stock price. These issues include appropriately dealing 
with potential conflicts of interest, legal and regulatory requirements, perceptions of our environmental, social and 
governance practices or business selection, ethical issues, money laundering, cybersecurity, and the proper 
identification of the strategic, market, human capital, liquidity, credit, operational, legal and regulatory risks inherent in 
our business and products.
The number of anticipated investment banking transactions may differ from actual results.
The completion of anticipated investment banking transactions in our pipeline is uncertain and partially beyond our 
control, and our investment banking revenue is typically earned only upon the successful completion of a transaction. In 
most cases, we receive little or no payment for investment banking engagements that do not result in the successful 
completion of a transaction. For example, a client's acquisition transaction may be delayed or terminated because of a 
failure to agree upon final terms with the counterparty, failure to obtain necessary regulatory consents or director or 
shareholder approvals, failure to secure necessary financing, adverse market conditions or unexpected financial or 
other issues in the client's or counterparty's business. More importantly, anticipated advisory or capital markets 
transactions may be delayed or terminated as a result of a decline in or uncertainty surrounding market or economic 
conditions. If parties fail to complete a transaction on which we are advising or an offering in which we are participating, 
we could earn little or no revenue from the transaction and may have incurred significant expenses (e.g., travel and 
legal expenses) associated with the transaction. Accordingly, our business is highly dependent on market and economic 
conditions as well as the decisions and actions of our clients and interested third parties, and the number of 
engagements we have at any given time (and any characterization or description of our deal pipelines) is subject to 
change and may not necessarily result in future revenues.
HUMAN CAPITAL RISK
Our business is a human capital business, and, therefore, our future financial condition and results of operations are 
significantly dependent upon our employees and their actions. Our success depends on the skills, expertise, and 
performance of our employees. Human capital risks represent the risks posed if we fail to attract and retain qualified 
individuals who are motivated to serve the best interests of our clients, thereby serving the best interests of our 
company, as well as the risks posed if our culture fails to encourage such behavior. Human capital risk is also present 
where we fail to detect and prevent employees from acting contrary to our policies and procedures, for example, if an 
employee were to inadequately safeguard or misuse our clients' confidential information. Any failure by us in creating 
and maintaining a culture that emphasizes serving our clients' best interests or detecting or preventing employees from 
engaging in behaviors that run counter to that culture might lead to reputational damage for our firm. The following are 
material human capital risk factors that could pose a risk to us.
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Our ability to attract, develop and retain highly skilled and productive employees, develop the next generation 
of our business leadership, and instill and maintain a culture of ethics is critical to the success of our business.
Historically, the market for qualified employees within the financial services industry has been marked by intense 
competition, and the performance of our business may suffer to the extent we are unable to attract, retain, and develop 
productive employees, given the relatively small size of our company and our employee base compared to some of our 
competitors and the geographic locations in which we operate. The primary sources of revenue in each of our business 
lines are fees earned on advisory and underwriting transactions and customer accounts managed by our employees, 
who have historically been recruited by other firms and in certain cases are able to take their client relationships with 
them when they change firms. In some areas of our business, a small number of employees are responsible for 
producing a significant amount of revenue, and the loss of any of these employees could adversely affect our results of 
operations.
Further, recruiting and retention success often depends on the ability to deliver competitive compensation, and we may 
be at a disadvantage to some competitors given our size and financial resources. Our inability or unwillingness to meet 
compensation needs or demands may result in the loss of some of our professionals or the inability to recruit additional 
professionals at compensation levels that are within our target range for compensation and benefits expense. Our ability 
to retain and recruit also may be hindered if we limit our aggregate annual compensation and benefits expense as a 
percentage of annual net revenues.
A vibrant and ethical corporate culture is critical to ensuring that our employees put our clients' interests first and are 
able to identify and manage potential conflicts of interest, while also creating an environment in which each of our 
employees feels empowered to develop and pursue their full potential. Our expectations for our corporate culture and 
ethics are instilled and maintained by the "tone at the top" set by our management and board of directors. Lapses in our 
corporate culture could lead to reputational damage or employee loss, either of which could adversely affect our results 
of operations.
Our business success depends in large part on the strategic decisions made by our leadership team, and the business 
plans developed and implemented by our senior business leaders. Our ability to identify, develop, and retain future 
senior business leaders, and our ability to develop and implement successful succession plans for our leadership team 
and other senior business leaders, is critical to our future success and results of operations.
Our inability to effectively integrate and retain personnel in connection with our acquisitions may adversely 
affect our financial condition and results of operations.
We invest time and resources in carefully assessing opportunities for acquisitions, and we have made acquisitions in 
the past several years to broaden the scope and depth of our human capital in various businesses. Despite diligence 
and integration planning, acquisitions still present certain risks, including the difficulties in integrating and bringing 
together different work cultures and employees, and retaining those employees for the period of time necessary to 
realize the anticipated benefits of the acquisition. Difficulties in integrating our acquisitions, including attracting and 
retaining talent to realize the expected benefits of these acquisitions, may adversely affect our financial condition and 
results of operations.
LIQUIDITY AND CREDIT RISK
Two of our principal categories of risk as a broker dealer are liquidity and credit risk, each of which can have a material 
impact on our results of operations and viability as a business. We believe that the effective management of liquidity and 
credit is fundamental to the financial health of our firm. With respect to liquidity risk, it impacts our ability to timely 
access necessary funding sources in order to operate our business and our ability to timely divest securities that we 
hold in connection with our market-making and sales and trading activities. Credit risk, as distinguished from liquidity 
risk, is the potential for loss due to the default or deterioration in credit quality of a counterparty, customer, client, 
borrower, or issuer of securities we hold in our trading inventory. The nature and amount of credit risk depends on the 
type of transaction, the structure and duration of that transaction and the parties involved. The following are material 
liquidity and credit risk factors that could pose a risk to us.
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An inability to access capital readily or on terms favorable to us could impair our ability to fund operations and 
could jeopardize our financial condition and results of operations.
Liquidity, or ready access to funds, is essential to our business. To fund our business, we rely on financing provided by 
Pershing LLC ("Pershing") under our fully disclosed clearing agreement and Canadian Imperial Bank of Commerce 
("CIBC") under a clearing arrangement with bank financing, as well as other bank financing. The financing provided by 
Pershing and CIBC is at their discretion (i.e., uncommitted) and could be denied. In 2024, we renewed our unsecured 
revolving credit facility and increased the size from $100 million to $120 million to use for working capital and general 
corporate purposes. On August 23, 2024, we entered into a $30 million secured revolving credit facility related to our 
private capital advisory business. We elected not to renew our one-year $50 million committed revolving secured credit 
facility, which terminated on December 6, 2024.
Our access to funding sources, particularly uncommitted funding sources, is dependent on factors we cannot control, 
such as economic downturns, the disruption of financial markets, the failure or consolidation of other financial 
institutions, and negative news about the financial industry generally or us specifically. We could experience disruptions 
with our credit facilities in the future, including the loss of liquidity sources or increased borrowing costs, if lenders or 
investors develop a negative perception of our short- or long-term financial prospects, which could result from 
decreased business activity. Our liquidity also could be impacted by the activities resulting in concentration of risk, 
including investments in specific markets or products without liquidity. 
In the future, we may need to incur debt or issue equity in order to fund our working capital requirements, as well as to 
execute our growth initiatives that may include acquisitions and other investments. Similarly, our access to funding 
sources may be contingent upon terms and conditions that may limit or restrict our business activities and growth 
initiatives. In addition, we currently do not have a credit rating, which could adversely affect our liquidity and competitive 
position by increasing our borrowing costs and limiting access to sources of liquidity that require a credit rating as a 
condition to providing funds.
If we are unable to obtain necessary funding, or if the funding we obtain is on terms and conditions unfavorable to us, it 
could negatively affect our business activities and operations, and our ability to pursue certain growth initiatives and 
make certain capital decisions, including the decision whether to pay future dividends to our shareholders, as well as 
our future financial condition or results of operations.
The use of estimates and valuations in measuring fair value involve significant estimation and judgment by 
management.
We make various estimates that affect reported amounts and disclosures. Broadly, those estimates are used in 
measuring fair value of certain financial instruments, investments in private companies, accounting for goodwill and 
intangible assets, establishing provisions for potential losses that may arise from litigation, and regulatory proceedings 
and tax examinations. Estimates are based on available information and judgment. Therefore, actual results could differ 
from our estimates and that difference could have a material effect on our consolidated financial statements. With 
respect to accounting for goodwill and intangible assets, we complete our annual goodwill and indefinite-lived intangible 
asset impairment testing in the fourth quarter of each year (or earlier if impairment indicators are present). Impairment 
charges resulting from this valuation analysis could materially adversely affect our results of operations.
Financial instruments and other inventory positions owned, and financial instruments and other inventory positions sold 
but not yet purchased, are recorded at fair value, and unrealized gains and losses related to these financial instruments 
are reflected on our consolidated statements of operations. The fair value of a financial instrument is the amount at 
which the instrument could be exchanged in a transaction between market participants at the measurement date. 
Where available, fair value is based on observable market prices or parameters or derived from such prices or 
parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation 
techniques involve management estimation and judgment, the degree of which is dependent on the price transparency 
for the instruments or market and the instruments' complexity. Difficult market environments may cause financial 
instruments to become substantially more illiquid and difficult to value, increasing the use of valuation models. Our 
future results of operations and financial condition may be adversely affected by the valuation adjustments that we apply 
to these financial instruments.
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Investments in private companies are valued based on an assessment of each underlying security, considering rounds 
of financing, the financial condition and operating results of the private company, third-party transactions and market-
based information, including comparable company transactions, trading multiples (e.g., multiples of revenue and 
earnings before interest, taxes, depreciation, and amortization ("EBITDA")), discounted cash flow analyses and changes 
in market outlook, among other factors. These valuation techniques require significant management estimation and 
judgment.
Concentration of risk increases the potential for significant losses.
Concentration of risk increases the potential for significant losses in our sales and trading, alternative asset 
management, credit underwriting and syndication platform, and underwriting businesses. We have committed capital to 
these businesses, and we may take substantial positions in particular types of securities or issuers. This concentration 
of risk may cause us to suffer losses even when economic and market conditions are generally favorable for our 
competitors. Further, disruptions in the credit markets can make it difficult to hedge exposures effectively and 
economically.
Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or 
defaults by, third parties who owe us money, securities or other assets.
The nature of our businesses exposes us to credit risk, or the risk that third parties who owe us money, securities or 
other assets will not perform their obligations. These parties may default on their obligations to us due to bankruptcy, 
lack of liquidity, operational failure or other reasons. Deterioration in the credit quality of securities or obligations we hold 
could result in losses and adversely affect our ability to rehypothecate or otherwise use those securities or obligations 
for liquidity purposes. A significant downgrade in the credit ratings of our counterparties could also have a negative 
impact on our results. Default rates, downgrades and disputes with counterparties as to the valuation of collateral tend 
to increase in times of market stress and illiquidity. Although we review credit exposures to specific clients and 
counterparties and to specific industries that we believe may present credit concerns, default risk may arise from events 
or circumstances that are difficult to detect or foresee. Also, concerns about, or a default by, one institution generally 
leads to losses, liquidity problems, or defaults by other institutions, which in turn could adversely affect our business.
Particular activities or products within our business expose us to increased credit risk, including inventory positions, 
non-standard settlements, interest rate swap contracts with customer credit exposure, investment banking and advisory 
fee receivables, installment fee receivables related to private fund placement services, liquidity providers on variable 
rate demand notes we remarket, and similar activities. Non-performance by our counterparties, clients and others, 
including with respect to our inventory positions and interest rate swap contracts with customer credit exposures, could 
result in losses, potentially material, and thus have a significant adverse effect on our business and results of 
operations.
In addition, reliance on revenues from hedge funds and hedge fund advisors, which are less regulated than many 
investment company and investment advisor clients, may expose us to greater risk of financial loss from unsettled 
trades than is the case with other types of institutional investors. Concentration of risk may result in losses to us even 
when economic and market conditions are generally favorable for others in our industry.
An inability to readily divest trading positions may result in financial losses to our business.
Timely divestiture of our trading positions, including equity, fixed income and other securities positions, can be impaired 
by decreased trading volume, increased price volatility, rapid changes in interest rates, concentrated trading positions, 
limitations on the ability to divest positions in highly specialized or structured transactions and changes in industry and 
government regulations. While we hold a security, we are vulnerable to valuation fluctuations and may experience 
financial losses to the extent the value of the security decreases and we are unable to timely divest or hedge our trading 
position in that security. The value may decline as a result of many factors, including issuer-specific, market or 
geopolitical events. In addition, in times of market uncertainty, the inability to divest inventory positions may have an 
impact on our liquidity as funding sources generally become more restrictive, which could limit our ability to pledge the 
underlying security as collateral. Our liquidity may also be impacted if we choose to facilitate liquidity for specific 
products and voluntarily increase our inventory positions in order to do so, exposing ourselves to greater market risk 
and potential financial losses from the reduction in value of illiquid positions.
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Our underwriting and alternative asset management activities expose us to risk of loss.
We engage in a variety of activities in which we commit or invest our own capital, including underwriting and alternative 
asset management. In our role as underwriter for equity and fixed income securities, we commit to purchase securities 
from the issuer or one or more holders of the issuer's securities, and we then sell those securities to other investors or 
into the public markets, as applicable. Our underwriting activities, including bought deal transactions and equity block 
trading activities, expose us to the risk of loss if the price of the security falls below the price we purchased the security 
before we are able to sell all of the securities that we purchased. For example, as an underwriter, or, with respect to 
equity securities, a block positioner, we may commit to purchasing securities from an issuer or one or more holders of 
the issuer's securities without having found purchasers for some or all of the securities. In those instances, we may find 
that we are unable to sell the securities at a price equal to or above the price at which we purchased the securities, or 
with respect to certain securities, at a price sufficient to cover our hedges. With respect to alternative asset 
management, our ability to withdraw our capital from these investments may be limited, and we may not be able to 
realize our investment objectives by sale or disposition at attractive prices, increasing our risk of losses. Our joint 
venture entities or other alternative asset management entities that underwrite and syndicate client debt may hold a 
portion of such debt after syndication, and our invested capital is exposed to a risk of loss to the extent that the debt is 
ultimately not repaid.
Our results from these activities may vary from quarter to quarter. We may incur significant losses from our underwriting 
and alternative asset management activities due to equity or fixed income market fluctuations and volatility from quarter 
to quarter, or from a deterioration in specific business subsectors or the economy more generally. In addition, we may 
engage in hedging transactions that, if not successful, could result in losses, and the hedges we purchase to 
counterbalance market rate changes in certain inventory positions are not perfectly matched to the positions being 
hedged, which could result in losses. 
Use of derivative instruments as part of our financial risk management techniques may not effectively hedge 
the risks associated with activities in certain of our businesses.
We use interest rate swaps and credit default swaps, interest rate locks, U.S. treasury bond futures and options, and 
equity option contracts as a means to manage risk in certain inventory positions and to facilitate customer transactions. 
With respect to risk management, we enter into derivative contracts to hedge interest rate, market value and credit 
spread risks associated with our security positions, including fixed income inventory positions that we hold for facilitating 
client activity. Generally, we do not hedge all of our interest rate risk. In addition, these hedging strategies may not work 
in all market environments and as a result may not be effective in mitigating interest rate and market value risk, 
especially when market volatility reduces the correlation between a hedging vehicle and the securities inventory being 
hedged.
There are risks inherent in our use of these products, including counterparty exposure and basis risk. Counterparty 
exposure refers to the risk that the amount of collateral in our possession on any given day may not be sufficient to fully 
cover the current value of the swaps if a counterparty were to suddenly default. Basis risk refers to risks associated with 
swaps where changes in the value of the swaps may not exactly mirror changes in the value of the cash flows they are 
hedging. We may incur losses from our exposure to derivative interest rate products and the increased use of these 
products in the future.
OPERATIONAL RISK
Operational risk is the risk of loss, or damage to our reputation, resulting from inadequate or failed processes, people 
and systems or from external events. Such loss or reputational damage could negatively impact our future financial 
condition and results of operations. The following are material operational risk factors that could pose a risk to us.
Our information and technology systems, including outsourced systems, are critical components of our 
operations, and failure of those systems or other aspects of our operations infrastructure may disrupt our 
business, cause financial loss and constrain our growth.
We typically transact thousands of securities trades on a daily basis across multiple markets. Our data and transaction 
processing, financial, accounting and other technology and operating systems are essential to this task. A system 
malfunction (due to hardware failure, capacity overload, security incident, data corruption, or similar event) or mistake 
made relating to the processing of transactions could result in financial loss, liability to clients, regulatory intervention, 
reputational damage and constraints on our ability to grow. 
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We operate under a fully disclosed model for all of our client clearing activities and for all of our securities inventories 
with the exception of convertible securities. In a fully disclosed model, we act as an introducing broker for most 
customer transactions and rely on a clearing broker dealer to handle clearance and settlement of our customers' 
securities transactions. The clearing services provided by our clearing broker dealer, Pershing, are critical to our 
business operations, and similar to other important outsourced operations, any failure by the clearing agent with respect 
to the services we rely on it to provide could significantly disrupt and negatively impact our operations and financial 
results. We also contract with third parties for market data services, which constantly broadcast news, quotes, analytics 
and other relevant information to our employees, as well as other critical data processing activities. In the event that any 
of these service providers fails to adequately perform such services or the relationship between that service provider 
and us is terminated, we may experience a significant disruption in our operations, including our ability to timely and 
accurately process transactions or maintain complete and accurate records of those transactions.
Adapting or developing our technology systems to meet new regulatory requirements, client needs, geographic 
expansion and industry demands also is critical for our business. The introduction of new technologies presents new 
challenges on a regular basis. We have an ongoing need to upgrade and improve our various technology systems, 
including our data and transaction processing, financial, risk management, human capital, compliance, and trading 
systems. This need could present operational issues or require significant capital spending. It also may require us to 
make additional investments in technology systems and may require us to reevaluate the current value or expected 
useful lives of our technology systems, which could negatively impact our results of operations.
A disruption in the infrastructure that supports our business due to fire, natural disaster, health emergency (e.g., a 
pandemic), power or communication failure, act of terrorism or war may affect our ability to service and interact with our 
clients. If we are not able to implement contingency plans effectively, any such disruption could harm our results of 
operations.
Protection of our sensitive and confidential information is critical to our operations, and failure of those 
systems may disrupt our business, damage our reputation, and cause financial losses.
Our clients routinely provide us with sensitive and confidential information. Secure processing, storage and transmission 
of confidential and other information in our internal and outsourced computer systems and networks is critically 
important to our business. We take protective measures and endeavor to modify them as circumstances warrant. 
However, our computer systems, software and networks, and those of our clients, vendors, service providers, 
counterparties and other third parties, may be vulnerable to unauthorized access, cyber attacks, security breaches, 
computer viruses or other malicious code, inadvertent, erroneous or intercepted transmission of information (including 
by e-mail), human error, and other events that could have an information security impact. We work with our employees, 
clients, vendors, service providers, counterparties and other third parties to develop and implement measures designed 
to protect against such an event, but we may not be able to fully protect against such an event, and do not have, and 
may be unable to put in place, secure capabilities with all of these third parties and we may not be able to ensure that 
these third parties have appropriate controls in place to protect the confidentiality of the information. If one or more of 
such events occur, this potentially could jeopardize our or our clients' or counterparties' confidential and other 
information processed and stored in, and transmitted through, our computer systems and networks, or those of third 
parties, or otherwise cause interruptions or malfunctions in our, our clients', our counterparties' or third parties' 
operations. We may be required to expend significant additional resources to modify our protective measures or to 
investigate and remediate vulnerabilities or other exposures, and we may be subject to reputational harm as well as 
litigation, regulatory penalties, and financial losses that are either not insured against or not fully covered through any 
insurance maintained by us.
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Piper Sandler Companies  |  17

A failure to protect our computer systems, networks and information, and our clients' information, against 
cyber attacks, data breaches, and similar threats could impair our ability to conduct our businesses, result in 
the disclosure, theft or destruction of confidential information, damage our reputation and cause significant 
financial and legal exposure.
Our operations rely on the secure processing, storage and transmission of confidential and other information in our 
computer systems and networks. There have been several highly publicized cases involving financial services 
companies, consumer-based companies and other companies, as well as governmental and political organizations, 
reporting breaches in the security of their websites, networks or other systems. Some of the publicized breaches have 
involved sophisticated and targeted cyber attacks intended to obtain unauthorized access to confidential information, 
destroy data, disrupt or degrade service, sabotage systems or cause other damage, including through the introduction 
of computer viruses, malware, ransomware, phishing, denial-of-service, and other means. There have also been several 
highly publicized cases where hackers have requested "ransom" payments in exchange for not disclosing customer 
information.
A successful penetration or circumvention of the security of our systems could cause serious negative consequences for 
us, including significant disruption of our operations and those of our clients, customers and counterparties; 
misappropriation of our confidential information or that of our clients, customers, counterparties or employees; or 
damage to our computers or systems and those of our clients, customers and counterparties. A cyber attack or other 
information security events could result in violations of applicable privacy and other laws, financial loss to us or to our 
customers, loss of confidence in our security measures, customer dissatisfaction, significant litigation exposure and 
reputational harm, all of which could have a material adverse effect on us.
We continuously monitor and develop our systems to protect our technology infrastructure and data from 
misappropriation or corruption. Despite our efforts to ensure the integrity of our systems and information, we may not be 
able to anticipate, detect or implement effective preventive measures against all cyber threats, especially because the 
techniques used are increasingly sophisticated, change frequently, and are often not recognized until months after the 
attack. Cyber attacks can originate from a variety of sources, including third parties who are affiliated with foreign 
governments or other actors or employees acting negligently or in a manner adverse to our interests. Third parties may 
seek to gain access to our systems either directly or using equipment or security passwords belonging to employees, 
customers, third-party service providers or other users of our systems. In addition, due to our interconnectivity with third-
party vendors, central agents, exchanges, clearing houses and other financial institutions, we could be adversely 
impacted if any of them are subject to a successful cyber attack or other information security event.
Although we take protective measures and endeavor to modify them as circumstances warrant, our computer systems, 
software and networks have been and may be vulnerable to unauthorized access, misuse, computer viruses or other 
malicious code and other events that could have a security impact. We may be required to expend significant additional 
resources to modify our protective measures or to investigate and remediate vulnerabilities, exposures, or information 
security events. Due to the complexity and interconnectedness of our systems, the process of enhancing our protective 
measures can itself create a risk of systems disruptions and security issues.
The increased use of cloud technologies can heighten these and other operational risks. Certain aspects of the security 
of such technologies are unpredictable or beyond our control, and this lack of transparency may inhibit our ability to 
discover a failure by cloud service providers to adequately safeguard their systems and prevent cyber attacks that could 
disrupt our operations and result in misappropriation, corruption or loss of confidential and other information. In addition, 
there is a risk that encryption and other protective measures, despite their sophistication, may be defeated, particularly 
to the extent that new computing technologies vastly increase the speed and computing power available.
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Risk management processes may not fully mitigate exposure to the various risks that we face.
We refine our risk management techniques, strategies and assessment methods on an ongoing basis. However, risk 
management techniques and strategies, both ours and those available to the market generally, may not be fully effective 
in identifying and mitigating our risk exposure in all economic market environments or against all types of risk. For 
example, we may fail to identify or anticipate particular risks that our systems are capable of identifying, or the systems 
that we use, and that are used within the industry generally, may not be capable of identifying certain risks, or every 
economic and financial outcome, or the specifics and timing of such outcomes. In addition, our risk management 
techniques and strategies seek to balance our ability to profit from our market-making and investing positions with our 
exposure to potential losses. Some of our strategies for managing risk are based upon our use of observed historical 
market behavior. We apply statistical and other tools to these observations to quantify our risk exposure. Any failures in 
our risk management techniques and strategies to accurately quantify our risk exposure could limit our ability to manage 
risks. In addition, any risk management failures could cause our losses to be significantly greater than the historical 
measures indicate. Further, our quantified modeling does not take all risks into account. Our more qualitative approach 
to managing those risks could prove insufficient, exposing us to material unanticipated losses.
The financial services industry and the markets in which we operate are subject to systemic risk that could 
adversely affect our business and results.
Participants in the financial services industry and markets increasingly are closely interrelated as a result of credit, 
trading, clearing, technology and other relationships between them. A significant adverse development with one 
participant (such as a bankruptcy or default) may spread to others and lead to significant concentrated or market-wide 
problems (such as defaults, liquidity problems or losses) for other industry participants, including us. Further, the control 
and risk management infrastructure of the markets in which we operate often is outpaced by financial innovation and 
growth in new types of securities, transactions and markets. Systemic risk is inherently difficult to assess and quantify, 
and its form and magnitude can remain unknown for significant periods of time.
Failure to maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could 
materially affect our business.
We have documented and tested our internal control procedures in order to satisfy the requirements of Section 404 of 
the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), which requires annual management assessments of the 
effectiveness of our internal controls over financial reporting and a report by our independent auditors regarding our 
internal control over financial reporting. We are in compliance with Section 404 of the Sarbanes-Oxley Act as of 
December 31, 2024. However, if we fail to maintain the adequacy of our internal controls, as such standards are 
modified, supplemented or amended from time to time, we may not be able to ensure that we can conclude on an 
ongoing basis that we have effective internal controls over financial reporting in accordance with Section 404 of the 
Sarbanes-Oxley Act. Failure to maintain an effective internal control environment could materially adversely affect our 
business.
 
LEGAL AND REGULATORY RISK
Legal and regulatory risk includes the risk of non-compliance with applicable legal and regulatory requirements and the 
loss to our reputation we may suffer as a result of failure to comply with laws, regulations, rules, related SRO standards 
and codes of conduct applicable to our business activities. It also includes the risk that legislation could reduce or 
eliminate certain business activities that we are currently engaged in, which could harm our future financial condition or 
results of operations. The following are material legal and regulatory risk factors that could pose a risk to us.
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Piper Sandler Companies  |  19

Our business is subject to extensive regulation in the jurisdictions in which we operate, and a significant 
regulatory action against our company may have a material adverse financial effect on, cause significant 
reputational harm to, or result in other collateral consequences for our company.
As a participant in the financial services industry, we are subject to complex and extensive regulation of many aspects 
of our business by U.S. federal and state regulatory agencies, SROs (including securities exchanges) and by foreign 
governmental agencies, regulatory bodies and securities exchanges. Specifically, our operating subsidiaries include 
broker dealer and related securities entities organized in the U.S., the U.K., Germany, and Hong Kong. Each of these 
entities is registered or licensed with the applicable local regulator and is subject to all the applicable rules and 
regulations promulgated by those authorities. In addition, our asset management subsidiaries, PSC Capital Partners 
LLC, Piper Heartland Healthcare Capital LLC and Piper Sandler Finance Management LLC, as well as Piper Sandler & 
Co., are registered as investment advisors with the SEC and are subject to the regulation and oversight by the SEC, 
and we have an additional asset management subsidiary subject to regulation in Guernsey.
Generally, the requirements imposed by our regulators are designed to ensure the integrity of the financial markets and 
to protect customers and other third parties who deal with us. These requirements are not designed to protect our 
shareholders. Consequently, broker dealer regulations often serve to limit our activities, through net capital, customer 
protection, market conduct requirements and other restrictions on the businesses in which we may operate or invest. 
We also must comply with numerous regulations, including requirements related to fiduciary duties to clients, record-
keeping, reporting and customer disclosures. Compliance with many of these regulations entails a number of risks, 
particularly in areas where applicable regulations may be newer or unclear. Regulatory authorities in all jurisdictions in 
which we conduct business may examine or investigate aspects of our business, and responding to examinations or 
investigations could increase regulatory costs and adversely affect our results of operations. In addition, we and our 
employees could be fined or otherwise disciplined for violations or prohibited from engaging in some of our business 
activities. 
Our business also subjects us to the complex income and payroll tax laws of the national and local jurisdictions in which 
we have business operations, and these tax laws may be subject to different interpretations by the taxpayer and the 
relevant governmental taxing authorities. We must make judgments and interpretations about the application of these 
inherently complex tax laws when determining the provision for income and other taxes. We are subject to contingent 
tax risk that could adversely affect our results of operations, to the extent that our interpretations of tax laws are 
disputed upon examination or audit, and are settled in amounts in excess of established reserves for such 
contingencies.
The effort to combat money laundering also has become a high priority in governmental policy with respect to financial 
institutions. The obligation of financial institutions, including ourselves, to identify their customers, watch for and report 
suspicious transactions, respond to requests for information by regulatory authorities and law enforcement agencies, 
and share information with other financial institutions has required the implementation and maintenance of internal 
practices, procedures and controls which have increased, and may continue to increase, our costs. Any failure with 
respect to our programs in this area could subject us to serious regulatory consequences, including substantial fines 
and potentially other liabilities. 
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Piper Sandler Companies  |  20

Our industry is exposed to significant legal liability, which could lead to substantial damages.
We face significant legal risks in our businesses. These risks include potential liability under securities laws and 
regulations in connection with our capital markets, asset management and other businesses. The volume and amount 
of damages claimed in litigation, arbitrations, regulatory enforcement actions and other adversarial proceedings against 
financial services firms has historically been intense. Our experience has been that adversarial proceedings against 
financial services firms typically increase during and following a market downturn. We also are subject to claims from 
disputes with our employees and our former employees under various circumstances. Risks associated with legal 
liability often are difficult to assess or quantify, and their existence and magnitude can remain unknown for significant 
periods of time, making the amount of legal reserves related to these legal contingencies difficult to determine and 
subject to future revision. Legal or regulatory matters involving our directors, officers or employees in their individual 
capacities also may create exposure for us because we may be obligated or may choose to indemnify the affected 
individuals against liabilities and expenses they incur in connection with such matters to the extent permitted under 
applicable law. In addition, like other financial services companies, we may face the possibility of employee fraud or 
misconduct. The precautions we take to prevent and detect this activity may not be effective in all cases, and there can 
be no assurance that we will be able to deter or prevent fraud or misconduct. Exposures from and expenses incurred 
related to any of the foregoing actions or proceedings could have a negative impact on our results of operations and 
financial condition. In addition, future results of operations could be adversely affected if reserves relating to these legal 
liabilities are required to be increased or legal proceedings are resolved in excess of established reserves.
Legislative and regulatory proposals could significantly curtail the revenue from certain products or services 
that we currently provide or could otherwise have a material adverse effect on our results of operations. 
Proposed changes in laws or regulations relating to our business could decrease, perhaps significantly, the revenue that 
we receive from certain products or services that we provide, or otherwise have a material adverse effect on our results 
of operations. Both the healthcare and financial services sectors are significant contributors to our overall results, and 
negative developments in either of these sectors, including negative developments that result from legislative or 
regulatory actions, could negatively affect our results of operations, even when general economic conditions are strong. 
The business operations that we conduct outside of the U.S. subject us to unique risks. 
When we conduct business outside the U.S., we are subject to risks, including the risk that we will be unable to provide 
effective operational support to these business activities, the risk of noncompliance with foreign laws and regulations, 
and the general economic and political conditions in countries where we conduct business, which may differ significantly 
from those in the U.S. In addition, our international operations require compliance with anti-bribery and anti-corruption 
laws, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. These laws generally prohibit 
companies and their intermediaries from engaging in bribery or making other improper payments to foreign officials for 
the purpose of obtaining or retaining business or gaining an unfair business advantage. While our employees and 
agents are required to comply with these laws, we cannot ensure that our internal controls policies and procedures will 
always protect us from intentional, reckless or negligent acts committed by our employees or agents, which acts could 
subject our company to fines or other regulatory consequences that could disrupt our operations and negatively impact 
our results of operations.
Regulatory capital requirements may limit our ability to expand or maintain our present levels of business or 
impair our ability to meet our financial obligations.
We are subject to the SEC's uniform net capital rule (Rule 15c3-1) and the net capital rule of FINRA, which may limit our 
ability to withdraw capital from Piper Sandler & Co. The uniform net capital rule sets the minimum level of net capital a 
broker dealer must maintain and also requires that a portion of its assets be relatively liquid. FINRA may prohibit a 
member firm from expanding its business or paying cash dividends if resulting net capital falls below its requirements. 
Underwriting commitments require a charge against net capital and, accordingly, our ability to make underwriting 
commitments may be limited by the requirement that we must at all times be in compliance with the applicable net 
capital regulations.
Piper Sandler Companies, our holding company, depends on dividends, distributions and other payments from our 
subsidiaries to fund its obligations. The regulatory restrictions described above may impede access to funds our holding 
company needs to make payments on any such obligations.
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Piper Sandler Companies  |  21

OTHER RISKS TO OUR SHAREHOLDERS
The following are additional risk factors that could pose a material risk to us or our shareholders.
We may change our dividend policy at any time and there can be no assurance that we will continue to declare 
cash dividends.
Our current dividend policy is to return between 30 percent and 50 percent of our fiscal year adjusted net income to 
shareholders. Although we expect to pay dividends to our shareholders in accordance with our dividend policy, we have 
no obligation to pay any dividend, and our dividend policy may change at any time without notice. The declaration and 
payment of dividends is at the discretion of our board of directors in accordance with applicable law after taking into 
account various factors, including our financial condition, operating results, current and anticipated cash needs and 
capital uses, limitations imposed by our indebtedness, legal requirements and other factors that our board of directors 
deems relevant. As a result, we may not pay dividends at any rate or at all.
Our stock price may fluctuate as a result of several factors, including changes in our revenues, operating 
results, and return on equity.
We have experienced, and expect to experience in the future, fluctuations in the market price of our common stock due 
to factors that relate to the nature of our business, including changes in our revenues, operating results, earnings per 
share, and return on equity. Our business, by its nature, does not produce steady and predictable earnings on a 
quarterly basis, which may cause fluctuations in our stock price that may be significant. Other factors that have affected, 
and may further affect, our stock price include changes in or news related to economic, political, or market events or 
conditions, changes in market conditions in the financial services industry, including developments in regulation 
affecting our business, a predominantly passive or quantitative shareholder base among the Company's top twenty 
shareholders, failure to meet the expectations of market analysts, changes in recommendations or outlooks by market 
analysts, and aggressive short selling.
Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and of 
Delaware law may prevent or delay an acquisition of our company, which could decrease the market value of 
our common stock.
Our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law contain 
provisions that are intended to deter abusive takeover tactics by making them unacceptably expensive to a potential 
raider and to encourage prospective acquirors to negotiate with our board of directors rather than to attempt a hostile 
takeover. These provisions include limitations on our shareholders' ability to act by written consent and to call special 
meetings. Delaware law also imposes some restrictions on mergers and other business combinations between us and 
any holder of 15 percent or more of our outstanding common stock. We believe these provisions protect our 
shareholders from coercive or otherwise unfair takeover tactics by requiring potential acquirors to negotiate with our 
board of directors and by providing our board of directors with more time to assess any acquisition proposal, and are not 
intended to make our company immune from takeovers. However, these provisions apply even if the offer may be 
considered beneficial by some shareholders and could delay or prevent an acquisition that our board of directors 
determines is not in the best interests of our company and our shareholders.
Item 1B. Unresolved Staff Comments.
None.
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Piper Sandler Companies  |  22

Item 1C. Cybersecurity.
As a trusted advisor to our clients and a regulated financial services firm, information and cybersecurity are critical to 
our operations and reputation. Our management team takes an active role in identifying, assessing, monitoring and 
managing material risks from information and cybersecurity threats. Management’s assessment of information and 
cybersecurity threats is incorporated into our enterprise risk management processes, which include assessing inherent 
risks posed by the internal operating environment and external factors, assessing the adequacy and design of controls, 
testing controls, determining residual risk and comparing it to risk appetite thresholds, and taking steps to further 
mitigate risks as needed. Our board of directors is actively engaged in the oversight of cybersecurity and information 
technology risks, with primary oversight responsibility delegated to the audit committee of the board of directors. The 
audit committee is composed of board members with the appropriate expertise, including risk management, 
cybersecurity and finance, to oversee these risks as well as management's cybersecurity processes and protocols. 
Our chief information and operations officer is a member of our leadership team and has been in this role since 2008. 
With more than 25 years of experience in information technology in the investment banking industry, he is responsible 
for overseeing more than 100 employees in our information security and technology departments who possess relevant 
educational and industry experience. The information security and technology departments are responsible for various 
functions of our information and cybersecurity program, including implementing and maintaining policies and 
procedures; developing, implementing and governing various service level agreements; ratifying security standards; 
reviewing project implementations; performing third-party vendor assessments; and operating programs such as threat 
intelligence, vulnerability management, security information event management, and information governance.
Our information and cybersecurity program utilizes the National Institute of Standards and Technology ("NIST") 
Cybersecurity Framework 2.0, and our security controls are mapped to the NIST Cybersecurity Framework 2.0 to 
ensure alignment with recognized industry best practices. Annually, we engage a third-party consultant to conduct an 
assessment of the effectiveness of our information and cybersecurity program against the NIST Cybersecurity 
Framework 2.0. This assessment is reviewed with the audit committee, and opportunities for further maturation are 
incorporated into our information and cybersecurity roadmap. 
Additionally, we regularly engage consultants and other third parties to evaluate specific priority areas of our information 
and cybersecurity program based on our assessment of the current cybersecurity threat landscape. Examples of our 
engagement with consultants include external penetration testing, application security assessment and cybersecurity 
incident response tabletop exercises. 
Our third-party vendor management program has a tiered approach to assess vendors based on risk profile. We review 
each third-party vendor’s architectures, security practices and data flows, and integrate stringent contractual terms 
encompassing breach notifications and other security requirements. The risk profiles associated with our service level 
agreements are monitored by senior employees in our information security and technology departments. Our vendor 
management program also includes an annual reassessment of the risk profile of each vendor and interim vendor 
reviews are completed if service alterations occur.
Senior information security and technology employees, including the chief information and operations officer, meet 
regularly to discuss potential information and cybersecurity threats that have been identified by our systems, employees 
or otherwise made known to us by our third-party service providers, vendors and other external users, and to formulate 
the appropriate response to any identified material information and cybersecurity threats. When high-priority information 
or cybersecurity risks are identified, certain employees in our information security, privacy, technology, legal and 
compliance departments meet or communicate to review potential threats in accordance with our internal cybersecurity 
incident response process. 
Potential threats, our response to such threats, and our evaluation of any residual risk are communicated quarterly to 
the audit committee. As necessary, the chief information and operations officer provides interim updates to the audit 
committee and, as appropriate, the board of directors, concerning high-priority or material information or cybersecurity 
threats. Our chief information and operations officer also provides a quarterly update to the audit committee regarding 
our ongoing information and cybersecurity initiatives; the current cybersecurity landscape and emerging threats; and 
metrics on the effectiveness of certain aspects of our information and cybersecurity program. 
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Piper Sandler Companies  |  23

Employees, including representatives of management, conduct an annual cybersecurity incident response tabletop 
exercise to review our processes and procedures in the event of a material information or cybersecurity incident, 
including the process for assessing the materiality of an incident and communication of an incident to the audit 
committee and, as appropriate, the board of directors. In 2024, our board of directors also participated in the 
cybersecurity incident response tabletop exercise. In addition, to promote a company-wide culture of cybersecurity risk 
management, we conduct regular phishing email simulations for employees to enhance awareness and responsiveness 
to possible threats and other kinds of preparedness training. We also require all employees to complete an annual 
cybersecurity and privacy awareness training.
We believe that we have implemented a comprehensive, cross-functional approach to identifying, preventing and 
mitigating cybersecurity threats and incidents, as well as controls and procedures that provide for the prompt escalation 
of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can 
be made by management in a timely manner.
We are not aware of any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have 
materially affected or are reasonably likely to affect our company, including our business strategy, results of operations 
or financial condition. However, we cannot provide assurance that a future cybersecurity incident would not materially 
affect our business strategy, results of operations or financial condition. Additional information regarding risks related to 
cybersecurity is included under "Risk Factors" in Part I, Item 1A of this Form 10-K.
Item 2. Properties.
As of February 20, 2025, we conducted our operations through 53 principal offices in 30 states, and the District of 
Columbia, and in London, Aberdeen, Munich, Paris, Zurich and Hong Kong. All of our offices are leased. Our principal 
executive office is located at 800 Nicollet Mall, Suite 900, Minneapolis, Minnesota 55402 and, as of February 20, 2025, 
comprises approximately 124,000 square feet of space under a lease which expires November 30, 2025. In December 
2022, we entered into a 15-year lease agreement which comprises approximately 120,000 square feet of space for our 
future principal executive office located at 350 N. 5th Street, Minneapolis, Minnesota 55401.
Item 3. Legal Proceedings.
The discussion of our legal proceedings contained in Note 15 to our consolidated financial statements included in Part 
II, Item 8 of this Form 10-K is incorporated herein by reference.
Item 4. Mine Safety Disclosures.
Not applicable.
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Piper Sandler Companies  |  24

Part II
Item 5. Market for Registrant's Common Equity, Related 
Stockholder Matters and Issuer Purchases of Equity Securities.
MARKET INFORMATION
Our common stock is listed on the New York Stock Exchange under the symbol "PIPR." 
SHAREHOLDERS
We had 8,078 shareholders of record and approximately 64,372 beneficial owners of our common stock as of 
February 20, 2025.
DIVIDEND POLICY
Our board of directors has approved a dividend policy with the intention of returning between 30 percent and 50 percent 
of our fiscal year adjusted net income to shareholders.
Our board of directors has declared a special cash dividend on our common stock of $3.00 per share related to 2024 
adjusted net income. This special dividend will be paid on March 14, 2025, to shareholders of record as of the close of 
business on March 4, 2025. Including this special cash dividend, we will have returned $5.50 per share, or 
approximately 43 percent of our fiscal year 2024 adjusted net income to shareholders. In addition, our board of directors 
has declared a quarterly cash dividend on our common stock of $0.65 per share to be paid on March 14, 2025, to 
shareholders of record as of the close of business on March 4, 2025. 
Our board of directors is free to change our dividend policy at any time. Restrictions on our U.S. broker dealer 
subsidiary's ability to pay dividends are described in Note 23 to the consolidated financial statements included in Part II, 
Item 8 of this Form 10-K. 
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
Information about securities authorized for issuance under our equity compensation plans is included in Part III, Item 12 
of this Form 10-K, and is incorporated herein by reference.
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Piper Sandler Companies  |  25

ISSUER PURCHASES OF EQUITY SECURITIES
The table below sets forth the information with respect to purchases made by or on behalf of Piper Sandler Companies 
or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the 
quarter ended December 31, 2024:
Total Number of Shares
Approximate Dollar
Purchased as Part of
Value of Shares Yet to be
Total Number of
Average Price
Publicly Announced
Purchased Under the
Period
Shares Purchased
Paid per Share
Plans or Programs
Plans or Programs (1)
Month #1
October 1, 2024 to
October 31, 2024
 
17,253 $ 
286.34  
— $ 
138 
million
Month #2
November 1, 2024 to
November 30, 2024
 
2,913 $ 
336.32  
— $ 
138 
million
Month #3
December 1, 2024 to
December 31, 2024
 
1,787 $ 
299.95  
— $ 
138 
million
Total
 
21,953 $ 
294.08  
— $ 
138 
million
(1)
Effective May 6, 2022, our board of directors authorized the repurchase of up to $150.0 million of common stock, which expired on 
December 31, 2024. Effective February 5, 2025, our board of directors authorized the repurchase of up to $150.0 million in common 
shares through December 31, 2026.
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Piper Sandler Companies  |  26

STOCK PERFORMANCE GRAPH
This performance graph shall not be deemed "soliciting material" or to be "filed" with the SEC for purposes of Section 18 
of the Exchange Act or otherwise subject to the liabilities under that Section, and shall not be deemed to be 
incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the 
Exchange Act.
The following graph compares the performance of an investment in our common stock from December 31, 2019 through 
December 31, 2024, with the S&P 500 Index and the S&P 500 Financial Services Index. The graph assumes $100 was 
invested on December 31, 2019 in each of our common stock, the S&P 500 Index and the S&P 500 Financial Services 
Index, and that all dividends were reinvested on the date of payment without payment of any commissions. The 
performance shown in the graph represents past performance and should not be considered an indication of future 
performance.
Five Year Total Return
PIPR
S&P 500 Index
S&P 500 Financial Services Index
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Company/Index
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
Piper Sandler Companies
$ 
100 $ 
129.64 $ 
240.26 $ 
184.02 $ 
253.53 $ 
441.76 
S&P 500 Index
 
100  
118.40  
152.39  
124.79  
157.59  
197.02 
S&P 500 Financial Services Index
 
100  
111.36  
151.31  
134.26  
155.12  
199.14 
Item 6. Reserved. 
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Piper Sandler Companies  |  27

Item 7. Management's Discussion and Analysis of Financial 
Condition and Results of Operations.
Index
Executive Overview
29
Results of Operations
33
Net Revenues
34
Non-Interest Expenses
35
Pre-Tax Margin
38
Income Taxes
38
Explanation and Reconciliation of Non-GAAP Financial Measures
38
Recent Accounting Pronouncements
41
Critical Accounting Policies and Estimates
41
Liquidity, Funding and Capital Resources
43
Cash Flows
45
Leverage
45
Funding and Capital Resources
46
Contractual Obligations
48
Capital Requirements
48
Off-Balance Sheet Arrangements
48
Risk Management
49
Effects of Inflation
54
The following information should be read in conjunction with the accompanying audited consolidated financial 
statements and related notes and exhibits included elsewhere in this Form 10-K. Certain statements in this Form 10-K 
may be considered forward-looking. See "Cautionary Note Regarding Forward-Looking Statements" in this Form 10-K 
for additional information regarding such statements and related risks and uncertainties. 
Item 7 in this Form 10-K discusses our 2024 and 2023 results and the year-over-year comparisons between 2024 and 
2023. Discussion of our 2022 results and the year-over-year comparisons between 2023 and 2022 can be found in 
"Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our 
Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
Item 7 in this Form 10-K includes financial measures that are not prepared in accordance with U.S. generally accepted 
accounting principles ("GAAP"). Management believes that presenting results and measures on an adjusted, non-GAAP 
basis in conjunction with the corresponding U.S. GAAP measures provides a more meaningful basis for comparison of 
its operating results and underlying trends between periods, and enhances the overall understanding of our current 
financial performance by excluding certain items that may not be indicative of our core operating results. The non-GAAP 
results should be considered in addition to, not as a substitute for, the results prepared in accordance with U.S. GAAP. 
See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments 
made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial 
information.
Table of Contents
Piper Sandler Companies  |  28

EXECUTIVE OVERVIEW
Overview of Operations
Our business principally consists of providing investment banking and institutional brokerage services to corporations, 
private equity groups, public entities, non-profit entities and institutional investors in the U.S. and Europe. We operate 
through one reportable business segment in order to maximize the value we provide to clients by leveraging our 
diversified expertise and broad relationships of the experienced professionals across our company.
Investment banking services include financial advisory services, management of and participation in underwritings, and 
municipal financing activities. Revenues are generated through the receipt of advisory and financing fees. Institutional 
sales, trading and research services focus on the trading of equity and fixed income products with institutions, 
corporations, and government and non-profit entities. Revenues are generated through commissions and sales credits 
earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in 
inventory, profits and losses from trading these securities, and fees for research services and corporate access 
offerings. In order to invest firm capital and to manage capital from outside investors, we have created alternative asset 
management funds in merchant banking and healthcare. We receive management and performance fees for managing 
these funds, and also record investment gains and losses.
Our Business Strategy
Our long-term strategic objectives are to drive revenue growth, expand our market presence, continue to gain market 
share, and maximize shareholder value. In order to meet these objectives, we are focused on the following:
•
Continuing to expand our business through strategic investments and selectively adding partners who share our 
client-centric culture and who can leverage our platform to better serve clients;
•
Growing our investment banking platform through market share gains, accretive combinations, developing internal 
talent, and continued sector, product and geographic expansion. We also believe there is an opportunity to continue 
to capitalize on the strength of our U.S. franchises by expanding in Europe;
•
Leveraging the scale within the equity brokerage and fixed income services platforms, driven by our expanded 
client base and product offerings, to continue to grow market share; and
•
Prudently managing capital to maintain our balance sheet strength with ample liquidity and flexibility through all 
market conditions.
Strategic Activities
We have taken the following important steps in the execution of our business strategy:
•
As part of our growth strategy, on August 23, 2024, we completed the acquisition of Aviditi Capital Advisors, LLC 
("Aviditi Advisors"), an alternative investment bank providing full lifecycle services to financial sponsors, global 
alternative investment managers and limited partner investors. The transaction adds private capital advisory 
capabilities to our platform.
•
Our corporate investment banking managing directors increased to 183, up 8.3 percent from 2023. We 
strengthened and expanded our sector and product coverage in 2024, notably in financial technology, residential 
and commercial services, asset management, chemicals, and financial sponsor coverage. 
•
Our public finance business expanded further into Missouri, with a team focused on school districts and other 
governmental issuers. In addition, our special district group expanded into new states.
•
We grew our fixed income services team during the year with the strategic build out of our algorithmic trading 
strategies, structured product capabilities and municipal trading. Additionally, our continued investment in our 
research services and specialized sales and trading teams are key differentiators in supporting our finance activity. 
Table of Contents
Piper Sandler Companies  |  29

Financial Highlights
Year Ended December 31,
(Amounts in thousands, except per share data)
2024
2024
2023
v2023
U.S. GAAP
Net revenues
$ 1,525,914 
$ 1,347,967 
 13.2 %
Compensation and benefits
 
1,004,173 
 
897,034 
 11.9 
Non-compensation expenses
 
303,329 
 
328,347 
 (7.6) 
Income before income tax expense
 
218,412 
 
122,586 
 78.2 
Income tax expense
 
60,972 
 
23,613 
 158.2 
Net income attributable to Piper Sandler Companies
 
181,114 
 
85,491 
 111.9 
Earnings per diluted common share
$ 
10.24 
$ 
4.96 
 106.5 
Ratios and margin
Compensation ratio
 65.8 %
 66.5 %
Non-compensation ratio
 19.9 %
 24.4 %
Pre-tax margin
 14.3 %
 9.1 %
Effective tax rate
 27.9 %
 19.3 %
Non-GAAP(1)
Adjusted net revenues
$ 1,541,042 
$ 1,330,197 
 15.9 %
Adjusted compensation and benefits
 
955,446 
 
845,976 
 12.9 
Adjusted non-compensation expenses
 
281,865 
 
271,278 
 3.9 
Adjusted operating income
 
303,731 
 
212,943 
 42.6 
Adjusted income tax expense
 
75,506 
 
41,404 
 82.4 
Adjusted net income attributable to Piper Sandler Companies
 
228,225 
 
166,393 
 37.2 
Adjusted earnings per diluted common share
$ 
12.69 
$ 
9.28 
 36.7 
Adjusted ratios and margin
Adjusted compensation ratio
 62.0 %
 63.6 %
Adjusted non-compensation ratio
 18.3 %
 20.4 %
Adjusted operating margin
 19.7 %
 16.0 %
Adjusted effective tax rate
 24.9 %
 19.9 %
(1)
See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made to the 
corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information. 
External Factors Impacting Our Business
Performance in the financial services industry in which we operate is highly correlated to the overall strength of 
macroeconomic conditions, financial market activity and the effect of geopolitical events. Overall market conditions are a 
product of many factors, which are beyond our control, often unpredictable and at times inherently volatile. These 
factors may affect the financial decisions made by investors, including their level of participation in the financial markets. 
In turn, these decisions may affect our business results. With respect to financial market activity, our profitability is 
sensitive to a variety of factors, including the demand for investment banking services as reflected by the number and 
size of advisory transactions, equity and debt corporate financings, and municipal financings; the relative level of 
volatility of the equity and fixed income markets; changes in interest rates and credit spreads (especially rapid and 
extreme changes); overall market liquidity; the level and shape of various yield curves; the volume and value of trading 
in securities; and overall equity valuations.
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Piper Sandler Companies  |  30

Factors that differentiate our business within the financial services industry also may affect our financial results. For 
example, our capital markets business focuses on specific industry sectors while serving principally a middle-market 
clientele. If the business environment for our focus sectors is impacted adversely, our business and results of operations 
could reflect these impacts. In addition, our business, with its specific areas of focus and investment, may not track 
overall market trends. Given the variability of the capital markets and securities businesses, our earnings may fluctuate 
significantly from period to period, and results for any individual period should not be considered indicative of future 
results.
Market Data
The following table provides a summary of relevant market data:
Year Ended December 31,
2024
2024
2023
v2023
U.S. Market Indices
S&P 500 (at period end)
 
5,882 
 
4,770 
 23.3 %
Nasdaq (at period end)
 
19,311 
 
15,011 
 28.6 
U.S. Middle Market Mergers and Acquisitions
Announced transactions (number of transactions) (a)
 
2,948 
 
2,868 
 2.8 
U.S. Equity Capital Markets
Completed public equity offerings (number of transactions) (b)
 
677 
 
566 
 19.6 
Completed initial public offerings (number of transactions) (c)
 
145 
 
90 
 61.1 
Equity fee pool for overall market (in millions) (d)
$ 
7,394 
$ 
4,681 
 58.0 
Equity fee pool for sub-$5 billion (in millions) (e)
$ 
3,900 
$ 
2,820 
 38.3 
U.S. Municipal Negotiated Issuances
Completed issuances for overall market (number of transactions) (f)
 
5,700 
 
4,953 
 15.1 
Completed issuances for sub-$500 million (number of 
transactions) (g)
 
4,983 
 
4,034 
 23.5 
Aggregate par value for overall market (in billions) (f)
$ 
426 
$ 
313 
 36.1 
Aggregate par value for sub-$500 million (in billions) (g)
$ 
251 
$ 
200 
 25.5 
Average CBOE Volatility Index (VIX)
 
16 
 
17 
 (5.9) 
Average Daily Number of Shares Traded
NYSE (shares in millions)
 
2,391 
 
2,185 
 9.4 
Nasdaq (shares in millions)
 
1,902 
 
1,822 
 4.4 
Interest Rates
3-month treasury average rate
 5.18 %
 5.28 %
 (1.9) 
10-year treasury average rate
 4.21 %
 3.96 %
 6.3 
Average 10-year MMD to 10-year Treasury Ratio (h)
 
0.64 
 
0.67 
 (4.5) 
(a)
Source: Refinitiv (transactions with reported deal value between $100 million and $1 billion and transactions with an undisclosed 
deal value that had a financial advisor).
(b)
Source: Dealogic and Piper Sandler & Co. Equity Capital Markets (IPOs, follow-on offerings and convertible offerings with 
reported deal value greater than $10 million).
(c)
Source: Dealogic and Piper Sandler & Co. Equity Capital Markets (offerings with reported deal value greater than $10 million).
(d)
Source: Dealogic and Piper Sandler & Co. Equity Capital Markets (IPOs, follow-on offerings and convertible offerings with deal 
values greater than $10 million and PIPEs/RDs greater than $5 million; SPAC IPO fees are represented as the standard two 
percent upfront fee unless noted differently on the IPO cover).
(e)
Source: Dealogic and Piper Sandler & Co. Equity Capital Markets (IPOs, follow-on offerings and convertible offerings with deal 
values greater than $10 million and PIPEs/RDs greater than $5 million for sub-$5 billion market cap issuers; SPAC IPO fees are 
represented as the standard two percent upfront fee unless noted differently on the IPO cover).
(f)
Source: Refinitiv (sole/senior negotiated and private placement transactions for the overall market).
(g)
Source: Refinitiv (sole/senior negotiated and private placement transactions for sub-$500 million).
(h)
Calculated based on the 10-year MMD index rate divided by the 10-year treasury rate.
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Piper Sandler Companies  |  31

Outlook for 2025
U.S. monetary policy remains a prevalent factor impacting the economy and financial markets. The U.S. Federal 
Reserve lowered its short-term benchmark interest rate by 100 basis points in the second half of 2024, however 
inflationary risks persist and the U.S. Federal Reserve has indicated that any further rate cuts will be data dependent. 
Tariffs, tax, regulatory and other policies of the new U.S. presidential administration may impact our client and business 
activity. Additionally, geopolitical concerns, including the conflicts in the Middle East and Eastern Europe, could 
negatively impact financial market activity.
Our advisory services results continue to benefit from our sector and product diversification. Our pipeline for advisory 
services remains healthy and activity for 2025 has started strong. With improving market conditions and the potential 
from an improved regulatory landscape, we expect another year of growth in advisory services revenues with 
seasonality generally similar to 2024. 
Our corporate equity financing results benefited from favorable market conditions, which drove improvement in issuance 
activity during the year. We expect our equity and debt financing activity to increase in 2025 as companies raise needed 
capital to execute on their strategic plans. 
Our equity brokerage business continues to benefit from the quality of our research product and trade execution. We 
experienced strong client activity in 2024 as equity markets steadily climbed higher during the year on better volumes 
and with generally muted volatility. We expect our 2025 revenues to be similar to 2024. 
Client activity within fixed income services increased during the second half of 2024 as market conditions improved. The 
fixed income asset class represents an increasingly attractive investment opportunity, which should drive increased 
activity in 2025. We expect clients to be more active during the year as the yield curve continues to normalize. 
Overall market conditions for our municipal financing business steadily improved during 2024. Our municipal negotiated 
issuance activity increased across both our specialty sector and governmental businesses driven by strong investor 
demand and a normalizing yield curve. We anticipate market conditions and issuance volumes to remain favorable in 
2025. 
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Piper Sandler Companies  |  32

RESULTS OF OPERATIONS
The following table provides a summary of the results of our operations and the results of our operations as a 
percentage of net revenues for the periods indicated:
As a Percentage of
Net Revenues for the
Year Ended December 31,
Year Ended December 31,
2024
2023
(Amounts in thousands)
2024
2023
2022
v2023
v2022
2024
2023
2022
Revenues
Investment banking:
Advisory services
$ 808,746 
$ 709,316 
$ 776,428 
 14.0 %
 (8.6) %
 53.0 %
 52.6 %
 54.5 %
Corporate financing
 
173,876 
 
131,077 
 
125,342 
 32.7 
 4.6 
 11.4 
 9.7 
 8.8 
Municipal financing
 
122,513 
 
83,419 
 
107,739 
 46.9 
 (22.6) 
 8.0 
 6.2 
 7.6 
Total investment banking
 1,105,135  
923,812 
 1,009,509 
 19.6 
 (8.5) 
 72.4 
 68.5 
 70.8 
Institutional brokerage:
Equity brokerage
 
215,275 
 
209,512 
 
210,314 
 2.8 
 (0.4) 
 14.1 
 15.5 
 14.8 
Fixed income services
 
186,167 
 
168,027 
 
194,953 
 10.8 
 (13.8) 
 12.2 
 12.5 
 13.7 
Total institutional brokerage
 
401,442 
 
377,539 
 
405,267 
 6.3 
 (6.8) 
 26.3 
 28.0 
 28.4 
Interest income
 
32,908 
 
26,723 
 
20,365 
 23.1 
 31.2 
 2.2 
 2.0 
 1.4 
Investment income/(loss)
 
(7,890)  
30,039 
 
(23) 
N/M
N/M
 (0.5) 
 2.2 
 0.0 
Total revenues
 1,531,595  1,358,113  1,435,118 
 12.8 
 (5.4) 
 100.4 
 100.8 
 100.7 
Interest expense
 
5,681 
 
10,146 
 
9,480 
 (44.0) 
 7.0 
 0.4 
 0.8 
 0.7 
Net revenues
 1,525,914  1,347,967  1,425,638 
 13.2 
 (5.4) 
 100.0 
 100.0 
 100.0 
Non-interest expenses
Compensation and benefits
 1,004,173  
897,034 
 
983,524 
 11.9 
 (8.8) 
 65.8 
 66.5 
 69.0 
Outside services
 
55,756 
 
51,754 
 
53,189 
 7.7 
 (2.7) 
 3.7 
 3.8 
 3.7 
Occupancy and equipment
 
66,530 
 
64,356 
 
64,252 
 3.4 
 0.2 
 4.4 
 4.8 
 4.5 
Communications
 
54,917 
 
52,718 
 
50,565 
 4.2 
 4.3 
 3.6 
 3.9 
 3.5 
Marketing and business 
development
 
42,239 
 
37,734 
 
42,849 
 11.9 
 (11.9) 
 2.8 
 2.8 
 3.0 
Deal-related expenses
 
30,491 
 
28,189 
 
31,874 
 8.2 
 (11.6) 
 2.0 
 2.1 
 2.2 
Trade execution and clearance
 
19,836 
 
19,972 
 
20,185 
 (0.7) 
 (1.1) 
 1.3 
 1.5 
 1.4 
Restructuring and integration 
costs
 
2,586 
 
7,749 
 
11,440 
 (66.6) 
 (32.3) 
 0.2 
 0.6 
 0.8 
Intangible asset amortization
 
10,288 
 
19,440 
 
15,375 
 (47.1) 
 26.4 
 0.7 
 1.4 
 1.1 
Other operating expenses
 
20,686 
 
46,435 
 
18,016 
 (55.5) 
 157.7 
 1.4 
 3.4 
 1.3 
Total non-interest expenses
 1,307,502  1,225,381  1,291,269 
 6.7 
 (5.1) 
 85.7 
 90.9 
 90.6 
Income before income tax 
expense
 
218,412 
 
122,586 
 
134,369 
 78.2 
 (8.8) 
 14.3 
 9.1 
 9.4 
Income tax expense
 
60,972 
 
23,613 
 
33,189 
 158.2 
 (28.9) 
 4.0 
 1.8 
 2.3 
Net income
 
157,440 
 
98,973 
 
101,180 
 59.1 
 (2.2) 
 10.3 
 7.3 
 7.1 
Net income/(loss) attributable to 
noncontrolling interests
 
(23,674)  
13,482 
 
(9,494) 
N/M
N/M
 (1.6) 
 1.0 
 (0.7) 
Net income attributable to 
Piper Sandler Companies
$ 181,114 
$ 
85,491 
$ 110,674 
 111.9 
 (22.8) 
 11.9 
 6.3 
 7.8 
N/M — Not meaningful
Table of Contents
Piper Sandler Companies  |  33

Net Revenues
Net revenues on a U.S. GAAP basis were $1.53 billion for the year ended December 31, 2024, compared with 
$1.35 billion in the prior-year period. For the year ended December 31, 2024, adjusted net revenues were $1.54 billion, 
compared with $1.33 billion for the year ended December 31, 2023. The variance explanations for net revenues and 
adjusted net revenues are consistent on both a U.S. GAAP and non-GAAP basis unless stated otherwise. See 
"Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made 
to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial 
information.
The following table provides supplemental business information:
Year Ended December 31,
2024
2023
Advisory services
Completed M&A and restructuring transactions
 
220  
213 
Completed capital advisory transactions
 
68  
56 
Total completed advisory transactions
 
288  
269 
Corporate financings
Total equity transactions priced
 
81  
73 
Book run equity transactions priced
 
64  
65 
Total debt and preferred transactions priced
 
36  
15 
Book run debt and preferred transactions priced
 
23  
7 
Municipal negotiated issues
Aggregate par value of issues priced (in billions)
$ 
16.9 $ 
12.4 
Total issues priced
 
501  
413 
Equity brokerage
Number of shares traded (in billions)
 
11.3  
10.7 
Investment Banking Revenues
Investment banking revenues comprise all of the revenues generated through advisory services activities, which include 
mergers and acquisitions ("M&A"), equity and debt private placements, debt, restructuring and private capital advisory, 
and municipal financial advisory transactions. Collectively, debt advisory transactions and equity and debt private 
placements are referred to as capital advisory transactions. Investment banking revenues also include equity and debt 
corporate financing activities and municipal financings.
In 2024, investment banking revenues were $1.11 billion, up 19.6 percent compared to $923.8 million in the prior-year 
period. For the year ended December 31, 2024, advisory services revenues were $808.7 million, up 14.0 percent 
compared with $709.3 million in 2023, driven by more completed transactions and a higher average fee. We also 
benefited from increased activity from our private equity clients. Our advisory services activity during the year was broad 
based across sectors, led by our financial services and energy & power groups with solid contributions from the 
healthcare, consumer and services & industrials sectors. In addition, our debt advisory product team recorded strong 
results in 2024. For the year ended December 31, 2024, corporate financing revenues were $173.9 million, up 32.7 
percent compared to $131.1 million in the prior-year period, due to more completed transactions. Equity financing 
activity improved during the year resulting from more favorable market conditions. Performance during the year was led 
by the healthcare sector, and we served as book runner on 40 of 42 completed healthcare equity deals. In addition, our 
financial services group completed several large equity capital raises for our depository clients during the year. 
Municipal financing revenues for the year ended December 31, 2024 were $122.5 million, up 46.9 percent compared to 
$83.4 million in the year-ago period, driven by increased issuance activity across both our specialty sector and 
governmental businesses as market conditions and investor demand improved relative to the prior year.
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Piper Sandler Companies  |  34

Institutional Brokerage Revenues
Institutional brokerage revenues comprise all of the revenues generated through trading activities, which principally 
consist of facilitating customer trades, as well as fees received for our research services and corporate access offerings. 
Our results may vary from quarter to quarter as a result of changes in trading margins, trading gains and losses, net 
interest spreads, trading volumes and the amount of fees received for research services.
For the year ended December 31, 2024, institutional brokerage revenues increased to $401.4 million, compared with 
$377.5 million in the prior-year period. In 2024, equity brokerage revenues were $215.3 million, up 2.8 percent 
compared with $209.5 million in 2023, due to increased client activity across our full suite of trading and research 
products. For the year ended December 31, 2024, fixed income services revenues were $186.2 million, up 10.8 percent 
compared with $168.0 million in the prior-year period, driven by increased client activity, particularly with our depository 
clients. Market conditions for fixed income improved during the second half of the year following the action of the U.S. 
Federal Reserve to reduce short-term benchmark interest rates and the normalization of the yield curve.
Interest Income 
Interest income represents amounts earned from holding long inventory positions and cash balances, as well as interest 
earned on installment fee receivables. For the year ended December 31, 2024, interest income increased to 
$32.9 million, compared with $26.7 million in 2023, primarily due to higher interest rates on our cash balances.
Investment Income/(Loss)
Investment income/(loss) includes realized and unrealized gains and losses on investments, including amounts 
attributable to noncontrolling interests, in our alternative asset management funds, as well as management and 
performance fees generated from those funds. For the year ended December 31, 2024, we recorded an investment loss 
of $7.9 million, compared to investment income of $30.0 million in 2023. In 2024, we recorded unrealized losses on our 
investments and the noncontrolling interests in the alternative asset management funds that we manage. Excluding the 
impact of noncontrolling interests, adjusted investment income was $7.2 million in 2024, compared with $7.1 million in 
2023.
Interest Expense
Interest expense represents amounts associated with financing, economically hedging and holding short inventory 
positions, including interest paid on our short- and long-term financing arrangements, as well as commitment fees on 
certain short-term financing arrangements. For the year ended December 31, 2024, interest expense decreased to 
$5.7 million, compared with $10.1 million in 2023. The decrease was primarily due to lower interest paid on long-term 
financing arrangements as we repaid $125 million of Class B unsecured fixed rate senior notes upon maturity on 
October 15, 2023. 
Non-Interest Expenses
Non-interest expenses on a U.S. GAAP basis were $1.31 billion for the year ended December 31, 2024, compared to 
$1.23 billion in the prior-year period. For the year ended December 31, 2024, adjusted non-interest expenses were 
$1.24 billion, compared with $1.12 billion for the year ended December 31, 2023. The variance explanations for non-
interest expenses and adjusted non-interest expenses are consistent on both a U.S. GAAP and non-GAAP basis unless 
stated otherwise. See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of 
the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-
GAAP financial information.
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Piper Sandler Companies  |  35

Compensation and Benefits
Compensation and benefits expenses, which are the largest component of our expenses, include salaries, incentive 
compensation, benefits, stock-based compensation, employment taxes, the reversal of expenses associated with the 
forfeiture of stock-based compensation and other employee-related costs. A significant portion of compensation 
expense is comprised of variable incentive arrangements, including discretionary incentive compensation, the amount of 
which fluctuates in proportion to the level of business activity, increasing with higher revenues and operating profits and 
decreasing with lower revenues and operating profits. Other compensation costs, primarily base salaries and benefits, 
are more fixed in nature. The timing of incentive compensation payments, which is generally in February, has a greater 
impact on our cash position and liquidity than is reflected on our consolidated statements of operations. In conjunction 
with our acquisitions, we have granted restricted stock, restricted cash with service conditions, and restricted mutual 
fund shares of investment funds ("MFRS Awards") which are amortized to compensation expense over the service 
period. We have also entered into forgivable loans with service conditions, which are amortized to compensation 
expense over the loan term. Additionally, expense estimates related to revenue-based earnout arrangements with 
service conditions entered into as part of our acquisitions are amortized to compensation expense over the service 
period.
The following table summarizes our expected future acquisition-related compensation expense for restricted stock, 
restricted cash with service conditions, MFRS Awards and forgivable loans with service conditions, as well as expense 
estimates related to revenue-based earnout arrangements:
(Amounts in thousands)
2025
$ 
28,687 
2026
 
21,474 
2027
 
15,633 
2028
 
5,328 
2029
 
3,415 
Total
$ 
74,537 
For the year ended December 31, 2024, compensation and benefits expenses increased 11.9 percent to $1.00 billion 
from $897.0 million in 2023, due to higher revenues and profitability. Compensation and benefits expenses as a 
percentage of net revenues was 65.8 percent in 2024, compared with 66.5 percent in 2023. The lower compensation 
ratio was driven by higher net revenues offset in part by an investment loss attributable to noncontrolling interests in the 
current year compared to investment income attributable to noncontrolling interests in 2023. Our adjusted compensation 
ratio decreased to 62.0 percent in 2024, compared with 63.6 percent in 2023 driven by higher adjusted net revenues.
Outside Services
Outside services expenses include securities processing expenses, outsourced technology functions, outside legal fees, 
fund expenses associated with our consolidated alternative asset management funds and other professional fees. 
Outside services expenses increased 7.7 percent to $55.8 million in 2024, compared with $51.8 million in 2023, 
primarily due to higher recruiting and placement fees.
Occupancy and Equipment 
For the year ended December 31, 2024, occupancy and equipment expenses increased 3.4 percent to $66.5 million, 
compared with $64.4 million in 2023, primarily due to incremental occupancy costs related to our acquisition of Aviditi 
Advisors. Our occupancy and equipment expenses will increase in 2025 as a result of relocating our Minneapolis 
corporate headquarters to a new building.
Communications 
Communication expenses include costs for telecommunication and data communication, primarily consisting of 
expenses for obtaining third-party market data information. For the year ended December 31, 2024, communication 
expenses increased 4.2 percent to $54.9 million, compared with $52.7 million in 2023, primarily due to higher market 
data services expenses.
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Piper Sandler Companies  |  36

Marketing and Business Development 
Marketing and business development expenses include travel and entertainment costs, advertising and third-party 
marketing fees. In 2024, marketing and business development expenses increased 11.9 percent to $42.2 million, 
compared with $37.7 million for the year ended December 31, 2023. The increase was primarily due to higher travel 
expenses associated with increased business activity.
Deal-Related Expenses
Deal-related expenses include costs we incurred over the course of a completed investment banking deal, which 
primarily consist of legal fees, offering expenses, and travel costs. For the year ended December 31, 2024, deal-related 
expenses were $30.5 million, compared with $28.2 million for the year ended December 31, 2023. The amount of deal-
related expenses is principally dependent on the level and mix of deal activity and may vary from period to period as the 
recognition of deal-related costs typically coincides with the closing of a transaction.
Trade Execution and Clearance
For the year ended December 31, 2024, trade execution and clearance expenses decreased slightly to $19.8 million, 
compared with $20.0 million for the year ended December 31, 2023.
Restructuring and Integration Costs
For the year ended December 31, 2024, we incurred restructuring and integration costs of $2.6 million, primarily 
consisting of integration costs related to our acquisition of Aviditi Advisors.
For the year ended December 31, 2023, we incurred restructuring and integration costs of $7.7 million, primarily 
consisting of $6.7 million of severance benefits related to headcount reductions and $0.9 million for vacated leased 
office space associated with our acquisitions of Cornerstone Macro Research LP and The Valence Group.
Intangible Asset Amortization
Intangible asset amortization includes the amortization of definite-lived intangible assets. For the year ended December 
31, 2024, intangible asset amortization was $10.3 million, compared with $19.4 million in 2023. The decrease was 
primarily due to lower intangible asset amortization expense associated with our 2022 acquisition of DBO Partners 
Holding LLC.
The following table summarizes the future aggregate amortization expense of our intangible assets with determinable 
lives:
(Amounts in thousands)
2025
$ 
8,639 
2026
 
7,253 
2027
 
3,480 
2028
 
2,191 
2029
 
541 
Total
$ 
22,104 
Other Operating Expenses
Other operating expenses primarily include insurance costs, license and registration fees, expenses related to our 
charitable giving program and litigation-related expenses, which consist of the amounts we accrue for and/or pay out 
related to legal and regulatory matters. Other operating expenses were $20.7 million in 2024, compared with 
$46.4 million in 2023. Other operating expenses for 2024 included a $4.0 million reduction in the accrual for civil 
penalties related to our regulatory settlements with the SEC and CFTC regarding recordkeeping requirements for 
business-related communications. Other operating expenses for 2023 included a $20.0 million accrual recorded for 
estimated civil penalties related to our regulatory settlements with the SEC and CFTC regarding recordkeeping 
requirements for business-related communications, as well as the write-off of a $7.5 million uncollectible receivable in 
our municipal financing business.
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Piper Sandler Companies  |  37

Pre-Tax Margin 
Pre-tax margin for 2024 increased to 14.3 percent, compared with 9.1 percent for 2023. Adjusted operating margin 
increased to 19.7 percent in 2024, compared with 16.0 percent in 2023. In the current year, the increase in pre-tax 
margin and adjusted operating margin was primarily due to higher net revenues as well as a lower compensation ratio 
and non-compensation ratio. 
Income Taxes
For the year ended December 31, 2024, our provision for income taxes was $61.0 million, which included $14.5 million 
of tax benefits related to stock-based compensation awards vesting at values greater than the grant price and accrued 
forfeitable dividends paid on vested restricted stock related to acquisitions. Excluding the impact of these benefits and 
noncontrolling interests, our effective tax rate was 31.2 percent. The effective tax rate for 2024 was impacted by non-
deductible employee compensation expense, including limitations on the deduction of employee compensation expense 
enacted with the American Rescue Plan Act of 2021.
For the year ended December 31, 2023, our provision for income taxes was $23.6 million, which included $16.6 million 
of tax benefits related to stock-based compensation awards vesting at values greater than the grant price and accrued 
forfeitable dividends paid on vested restricted stock related to acquisitions. Excluding the impact of these benefits and 
noncontrolling interests, our effective tax rate was 36.8 percent. The effective tax rate for 2023 included the impact of 
estimated civil penalties related to our regulatory settlements with the SEC and the CFTC regarding recordkeeping 
requirements for business-related communications, which was non-deductible for income tax purposes, as well as non-
deductible employee compensation expense.
EXPLANATION AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In Item 7 in this Form 10-K, we have included financial measures that are not prepared in accordance with U.S. GAAP. 
Adjustments to these non-GAAP financial measures include (1) the exclusion of investment (income)/loss and non-
compensation expenses related to noncontrolling interests, (2) the exclusion of interest expense on long-term financing 
from net revenues, (3) the exclusion of compensation and non-compensation expenses from acquisition-related 
agreements, (4) the exclusion of restructuring and integration costs related to acquisitions and/or headcount reductions, 
(5) the exclusion of amortization of intangible assets related to acquisitions, (6) the exclusion of non-compensation 
expenses from regulatory settlements (see Note 15 to our consolidated financial statements included in Part II, Item 8 of 
this Form 10-K for further information) and (7) the income tax impact allocated to the adjustments. For U.S. GAAP 
purposes, these items are included in each of their respective line items on the consolidated statements of operations. 
These adjustments affect the following financial measures: net revenues, compensation and benefits expenses, non-
compensation expenses, total non-interest expenses, income before income tax expense, income tax expense, net 
income attributable to Piper Sandler Companies, earnings per diluted common share, compensation ratio, non-
compensation ratio, pre-tax margin and effective tax rate. 
The adjusted weighted average diluted shares outstanding used in the calculation of non-GAAP earnings per diluted 
common share contains an adjustment to include the common shares for unvested restricted stock awards with service 
conditions granted pursuant to all acquisitions since January 1, 2020. 
Management believes that presenting results and measures on an adjusted, non-GAAP basis in conjunction with the 
corresponding U.S. GAAP measures provides a more meaningful basis for comparison of its operating results and 
underlying trends between periods, and enhances the overall understanding of our current financial performance by 
excluding certain items that may not be indicative of our core operating results. The non-GAAP financial measures 
should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance 
with U.S. GAAP. 
Consolidation of the alternative asset management funds results in the inclusion of the proportionate share of the 
income or loss attributable to the equity interests in consolidated funds that are not attributable, either directly or 
indirectly, to us (i.e., noncontrolling interests). This proportionate share is reflected in net income/(loss) attributable to 
noncontrolling interests in the accompanying consolidated statements of operations, and has no effect on our overall 
financial performance, as ultimately, this income/(loss) is not income/(loss) for us. The adjusted, non-GAAP financial 
measures include only the actual proportionate share of the income/(loss) attributable to us as an investor in such 
alternative asset management funds. 
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Piper Sandler Companies  |  38

Interest expense on long-term financing includes interest on our Class B unsecured fixed rate senior notes, and is an 
adjustment from net revenues as this arrangement was used to fund the acquisition of SOP Holdings, LLC and its 
subsidiaries, including Sandler O'Neill & Partners, L.P. (collectively, "Sandler O'Neill"). Management believes that 
presenting adjusted, non-GAAP financial measures excluding the acquisition-related amounts provides clarity on our 
financial results generated by the core operating components of our business.
The compensation and non-compensation expenses from acquisition-related agreements and amortization of intangible 
assets are excluded from the adjusted, non-GAAP financial measures as they represent expenses specifically related to 
acquisitions and therefore are not part of our ongoing operations. 
The restructuring and integration costs excluded from the adjusted, non-GAAP financial results represent charges that 
resulted from severance benefits related to acquisitions or headcount reductions, as well as acquisition-related costs 
associated with contract termination, vacating redundant leased office space and professional fees related to the 
respective transaction. Excluding these restructuring and integration costs from our adjusted, non-GAAP financial 
measures provides a better understanding of our core non-compensation expenses. 
The non-compensation expenses from regulatory settlements for the year ended December 31, 2024 include the 
reversal of other operating expenses of $4.0 million, as we reduced the accrual for civil penalties related to regulatory 
settlements with the SEC and the CFTC. The non-compensation expenses from regulatory settlements for the year 
ended December 31, 2023 include a $20.0 million accrual of other operating expenses for estimated civil penalties 
related to the regulatory settlements with the SEC and CFTC. In connection with these matters, we also incurred 
$1.0 million and $1.5 million of outside services expenses for the years ended December 31, 2024 and 2023, 
respectively. Excluding these non-compensation expenses from regulatory settlements from our adjusted, non-GAAP 
financial measures provides a better understanding of our core non-compensation expenses. 
Reconciliation of U.S. GAAP to adjusted non-GAAP financial information:
 Net revenues:
Net revenues – U.S. GAAP basis
$ 
1,525,914 $ 
1,347,967 
Adjustments:
Investment (income)/loss related to noncontrolling interests
 
15,128 
 
(22,916) 
Interest expense on long-term financing
 
— 
 
5,146 
Adjusted net revenues
$ 
1,541,042 $ 
1,330,197 
Compensation and benefits:
Compensation and benefits – U.S. GAAP basis
$ 
1,004,173 $ 
897,034 
Adjustment:
Compensation from acquisition-related agreements
 
(48,727)  
(51,058) 
Adjusted compensation and benefits
$ 
955,446 
$ 
845,976 
Non-compensation expenses:
Non-compensation expenses – U.S. GAAP basis
$ 
303,329 
$ 
328,347 
Adjustments:
Non-compensation expenses related to noncontrolling interests
 
(8,546)  
(9,434) 
Restructuring and integration costs
 
(2,586)  
(7,749) 
Amortization of intangible assets related to acquisitions
 
(10,288)  
(19,440) 
Non-compensation expenses from acquisition-related agreements
 
(3,089)  
1,102 
Non-compensation expenses from regulatory settlements
 
3,045 
 
(21,548) 
Adjusted non-compensation expenses
$ 
281,865 
$ 
271,278 
Year Ended December 31,
(Amounts in thousands, except per share data)
2024
2023
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Piper Sandler Companies  |  39

Income before income tax expense:
Income before income tax expense – U.S. GAAP basis
$ 
218,412 
$ 
122,586 
Adjustments:
Investment (income)/loss related to noncontrolling interests
 
15,128 
 
(22,916) 
Interest expense on long-term financing
 
— 
 
5,146 
Non-compensation expenses related to noncontrolling interests
 
8,546 
 
9,434 
Compensation from acquisition-related agreements
 
48,727 
 
51,058 
Restructuring and integration costs
 
2,586 
 
7,749 
Amortization of intangible assets related to acquisitions
 
10,288 
 
19,440 
Non-compensation expenses from acquisition-related agreements
 
3,089 
 
(1,102) 
Non-compensation expenses from regulatory settlements
 
(3,045)  
21,548 
Adjusted operating income
$ 
303,731 
$ 
212,943 
Interest expense on long-term financing
 
— 
 
(5,146) 
Adjusted income before adjusted income tax expense
$ 
303,731 
$ 
207,797 
Income tax expense:
Income tax expense – U.S. GAAP basis
$ 
60,972 
$ 
23,613 
Tax effect of adjustments:
Compensation from acquisition-related agreements
 
10,224 
 
10,467 
Restructuring and integration costs
 
590 
 
2,053 
Amortization of intangible assets related to acquisitions
 
2,675 
 
5,152 
Non-compensation expenses from acquisition-related agreements
 
797 
 
(292) 
Non-compensation expenses from regulatory settlements
 
248 
 
411 
Adjusted income tax expense
$ 
75,506 
$ 
41,404 
Net income attributable to Piper Sandler Companies:
Net income attributable to Piper Sandler Companies – U.S. GAAP basis
$ 
181,114 
$ 
85,491 
 Adjustments:
Compensation from acquisition-related agreements
 
38,503 
 
40,591 
Restructuring and integration costs
 
1,996 
 
5,696 
Amortization of intangible assets related to acquisitions
 
7,613 
 
14,288 
Non-compensation expenses from acquisition-related agreements
 
2,292 
 
(810) 
Non-compensation expenses from regulatory settlements
 
(3,293)  
21,137 
Adjusted net income attributable to Piper Sandler Companies
$ 
228,225 
$ 
166,393 
Earnings per diluted common share:
Earnings per diluted common share – U.S. GAAP basis
$ 
10.24 
$ 
4.96 
Adjustment for inclusion of unvested acquisition-related stock
 
(0.20)  
(0.38) 
$ 
10.04 
$ 
4.58 
Adjustments:
Compensation from acquisition-related agreements
 
2.17 
 
2.36 
Restructuring and integration costs
 
0.11 
 
0.33 
Amortization of intangible assets related to acquisitions
 
0.43 
 
0.83 
Non-compensation expenses from acquisition-related agreements
 
0.13 
 
(0.05) 
Non-compensation expenses from regulatory settlements
 
(0.19)  
1.23 
 Adjusted earnings per diluted common share
$ 
12.69 
$ 
9.28 
Weighted average diluted common shares outstanding:
Weighted average diluted common shares outstanding – U.S. GAAP basis
 
17,695 
 
17,224 
Adjustment:
Unvested acquisition-related restricted stock with service conditions
 
293 
 
715 
Adjusted weighted average diluted common shares outstanding
 
17,988 
 
17,939 
Year Ended December 31,
(Amounts in thousands, except per share data)
2024
2023
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Piper Sandler Companies  |  40

RECENT ACCOUNTING PRONOUNCEMENTS
Recent accounting pronouncements are set forth in Note 3 to our consolidated financial statements included in Part II, 
Item 8 of this Form 10-K, and are incorporated herein by reference.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our accounting and reporting policies comply with U.S. GAAP and conform to practices within the securities industry. 
The preparation of financial statements in compliance with U.S. GAAP and industry practices requires us to make 
estimates and assumptions that could materially affect amounts reported in our consolidated financial statements. 
Critical accounting policies are those policies that we believe to be the most important to the portrayal of our financial 
condition and results of operations and that require us to make estimates that are difficult, subjective or complex. Most 
accounting policies are not considered by us to be critical accounting policies. Several factors are considered in 
determining whether or not a policy is critical, including whether the estimates are significant to the consolidated 
financial statements taken as a whole, the nature of the estimates, the ability to readily validate the estimates with other 
information (e.g., third-party or independent sources), the sensitivity of the estimates to changes in economic conditions 
and whether alternative accounting methods may be used under U.S. GAAP.
For a full description of our significant accounting policies, see Note 2 to our consolidated financial statements included 
in Part II, Item 8 of this Form 10-K. We believe that of our significant accounting policies, the following are our critical 
accounting policies and estimates.
Valuation of Financial Instruments
Financial instruments and other inventory positions owned, financial instruments and other inventory positions sold, but 
not yet purchased, and investments on our consolidated statements of financial condition consist of financial 
instruments recorded at fair value, as required by accounting guidance. Unrealized gains and losses related to these 
financial instruments are reflected on our consolidated statements of operations.
The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly 
transaction between market participants at the measurement date (i.e., the exit price). Based on the nature of our 
business and our role as a "dealer" in the securities industry or as a manager of alternative asset management funds, 
the fair values of our financial instruments are determined internally. See Note 2 and Note 6 to our consolidated financial 
statements for additional information on the valuation of our financial instruments and our fair value processes, including 
specific control processes to determine the reasonableness of the fair value of our financial instruments.
Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value 
Measurement," establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair 
value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or 
liabilities (i.e., Level I measurements) and the lowest priority to inputs with little or no pricing observability (i.e., Level III 
measurements). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant 
to the fair value measurement. Substantially all of our financial instruments categorized as Level III are investments 
related to our alternative asset management funds. These investments in private companies are valued based on an 
assessment of each underlying security, considering rounds of financing, the financial condition and operating results of 
the private company, third-party transactions and market-based information, including comparable company 
transactions, trading multiples (e.g., multiples of revenue and EBITDA), discounted cash flow analyses and changes in 
market outlook, among other factors. See Note 6 to our consolidated financial statements for additional discussion of 
our assets and liabilities in the fair value hierarchy.
Goodwill and Intangible Assets
We record all assets acquired and liabilities assumed in acquisitions, including goodwill and other intangible assets, at 
fair value, which requires certain management estimates. The initial recognition of goodwill and other intangible assets 
involves significant judgment in determining the estimates of future cash flows, discount rates, economic forecast and 
other assumptions which are then used in acceptable valuation techniques, such as the income approach (e.g., 
discounted cash flow method). At December 31, 2024, we had goodwill of $312.0 million and intangible assets of 
$107.5 million.
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Piper Sandler Companies  |  41

We are required to perform impairment tests of goodwill and indefinite-lived intangible assets annually and on an interim 
basis when circumstances exist that could indicate possible impairment. We have elected to test goodwill for impairment 
in the fourth quarter of each calendar year. We have the option to first assess qualitative factors to determine whether it 
is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after making an 
assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying 
amount, then further analysis is unnecessary. However, if we conclude otherwise, then we are required to perform a 
quantitative goodwill test. See Note 2 and Note 11 to our consolidated financial statements for additional information on 
our impairment testing. 
We elected to perform a qualitative assessment to test goodwill for impairment. The following relevant events and 
circumstances were evaluated in concluding that it was not more likely than not that goodwill was impaired: overall 
financial performance of our reporting unit, public market capitalization of the Company, macroeconomic conditions and 
industry and market considerations. Our annual goodwill impairment testing, performed as of October 31, 2024, resulted 
in no impairment.
We also evaluated our indefinite-lived intangible assets and concluded there was no impairment in 2024.
Stock-Based Compensation Plans
As part of our compensation to employees and directors, we use stock-based compensation, consisting of restricted 
stock, restricted stock units and stock options. We account for equity awards in accordance with FASB Accounting 
Standards Codification Topic 718, "Compensation–Stock Compensation," ("ASC 718"), which requires all share-based 
payments to employees, including grants of employee stock options, to be recognized on the consolidated statements 
of operations at grant date fair value. Compensation expense related to share-based awards that require future service 
are amortized over the service period of the award. Forfeitures of awards with service conditions are accounted for 
when they occur. Share-based awards that do not require future service are recognized in the year in which the awards 
are deemed to be earned. 
See Note 18 to our consolidated financial statements for additional information about our stock-based compensation 
plans.
Income Taxes
We file a consolidated U.S. federal income tax return, which includes all of our qualifying subsidiaries. We also are 
subject to income tax in various states and municipalities and those foreign jurisdictions in which we operate. Amounts 
provided for income taxes are based on income reported for financial statement purposes and do not necessarily 
represent amounts currently payable. Deferred tax assets and liabilities are recognized for the expected future tax 
consequences attributable to temporary differences between the financial statement carrying amounts of existing assets 
and liabilities and their respective tax basis and for tax loss carryforwards. Deferred tax assets and liabilities are 
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary 
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax 
rates is recognized in income in the period that includes the enactment date. Deferred income taxes are provided for 
temporary differences in reporting certain items, principally restricted compensation (i.e., restricted stock, restricted 
stock units, restricted mutual fund shares, and deferred compensation). The realization of deferred tax assets is 
assessed and a valuation allowance is recognized to the extent that it is more likely than not that any portion of the 
deferred tax asset will not be realized. We believe that our future taxable profits will be sufficient to recognize our 
deferred tax assets. However, if our projections of future taxable profits do not materialize, we may conclude that a 
valuation allowance is necessary, which would impact our results of operations in that period.
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Piper Sandler Companies  |  42

We record deferred tax benefits for future tax deductions expected upon the vesting of stock-based compensation. We 
recognize the income tax effects of stock-based compensation awards in the income statement when the awards vest. If 
deductions reported on our tax return for stock-based compensation (i.e., the value of the stock-based compensation at 
the time of vesting) exceed the cumulative cost of those instruments recognized for financial reporting (i.e., the grant 
date fair value of the compensation computed in accordance with ASC 718), we record the excess tax benefit as income 
tax benefit. Conversely, if deductions reported on our tax return for stock-based compensation are less than the 
cumulative cost of those instruments recognized for financial reporting, the deficiency is recorded as an income tax 
expense. Additionally, we record a tax benefit related to accrued forfeitable dividends paid on restricted stock upon 
vesting. For the year ended December 31, 2024, we recorded $14.5 million of tax benefits related to stock-based 
compensation awards vesting at values greater than the grant date fair value and accrued forfeitable dividends paid on 
vested restricted stock related to acquisitions. As of February 20, 2025, approximately 653,000 shares have vested at 
share prices greater than the grant date fair values, resulting in an income tax benefit of $25.4 million recorded in the 
first quarter of 2025, including accrued forfeitable dividends paid on vested restricted stock related to acquisitions. 
We establish reserves for uncertain income tax positions in accordance with FASB Accounting Standards Codification 
Topic 740, "Income Taxes," when it is not more likely than not that a certain position or component of a position will be 
ultimately upheld by the relevant taxing authorities. Significant judgment is required in evaluating uncertain tax positions. 
Our tax provision and related accruals include the impact of estimates for uncertain tax positions and changes to the 
reserves that are considered appropriate. To the extent the probable tax outcome of these matters changes, such 
change in estimate will impact the income tax provision in the period of change and, in turn, our results of operations. As 
of December 31, 2024, we have a $1.9 million liability recorded for uncertain state income tax positions.
LIQUIDITY, FUNDING AND CAPITAL RESOURCES
We regularly monitor our liquidity position, which is of critical importance to our business. Accordingly, we maintain a 
liquidity strategy designed to enable our business to continue to operate even under adverse circumstances, although 
there can be no assurance that our strategy will be successful under all circumstances. Insufficient liquidity resulting 
from adverse circumstances contributes to, and may be the cause of, financial institution failure. 
The majority of our tangible assets consist of assets readily convertible into cash. Financial instruments and other 
inventory positions owned are stated at fair value and are generally readily marketable in most market conditions. 
Receivables and payables with brokers, dealers and clearing organizations usually settle within a few days. As part of 
our liquidity strategy, we emphasize diversification of funding sources to the extent possible while considering tenor and 
cost. Our assets are financed by our cash flows from operations, equity capital and our funding arrangements. The 
fluctuations in cash flows from financing activities are directly related to daily operating activities from our various 
businesses. One of our most important risk management disciplines is our ability to manage the size and composition of 
our balance sheet. While our asset base changes due to client activity, market fluctuations and business opportunities, 
the size and composition of our balance sheet reflect our overall risk tolerance, our ability to access stable funding 
sources and the amount of equity capital we hold.
Certain market conditions can impact the liquidity of our inventory positions, requiring us to hold larger inventory 
positions for longer than expected or requiring us to take other actions that may adversely impact our results.
A significant component of our employees' compensation is paid in annual discretionary incentive compensation. The 
timing of these incentive compensation payments, which is generally in February, has a significant impact on our cash 
position and liquidity.
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Our dividend policy is intended to return between 30 percent and 50 percent of our fiscal year adjusted net income to 
shareholders. Our board of directors determines the declaration and payment of dividends and is free to change our 
dividend policy at any time. Our board of directors declared the following dividends on shares of our common stock:
Declaration Date
Dividend Per Share
Record Date
Payment Date
Related to 2021:
February 10, 2022 (1)
$ 
4.50 
March 2, 2022
March 11, 2022
Related to 2022:
February 10, 2022
 
0.60 
March 2, 2022
March 11, 2022
April 29, 2022
 
0.60 
May 27, 2022
June 10, 2022
July 29, 2022
 
0.60 
August 26, 2022
September 9, 2022
October 28, 2022
 
0.60 
November 23, 2022
December 9, 2022
February 3, 2023 (1)
 
1.25 
March 3, 2023
March 17, 2023
Related to 2023:
February 3, 2023
 
0.60 
March 3, 2023
March 17, 2023
May 2, 2023
 
0.60 
May 26, 2023
June 9, 2023
July 28, 2023
 
0.60 
August 25, 2023
September 8, 2023
October 27, 2023
 
0.60 
November 21, 2023
December 8, 2023
February 2, 2024 (1)
 
1.00 
March 4, 2024
March 15, 2024
Related to 2024:
February 2, 2024
 
0.60 
March 4, 2024
March 15, 2024
April 26, 2024
 
0.60 
May 24, 2024
June 7, 2024
August 2, 2024
 
0.65 
August 29, 2024
September 13, 2024
October 25, 2024
 
0.65 
November 22, 2024
December 13, 2024
January 31, 2025 (1)
 
3.00 
March 4, 2025
March 14, 2025
Related to 2025:
January 31, 2025
 
0.65 
March 4, 2025
March 14, 2025
(1)
Represents a special cash dividend.
Our board of directors has declared a special cash dividend on our common stock of $3.00 per share related to 2024 
adjusted net income. This special dividend will be paid on March 14, 2025, to shareholders of record as of the close of 
business on March 4, 2025. Including this special cash dividend, we will have returned $5.50 per share, or 
approximately 43 percent of our fiscal year 2024 adjusted net income to shareholders.
As part of our capital management strategy, we repurchase our common stock over time in order to offset the dilutive 
effect of our employee stock-based compensation awards and our grants of acquisition-related restricted stock, as well 
as to return capital to shareholders.
Effective May 6, 2022, our board of directors authorized the repurchase of up to $150.0 million in common shares 
through December 31, 2024. In 2024, we did not repurchase any shares of our common stock related to this 
authorization. Effective February 5, 2025, our board of directors authorized the repurchase of up to $150.0 million in 
common shares through December 31, 2026.
We also purchase shares of common stock from restricted stock award recipients upon the award vesting as recipients 
sell shares to meet their employment tax obligations. During 2024, we purchased 346,972 shares of our common stock 
at an average price of $191.44 per share for an aggregate purchase price of $66.4 million for these purposes. 
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Piper Sandler Companies  |  44

Cash Flows 
Cash and cash equivalents at December 31, 2024 were $482.8 million, an increase of $99.7 million from December 31, 
2023. Operating activities provided $313.3 million of cash, primarily driven by cash generated from earnings and an 
increase in operating liabilities. The increase in operating liabilities was primarily due to an increase in accrued 
compensation of $56.6 million, the result of higher compensation costs in 2024 resulting from increased revenues and 
operating profits. In 2024, investing activities used $31.8 million, of which $16.3 million was used for the acquisition of 
Aviditi Advisors and $15.5 million was used for the purchase of fixed assets. In 2024, cash of $180.6 million was used in 
financing activities, as we paid $73.7 million in dividends, repurchased $66.4 million of common stock and reduced 
short-term financing by $37.3 million.
Cash and cash equivalents at December 31, 2023 were $383.1 million, an increase of $17.5 million from December 31, 
2022. Operating activities provided $275.6 million of cash, primarily driven by cash generated from earnings and a 
decrease in operating assets. The decrease in operating assets was primarily due to a decline in receivables from 
brokers, dealers and clearing organizations of $88.5 million, as well as a decrease in other assets of $28.8 million driven 
by lower fee receivables. In 2023, investing activities used $10.1 million for the purchase of fixed assets. Cash of 
$249.6 million was used in financing activities, as we repaid the $125 million of Class B unsecured fixed rate senior 
notes upon maturity on October 15, 2023. In addition, we paid $84.4 million in dividends and repurchased $70.7 million 
of common stock during 2023.
Leverage 
The following table presents total assets, adjusted assets, total shareholders' equity and tangible common shareholders' 
equity with the resulting leverage ratios:
December 31,
December 31,
(Dollars in thousands)
2024
2023
Total assets
$ 
2,255,936 $ 
2,140,983 
Deduct: Goodwill and intangible assets
 
(419,528)  
(417,957) 
Deduct: Right-of-use lease assets
 
(66,618)  
(69,387) 
Deduct: Assets attributable to noncontrolling interests
 
(197,600)  
(217,411) 
Adjusted assets
$ 
1,572,190 $ 
1,436,228 
Total shareholders' equity
$ 
1,415,773 $ 
1,299,473 
Deduct: Goodwill and intangible assets
 
(419,528)  
(417,957) 
Deduct: Noncontrolling interests
 
(187,943)  
(213,975) 
Tangible common shareholders' equity
$ 
808,302 $ 
667,541 
Leverage ratio (1)
 
1.6  
1.6 
Adjusted leverage ratio (2)
 
1.9  
2.2 
(1)
Leverage ratio equals total assets divided by total shareholders' equity.
(2)
Adjusted leverage ratio equals adjusted assets divided by tangible common shareholders' equity.
Adjusted assets and tangible common shareholders' equity are non-GAAP financial measures. Goodwill and intangible 
assets are subtracted from total assets and total shareholders' equity in determining adjusted assets and tangible 
common shareholders' equity, respectively, as we believe that goodwill and intangible assets do not constitute operating 
assets that can be deployed in a liquid manner. Right-of-use lease assets are also subtracted from total assets in 
determining adjusted assets as these are not operating assets that can be deployed in a liquid manner. Amounts 
attributable to noncontrolling interests are subtracted from total assets and total shareholders' equity in determining 
adjusted assets and tangible common shareholders' equity, respectively, as they represent assets and equity interests 
in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. We view the 
resulting measure of adjusted leverage, also a non-GAAP financial measure, as a more relevant measure of financial 
risk when comparing financial services companies. Our adjusted leverage ratio decreased from December 31, 2023, 
primarily due to higher tangible common shareholders' equity driven by increased net income for the year ended 
December 31, 2024.
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Piper Sandler Companies  |  45

Funding and Capital Resources 
The primary goal of our funding activities is to ensure adequate funding over a wide range of market conditions. Given 
the mix of our business activities, funding requirements are fulfilled through a diversified range of financing 
arrangements. We attempt to ensure that the tenor of our borrowing liabilities equals or exceeds the expected holding 
period of the assets being financed. Our ability to support increases in total assets is largely a function of our ability to 
obtain funding from external sources. Access to these external sources, as well as the cost of that financing, is 
dependent upon various factors, including market conditions, the general availability of credit and credit ratings. We 
currently do not have a credit rating, which could adversely affect our liquidity and competitive position by increasing our 
financing costs and limiting access to sources of liquidity that require a credit rating as a condition to providing the 
funds.
Our day-to-day funding and liquidity is obtained primarily through the use of cash from our operating activities, as well 
as through the use of a clearing arrangement with Pershing and a clearing arrangement with bank financing, which are 
typically collateralized by our securities inventory. These funding sources are critical to our ability to finance and hold 
inventory, which is a necessary part of our institutional brokerage business. The majority of our inventory is liquid and is 
therefore funded by short-term facilities or cash from our operating activities. Our funding sources are dependent on the 
types of inventory that our counterparties are willing to accept as collateral and the number of counterparties available. 
Our unsecured revolving credit facility has been established for working capital and general corporate purposes. Our 
secured revolving credit facility has been established for our private capital advisory business. Funding is generally 
obtained at rates based upon the federal funds rate.
Pershing Clearing Arrangement
We have established an arrangement to obtain financing from Pershing related to the majority of our trading activities. 
Under our fully disclosed clearing agreement, all of our securities inventories with the exception of convertible securities, 
and all of our customer activities are held by or cleared through Pershing. Financing under this arrangement is secured 
primarily by securities, and collateral limitations could reduce the amount of funding available under this arrangement. 
We may accommodate non-standard settlement timeframes for our clients, which can impact our funding and collateral 
balances. Our clearing arrangement activities are recorded net of trading activity and reported within receivables from or 
payables to brokers, dealers and clearing organizations. The funding is at the discretion of Pershing (i.e., uncommitted) 
and could be denied without a notice period. Our fully disclosed clearing agreement includes a covenant requiring Piper 
Sandler & Co., our U.S. broker dealer subsidiary, to maintain excess net capital of $120 million. At December 31, 2024, 
we had less than $0.1 million of financing outstanding under this arrangement. 
Clearing Arrangement with Bank Financing
We have established a financing arrangement with a U.S. branch of CIBC related to our convertible securities 
inventories. Under this arrangement, our convertible securities inventories are cleared through a broker dealer affiliate 
of CIBC and held by CIBC. We generally economically hedge changes in the market value of our convertible securities 
inventories using the underlying common stock or the stock options of the underlying common stock. Financing under 
this arrangement is secured primarily by convertible securities and collateral limitations could reduce the amount of 
funding available. The funding is at the discretion of CIBC (i.e., uncommitted) and could be denied subject to a notice 
period. This arrangement is reported within receivables from or payables to brokers, dealers and clearing organizations, 
net of trading activity. At December 31, 2024, we had $55.5 million of financing outstanding under this arrangement.
Unsecured Revolving Credit Facility
We have an unsecured $120 million revolving credit facility with U.S. Bank N.A. The credit agreement will terminate on 
December 20, 2027, unless otherwise terminated. At December 31, 2024, there were $10.0 million of advances against 
this credit facility.
This credit facility includes customary events of default and covenants that, among other things, require Piper Sandler & 
Co. to maintain a minimum regulatory net capital of $120 million, limit our leverage ratio, require maintenance of a 
minimum ratio of operating cash flow to fixed charges, and impose certain limitations on our ability to make acquisitions 
and make payments on our capital stock. At December 31, 2024, we were in compliance with all covenants.
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Piper Sandler Companies  |  46

Secured Revolving Credit Facility
On August 23, 2024, we entered into a $30 million revolving credit facility with Cadence Bank related to our private 
capital advisory business. Advances under this facility are secured by certain installment fee receivables. The credit 
agreement will terminate on August 23, 2027, unless otherwise terminated. At December 31, 2024, there were no 
advances against this credit facility.
This credit facility includes customary events of default and covenants that, among other things, require Piper Sandler & 
Co. to maintain a minimum regulatory net capital of $120 million, limit our leverage ratio, require maintenance of a 
minimum fixed charge coverage ratio, and impose certain limitations on our ability to make acquisitions and make 
payments on our capital stock. At December 31, 2024, we were in compliance with all covenants.
Committed Line
We elected not to renew our one-year $50 million committed revolving secured credit facility, which terminated on 
December 6, 2024.
Average Funding Balances Outstanding and Maximum Daily Funding By Quarter
The following tables present the average balances outstanding for our various funding sources by quarter for 2024 and 
2023:
Average Balance for the Three Months Ended
(Amounts in millions)
Dec. 31, 2024
Sept. 30, 2024
June 30, 2024
Mar. 31, 2024
Funding source
Pershing clearing arrangement
$ 
6.2 $ 
6.4 $ 
7.1 $ 
43.2 
Clearing arrangement with bank financing
 
73.7  
63.4  
66.0  
85.3 
Unsecured revolving credit facility
 
10.0  
14.6  
—  
4.9 
Total
$ 
89.9 $ 
84.4 $ 
73.1 $ 
133.4 
Average Balance for the Three Months Ended
(Amounts in millions)
Dec. 31, 2023
Sept. 30, 2023
June 30, 2023
Mar. 31, 2023
Funding source
Pershing clearing arrangement
$ 
27.5 $ 
7.1 $ 
26.8 $ 
8.5 
Clearing arrangement with bank financing
 
43.5  
96.1  
99.6  
55.2 
Unsecured revolving credit facility
 
40.5  
—  
—  
— 
Total
$ 
111.5 $ 
103.2 $ 
126.4 $ 
63.7 
The average funding in the fourth quarter of 2024 decreased to $89.9 million, compared with $111.5 million during the 
fourth quarter of 2023, primarily due to a decrease in borrowings on our unsecured revolving credit facility and funding 
fewer non-standard settlements for our clients, partially offset by higher average balances of convertible securities 
inventories. 
The following table presents the maximum daily funding amount by quarter for 2024 and 2023:
(Amounts in millions)
2024
2023
First Quarter
$ 
544.2 $ 
146.6 
Second Quarter
 
466.6  
370.1 
Third Quarter
 
163.3  
224.2 
Fourth Quarter
 
270.2  
550.8 
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Piper Sandler Companies  |  47

Contractual Obligations 
In December 2022, we entered into a lease agreement for approximately 120,000 square feet of office space related to 
our future corporate headquarters location in Minneapolis, Minnesota. Our contractual rental obligations over the 15-
year lease term are $58.1 million. For further discussion of our contractual rental obligations, see Note 14 to our 
consolidated financial statements included in Part II, Item 8 of this Form 10-K.
Capital Requirements 
As a registered broker dealer and member firm of FINRA, Piper Sandler & Co. is subject to the uniform net capital rule 
of the SEC and the net capital rule of FINRA. We have elected to use the alternative method permitted by the uniform 
net capital rule which requires that we maintain minimum net capital of $1.0 million. Advances to affiliates, repayment of 
subordinated liabilities, dividend payments and other equity withdrawals are subject to certain approvals, notifications 
and other provisions of the uniform net capital rules. We expect that these provisions will not impact our ability to meet 
current and future obligations. At December 31, 2024, our net capital under the SEC's uniform net capital rule was 
$265.5 million, and exceeded the minimum net capital required under the SEC rule by $264.5 million. 
Although we operate with a level of net capital substantially greater than the minimum thresholds established by FINRA 
and the SEC, a substantial reduction of our capital would curtail many of our capital markets revenue producing 
activities.
Our unsecured revolving credit facility and secured revolving credit facility include covenants requiring Piper Sandler & 
Co. to maintain a minimum regulatory net capital of $120 million. Our fully disclosed clearing agreement with Pershing 
includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of $120 million.
At December 31, 2024, Piper Sandler Ltd., our broker dealer subsidiary registered in the U.K., was subject to, and was 
in compliance with, the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority 
pursuant to the Financial Services Act of 2012. 
Piper Sandler Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to 
the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the 
Securities and Futures Ordinance. At December 31, 2024, Piper Sandler Hong Kong Limited was in compliance with the 
liquid capital requirements of the Hong Kong Securities and Futures Commission.
Aviditi Capital Advisors Europe GmbH, a European subsidiary, is authorized and regulated by the Federal Financial 
Supervisory Authority ("BaFin") as a tied agent of AHP Capital Management GmbH, a third-party financial institution.
OFF-BALANCE SHEET ARRANGEMENTS
In the ordinary course of business we enter into various types of off-balance sheet arrangements. The following table 
summarizes the notional contract value of our off-balance sheet arrangements for the periods presented:
 
Expiration Per Period
Total Contractual Amount
2028
2030
December 31,
December 31,
(Amounts in thousands)
2025
2026
2027
- 2029
- 2031
Later
2024
2023
Customer matched-book 
derivative contracts (1) (2)
$ 70,000 
$ 
— 
$ 
3,761 
$ 23,492 
$ 
— 
$ 296,607 
$ 
393,860 
$ 
1,356,924 
Trading securities derivative 
contracts (2)
 166,333 
 
— 
 
— 
 
5,000 
 
— 
 
— 
 
171,333 
 
196,250 
Investment commitments (3)
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
72,688 
 
95,142 
(1)
We have three counterparties (contractual amount of $75.7 million at December 31, 2024) who are not required to post collateral. The 
uncollateralized amounts, representing the fair value of the derivative contracts, expose us to the credit risk of these counterparties. At December 
31, 2024, we had $4.4 million of credit exposure with these counterparties, including $3.8 million of credit exposure with one counterparty.
(2)
We believe the fair value of these derivative contracts is a more relevant measure of the obligations because we believe the notional or contract 
amount overstates the expected payout. At December 31, 2024 and 2023, the net fair value of these derivative contracts approximated 
$3.3 million and $6.9 million, respectively.
(3)
The investment commitments have no specified call dates. The timing of capital calls is based on market conditions and investment opportunities. 
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Piper Sandler Companies  |  48

Derivatives
Derivatives' notional or contract amounts are not reflected as assets or liabilities on our consolidated statements of 
financial condition. Rather, the fair value of the derivative transactions are reported on the consolidated statements of 
financial condition as assets or liabilities in financial instruments and other inventory positions owned and financial 
instruments and other inventory positions sold, but not yet purchased, as applicable. 
At December 31, 2024, the total contractual amount of our customer matched-book derivative contracts was 
$393.9 million, a decrease of $963.1 million from December 31, 2023, as a result of no longer intermediating certain 
derivative contracts. For further discussion of our activities related to derivative products, see Note 7 to our consolidated 
financial statements included in Part II, Item 8 of this Form 10-K.
Investment Commitments
We have investments, including those made as part of our alternative asset management activities, in limited 
partnerships or limited liability companies that make direct or indirect equity or debt investments in companies. We 
commit capital and/or act as the managing partner of these entities. We have committed capital of $72.7 million to 
certain entities and these commitments generally have no specified call dates. For additional information on our 
activities related to these types of entities, see Note 9 to our consolidated financial statements included in Part II, Item 8 
of this Form 10-K. 
RISK MANAGEMENT
Risk is an inherent part of our business. The principal risks we face in operating our business include: strategic risk, 
market risk, liquidity risk, credit risk, operational risk, human capital risk, and legal and regulatory risk. The extent to 
which we properly identify and effectively manage each of these risks is critical to our financial condition and profitability. 
We have a formal risk management process to identify, assess and monitor each risk and mitigating controls in 
accordance with defined policies and procedures. The risk management functions are independent of our business 
lines. Our management takes an active role in the risk management process, and the results are reported to senior 
management and the board of directors. 
The audit committee of the board of directors oversees management's processes for identifying and evaluating our 
major risks, and the policies, procedures and practices employed by management to govern its risk assessment and 
risk management processes. The nominating and governance committee of the board of directors oversees the board of 
directors' committee structures and functions as they relate to the various committees' responsibilities with respect to 
oversight of our major risk exposures. With respect to these major risk exposures, the audit committee is responsible for 
overseeing management's monitoring and control of our major risk exposures relating to market risk, credit risk, liquidity 
risk, legal and regulatory risk, operational risk (including cybersecurity, as further described in Part I, Item 1C of this 
Form 10-K), and human capital risk relating to misconduct, fraud, and legal and compliance matters. Our compensation 
committee is responsible for overseeing management's monitoring and control of our major risk exposures relating to 
compensation, organizational structure, and succession. Our board of directors is responsible for overseeing 
management's monitoring and control of our major risk exposures related to our corporate strategy. Our Chief Executive 
Officer and Chief Financial Officer meet with the audit committee on a quarterly basis to discuss our market, liquidity, 
and legal and regulatory risks, and provide updates to the board of directors, audit committee, and compensation 
committee concerning the other major risk exposures on a regular basis.
We use internal committees to assist in governing risk and ensure that our business activities are properly assessed, 
monitored and managed. Our executive financial risk committee manages our market, liquidity and credit risks; 
oversees risk management practices related to these risks, including defining acceptable risk tolerances and approving 
risk management policies; and responds to market changes in a dynamic manner. Membership is comprised of senior 
leadership, including our Chief Executive Officer, President, Chief Financial Officer, Treasurer, Head of Market and 
Credit Risk, and Head of Fixed Income Trading and Risk. Other committees that help evaluate and monitor risk include 
underwriting, leadership team and operating committees. These committees help manage risk by ensuring that 
business activities are properly managed and within a defined scope of activity. Our valuation committees, comprised of 
members of senior management and risk management, provide oversight and overall responsibility for the internal 
control processes and procedures related to fair value measurements. Additionally, our operational risk committees 
address and monitor risk related to information systems and security, legal, regulatory and compliance matters, and 
third parties such as vendors and service providers.
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Piper Sandler Companies  |  49

With respect to market risk and credit risk, the cornerstone of our risk management process is daily communication 
among traders, trading department management and senior management concerning our inventory positions and 
overall risk profile. Our risk management functions supplement this communication process by providing their 
independent perspectives on our market and credit risk profile on a daily basis. The broader objectives of our risk 
management functions are to understand the risk profile of each trading area, to consolidate risk monitoring company-
wide, to assist in implementing effective hedging strategies, to articulate large trading or position risks to senior 
management, and to ensure accurate fair values of our financial instruments.
Risk management techniques, processes and strategies may not be fully effective in mitigating our risk exposure in all 
market environments or against all types of risk, and any risk management failures could expose us to material 
unanticipated losses.
Strategic Risk 
Strategic risk represents the risk associated with executive management failing to develop and execute on the 
appropriate strategic vision which demonstrates a commitment to our culture, leverages our core competencies, 
appropriately responds to external factors in the marketplace, and is in the best interests of our clients, employees and 
shareholders.
Our leadership team is responsible for managing our strategic risks. The board of directors oversees the leadership 
team in setting and executing our strategic plan.
Market Risk
Market risk represents the risk of losses, or financial volatility, that may result from the change in value of a financial 
instrument due to fluctuations in its market price. Our exposure to market risk is directly related to our role as a financial 
intermediary for our clients and to our market-making activities. The scope of our market risk management policies and 
procedures includes all market-sensitive cash and derivative financial instruments.
Our different types of market risk include:
Interest Rate Risk
Interest rate risk represents the potential volatility from changes in market interest rates. We are exposed to interest rate 
risk arising from changes in the level and volatility of interest rates, changes in the slope of the yield curve, changes in 
credit spreads, and the rate of prepayments on our interest-earning assets (e.g., inventories) and our funding sources 
(e.g., short-term financing) which finance these assets. Interest rate risk is managed by selling short U.S. government 
securities, agency securities, corporate debt securities and derivative contracts. See Note 7 to our consolidated financial 
statements included in Part II, Item 8 of this Form 10-K for additional information on our derivative contracts. Our 
interest rate hedging strategies may not work in all market environments and as a result may not be effective in 
mitigating interest rate risk. Also, we establish limits on our long fixed income securities inventory, monitor these limits 
on a daily basis and manage within those limits. Our limits include but are not limited to the following: position and 
concentration size, dollar duration (i.e., DV01), credit quality and aging.
We estimate that a parallel 50 basis point adverse change in the market would result in a decrease of approximately 
$0.4 million in the carrying value of our fixed income securities inventory as of December 31, 2024, including the effect 
of the hedging transactions.
We also measure and monitor the aging and turnover of our long fixed income securities inventory. Turnover is 
evaluated based on a five-day average by category of security. The vast majority of our fixed income securities 
inventory generally turns over within three weeks. 
In addition to the measures discussed above, we monitor and manage market risk exposure through evaluation of 
spread DV01 and the MMD basis risk for municipal securities to movements in U.S. treasury securities. All metrics are 
aggregated by asset concentration and are used for monitoring limits and exception approvals. In times of market 
volatility, we may also perform ad hoc stress tests and scenario analysis as market conditions dictate.
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Piper Sandler Companies  |  50

Equity Price Risk
Equity price risk represents the potential loss in value due to adverse changes in the level or volatility of equity prices. 
We are exposed to equity price risk through our trading activities primarily in the U.S. market. We attempt to reduce the 
risk of loss inherent in our market-making and in our inventory of equity securities by establishing limits on our long 
inventory, monitoring these limits on a daily basis, and by managing net position levels within those limits.
Foreign Exchange Risk
Foreign exchange risk represents the potential volatility to earnings or capital arising from movement in foreign 
exchange rates. A modest portion of our business is conducted in currencies other than the U.S. dollar, and changes in 
foreign exchange rates relative to the U.S. dollar can therefore affect the value of non-U.S. dollar net assets, revenues 
and expenses. 
Liquidity Risk 
Liquidity risk is the risk that we are unable to timely access necessary funding sources in order to operate our business, 
as well as the risk that we are unable to timely divest securities that we hold in connection with our market-making and 
sales and trading activities. We are exposed to liquidity risk in our day-to-day funding activities, by holding potentially 
illiquid inventory positions and in our role as a remarketing agent for variable rate demand notes. 
Our inventory positions subject us to potential financial losses from the reduction in value of illiquid positions. Market 
risk can be exacerbated in times of trading illiquidity when market participants refrain from transacting in normal 
quantities or at normal bid-offer spreads. Depending on the specific security, the structure of the financial product, or 
overall market conditions, we may be forced to hold a security for substantially longer than we had planned or forced to 
liquidate into a challenging market if funding becomes unavailable. 
See the section entitled "Liquidity, Funding and Capital Resources" for information regarding our liquidity and how we 
manage liquidity risk.
Credit Risk 
Credit risk refers to the potential for loss due to the default or deterioration in credit quality of a counterparty, customer, 
borrower or issuer of securities we hold in our trading inventory. The nature and amount of credit risk depends on the 
type of transaction, the structure and duration of that transaction and the parties involved. Credit risk also results from 
an obligor's failure to meet the terms of any contract with us or otherwise fail to perform as agreed. This may be 
reflected through issues such as settlement obligations or payment collections.
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A key tenet of our risk management procedures related to credit risk is the daily monitoring of the credit quality of our 
long fixed income securities inventory. These rating trends and the credit quality mix are regularly reviewed with the 
executive financial risk committee. The following table summarizes the credit rating for our long corporate fixed income 
securities, taxable and tax-exempt municipal securities, and U.S. government and agency securities as a percentage of 
the total of these asset classes as of December 31, 2024:
AAA
AA
A
BBB
BB
Not Rated
Corporate fixed income securities
 — %
 — %
 — %
 — %
 — %
 — %
Taxable and tax-exempt municipal 
securities
 16.5 
 43.4 
 16.2 
 1.3 
 — 
 2.4 
U.S. government and agency securities
 — 
 18.6 
 1.6 
 — 
 — 
 — 
 16.5 %
 62.0 %
 17.8 %
 1.3 %
 — %
 2.4 %
Corporate fixed income securities represent less than 0.1 percent of the total of the asset classes above as of 
December 31, 2024. Convertible and preferred securities are excluded from the table above as they are typically 
unrated. 
Our different types of credit risk include:
Credit Spread Risk
Credit spread risk arises from the possibility that changes in credit spreads will affect the value of financial instruments. 
Credit spreads represent the credit risk premiums required by market participants for a given credit quality (e.g., the 
additional yield that a debt instrument issued by a AA-rated entity must produce over a risk-free alternative). Changes in 
credit spreads result from potential changes in an issuer's credit rating or the market's perception of the issuer's 
creditworthiness. We are exposed to credit spread risk with the debt instruments held in our trading inventory. We enter 
into transactions to hedge our exposure to credit spread risk with derivatives and certain other financial instruments. 
These hedging strategies may not work in all market environments and as a result may not be effective in mitigating 
credit spread risk.
Deterioration/Default Risk
Deterioration/default risk represents the risk due to an issuer, counterparty or borrower failing to fulfill its obligations. We 
are exposed to deterioration/default risk in our role as a trading counterparty to dealers and customers, as a holder of 
securities, and as a member of exchanges. The risk of default depends on the creditworthiness of the counterparty or 
issuer of the security. We mitigate this risk by establishing and monitoring individual and aggregate position limits for 
each counterparty relative to potential levels of activity, holding and marking to market collateral on certain transactions. 
Our risk management functions also evaluate the potential risk associated with institutional counterparties with whom 
we hold derivatives, TBAs and other documented institutional counterparty agreements that may give rise to credit 
exposure. 
Collections Risk
Collections risk arises from ineffective management and monitoring of collecting outstanding debts and obligations, 
including those related to our customer trading activities. Our client activities involve the execution, settlement and 
financing of various transactions. Client activities are transacted on a delivery versus payment, cash or margin basis. 
Our credit exposure to institutional client business is mitigated by the use of industry-standard delivery versus payment 
through depositories and clearing banks. Our risk management functions have credit risk policies establishing 
appropriate credit limits and collateralization thresholds for our customers and counterparties.
Concentration Risk
Concentration risk is the risk due to concentrated exposure to a particular product; individual issuer, borrower or 
counterparty; financial instrument; or geographic area. We are subject to concentration risk if we hold large individual 
securities positions, execute large transactions with individual counterparties or groups of related counterparties, or 
make substantial underwriting commitments. Potential concentration risk is monitored through review of counterparties 
and borrowers and is managed using policies and limits established by senior management. 
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Within our customer matched-book derivative portfolio, we have concentrated counterparty credit exposure with three 
non-publicly rated entities totaling $4.4 million at December 31, 2024. This counterparty credit exposure relates to our 
public finance business and consists primarily of interest rate swaps. One derivative counterparty represented 86.1 
percent, or $3.8 million, of this exposure. Credit exposure associated with our derivative counterparties is driven by 
uncollateralized market movements in the fair value of the interest rate swap contracts and is monitored regularly by our 
financial risk committee. We attempt to minimize the credit (or repayment) risk in derivative instruments by entering into 
transactions with high-quality counterparties that are reviewed periodically by senior management.
Operational Risk
Operational risk is the risk of loss, or damage to our reputation, resulting from inadequate or failed processes, people 
and systems or from external events. We rely on the ability of our employees and our systems, both internal and at 
computer centers operated by third parties, to process a large number of transactions. Our systems may fail to operate 
properly or become disabled as a result of events that are wholly or partially beyond our control. In the event of a 
breakdown or improper operation of our systems or improper action by our employees or third-party vendors, we could 
suffer financial loss, a disruption of our businesses, regulatory sanctions and damage to our reputation. We also face 
the risk of operational failure or termination of our relationship with any of the exchanges, fully disclosed clearing firms, 
or other financial intermediaries we use to facilitate our securities transactions. Any such failure or termination could 
adversely affect our ability to effect transactions and manage our exposure to risk. 
Our operations rely on secure processing, storage and transmission of confidential and other information in our internal 
and outsourced computer systems and networks. Our computer systems, software and networks may be vulnerable to 
unauthorized access, computer viruses or other malicious code, internal misconduct or inadvertent errors and other 
events that could have an information security impact. The occurrence of one or more of these events could jeopardize 
our or our clients' or counterparties' confidential and other information processed and stored in, and transmitted through, 
our computer systems and networks, or otherwise cause interruptions or malfunctions in our, our clients', our 
counterparties' or third parties' operations. We take protective measures and endeavor to modify them as circumstances 
warrant. A further discussion of our procedures for cybersecurity risk management is included in Part I, Item 1C of this 
Form 10-K.
In order to mitigate and control operational risk, we have developed and continue to enhance policies and procedures 
that are designed to identify and manage operational risk at appropriate levels throughout the organization. Important 
aspects of these policies and procedures include segregation of duties, management oversight, internal control over 
financial reporting and independent risk management activities within such functions as Risk Management, Compliance, 
Operations, Internal Audit, Treasury, Finance, Information Technology and Legal. Internal Audit oversees, monitors, 
evaluates, analyzes and reports on operational risk across the firm. We also have business continuity plans in place that 
we believe will cover critical processes on a company-wide basis, and redundancies are built into our systems as we 
have deemed appropriate. These control mechanisms attempt to ensure that operational policies and procedures are 
being followed and that our various businesses are operating within established corporate policies and limits.
We operate under a fully disclosed clearing model for all of our securities inventories with the exception of convertible 
securities, and for all of our client clearing activities. In a fully disclosed clearing model, we act as an introducing broker 
for client transactions and rely on Pershing, our clearing broker dealer, to facilitate clearance and settlement of our 
clients' securities transactions. The clearing services provided by Pershing are critical to our business operations, and 
similar to other services performed by third-party vendors, any failure by Pershing with respect to the services we rely 
upon Pershing to provide could cause financial loss, significantly disrupt our business, damage our reputation, and 
adversely affect our ability to serve our clients and manage our exposure to risk.
Human Capital Risk 
Our business is a human capital business and our success is dependent upon the skills, expertise and performance of 
our employees. Human capital risks represent the risks posed if we fail to attract and retain qualified individuals who are 
motivated to serve the best interests of our clients, thereby serving the best interests of our company. Attracting and 
retaining employees depends, among other things, on our company's culture, management, work environment, 
geographic locations and compensation. There are risks associated with the proper recruitment, development and 
rewards of our employees to ensure quality performance and retention.
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Piper Sandler Companies  |  53

Legal and Regulatory Risk 
Legal and regulatory risk includes the risk of non-compliance with applicable legal and regulatory requirements and loss 
to our reputation we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory 
organization standards and codes of conduct applicable to our business activities. We are generally subject to extensive 
regulation in the various jurisdictions in which we conduct our business. We have established procedures that are 
reasonably designed to achieve compliance with applicable statutory and regulatory requirements, such as public 
company reporting obligations, regulatory net capital requirements, sales and trading practices, potential conflicts of 
interest, anti-money laundering, privacy, and financial and electronic recordkeeping. We have also established 
procedures that are reasonably designed to achieve compliance with our policies relating to ethics and business 
conduct. The legal and regulatory focus on the financial services industry presents a continuing business challenge for 
us.
Our business also subjects us to the complex income tax laws of the jurisdictions in which we have business operations, 
and these tax laws may be subject to different interpretations by the taxpayer and the relevant governmental taxing 
authorities. We must make judgments and interpretations about the application of these inherently complex tax laws 
when determining the provision for income taxes.
EFFECTS OF INFLATION
Because our assets are liquid and generally short-term in nature, they are not significantly affected by inflation. 
However, the rate of inflation affects our expenses, such as employee compensation, office space occupancy costs, 
communications charges and travel costs, which may not be readily recoverable in the price of services we offer to our 
clients. To the extent inflation results in rising interest rates and has adverse effects upon the securities markets, it may 
adversely affect our financial position and results of operations.
Item 7A. Quantitative and Qualitative Disclosures About Market 
Risk.
The information under the caption "Risk Management" in Part II, Item 7 of this Form 10-K entitled, "Management's 
Discussion and Analysis of Financial Condition and Results of Operations," is incorporated herein by reference.
Table of Contents
Piper Sandler Companies  |  54

Item 8. Financial Statements and Supplementary Data.
MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management is responsible for establishing and maintaining adequate internal control over our financial reporting. 
Our internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting 
and the preparation of financial statements for external purposes in accordance with U.S. generally accepted 
accounting principles. All internal control systems, no matter how well designed, have inherent limitations. Therefore, 
even those systems determined to be effective can provide only reasonable assurance with respect to financial 
statement preparation and presentation.
Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2024. In 
making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the 
Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 framework). Based on its assessment 
and those criteria, management has concluded that we maintained effective internal control over financial reporting as 
of December 31, 2024.
Ernst & Young LLP, the independent registered public accounting firm that audited the consolidated financial statements 
of Piper Sandler Companies included in this Annual Report on Form 10-K, has issued an attestation report on internal 
control over financial reporting as of December 31, 2024. Their report, which expresses an unqualified opinion on the 
effectiveness of Piper Sandler Companies' internal control over financial reporting as of December 31, 2024, is included 
herein.
Table of Contents
Piper Sandler Companies  |  55

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Piper Sandler Companies
Opinion on Internal Control Over Financial Reporting
We have audited Piper Sandler Companies’ internal control over financial reporting as of December 31, 2024, based on 
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of 
the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Piper Sandler Companies (the 
Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 
2024, based on the COSO criteria. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the consolidated statements of financial condition of the Company as of December 31, 2024 and 
2023, the related consolidated statements of operations, comprehensive income, changes in shareholders’ equity and 
cash flows for each of the three years in the period ended December 31, 2024, and the related notes and our report 
dated February 27, 2025, expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s 
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s 
internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB 
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and 
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was 
maintained in all material respects. 
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a 
material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the 
assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe 
that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding 
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with 
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies 
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are 
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting 
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of 
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely 
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on 
the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate.
/s/ Ernst & Young LLP
Minneapolis, Minnesota
February 27, 2025 
Piper Sandler Companies  |  56

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Piper Sandler Companies
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial condition of Piper Sandler Companies (the 
Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive 
income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 
2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the 
consolidated financial statements present fairly, in all material respects, the financial position of the Company at 
December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the 
period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria 
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework), and our report dated February 27, 2025 expressed an unqualified opinion 
thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an 
opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the 
PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities 
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the financial statements are free of material 
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material 
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to 
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in 
the financial statements. Our audits also included evaluating the accounting principles used and significant estimates 
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our 
audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements 
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or 
disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or 
complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the 
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, 
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Piper Sandler Companies  |  57

Valuation of Investments at Fair Value
Description of 
the Matter
At December 31, 2024, the Company’s investments at fair value totaled $267.3 million, primarily 
consisting of investments in private companies. These investments are held in consolidated alternative 
asset management funds, which include $187.6 million of noncontrolling interests attributable to 
unrelated third-party ownership. Of the total investments at fair value, $177.0 million are categorized 
as Level III within the fair value hierarchy. As described in Notes 2 and 6 of the consolidated financial 
statements, management determines the fair values of these investments internally using the best 
information available. These investments in private companies are valued based on an assessment of 
each underlying security, considering rounds of financing, the financial condition and operating results 
of the private company, third party transactions and market-based information, including comparable 
company transactions, trading multiples (e.g., multiples of revenue and earnings before interest, taxes, 
depreciation and amortization (EBITDA)), discounted cash flow analyses and changes in market 
outlook, among other factors.
Auditing the fair value of the Company’s investments related to its alternative asset management 
funds was complex, as the inputs and assumptions used by the Company are highly judgmental and 
could have a significant effect on the fair value measurements of such investments.
How We 
Addressed the 
Matter in Our 
Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of 
controls over the Company’s investment valuation process. This included controls over management’s 
assessment of the valuation methodologies, the inputs and assumptions used in determining fair value 
measurements, and the valuation committees' reviews of investment valuations on a quarterly basis.
To test the valuation of the Company’s investments related to its alternative asset management funds, 
our procedures included, among others, involving internal valuation specialists to assist in our 
evaluation of the Company’s valuation methodologies, testing the significant inputs and assumptions 
used by the Company in determining the fair values, and testing the mathematical accuracy of the 
Company’s valuation calculations. For example, we agreed model inputs to source information 
including capital structure, investee-provided financial information or projections, and publicly available 
information on comparable transactions (e.g., transaction multiples). We assessed the issuer’s 
financial projections by comparing them to historical performance, obtaining an understanding of key 
events impacting the issuer and performing sensitivity analyses as needed to evaluate the impact to 
fair value that would result from changes in these projections. To the extent available, we evaluated 
subsequent events and other information and considered whether it corroborated or contradicted the 
Company’s year-end valuations.
/s/ Ernst & Young LLP
We have served as the Company's auditor since 2003.
Minneapolis, Minnesota
February 27, 2025 
Piper Sandler Companies  |  58

December 31,
December 31,
(Amounts in thousands, except share data)
2024
2023
Assets
Cash and cash equivalents
$ 
482,834 $ 
383,098 
Receivables from brokers, dealers and clearing organizations
 
174,491  
212,004 
Financial instruments and other inventory positions owned:
Financial instruments and other inventory positions owned
 
351,178  
341,780 
Financial instruments and other inventory positions owned and pledged as 
collateral
 
74,550  
92,777 
Total financial instruments and other inventory positions owned
 
425,728  
434,557 
Investments (including noncontrolling interests of $187,624 and $211,096, 
respectively)
 
281,962  
298,048 
Fixed assets (net of accumulated depreciation and amortization of $106,944 and 
$91,378, respectively)
 
59,400  
60,770 
Right-of-use lease assets
 
66,618  
69,387 
Goodwill
 
312,024  
301,760 
Intangible assets (net of accumulated amortization of $160,775 and $150,487, 
respectively)
 
107,504  
116,197 
Net deferred income tax assets
 
161,583  
179,207 
Other assets
 
183,792  
85,955 
Total assets
$ 
2,255,936 $ 
2,140,983 
Liabilities and Shareholders' Equity
Short-term financing
$ 
10,000 $ 
30,000 
Payables to brokers, dealers and clearing organizations
 
5,862  
979 
Financial instruments and other inventory positions sold, but not yet purchased
 
76,982  
148,980 
Accrued compensation
 
563,088  
486,145 
Accrued lease liabilities
 
88,819  
93,727 
Other liabilities and accrued expenses
 
95,412  
81,679 
Total liabilities
 
840,163  
841,510 
Shareholders' equity:
Common stock, $0.01 par value:
Shares authorized: 100,000,000;
Shares issued: 19,557,804 and 19,553,101, respectively;
Shares outstanding: 16,111,723 and 15,200,149, respectively
 
195  
195 
Additional paid-in capital
 
981,724  
988,136 
Retained earnings
 
561,746  
454,358 
Less: Common stock held in treasury, at cost: 3,446,081 shares and 4,352,952 
shares, respectively
 
(314,656)  
(356,297) 
Accumulated other comprehensive loss
 
(1,179)  
(894) 
Total common shareholders' equity
 
1,227,830  
1,085,498 
Noncontrolling interests
 
187,943  
213,975 
Total shareholders' equity
 
1,415,773  
1,299,473 
Total liabilities and shareholders' equity
$ 
2,255,936 $ 
2,140,983 
See Notes to the Consolidated Financial Statements
Table of Contents
Piper Sandler Companies
Consolidated Statements of Financial Condition
Piper Sandler Companies  |  59

Revenues
Investment banking
$ 
1,105,135 $ 
923,812 $ 
1,009,509 
Institutional brokerage
 
401,442  
377,539  
405,267 
Interest income
 
32,908  
26,723  
20,365 
Investment income/(loss)
 
(7,890)  
30,039  
(23) 
Total revenues
 
1,531,595  
1,358,113  
1,435,118 
Interest expense
 
5,681  
10,146  
9,480 
Net revenues
 
1,525,914  
1,347,967  
1,425,638 
Non-interest expenses
Compensation and benefits
 
1,004,173  
897,034  
983,524 
Outside services
 
55,756  
51,754  
53,189 
Occupancy and equipment
 
66,530  
64,356  
64,252 
Communications
 
54,917  
52,718  
50,565 
Marketing and business development
 
42,239  
37,734  
42,849 
Deal-related expenses
 
30,491  
28,189  
31,874 
Trade execution and clearance
 
19,836  
19,972  
20,185 
Restructuring and integration costs
 
2,586  
7,749  
11,440 
Intangible asset amortization
 
10,288  
19,440  
15,375 
Other operating expenses
 
20,686  
46,435  
18,016 
Total non-interest expenses
 
1,307,502  
1,225,381  
1,291,269 
Income before income tax expense
 
218,412  
122,586  
134,369 
Income tax expense
 
60,972  
23,613  
33,189 
Net income
 
157,440  
98,973  
101,180 
Net income/(loss) attributable to noncontrolling interests
 
(23,674)  
13,482  
(9,494) 
Net income attributable to Piper Sandler Companies
$ 
181,114 $ 
85,491 $ 
110,674 
Earnings per common share
Basic
$ 
11.44 $ 
5.72 $ 
7.92 
Diluted
$ 
10.24 $ 
4.96 $ 
6.52 
Dividends declared per common share
$ 
3.50 $ 
3.65 $ 
6.90 
Weighted average number of common shares outstanding
Basic
 
15,838  
14,958  
13,982 
Diluted
 
17,695  
17,224  
16,965 
Year Ended December 31,
(Amounts in thousands, except per share data)
2024
2023
2022
See Notes to the Consolidated Financial Statements
Table of Contents
Piper Sandler Companies
Consolidated Statements of Operations
Piper Sandler Companies  |  60

Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Net income
$ 
157,440 $ 
98,973 $ 
101,180 
Other comprehensive income/(loss), net of tax — Foreign 
currency translation adjustment
 
(285)  
1,605  
(1,535) 
Comprehensive income
 
157,155  
100,578  
99,645 
Comprehensive income/(loss) attributable to noncontrolling 
interests
 
(23,674)  
13,482  
(9,494) 
Comprehensive income attributable to Piper Sandler 
Companies
$ 
180,829 $ 
87,096 $ 
109,139 
See Notes to the Consolidated Financial Statements
Table of Contents
Piper Sandler Companies
Consolidated Statements of Comprehensive Income
Piper Sandler Companies  |  61

Net income/(loss)
 
— 
 
— 
 
— 
 110,674 
 
— 
 
— 
 
110,674 
 
(9,494)  
101,180 
Dividends
 
— 
 
— 
 
— 
 (107,528)  
— 
 
— 
 
(107,528)  
— 
 
(107,528) 
Amortization/issuance of 
restricted stock (1)
 
— 
 
— 
 
176,645 
 
— 
 
— 
 
— 
 
176,645 
 
— 
 
176,645 
Repurchase of common 
stock through share 
repurchase program
 
(1,245,221)  
— 
 
— 
 
— 
 (161,811)  
— 
 
(161,811)  
— 
 
(161,811) 
Issuance of treasury 
shares for restricted 
stock vestings
 
953,293 
 
— 
 
(58,254)  
— 
 
58,254 
 
— 
 
— 
 
— 
 
— 
Repurchase of common 
stock from employees
 
(172,156)  
— 
 
— 
 
— 
 
(25,523)  
— 
 
(25,523)  
— 
 
(25,523) 
Shares reserved/issued for 
director compensation
 
7,629 
 
— 
 
941 
 
— 
 
— 
 
— 
 
941 
 
— 
 
941 
Other comprehensive loss
 
— 
 
— 
 
— 
 
— 
 
— 
 
(1,535)  
(1,535)  
— 
 
(1,535) 
Fund capital        
contributions, net
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
44,804 
 
44,804 
Balance at                           
December 31, 2022
 13,673,064 
$ 
195 
$ 1,044,719 
$ 453,311 
$ (441,653) $ 
(2,499) $ 
1,054,073 
$ 
199,955 
$ 
1,254,028 
Net income
 
— 
 
— 
 
— 
 
85,491 
 
— 
 
— 
 
85,491 
 
13,482 
 
98,973 
Dividends
 
— 
 
— 
 
— 
 (84,444)  
— 
 
— 
 
(84,444)  
— 
 
(84,444) 
Amortization/issuance of 
restricted stock (1)
 
— 
 
— 
 
98,285 
 
— 
 
— 
 
— 
 
98,285 
 
— 
 
98,285 
Issuance of treasury 
shares for restricted 
stock vestings
 
2,013,046 
 
— 
 
(156,036)  
— 
 156,036 
 
— 
 
— 
 
— 
 
— 
Repurchase of common 
stock from employees
 
(494,555)  
— 
 
— 
 
— 
 
(70,680)  
— 
 
(70,680)  
— 
 
(70,680) 
Shares reserved/issued for 
director compensation
 
8,594 
 
— 
 
1,168 
 
— 
 
— 
 
— 
 
1,168 
 
— 
 
1,168 
Other comprehensive 
income
 
— 
 
— 
 
— 
 
— 
 
— 
 
1,605 
 
1,605 
 
— 
 
1,605 
Fund capital               
contributions, net
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
538 
 
538 
Balance at                           
December 31, 2023
 15,200,149 
$ 
195 
$ 988,136 
$ 454,358 
$ (356,297) $ 
(894) $ 
1,085,498 
$ 
213,975 
$ 
1,299,473 
Net income/(loss)
 
— 
 
— 
 
— 
 181,114 
 
— 
 
— 
 
181,114 
 
(23,674)  
157,440 
Dividends
 
— 
 
— 
 
— 
 (73,726)  
— 
 
— 
 
(73,726)  
— 
 
(73,726) 
Amortization/issuance of 
restricted stock (1)
 
— 
 
— 
 
93,801 
 
— 
 
— 
 
— 
 
93,801 
 
— 
 
93,801 
Issuance of treasury 
shares for options 
exercised
 
8,000 
 
— 
 
75 
 
— 
 
717 
 
— 
 
792 
 
— 
 
792 
Issuance of treasury 
shares for restricted 
stock vestings
 
1,224,008 
 
— 
 
(105,384)  
— 
 105,384 
 
— 
 
— 
 
— 
 
— 
Issuance of treasury 
shares for acquisitions
 
21,835 
 
— 
 
4,016 
 
— 
 
1,966 
 
— 
 
5,982 
 
— 
 
5,982 
Repurchase of common 
stock from employees
 
(346,972)  
— 
 
— 
 
— 
 
(66,426)  
— 
 
(66,426)  
— 
 
(66,426) 
Shares reserved/issued for 
director compensation
 
4,703 
 
— 
 
1,080 
 
— 
 
— 
 
— 
 
1,080 
 
— 
 
1,080 
Other comprehensive loss
 
— 
 
— 
 
— 
 
— 
 
— 
 
(285)  
(285)  
— 
 
(285) 
Fund capital        
distributions, net
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(2,358)  
(2,358) 
Balance at                          
December 31, 2024
 16,111,723 
$ 
195 
$ 981,724 
$ 561,746 
$ (314,656) $ 
(1,179) $ 
1,227,830 
$ 
187,943 
$ 
1,415,773 
Accumulated
Total
Common
Additional
Other
Common
Total
(Amounts in thousands,
Shares
Common
Paid-In
Retained
Treasury
Comprehensive
Shareholders'
Noncontrolling
Shareholders'
 except share amounts)
Outstanding
Stock
Capital
Earnings
Stock
Loss
Equity
Interests
Equity
Balance at                          
December 31, 2021
 14,129,519 
$ 
195 
$ 925,387 
$ 450,165 
$ (312,573) $ 
(964) $ 
1,062,210 
$ 
164,645 
$ 
1,226,855 
(1)
Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.
See Notes to the Consolidated Financial Statements
Table of Contents
Piper Sandler Companies
Consolidated Statements of Changes in Shareholders' Equity
Piper Sandler Companies  |  62

Operating Activities
Net income
$ 
157,440 $ 
98,973 $ 
101,180 
Adjustments to reconcile net income to net cash provided by/
(used in) operating activities:
Depreciation and amortization of fixed assets
 
16,783  
17,932  
15,639 
Deferred income taxes
 
17,624  
11,426  
(32,802) 
Stock-based compensation
 
103,363  
93,768  
131,203 
Amortization of intangible assets
 
10,288  
19,440  
15,375 
Amortization of forgivable loans
 
16,635  
10,816  
9,322 
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations
 
37,513  
88,459  
(43,392) 
Net financial instruments and other inventory positions owned
 
(63,169)  
(6,434)  
(58,859) 
Investments
 
16,086  
(12,322)  
(33,681) 
Other assets
 
(66,171)  
28,756  
(5,216) 
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations
 
4,883  
(3,643)  
(8,625) 
Accrued compensation
 
56,604  
(74,689)  
(296,369) 
Other liabilities and accrued expenses
 
5,376  
3,147  
(18,682) 
Net cash provided by/(used in) operating activities
 
313,255  
275,629  
(224,907) 
Investing Activities
Business acquisitions, net of cash acquired
 
(16,268)  
—  
(96,504) 
Purchases of fixed assets, net
 
(15,498)  
(10,051)  
(30,600) 
Net cash used in investing activities
 
(31,766)  
(10,051)  
(127,104) 
Financing Activities
Net change in short-term financing
 
(37,342)  
30,000  
— 
Repayment of long-term financing
 
—  
(125,000)  
— 
Payment of contingent consideration
 
(1,550)  
—  
— 
Payment of cash dividends
 
(73,726)  
(84,444)  
(107,528) 
Increase/(decrease) in noncontrolling interests
 
(2,358)  
538  
44,804 
Repurchase of common stock
 
(66,426)  
(70,680)  
(187,334) 
Proceeds from stock option exercises
 
792  
—  
— 
Net cash used in financing activities
 
(180,610)  
(249,586)  
(250,058) 
Currency adjustment:
Effect of exchange rate changes on cash
 
(1,143)  
1,482  
(3,272) 
Net increase/(decrease) in cash and cash equivalents
 
99,736  
17,474  
(605,341) 
Cash and cash equivalents at beginning of year
 
383,098  
365,624  
970,965 
Cash and cash equivalents at end of year
$ 
482,834 $ 
383,098 $ 
365,624 
Supplemental disclosure of cash flow information
Cash paid during the year for:
Interest
$ 
5,691 $ 
10,163 $ 
9,481 
Income taxes
$ 
10,907 $ 
19,446 $ 
85,428 
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
See Notes to the Consolidated Financial Statements
Table of Contents
Piper Sandler Companies
Consolidated Statements of Cash Flows
Piper Sandler Companies  |  63

Index
Note 1
Organization and Basis of Presentation
65
Note 2
Summary of Significant Accounting Policies
65
Note 3
Recent Accounting Pronouncements
71
Note 4
Acquisitions
71
Note 5
Receivables from and Payables to Brokers, Dealers and Clearing Organizations
76
Note 6
Fair Value of Financial Instruments
76
Note 7
Financial Instruments and Other Inventory Positions
83
Note 8
Investments
85
Note 9
Variable Interest Entities
85
Note 10
Fixed Assets
86
Note 11
Goodwill and Intangible Assets
87
Note 12
Other Assets
88
Note 13
Short-Term Financing
88
Note 14
Leases
89
Note 15
Contingencies, Commitments and Guarantees
89
Note 16
Shareholders' Equity
91
Note 17
Business Segment and Revenues Information
93
Note 18
Compensation Plans
94
Note 19
Employee Benefit Plans
102
Note 20
Restructuring and Integration Costs
102
Note 21
Income Taxes
103
Note 22
Earnings Per Share
105
Note 23
Net Capital Requirements and Other Regulatory Matters
105
Note 24
Parent Company Only
106
Table of Contents
Piper Sandler Companies
Notes to the Consolidated Financial Statements
Piper Sandler Companies  |  64

NOTE 1 | ORGANIZATION AND BASIS OF PRESENTATION 
Organization
Piper Sandler Companies is the parent company of Piper Sandler & Co., a securities broker dealer and investment 
banking firm; Piper Sandler Ltd., a firm providing securities brokerage and mergers and acquisitions services in the 
United Kingdom ("U.K."); Piper Sandler Investment Group Inc., PSC Capital Management LLC, PSC Capital 
Management II LLC and PSC Capital Management III LLC, entities providing alternative asset management services; 
Piper Sandler Hedging Services, LLC, an entity that assists clients with hedging strategies; Piper Sandler Financial 
Products II Inc., an entity that facilitates derivative transactions; and other immaterial subsidiaries.
Piper Sandler Companies and its subsidiaries (collectively, the "Company") operate in one reporting segment providing 
investment banking services and institutional sales, trading and research services. Investment banking services include 
financial advisory services, management of and participation in underwritings, and municipal financing activities. 
Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research 
services focus on the trading of equity and fixed income products with institutions, corporations, government and non-
profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income 
institutional sales activities, net interest revenues on trading securities held in inventory, profits and losses from trading 
these securities, and fees for research services and corporate access offerings. Also, the Company has created 
alternative asset management funds in merchant banking and healthcare in order to invest firm capital and to manage 
capital from outside investors. The Company records gains and losses from investments in these funds and receives 
management and performance fees.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with United States generally 
accepted accounting principles ("U.S. GAAP") and include the accounts of Piper Sandler Companies, its wholly owned 
subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests 
represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler 
Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in the 
Company's alternative asset management funds. All material intercompany balances have been eliminated.
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to 
make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial 
statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates 
and assumptions are based on the best information available, actual results could differ from those estimates.
NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
Principles of Consolidation
The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it 
has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity ("VIE") or 
a voting interest entity.
VIEs are entities in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities 
independently or (ii) the at-risk equity holders do not have the normal characteristics of a controlling financial interest. A 
controlling financial interest in a VIE is present when an enterprise has one or more variable interests that have both (i) 
the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the 
obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to 
the VIE. The enterprise with a controlling financial interest is the primary beneficiary and consolidates the VIE.
Voting interest entities lack one or more of the characteristics of a VIE. The usual condition for a controlling financial 
interest is ownership of a majority voting interest for a corporation or a majority of kick-out or participating rights for a 
limited partnership.
When the Company does not have a controlling financial interest in an entity but exerts significant influence over the 
entity's operating and financial policies, the Company's investment is accounted for under the equity method of 
accounting. If the Company does not have a controlling financial interest in, or exert significant influence over, an entity, 
the Company accounts for its investment at fair value, if the fair value option was elected, or at cost.
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Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of 
origination.
Fair Value of Financial Instruments
Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, 
but not yet purchased on the consolidated statements of financial condition consist of financial instruments (including 
securities with extended settlements and derivative contracts) recorded at fair value. Unrealized gains and losses 
related to these financial instruments are reflected on the consolidated statements of operations. Securities (both long 
and short), including securities with extended settlements, are recognized on a trade-date basis. Additionally, the 
Company's investments on the consolidated statements of financial condition are principally recorded at fair value.
Fair Value Measurement – Definition and Hierarchy
Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value 
Measurement," ("ASC 820") defines fair value as the amount at which an instrument could be exchanged in an orderly 
transaction between market participants at the measurement date (i.e., the exit price). ASC 820 establishes a fair value 
hierarchy based on the inputs used to measure fair value. The fair value hierarchy maximizes the use of observable 
inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. 
Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data 
obtained from independent sources. Unobservable inputs reflect management's assumptions that market participants 
would use in pricing the asset or liability developed based on the best information available in the circumstances. The 
hierarchy is broken down into three levels based on the observability of inputs as follows:
Level I – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the report 
date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value 
measurement because it is directly observable to the market. 
Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly 
observable as of the report date. The nature of these financial instruments include instruments for which quoted 
prices are available but traded less frequently, instruments whose fair value has been derived using a model where 
inputs to the model are directly observable in the market, or can be derived principally from or corroborated by 
observable market data, and instruments that are fair valued using other financial instruments, the parameters of 
which can be directly observed. 
Level III – Instruments that have little to no pricing observability as of the report date. These financial instruments 
are measured using management's best estimate of fair value, where the inputs into the determination of fair value 
require significant management judgment or estimation. 
Valuation of Financial Instruments 
Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of 
alternative asset management funds, the fair values of its financial instruments are determined internally. When 
available, the Company values financial instruments at observable market prices, observable market parameters, or 
broker or dealer prices (i.e., bid and ask prices). In the case of financial instruments transacted on recognized 
exchanges, the observable market prices represent quotations for completed transactions from the exchange on which 
the financial instrument is principally traded.
A substantial percentage of the fair value of the Company's financial instruments and other inventory positions owned 
and financial instruments and other inventory positions sold, but not yet purchased, is based on observable market 
prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market 
prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing 
or market parameters in a product may be used to derive a price without requiring significant judgment. In certain 
markets, observable market prices or market parameters are not available for all products, and fair value is determined 
using techniques appropriate for each particular product. These techniques involve some degree of judgment. Results 
from valuation models and other techniques in one period may not be indicative of future period fair value 
measurement.
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For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination 
of fair value requires the Company to estimate the value of the securities using the best information available. Among 
the factors considered by the Company in determining the fair value of such financial instruments are the cost, terms 
and liquidity of the investment, the financial condition and operating results of the issuer, the quoted market price of 
publicly traded securities with similar quality and yield, and other factors generally pertinent to the valuation of 
investments. In addition, even where the Company derives the value of a security based on information from an 
independent source, certain assumptions may be required to determine the security's fair value. For instance, the 
Company assumes that the size of positions in securities that it holds would not be large enough to affect the quoted 
price of the securities if the Company sells them, and that any such sale would happen in an orderly manner. The actual 
value realized upon disposition could be different from the currently estimated fair value.
Investments
The Company's investments include equity investments in private companies and partnerships, as well as mutual funds 
related to deferred compensation plans. Equity investments in private companies and mutual funds related to deferred 
compensation plans are accounted for at fair value. Investments in partnerships are accounted for under the equity 
method, which is generally the net asset value.
Fixed Assets
Fixed assets include furniture and equipment, software, and leasehold improvements. Furniture and equipment and 
software are depreciated using the straight-line method over estimated useful lives of three to ten years. Leasehold 
improvements are amortized over 15 years or the life of the lease, whichever is shorter.
Leases
A lease is a contract, or part of a contract, that conveys the right to control the use of identified property or equipment for 
a period of time in exchange for consideration. In making this determination, the Company considers if it obtains 
substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the 
asset is used during the term of the contract.
The Company leases its corporate headquarters and other offices under various non-cancelable leases, all of which are 
operating leases. In addition to rent, the leases require payment of real estate taxes, insurance and common area 
maintenance. Some of the leases contain renewal and/or termination options, escalation clauses, rent-free holidays and 
operating cost adjustments. The original terms of the Company's lease agreements generally range up to 12 years.
The Company recognizes a right-of-use ("ROU") lease asset and lease liability on the consolidated statements of 
financial condition for all leases with a term greater than 12 months. The lease liability represents the Company’s 
obligation to make future lease payments and is recorded at an amount equal to the present value of the remaining 
lease payments due over the lease term. The ROU lease asset, which represents the right to use the underlying asset 
during the lease term, is measured based on the carrying value of the lease liability, adjusted for other items, such as 
lease incentives and uneven rent payments. 
The discount rate used to determine the present value of the remaining lease payments reflects the Company’s 
incremental borrowing rate, which is the rate the Company would have to pay to borrow on a collateralized basis over a 
similar term in a similar economic environment. In calculating its discount rates, the Company takes into consideration 
financing arrangements that are on a secured (i.e., collateralized) basis, as well as market interest rates and spreads, 
other reference points, and the respective tenors of the Company’s designated lease term ranges. The Company 
applies the portfolio approach in determining the discount rates for its leases.
For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a 
straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The 
Company records any difference between the straight-line rent expense and amounts paid under the leases as part of 
the amortization of the ROU lease asset.
Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a 
reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end 
of the initial lease term. Lease incentives, which initially reduce the ROU lease asset, are a component of the 
amortization of the ROU lease asset.
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Rent expense for leases with a term of 12 months or less is recorded on a straight-line basis over the lease term in the 
consolidated statements of operations.
Goodwill and Intangible Assets
Goodwill represents the fair value of the consideration transferred in excess of the fair value of identifiable net assets at 
the acquisition date. The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual 
basis and on an interim basis when circumstances exist that could indicate possible impairment. The Company tests for 
impairment at the reporting unit level, which is generally one level below its operating segment. The Company has 
identified one reporting unit. When testing for impairment, the Company has the option to first assess qualitative factors 
to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, 
after making an assessment, the Company determines it is not more likely than not that the fair value of a reporting unit 
is less than its carrying amount, then further analysis is unnecessary. However, if the Company concludes otherwise, 
then the Company is required to perform a quantitative goodwill test, which requires management to make judgments in 
determining what assumptions to use in the calculation. The quantitative goodwill test compares the fair value of the 
reporting unit to its carrying value, including allocated goodwill. An impairment is recognized for the excess amount of a 
reporting unit's carrying value over its fair value. The estimated fair value of the reporting unit is derived based on 
valuation techniques that a market participant would use. The Company estimates the fair value of the reporting unit 
using the income approach (e.g., discounted cash flow method) and market approach (e.g., earnings and/or transaction 
multiples).
At December 31, 2024, intangible assets with determinable lives consisted of customer relationships that are amortized 
over their original estimated useful lives ranging from one to eight years. The pattern of amortization reflects the timing 
of the realization of the economic benefits of such intangible assets. Indefinite-lived intangible assets, which are not 
amortized, are evaluated for impairment annually, at a minimum, or on an interim basis if events or circumstances 
indicate a possible inability to realize the carrying amount.
 
Other Assets
Other assets include receivables and prepaid expenses. Receivables primarily include installment fee receivables, fee 
receivables and loans made to employees, typically in connection with their recruitment. Installment fee receivables are 
related to the Company's private fund placement services and are generally paid in installments over a period of two to 
four years. Employee loans are forgiven based on continued employment and are amortized to compensation and 
benefits expense using the straight-line method over the respective terms of the loans, which generally range from one 
to five years.
The Company estimates the allowance for credit losses using relevant available information from internal and external 
sources relating to historical credit loss experience, current economic conditions and reasonable and supportable 
forecasts that could potentially affect the collectibility of the reported amounts.
Contingencies
The Company is involved in various pending and potential legal proceedings related to its business, including litigation, 
arbitration and regulatory proceedings. The Company establishes accruals for potential losses to the extent that claims 
are probable of loss and the amount of the loss can be reasonably estimated. The determination of the outcome and 
accrual amounts requires significant judgment on the part of the Company's management.
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Revenue Recognition
Investment Banking
Investment banking revenues, which include advisory and underwriting fees, are recorded when the performance 
obligation for the transaction is satisfied under the terms of each engagement. Expenses associated with such 
transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment 
banking revenues are presented gross of related client reimbursed deal expenses. Expenses for completed deals are 
reported separately in deal-related expenses on the consolidated statements of operations. Expenses related to 
investment banking deals not completed are recognized as non-interest expenses in their respective category on the 
consolidated statements of operations. 
The Company's advisory fees generally consist of a nonrefundable up-front fee and a success fee. The nonrefundable 
fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is 
satisfied, or when the transaction is deemed by management to be terminated. Management's judgment is required in 
determining when a transaction is considered to be terminated. Certain engagements, such as restructuring advisory 
fees, consist of services provided on an ongoing basis, and are recognized over time as the performance obligation is 
satisfied. Fees related to the private fund placement services are recognized at a point in time as the performance 
obligation is satisfied upon the closing date of the committed capital. 
The substantial majority of the Company's advisory and underwriting fees (i.e., the success-related advisory fee) is 
considered variable consideration and recognized when it is probable that the variable consideration will not be 
reversed in a future period. The variable consideration is considered to be constrained until satisfaction of the 
performance obligation. The Company's performance obligation is generally satisfied at a point in time upon the closing 
of a strategic transaction, completion of a financing or underwriting arrangement, or some other defined outcome (e.g., 
providing a fairness opinion). At this time, the Company has transferred control of the promised service and the 
customer obtains control. As these arrangements represent a single performance obligation, allocation of the 
transaction price is not necessary. The Company has elected to apply the following optional exemptions regarding 
disclosure of its remaining performance obligations: (i) the Company's performance obligation is part of a contract that 
has an original expected duration of one year or less and/or (ii) the variable consideration is allocated entirely to a 
wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation. 
Institutional Brokerage
Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage 
transactions in listed and over-the-counter ("OTC") equity, fixed income and convertible debt securities, which are 
recognized at a point in time on the trade date because the customer has obtained the rights to the underlying security 
provided by the trade execution service, (ii) trading gains and losses, recorded based on changes in the fair value of 
long and short security positions in the reporting period, and (iii) fees received by the Company for research services 
and corporate access offerings. The Company permits institutional customers to allocate a portion of their gross 
commissions to pay for research products and other services provided by third parties. The amounts allocated for those 
purposes are commonly referred to as commission share agreements or "soft dollar" arrangements. As the Company is 
not acting as a principal in satisfying the performance obligation for these arrangements, expenses relating to soft 
dollars are netted against commission revenues and included in other liabilities and accrued expenses on the 
consolidated statements of financial condition.
Interest Revenue and Expense
The Company nets interest expense within net revenues to mitigate the effects of fluctuations in interest rates on the 
Company's consolidated statements of operations. The Company recognizes contractual interest on financial 
instruments owned and financial instruments sold, but not yet purchased (excluding derivative instruments) on an 
accrual basis as a component of interest revenue and expense. The Company recognizes contractual interest on 
installment fee receivables on an accrual basis as interest income. The Company accounts for interest related to its 
short-term and long-term financing arrangements on an accrual basis with related interest recorded as interest expense. 
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Investment Income/(Loss)
Investment income/(loss) includes realized and unrealized gains and losses from the Company's investments, as well 
as management and performance fees generated from the Company’s alternative asset management funds.
The performance obligation related to the transfer of management and investment advisory services is satisfied over 
time and the related management fees are recognized under the output method, which reflects the fees that the 
Company has a right to invoice based on the services provided during the period. Fees are defined as a percentage of 
committed and/or invested capital. Amounts related to remaining performance obligations are not disclosed as the 
Company applies the output method.
Performance fees, if earned, are recognized when it is probable that such revenue will not be reversed in a future 
period. Management will consider such factors as the remaining assets and residual life of the fund to conclude whether 
it is probable that a significant reversal of revenue will not occur in the future. 
See Note 17 for revenues from contracts with customers disaggregated by major business activity.
Stock-Based Compensation
FASB Accounting Standards Codification Topic 718, "Compensation – Stock Compensation," ("ASC 718") requires all 
stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair 
value of the award. Compensation expense related to stock-based awards that do not require future service are 
recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service 
are amortized over the relevant service period. Forfeitures of awards with service conditions are accounted for when 
they occur. See Note 18 for additional information on the Company's accounting for stock-based compensation.
Income Taxes
The Company files a consolidated United States ("U.S.") federal income tax return, which includes all of its qualifying 
subsidiaries. The Company is also subject to income tax in various states and municipalities and those foreign 
jurisdictions in which it operates. Income taxes are provided for using the asset and liability method. Deferred tax assets 
and liabilities are recognized for the expected future tax consequences attributable to temporary differences between 
amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply 
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The 
realization of deferred tax assets is assessed and a valuation allowance is recognized to the extent that it is more likely 
than not that any portion of a deferred tax asset will not be realized. Tax reserves for uncertain tax positions are 
recorded in accordance with FASB Accounting Standards Codification Topic 740, "Income Taxes" ("ASC 740").
Earnings Per Share ("EPS")
Basic earnings per common share is computed by dividing net income attributable to Piper Sandler Companies by the 
weighted average number of common shares outstanding for the period. Diluted earnings per common share is 
calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock 
options, restricted stock units and restricted shares. The Company uses the treasury stock method to calculate diluted 
earnings per common share. See Note 22 for additional information on the Company's calculation of EPS.
Foreign Currency Translation
The Company consolidates foreign subsidiaries which have designated their local currency as their functional currency. 
Assets and liabilities of these foreign subsidiaries are translated at period-end rates of exchange. The gains or losses 
resulting from translating foreign currency financial statements are included in other comprehensive income/(loss). 
Gains or losses resulting from foreign currency transactions are included in net income.
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NOTE 3 | RECENT ACCOUNTING PRONOUNCEMENTS 
Adoption of New Applicable Accounting Standards
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, "Improvements to Reportable 
Segment Disclosures" ("ASU 2023-07"). This guidance improves reportable segment disclosure requirements, primarily 
through enhanced disclosures about significant segment expenses. ASU 2023-07 became effective for the Company's 
2024 Form 10-K. See Note 17 for the applicable financial statement disclosures.
Future Adoption of New Applicable Accounting Standards
Improvements to Income Tax Disclosures 
In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"). 
This guidance enhances the annual income tax disclosure requirements by requiring disaggregated information related 
to the effective tax rate reconciliation and income taxes paid, as well as other disclosure requirements. ASU 2023-09 is 
effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is 
currently assessing the impact of ASU 2023-09 on its financial statement disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 
2024-03"). This guidance enhances the disclosure of income statement expenses by requiring disaggregated 
information about certain income statement expense line items. ASU 2024-03 is effective for annual periods beginning 
after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The 
Company is currently assessing the impact of ASU 2024-03 on its financial statement disclosures.
NOTE 4 | ACQUISITIONS 
The following acquisitions were accounted for pursuant to FASB Accounting Standards Codification Topic 805, 
"Business Combinations." Accordingly, the purchase price of each acquisition was allocated to the acquired assets and 
liabilities assumed based on their estimated fair values as of the respective acquisition dates. The excess of the 
purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the 
equity consideration and retention-related restricted stock was determined using the market price of the Company's 
common stock on the date of the respective acquisition.
2024 Acquisition
Aviditi Capital Advisors, LLC ("Aviditi Advisors")
On August 23, 2024, the Company completed the acquisition of Aviditi Advisors, an alternative investment bank 
providing full lifecycle services to financial sponsors, global alternative investment managers and limited partner 
investors. The acquisition adds private capital advisory capabilities to the platform.
The economic value on the acquisition date was $70 million, which consisted of cash consideration, equity 
consideration, contingent consideration and contingently returnable consideration, as well as various compensation 
obligations, as described below.
The equity consideration of $6.0 million consisted of 21,835 shares, which vested immediately and were not subject to 
service requirements. The contingently returnable consideration of $4.1 million represents the fair value of consideration 
that is contingently returnable to the Company if certain revenue thresholds are not achieved during the performance 
period ended December 31, 2024. The equity consideration and contingently returnable consideration were included in 
the purchase price in addition to the cash consideration of $23.9 million and contingent consideration, which was 
immaterial based on the acquisition date fair value. The net assets acquired by the Company of $34.8 million are 
described below.
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The compensation obligations of $35.7 million include existing deferred compensation obligations of Aviditi Advisors that 
were assumed by the Company on the acquisition date and acquisition-related arrangements entered into with certain 
employees for retention purposes. These compensation obligations consisted of restricted stock ($11.8 million), 
restricted mutual fund shares of investment funds ($8.6 million), restricted cash ($5.3 million) and forgivable loans 
($10.0 million). As employees must fulfill service requirements in exchange for the rights to the restricted shares, 
restricted mutual fund shares and restricted cash, compensation expense will be amortized on a straight-line basis over 
the requisite service period. See Note 18 for further discussion on the restricted shares and restricted mutual fund 
shares. The restricted cash will generally vest in quarterly installments through the first quarter of 2028. The loans will 
be forgiven, so long as the applicable employees remain continuously employed for the loan term of three to five years. 
Compensation expense will be amortized on a straight-line basis over the loan term.
Additional cash of up to $86.3 million may be earned if certain net revenue targets are achieved during the performance 
period from August 23, 2024 to December 31, 2028. Certain amounts may be earned by Aviditi Advisors' non-employee 
equity owners with no service requirements. The Company recorded a liability as of the acquisition date for the fair 
value of this contingent consideration, which was included in the purchase price. Adjustments to this liability after the 
acquisition date, if any, will be recorded as non-compensation expense on the consolidated statements of operations. 
The remaining amounts may be earned by employee owners in exchange for service requirements. As these amounts 
compensate employees for future services, the value was not part of the purchase price. Amounts estimated to be 
payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the 
respective requisite service period. If earned, amounts will be paid on various dates through the second quarter of 2029.
The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the 
acquisition:
(Amounts in thousands)
Assets
Cash and cash equivalents
$ 
11,717 
Right-of-use lease assets
 
1,898 
Goodwill
 
10,264 
Intangible assets
 
1,595 
Other assets (1)
 
43,211 
Total assets acquired
 
68,685 
Liabilities
Short-term financing (2)
 
17,342 
Accrued compensation
 
12,898 
Accrued lease liabilities
 
1,898 
Other liabilities and accrued expenses
 
1,794 
Total liabilities assumed
 
33,932 
Net assets acquired
$ 
34,753 
(1)
Primarily consists of installment fee receivables, as discussed in Note 12. 
(2)
Amount was immediately repaid in full on August 23, 2024. See Note 13 for further information.
The Company recorded $10.3 million of goodwill on the consolidated statements of financial condition, all of which is 
expected to be deductible for income tax purposes. The final goodwill recorded on the Company's consolidated 
statements of financial condition may differ from that reflected herein as a result of measurement period adjustments. In 
management's opinion, the goodwill represents the reputation and operating expertise of Aviditi Advisors. Identifiable 
intangible asset purchased by the Company consisted of customer relationships with an acquisition date fair value of 
$1.6 million.
Integration costs of $2.5 million were incurred for the year ended December 31, 2024, and are included in restructuring 
and integration costs on the consolidated statements of operations.
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2022 Acquisitions
DBO Partners Holding LLC
On October 7, 2022, the Company completed the acquisition of DBO Partners Holding LLC, including its subsidiary, 
DBO Partners LLC (collectively, "DBO Partners"), a technology investment banking firm. The acquisition expanded the 
scale of the Company's technology sector and added general partner advisory services.
The purchase price of $66.3 million consisted of cash consideration of $64.6 million and contingent consideration of 
$1.7 million, as detailed in the net assets acquired table below. As part of the acquisition, the Company granted 368,957 
restricted shares valued at $39.9 million on the acquisition date. The restricted shares are subject to graded vesting, 
beginning on the second anniversary of the acquisition date, so long as the applicable employee remains continuously 
employed by the Company for such period. Compensation expense is amortized on a straight-line basis over the 
requisite service period of five years. As discussed in Note 18, the Company also entered into acquisition-related 
compensation arrangements with certain employees of $17.4 million in restricted stock for retention purposes. These 
restricted shares are subject to ratable vesting and employees must fulfill service requirements in exchange for the 
rights to the restricted shares. Compensation expense is amortized on a straight-line basis over the requisite service 
period (a weighted average service period of 4.9 years). As both restricted share grants compensate employees for 
future services, the value of the shares was not part of the purchase price.
Additional cash of up to $25.0 million was available to be earned (the "DBO Earnout") if a net revenue target was 
achieved during the performance period from January 1, 2023 to December 31, 2024. Of the total amount, up to 
$20.0 million was available to be earned by former partners with no service requirements. The Company recorded a 
$1.7 million liability as of the acquisition date for the fair value of this contingent consideration, which was included in the 
purchase price. Adjustments to this liability after the acquisition date are recorded as non-compensation expense on the 
consolidated statements of operations. As of December 31, 2024, the portion of the DBO Earnout with no service 
requirements was not earned. As a result, the Company has no accrual recorded related to this additional cash 
payment. For the year ended December 31, 2023, the Company recorded a $1.7 million reversal of other operating 
expenses related to this additional cash payment. The remaining $5.0 million was available to be earned by certain 
employees, whom are now employees of the Company, in exchange for service requirements. As this amount 
compensates employees for future services, the value was not part of the purchase price. As of December 31, 2024, the 
portion of the DBO Earnout with service requirements was not earned and therefore the Company has no accrual 
recorded related to this additional cash payment. 
The Company recorded $57.3 million of goodwill on the consolidated statements of financial condition, all of which is 
expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation 
and operating expertise of DBO Partners. Identifiable intangible assets purchased by the Company consisted of 
customer relationships with an acquisition-date fair value of $10.4 million.
Integration costs of $1.5 million were incurred for the year ended December 31, 2022, and are included in restructuring 
and integration costs on the consolidated statements of operations.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  73

The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the 
acquisition, including measurement period adjustments:
(Amounts in thousands)
Assets
Cash and cash equivalents
$ 
575 
Fixed assets
 
1,353 
Right-of-use lease assets
 
3,760 
Goodwill
 
57,337 
Intangible assets
 
10,390 
Other assets
 
414 
Total assets acquired
 
73,829 
Liabilities
Accrued compensation
 
1,167 
Accrued lease liabilities
 
3,760 
Other liabilities and accrued expenses
 
2,603 
Total liabilities assumed
 
7,530 
Net assets acquired
$ 
66,299 
Stamford Partners LLP ("Stamford Partners")
On June 10, 2022, the Company completed the acquisition of Stamford Partners, a specialist investment bank offering 
mergers and acquisitions advisory services to European food and beverage and related consumer sectors. The 
acquisition expanded the Company's presence in Europe. The purchase price consisted of cash consideration, and 
restricted stock was granted for retention purposes.
The Company recorded $7.3 million of goodwill on the consolidated statements of financial condition, none of which is 
expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation 
and operating expertise of Stamford Partners. Identifiable intangible assets purchased by the Company consisted of 
customer relationships with an acquisition-date fair value of $1.8 million.
Cornerstone Macro Research LP
On February 4, 2022, the Company completed the acquisition of Cornerstone Macro Research LP, including its 
subsidiary, Cornerstone Macro LLC (collectively, "Cornerstone Macro"), a research firm focused on providing macro 
research and equity derivatives trading to institutional investors. The acquisition added a macro research team and 
increased the scale of the Company's equity brokerage operations.
The purchase price of $34.1 million consisted of cash consideration of $32.5 million and contingent consideration of 
$1.6 million, as detailed in the net assets acquired table below. As part of the acquisition, the Company granted 64,077 
restricted shares valued at $9.7 million on the acquisition date. The restricted shares are subject to graded vesting on 
the fourth and fifth anniversaries of the acquisition date, so long as the applicable employee remains continuously 
employed by the Company for the respective vesting period. As these shares contain service conditions, the value of 
the shares was not part of the purchase price. Compensation expense is amortized on a straight-line basis over the 
requisite service period of five years.
The Company also entered into acquisition-related compensation arrangements with certain employees of $10.7 million, 
which consisted of restricted stock ($7.5 million) and forgivable loans ($3.2 million), for retention purposes. As 
employees must fulfill service requirements in exchange for the rights to the restricted shares, compensation expense is 
amortized on a straight-line basis over the requisite service period (a weighted average service period of 3.4 years). 
See Note 18 for further discussion. The loans will be forgiven, so long as the applicable employee remains continuously 
employed for the loan term. Compensation expense is amortized on a straight-line basis over the respective loan term 
(a weighted average period of 3.6 years).
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  74

Additional cash of up to $27.8 million was available to be earned based on achieving a net revenue target during the 
performance period from July 1, 2022 to December 31, 2023. Of the total amount, up to $6.0 million was available to be 
earned by Cornerstone Macro's equity owners with no service requirements. The Company paid $6.0 million related to 
this additional cash payment in 2024. As of the acquisition date, the Company recorded a $1.6 million liability for the fair 
value of this contingent consideration, which was included in the purchase price. Adjustments to this liability after the 
acquisition date are recorded as non-compensation expense on the consolidated statements of operations. The 
Company recorded $4.4 million in other operating expenses related to this additional cash payment for the year ended 
December 31, 2022. The remaining amount may be earned by the equity owners, whom are now employees of the 
Company, and certain employees in exchange for service requirements. As this amount compensates employees for 
future services, the value was not part of the purchase price. Amounts estimated to be payable, if any, will be recorded 
as compensation expense on the consolidated statements of operations over the requisite service period, and will be 
paid by June 30, 2025 and June 30, 2026. As of December 31, 2024, the Company expects $5.5 million will be earned 
and has accrued $3.8 million related to these additional cash payments. Compensation expense related to these 
additional cash payments was $1.9 million for the years ended December 31, 2024 and 2022, and was immaterial for 
the year ended December 31, 2023.
The Company recorded $9.6 million of goodwill on the consolidated statements of financial condition, all of which is 
expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation 
and operating expertise of Cornerstone Macro. Identifiable intangible assets purchased by the Company consisted of 
customer relationships with an acquisition-date fair value of $19.0 million. 
Integration costs of $1.1 million were incurred for the year ended December 31, 2022, and are included in restructuring 
and integration costs on the consolidated statements of operations.
The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the 
acquisition, including measurement period adjustments:
(Amounts in thousands)
Assets
Cash and cash equivalents
$ 
6,885 
Receivables from brokers, dealers and clearing organizations
 
2,941 
Fixed assets
 
286 
Right-of-use lease assets
 
7,026 
Goodwill
 
9,574 
Intangible assets
 
19,000 
Other assets
 
4,451 
Total assets acquired
 
50,163 
Liabilities
Accrued compensation
 
4,672 
Accrued lease liabilities
 
7,026 
Other liabilities and accrued expenses
 
4,401 
Total liabilities assumed
 
16,099 
Net assets acquired
$ 
34,064 
Pro Forma Financial Information
The results of operations of Aviditi Advisors, DBO Partners, Stamford Partners and Cornerstone Macro have been 
included in the Company's consolidated financial statements prospectively beginning on the respective acquisition 
dates. The acquisitions have been fully integrated with the Company's existing operations. Accordingly, post-acquisition 
revenues and net income are not discernible. The following unaudited pro forma financial data is presented on a 
combined basis and includes DBO Partners and Cornerstone Macro. Pro forma financial information for Aviditi Advisors 
is not presented as the impact to the Company's historical results is not material. Pro forma financial information for 
Stamford Partners is not presented as the acquisition is not material.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  75

Based on the respective acquisition dates, the unaudited pro forma financial data assumes that the DBO Partners and 
Cornerstone Macro acquisitions had occurred on January 1, 2020. Pro forma results have been prepared by adjusting 
the Company's historical results to include the results of operations of DBO Partners and Cornerstone Macro adjusted 
for the following significant changes: amortization expense was adjusted to account for the acquisition-date fair value of 
intangible assets; compensation and benefits expenses were adjusted to reflect the restricted stock issued as part of the 
respective acquisition, the restricted stock and forgivable loans issued for retention purposes, the earnouts with service 
conditions, and the cost that would have been incurred had certain employees been included in the Company's 
employee compensation arrangements; and the income tax effect of applying the Company's statutory tax rates to the 
results of operations of the respective acquisitions. The Company's consolidated unaudited pro forma information 
presented does not necessarily reflect the results of operations that would have resulted had the acquisitions been 
completed at the beginning of the applicable period presented, does not contemplate client account overlap and 
anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future 
periods.
Year Ended
(Amounts in thousands)
December 31, 2022
Net revenues
$ 
1,493,620 
Net income attributable to Piper Sandler Companies
 
109,043 
NOTE 5 | RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING 
ORGANIZATIONS 
December 31,
December 31,
(Amounts in thousands)
2024
2023
Receivables from brokers, dealers and clearing organizations
Receivable from clearing organizations
$ 
154,409 
$ 
202,143 
Receivable from brokers and dealers
 
20,082 
 
9,861 
Total receivables from brokers, dealers and clearing organizations
$ 
174,491 $ 
212,004 
Payables to brokers, dealers and clearing organizations
Payable to brokers and dealers
$ 
5,862 $ 
979 
Total payables to brokers, dealers and clearing organizations
$ 
5,862 $ 
979 
Under the Company's fully disclosed clearing agreement, all of its securities inventories with the exception of convertible 
securities, and all of its customer activities are held by or cleared through Pershing LLC ("Pershing"). The Company has 
established an arrangement to obtain financing from Pershing related to the majority of its trading activities. The 
Company also has a clearing arrangement with bank financing related to its convertible securities inventories. Financing 
under these arrangements is secured primarily by securities, and collateral limitations could reduce the amount of 
funding available under these arrangements. The funding is at their discretion and could be denied. The Company's 
clearing arrangement activities are recorded net of trading activity. The Company's fully disclosed clearing agreement 
includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of $120 million.
NOTE 6 | FAIR VALUE OF FINANCIAL INSTRUMENTS 
Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of 
alternative asset management funds, the fair values of its financial instruments are determined internally. The 
Company's processes are designed to ensure that the fair values used for financial reporting are based on observable 
inputs wherever possible. In the event that observable inputs are not available, unobservable inputs are developed 
based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest 
rates, credit spreads, volatilities and correlations and other security-specific information. Valuation adjustments related 
to illiquidity or counterparty credit risk are also considered. In estimating fair value, the Company may utilize information 
provided by third-party pricing vendors to corroborate internally-developed fair value estimates.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  76

The Company employs specific control processes to determine the reasonableness of the fair value of its financial 
instruments. The Company's processes are designed to ensure that the internally-estimated fair values are accurately 
recorded and that the data inputs and the valuation techniques used are appropriate, consistently applied, and that the 
assumptions are reasonable and consistent with the objective of determining fair value. Individuals outside of the trading 
departments perform independent pricing verification reviews as of each reporting date. The Company has established 
parameters which set forth when the fair value of securities is independently verified. The selection parameters are 
generally based upon the type of security, the level of estimation risk of a security, the materiality of the security to the 
Company's consolidated financial statements, changes in fair value from period to period, and other specific facts and 
circumstances of the Company's securities portfolio. In evaluating the initial internally-estimated fair values made by the 
Company's traders, the nature and complexity of securities involved (e.g., term, coupon, collateral, and other key drivers 
of value), level of market activity for securities, and availability of market data are considered. The independent price 
verification procedures include, but are not limited to, analysis of trade data (both internal and external where available), 
corroboration to the valuation of positions with similar characteristics, risks and components, or comparison to an 
alternative pricing source, such as a discounted cash flow model. The Company's valuation committees, comprised of 
members of senior management and risk management, provide oversight and overall responsibility for the internal 
control processes and procedures related to fair value measurements.
The following is a description of the valuation techniques used to measure fair value.
Cash Equivalents
Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money 
market funds are measured at their net asset value and classified as Level I.
Financial Instruments and Other Inventory Positions
The Company records financial instruments and other inventory positions owned and financial instruments and other 
inventory positions sold, but not yet purchased at fair value on the consolidated statements of financial condition with 
unrealized gains and losses reflected on the consolidated statements of operations.
Convertible Securities
Convertible securities are valued based on observable trades, when available, and therefore are generally categorized 
as Level II. 
Equity Securities
Exchange traded equity securities are valued based on quoted prices from the exchange for identical assets or liabilities 
as of the period-end date. To the extent these securities are actively traded and valuation adjustments are not applied, 
they are categorized as Level I.
Corporate Fixed Income Securities
Fixed income securities include corporate bonds which are valued based on recently executed market transactions of 
comparable size, internally-developed fair value estimates based on observable inputs, or broker quotations. 
Accordingly, these corporate bonds are categorized as Level II.
Taxable Municipal Securities
Taxable municipal securities are valued using recently executed observable trades or market price quotations and 
therefore are generally categorized as Level II.
Tax-Exempt Municipal Securities
Tax-exempt municipal securities are valued using recently executed observable trades or market price quotations and 
therefore are generally categorized as Level II. Certain illiquid tax-exempt municipal securities are valued using market 
data for comparable securities (e.g., maturity and sector) and management judgment to infer an appropriate current 
yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of 
the individual security and therefore are categorized as Level III.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  77

Short-Term Municipal Securities
Short-term municipal securities include variable rate demand notes and other short-term municipal securities. Variable 
rate demand notes and other short-term municipal securities are valued using recently executed observable trades or 
market price quotations and therefore are generally categorized as Level II. 
Asset-Backed Securities
Asset-backed securities are valued using recently executed observable trades, when available, and therefore are 
generally categorized as Level II. Certain asset-backed securities are valued using models where inputs to the model 
are directly observable in the market, or can be derived principally from or corroborated by observable market data. 
Accordingly, these asset-backed securities are categorized as Level II.
U.S. Government Agency Securities
U.S. government agency securities include agency debt bonds, mortgage bonds and Small Business Administration 
("SBA") loans. Agency debt bonds are valued by using either direct price quotes or price quotes for comparable bond 
securities and are categorized as Level II. Mortgage bonds include bonds secured by mortgages, mortgage pass-
through securities, agency collateralized mortgage-obligation ("CMO") securities and agency interest-only securities. 
Mortgage pass-through securities, CMO securities and interest-only securities are valued using recently executed 
observable trades or other observable inputs, such as prepayment speeds and therefore are generally categorized as 
Level II. Mortgage bonds are valued using observable market inputs, such as market yields on spreads over U.S. 
treasury securities, or models based upon prepayment expectations and are categorized as Level II. The Company 
purchases the guaranteed portions of SBA loans, which are aggregated into pools for securitization and sold in the 
secondary market. Prior to securitization, the SBA loans are valued using third-party price quotations. The securitized 
pools of SBA loans are valued using direct price quotations or price quotations for comparable securities and are 
generally categorized as Level II.
U.S. Government Securities
U.S. government securities include highly liquid U.S. treasury securities which are generally valued using quoted market 
prices and therefore are categorized as Level I. The Company does not transact in securities of countries other than the 
U.S. government.
Derivative Contracts
Derivative contracts include interest rate swaps, interest rate locks, U.S. treasury bond futures, and equity option 
contracts. These instruments derive their value from underlying assets, reference rates, indices or a combination of 
these factors. The majority of the Company's interest rate derivative contracts, including both interest rate swaps and 
interest rate locks, are valued using market standard pricing models based on the net present value of estimated future 
cash flows. The valuation models used do not involve material subjectivity as the methodologies do not entail significant 
judgment and the pricing inputs are market observable, including contractual terms, yield curves and measures of 
volatility. These instruments are classified as Level II within the fair value hierarchy. Certain interest rate locks transact 
in less active markets and are valued using valuation models that include the previously mentioned observable inputs 
and certain unobservable inputs that require significant judgment, such as the premium over the Municipal Market Data 
("MMD") curve. These instruments are classified as Level III. 
Investments
The Company's investments valued at fair value include equity investments in private companies and mutual funds 
related to deferred compensation plans. Investments in private companies are valued based on an assessment of each 
underlying security, considering rounds of financing, the financial condition and operating results of the private company, 
third-party transactions and market-based information, including comparable company transactions, trading multiples 
(e.g., multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA")), discounted 
cash flow analyses and changes in market outlook, among other factors. These securities are categorized based on the 
lowest level of input that is significant to the fair value measurement. Certain underlying securities, as well as 
investments in mutual funds, are valued based on quoted prices from the exchange for identical assets as of the period-
end date. To the extent these securities are actively traded and valuation adjustments are not applied, they are 
categorized as Level I. See Note 18 for additional information about the Company's deferred compensation plans.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  78

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels 
defined in ASC 820 as of December 31, 2024:
Counterparty
and Cash
Collateral
(Amounts in thousands)
Level I
Level II
Level III
Netting (1)
Total
Assets
Financial instruments and other 
inventory positions owned:
Corporate securities:
Convertible securities
$ 
— $ 
136,176 $ 
— $ 
— $ 
136,176 
Equity securities
 
2  
—  
—  
—  
2 
Fixed income securities
 
—  
1,583  
—  
—  
1,583 
Municipal securities:
Taxable securities
 
—  
21,171  
—  
—  
21,171 
Tax-exempt securities
 
—  
126,672  
273  
—  
126,945 
Short-term securities
 
—  
1,075  
—  
—  
1,075 
Asset-backed securities
 
—  
50,188  
—  
—  
50,188 
U.S. government agency securities  
—  
78,256  
—  
—  
78,256 
U.S. government securities
 
4,633  
—  
—  
—  
4,633 
Derivative contracts
 
—  
10,185  
1,819  
(6,305)  
5,699 
Total financial instruments and 
other inventory positions owned
 
4,635  
425,306  
2,092  
(6,305)  
425,728 
Cash equivalents
 
446,844  
—  
—  
—  
446,844 
Investments at fair value (2)
 
90,348  
—  
176,970  
—  
267,318 
Total assets
$ 
541,827 $ 
425,306 $ 
179,062 $ 
(6,305) $ 
1,139,890 
Liabilities
Financial instruments and other 
inventory positions sold, but not 
yet purchased:
Corporate securities:
Equity securities
$ 
19,740 $ 
— $ 
— $ 
— $ 
19,740 
Fixed income securities
 
—  
614  
—  
—  
614 
U.S. government securities
 
54,249  
—  
—  
—  
54,249 
Derivative contracts
 
—  
8,080  
991  
(6,692)  
2,379 
Total financial instruments and 
other inventory positions sold, 
but not yet purchased
$ 
73,989 $ 
8,694 $ 
991 $ 
(6,692) $ 
76,982 
(1)
Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as 
collateral to its counterparties.
(2)
Includes noncontrolling interests of $187.6 million attributable to unrelated third-party ownership in consolidated alternative asset 
management funds, of which $136.3 million is classified as Level III.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  79

The following table summarizes the valuation of the Company's financial instruments by pricing observability levels 
defined in ASC 820 as of December 31, 2023:
Counterparty
and Cash
Collateral
(Amounts in thousands)
Level I
Level II
Level III
Netting (1)
Total
Assets
Financial instruments and other 
inventory positions owned:
Corporate securities:
Convertible securities
$ 
— $ 
131,375 $ 
— $ 
— $ 
131,375 
Equity securities
 
388  
—  
—  
—  
388 
Fixed income securities
 
—  
1,645  
—  
—  
1,645 
Municipal securities:
Taxable securities
 
—  
25,744  
—  
—  
25,744 
Tax-exempt securities
 
—  
135,886  
2,869  
—  
138,755 
Short-term securities
 
—  
7,122  
—  
—  
7,122 
Asset-backed securities
 
—  
8,149  
—  
—  
8,149 
U.S. government agency securities  
—  
104,418  
—  
—  
104,418 
U.S. government securities
 
5,895  
—  
—  
—  
5,895 
Derivative contracts
 
—  
52,611  
5,834  
(47,379)  
11,066 
Total financial instruments and 
other inventory positions owned
 
6,283  
466,950  
8,703  
(47,379)  
434,557 
Cash equivalents
 
343,856  
—  
—  
—  
343,856 
Investments at fair value (2)
 
61,601  
—  
224,280  
—  
285,881 
Total assets
$ 
411,740 $ 
466,950 $ 
232,983 $ 
(47,379) $ 
1,064,294 
Liabilities
Financial instruments and other 
inventory positions sold, but not 
yet purchased:
Corporate securities:
Equity securities
$ 
53,857 $ 
— $ 
— $ 
— $ 
53,857 
Fixed income securities
 
—  
2,230  
—  
—  
2,230 
U.S. government agency securities  
—  
48,268  
—  
—  
48,268 
U.S. government securities
 
40,437  
—  
—  
—  
40,437 
Derivative contracts
 
—  
47,032  
7,962  
(50,806)  
4,188 
Total financial instruments and 
other inventory positions sold, 
but not yet purchased
$ 
94,294 $ 
97,530 $ 
7,962 $ 
(50,806) $ 
148,980 
(1)
Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as 
collateral to its counterparties.
(2)
Includes noncontrolling interests of $211.1 million attributable to unrelated third-party ownership in consolidated alternative asset 
management funds, of which $177.0 million is classified as Level III.
The carrying values of the Company's cash, receivables and payables either from or to brokers, dealers and clearing 
organizations, and short-term financings approximate fair value due to either their liquid or short-term nature.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  80

At December 31, 2024, the Company's Level I investments at fair value included $42.8 million of equity securities 
subject to contractual sale restrictions, of which $24.1 million will expire in the first quarter of 2025. The contractual sale 
restrictions on the remaining $18.7 million of equity securities are in effect during certain trading windows.
The following table summarizes the changes in fair value associated with Level III financial instruments held at the 
beginning or end of the periods presented: 
Level III
Assets
Liabilities
(Amounts in thousands)
Tax-Exempt 
Municipal 
Securities
Derivative 
Contracts
Investments at 
Fair Value
Derivative 
Contracts
Balance at December 31, 2022
$ 
3,887 $ 
4,756 $ 
191,845 $ 
1,082 
Purchases
 
—  
—  
45,954  
— 
Sales
 
—  
—  
(33,731)  
— 
Settlements
 
—  
(2,443)  
—  
(1,373) 
Transfers in
 
—  
—  
—  
— 
Transfers out (1)
 
—  
—  
(19,810)  
— 
Total realized and unrealized 
gains/(losses)
 
(1,018)  
3,521  
40,022  
8,253 
Balance at December 31, 2023
$ 
2,869 $ 
5,834 $ 
224,280 $ 
7,962 
Purchases
 
—  
—  
38,378  
— 
Sales
 
(1,901)  
—  
(41,042)  
— 
Settlements
 
—  
(4,097)  
—  
(6,191) 
Transfers in
 
—  
—  
—  
— 
Transfers out (1)
 
—  
—  
(48,546)  
— 
Total realized and unrealized 
gains/(losses)
 
(695)  
82  
3,900  
(780) 
Balance at December 31, 2024
$ 
273 $ 
1,819 $ 
176,970 $ 
991 
Unrealized gains/(losses) for 
assets/liabilities held at:
December 31, 2023
$ 
(1,018) $ 
5,834 $ 
28,007 $ 
7,962 
December 31, 2024
$ 
6 $ 
1,819 $ 
(28,420) $ 
991 
(1)
Transfers out of Level III are primarily due to unobservable inputs becoming observable.
Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book 
derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and 
unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized 
and unrealized gains/(losses) related to investments are principally reported in investment income/(loss) on the 
consolidated statements of operations.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  81

The following table summarizes quantitative information about the significant unobservable inputs used in the fair value 
measurement of the Company's Level III financial instruments as of December 31, 2024:
Valuation
Weighted
Technique
Unobservable Input
Range
Average (1)
Assets
Tax-exempt municipal securities
Discounted cash flow
Expected recovery rate 
(% of par) (3)
0 - 25%
13.4%
Derivative contracts
Discounted cash flow
Premium over the MMD curve 
in basis points ("bps") (3)
1 - 45 bps
19.6 bps
Investments at fair value (2)
Market approach
Revenue multiple (3)
2 - 10 times
6.3 times
EBITDA multiple (3)
11 - 13 times
12.3 times
Market comparable valuation 
multiple (3)
1 - 2 times
1.1 times
Discounted cash flow
Discount rate (4)
16 - 25%
19.4%
Liabilities
Derivative contracts
Discounted cash flow
Premium over the MMD curve 
in bps (4)
0 - 21 bps
12.6 bps
(1)
Unobservable inputs were weighted by the relative fair value of the financial instruments.
(2)
As of December 31, 2024, the Company had $177.0 million of Level III investments at fair value, of which $60.0 million was 
valued based on a recent round of independent financing.
(3)
There is uncertainty in the determination of fair value. Significant increase/(decrease) in the unobservable input in isolation would 
have resulted in a significantly higher/(lower) fair value measurement.
(4)
There is uncertainty in the determination of fair value. Significant increase/(decrease) in the unobservable input in isolation would 
have resulted in a significantly lower/(higher) fair value measurement.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  82

NOTE 7 | FINANCIAL INSTRUMENTS AND OTHER INVENTORY POSITIONS 
December 31,
December 31,
(Amounts in thousands)
2024
2023
Financial instruments and other inventory positions owned
Corporate securities:
Convertible securities
$ 
136,176 $ 
131,375 
Equity securities
 
2  
388 
Fixed income securities
 
1,583  
1,645 
Municipal securities:
Taxable securities
 
21,171  
25,744 
Tax-exempt securities
 
126,945  
138,755 
Short-term securities
 
1,075  
7,122 
Asset-backed securities
 
50,188  
8,149 
U.S. government agency securities
 
78,256  
104,418 
U.S. government securities
 
4,633  
5,895 
Derivative contracts
 
5,699  
11,066 
Total financial instruments and other inventory positions owned
$ 
425,728 $ 
434,557 
Financial instruments and other inventory positions sold, but not yet 
purchased
Corporate securities:
Equity securities
$ 
19,740 $ 
53,857 
Fixed income securities
 
614  
2,230 
U.S. government agency securities
 
—  
48,268 
U.S. government securities
 
54,249  
40,437 
Derivative contracts
 
2,379  
4,188 
Total financial instruments and other inventory positions sold, but not yet 
purchased
$ 
76,982 $ 
148,980 
At December 31, 2024 and 2023, financial instruments and other inventory positions owned in the amount of 
$74.6 million and $92.8 million, respectively, had been pledged as collateral for short-term financing arrangements.
Financial instruments and other inventory positions sold, but not yet purchased represent obligations of the Company to 
deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at 
prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may 
exceed the amount reflected on the consolidated statements of financial condition. The Company economically hedges 
changes in the market value of its financial instruments and other inventory positions owned using inventory positions 
sold, but not yet purchased, interest rate derivatives, U.S. treasury bond futures and options, and equity option 
contracts.
Derivative Contract Financial Instruments
Customer Matched-Book Derivatives 
The Company enters into interest rate derivative contracts in a principal capacity as a dealer to satisfy the financial 
needs of its customers. The Company simultaneously enters into an interest rate derivative contract with a third party for 
the same notional amount to hedge the interest rate and credit risk of the initial client interest rate derivative contract. In 
certain instances, the Company has only hedged interest rate risk with a third party, and retains uncollateralized credit 
risk as described below. These instruments use rates based upon the Secured Overnight Financing Rate ("SOFR") 
index, the MMD index or the Securities Industry and Financial Markets Association ("SIFMA") index. Similarly, the 
Company enters into a limited number of credit default swap contracts to facilitate customer transactions. These 
instruments use rates based upon the Commercial Mortgage Backed Securities ("CMBX") index.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  83

Trading Securities Derivatives
The Company enters into interest rate derivative contracts and uses U.S. treasury bond futures and options to hedge 
interest rate and market value risks primarily associated with its fixed income securities. These instruments use rates 
based upon the MMD index. The Company also enters into equity option contracts to hedge market value risk 
associated with its convertible securities. The Company may enter into credit default swap contracts to hedge credit 
spread risk associated with the debt instruments held in our trading inventory. These instruments use rates based upon 
the Credit Default Swap Index ("CDX").
Derivatives are reported on a net basis by counterparty (i.e., the net payable or receivable for derivative assets and 
liabilities for a given counterparty) when a legal right of offset exists and on a net basis by cross product when 
applicable provisions are stated in master netting agreements. Cash collateral received or paid is netted on a 
counterparty basis, provided a legal right of offset exists. The total absolute notional contract amount, representing the 
absolute value of the sum of gross long and short derivative contracts, provides an indication of the volume of the 
Company's derivative activity and does not represent gains and losses. The following table presents the gross fair 
market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior 
to counterparty netting, by asset or liability position:
December 31, 2024
December 31, 2023
(Amounts in thousands)
Derivative
Derivative
Notional
Derivative
Derivative
Notional
Derivative Category
Assets (1)
Liabilities (2)
Amount
Assets (1)
Liabilities (2)
Amount
Interest rate:
Customer matched-book
$ 
10,906 $ 
8,629 $ 
393,860 $ 
54,676 $ 
49,293 $ 1,356,924 
Trading securities
 
1,098  
442  
171,333  
3,769  
5,701  
196,250 
$ 
12,004 $ 
9,071 $ 
565,193 $ 
58,445 $ 
54,994 $ 1,553,174 
(1)
Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of 
financial condition.
(2)
Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the 
consolidated statements of financial condition.
The Company's derivative contracts do not qualify for hedge accounting; therefore, unrealized gains and losses are 
recorded on the consolidated statements of operations. The gains and losses on the related economically hedged 
inventory positions are not disclosed below as they are not in qualifying hedging relationships. The following table 
presents the Company's unrealized gains/(losses) on derivative instruments:
(Amounts in thousands)
 
Year Ended December 31,
Derivative Category
Operations Category
2024
2023
2022
Interest rate derivative contract
Investment banking
$ 
(3,361) $ 
(426) $ 
(1,317) 
Interest rate derivative contract
Institutional brokerage
 
2,963  
(5,790)  
4,848 
$ 
(398) $ 
(6,216) $ 
3,531 
Credit risk associated with the Company's derivatives is the risk that a derivative counterparty will not perform in 
accordance with the terms of the applicable derivative contract. Credit exposure associated with the Company's 
derivatives is driven by uncollateralized market movements in the fair value of the contracts with counterparties and is 
monitored regularly by the Company's financial risk committee. The Company considers counterparty credit risk in 
determining derivative contract fair value. The Company's derivative contracts are generally collateralized by its 
counterparties, who are major financial institutions. As of December 31, 2024, the Company had $4.4 million of 
uncollateralized credit exposure with three counterparties (notional contract amount of $75.7 million), including 
$3.8 million of uncollateralized credit exposure with one counterparty.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  84

NOTE 8 | INVESTMENTS 
December 31,
December 31,
(Amounts in thousands)
2024
2023
Investments at fair value
$ 
267,318 $ 
285,881 
Investments at cost
 
281  
281 
Investments accounted for under the equity method
 
14,363  
11,886 
Total investments
 
281,962  
298,048 
Less: Investments attributable to noncontrolling interests (1)
 
(187,624)  
(211,096) 
Total investments attributable to Piper Sandler Companies
$ 
94,338 $ 
86,952 
(1)
Noncontrolling interests are attributable to unrelated third-party ownership in consolidated alternative asset management funds.
At December 31, 2024, investments carried on a cost basis had an estimated fair market value of $0.3 million. Because 
valuation estimates were based upon management's judgment, investments carried at cost would be categorized as 
Level III assets in the fair value hierarchy, if they were carried at fair value.
Investments accounted for under the equity method include general and limited partnership interests. The carrying value 
of these investments is based on the investment vehicle's net asset value. The net assets of investment partnerships 
consist of investments in both marketable and non-marketable securities. The underlying investments held by such 
partnerships are valued based on the estimated fair value determined by management in the Company's capacity as 
general partner or investor and, in the case of investments in unaffiliated investment partnerships, are based on 
financial statements prepared by the unaffiliated general partners.
NOTE 9 | VARIABLE INTEREST ENTITIES
The Company has investments in and/or acts as the managing partner of various partnerships and limited liability 
companies. These entities were established for the purpose of investing in securities of public or private companies, and 
were initially financed through the capital commitments or seed investments of the members. 
VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have 
sufficient equity at risk for the entity to finance its activities. The determination as to whether an entity is a VIE is based 
on the structure and nature of each entity. The Company also considers other characteristics such as the power through 
voting rights or similar rights to direct the activities of an entity that most significantly impact the entity's economic 
performance and how the entity is financed.
The Company is required to consolidate all VIEs for which it is considered to be the primary beneficiary. The 
determination as to whether the Company is considered to be the primary beneficiary is based on whether the Company 
has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance 
and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the 
VIE. 
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  85

Consolidated VIEs
The Company's consolidated VIEs include certain alternative asset management funds in which the Company has an 
investment and, as the managing partner, is deemed to have both the power to direct the most significant activities of 
the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to 
these funds. The following table presents information about the carrying value of the assets and liabilities of the 
alternative asset management funds that are consolidated by the Company and included on the consolidated 
statements of financial condition. The assets can only be used to settle the liabilities of the respective fund, and the 
creditors of the funds do not have recourse to the general credit of the Company. The alternative asset management 
funds have a combined $56.0 million of bank line financing available with interest rates based on SOFR plus an 
applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and 
liabilities is eliminated in consolidation.
December 31,
December 31,
(Amounts in thousands)
2024
2023
Assets
Cash and cash equivalents
$ 
10,078 $ 
6,994 
Investments
 
236,138  
266,508 
Other assets
 
1,099  
37 
Total assets
$ 
247,315 $ 
273,539 
Liabilities
Other liabilities and accrued expenses
$ 
12,166 $ 
4,857 
Total liabilities
$ 
12,166 $ 
4,857 
The Company has investments in a grantor trust which was established as part of a nonqualified deferred compensation 
plan. The Company is the primary beneficiary of the grantor trust. Accordingly, the assets and liabilities of the grantor 
trust are consolidated by the Company on the consolidated statements of financial condition. See Note 18 for additional 
information on the Company's nonqualified deferred compensation plan.
Nonconsolidated VIEs
The Company determined it is not the primary beneficiary of certain VIEs and, accordingly, does not consolidate them. 
These VIEs had net assets approximating $1.09 billion at December 31, 2024 and 2023. The Company's exposure to 
loss from these VIEs is $14.8 million, which is the carrying value of its capital contributions recorded in investments on 
the consolidated statements of financial condition at December 31, 2024. The Company had no liabilities related to 
these VIEs at December 31, 2024 and 2023. Furthermore, the Company has not provided financial or other support to 
these VIEs that it was not previously contractually required to provide as of December 31, 2024.
NOTE 10 | FIXED ASSETS 
December 31,
December 31,
(Amounts in thousands)
2024
2023
Furniture and equipment
$ 
62,908 $ 
55,534 
Leasehold improvements
 
89,519  
83,587 
Software
 
13,917  
13,027 
Total fixed assets
 
166,344  
152,148 
Accumulated depreciation and amortization
 
(106,944)  
(91,378) 
Fixed assets, net of accumulated depreciation and amortization
$ 
59,400 $ 
60,770 
For the years ended December 31, 2024, 2023 and 2022, depreciation and amortization of furniture and equipment, 
leasehold improvements and software totaled $16.8 million, $17.9 million and $15.6 million, respectively, and are 
included in occupancy and equipment expense on the consolidated statements of operations.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  86

NOTE 11 | GOODWILL AND INTANGIBLE ASSETS 
(Amounts in thousands)
Goodwill
Balance at December 31, 2022
$ 
301,151 
Goodwill acquired
 
— 
Measurement period adjustments
 
609 
Balance at December 31, 2023
$ 
301,760 
Goodwill acquired
 
10,264 
Balance at December 31, 2024
$ 
312,024 
Intangible assets
Balance at December 31, 2022
$ 
135,637 
Intangible assets acquired
 
— 
Amortization of intangible assets
 
(19,440) 
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 
As discussed in Note 4, the addition of goodwill and intangible assets during the year ended December 31, 2024 related 
to the acquisition of Aviditi Advisors. Management identified $1.6 million of customer relationship intangible assets, 
which are being amortized over a weighted average life of 0.8 years. In 2023, the Company recorded a measurement 
period adjustment to increase the value of the contingent consideration and goodwill related to the acquisition of DBO 
Partners. The Company also recorded a measurement period adjustment related to Stamford Partners in 2023, which 
resulted in an increase to goodwill.
At December 31, 2024, 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)
2025
$ 
8,639 
2026
 
7,253 
2027
 
3,480 
2028
 
2,191 
2029
 
541 
Total
$ 
22,104 
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 in no impairment related to 
goodwill or indefinite-lived intangible assets in 2024, 2023 and 2022.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  87

NOTE 12 | OTHER ASSETS 
December 31,
December 31,
(Amounts in thousands)
2024
2023
Installment fee receivables
$ 
43,993 $ 
— 
Fee receivables
 
53,189  
27,765 
Forgivable employee loans
 
45,526  
15,771 
Prepaid expenses
 
26,478  
22,396 
Income tax receivables
 
—  
5,939 
Other
 
14,606  
14,084 
Total other assets
$ 
183,792 $ 
85,955 
The Company's installment fee receivables and forgivable employee loans are carried at amortized cost, which 
approximates fair value, and would be categorized as Level II assets in the fair value hierarchy if they were carried at 
fair value.
The Company estimates the allowance for credit losses using relevant available information from internal and external 
sources relating to historical credit loss experience, current economic conditions and reasonable and supportable 
forecasts that could potentially affect the collectibility of the reported amounts. The allowance for credit losses was 
immaterial at December 31, 2024 and 2023. 
NOTE 13 | SHORT-TERM FINANCING 
Unsecured Revolving Credit Facility
The Company has an unsecured $120 million revolving credit facility with U.S. Bank N.A. The credit agreement will 
terminate on December 20, 2027, unless otherwise terminated. The interest rate is variable and based on either the 
federal funds rate or prime rate plus an applicable margin. This credit facility includes customary events of default and 
covenants that, among other things, require the Company's U.S. broker dealer subsidiary to maintain a minimum 
regulatory net capital of $120 million, limit the Company's leverage ratio, require maintenance of a minimum ratio of 
operating cash flow to fixed charges, and impose certain limitations on the Company's ability to make acquisitions and 
make payments on its capital stock. At December 31, 2024, there were $10.0 million of advances against this credit 
facility, with a weighted average interest rate of 6.33 percent. At December 31, 2023, there were $30.0 million of 
advances against this credit facility, with a weighted average interest rate of 7.33 percent.
Secured Revolving Credit Facility
On August 23, 2024, the Company entered into a $30 million revolving credit facility with Cadence Bank. Advances 
under this facility are secured by certain installment fee receivables. The credit agreement will terminate on August 23, 
2027, unless otherwise terminated. The interest rate is variable and based on either the federal funds rate, prime rate, 
or SOFR plus an applicable margin. This credit facility includes customary events of default and covenants that, among 
other things, require the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of 
$120 million, limit the Company's leverage ratio, require maintenance of a minimum fixed charge coverage ratio, and 
impose certain limitations on the Company's ability to make acquisitions and make payments on its capital stock. At 
December 31, 2024, the Company had no advances against this credit facility.
Committed Line
The Company elected not to renew its one-year $50 million committed revolving secured credit facility with U.S. Bank 
N.A., which terminated on December 6, 2024. At December 31, 2023, the Company had no advances against this line 
of credit.
Short-Term Financing Arrangement Assumed in Acquisition of Aviditi Advisors
The Company assumed $17.3 million of short-term financing in conjunction with its acquisition of Aviditi Advisors, as 
discussed in Note 4. The outstanding balance was immediately repaid in full on August 23, 2024 and the financing 
arrangement was subsequently terminated.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  88

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, 2024 were as follows:
(Amounts in thousands)
 
2025
$ 
27,521 
2026
 
25,751 
2027
 
21,530 
2028
 
13,387 
2029
 
11,051 
Thereafter
 
20,417 
Total operating lease payments
 
119,657 
Less: Present value discount
 
(30,838) 
Total accrued lease liabilities
$ 
88,819 
The following table summarizes the Company's operating lease costs and sublease income:
Year Ended December 31,
(Amounts in millions)
2024
2023
2022
Operating lease costs
$ 
22.6 $ 
21.9 $ 
24.3 
Operating lease costs related to short-term leases
 
0.6  
0.5  
1.3 
Sublease income
 
0.2  
0.2  
0.4 
At December 31, 2024, the weighted average remaining lease term for operating leases was 5.3 years and the 
weighted average discount rate was 5.0 percent.
In December 2022, the Company entered into a lease agreement for its future corporate headquarters location in 
Minneapolis, Minnesota. As the Company took possession of the space in January 2025, no ROU lease asset or 
accrued lease liability is recorded in the consolidated statements of financial condition as of December 31, 2024. The 
Company's contractual rent commitment over the 15-year lease term is $58.1 million.
NOTE 15 | CONTINGENCIES, COMMITMENTS AND GUARANTEES 
Legal Contingencies
The Company has been named as a defendant in various legal actions, including complaints and litigation and 
arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and 
investment banking activities, and certain class actions that primarily allege violations of securities laws and seek 
unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and 
proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse 
judgments, settlements, penalties, fines or other relief.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  89

The Company accrues for potential losses resulting from pending and potential legal actions, investigations and 
regulatory proceedings when such losses are probable and reasonably estimable. In many cases, however, it is 
inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any 
potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial 
or indeterminate damages. Matters frequently need to develop before a probability of loss can be determined or range 
of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending 
and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of accruals and 
ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the 
foregoing, management of the Company believes, based on currently available information, after consultation with 
outside legal counsel and taking into account any prior accruals, that pending legal actions, investigations and 
regulatory proceedings will be resolved with no material adverse effect on the financial condition, results of operations 
or cash flows of the Company, except as described in the next paragraph.
The Company settled investigations by the Securities and Exchange Commission ("SEC") and the Commodity Futures 
Trading Commission (the "CFTC") regarding compliance with recordkeeping requirements for business-related 
communications sent over unapproved electronic messaging channels in the third quarter of 2024. The settlement with 
the SEC included a civil penalty of $14.0 million and the settlement with the CFTC included a civil penalty of 
$2.0 million. The Company had previously accrued $16.0 million as estimated civil penalties related to these 
investigations. The Company recorded a $4.0 million reversal of other operating expenses for the year ended December 
31, 2024, and $20.0 million in other operating expenses for the year ended December 31, 2023 related to these 
investigations.
If during any period a potential adverse contingency becomes probable or is resolved for an amount in excess of the 
established accrual, the results of operations and cash flows in that period and the financial condition as of the end of 
that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be 
incurred from claims that have not yet been brought to the Company's attention or are not yet determined to be 
reasonably possible. Reasonably possible losses in excess of amounts accrued at December 31, 2024 are not material.
Litigation-related accrual activity included a $2.2 million reversal of other operating expenses for the year ended 
December 31, 2024, $20.2 million in other operating expenses for the year ended December 31, 2023 and immaterial 
other operating expenses for the year ended December 31, 2022.
Investment Commitments
As of December 31, 2024, the Company had commitments to invest $72.7 million in limited partnerships or limited 
liability companies that make direct or indirect equity or debt investments in companies.
Other Guarantees
The Company is a member of numerous exchanges. Under the membership agreements with these entities, members 
generally are required to guarantee the performance of other members, and if a member becomes unable to satisfy its 
obligations to the exchange, other members would be required to meet shortfalls. To mitigate these performance risks, 
the exchanges often require members to post collateral. In addition, the Company identifies and guarantees certain 
clearing agents against specified potential losses in connection with providing services to the Company or its affiliates. 
The Company's maximum potential liability under these arrangements cannot be quantified. However, management 
believes the likelihood that the Company would be required to make payments under these arrangements is remote. 
Accordingly, no liability is recorded in the consolidated statements of financial condition for these arrangements.
Concentration of Credit Risk
The Company provides investment, capital-raising and related services to a diverse group of domestic and foreign 
customers, including governments, corporations, and institutional investors. The Company's exposure to credit risk 
associated with the non-performance of customers in fulfilling their contractual obligations pursuant to securities 
transactions can be directly impacted by volatile securities markets, credit markets and regulatory changes. This 
exposure is measured on an individual customer basis and on a group basis for customers that share similar attributes. 
To alleviate the potential for risk concentrations, counterparty credit limits have been implemented for certain products 
and are continually monitored in light of changing customer and market conditions.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  90

NOTE 16 | SHAREHOLDERS' EQUITY 
The Company's amended and restated certificate of incorporation provides for the issuance of up to 100,000,000 
shares of common stock with a par value of $0.01 per share and up to 5,000,000 shares of undesignated preferred 
stock with a par value of $0.01 per share.
Common Stock
The holders of the Company's common stock are entitled to one vote per share on all matters to be voted upon by the 
shareholders. Subject to preferences that may be applicable to any outstanding preferred stock of Piper Sandler 
Companies, the holders of its common stock are entitled to receive ratably such dividends, if any, as may be declared 
out of funds legally available for that purpose. There are also restrictions on the payment of dividends as set forth in 
Note 23. The Company's board of directors determines the declaration and payment of dividends and is free to change 
the Company's dividend policy at any time.
Dividends 
The Company's current dividend policy is intended to return a metric based on fiscal year net income to its 
shareholders.
In 2024, the Company declared and paid quarterly cash dividends on its common stock, aggregating $2.50 per share, 
and a special cash dividend on its common stock related to fiscal year 2023 results of $1.00 per share. Total dividends 
paid, including accrued forfeitable dividends paid on restricted stock vestings, were $73.7 million for the year ended 
December 31, 2024.
In 2023, the Company declared and paid quarterly cash dividends on its common stock, aggregating $2.40 per share, 
and a special cash dividend on its common stock related to fiscal year 2022 results of $1.25 per share. Total dividends 
paid, including accrued forfeitable dividends paid on restricted stock vestings, were $84.4 million for the year ended 
December 31, 2023. 
In 2022, the Company declared and paid quarterly cash dividends on its common stock, aggregating $2.40 per share, 
and a special cash dividend on its common stock related to fiscal year 2021 results of $4.50 per share. Total dividends 
paid, including accrued forfeitable dividends paid on restricted stock vestings, were $107.5 million for the year ended 
December 31, 2022.
On January 31, 2025, the board of directors declared both a quarterly and a special cash dividend on its common stock 
of $0.65 and $3.00 per share, respectively, to be paid on March 14, 2025, to shareholders of record as of the close of 
business on March 4, 2025. The special cash dividend relates to the Company's fiscal year 2024 results.
In the event that Piper Sandler Companies is liquidated or dissolved, the holders of its common stock are entitled to 
share ratably in all assets remaining after payment of liabilities, subject to any prior distribution rights of Piper Sandler 
Companies preferred stock, if any, then outstanding. Currently, there is no outstanding preferred stock. The holders of 
the common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or 
sinking fund provisions applicable to Piper Sandler Companies common stock.
Share Repurchases
The Company purchases shares of common stock pursuant to share repurchase programs authorized by the 
Company's board of directors. The Company also purchases shares of common stock from restricted stock award 
recipients upon the award vesting as recipients sell shares to meet their employment tax obligations.
The following table summarizes the repurchase programs authorized by the Company's board of directors:
Effective Date
Authorized Amount
Expiration Date
February 5, 2025
$150.0 million
December 31, 2026
May 6, 2022
$150.0 million
December 31, 2024
January 1, 2022
$150.0 million
December 31, 2023
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  91

The following table summarizes the Company's share repurchase activity:
Year Ended December 31,
2024
2023
2022
Shares repurchased pursuant to repurchase authorizations
Common shares repurchased
 
—  
—  
1,245,221 
Aggregate purchase price (in millions)
$ 
— $ 
— $ 
161.8 
Average price per share
$ 
— $ 
— $ 
129.95 
Shares repurchased from employees related to employment 
tax obligations
Common shares repurchased
 
346,972  
494,555  
172,156 
Aggregate purchase price (in millions)
$ 
66.4 $ 
70.7 $ 
25.5 
Average price per share
$ 
191.44 $ 
142.92 $ 
148.25 
Issuance of Shares
The Company issues common shares out of treasury stock as a result of employee restricted share vesting and 
exercise transactions as discussed in Note 18. During the years ended December 31, 2024, 2023 and 2022, the 
Company issued 1,224,008 shares, 2,013,046 shares and 953,293 shares, respectively, related to these obligations. 
During the year ended December 31, 2024, the Company also issued 21,835 common shares out of treasury stock for 
equity consideration related to the acquisition of Aviditi Advisors, as discussed in Note 4.
Preferred Stock 
The Piper Sandler Companies board of directors has the authority, without action by its shareholders, to designate and 
issue preferred stock in one or more series and to designate the rights, preferences and privileges of each series, which 
may be greater than the rights associated with the common stock. It is not possible to state the actual effect of the 
issuance of any shares of preferred stock upon the rights of holders of common stock until the Piper Sandler 
Companies board of directors determines the specific rights of the holders of preferred stock. However, the effects might 
include, among other things, the following: restricting dividends on its common stock, diluting the voting power of its 
common stock, impairing the liquidation rights of its common stock and delaying or preventing a change in control of 
Piper Sandler Companies without further action by its shareholders.
Noncontrolling Interests 
The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries 
and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity 
interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. 
Noncontrolling interests represent the minority equity holders' proportionate share of the equity in the Company's 
alternative asset management funds.
Ownership interests in entities held by parties other than the Company's common shareholders are presented as 
noncontrolling interests within shareholders' equity, separate from the Company's own equity. Revenues, expenses and 
net income or loss are reported on the consolidated statements of operations on a consolidated basis, which includes 
amounts attributable to both the Company's common shareholders and noncontrolling interests. Net income or loss is 
then allocated between the Company and noncontrolling interests based upon their relative ownership interests. Net 
income/(loss) attributable to noncontrolling interests is deducted from consolidated net income to determine net income 
attributable to the Company. The Company does not have other comprehensive income or loss attributable to 
noncontrolling interests.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  92

NOTE 17 | BUSINESS SEGMENT AND REVENUES INFORMATION 
The Company's activities as an investment bank and institutional securities firm constitute a single business segment. 
Revenues for the Company are derived from investment banking services and institutional sales, trading and research 
services. The Company is organized as one reportable segment in order to maximize the value provided to clients by 
leveraging the diversified expertise and broad relationships of its experienced professionals across the Company. 
Substantially all of the Company's net revenues and long-lived assets are located in the U.S. The accounting policies for 
the reportable segment are the same as those described in Note 2. 
The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM, who manages 
business activities on a consolidated basis, considers monthly plan-to-actual variances of net income attributable to 
Piper Sandler Companies in assessing performance, determining compensation and making decisions about the use of 
capital, including repurchases of common stock, dividend payments, and acquisitions.
The CODM evaluates the performance and allocates resources of the reportable segment based on net income 
attributable to Piper Sandler Companies as reported on the consolidated statements of operations. For the years ended 
December 31, 2024, 2023 and 2022, net income attributable to Piper Sandler Companies was $181.1 million, 
$85.5 million and $110.7 million, respectively. The significant expense categories of the reportable segment are 
consistent with the presentation of non-interest expenses on the consolidated statements of operations. The measure of 
reportable segment assets is reported on the consolidated statements of financial condition as total assets. At 
December 31, 2024 and 2023, total assets were $2.26 billion and $2.14 billion, respectively. 
The components of net revenues are as follows: 
Revenues
Investment banking:
Advisory services
$ 
808,746 
$ 
709,316 
$ 
776,428 
Corporate financing
 
173,876 
 
131,077 
 
125,342 
Municipal financing
 
122,513 
 
83,419 
 
107,739 
Total investment banking
 
1,105,135 
 
923,812 
 
1,009,509 
Institutional brokerage:
Equity brokerage
 
215,275 
 
209,512 
 
210,314 
Fixed income services
 
186,167 
 
168,027 
 
194,953 
Total institutional brokerage
 
401,442 
 
377,539 
 
405,267 
Interest income
 
32,908 
 
26,723 
 
20,365 
Investment income/(loss)
 
(7,890) 
 
30,039 
 
(23) 
Total revenues
 
1,531,595 
 
1,358,113 
 
1,435,118 
Interest expense
 
5,681 
 
10,146 
 
9,480 
Net revenues
$ 1,525,914 
$ 1,347,967 
$ 1,425,638 
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  93

NOTE 18 | COMPENSATION PLANS 
Stock-Based Compensation Plans
The Company has four outstanding stock-based compensation plans: the Amended and Restated 2003 Annual and 
Long-Term Incentive Plan (the "Incentive Plan"), the 2020 Employment Inducement Award Plan (the "2020 Inducement 
Plan"), the 2022 Employment Inducement Award Plan (the "2022 Inducement Plan") and the 2024 Employment 
Inducement Award Plan (the "2024 Inducement Plan"). The Company's equity awards are recognized on the 
consolidated statements of operations at grant date fair value over the service period of the award, less forfeitures.
The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) 
as of December 31, 2024:
Restricted stock
Restricted stock related to compensation plans:
Annual grants
 
560,514 
Sign-on grants
 
126,706 
Inducement grants
 
35,181 
2020 Inducement Plan grants
 
259,853 
2022 Inducement Plan grants
 
94,957 
2024 Inducement Plan grants
 
42,786 
Total restricted stock related to compensation plans
 
1,119,997 
Restricted stock related to acquisitions (1)
 
620,131 
Total restricted stock
 
1,740,128 
Restricted stock units
 
152,318 
Stock options
 
148,667 
(1)
Includes restricted stock with service conditions issued in conjunction with certain acquisitions.
Incentive Plan
The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified 
stock options, to the Company's employees and directors for up to 10.9 million shares of common stock (1.8 million 
shares remained available for future issuance under the Incentive Plan as of December 31, 2024). The Company 
believes that such awards help align the interests of employees and directors with those of shareholders and serve as 
an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, 
a change in control of the Company (as defined in the Incentive Plan), in the event of a participant's death, and at the 
discretion of the compensation committee of the Company's board of directors.
Restricted Stock Awards
Restricted stock grants are valued at the market price of the Company's common stock on the date of grant and are 
amortized over the requisite service period. The Company grants shares of restricted stock to employees as part of 
year-end compensation ("Annual Grants") and upon initial hiring or as a retention award ("Sign-on Grants" or 
"Inducement Grants").
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  94

The Company's Annual Grants are made each year in February. Annual Grants vest ratably over three or four years in 
equal installments. Substantially all Annual Grants provide for continued vesting after termination of employment, so 
long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any 
agreements entered into upon termination. The Company determined the service inception date precedes the grant 
date for these Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance 
service condition, as defined by ASC 718. Accordingly, restricted stock granted as part of these Annual Grants is 
expensed in the one-year period in which those awards are deemed to be earned, which is generally the calendar year 
preceding the February grant date. For example, the Company recognized compensation expense during fiscal year 
2024 for its February 2025 Annual Grant. If an equity award related to these Annual Grants is forfeited as a result of 
violating the post-termination restrictions, the lower of the fair value of the award at grant date or the fair value of the 
award at the date of forfeiture is recorded within the consolidated statements of operations as a reversal of 
compensation expense. 
Sign-on Grants are used as a recruiting tool for new employees and are issued to current employees as a retention tool. 
These awards have both cliff and ratable vesting terms, and the employees must fulfill service requirements in 
exchange for rights to the awards. Compensation expense is amortized on a straight-line basis from the grant date over 
the requisite service period, generally three to five years. Employees forfeit unvested shares upon termination of 
employment and a reversal of compensation expense is recorded.
Inducement Grants are issued as a retention tool in conjunction with certain acquisitions. During 2022, the Company 
granted $9.3 million (65,125 shares) in restricted stock under the Incentive Plan in conjunction with its acquisitions of 
Cornerstone Macro and Stamford Partners. These restricted shares are subject to graded vesting, and employees must 
fulfill service requirements in exchange for the rights to the restricted shares. Compensation expense is amortized on a 
straight-line basis over the requisite service period, generally three to four years. Employees forfeit unvested shares 
upon termination of employment and a reversal of compensation expense is recorded.
Annually, the Company grants stock to its non-employee directors. The stock-based compensation paid to non-
employee directors is fully expensed on the grant date and included within outside services expense on the 
consolidated statements of operations.
Restricted Stock Units
The Company grants restricted stock units to its leadership team ("Leadership Grants"). Restricted stock units will vest 
and convert to shares of common stock at the end of each 36-month performance period only if the Company satisfies 
predetermined performance and/or market conditions over the performance period. The performance condition requires 
the Company to achieve certain average adjusted return on equity targets, as defined in the terms of the award 
agreements. The market condition requires the Company to achieve a certain total shareholder return ("TSR") relative 
to members of a predetermined peer group. Under the terms of these awards, the number of units that will actually vest 
and convert to shares will be based on the extent to which the Company achieves the specified targets during each 
performance period. The maximum payout leverage by grant year is as follows: 
Maximum Payout Leverage
Grant Year
Performance Condition
Market Condition 
Total
2024
75%
75%
150%
2023
100%
100%
200%
2022
75%
75%
150%
2021
75%
75%
150%
2020
75%
75%
150%
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  95

The fair value of the performance condition portion of the award was based on the closing price of the Company's 
common stock on the grant date. If the Company determines that it is probable that the performance condition will be 
achieved, compensation expense is amortized on a straight-line basis over the 36-month performance period. The 
Company reevaluates achievement of the performance condition by grant year each reporting period with changes in 
estimated outcomes accounted for using a cumulative effect adjustment to compensation expense. Compensation 
expense will be recognized only if the performance condition is met. Employees forfeit unvested restricted stock units 
upon termination of employment with a corresponding reversal of compensation expense. As of December 31, 2024, the 
expected payout leverage for the performance condition portion of the award by grant year is as follows: 
Grant Year
Expected Payout 
Leverage
2024
73%
2023
57%
2022
27%
The market condition must be met for the market condition portion of the award to vest. Compensation expense will be 
recognized regardless if the market condition is satisfied, and is amortized on a straight-line basis over the 36-month 
requisite service period (or earlier if age and service conditions are met, as described below). Employees forfeit 
unvested restricted stock units upon termination of employment with a corresponding reversal of compensation 
expense. The fair value of the market condition portion of the award was determined on the grant date using a Monte 
Carlo simulation with the following assumptions:
Risk-Free 
Expected Stock 
Grant Year
Vesting Year
Interest Rate
Price Volatility
2024
2027
4.38%
34.3%
2023
2026
4.35%
47.5%
2022
2025
1.80%
43.8%
2021
2024
0.23%
43.2%
2020
2023
1.40%
27.3%
2019
2022
2.50%
31.9%
Because the vesting of the market condition portion of the award depends on the Company's TSR relative to a peer 
group, the valuation modeled the performance of the peer group as well as the correlation between the Company and 
the peer group. The expected stock price volatility assumptions were determined using historical volatility, as correlation 
coefficients can only be developed through historical volatility. The risk-free interest rates were determined based on 
three-year U.S. Treasury bond yields.
The compensation committee of the Company's board of directors included defined retirement provisions in its 
Leadership Grants. Certain grantees meeting defined age and service requirements will be fully vested in the awards as 
long as performance and post-termination obligations are met throughout the performance period. These retirement-
eligible grants are expensed in the period in which those awards are deemed to be earned, which is the calendar year 
preceding the February grant date.
Stock Options
On February 15, 2023 and February 15, 2018, the Company granted options to certain executive officers. These options 
are expensed on a straight-line basis over the required service period of five years, based on the estimated fair value of 
the award on the respective date of grant. The exercise price per share is equal to the closing price on the respective 
date of grant plus ten percent. These options are subject to graded vesting, beginning on the third anniversary of the 
respective grant date, so long as the employee remains continuously employed by the Company. The maximum term of 
these stock options is ten years.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  96

The fair value of these stock option awards was estimated on the respective date of grant using the Black-Scholes 
option-pricing model with the following assumptions:
February 2023
February 2018
Grant
Grant
Risk-free interest rate
 3.94 %
 2.82 %
Dividend yield
 3.21 %
 3.22 %
Expected stock price volatility
 38.50 %
 37.20 %
Expected life of options (in years)
7.0
7.0
Fair value of options granted (per share)
$ 
46.71 
$ 
24.49 
The risk-free interest rate assumption was based on the U.S. Treasury bond yield with a maturity equal to the expected 
life of the options. The dividend yield assumption was based on the assumed dividend payout over the expected life of 
the options. The expected stock price volatility assumption was determined using historical volatility, as correlation 
coefficients can only be developed through historical volatility. The expected life of options assumption was determined 
using the simplified method due to the Company's limited exercise information. The simplified method calculates the 
expected term as the midpoint of the vesting term and the original contractual term of the options.
Inducement Plans
Inducement plan awards are amortized as compensation expense on a straight-line basis over the requisite service 
period. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is 
recorded.
The Company established the 2019 Employment Inducement Award Plan (the "2019 Inducement Plan") in conjunction 
with its acquisition of Weeden & Co. L.P. ("Weeden & Co."). On August 2, 2019, the Company granted $7.3 million 
(97,752 shares) in restricted stock. These restricted shares were subject to graded vesting through August 2, 2023. The 
Company terminated the 2019 Inducement Plan in August 2023.
The Company established the 2020 Inducement Plan in conjunction with its acquisition of SOP Holdings, LLC and its 
subsidiaries, including Sandler O'Neill & Partners, L.P. On January 3, 2020, the Company granted $96.9 million 
(1,217,423 shares) in restricted stock. These restricted shares have both cliff and graded vesting terms with vesting 
periods of 18 months, three years or five years (with a weighted average service period of 3.7 years). On April 3, 2020, 
the Company granted $5.5 million (114,000 shares) in restricted stock under the 2020 Inducement Plan in conjunction 
with its acquisition of The Valence Group ("Valence"). These restricted shares are subject to graded vesting, generally 
beginning on the third anniversary of the grant date through April 3, 2025. On December 31, 2020, the Company 
granted $2.9 million (29,194 shares) in restricted stock under the 2020 Inducement Plan in conjunction with its 
acquisition of TRS Advisors LLC ("TRS"). These restricted shares were subject to ratable vesting through December 31, 
2023.
The Company established the 2022 Inducement Plan in conjunction with its acquisition of DBO Partners. On October 7, 
2022, the Company granted $17.4 million (161,030 shares) in restricted stock. These restricted shares are generally 
subject to ratable vesting over a five-year vesting period. 
The Company established the 2024 Inducement Plan in conjunction with its acquisition of Aviditi Advisors. On 
August 23, 2024, the Company granted $11.8 million (42,980 shares) in restricted stock. These restricted shares have 
both ratable and graded vesting terms with vesting periods of three or five years.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  97

Stock-Based Compensation Activity
The following table summarizes the Company's stock-based compensation activity:
Year Ended December 31,
(Amounts in millions)
2024
2023
2022
Stock-based compensation expense
$ 
101.9 $ 
92.3 $ 
129.9 
Forfeitures
 
2.6  
1.9  
1.5 
Tax benefit related to stock-based compensation expense
 
16.4  
17.9  
17.5 
The following table summarizes the changes in the Company's unvested restricted stock:
Unvested
Weighted Average
Restricted Stock
Grant Date
(in Shares)
Fair Value 
December 31, 2021
 
3,795,212 $ 
76.59 
Granted
 
1,330,471  
131.69 
Vested
 
(890,629)  
82.95 
Canceled
 
(15,228)  
129.10 
December 31, 2022
 
4,219,826 $ 
92.43 
Granted
 
336,093  
153.89 
Vested
 
(1,932,950)  
85.62 
Canceled
 
(29,047)  
144.34 
December 31, 2023
 
2,593,922 $ 
104.89 
Granted
 
311,014  
217.55 
Vested
 
(1,128,342)  
99.15 
Canceled
 
(36,466)  
139.97 
December 31, 2024
 
1,740,128 $ 
128.01 
The fair value of restricted stock that vested during the years ended December 31, 2024, 2023 and 2022 was 
$111.9 million, $165.5 million and $73.9 million, respectively.
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  98

The following table summarizes the changes in the Company's unvested restricted stock units:
Unvested
Weighted Average
Restricted
Grant Date
Stock Units
Fair Value
December 31, 2021
 
158,393 $ 
90.43 
Granted
 
69,693  
148.90 
Vested
 
(39,758)  
75.78 
Canceled
 
—  
— 
December 31, 2022
 
188,328 $ 
115.16 
Granted
 
48,931  
177.75 
Vested
 
(56,066)  
86.01 
Canceled
 
—  
— 
December 31, 2023
 
181,193 $ 
141.08 
Granted
 
33,694  
199.39 
Vested
 
(62,569)  
103.69 
Canceled
 
—  
— 
December 31, 2024
 
152,318 $ 
169.34 
 
As of December 31, 2024, there was $75.3 million of total unrecognized compensation cost related to restricted stock 
and restricted stock units expected to be recognized over a weighted average period of 3.2 years.
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  99

The following table summarizes the changes in the Company's outstanding stock options:
Weighted Average
Weighted
Remaining
Options
Average
Contractual Term
Aggregate
Outstanding
Exercise Price
(in Years)
Intrinsic Value
December 31, 2021
 
81,667 $ 
99.00 
6.1
$ 
6,493,343 
Granted
 
—  
— 
Exercised
 
—  
— 
Canceled
 
—  
— 
Expired
 
—  
— 
December 31, 2022
 
81,667 $ 
99.00 
5.1
$ 
2,547,194 
Granted
 
75,000  
170.76 
Exercised
 
—  
— 
Canceled
 
—  
— 
Expired
 
—  
— 
December 31, 2023
 
156,667 $ 
133.35 
6.5
$ 
6,504,325 
Granted
 
—  
— 
Exercised
 
(8,000)  
99.00 
 
1,334,949 
Canceled
 
—  
— 
Expired
 
—  
— 
December 31, 2024
 
148,667 $ 
135.20 
5.7
$ 
24,492,634 
Options exercisable at:
December 31, 2022
 
54,444 $ 
99.00 
5.1
$ 
1,698,108 
December 31, 2023
 
81,667 $ 
99.00 
4.1
$ 
6,196,075 
December 31, 2024
 
73,667 $ 
99.00 
3.1
$ 
14,803,384 
As of December 31, 2024, there was $2.2 million of unrecognized compensation cost related to stock options expected 
to be recognized over a weighted average period of 3.1 years. There was no tax benefit recorded as a result of stock 
option exercises for the year ended December 31, 2024.
The Company has a policy of issuing shares out of treasury (to the extent available) to satisfy share option exercises 
and restricted stock vesting. The Company expects to withhold approximately 0.3 million shares from employee equity 
awards vesting in 2025, related to employee individual income tax withholding obligations on restricted stock vesting. 
For accounting purposes, withholding shares to cover employees' tax obligations is deemed to be a repurchase of 
shares by the Company.
Deferred Compensation Plans
The Company maintains various deferred compensation arrangements for employees as described below.
Mutual Fund Restricted Share Investment Plan
The Mutual Fund Restricted Share ("MFRS") Investment Plan is a fully funded deferred compensation plan which allows 
eligible employees to receive a portion of their incentive compensation or retention awards in restricted mutual fund 
shares of investment funds. Compensation expense for MFRS awards is recognized over the period in which the award 
is deemed to be earned, as discussed below. Forfeitures of MFRS awards are recorded as a reduction of compensation 
and benefits expense within the consolidated statements of operations. The Company recorded compensation expense 
of $82.3 million, $75.4 million and $104.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, 
related to MFRS awards, less forfeitures. Forfeitures were $4.4 million, $1.3 million and $3.1 million for the years ended 
December 31, 2024, 2023 and 2022, respectively.
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  100

The Company grants MFRS awards to qualifying employees in February of each year ("Annual MFRS Awards"). Annual 
MFRS Awards represent a portion of these employees' compensation for performance in the preceding year, similar to 
the Company's Annual Grants. Annual MFRS Awards vest ratably over three or four years in equal installments. Annual 
MFRS Awards provide for continued vesting after termination of employment so long as the employee does not violate 
certain post-termination restrictions set forth in the award agreement or any agreement entered into upon termination. 
Annual MFRS Awards are owned by employee recipients (subject to the aforementioned vesting restrictions) and as 
such are not included on the consolidated statements of financial condition.
The Company also grants MFRS awards for retention purposes ("Retention MFRS Awards"). As employees must fulfill 
service requirements in exchange for rights to these awards, compensation expense is amortized on a straight-line 
basis over the requisite service period. Retention MFRS Awards have both ratable and graded vesting terms with 
vesting periods of three or five years. The Company purchased selected mutual funds to economically hedge its 
obligation related to the Retention MFRS Awards. These amounts are included in investments on the consolidated 
statements of financial condition. The related compensation liability is included in accrued compensation on the 
consolidated statements of financial condition. Changes in the fair value of the investments made by the Company are 
reported in investment income/(loss) and changes in the corresponding compensation liability are reflected as 
compensation and benefits expense on the consolidated statements of operations.
Nonqualified Deferred Compensation Plan
The nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, 
at their election, to defer a portion of their compensation. This plan was closed to future deferral elections by 
participants for performance periods beginning after December 31, 2017. The amounts deferred under this plan are held 
in a grantor trust. The Company invests, as a principal, in investments to economically hedge its obligation under the 
nonqualified deferred compensation plan. The investments in the grantor trust consist of mutual funds which are 
categorized as Level I in the fair value hierarchy. These investments totaled $22.0 million and $18.6 million as of 
December 31, 2024 and 2023, respectively, and are included in investments on the consolidated statements of financial 
condition. A corresponding deferred compensation liability is included in accrued compensation on the consolidated 
statements of financial condition. The compensation deferred by the employees was expensed in the period earned. 
Changes in the fair value of the investments made by the Company are reported in investment income/(loss) and 
changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on 
the consolidated statements of operations.
Acquisition-Related Compensation Arrangements
In conjunction with the 2024 acquisition of Aviditi Advisors and the 2022 acquisitions of DBO Partners and Cornerstone 
Macro, additional cash may be earned if certain net revenue targets are achieved. See Note 4 for additional information. 
In conjunction with the 2020 acquisition of TRS, additional cash was available to be earned by certain employees if a 
revenue threshold was exceeded during the three-year post-acquisition period (the "TRS Earnout"). The Company paid 
the maximum amount of $7.0 million related to the TRS Earnout in 2024. Amounts payable were recorded as 
compensation expense on the consolidated statements of operations over the requisite service period. The Company 
recorded $0.5 million, $2.2 million and $2.1 million in compensation expense related to the TRS Earnout for the years 
ended December 31, 2024, 2023 and 2022, respectively.
In conjunction with the 2020 acquisition of Valence, additional cash was available to be earned by certain employees if a 
revenue threshold was exceeded during the three-year post-acquisition period (the "Valence Earnout"). The Company 
paid $10.0 million related to the Valence Earnout in 2023. Amounts payable were recorded as compensation expense 
on the consolidated statements of operations over the requisite service period. The Company recorded $2.2 million in 
compensation expense related to the Valence Earnout for the year ended December 31, 2023 and a $3.4 million 
reversal of compensation expense for the year ended December 31, 2022.
In conjunction with the 2019 acquisition of Weeden & Co., the Company granted $10.1 million in restricted cash for 
retention purposes. Compensation expense was amortized on a straight-line basis over the requisite service period. The 
restricted cash award was subject to graded vesting, beginning on the third anniversary of the grant date through 
August 2, 2023. The final payment was made in 2023.
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  101

NOTE 19 | EMPLOYEE BENEFIT PLANS 
The Company has various employee benefit plans, and substantially all employees are covered by at least one plan. 
The plans include health and welfare plans and a tax-qualified retirement plan (the "Retirement Plan"). During the years 
ended December 31, 2024, 2023 and 2022, the Company incurred employee benefits expenses of $36.9 million, 
$35.9 million and $33.8 million, respectively.
Health and Welfare Plans
Company employees who meet certain work schedule and service requirements are eligible to participate in the 
Company's health and welfare plans. The Company subsidizes the cost of coverage for employees. The health plans 
contain cost-sharing features such as deductibles and coinsurance.
The Company is self-insured for losses related to health claims, although it obtains third-party stop loss insurance 
coverage on an individual plan basis. Self-insured liabilities are based on a number of factors, including historical claims 
experience, an estimate of claims incurred but not reported and valuations provided by third-party actuaries. For the 
years ended December 31, 2024, 2023 and 2022, the Company recognized expense of $21.3 million, $20.9 million and 
$19.7 million, respectively, in compensation and benefits expense on the consolidated statements of operations related 
to its health plans.
Retirement Plan
The Retirement Plan is a defined contribution retirement savings plan. The defined contribution retirement savings plan 
allows qualified employees, at their option, to make contributions through salary deductions under Section 401(k) of the 
Internal Revenue Code. Employee contributions are 100 percent matched by the Company to a maximum of six percent 
of recognized compensation up to the social security taxable wage base. The Retirement Plan also provides for a 
discretionary profit sharing contribution by the Company. Payment and amount of the profit sharing contribution are 
determined annually on a discretionary basis. For the years ended December 31, 2024, 2023 and 2022, the Company 
did not make a profit sharing contribution. Although the Company's matching and profit sharing contributions vest 
immediately, a participant must be employed on December 31 to receive that year's employer contributions. 
NOTE 20 | RESTRUCTURING AND INTEGRATION COSTS 
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Restructuring and integration costs
Restructuring costs:
Severance, benefits and outplacement
$ 
(297) $ 
6,658 $ 
652 
Vacated leased office space
 
255  
896  
5,616 
Contract termination
 
—  
109  
— 
Total restructuring costs
 
(42)  
7,663  
6,268 
Integration costs
 
2,628  
86  
5,172 
Total restructuring and integration costs
$ 
2,586 $ 
7,749 $ 
11,440 
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Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  102

NOTE 21 | INCOME TAXES 
Income tax expense is provided using the asset and liability method. Deferred tax assets and liabilities are recognized 
for the expected future tax consequences attributable to temporary differences between amounts reported for income 
tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the 
years in which those temporary differences are expected to be recovered or settled.
The components of income tax expense are as follows:
 
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Current
Federal
$ 
30,429 $ 
3,988 $ 
44,769 
State
 
10,679  
5,292  
19,237 
Foreign
 
2,747  
684  
2,390 
Total current
 
43,855  
9,964  
66,396 
Deferred
Federal
 
10,329  
11,856  
(20,500) 
State
 
5,913  
1,546  
(9,207) 
Foreign
 
875  
247  
(3,500) 
Total deferred
 
17,117  
13,649  
(33,207) 
Total income tax expense
$ 
60,972 $ 
23,613 $ 
33,189 
A reconciliation of federal income taxes at statutory rates to the Company's effective tax rates is as follows:
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Federal income tax expense at statutory rates
$ 
45,867 $ 
25,743 $ 
28,218 
Increase/(decrease) in taxes resulting from:
State income taxes, net of federal tax benefit
 
13,433  
7,994  
7,501 
Net tax-exempt interest income
 
(1,332)  
(1,613)  
(1,449) 
Foreign jurisdictions tax rate differential
 
1,076  
993  
1,152 
Non-deductible compensation
 
8,362  
3,645  
4,602 
Change in valuation allowance
 
—  
(159)  
(4,935) 
Vestings of stock awards
 
(13,146)  
(13,714)  
(5,646) 
Income/(loss) attributable to noncontrolling interests
 
4,972  
(2,831)  
1,994 
Other, net
 
1,740  
3,555  
1,752 
Total income tax expense
$ 
60,972 $ 
23,613 $ 
33,189 
In accordance with ASC 740, U.S. income taxes are not provided on undistributed earnings of international subsidiaries 
that are permanently reinvested. As of December 31, 2024, no deferred taxes have been provided for withholding taxes 
or other taxes that would result upon repatriation of the Company's foreign earnings to the U.S.
Table of Contents
Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  103

Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of 
assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting 
purposes. The net deferred income tax assets consisted of the following items:
December 31,
December 31,
(Amounts in thousands)
2024
2023
Deferred tax assets
Deferred compensation
$ 
119,916 $ 
131,791 
Accrued lease liabilities
 
20,588  
21,850 
Goodwill tax basis in excess of book basis
 
36,415  
43,630 
Net operating loss carryforwards
 
536  
1,301 
Liabilities/accruals not currently deductible
 
2,949  
5,616 
Other
 
5,252  
5,336 
Total deferred tax assets
 
185,656  
209,524 
Deferred tax liabilities
Right-of-use lease assets
 
15,564  
16,055 
Unrealized gains on firm investments
 
1,388  
5,318 
Fixed assets
 
6,545  
8,451 
Other
 
576  
493 
Total deferred tax liabilities
 
24,073  
30,317 
Net deferred tax assets
$ 
161,583 $ 
179,207 
The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more 
likely than not that any portion of the deferred tax asset will not be realized. The Company believes that its future tax 
profits will be sufficient to recognize its deferred tax assets.
The Company accounts for unrecognized tax benefits in accordance with the provisions of ASC 740, which requires tax 
reserves to be recorded for uncertain tax positions on the consolidated statements of financial condition. A reconciliation 
of the beginning and ending amount of unrecognized tax benefits is as follows:
(Amounts in thousands)
 
Balance at December 31, 2021
$ 
1,743 
Additions based on tax positions related to the current year
 
— 
Additions for tax positions of prior years
 
408 
Reductions for tax positions of prior years
 
— 
Settlements
 
— 
Balance at December 31, 2022
$ 
2,151 
Additions based on tax positions related to the current year
 
— 
Additions for tax positions of prior years
 
— 
Reductions for tax positions of prior years
 
(42) 
Settlements
 
(305) 
Balance at December 31, 2023
$ 
1,804 
Additions based on tax positions related to the current year
 
— 
Additions for tax positions of prior years
 
113 
Reductions for tax positions of prior years
 
— 
Settlements
 
— 
Balance at December 31, 2024
$ 
1,917 
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  104

As of December 31, 2024 and 2023, $1.9 million and $1.8 million, respectively, of the Company's unrecognized tax 
benefits included above would impact the annual effective rate, if recognized. 
The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of 
income tax expense. The Company had $0.5 million, $0.4 million and $0.4 million accrued related to the payment of 
interest and penalties at December 31, 2024, 2023 and 2022, respectively. The Company or one of its subsidiaries files 
income tax returns with the various states and foreign jurisdictions in which the Company operates. The Company is not 
subject to examination by U.S. federal tax authorities for years before 2021 and is not subject to examination by state 
and local or non-U.S. tax authorities for taxable years before 2018. The Company anticipates the majority of its 
uncertain income tax positions will be resolved within the next twelve months.
NOTE 22 | EARNINGS PER SHARE
Basic earnings per common share is computed by dividing net income attributable to Piper Sandler Companies by the 
weighted average number of common shares outstanding for the period. Diluted earnings per common share is 
calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock 
options, restricted stock units and restricted shares. The Company uses the treasury stock method to calculate diluted 
earnings per common share.
The computation of EPS is as follows:
 
Year Ended December 31,
(Amounts in thousands, except per share data)
2024
2023
2022
Net income attributable to Piper Sandler Companies
$ 
181,114 $ 
85,491 $ 
110,674 
Shares for basic and diluted calculations
Average shares used in basic computation
 
15,838  
14,958  
13,982 
Stock options
 
55  
25  
16 
Restricted stock units
 
184  
163  
196 
Restricted shares
 
1,617  
2,079  
2,771 
Average shares used in diluted computation
 
17,695  
17,224  
16,965 
Earnings per common share
Basic
$ 
11.44 $ 
5.72 $ 
7.92 
Diluted
$ 
10.24 $ 
4.96 $ 
6.52 
The anti-dilutive effects from stock options and restricted shares were immaterial for the years ended December 31, 
2024, 2023 and 2022.
NOTE 23 | NET CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS 
Piper Sandler & Co. is registered as a securities broker dealer with the SEC and is a member of various SROs and 
securities exchanges. The Financial Industry Regulatory Authority, Inc. ("FINRA") serves as Piper Sandler & Co.'s 
primary SRO. Piper Sandler & Co. is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. 
Piper Sandler & Co. has elected to use the alternative method permitted by the SEC rule which requires that it maintain 
minimum net capital of $1.0 million. Advances to affiliates, repayment of subordinated debt, dividend payments and 
other equity withdrawals by Piper Sandler & Co. are subject to certain approvals, notifications and other provisions of 
SEC and FINRA rules. 
At December 31, 2024, net capital calculated under the SEC rule was $265.5 million, and exceeded the minimum net 
capital required under the SEC rule by $264.5 million.
The Company's unsecured revolving credit facility and secured revolving credit facility include covenants requiring Piper 
Sandler & Co. to maintain a minimum regulatory net capital of $120 million. The Company's fully disclosed clearing 
agreement with Pershing includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of 
$120 million.
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  105

Piper Sandler Ltd., a broker dealer subsidiary registered in the U.K., is subject to the capital requirements of the 
Prudential Regulation Authority and the Financial Conduct Authority. As of December 31, 2024, Piper Sandler Ltd. was 
in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority.
Piper Sandler Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to 
the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the 
Securities and Futures Ordinance. At December 31, 2024, Piper Sandler Hong Kong Limited was in compliance with the 
liquid capital requirements of the Hong Kong Securities and Futures Commission.
Aviditi Capital Advisors Europe GmbH, a European subsidiary, is authorized and regulated by the Federal Financial 
Supervisory Authority ("BaFin") as a tied agent of AHP Capital Management GmbH, a third-party financial institution.
NOTE 24 | PARENT COMPANY ONLY 
Condensed Statements of Financial Condition 
December 31,
December 31,
(Amounts in thousands)
2024
2023
Assets
Cash and cash equivalents
$ 
1 $ 
100 
Investment in and advances to subsidiaries
 
1,218,689  
1,147,090 
Other assets
 
73,389  
14,346 
Total assets
$ 
1,292,079 $ 
1,161,536 
Liabilities and Shareholders' Equity
Short-term financing
$ 
10,000 $ 
30,000 
Accrued compensation
 
51,180  
42,698 
Other liabilities and accrued expenses
 
3,069  
3,340 
Total liabilities
 
64,249  
76,038 
Shareholders' equity
 
1,227,830  
1,085,498 
Total liabilities and shareholders' equity
$ 
1,292,079 $ 
1,161,536 
Table of Contents
Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  106

Condensed Statements of Operations
 
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Revenues
Dividends from subsidiaries
$ 
149,725 $ 
118,934 $ 
172,383 
Interest income
 
2,988  
917  
1,235 
Investment income/(loss)
 
3,263  
1,823  
(3,461) 
Total revenues
 
155,976  
121,674  
170,157 
Interest expense
 
958  
6,083  
6,759 
Net revenues
 
155,018  
115,591  
163,398 
Total non-interest expenses
 
6,401  
6,319  
4,497 
Income before income tax expense and equity in income of 
subsidiaries
 
148,617  
109,272  
158,901 
Income tax expense
 
38,641  
28,957  
41,050 
Income of parent company
 
109,976  
80,315  
117,851 
Equity in undistributed/(distributed in excess of) income of 
subsidiaries
 
71,138  
5,176  
(7,177) 
Net income attributable to Piper Sandler Companies
$ 
181,114 $ 
85,491 $ 
110,674 
Condensed Statements of Cash Flows
 
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Operating Activities
Net income
$ 
181,114 $ 
85,491 $ 
110,674 
Adjustments to reconcile net income to net cash provided by 
operating activities:
Stock-based compensation
 
1,080  
1,168  
941 
Equity distributed in excess of/(in undistributed) income of 
subsidiaries
 
(71,138)  
(5,176)  
7,177 
Net cash provided by operating activities
 
111,056  
81,483  
118,792 
Financing Activities
Net change in short-term financing
 
(20,000)  
30,000  
— 
Repayment of long-term financing
 
—  
(125,000)  
— 
Advances from subsidiaries
 
48,205  
168,541  
176,070 
Payment of cash dividends
 
(73,726)  
(84,444)  
(107,528) 
Repurchase of common stock
 
(66,426)  
(70,680)  
(187,334) 
Proceeds from stock option exercises
 
792  
—  
— 
Net cash used in financing activities
 
(111,155)  
(81,583)  
(118,792) 
Net change in cash and cash equivalents
 
(99)  
(100)  
— 
Cash and cash equivalents at beginning of year
 
100  
200  
200 
Cash and cash equivalents at end of year
$ 
1 $ 
100 $ 
200 
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Piper Sandler Companies
Notes to the Consolidated Financial Statements – Continued
Piper Sandler Companies  |  107

2024 Fiscal Quarter
(Amounts in thousands, except per share data)
 First
 Second
 Third
 Fourth
Total revenues
$ 
344,439 $ 
340,844 $ 
360,928 $ 
485,384 
Interest expense
 
1,383  
1,665  
1,356  
1,277 
Net revenues
 
343,056  
339,179  
359,572  
484,107 
Total non-interest expenses
 
290,634  
310,933  
303,957  
401,978 
Income before income tax expense
 
52,422  
28,246  
55,615  
82,129 
Income tax expense
 
2,844  
13,276  
15,225  
29,627 
Net income
 
49,578  
14,970  
40,390  
52,502 
Net income/(loss) attributable to noncontrolling interests
 
7,085  
(19,803)  
5,601  
(16,557) 
Net income attributable to Piper Sandler Companies
$ 
42,493 $ 
34,773 $ 
34,789 $ 
69,059 
Earnings per common share
Basic
$ 
2.74 $ 
2.19 $ 
2.19 $ 
4.30 
Diluted
$ 
2.43 $ 
1.97 $ 
1.96 $ 
3.86 
Dividends declared per common share
$ 
1.60 $ 
0.60 $ 
0.65 $ 
0.65 
Weighted average number of common shares 
outstanding
Basic
 
15,499  
15,879  
15,921  
16,052 
Diluted
 
17,504  
17,633  
17,769  
17,870 
2023 Fiscal Quarter
(Amounts in thousands, except per share data)
 First
 Second
 Third
 Fourth
Total revenues
$ 
300,544 $ 
291,331 $ 
292,031 $ 
474,207 
Interest expense
 
2,639  
2,605  
2,546  
2,356 
Net revenues
 
297,905  
288,726  
289,485  
471,851 
Total non-interest expenses
 
272,096  
274,345  
292,935  
386,005 
Income/(loss) before income tax expense/(benefit)
 
25,809  
14,381  
(3,450)  
85,846 
Income tax expense/(benefit)
 
(7,637)  
(250)  
10,227  
21,273 
Net income/(loss)
 
33,446  
14,631  
(13,677)  
64,573 
Net income/(loss) attributable to noncontrolling interests
 
7,812  
10,677  
(17,555)  
12,548 
Net income attributable to Piper Sandler Companies
$ 
25,634 $ 
3,954 $ 
3,878 $ 
52,025 
Earnings per common share
Basic
$ 
1.77 $ 
0.26 $ 
0.26 $ 
3.44 
Diluted
$ 
1.49 $ 
0.23 $ 
0.22 $ 
3.00 
Dividends declared per common share
$ 
1.85 $ 
0.60 $ 
0.60 $ 
0.60 
Weighted average number of common shares 
outstanding
Basic
 
14,507  
15,066  
15,105  
15,143 
Diluted
 
17,182  
17,084  
17,256  
17,367 
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Piper Sandler Companies
Supplementary Data — Quarterly Information (unaudited)
Piper Sandler Companies  |  108

Item 9. Changes in and Disagreements with Accountants on 
Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the 
participation of our principal executive officer and our principal financial officer, of our disclosure controls and 
procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our 
principal executive officer and our principal financial officer concluded that our disclosure controls and procedures are 
effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange 
Act is (a) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and 
(b) accumulated and communicated to our management, including our principal executive officer and our principal 
financial officer, to allow timely decisions regarding disclosure.
During the fourth quarter of our fiscal year ended December 31, 2024, there was no change in our system of internal 
control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially 
affected, or is reasonably likely to materially affect, our internal control over financial reporting. 
Management's Report on Internal Control Over Financial Reporting and the attestation report of our independent 
registered public accounting firm on management's assessment of internal control over financial reporting are included 
in Part II, Item 8 of this Form 10-K entitled "Financial Statements and Supplementary Data" and are incorporated herein 
by reference.
Item 9B. Other Information.
During the quarter ended December 31, 2024, no director or officer of the Company adopted or terminated any "Rule 
10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of 
Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent 
Inspections.
Not applicable.
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Piper Sandler Companies  |  109

PART III 
Item 10. Directors, Executive Officers and Corporate Governance.
The information regarding our executive officers included in Part I, Item 1 of this Form 10-K under the caption 
"Information About our Executive Officers" is incorporated herein by reference. The information in the definitive proxy 
statement for our 2025 annual meeting of shareholders to be held on May 22, 2025, under the captions "Proposal One 
— Election of Directors," "Information Regarding the Board of Directors and Corporate Governance — Committees of 
the Board — Audit Committee," "Information Regarding the Board of Directors and Corporate Governance — Codes of 
Ethics and Business Conduct,"  "Information Regarding the Board of Directors and Corporate Governance — Insider 
Trading Policies" and "Delinquent Section 16(a) Reports" is incorporated herein by reference.
Item 11. Executive Compensation.
The information in the definitive proxy statement for our 2025 annual meeting of shareholders to be held on May 22, 
2025, under the captions "Executive Compensation," "Certain Relationships and Related Transactions — Compensation 
Committee Interlocks and Insider Participation," "Information Regarding the Board of Directors and Corporate 
Governance — Compensation Program for Non-Employee Directors" and "Information Regarding the Board of Directors 
and Corporate Governance — Non-Employee Director Compensation for 2024" is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and 
Management and Related Stockholder Matters.
The information in the definitive proxy statement for our 2025 annual meeting of shareholders to be held on May 22, 
2025, under the captions "Security Ownership — Beneficial Ownership of Directors, Nominees and Executive Officers," 
"Security Ownership — Beneficial Owners of More than Five Percent of Our Common Stock," "Executive Compensation 
— Outstanding Equity Awards at Fiscal Year-End" and "Executive Compensation — Equity Compensation Plan 
Information" is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and 
Director Independence.
The information in the definitive proxy statement for our 2025 annual meeting of shareholders to be held on May 22, 
2025, under the captions "Information Regarding the Board of Directors and Corporate Governance — Director 
Independence," "Certain Relationships and Related Transactions — Transactions with Related Persons" and "Certain 
Relationships and Related Transactions — Review and Approval of Transactions with Related Persons" is incorporated 
herein by reference.
Item 14. Principal Accountant Fees and Services.
The information in the definitive proxy statement for our 2025 annual meeting of shareholders to be held on May 22, 
2025, under the captions "Audit Committee Report and Payment of Fees to Our Independent Auditor — Auditor Fees" 
and "Audit Committee Report and Payment of Fees to Our Independent Auditor — Auditor Services Pre-Approval 
Policy" is incorporated herein by reference.
Table of Contents
Piper Sandler Companies  |  110

PART IV 
Item 15. Exhibit and Financial Statement Schedules.
(a)(1)    FINANCIAL STATEMENTS.
The Consolidated Financial Statements are incorporated herein by reference and included in Part II, Item 8 of this Form 
10-K.
(a)(2)    FINANCIAL STATEMENT SCHEDULES.
All financial statement schedules for the Company have been included in the Consolidated Financial Statements or the 
related footnotes, or are either inapplicable or not required.
(a)(3)    EXHIBITS.
2.1
Separation and Distribution Agreement dated as of December 23, 2003, between U.S. Bancorp and Piper 
Sandler Companies (incorporated by reference to Exhibit 2.1 to the Company's Annual Report on Form 
10-K for the fiscal year ended December 31, 2003, filed March 8, 2004). #
2.2
Agreement and Plans of Merger, dated July 9, 2019, by and among Piper Sandler Companies, SOP 
Holdings, LLC, Sandler O’Neill & Partners Corp., Sandler O’Neill & Partners, L.P. and the other parties 
thereto (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed July 
10, 2019). #
3.1
Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the 
Company's Current Report on Form 8-K, filed May 18, 2023).
3.2
Amended and Restated Bylaws (as of February 9, 2023) (incorporated by reference to Exhibit 3.1 to the 
Company's Current Report on Form 8-K, filed February 10, 2023).
4.1
Form of Specimen Certificate for Piper Sandler Companies Common Stock (incorporated by reference to 
Exhibit 4.1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, 
filed February 26, 2018).
4.2
Description of Securities (incorporated by reference to Exhibit 4.7 to the Company's Annual Report on 
Form 10-K for the fiscal year ended December 31, 2019, filed February 28, 2020).
10.1
Form of director indemnification agreement between Piper Sandler Companies and its directors 
(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed March 17, 
2014). †
10.2
Office Lease Agreement, dated May 30, 2012, by and among Piper Sandler & Co. and Wells REIT – 800 
Nicollett Avenue Owner, LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report 
on Form 8-K, filed June 1, 2012).
10.3
Piper Sandler Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (as 
amended and restated May 17, 2023) (incorporated by reference to Exhibit 10.1 to the Company's 
Current Report on Form 8-K, filed May 18, 2023). †
10.4
Form of Performance Share Unit Agreement for 2020 Leadership Team Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2019, filed February 28, 2020). †
10.5
Form of Performance Share Unit Agreement for 2021 Leadership Team Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2020, filed February 25, 2021). †
10.6
Form of Performance Share Unit Agreement for 2022 Leadership Team Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2021, filed February 25, 2022). †
Number
Description
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Piper Sandler Companies  |  111

10.7
Form of Performance Share Unit Agreement for 2023 Leadership Team Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2022, filed February 24, 2023). †
10.8
Form of Performance Share Unit Agreement for 2024 Leadership Team Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2023, filed February 26, 2024). †
10.9
Form of Performance Share Unit Agreement for 2025 Leadership Team Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan. †*
10.10
Piper Sandler Companies Deferred Compensation Plan for Non-Employee Directors, as amended and 
restated effective May 4, 2016 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly 
Report on Form 10-Q for the period ended June 30, 2016, filed August 5, 2016). †
10.11
Summary of Non-Employee Director Compensation Program. †*
10.12
Form of Notice Period Agreement (incorporated by reference to Exhibit 10.16 to the Company's Annual 
Report on Form 10-K for the fiscal year ended December 31, 2006, filed March 1, 2007). †
10.13
Amended and Restated Credit Agreement, dated December 20, 2022, by and between Piper Sandler 
Companies and U.S. Bank National Association (as conformed through the Fourth Amendment to 
Amended and Restated Credit Agreement, dated December 19, 2024). *
10.14
Amended and Restated Loan Agreement, dated December 28, 2012, between Piper Sandler & Co. and 
U.S. Bank National Association (as conformed through the Tenth Amendment to Amended and Restated 
Loan Agreement, dated December 9, 2022) (incorporated by reference to Exhibit 10.13 to the Company's 
Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed February 24, 2023).
10.15
Eleventh Amendment to Amended and Restated Loan Agreement, dated December 8, 2023, by and 
between Piper Sandler & Co. and U.S. Bank National Association (incorporated by reference to Exhibit 
10.15 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed 
February 26, 2024). 
10.16
Credit Agreement, dated August 23, 2024, among Piper Sandler Companies and Cadence Bank 
(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period 
ended September 30, 2024, filed November 7, 2024).
10.17
Piper Sandler Companies Amended and Restated Mutual Fund Restricted Share Investment Plan, 
effective as of November 16, 2022 (incorporated by reference to Exhibit 10.14 to the Company's Annual 
Report on Form 10-K for the fiscal year ended December 31, 2022, filed February 24, 2023). †
10.18
Form of Non-Qualified Stock Option Agreement for 2018 Promotional Grants under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed February 9, 2018). †
10.19
Form of Non-Qualified Stock Option Agreement for 2023 Special Grant under the Piper Sandler 
Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (incorporated by 
reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed February 10, 2023). †
10.20
Form of Restricted Stock and Mutual Fund Restricted Share Agreement for Employee Grants in 2020 
(related to performance in 2019) under the Piper Sandler Companies Amended and Restated 2003 
Annual and Long-Term Incentive Plan and Mutual Fund Restricted Share Investment Plan (incorporated 
by reference to Exhibit 10.34 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2019, filed February 28, 2020). † 
10.21
Form of Restricted Stock and Mutual Fund Restricted Share Agreement for Employee Grants in 2021 
(related to performance in 2020) under the Piper Sandler Companies Amended and Restated 2003 
Annual and Long-Term Incentive Plan and Mutual Fund Restricted Share Investment Plan (incorporated 
by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2020, filed February 25, 2021). †
10.22
Form of Restricted Stock and Mutual Fund Restricted Share Agreement for Employee Grants in 2022 
(related to performance in 2021) under the Piper Sandler Companies Amended and Restated 2003 
Annual and Long-Term Incentive Plan and Mutual Fund Restricted Share Investment Plan (incorporated 
by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2021, filed February 25, 2022). †
10.23
Form of Restricted Stock and Mutual Fund Restricted Share Agreement for Employee Grants in 2023 
(related to performance in 2022) under the Piper Sandler Companies Amended and Restated 2003 
Annual and Long-Term Incentive Plan and Mutual Fund Restricted Share Investment Plan (incorporated 
by reference to Exhibit 10.21 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2022, filed February 24, 2023). †
Number
Description
Table of Contents
Piper Sandler Companies  |  112

10.24
Form of Restricted Stock and Mutual Fund Restricted Share Agreement for Employee Grants in 2024 
(related to performance in 2023) under the Piper Sandler Companies Amended and Restated 2003 
Annual and Long-Term Incentive Plan and Mutual Fund Restricted Share Investment Plan (incorporated 
by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K for the fiscal year ended 
December 31, 2023, filed February 26, 2024). †
10.25
Form of Restricted Stock and Mutual Fund Restricted Share Agreement for Employee Grants in 2025 
(related to performance in 2024) under the Piper Sandler Companies Amended and Restated 2003 
Annual and Long-Term Incentive Plan and Mutual Fund Restricted Share Investment Plan. †*
10.26
Piper Sandler Companies 2019 Employment Inducement Award Plan (incorporated by reference to 
Exhibit 4.4 to the Company's Registration Statement on Form S-8, filed March 13, 2019). †
10.27
Form of Restricted Stock Agreement for Grants under the Piper Sandler Companies 2019 Employment 
Inducement Award Plan (incorporated by reference to Exhibit 4.5 to the Company's Registration 
Statement on Form S-8, filed March 13, 2019). †
10.28
Letter Agreement, dated July 8, 2019, by and between Piper Sandler Companies and Jonathan J. Doyle 
(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed January 6, 
2020). †
10.29
Amendment Letter, dated March 10, 2021, by and between Piper Sandler Companies and Jonathan J. 
Doyle (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the 
period ended March 31, 2021, filed May 6, 2021). †
10.30
Equity Consideration Restricted Stock Agreement, dated July 9, 2019, by and between Piper Sandler 
Companies and Jonathan J. Doyle (incorporated by reference to Exhibit 10.39 to the Company's Annual 
Report on Form 10-K for the fiscal year ended December 31, 2019, filed February 28, 2020). †
10.31
Piper Sandler Companies 2020 Employment Inducement Award Plan (incorporated by reference to 
Exhibit 4.4 to the Company’s Registration Statement on Form S-8, filed November 29, 2019). †
10.32
Form of Restricted Stock Agreement for Grants under the Piper Sandler Companies 2020 Employment 
Inducement Award Plan (18-Month Cliff Vesting) (incorporated by reference to Exhibit 4.5 to the 
Company’s Registration Statement on Form S-8, filed November 29, 2019). † 
10.33
Form of Restricted Stock Agreement for Grants under the Piper Sandler Companies 2020 Employment 
Inducement Award Plan (3-Year Cliff Vesting) (incorporated by reference to Exhibit 4.6 to the Company’s 
Registration Statement on Form S-8, filed November 29, 2019). †
10.34
Form of Restricted Stock Agreement for Grants under the Piper Sandler Companies 2020 Employment 
Inducement Award Plan (Years 3, 4 and 5 Pro-rata Vesting) (incorporated by reference to Exhibit 4.7 to 
the Company’s Registration Statement on Form S-8, filed November 29, 2019). †
10.35
Piper Sandler Companies 2022 Employment Inducement Award Plan (incorporated by reference to 
Exhibit 4.5 to the Company's Registration Statement on Form S-8, filed September 23, 2022). †
10.36
Piper Sandler Companies 2024 Employment Inducement Award Plan (incorporated by reference to 
Exhibit 4.4 to the Company's Registration Statement on Form S-8, filed August 19, 2024). †
10.37
Letter Agreement, dated August 8, 2023, by and between Piper Sandler Companies and Katherine P. 
Clune (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed 
September 12, 2023). †
19.1
Director, Executive Officer and Employee Insider Trading Policy. *
21.1
Subsidiaries of Piper Sandler Companies *
23.1
Consent of Ernst & Young LLP *
24.1
Power of Attorney *
31.1
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. * 
31.2
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. *
32.1
Section 1350 Certifications. **
97.1
Piper Sandler Companies Incentive Compensation Recovery Policy for Accounting Restatements 
(incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K for the fiscal 
year ended December 31, 2023, filed February 26, 2024).
Number
Description
Table of Contents
Piper Sandler Companies  |  113

101
The following financial information from our Annual Report on Form 10-K for the year ended December 
31, 2024, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) the Consolidated 
Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated 
Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders' 
Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Consolidated Financial 
Statements. *
104
The cover page from our Annual Report on Form 10-K for the year ended December 31, 2024, formatted 
in iXBRL and included in Exhibit 101. *
Number
Description
# 
The Company hereby agrees to furnish supplementally to the Commission upon request any omitted exhibit or schedule.
† 
This exhibit is a management contract or compensatory plan or agreement.
* 
Filed herewith.
** 
This information is furnished and not filed for purposes of Section 11 and 12 of the Securities Act of 1933 and Section 18 of the 
Securities Exchange Act of 1934.
Item 16. Form 10-K Summary.
None.
Table of Contents
Piper Sandler Companies  |  114

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly 
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 27, 2025. 
PIPER SANDLER COMPANIES
By
 
/s/ Chad R. Abraham
Name
Chad R. Abraham
Its
 
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following 
persons on behalf of the registrant and in the capacities indicated on February 27, 2025. 
SIGNATURE
TITLE
/s/ Chad R. Abraham
Chairman and Chief Executive Officer
Chad R. Abraham
(Principal Executive Officer)
/s/ Katherine P. Clune
Chief Financial Officer
Katherine P. Clune
(Principal Financial and Accounting Officer)
/s/ Jonathan J. Doyle
Director
Jonathan J. Doyle
/s/ William R. Fitzgerald
Director
William R. Fitzgerald
/s/ Ann C. Gallo
Director
Ann C. Gallo
/s/ Victoria M. Holt
Director
Victoria M. Holt
/s/ Robbin Mitchell
Director
Robbin Mitchell
/s/ Thomas S. Schreier Jr.
Director
Thomas S. Schreier Jr.
/s/ Sherry M. Smith
Director
Sherry M. Smith
/s/ Philip E. Soran
Director
Philip E. Soran
/s/ Brian R. Sterling
Director
Brian R. Sterling
/s/ Scott C. Taylor
Director
Scott C. Taylor
Piper Sandler Companies  |  115

Corporate Headquarters
Piper Sandler Companies
Mail Stop J12NSH
800 Nicollet Mall, Suite 900
Minneapolis, MN  55402
612 303-6000
Company Website
www.pipersandler.com
Common Stock Listing
New York Stock Exchange (symbol: PIPR)
Stock Transfer Agent and Registrar 
Broadridge acts as transfer agent and registrar for Piper 
Sandler Companies and maintains all shareholder records 
for the company. If you have questions regarding the Piper 
Sandler Companies stock you own, stock transfers, 
address corrections or changes, lost stock certificates or 
duplicate mailings, please contact Broadridge.
Online: 
shareholder.broadridge.com/PIPR
Telephone:
Toll-Free 
 
800 872-4409
Outside of U.S. 
720 501-4324
Shareowner relations specialists available 
Monday through Friday, 9 a.m. to 6 p.m. ET
Written correspondence:
Broadridge Corporate Issuer Solutions, Inc
PO Box 1342
Brentwood, NY  11717
Certified and overnight delivery:
Broadridge Corporate Issuer Solutions, Inc
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY  11717
Independent Accountants
Ernst & Young LLP
Investor Inquiries
Shareholders, securities analysts and investors seeking 
more information about the company should contact Kate 
Clune, chief financial officer, at 212 466-7799 or 
investorrelations@psc.com; or the corporate headquarters 
address.
Website Access to SEC Reports and Corporate 
Governance Information
Piper Sandler Companies makes available free of charge 
on its website, www.pipersandler.com, its annual reports 
on Form 10-K, quarterly reports on Form 10-Q, current 
reports on Form 8-K, and amendments to those reports 
filed or furnished pursuant to Section 13(a) or 15(d) of the 
Securities Exchange Act of 1934, as amended, as well as 
all other reports filed by Piper Sandler Companies with the 
Securities and Exchange Commission, as soon as 
reasonably practicable after it electronically files them with, 
or furnishes them to, the Securities and Exchange 
Commission. These reports are also available at the 
Securities and Exchange Commission website, 
www.sec.gov.
Piper Sandler Companies also makes available free of 
charge on its website the company’s codes of ethics and 
business conduct, its corporate governance principles and 
the charters of the audit, compensation, and nominating 
and governance committees of the board of directors. 
Printed copies of these materials will be mailed upon 
request. 
Dividends
Piper Sandler Companies began paying cash dividends on 
its common stock in 2017. The decision to pay future 
dividends is at the discretion of the board of directors.
Cautionary Note Regarding Forward-Looking Statements
This annual report and the preceding letter to shareholders contain forward-looking statements. Statements that are not 
historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject 
to significant risks and uncertainties that are difficult to predict. A number of these risks and uncertainties are described in our 
reports filed or furnished with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the 
year ended December 31, 2024. Forward-looking statements speak only as of the date they are made, and we undertake no 
obligation to update them in light of new information or future events.
Shareholder information