Business Segment and Revenues Information

3 Months Ended

Mar. 31, 2026

Business Segment and Revenues Information

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 three months ended March 31, 2026 and 2025, net income attributable to Piper Sandler Companies was $65.2 million and $64.9 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 March 31, 2026 and December 31, 2025, total assets were $2.13 billion and $2.59 billion, respectively.

The components of net revenues are as follows:


	Three Months Ended
	March 31,
(Amounts in thousands)	2026		2025
Revenues
Revenues from contracts with customers:
Investment banking:
Advisory services	$	250,962	$	216,800
Corporate financing	73,315		33,061
Municipal financing	23,913		26,403
Total investment banking	348,190		276,264

Institutional brokerage:
Equity brokerage	60,470		54,254
Fixed income services	50,375		47,670
Total institutional brokerage	110,845		101,924

Total revenues from contracts with customers	459,035		378,188

Interest income	11,646		9,963
Investment income/(loss)	4,464		(29,597)
Total revenues	475,145		358,554
Interest expense	736		1,282
Net revenues	$	474,409	$	357,272

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

PIPER SANDLER COMPANIES 10-Q