Piper Sandler Companies (PIPR) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-31720
Entity Registrant Name	PIPER SANDLER COMPANIES
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0168701
Entity Address, Address Line One	800 Nicollet Mall, Suite 900
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	(612)
Local Phone Number	303-6000
Title of Each Class	Common Stock, par value $0.01 per share
Trading Symbol	PIPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,868,182
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001230245
Current Fiscal Year End Date	--12-31

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 371,826	$ 250,018
Receivables from brokers, dealers and clearing organizations	151,912	283,108
Financial instruments and other inventory positions owned	258,452	434,088
Financial instruments and other inventory positions owned and pledged as collateral	191,484	205,674
Total financial instruments and other inventory positions owned	449,936	639,762
Fixed assets (net of accumulated depreciation and amortization of $73,590 and $65,991, respectively)	38,991	29,850
Goodwill	215,309	87,649
Intangible assets (net of accumulated amortization of $73,986 and $40,864, respectively)	156,164	16,686
Investments	171,248	158,141
Net deferred income tax assets	87,217	68,035
Right-of-use lease asset	84,931	40,030
Other assets	93,640	55,440
Total assets	1,821,174	1,628,719
Liabilities and Shareholders' Equity
Short-term financing	74,966	49,978
Long-term financing	195,000	175,000
Payables to brokers, dealers and clearing organizations	13,008	7,514
Financial instruments and other inventory positions sold, but not yet purchased	152,190	185,425
Accrued compensation	355,820	300,527
Accrued lease liability	102,366	57,169
Other liabilities and accrued expenses	69,449	46,578
Total liabilities	962,799	822,191
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at June 30, 2020 and December 31, 2019; Shares issued: 19,532,136 at June 30, 2020 and 19,526,533 at December 31, 2019; Shares outstanding: 13,803,925 at June 30, 2020 and 13,717,315 at December 31, 2019	195	195
Additional paid-in capital	826,719	757,669
Retained earnings	234,055	258,669
Less common stock held in treasury, at cost: 5,781,256 shares at September 30, 2020 and 5,809,218 shares at December 31, 2019	(290,440)	(284,378)
Accumulated other comprehensive loss	(1,035)	(872)
Total common shareholders' equity	769,494	731,283
Noncontrolling interests	88,881	75,245
Total shareholders' equity	858,375	806,528
Total liabilities and shareholders' equity	$ 1,821,174	$ 1,628,719

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 73,590	$ 65,991
Accumulated amortization on intangible assets	$ 73,986	$ 40,864
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,532,686	19,526,533
Common stock, shares outstanding (in shares)	13,751,430	13,717,315
Common stock held in treasury, shares (in shares)	5,781,256	5,809,218

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Investment banking	$ 203,235	$ 151,192	$ 562,060	$ 410,992
Institutional brokerage	86,764	46,814	265,246	113,983
Interest income	2,095	6,481	11,225	20,911
Investment income/(loss)	15,080	(1,575)	4,987	17,622
Total revenues	307,174	202,912	843,518	563,508
Interest expense	3,455	2,177	11,193	7,813
Net revenues	303,719	200,735	832,325	555,695
Non-interest expenses:
Compensation and benefits	209,660	126,868	611,344	346,471
Outside services	9,395	7,842	27,733	24,864
Occupancy and equipment	13,849	9,594	39,356	26,368
Communications	11,169	7,885	33,899	22,599
Marketing and business development	537	6,528	13,164	21,355
Deal-related expenses	13,543	6,387	29,687	17,840
Trade execution and clearance	3,666	3,770	15,129	6,593
Restructuring and integration costs	1,592	6,143	7,218	12,538
Intangible asset amortization	11,607	1,229	33,122	2,735
Other operating expenses	4,052	3,454	23,656	9,235
Total non-interest expenses	279,070	179,700	834,308	490,598
Income/(loss) from continuing operations before income tax expense/(benefit)	24,649	21,035	(1,983)	65,097
Income tax expense/(benefit)	5,674	6,717	(1,400)	10,729
Income/(loss) from continuing operations	18,975	14,318	(583)	54,368
Income from discontinued operations, net of tax	0	26,077	0	23,772
Net income/(loss)	18,975	40,395	(583)	78,140
Net income/(loss) applicable to noncontrolling interests	7,358	(2,847)	1,073	5,087
Net income/(loss) applicable to Piper Sandler Companies	11,617	43,242	(1,656)	73,053
Net income/(loss) applicable to Piper Sandler Companies' common shareholders	11,617	42,442	(1,656)	69,529
Amounts applicable to Piper Sandler Companies
Net income/(loss) from continuing operations	11,617	17,165	(1,656)	49,281
Net income from discontinued operations	0	26,077	0	23,772
Net income/(loss) applicable to Piper Sandler Companies	$ 11,617	$ 43,242	$ (1,656)	$ 73,053
Earnings/(loss) per basic common share
Income/(loss) from continuing operations (in dollars per share)	$ 0.84	$ 1.23	$ (0.12)	$ 3.46
Loss from discontinued operations (in dollars per share)	0	1.87	0	1.69
Earnings/(loss) per basic common share (in dollars per share)	0.84	3.09	(0.12)	5.15
Earnings/(loss) per diluted common share
Income/(loss) from continuing operations (in dollars per share)	0.78	1.20	(0.12)	3.37
Loss from discontinued operations (in dollars per share)	0	1.82	0	1.64
Earnings/(loss) per diluted common share (in dollars per share)	0.78	3.01	(0.12)	5.01
Dividends declared per common share (in dollars per share)	$ 0.30	$ 0.38	$ 1.63	$ 2.14
Weighted average common shares outstanding
Basic (in shares)	13,778	13,708	13,789	13,502
Diluted (in shares)	14,853	14,085	14,580	13,882

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 18,975	$ 40,395	$ (583)	$ 78,140
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	577	(179)	(163)	(65)
Comprehensive income/(loss)	19,552	40,216	(746)	78,075
Comprehensive income/(loss) applicable to noncontrolling interests	7,358	(2,847)	1,073	5,087
Comprehensive income/(loss) applicable to Piper Sandler Companies	$ 12,194	$ 43,063	$ (1,819)	$ 72,988

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total Common Shareholders' Equity	Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2018			12,995,397
Beginning Balance at Dec. 31, 2018		$ 730,416	$ 195	$ 796,363	$ 182,552	$ (300,268)	$ (1,398)	$ 677,444	$ 52,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		18,806			19,422			19,422	(616)
Dividends		(19,947)			(19,947)			(19,947)
Amortization/issuance of restricted stock		23,826		23,826				23,826
Repurchase of common stock through share repurchase program (in shares)			(501)
Repurchase of common stock through share repurchase program		(32)				(32)		(32)
Issuance of treasury shares for restricted stock vestings (in shares)			1,035,360
Issuance of treasury shares for restricted stock vestings		0		(48,092)		48,092		0
Repurchase of common stock from employees (in shares)			(563,284)
Repurchase of common stock from employees		(39,695)				(39,695)		(39,695)
Shares reserved/issued for director compensation (in shares)			1,263
Shares reserved/issued for director compensation		87		87				87
Other comprehensive income/(loss)		215					215	215
Fund capital contributions/(distributions), net		(5)						0	(5)
Ending Balance (in shares) at Mar. 31, 2019			13,468,235
Ending Balance at Mar. 31, 2019		713,671	$ 195	772,184	182,027	(291,903)	(1,183)	661,320	52,351
Beginning Balance (in shares) at Dec. 31, 2018			12,995,397
Beginning Balance at Dec. 31, 2018		730,416	$ 195	796,363	182,552	(300,268)	(1,398)	677,444	52,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		$ 78,140
Repurchase of common stock from employees (in shares)		(698,065)
Ending Balance (in shares) at Sep. 30, 2019			13,710,508
Ending Balance at Sep. 30, 2019		$ 762,104	$ 195	757,384	225,203	(284,578)	(1,463)	696,741	65,363
Beginning Balance (in shares) at Mar. 31, 2019			13,468,235
Beginning Balance at Mar. 31, 2019		713,671	$ 195	772,184	182,027	(291,903)	(1,183)	661,320	52,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		18,939			10,389			10,389	8,550
Dividends		(5,234)			(5,234)			(5,234)
Amortization/issuance of restricted stock		1,448		1,448				1,448
Issuance of treasury shares for restricted stock vestings (in shares)			365,908
Issuance of treasury shares for restricted stock vestings		0		(17,703)		17,703		0
Repurchase of common stock from employees (in shares)			(133,127)
Repurchase of common stock from employees		(10,499)				(10,499)		(10,499)
Shares reserved/issued for director compensation (in shares)			4,299
Shares reserved/issued for director compensation		334		334				334
Other comprehensive income/(loss)		(101)					(101)	(101)
Fund capital contributions/(distributions), net		7,227						0	7,227
Ending Balance (in shares) at Jun. 30, 2019			13,705,315
Ending Balance at Jun. 30, 2019		725,785	$ 195	756,263	187,182	(284,699)	(1,284)	657,657	68,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		40,395			43,242			43,242	(2,847)
Dividends		(5,221)			(5,221)			(5,221)
Amortization/issuance of restricted stock		1,208		1,208				1,208
Issuance of treasury shares for restricted stock vestings (in shares)			4,871
Issuance of treasury shares for restricted stock vestings		0		(238)		238		0
Repurchase of common stock from employees (in shares)			(1,654)
Repurchase of common stock from employees		(117)				(117)		(117)
Shares reserved/issued for director compensation (in shares)			1,976
Shares reserved/issued for director compensation		151		151				151
Other comprehensive income/(loss)		(179)					(179)	(179)
Fund capital contributions/(distributions), net		82						0	82
Ending Balance (in shares) at Sep. 30, 2019			13,710,508
Ending Balance at Sep. 30, 2019		762,104	$ 195	757,384	225,203	(284,578)	(1,463)	696,741	65,363
Beginning Balance (in shares) at Dec. 31, 2019			13,717,315
Beginning Balance at Dec. 31, 2019		806,528	$ 195	757,669	258,669	(284,378)	(872)	731,283	75,245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		(22,255)			(14,727)			(14,727)	(7,528)
Dividends		(16,066)			(16,066)			(16,066)
Amortization/issuance of restricted stock	[1]	44,195		44,195				44,195
Repurchase of common stock through share repurchase program (in shares)			(128,865)
Repurchase of common stock through share repurchase program		(9,225)				(9,225)		(9,225)
Issuance of treasury shares for restricted stock vestings (in shares)			254,111
Issuance of treasury shares for restricted stock vestings		0		(12,551)		12,551		0
Issuance of treasury shares for deal consideration (in shares)			34,205
Issuance of treasury shares for deal consideration		2,723		1,049		1,674		2,723
Repurchase of common stock from employees (in shares)			(94,615)
Repurchase of common stock from employees		(8,068)				(8,068)		(8,068)
Shares reserved/issued for director compensation (in shares)			1,779
Shares reserved/issued for director compensation		116		116				116
Other comprehensive income/(loss)		(672)					(672)	(672)
Fund capital contributions/(distributions), net		(1,201)						0	(1,201)
Ending Balance (in shares) at Mar. 31, 2020			13,783,930
Ending Balance at Mar. 31, 2020		796,075	$ 195	790,478	227,876	(287,446)	(1,544)	729,559	66,516
Beginning Balance (in shares) at Dec. 31, 2019			13,717,315
Beginning Balance at Dec. 31, 2019		806,528	$ 195	757,669	258,669	(284,378)	(872)	731,283	75,245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		$ (583)
Issuance of treasury shares for deal consideration (in shares)		34,205
Repurchase of common stock from employees (in shares)		(102,556)
Ending Balance (in shares) at Sep. 30, 2020			13,751,430
Ending Balance at Sep. 30, 2020		$ 858,375	$ 195	826,719	234,055	(290,440)	(1,035)	769,494	88,881
Beginning Balance (in shares) at Mar. 31, 2020			13,783,930
Beginning Balance at Mar. 31, 2020		796,075	$ 195	790,478	227,876	(287,446)	(1,544)	729,559	66,516
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		2,697			1,454			1,454	1,243
Dividends		(2,753)			(2,753)			(2,753)
Amortization/issuance of restricted stock	[1]	17,654		17,654				17,654
Issuance of treasury shares for restricted stock vestings (in shares)			17,778
Issuance of treasury shares for restricted stock vestings		0		(890)		890		0
Repurchase of common stock from employees (in shares)			(3,521)
Repurchase of common stock from employees		(189)				(189)		(189)
Shares reserved/issued for director compensation (in shares)			5,738
Shares reserved/issued for director compensation		299		299				299
Other comprehensive income/(loss)		(68)					(68)	(68)
Fund capital contributions/(distributions), net		(3)						0	(3)
Ending Balance (in shares) at Jun. 30, 2020			13,803,925
Ending Balance at Jun. 30, 2020		813,712	$ 195	807,541	226,577	(286,745)	(1,612)	745,956	67,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		18,975			11,617			11,617	7,358
Dividends		(4,139)			(4,139)			(4,139)
Amortization/issuance of restricted stock		19,689		19,689				19,689
Repurchase of common stock through share repurchase program (in shares)			(59,454)
Repurchase of common stock through share repurchase program		(3,905)				(3,905)		(3,905)
Issuance of treasury shares for restricted stock vestings (in shares)			10,829
Issuance of treasury shares for restricted stock vestings		0		(544)		544		0
Repurchase of common stock from employees (in shares)			(4,420)
Repurchase of common stock from employees		(334)				(334)		(334)
Shares reserved/issued for director compensation (in shares)			550
Shares reserved/issued for director compensation		33		33				33
Other comprehensive income/(loss)		577					577	577
Fund capital contributions/(distributions), net		13,767						0	13,767
Ending Balance (in shares) at Sep. 30, 2020			13,751,430
Ending Balance at Sep. 30, 2020		$ 858,375	$ 195	$ 826,719	$ 234,055	$ (290,440)	$ (1,035)	$ 769,494	$ 88,881
[1]	Includes amortization of restricted stock issued as part of deal consideration. See Note 3 for further discussion.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities:
Net income/(loss)	$ (583)	$ 78,140
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization of fixed assets	8,047	7,011
Deferred income taxes	(19,182)	17,997
Stock-based compensation	80,292	18,964
Amortization of intangible assets	33,122	8,200
Amortization of forgivable loans	2,554	3,322
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	323,871	61,567
Net financial instruments and other inventory positions owned	156,591	(6,480)
Investments	(12,422)	(3,662)
Other assets	(25,334)	(38,715)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	5,494	(3,800)
Accrued compensation	(14,399)	(121,148)
Other liabilities and accrued expenses	(5,246)	16,830
Decrease in assets held for sale	0	20,901
Decrease in liabilities held for sale	0	(7,915)
Net cash provided by operating activities	532,805	18,186
Investing Activities:
Business acquisitions, net of cash acquired	(393,522)	(18,617)
Purchases of fixed assets, net	(10,158)	(4,990)
Net cash provided by/(used in) investing activities	(403,680)	29,274
Financing Activities:
Increase in short-term financing	24,988	9
Payment of cash dividend	(22,958)	(30,402)
Increase in noncontrolling interests	12,563	7,304
Repurchase of common stock	(21,721)	(50,343)
Net cash used in financing activities	(7,128)	(73,432)
Currency adjustment:
Effect of exchange rate changes on cash	(189)	(387)
Net increase/(decrease) in cash and cash equivalents	121,808	(26,359)
Cash and cash equivalents at beginning of period	250,018	50,364
Cash and cash equivalents at end of period	371,826	24,005
Supplemental disclosure of cash flow information:
Interest	11,115	8,046
Income taxes	$ 14,589	8,463
Advisory Research (ARI)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		(33,026)
Investing Activities:
Proceeds from Divestiture of Businesses		$ 52,881

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Piper Sandler Companies is the parent company of Piper Sandler & Co. ("Piper Sandler"), a securities broker dealer and investment banking firm; Piper Sandler Ltd., a firm providing securities brokerage and mergers and acquisitions services in Europe; Piper Sandler Finance LLC, which facilitates corporate debt underwriting in conjunction with affiliated credit vehicles; Piper Sandler Investment Group Inc. and PSC Capital Management LLC, entities providing alternative asset management services; Piper Sandler Financial Products Inc. and Piper Sandler Financial Products II Inc., entities that facilitate 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, 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, and profits and losses from trading these securities. Also, the Company generates revenue through strategic trading and investing activities, which focus on investments in municipal bonds and merchant banking activities involving equity investments in late stage private companies. The Company has created alternative asset management funds in merchant banking and energy in order to invest firm capital and to manage capital from outside investors. The Company receives management and performance fees for managing these funds. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Pursuant to this guidance, certain information and disclosures have been omitted that are included within the complete annual financial statements. Except as disclosed herein, there have been no material changes in the information reported in the financial statements and related disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial statements 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. Management is required 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.

Accounting Policies and Pronoun

Accounting Policies and Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Policies and Pronouncements	Accounting Policies and Pronouncements Summary of Significant Accounting Policies Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a full description of the Company's significant accounting policies. Adoption of New Accounting Standards Financial Instruments – Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). The new guidance requires an entity to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts as opposed to delaying recognition until the loss was probable of occurring. ASU 2016-13 became effective for the Company as of January 1, 2020. There was no material impact to the Company's consolidated financial statements upon adoption of ASU 2016-13.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Business Combination Disclosure	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 Valence Group ("Valence") On April 3, 2020, the Company completed the acquisition of Valence, an investment bank offering mergers and acquisitions advisory services to companies and financial sponsors with a focus on the chemicals, materials and related sectors. The transaction was completed pursuant to the share purchase agreement dated February 20, 2020, as amended. The acquisition adds a new industry sector and expands the Company's presence in Europe. The net assets acquired by the Company are described below. As part of the purchase price, the Company entered into unsecured promissory notes with the former owners totaling $20.0 million (the "Valence Notes"), as discussed in Note 13. The Company also granted 647,268 restricted shares valued at $31.2 million as equity consideration on the acquisition date. The fair value of the restricted stock was determined using the market price of the Company's common stock on the date of acquisition. In addition, the Company entered into acquisition-related compensation arrangements with certain employees of $5.5 million in restricted stock for retention purposes. Both the equity consideration and retention-related restricted shares are subject to graded vesting, beginning on the third anniversary of the acquisition date, so long as the applicable employee remains continuously employed by the Company for such period. Compensation expense will be amortized on a straight-line basis over the requisite service period of five years. Additional cash may be earned by certain employees if a revenue threshold is exceeded during the three-year post-acquisition period to the extent they are employed by the Company at the time of payment. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period. If earned, the amount will be paid by July 3, 2023. The Company recorded $33.3 million of goodwill on the consolidated statements of financial condition, none 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 Valence. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition-date fair value of $14.8 million. Transaction costs of $0.1 million and $2.1 million were incurred for the three and nine months ended September 30, 2020, respectively, 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: (Amounts in thousands) Assets Cash and cash equivalents $ 8,181 Fixed assets 256 Goodwill 33,300 Intangible assets 14,800 Right-of-use lease asset 3,279 Other assets 4,190 Total assets acquired 64,006 Liabilities Accrued lease liability 3,279 Other liabilities and accrued expenses 10,393 Total liabilities assumed 13,672 Net assets acquired $ 50,334 SOP Holdings, LLC On January 3, 2020, the Company completed the acquisition of SOP Holdings, LLC and its subsidiaries, including Sandler O'Neill & Partners, L.P. (collectively, "Sandler O'Neill"), a full-service investment banking firm and broker dealer focused on the financial services industry. The transaction was completed pursuant to the Agreement and Plans of Merger dated July 9, 2019. The purchase price was $485.0 million, for which the Company was entitled to receive $100.0 million of tangible book value, subject to a final adjustment as of the closing date. The acquisition of Sandler O'Neill is accretive to the Company's advisory services revenues, diversifies and enhances scale in corporate financings, adds a differentiated fixed income business, and increases scale in the equity brokerage business. The net assets acquired by the Company are described below. As part of the purchase price, the Company granted 1,568,670 restricted shares valued at $124.9 million as equity consideration on the acquisition date. These restricted shares are generally subject to ratable vesting over three years and employees must fulfill service requirements in exchange for the rights to the restricted shares. Compensation expense will be amortized on a straight-line basis over the requisite service period of three years. The fair value of the restricted stock was determined using the market price of the Company's common stock on the date of acquisition. The Company also entered into acquisition-related compensation arrangements with certain employees of $113.9 million which consisted of restricted stock ($96.9 million) and restricted cash ($17.0 million) for retention purposes. The retention-related awards are also subject to vesting restrictions and employees must remain continuously employed by the Company for the respective vesting period. Compensation expense related to these arrangements will be amortized on a straight-line basis over the requisite service period of 18 months, three years or five years (a weighted average service period of 3.7 years). The Company recorded $94.4 million of goodwill on the consolidated statements of financial condition, of which $93.4 million 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 Sandler O'Neill. Identifiable intangible assets purchased by the Company consisted of customer relationships and the Sandler trade name with acquisition-date fair values of $72.4 million and $85.4 million, respectively. Transaction costs of $1.1 million were incurred for the nine months ended September 30, 2020, 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 $ 27,420 Receivables from brokers, dealers and clearing organizations 192,675 Fixed assets 6,789 Goodwill 94,360 Intangible assets 157,800 Investments 685 Right-of-use lease asset 39,607 Other assets 9,628 Total assets acquired 528,964 Liabilities Accrued compensation 71,398 Accrued lease liability 39,613 Other liabilities and accrued expenses 16,441 Due to Sandler O'Neill (1) 40,673 Total liabilities assumed 168,125 Net assets acquired $ 360,839 (1) Represents the amount of excess tangible book value received by the Company on the date of acquisition. Weeden & Co. L.P. ("Weeden & Co.") On August 2, 2019, the Company completed the acquisition of Weeden & Co., a broker dealer specializing in equity security sales and trading. The economic value of the acquisition was approximately $42.0 million and was completed pursuant to a securities purchase agreement dated February 24, 2019, as amended. The transaction added enhanced trade execution capabilities and scale to the Company's equities institutional sales and trading business. The net assets acquired by the Company are described below. As part of the purchase price, the Company granted $10.1 million in restricted cash as consideration on the acquisition date. The Company also entered into acquisition-related compensation arrangements with certain employees of $7.3 million in restricted stock for retention purposes. Both the restricted cash and restricted stock are subject to graded vesting, beginning on the third anniversary of the acquisition date, so long as the applicable employee remains continuously employed by the Company for such period. Compensation expense will be amortized on a straight-line basis over the requisite service period of four years. Additional cash of up to $31.5 million may be earned if a net revenue target is achieved during the period from January 1, 2020 to June 30, 2021 ("Weeden Earnout"). Weeden & Co.'s equity owners, a portion of whom are now employees of the Company, are eligible to receive the additional payment. Employees must fulfill service requirements in exchange for the rights to the additional payment. Amounts estimated to be payable to employees will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period. The Company recorded a liability as of the acquisition date for the fair value related to non-employee equity owners, and is required to adjust this liability through the statement of operations for any changes after the acquisition date. If earned, the Weeden Earnout will be paid by September 30, 2021. As of September 30, 2020, the Company expects the maximum Weeden Earnout will be earned and has accrued a total of $22.9 million related to this additional cash payment. The Company recorded $2.2 million and $22.0 million in non-interest expenses related to the Weeden Earnout for the three and nine months ended September 30, 2020, respectively. The Company recorded $5.8 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 Weeden & Co. Identifiable intangible assets purchased by the Company consisted of customer relationships and internally developed software with acquisition-date fair values of $12.0 million and $4.7 million, respectively. 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 $ 4,351 Receivables from brokers, dealers and clearing organizations 1,623 Fixed assets 289 Goodwill 5,794 Intangible assets 16,700 Right-of-use lease asset 6,811 Other assets 7,675 Total assets acquired 43,243 Liabilities Accrued compensation 2,156 Accrued lease liability 6,811 Other liabilities and accrued expenses 10,251 Total liabilities assumed 19,218 Net assets acquired $ 24,025 Pro Forma Financial Information The results of operations of Valence, Sandler O'Neill and Weeden & Co. 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 Valence, Sandler O’Neill and Weeden & Co. Based on the respective acquisition dates, the unaudited pro forma financial data assumes that both the Valence and Sandler O’Neill acquisitions had occurred on January 1, 2019, the beginning of the comparable prior period presented, and that the Weeden & Co. acquisition had occurred on January 1, 2018, the beginning of the prior annual period in which the acquisition occurred. Pro forma results have been prepared by adjusting the Company's historical results to include the results of operations of Valence, Sandler O'Neill and Weeden & Co. adjusted for the following significant changes: interest expense was adjusted to reflect the debt incurred by the Company to fund portions of the Sandler O’Neill and Valence purchase price; 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 cash or restricted stock issued as part of the respective purchase price, the restricted stock issued for retention purposes, and the cost that would have been incurred had Sandler O’Neill partners and Valence 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 Valence, Sandler O'Neill and Weeden & Co. 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 periods 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. Nine Months Ended Three Months Ended September 30, September 30, (Amounts in thousands) 2020 2019 2019 Net revenues $ 846,653 $ 865,263 $ 285,849 Net income/(loss) from continuing operations applicable to Piper Sandler Companies (3,349) 9,267 (1,761)

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In the third quarter of 2019, the Company completed the sale of its traditional asset management business, which was conducted through its wholly-owned subsidiary Advisory Research, Inc. ("ARI"). On September 20, 2019, the Company completed the sale of the master limited partnerships and energy infrastructure strategies business to Tortoise Capital Advisors. Additionally, on September 27, 2019, the Company completed the sale of its remaining equity strategies business to its former management team. The transactions generated cash proceeds of $53.9 million. ARI's results have been presented as discontinued operations for all prior periods presented. The components of discontinued operations were as follows: Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2019 September 30, 2019 Net revenues $ 7,939 $ 26,546 Operating expenses 7,068 22,589 Intangible asset amortization (1) — 5,465 Restructuring costs 9,572 10,268 Total non-interest expenses 16,640 38,322 Loss from discontinued operations before income tax benefit (8,701) (11,776) Income tax benefit (1,752) (2,522) Loss from discontinued operations before gain on sales (6,949) (9,254) Gain on sales, net of tax 33,026 33,026 Income from discontinued operations, net of tax $ 26,077 $ 23,772 (1) Includes $2.9 million of intangible asset impairment related to the ARI trade name for the nine months ended September 30, 2019.

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	9 Months Ended
	Sep. 30, 2020
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased September 30, December 31, (Amounts in thousands) 2020 2019 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 5,275 $ 3,046 Convertible securities 144,181 146,406 Fixed income securities 19,689 28,176 Municipal securities: Taxable securities 14,222 22,570 Tax-exempt securities 80,311 222,192 Short-term securities 103,815 67,901 Mortgage-backed securities 13 13 U.S. government agency securities 55,860 51,773 U.S. government securities 568 77,303 Derivative contracts 26,002 20,382 Total financial instruments and other inventory positions owned $ 449,936 $ 639,762 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 76,308 $ 94,036 Fixed income securities 17,988 10,311 U.S. government agency securities 1,344 9,935 U.S. government securities 50,410 67,090 Derivative contracts 6,140 4,053 Total financial instruments and other inventory positions sold, but not yet purchased $ 152,190 $ 185,425 At September 30, 2020 and December 31, 2019, financial instruments and other inventory positions owned in the amount of $191.5 million and $205.7 million, respectively, had been pledged as collateral for short-term financings. 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, and U.S. treasury bond futures and options. Derivative Contract Financial Instruments The Company uses interest rate 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. The Company also enters into interest rate swaps to facilitate customer transactions. The following describes the Company's derivatives by the type of transaction or security the instruments are economically hedging. 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 limited instances, the Company has only hedged interest rate risk with a third party, and retains uncollateralized credit risk as described below. The instruments use interest rates based upon the London Interbank Offered Rate ("LIBOR") index, the Municipal Market Data ("MMD") index or the Securities Industry and Financial Markets Association ("SIFMA") index. 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 associated with its fixed income securities. These instruments use interest rates based upon the MMD index, LIBOR or the SIFMA index. The Company also enters into equity option contracts to hedge market value risk associated with its convertible securities. 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: September 30, 2020 December 31, 2019 (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 $ 252,306 $ 242,048 $ 1,972,971 $ 209,119 $ 198,315 $ 2,197,340 Trading securities 374 4,274 111,525 8 1,852 110,875 Equity options Trading securities — 292 12,880 — — — $ 252,680 $ 246,614 $ 2,097,376 $ 209,127 $ 200,167 $ 2,308,215 (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: Three Months Ended Nine Months Ended (Amounts in thousands) September 30, September 30, Derivative Category Operations Category 2020 2019 2020 2019 Interest rate derivative contract Investment banking $ (232) $ (203) $ (1,164) $ (634) Interest rate derivative contract Institutional brokerage 154 (5) (1,439) (450) Equity option derivative contracts Institutional brokerage 228 — 228 — $ 150 $ (208) $ (2,375) $ (1,084) 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 majority of the Company's derivative contracts are substantially collateralized by its counterparties, who are major financial institutions. The Company has a limited number of counterparties who are not required to post collateral. Based on market movements, the uncollateralized amounts representing the fair value of a derivative contract can become material, exposing the Company to the credit risk of these counterparties. As of September 30, 2020, the Company had $26.1 million of uncollateralized credit exposure with these counterparties (notional contract amount of $163.1 million), including $22.0 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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. 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 are 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 committee, comprised of members of senior management and risk management, provides 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 Owned 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. 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. Non-exchange traded equity securities (principally hybrid preferred securities) are measured primarily using broker quotations, prices observed for recently executed market transactions and internally-developed fair value estimates based on observable inputs and are categorized within Level II of the fair value hierarchy. Convertible securities – Convertible securities are valued based on observable trades, when available, and therefore are generally categorized as Level II. 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. 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. Mortgage-backed securities – Mortgage-backed securities collateralized by residential mortgages are valued using cash flow models that utilize unobservable inputs including credit default rates, prepayment rates, loss severity and valuation yields. As judgment is used to determine the range of these inputs, these mortgage-backed securities are categorized as Level III. U.S. government agency securities – U.S. government agency securities include agency debt bonds and mortgage bonds. 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. These securities are 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 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 options, and equity option contracts. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. The Company's equity option derivative contracts are valued based on quoted prices from the exchange for identical assets or liabilities as of the period-end date. To the extent these contracts are actively traded and valuation adjustments are not applied, they are categorized as Level I. 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 were valued using valuation models that included the previously mentioned observable inputs and certain unobservable inputs that required significant judgment, such as the premium over the 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 partnerships. Investments in private companies are valued based on an assessment of each underlying security, considering rounds of financing, 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")) and changes in market outlook, among other factors. These securities are generally categorized as Level III. Fair Value Option – The fair value option permits the irrevocable fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The fair value option was elected for certain merchant banking and other investments at inception to reflect economic events in earnings on a timely basis. Merchant banking and other equity investments of $1.8 million and $2.1 million, included within investments on the consolidated statements of financial condition, were accounted for at fair value and were classified as Level III assets at September 30, 2020 and December 31, 2019, respectively. The realized and unrealized net impact from fair value changes included in earnings as a result of electing to apply the fair value option to certain financial assets were gains of $0.2 million and losses of $0.5 million for the nine months ended September 30, 2020 and 2019, respectively. 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 September 30, 2020: Valuation Weighted Technique Unobservable Input Range Average (1) Assets Financial instruments and other inventory positions owned: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 0 - 9 bps 7.5 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 3 - 5 times 4.1 times EBITDA multiple (2) 11 - 20 times 16.1 times Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in bps (3) 0 - 17 bps 6.5 bps Uncertainty of fair value measurements: (1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement. (3) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of September 30, 2020: 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: Equity securities $ 1,061 $ 4,214 $ — $ — $ 5,275 Convertible securities — 144,181 — — 144,181 Fixed income securities — 19,689 — — 19,689 Municipal securities: Taxable securities — 14,222 — — 14,222 Tax-exempt securities — 80,311 — — 80,311 Short-term securities — 103,815 — — 103,815 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 55,860 — — 55,860 U.S. government securities 568 — — — 568 Derivative contracts — 252,306 374 (226,678) 26,002 Total financial instruments and other inventory positions owned 1,629 674,598 387 (226,678) 449,936 Cash equivalents 340,466 — — — 340,466 Investments at fair value 15,922 — 146,272 (2) — 162,194 Total assets $ 358,017 $ 674,598 $ 146,659 $ (226,678) $ 952,596 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 75,816 $ 492 $ — $ — $ 76,308 Fixed income securities — 17,988 — — 17,988 U.S. government agency securities — 1,344 — — 1,344 U.S. government securities 50,410 — — — 50,410 Derivative contracts 292 242,953 3,369 (240,474) 6,140 Total financial instruments and other inventory positions sold, but not yet purchased $ 126,518 $ 262,777 $ 3,369 $ (240,474) $ 152,190 (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 $88.9 million primarily attributable to unrelated third party ownership in consolidated merchant banking funds. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2019: 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: Equity securities $ 469 $ 2,577 $ — $ — $ 3,046 Convertible securities — 146,406 — — 146,406 Fixed income securities — 28,176 — — 28,176 Municipal securities: Taxable securities — 22,570 — — 22,570 Tax-exempt securities — 222,192 — — 222,192 Short-term securities — 67,901 — — 67,901 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 51,773 — — 51,773 U.S. government securities 77,303 — — — 77,303 Derivative contracts — 209,119 8 (188,745) 20,382 Total financial instruments and other inventory positions owned 77,772 750,714 21 (188,745) 639,762 Cash equivalents 226,744 — — — 226,744 Investments at fair value 17,658 — 132,329 (2) — 149,987 Total assets $ 322,174 $ 750,714 $ 132,350 $ (188,745) $ 1,016,493 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 88,794 $ 5,242 $ — $ — $ 94,036 Fixed income securities — 10,311 — — 10,311 U.S. government agency securities — 9,935 — — 9,935 U.S. government securities 67,090 — — — 67,090 Derivative contracts — 198,604 1,563 (196,114) 4,053 Total financial instruments and other inventory positions sold, but not yet purchased $ 155,884 $ 224,092 $ 1,563 $ (196,114) $ 185,425 (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 $75.2 million primarily attributable to unrelated third party ownership in consolidated merchant banking funds. The Company's Level III assets were $146.7 million and $132.4 million, or 15.4 percent and 13.0 percent of financial instruments measured at fair value at September 30, 2020 and December 31, 2019, respectively. There were no significant transfers between levels for the nine months ended September 30, 2020. The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2020 Purchases Sales out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 64 107 (310) — 203 310 374 374 Total financial instruments and other inventory positions owned 77 107 (310) — 203 310 387 374 Investments at fair value 120,615 15,850 (1,013) — 1,013 9,807 146,272 9,807 Total assets $ 120,692 $ 15,957 $ (1,323) $ — $ 1,216 $ 10,117 $ 146,659 $ 10,181 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 3,212 $ (880) $ — $ — $ 880 $ 157 $ 3,369 $ 679 Total financial instruments and other inventory positions sold, but not yet purchased $ 3,212 $ (880) $ — $ — $ 880 $ 157 $ 3,369 $ 679 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2019 Purchases Sales out (losses) (losses) 2019 2019 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts — — — — — 482 482 482 Total financial instruments and other inventory positions owned 13 — — — — 482 495 482 Investments at fair value 132,556 15,623 (12,772) — 2,901 (6,486) 131,822 (3,585) Total assets $ 132,569 $ 15,623 $ (12,772) $ — $ 2,901 $ (6,004) $ 132,317 $ (3,103) Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,418 $ (3,576) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,418 $ (3,576) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2019 Purchases Sales out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 8 857 (370) — (487) 366 374 374 Total financial instruments and other inventory positions owned 21 857 (370) — (487) 366 387 374 Investments at fair value 132,329 16,133 (1,178) (130) (4,490) 3,608 146,272 (1,893) Total assets $ 132,350 $ 16,990 $ (1,548) $ (130) $ (4,977) $ 3,974 $ 146,659 $ (1,519) Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,563 $ (13,627) $ 371 $ — $ 13,256 $ 1,806 $ 3,369 $ 3,358 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,563 $ (13,627) $ 371 $ — $ 13,256 $ 1,806 $ 3,369 $ 3,358 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2018 Purchases Sales out (losses) (losses) 2019 2019 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 15 $ — $ (6) $ — $ (23) $ 27 $ 13 $ — Derivative contracts 229 — (336) — 336 253 482 482 Total financial instruments and other inventory positions owned 244 — (342) — 313 280 495 482 Investments at fair value 107,792 23,623 (12,772) (783) 2,901 11,061 131,822 13,473 Total assets $ 108,036 $ 23,623 $ (13,114) $ (783) $ 3,214 $ 11,341 $ 132,317 $ 13,955 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,202 $ (12,398) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,202 $ (12,398) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 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 reported in investment banking revenues or investment income on the consolidated statements of operations. The carrying values of the Company's cash, receivables and payables either from or to brokers, dealers and clearing organizations and short- and long-term financings approximate fair value due to either their liquid or short-term nature.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2020
Items Included in Consolidated Statement of Financial Condition [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") 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, or municipal debt obligations, 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. Consolidated VIEs The Company's consolidated VIEs at September 30, 2020 included 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 VIEs which are consolidated by the Company and included on the consolidated statements of financial condition at September 30, 2020. The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. One of these VIEs has $25.0 million of bank line financing available with an interest rate based on prime plus an applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. Alternative Asset (Amounts in thousands) Management Funds Assets Investments $ 144,154 Other assets 1,734 Total assets $ 145,888 Liabilities Other liabilities and accrued expenses $ 2,367 Total liabilities $ 2,367 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 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 $1.5 billion and $0.3 billion at September 30, 2020 and December 31, 2019, respectively. The Company's exposure to loss from these VIEs is $7.4 million, which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at September 30, 2020. The Company had no liabilities related to these VIEs at September 30, 2020 and December 31, 2019. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of September 30, 2020.

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2020
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations September 30, December 31, (Amounts in thousands) 2020 2019 Receivable from clearing organizations $ 101,599 $ 260,436 Receivable from brokers and dealers 47,135 19,161 Other 3,178 3,511 Total receivables from brokers, dealers and clearing organizations $ 151,912 $ 283,108 September 30, December 31, (Amounts in thousands) 2020 2019 Payable to brokers and dealers $ 13,008 $ 7,514 Total payables to brokers, dealers and clearing organizations $ 13,008 $ 7,514

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Investments	Investments The Company's investments include investments in private companies and partnerships. September 30, December 31, (Amounts in thousands) 2020 2019 Investments at fair value $ 162,194 $ 149,987 Investments at cost 1,611 1,084 Investments accounted for under the equity method 7,443 7,070 Total investments 171,248 158,141 Less investments attributable to noncontrolling interests (1) (88,881) (75,245) $ 82,367 $ 82,896 (1) Noncontrolling interests are primarily attributable to unrelated third party ownership in consolidated merchant banking funds. At September 30, 2020, investments carried on a cost basis had an estimated fair market value of $1.6 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.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets September 30, December 31, (Amounts in thousands) 2020 2019 Fee receivables $ 56,853 $ 18,574 Accrued interest receivables 1,411 2,977 Forgivable loans, net 3,967 5,227 Prepaid expenses 13,118 10,687 Income tax receivables 1,516 2,658 Other 16,775 15,317 Total other assets $ 93,640 $ 55,440

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets (Amounts in thousands) Goodwill Balance at December 31, 2019 $ 87,649 Goodwill acquired 127,660 Balance at September 30, 2020 $ 215,309 Intangible assets Balance at December 31, 2019 $ 16,686 Intangible assets acquired 172,600 Amortization of intangible assets (33,122) Balance at September 30, 2020 $ 156,164 The addition of goodwill and intangible assets during the nine months ended September 30, 2020 related to the acquisitions of Valence and Sandler O'Neill, as discussed in Note 3. Management identified $14.8 million of customer relationship intangible assets related to the acquisition of Valence which will be amortized over a weighted average life of 1.4 years. Management identified $157.8 million of intangible assets related to the acquisition of Sandler O'Neill, consisting of customer relationships of $72.4 million and the Sandler trade name of $85.4 million. The customer relationships will be amortized over a weighted average life of 2.4 years. The Sandler trade name is an indefinite-lived intangible asset and will not be subject to amortization. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Amounts in thousands) Remainder of 2020 $ 11,606 2021 24,780 2022 9,344 2023 7,442 2024 6,292 Thereafter 11,300 Total $ 70,764

Short-Term Financing

Short-Term Financing	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing Outstanding Balance Weighted Average Interest Rate September 30, December 31, September 30, December 31, (Dollars in thousands) 2020 2019 2020 2019 Commercial paper $ 49,966 $ 49,978 1.17 % 2.69 % Revolving credit facility 25,000 — 2.16 % — % Total short-term financing $ 74,966 $ 49,978 The Company issues secured commercial paper to fund a portion of its securities inventory. The commercial paper notes ("CP Notes") can be issued with maturities of 27 days to 270 days from the date of issuance. The CP Notes are currently issued under the CP Series II A program, and are secured by different inventory classes. As of September 30, 2020, the weighted average maturity of outstanding CP Notes was 21 days. The CP Notes are interest bearing or sold at a discount to par with an interest rate based on LIBOR plus an applicable margin. CP Series II A includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain excess net capital of $100 million. The Company retired the CP Series A program on January 2, 2020. The Company has an unsecured $50 million revolving credit facility with U.S. Bank N.A. The credit agreement will terminate on December 20, 2022, unless otherwise terminated, and is subject to a one-year extension exercisable at the option of the Company. This credit facility includes customary events of default and covenants that, among other things, requires the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, limits the Company's leverage ratio, requires maintenance of a minimum ratio of operating cash flow to fixed charges, and imposes certain limitations on the Company's ability to make acquisitions and make payments on its capital stock. The Company's committed short-term bank line financing at September 30, 2020 consisted of a one-year $125 million committed revolving credit facility with U.S. Bank N.A., which has been renewed annually in the fourth quarter of each year since 2008. Advances under this facility are secured by certain marketable securities. The facility includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, and the unpaid principal amount of all advances under this facility will be due on December 11, 2020. The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At September 30, 2020, the Company had no advances against this line of credit.

Long-Term Financing

Long-Term Financing	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Financing	Long-Term FinancingOn October 15, 2019, the Company entered into a note purchase agreement with certain entities advised by Pacific Investment Management Company ("PIMCO"), under which the Company issued unsecured fixed rate senior notes ("Notes") in the amount of $175 million. The Notes consist of two classes, Class A Notes and Class B Notes, with principal amounts of $50 million and $125 million, respectively. The Class A Notes bear interest at an annual fixed rate of 4.74 percent and mature on October 15, 2021. The Class B Notes bear interest at an annual fixed rate of 5.20 percent and mature on October 15, 2023. Interest on the Notes is payable semi-annually. The unpaid principal amounts are due in full on the respective maturity dates and may not be prepaid by the Company. On April 3, 2020, the Company entered into unsecured promissory notes as part of the acquisition of Valence totaling $20.0 million. The Valence Notes bear interest at an annual fixed rate of 5.0 percent and mature on October 15, 2021. Interest is payable quarterly in arrears.

Legal Contingencies

Legal Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	Legal ContingenciesThe 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. The Company has established reserves for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations and regulatory proceedings. Reasonably possible losses in excess of amounts accrued at September 30, 2020 are not material. 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 be more developed before a loss 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 reserves 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 its established reserves, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the consolidated statements of financial condition, results of operations or cash flows of the Company. However, if during any period a potential adverse contingency should become probable or resolved for an amount in excess of the established reserves, 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases The Company leases office space throughout the United States and in a limited number of foreign countries where the Company's international operations reside. Aggregate minimum lease commitments on an undiscounted basis for the Company’s operating leases (including short-term leases) as of September 30, 2020 were as follows: (Amounts in thousands) Remainder of 2020 $ 6,640 2021 23,292 2022 21,662 2023 17,688 2024 15,789 Thereafter 35,422 Total $ 120,493 The following table summarizes the Company's operating lease costs and sublease income from continuing operations: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in millions) 2020 2019 2020 2019 Operating lease costs $ 5.9 $ 3.2 $ 16.2 $ 8.9 Operating lease costs related to short-term leases 0.2 0.2 0.7 0.5 Sublease income 0.5 0.4 1.4 1.3 At September 30, 2020, the weighted average remaining lease term for operating leases was 5.8 years and the weighted average discount rate was 4.0 percent.

Restructuring and Integration C

Restructuring and Integration Costs	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Integration Costs	Restructuring and Integration Costs The Company incurred restructuring and integration costs from continuing operations for the three and nine months ended September 30, 2020, primarily in conjunction with its acquisition of Sandler O'Neill, which closed on January 3, 2020, and its acquisition of Valence, which closed on April 3, 2020. The Company incurred restructuring and integration costs from continuing operations for the three and nine months ended September 30, 2019, primarily in conjunction with its acquisition of Weeden & Co., which closed on August 2, 2019, and the pending acquisition of Sandler O'Neill. Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands) 2020 2019 2020 2019 Severance, benefits and outplacement $ 6 $ 1,829 $ 2,927 $ 2,938 Contract termination (123) — (590) 2,798 Vacated leased office space 1,820 1,726 1,908 1,726 Total restructuring costs 1,703 3,555 4,245 7,462 Integration costs (111) 2,588 2,973 5,076 Total restructuring and integration costs $ 1,592 $ 6,143 $ 7,218 $ 12,538

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchases Effective January 1, 2020, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares through December 31, 2021. During the nine months ended September 30, 2020, the Company repurchased 188,319 shares at an average price of $69.72 per share for an aggregate purchase price of $13.1 million related to this authorization. At September 30, 2020, the Company had $136.9 million remaining under this authorization. Effective September 30, 2017, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares, which expired on September 30, 2019. During the nine months ended September 30, 2019, the Company repurchased 501 shares at an average price of $64.80 per share related to this authorization. The Company also purchases shares of common stock from restricted stock award recipients upon the award vesting or as recipients sell shares to meet their employment tax obligations. The Company purchased 102,556 shares and 698,065 shares, or $8.6 million and $50.3 million of the Company's common stock for these purposes during the nine months ended September 30, 2020 and 2019, respectively. 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 nine months ended September 30, 2020 and 2019, the Company issued 282,718 shares and 1,406,139 shares, respectively, related to these obligations. During the nine months ended September 30, 2020, the Company also issued 34,205 common shares out of treasury stock for Sandler O'Neill deal consideration, as discussed in Note 3. Dividends The Company's current dividend policy includes both a quarterly and an annual special cash dividend. The annual special cash dividend is payable in the first quarter of each year, with the intention of returning a metric based on the Company's net income from the previous fiscal year. During the nine months ended September 30, 2020, the Company declared and paid quarterly cash dividends on its common stock, aggregating $0.875 per share, and an annual special cash dividend on its common stock of $0.75 per share, totaling $23.0 million. On October 30, 2020, the board of directors declared a quarterly cash dividend of $0.375 per share to be paid on December 11, 2020, to shareholders of record as of the close of business on November 24, 2020. 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 primarily represent the minority equity holders' proportionate share of the equity in the Company's merchant banking funds.

Compensation Plans

Compensation Plans	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation Plans The Company has three outstanding stock-based compensation plans: the Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive Plan"), the 2019 Employment Inducement Award Plan (the "2019 Inducement Plan") and the 2020 Employment Inducement Award Plan (the "2020 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 of September 30, 2020: Incentive Plan Restricted Stock Annual grants 456,649 Sign-on grants 108,284 564,933 2019 Inducement Plan Restricted Stock 97,752 2020 Inducement Plan Restricted Stock 1,317,750 Total restricted stock related to compensation 1,980,435 Deal Consideration (1) 2,181,733 Total restricted stock outstanding 4,162,168 Incentive Plan Restricted Stock Units Leadership grants 146,048 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisitions of Valence and Sandler O'Neill. See Note 3 for further discussion. 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 9.4 million shares of common stock (1.7 million shares remained available for future issuance under the Incentive Plan as of September 30, 2020). 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"). The Company's Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. The 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 the Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by FASB Accounting Standards Codification Topic 718, "Compensation — Stock Compensation." Accordingly, restricted stock granted as part of the 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 2019 for its February 2020 Annual Grant. If an equity award related to the 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 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"). Leadership Grants Subsequent to 2016 Restricted stock units granted in each of the years subsequent to 2016 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. 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 specified targets during each performance period. The maximum payout leverage under these grants is 150 percent. Up to 75 percent of the award can be earned based on the Company achieving certain average adjusted return on equity targets, as defined in the terms of the award agreements. The fair value of this 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 probability that the performance condition will be achieved is reevaluated 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 September 30, 2020, the Company has determined that the probability of achieving the performance condition for each award is as follows: Probability of Achieving Grant Year Performance Condition 2020 45% 2019 57% 2018 50% Up to 75 percent of the award can be earned based on the Company's total shareholder return relative to members of a predetermined peer group. The market condition must be met for the awards to vest and compensation cost will be recognized regardless if the market condition is satisfied. Compensation expense is amortized on a straight-line basis over the 36-month requisite service period. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. For this portion of the awards, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2020 1.40% 27.3% 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9% Because the market condition portion of the awards vesting depend on the Company's total shareholder return 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, beginning with the February 2018 grant. 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. 2016 Leadership Grant Restricted stock units granted in 2016 contain market condition criteria and convert to shares of common stock at the end of the 36-month performance period only if the Company's stock performance satisfies predetermined market conditions over the performance period. Under the terms of the award, the number of units that vested and converted to shares was based on the Company's stock performance achieving specified targets during the performance period. All units vested in full. Compensation expense was recognized over the 36-month performance period which ended in May 2019. Up to 50 percent of the award was earned based on the Company's total shareholder return relative to members of a predetermined peer group and up to 50 percent of the award was earned based on the Company's total shareholder return. The fair value of the award on the grant date was determined using a Monte Carlo simulation with the following assumptions pursuant to the methodology above: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% Stock Options On 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 date of grant. The exercise price per share is equal to the closing price on the date of grant plus 10 percent. These options are subject to graded vesting, beginning on the third anniversary of the grant date, so long as the employee remains continuously employed by the Company. The maximum term of these stock options is ten years. The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82 % Dividend yield 3.22 % Expected stock price volatility 37.20 % Expected life of options (in years) 7.0 Fair value of options granted (per share) $ 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. Inducement Plans Inducement plan awards are amortized as compensation expense on a straight-line basis over each respective vesting period. Employees forfeit unvested shares upon termination of employment and a reversal of compensation expense is recorded. The Company established the 2016 Employment Inducement Award Plan (the "2016 Inducement Plan") in conjunction with the acquisition of Simmons & Company International ("Simmons"). The Company granted $11.6 million (286,776 shares) in restricted stock under the 2016 Inducement Plan on May 16, 2016. All outstanding shares cliff vested on May 16, 2019 and the 2016 Inducement Plan was terminated in July 2019. The Company established the 2019 Inducement Plan in conjunction with its acquisition of Weeden & Co. On August 2, 2019, the Company granted $7.3 million (97,752 shares) in restricted stock. These restricted shares are subject to graded vesting, generally beginning on the third anniversary of the grant date through August 2, 2023. The Company established the 2020 Inducement Plan in conjunction with its acquisition of Sandler O'Neill. 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 Valence. These restricted shares are subject to graded vesting, generally beginning on the third anniversary of the grant date through April 3, 2025. Stock-Based Compensation Activity The following table summarizes the Company's stock-based compensation activity within continuing operations: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in millions) 2020 2019 2020 2019 Stock-based compensation expense $ 29.9 $ 7.9 $ 79.5 $ 17.9 Forfeitures 0.9 0.3 2.1 1.5 Tax benefit related to stock-based compensation expense 3.9 1.6 10.3 3.1 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, 2019 694,225 $ 78.52 Granted 3,786,732 73.59 Vested (257,563) 80.65 Canceled (61,226) 78.10 September 30, 2020 4,162,168 $ 73.91 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, 2019 114,315 $ 85.09 Granted 56,066 86.01 Vested (18,255) 84.10 Canceled (6,078) 84.10 September 30, 2020 146,048 $ 85.60 As of September 30, 2020, there was $212.4 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 3.1 years. 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, 2019 81,667 $ 99.00 8.1 $ — Granted — — Exercised — — Canceled — — Expired — — September 30, 2020 81,667 $ 99.00 7.4 $ — As of September 30, 2020, there was $0.9 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 2.4 years. There were no exercisable options as of September 30, 2020. Deferred Compensation Plans The Company maintains various deferred compensation arrangements for employees. The Mutual Fund Restricted Share Investment Plan is a fully funded deferred compensation plan which allows eligible employees to receive a portion of their incentive compensation in restricted mutual fund shares ("MFRS Awards") of investment funds. MFRS Awards are awarded to qualifying employees in February of each year, and represent a portion of their compensation for performance in the preceding year similar to the Company's Annual Grants. MFRS Awards vest ratably over three years in equal installments and 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. Forfeitures are recorded as a reduction of compensation and benefits expense within the consolidated statements of operations. MFRS Awards are owned by employee recipients (subject to aforementioned vesting restrictions) and as such are not included on the consolidated statements of financial condition. 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. In 2017, 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. Investments in the grantor trust, consisting of mutual funds, totaled $15.7 million and $16.7 million as of September 30, 2020 and December 31, 2019, 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 and changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations. The Company entered into acquisition-related compensation arrangements with certain employees for retention and incentive purposes in conjunction with its acquisition of Simmons. Additional cash compensation was available to certain employees subject to exceeding an investment banking revenue threshold during the three-year Simmons post-acquisition period, which ended on February 26, 2019. The Company accrued $40.1 million related to this performance award plan, which was paid in August 2019. Amounts payable related to this performance award plan were recorded as compensation expense from continuing operations on the consolidated statements of operations over the requisite performance period of three years. The Company recorded $0.4 million as compensation expense from continuing operations for the nine months ended September 30, 2019.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share ("EPS") The computation of EPS is as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands, except per share data) 2020 2019 2020 2019 Net income/(loss) from continuing operations applicable to Piper Sandler Companies $ 11,617 $ 17,165 $ (1,656) $ 49,281 Net income from discontinued operations — 26,077 — 23,772 Net income/(loss) applicable to Piper Sandler Companies 11,617 43,242 (1,656) 73,053 Earnings allocated to participating securities — (800) (1) — (3,524) (1) Net income/(loss) applicable to Piper Sandler Companies' common shareholders $ 11,617 $ 42,442 (2) $ (1,656) $ 69,529 (2) Shares for basic and diluted calculations: Average shares used in basic computation 13,778 13,708 13,789 13,502 Restricted stock units 153 131 119 175 Non-participating restricted shares 923 246 672 205 Average shares used in diluted computation 14,853 14,085 14,580 (3) 13,882 Earnings/(loss) per basic common share: Income/(loss) from continuing operations $ 0.84 $ 1.23 $ (0.12) $ 3.46 Income from discontinued operations — 1.87 — 1.69 Earnings/(loss) per basic common share $ 0.84 $ 3.09 $ (0.12) $ 5.15 Earnings/(loss) per diluted common share: Income/(loss) from continuing operations $ 0.78 $ 1.20 $ (0.12) $ 3.37 Income from discontinued operations — 1.82 — 1.64 Earnings/(loss) per diluted common share $ 0.78 $ 3.01 $ (0.12) (3) $ 5.01 (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 272,170 and 598,894 for the three and nine months ended September 30, 2019, respectively. (2) Net income/(loss) applicable to Piper Sandler Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options, restricted stock units and non-participating restricted shares to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Sandler Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS. (3) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred. The average shares used in the diluted computation excluded anti-dilutive stock options and non-participating restricted shares of 0.8 million and 0.3 million for the three months ended September 30, 2020 and 2019, respectively, and 2.2 million and 0.1 million for the nine months ended September 30, 2020 and 2019, respectively.

Revenues and Business Informati

Revenues and Business Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Revenues and Business Information	Revenues and Business Information The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S. Reportable financial results from continuing operations are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands) 2020 2019 2020 2019 Investment banking Advisory services $ 77,250 $ 106,769 $ 274,045 $ 296,886 Corporate financing 99,528 22,580 208,152 61,814 Municipal financing 26,457 21,843 79,863 52,292 Total investment banking 203,235 151,192 562,060 410,992 Institutional brokerage Equity brokerage 33,439 24,147 121,936 55,521 Fixed income services 53,325 22,667 143,310 58,462 Total institutional brokerage 86,764 46,814 265,246 113,983 Interest income 2,095 6,481 11,225 20,911 Investment income/(loss) 15,080 (1,575) 4,987 17,622 Total revenues 307,174 202,912 843,518 563,508 Interest expense 3,455 2,177 11,193 7,813 Net revenues 303,719 200,735 832,325 555,695 Non-interest expenses (1) 279,070 179,700 834,308 490,598 Pre-tax income/(loss) $ 24,649 $ 21,035 $ (1,983) $ 65,097 Pre-tax margin 8.1 % 10.5 % (0.2) % 11.7 %

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	9 Months Ended
	Sep. 30, 2020
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Net Capital Requirements and Other Regulatory Matters	Net Capital Requirements and Other Regulatory Matters Piper Sandler 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's primary SRO. Piper Sandler is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. Piper Sandler 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 are subject to certain approvals, notifications and other provisions of SEC and FINRA rules. At September 30, 2020, net capital calculated under the SEC rule was $174.7 million, and exceeded the minimum net capital required under the SEC rule by $173.7 million. The Company's committed short-term credit facility, revolving credit facility and its Notes with PIMCO include covenants requiring Piper Sandler to maintain minimum net capital of $120 million. CP Notes issued under CP Series II A include a covenant that requires Piper Sandler to maintain excess net capital of $100 million. The Company's fully disclosed clearing agreement with Pershing also includes a covenant requiring Piper Sandler to maintain excess net capital of $120 million. Piper Sandler Ltd., a broker dealer subsidiary registered in the United Kingdom, is subject to the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. As of September 30, 2020, 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 September 30, 2020, Piper Sandler Hong Kong Limited was in compliance with the liquid capital requirements of the Hong Kong Securities and Futures Commission.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Estimated fair values of assets acquired and liabilities assumed	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 $ 8,181 Fixed assets 256 Goodwill 33,300 Intangible assets 14,800 Right-of-use lease asset 3,279 Other assets 4,190 Total assets acquired 64,006 Liabilities Accrued lease liability 3,279 Other liabilities and accrued expenses 10,393 Total liabilities assumed 13,672 Net assets acquired $ 50,334 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 $ 27,420 Receivables from brokers, dealers and clearing organizations 192,675 Fixed assets 6,789 Goodwill 94,360 Intangible assets 157,800 Investments 685 Right-of-use lease asset 39,607 Other assets 9,628 Total assets acquired 528,964 Liabilities Accrued compensation 71,398 Accrued lease liability 39,613 Other liabilities and accrued expenses 16,441 Due to Sandler O'Neill (1) 40,673 Total liabilities assumed 168,125 Net assets acquired $ 360,839 (1) Represents the amount of excess tangible book value received by the Company on the date of acquisition. 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 $ 4,351 Receivables from brokers, dealers and clearing organizations 1,623 Fixed assets 289 Goodwill 5,794 Intangible assets 16,700 Right-of-use lease asset 6,811 Other assets 7,675 Total assets acquired 43,243 Liabilities Accrued compensation 2,156 Accrued lease liability 6,811 Other liabilities and accrued expenses 10,251 Total liabilities assumed 19,218 Net assets acquired $ 24,025
Unaudited pro forma information	Nine Months Ended Three Months Ended September 30, September 30, (Amounts in thousands) 2020 2019 2019 Net revenues $ 846,653 $ 865,263 $ 285,849 Net income/(loss) from continuing operations applicable to Piper Sandler Companies (3,349) 9,267 (1,761)

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of components of discontinued operations	ARI's results have been presented as discontinued operations for all prior periods presented. The components of discontinued operations were as follows: Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2019 September 30, 2019 Net revenues $ 7,939 $ 26,546 Operating expenses 7,068 22,589 Intangible asset amortization (1) — 5,465 Restructuring costs 9,572 10,268 Total non-interest expenses 16,640 38,322 Loss from discontinued operations before income tax benefit (8,701) (11,776) Income tax benefit (1,752) (2,522) Loss from discontinued operations before gain on sales (6,949) (9,254) Gain on sales, net of tax 33,026 33,026 Income from discontinued operations, net of tax $ 26,077 $ 23,772 (1) Includes $2.9 million of intangible asset impairment related to the ARI trade name for the nine months ended September 30, 2019.

Financial Instruments and Oth_2

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2020
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased by Type	September 30, December 31, (Amounts in thousands) 2020 2019 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 5,275 $ 3,046 Convertible securities 144,181 146,406 Fixed income securities 19,689 28,176 Municipal securities: Taxable securities 14,222 22,570 Tax-exempt securities 80,311 222,192 Short-term securities 103,815 67,901 Mortgage-backed securities 13 13 U.S. government agency securities 55,860 51,773 U.S. government securities 568 77,303 Derivative contracts 26,002 20,382 Total financial instruments and other inventory positions owned $ 449,936 $ 639,762 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 76,308 $ 94,036 Fixed income securities 17,988 10,311 U.S. government agency securities 1,344 9,935 U.S. government securities 50,410 67,090 Derivative contracts 6,140 4,053 Total financial instruments and other inventory positions sold, but not yet purchased $ 152,190 $ 185,425
Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount	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: September 30, 2020 December 31, 2019 (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 $ 252,306 $ 242,048 $ 1,972,971 $ 209,119 $ 198,315 $ 2,197,340 Trading securities 374 4,274 111,525 8 1,852 110,875 Equity options Trading securities — 292 12,880 — — — $ 252,680 $ 246,614 $ 2,097,376 $ 209,127 $ 200,167 $ 2,308,215 (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.
Unrealized Gains/(Losses) on Derivative Instruments	The following table presents the Company's unrealized gains/(losses) on derivative instruments: Three Months Ended Nine Months Ended (Amounts in thousands) September 30, September 30, Derivative Category Operations Category 2020 2019 2020 2019 Interest rate derivative contract Investment banking $ (232) $ (203) $ (1,164) $ (634) Interest rate derivative contract Institutional brokerage 154 (5) (1,439) (450) Equity option derivative contracts Institutional brokerage 228 — 228 — $ 150 $ (208) $ (2,375) $ (1,084)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Information about Significant Unobservable Inputs used in Fair Value Measurement	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 September 30, 2020: Valuation Weighted Technique Unobservable Input Range Average (1) Assets Financial instruments and other inventory positions owned: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 0 - 9 bps 7.5 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 3 - 5 times 4.1 times EBITDA multiple (2) 11 - 20 times 16.1 times Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in bps (3) 0 - 17 bps 6.5 bps Uncertainty of fair value measurements: (1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly higher/(lower) fair value measurement. (3) Significant increase/(decrease) in the unobservable input in isolation would have resulted in a significantly lower/(higher) fair value measurement.
Valuation of Financial Instruments by Pricing Observability Levels	The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in FASB Accounting Standards Codification Topic 820, "Fair Value Measurement" ("ASC 820") as of September 30, 2020: 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: Equity securities $ 1,061 $ 4,214 $ — $ — $ 5,275 Convertible securities — 144,181 — — 144,181 Fixed income securities — 19,689 — — 19,689 Municipal securities: Taxable securities — 14,222 — — 14,222 Tax-exempt securities — 80,311 — — 80,311 Short-term securities — 103,815 — — 103,815 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 55,860 — — 55,860 U.S. government securities 568 — — — 568 Derivative contracts — 252,306 374 (226,678) 26,002 Total financial instruments and other inventory positions owned 1,629 674,598 387 (226,678) 449,936 Cash equivalents 340,466 — — — 340,466 Investments at fair value 15,922 — 146,272 (2) — 162,194 Total assets $ 358,017 $ 674,598 $ 146,659 $ (226,678) $ 952,596 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 75,816 $ 492 $ — $ — $ 76,308 Fixed income securities — 17,988 — — 17,988 U.S. government agency securities — 1,344 — — 1,344 U.S. government securities 50,410 — — — 50,410 Derivative contracts 292 242,953 3,369 (240,474) 6,140 Total financial instruments and other inventory positions sold, but not yet purchased $ 126,518 $ 262,777 $ 3,369 $ (240,474) $ 152,190 (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 $88.9 million primarily attributable to unrelated third party ownership in consolidated merchant banking funds. The following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2019: 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: Equity securities $ 469 $ 2,577 $ — $ — $ 3,046 Convertible securities — 146,406 — — 146,406 Fixed income securities — 28,176 — — 28,176 Municipal securities: Taxable securities — 22,570 — — 22,570 Tax-exempt securities — 222,192 — — 222,192 Short-term securities — 67,901 — — 67,901 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 51,773 — — 51,773 U.S. government securities 77,303 — — — 77,303 Derivative contracts — 209,119 8 (188,745) 20,382 Total financial instruments and other inventory positions owned 77,772 750,714 21 (188,745) 639,762 Cash equivalents 226,744 — — — 226,744 Investments at fair value 17,658 — 132,329 (2) — 149,987 Total assets $ 322,174 $ 750,714 $ 132,350 $ (188,745) $ 1,016,493 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 88,794 $ 5,242 $ — $ — $ 94,036 Fixed income securities — 10,311 — — 10,311 U.S. government agency securities — 9,935 — — 9,935 U.S. government securities 67,090 — — — 67,090 Derivative contracts — 198,604 1,563 (196,114) 4,053 Total financial instruments and other inventory positions sold, but not yet purchased $ 155,884 $ 224,092 $ 1,563 $ (196,114) $ 185,425 (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 $75.2 million primarily attributable to unrelated third party ownership in consolidated merchant banking funds.
Changes in Fair Value Associated with Level III Financial Instruments	The following tables summarize the changes in fair value associated with Level III financial instruments held at the beginning or end of the periods presented: Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2020 Purchases Sales out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 64 107 (310) — 203 310 374 374 Total financial instruments and other inventory positions owned 77 107 (310) — 203 310 387 374 Investments at fair value 120,615 15,850 (1,013) — 1,013 9,807 146,272 9,807 Total assets $ 120,692 $ 15,957 $ (1,323) $ — $ 1,216 $ 10,117 $ 146,659 $ 10,181 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 3,212 $ (880) $ — $ — $ 880 $ 157 $ 3,369 $ 679 Total financial instruments and other inventory positions sold, but not yet purchased $ 3,212 $ (880) $ — $ — $ 880 $ 157 $ 3,369 $ 679 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at June 30, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2019 Purchases Sales out (losses) (losses) 2019 2019 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts — — — — — 482 482 482 Total financial instruments and other inventory positions owned 13 — — — — 482 495 482 Investments at fair value 132,556 15,623 (12,772) — 2,901 (6,486) 131,822 (3,585) Total assets $ 132,569 $ 15,623 $ (12,772) $ — $ 2,901 $ (6,004) $ 132,317 $ (3,103) Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,418 $ (3,576) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,418 $ (3,576) $ — $ — $ 3,576 $ 487 $ 4,905 $ 1,860 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2019 Purchases Sales out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 8 857 (370) — (487) 366 374 374 Total financial instruments and other inventory positions owned 21 857 (370) — (487) 366 387 374 Investments at fair value 132,329 16,133 (1,178) (130) (4,490) 3,608 146,272 (1,893) Total assets $ 132,350 $ 16,990 $ (1,548) $ (130) $ (4,977) $ 3,974 $ 146,659 $ (1,519) Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,563 $ (13,627) $ 371 $ — $ 13,256 $ 1,806 $ 3,369 $ 3,358 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,563 $ (13,627) $ 371 $ — $ 13,256 $ 1,806 $ 3,369 $ 3,358 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers gains/ gains/ September 30, September 30, (Amounts in thousands) 2018 Purchases Sales out (losses) (losses) 2019 2019 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 15 $ — $ (6) $ — $ (23) $ 27 $ 13 $ — Derivative contracts 229 — (336) — 336 253 482 482 Total financial instruments and other inventory positions owned 244 — (342) — 313 280 495 482 Investments at fair value 107,792 23,623 (12,772) (783) 2,901 11,061 131,822 13,473 Total assets $ 108,036 $ 23,623 $ (13,114) $ (783) $ 3,214 $ 11,341 $ 132,317 $ 13,955 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 4,202 $ (12,398) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905 Total financial instruments and other inventory positions sold, but not yet purchased $ 4,202 $ (12,398) $ — $ — $ 12,398 $ 703 $ 4,905 $ 4,905

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2020
Items Included in Consolidated Statement of Financial Condition [Abstract]
Schedule of Consolidated Variable Interest Entities	The following table presents information about the carrying value of the assets and liabilities of the VIEs which are consolidated by the Company and included on the consolidated statements of financial condition at September 30, 2020. The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. One of these VIEs has $25.0 million of bank line financing available with an interest rate based on prime plus an applicable margin. The assets and liabilities are presented prior to consolidation, and thus a portion of these assets and liabilities are eliminated in consolidation. Alternative Asset (Amounts in thousands) Management Funds Assets Investments $ 144,154 Other assets 1,734 Total assets $ 145,888 Liabilities Other liabilities and accrued expenses $ 2,367 Total liabilities $ 2,367

Receivables from and Payables_2

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2020
Brokers and Dealers [Abstract]
Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations	September 30, December 31, (Amounts in thousands) 2020 2019 Receivable from clearing organizations $ 101,599 $ 260,436 Receivable from brokers and dealers 47,135 19,161 Other 3,178 3,511 Total receivables from brokers, dealers and clearing organizations $ 151,912 $ 283,108 September 30, December 31, (Amounts in thousands) 2020 2019 Payable to brokers and dealers $ 13,008 $ 7,514 Total payables to brokers, dealers and clearing organizations $ 13,008 $ 7,514

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Schedule of Investments	September 30, December 31, (Amounts in thousands) 2020 2019 Investments at fair value $ 162,194 $ 149,987 Investments at cost 1,611 1,084 Investments accounted for under the equity method 7,443 7,070 Total investments 171,248 158,141 Less investments attributable to noncontrolling interests (1) (88,881) (75,245) $ 82,367 $ 82,896 (1) Noncontrolling interests are primarily attributable to unrelated third party ownership in consolidated merchant banking funds.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	September 30, December 31, (Amounts in thousands) 2020 2019 Fee receivables $ 56,853 $ 18,574 Accrued interest receivables 1,411 2,977 Forgivable loans, net 3,967 5,227 Prepaid expenses 13,118 10,687 Income tax receivables 1,516 2,658 Other 16,775 15,317 Total other assets $ 93,640 $ 55,440

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill and Intangible Assets	(Amounts in thousands) Goodwill Balance at December 31, 2019 $ 87,649 Goodwill acquired 127,660 Balance at September 30, 2020 $ 215,309 Intangible assets Balance at December 31, 2019 $ 16,686 Intangible assets acquired 172,600 Amortization of intangible assets (33,122) Balance at September 30, 2020 $ 156,164
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Amounts in thousands) Remainder of 2020 $ 11,606 2021 24,780 2022 9,344 2023 7,442 2024 6,292 Thereafter 11,300 Total $ 70,764

Short-Term Financing (Tables)

Short-Term Financing (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Short-term Financing	Outstanding Balance Weighted Average Interest Rate September 30, December 31, September 30, December 31, (Dollars in thousands) 2020 2019 2020 2019 Commercial paper $ 49,966 $ 49,978 1.17 % 2.69 % Revolving credit facility 25,000 — 2.16 % — % Total short-term financing $ 74,966 $ 49,978

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Aggregate Minimum Lease Commitments for Operating Leases	Aggregate minimum lease commitments on an undiscounted basis for the Company’s operating leases (including short-term leases) as of September 30, 2020 were as follows: (Amounts in thousands) Remainder of 2020 $ 6,640 2021 23,292 2022 21,662 2023 17,688 2024 15,789 Thereafter 35,422 Total $ 120,493
Schedule of Operating Lease Costs and Sublease Income from Continuing Operations	The following table summarizes the Company's operating lease costs and sublease income from continuing operations: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in millions) 2020 2019 2020 2019 Operating lease costs $ 5.9 $ 3.2 $ 16.2 $ 8.9 Operating lease costs related to short-term leases 0.2 0.2 0.7 0.5 Sublease income 0.5 0.4 1.4 1.3

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Pre-tax Restructuring Costs	Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands) 2020 2019 2020 2019 Severance, benefits and outplacement $ 6 $ 1,829 $ 2,927 $ 2,938 Contract termination (123) — (590) 2,798 Vacated leased office space 1,820 1,726 1,908 1,726 Total restructuring costs 1,703 3,555 4,245 7,462 Integration costs (111) 2,588 2,973 5,076 Total restructuring and integration costs $ 1,592 $ 6,143 $ 7,218 $ 12,538

Compensation Plans (Tables)

Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Outstanding Equity Awards	The following table provides a summary of the Company's outstanding equity awards (in shares or units) as of September 30, 2020: Incentive Plan Restricted Stock Annual grants 456,649 Sign-on grants 108,284 564,933 2019 Inducement Plan Restricted Stock 97,752 2020 Inducement Plan Restricted Stock 1,317,750 Total restricted stock related to compensation 1,980,435 Deal Consideration (1) 2,181,733 Total restricted stock outstanding 4,162,168 Incentive Plan Restricted Stock Units Leadership grants 146,048 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisitions of Valence and Sandler O'Neill. See Note 3 for further discussion.
Schedule of RSU Performance Condition Probability	As of September 30, 2020, the Company has determined that the probability of achieving the performance condition for each award is as follows: Probability of Achieving Grant Year Performance Condition 2020 45% 2019 57% 2018 50%
Schedule of RSU Valuation Assumptions	For this portion of the awards, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2020 1.40% 27.3% 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9% Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9%
Schedule of Stock Options Valuation Assumptions	The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82 % Dividend yield 3.22 % Expected stock price volatility 37.20 % Expected life of options (in years) 7.0 Fair value of options granted (per share) $ 24.49
Schedule of Stock-Based Compensation Expense	The following table summarizes the Company's stock-based compensation activity within continuing operations: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in millions) 2020 2019 2020 2019 Stock-based compensation expense $ 29.9 $ 7.9 $ 79.5 $ 17.9 Forfeitures 0.9 0.3 2.1 1.5 Tax benefit related to stock-based compensation expense 3.9 1.6 10.3 3.1
Changes in Unvested Restricted Stock	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, 2019 694,225 $ 78.52 Granted 3,786,732 73.59 Vested (257,563) 80.65 Canceled (61,226) 78.10 September 30, 2020 4,162,168 $ 73.91
Changes in Unvested Restricted Stock Units	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, 2019 114,315 $ 85.09 Granted 56,066 86.01 Vested (18,255) 84.10 Canceled (6,078) 84.10 September 30, 2020 146,048 $ 85.60
Changes in Outstanding Stock Options	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, 2019 81,667 $ 99.00 8.1 $ — Granted — — Exercised — — Canceled — — Expired — — September 30, 2020 81,667 $ 99.00 7.4 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of EPS is as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands, except per share data) 2020 2019 2020 2019 Net income/(loss) from continuing operations applicable to Piper Sandler Companies $ 11,617 $ 17,165 $ (1,656) $ 49,281 Net income from discontinued operations — 26,077 — 23,772 Net income/(loss) applicable to Piper Sandler Companies 11,617 43,242 (1,656) 73,053 Earnings allocated to participating securities — (800) (1) — (3,524) (1) Net income/(loss) applicable to Piper Sandler Companies' common shareholders $ 11,617 $ 42,442 (2) $ (1,656) $ 69,529 (2) Shares for basic and diluted calculations: Average shares used in basic computation 13,778 13,708 13,789 13,502 Restricted stock units 153 131 119 175 Non-participating restricted shares 923 246 672 205 Average shares used in diluted computation 14,853 14,085 14,580 (3) 13,882 Earnings/(loss) per basic common share: Income/(loss) from continuing operations $ 0.84 $ 1.23 $ (0.12) $ 3.46 Income from discontinued operations — 1.87 — 1.69 Earnings/(loss) per basic common share $ 0.84 $ 3.09 $ (0.12) $ 5.15 Earnings/(loss) per diluted common share: Income/(loss) from continuing operations $ 0.78 $ 1.20 $ (0.12) $ 3.37 Income from discontinued operations — 1.82 — 1.64 Earnings/(loss) per diluted common share $ 0.78 $ 3.01 $ (0.12) (3) $ 5.01 (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 272,170 and 598,894 for the three and nine months ended September 30, 2019, respectively. (2) Net income/(loss) applicable to Piper Sandler Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options, restricted stock units and non-participating restricted shares to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Sandler Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS. (3) Earnings per diluted common share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

Revenues and Business Informa_2

Revenues and Business Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Reportable Segment Financial Results	Reportable financial results from continuing operations are as follows: Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands) 2020 2019 2020 2019 Investment banking Advisory services $ 77,250 $ 106,769 $ 274,045 $ 296,886 Corporate financing 99,528 22,580 208,152 61,814 Municipal financing 26,457 21,843 79,863 52,292 Total investment banking 203,235 151,192 562,060 410,992 Institutional brokerage Equity brokerage 33,439 24,147 121,936 55,521 Fixed income services 53,325 22,667 143,310 58,462 Total institutional brokerage 86,764 46,814 265,246 113,983 Interest income 2,095 6,481 11,225 20,911 Investment income/(loss) 15,080 (1,575) 4,987 17,622 Total revenues 307,174 202,912 843,518 563,508 Interest expense 3,455 2,177 11,193 7,813 Net revenues 303,719 200,735 832,325 555,695 Non-interest expenses (1) 279,070 179,700 834,308 490,598 Pre-tax income/(loss) $ 24,649 $ 21,035 $ (1,983) $ 65,097 Pre-tax margin 8.1 % 10.5 % (0.2) % 11.7 %

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Acquisitions - Acquisition of T

Acquisitions - Acquisition of The Valence Group (Details) - USD ($) $ in Thousands	Apr. 03, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 03, 2023	Dec. 31, 2019
Business Acquisition
Goodwill		$ 215,309		$ 215,309			$ 87,649
Transaction costs		(111)	$ 2,588	2,973	$ 5,076
The Valence Group
Business Acquisition
Unsecured promissory notes entered into as part of the purchase price	$ 20,000
Goodwill	33,300
Intangible assets	14,800
Transaction costs		$ 100		$ 2,100
The Valence Group | Customer relationships
Business Acquisition
Intangible assets	$ 14,800
The Valence Group | Restricted Stock
Business Acquisition
Restricted shares granted as equity consideration (in shares)	647,268
Value of restricted shares granted as equity consideration	$ 31,200
Acquisition-related compensation arrangements	$ 5,500
Deal consideration vesting period	5 years
The Valence Group | Restricted Stock | 2020 Inducement Plan | Five Year Vesting Period
Business Acquisition
Award vesting period in years				5 years
The Valence Group | Forecast
Business Acquisition
Earn out performance period (in years)						three

Acquisitions - Valence Estimate

Acquisitions - Valence Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Apr. 03, 2020	Dec. 31, 2019
Assets
Goodwill	$ 215,309		$ 87,649
The Valence Group
Assets
Cash and cash equivalents		$ 8,181
Fixed assets		256
Goodwill		33,300
Intangible assets		14,800
Right-of-use lease asset		3,279
Other assets		4,190
Total assets acquired		64,006
Liabilities
Accrued lease liability		3,279
Other liabilities and accrued expenses		10,393
Total liabilities assumed		13,672
Net Assets Acquired
Net assets acquired		$ 50,334

Acquisitions - Acquisition of S

Acquisitions - Acquisition of SOP Holdings, LLC (Details) - USD ($) $ in Thousands	Jan. 03, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition
Goodwill recorded				$ 127,660
Transaction costs		$ (111)	$ 2,588	2,973	$ 5,076
Sandler O'Neill
Business Acquisition
Purchase price	$ 485,000
Amount of tangible book value the Company was entitled to receive	100,000
Acquisition-related compensation arrangements	113,900
Goodwill recorded	94,400
Goodwill, amount expected to be deductible for income tax purposes	93,400
Intangible assets	157,800
Transaction costs				$ 1,100
Sandler O'Neill | Trade name
Business Acquisition
Intangible assets	85,400
Sandler O'Neill | Customer relationships
Business Acquisition
Intangible assets	$ 72,400
Sandler O'Neill | Restricted Stock
Business Acquisition
Restricted shares granted as equity consideration (in shares)	1,568,670
Value of restricted shares granted as equity consideration	$ 124,900
Deal consideration vesting period	3 years
Requisite service period	3 years
Acquisition-related compensation arrangements	$ 96,900
Sandler O'Neill | Restricted Stock | 2020 Inducement Plan | Weighted Average
Business Acquisition
Award vesting period in years				3 years 8 months 12 days
Sandler O'Neill | Restricted Stock | 2020 Inducement Plan | 18 Month Vesting Period
Business Acquisition
Award vesting period in years				18 months
Sandler O'Neill | Restricted Stock | 2020 Inducement Plan | Three Year Vesting Period
Business Acquisition
Award vesting period in years				3 years
Sandler O'Neill | Restricted Stock | 2020 Inducement Plan | Five Year Vesting Period
Business Acquisition
Award vesting period in years				5 years
Sandler O'Neill | Restricted cash
Business Acquisition
Acquisition-related compensation arrangements	$ 17,000

Acquisitions - Sandler O'Neill

Acquisitions - Sandler O'Neill Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 03, 2020	Dec. 31, 2019
Assets
Goodwill	$ 215,309		$ 87,649
Sandler O'Neill
Assets
Cash and cash equivalents		$ 27,420
Receivables from brokers, dealers and clearing organizations		192,675
Fixed assets		6,789
Goodwill		94,360
Intangible assets		157,800
Investments		685
Right-of-use lease asset		39,607
Other assets		9,628
Total assets acquired		528,964
Liabilities
Accrued compensation		71,398
Accrued lease liability		39,613
Other liabilities and accrued expenses		16,441
Due to Sandler O'Neill		40,673
Total liabilities assumed		168,125
Net Assets Acquired
Net assets acquired		$ 360,839

Acquisitions - Acquisition of W

Acquisitions - Acquisition of Weeden & Co. (Details) - USD ($) $ in Thousands	Aug. 02, 2019	Sep. 30, 2020	Sep. 30, 2020
Business Combination, Description [Abstract]
Goodwill recorded			$ 127,660
Weeden & Co.
Business Combination, Description [Abstract]
Economic value	$ 42,000
Fair value of net assets acquired	24,025
Restricted cash portion of purchase price	10,100
Goodwill recorded	5,800
Weeden & Co. | Customer relationships
Business Combination, Description [Abstract]
Intangible assets acquired	12,000
Weeden & Co. | Internally developed software
Business Combination, Description [Abstract]
Intangible assets acquired	4,700
Weeden & Co. | Net revenue target
Business Combination, Description [Abstract]
Additional cash consideration, maximum amount	31,500
Amount accrued related to earnout		$ 22,900	22,900
Non-interest expense recorded related to earnout		$ 2,200	$ 22,000
Weeden & Co. | Restricted Stock
Business Combination, Description [Abstract]
Acquisition-related compensation arrangements	$ 7,300
Requisite service period	4 years

Acquisitions - Weeden & Co. Est

Acquisitions - Weeden & Co. Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Aug. 02, 2019
Assets
Goodwill	$ 215,309	$ 87,649
Weeden & Co.
Assets
Cash and cash equivalents			$ 4,351
Receivables from brokers, dealers and clearing organizations			1,623
Fixed assets			289
Goodwill			5,794
Intangible assets			16,700
Right-of-use lease asset			6,811
Other assets			7,675
Total assets acquired			43,243
Liabilities
Accrued compensation			2,156
Accrued lease liability			6,811
Other liabilities and accrued expenses			10,251
Total liabilities assumed			19,218
Net Assets Acquired
Net assets acquired			$ 24,025

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net revenues	$ 285,849	$ 846,653	$ 865,263
Net income/(loss) from continuing operations applicable to Piper Sandler Companies	$ (1,761)	$ (3,349)	$ 9,267

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sign-on grants | Maximum | Restricted Stock
Components of discontinued operations
Grant requisite service period		5 years
Advisory Research (ARI)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds			$ 53,900
Components of discontinued operations
Net revenues	$ 7,939		26,546
Operating expenses	7,068		22,589
Intangible asset amortization and impairment	0		5,465
Restructuring costs	9,572		10,268
Total non-interest expenses	16,640		38,322
Loss from discontinued operations before income tax benefit	(8,701)		(11,776)
Income tax benefit	(1,752)		(2,522)
AfterTaxGainLossOnDiscontinuedOperationsExcludingGainLoss	(6,949)		(9,254)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	33,026		33,026
Income from discontinued operations, net of tax	26,077		23,772
Advisory Research (ARI) | Trade name
Components of discontinued operations
Intangible asset amortization and impairment	$ 2,900		$ 2,900

Financial Instruments and Oth_3

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Financial Instruments Owned and Financial Instruments Sold, but Not Yet Purchased by Type (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial instruments and other inventory positions owned:
Equity securities	$ 5,275	$ 3,046
Convertible securities	144,181	146,406
Fixed income securities	19,689	28,176
Taxable securities	14,222	22,570
Tax-exempt securities	80,311	222,192
Short-term securities	103,815	67,901
Mortgage-backed securities	13	13
U.S. government agency securities	55,860	51,773
U.S. government securities	568	77,303
Derivative contracts	26,002	20,382
Total financial instruments and other inventory positions owned	449,936	639,762
Financial instruments and other inventory positions sold, but not yet purchased:
Equity securities	76,308	94,036
Fixed income securities	17,988	10,311
U.S. government agency securities	1,344	9,935
U.S. government securities	50,410	67,090
Derivative contracts	6,140	4,053
Total financial instruments and other inventory positions sold, but not yet purchased	152,190	185,425
Financial instruments and other inventory positions owned and pledged as collateral	$ 191,484	$ 205,674

Financial Instruments and Oth_4

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 2,097,376	$ 2,308,215
Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	252,680	209,127
Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	246,614	200,167
Customer matched-book | Interest rate
Derivative [Line Items]
Notional amount	1,972,971	2,197,340
Customer matched-book | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	252,306	209,119
Customer matched-book | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	242,048	198,315
Trading securities | Interest rate
Derivative [Line Items]
Notional amount	111,525	110,875
Trading securities | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	374	8
Trading securities | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	4,274	1,852
Trading securities | Equity options
Derivative [Line Items]
Notional amount	12,880	0
Trading securities | Equity options | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	0	0
Trading securities | Equity options | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	$ 292	$ 0

Financial Instruments and Oth_5

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Unrealized Gains/(Losses) on Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ 150	$ (208)	$ (2,375)	$ (1,084)
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	(232)	(203)	(1,164)	(634)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	154	(5)	(1,439)	(450)
Equity options | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ 228	$ 0	$ 228	$ 0

Financial Instruments and Oth_6

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Additional Information (Details) - Maximum risk of loss $ in Millions	Sep. 30, 2020USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 26.1
Notional contract amount	163.1
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 22

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Option (Details) - Merchant Banking Investments - Level III - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments at fair value	$ 1.8		$ 2.1
Gains (losses) from changes in fair value	$ 0.2	$ (0.5)

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	Sep. 30, 2020basis_points
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts	0
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts	17
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions sold, but not yet purchased | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts	6.5
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions owned | Minimum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts	0
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions owned | Maximum | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts	9
Premium over the MMD curve | Interest rate locks | Financial instruments and other inventory positions owned | Weighted Average | Discounted cash flow
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts	7.5
Revenue multiple | Equity investment in private company | Investments | Minimum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	3
Revenue multiple | Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	5
Revenue multiple | Equity investment in private company | Investments | Weighted Average | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	4.1
EBITDA multiple | Equity investment in private company | Investments | Minimum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	11
EBITDA multiple | Equity investment in private company | Investments | Maximum | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	20
EBITDA multiple | Equity investment in private company | Investments | Weighted Average | Market approach
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value	16.1

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets
Equity securities	$ 5,275,000	$ 3,046,000
Convertible securities	144,181,000	146,406,000
Fixed income securities	19,689,000	28,176,000
Taxable securities	14,222,000	22,570,000
Tax-exempt securities	80,311,000	222,192,000
Short-term securities	103,815,000	67,901,000
Mortgage-backed securities	13,000	13,000
U.S. government agency securities	55,860,000	51,773,000
U.S. government securities	568,000	77,303,000
Derivative contracts	26,002,000	20,382,000
Total financial instruments and other inventory positions owned	449,936,000	639,762,000
Liabilities
Equity securities	76,308,000	94,036,000
Fixed income securities	17,988,000	10,311,000
U.S. government agency securities	1,344,000	9,935,000
U.S. government securities	50,410,000	67,090,000
Derivative contracts	6,140,000	4,053,000
Total financial instruments and other inventory positions sold, but not yet purchased	152,190,000	185,425,000
Securities posted as collateral	0	0
Level III
Assets
Total assets	146,700,000	132,400,000
Measured on a recurring basis
Assets
Equity securities	5,275,000	3,046,000
Convertible securities	144,181,000	146,406,000
Fixed income securities	19,689,000	28,176,000
Taxable securities	14,222,000	22,570,000
Tax-exempt securities	80,311,000	222,192,000
Short-term securities	103,815,000	67,901,000
Mortgage-backed securities	13,000	13,000
U.S. government agency securities	55,860,000	51,773,000
U.S. government securities	568,000	77,303,000
Derivative contracts	26,002,000	20,382,000
Derivative contracts - counterparty and collateral netting	(226,678,000)	(188,745,000)
Total financial instruments and other inventory positions owned	449,936,000	639,762,000
Cash equivalents	340,466,000	226,744,000
Investments at fair value	162,194,000	149,987,000
Total assets	952,596,000	1,016,493,000
Liabilities
Equity securities	76,308,000	94,036,000
Fixed income securities	17,988,000	10,311,000
U.S. government agency securities	1,344,000	9,935,000
U.S. government securities	50,410,000	67,090,000
Derivative contracts	6,140,000	4,053,000
Derivative contracts - counterparty and collateral netting	(240,474,000)	(196,114,000)
Total financial instruments and other inventory positions sold, but not yet purchased	152,190,000	185,425,000
Measured on a recurring basis | Level I
Assets
Equity securities	1,061,000	469,000
U.S. government securities	568,000	77,303,000
Total financial instruments and other inventory positions owned	1,629,000	77,772,000
Cash equivalents	340,466,000	226,744,000
Investments at fair value	15,922,000	17,658,000
Total assets	358,017,000	322,174,000
Liabilities
Equity securities	75,816,000	88,794,000
U.S. government securities	50,410,000	67,090,000
Derivative contracts	292,000
Total financial instruments and other inventory positions sold, but not yet purchased	126,518,000	155,884,000
Measured on a recurring basis | Level II
Assets
Equity securities	4,214,000	2,577,000
Convertible securities	144,181,000	146,406,000
Fixed income securities	19,689,000	28,176,000
Taxable securities	14,222,000	22,570,000
Tax-exempt securities	80,311,000	222,192,000
Short-term securities	103,815,000	67,901,000
U.S. government agency securities	55,860,000	51,773,000
Derivative contracts	252,306,000	209,119,000
Total financial instruments and other inventory positions owned	674,598,000	750,714,000
Total assets	674,598,000	750,714,000
Liabilities
Equity securities	492,000	5,242,000
Fixed income securities	17,988,000	10,311,000
U.S. government agency securities	1,344,000	9,935,000
Derivative contracts	242,953,000	198,604,000
Total financial instruments and other inventory positions sold, but not yet purchased	262,777,000	224,092,000
Measured on a recurring basis | Level III
Assets
Mortgage-backed securities	13,000	13,000
Derivative contracts	374,000	8,000
Total financial instruments and other inventory positions owned	387,000	21,000
Investments at fair value	146,272,000	132,329,000
Total assets	146,659,000	132,350,000
Liabilities
Derivative contracts	3,369,000	1,563,000
Total financial instruments and other inventory positions sold, but not yet purchased	3,369,000	1,563,000
Measured on a recurring basis | Level III | Investments attributable to noncontrolling interests
Assets
Investments at fair value	$ 88,900,000	$ 75,200,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers between fair value levels	$ 0
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 146,700,000	$ 132,400,000
Percentage of Level III assets to financial instruments measured at fair value	15.40%	13.00%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 120,692	$ 132,569	$ 132,350	$ 108,036
Purchases	15,957	15,623	16,990	23,623
Sales	(1,323)	(12,772)	(1,548)	(13,114)
Transfers out	0	0	(130)	(783)
Realized gains/(losses)	1,216	2,901	(4,977)	3,214
Unrealized gains/(losses)	10,117	(6,004)	3,974	11,341
Ending balance	146,659	132,317	146,659	132,317
Unrealized gains/ (losses) for assets held at period end	10,181	(3,103)	(1,519)	13,955
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,212	4,418	1,563	4,202
Purchases	(880)	(3,576)	(13,627)	(12,398)
Sales	0	0	371	0
Transfers out	0	0	0	0
Realized gains/(losses)	880	3,576	13,256	12,398
Unrealized gains/(losses)	157	487	1,806	703
Ending balance	3,369	4,905	3,369	4,905
Unrealized gains/(losses) for liabilities held at period end	679	1,860	3,358	4,905
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	77	13	21	244
Purchases	107	0	857
Sales	(310)		(370)	(342)
Transfers out	0	0	0	0
Realized gains/(losses)	203	0	(487)	313
Unrealized gains/(losses)	310	482	366	280
Ending balance	387	495	387	495
Unrealized gains/ (losses) for assets held at period end	374	482	374	482
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	120,615	132,556	132,329	107,792
Purchases	15,850	15,623	16,133	23,623
Sales	(1,013)	(12,772)	(1,178)	(12,772)
Transfers out	0	0	(130)	(783)
Realized gains/(losses)	1,013	2,901	(4,490)	2,901
Unrealized gains/(losses)	9,807	(6,486)	3,608	11,061
Ending balance	146,272	131,822	146,272	131,822
Unrealized gains/ (losses) for assets held at period end	9,807	(3,585)	(1,893)	13,473
Derivative contracts | Financial instruments and other inventory positions sold, but not yet purchased
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,212	4,418	1,563	4,202
Purchases	(880)	(3,576)	(13,627)	(12,398)
Sales	0	0	371	0
Transfers out	0	0	0	0
Realized gains/(losses)	880	3,576	13,256	12,398
Unrealized gains/(losses)	157	487	1,806	703
Ending balance	3,369	4,905	3,369	4,905
Unrealized gains/(losses) for liabilities held at period end	679	1,860	3,358	4,905
Mortgage-backed securities | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13	13	13	15
Purchases	0	0	0	0
Sales	0	0	0	(6)
Transfers out	0	0	0	0
Realized gains/(losses)	0	0	0	(23)
Unrealized gains/(losses)	0	0	0	27
Ending balance	13	13	13	13
Unrealized gains/ (losses) for assets held at period end	0	0	0	0
Derivative contracts | Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	64		8	229
Purchases	107		857	0
Sales	(310)	0	(370)	(336)
Transfers out	0	0	0	0
Realized gains/(losses)	203	0	(487)	336
Unrealized gains/(losses)	310	482	366	253
Ending balance	374	482	374	482
Unrealized gains/ (losses) for assets held at period end	$ 374	$ 482	$ 374	$ 482

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Net assets for VIEs for which the Company has determined it is not the primary beneficiary	$ 1,821,174,000	$ 1,628,719,000
Liabilities related to VIEs for which the Company has determined it is not the primary beneficiary	962,799,000	822,191,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Net assets for VIEs for which the Company has determined it is not the primary beneficiary	1,500,000,000	300,000,000
Liabilities related to VIEs for which the Company has determined it is not the primary beneficiary	0	$ 0
Variable interest entities, exposure to loss	7,400,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Available bank line financing	25,000,000
Net assets for VIEs for which the Company has determined it is not the primary beneficiary	145,888,000
Liabilities related to VIEs for which the Company has determined it is not the primary beneficiary	$ 2,367,000

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments	$ 171,248,000	$ 158,141,000
Other assets	93,640,000	55,440,000
Assets	1,821,174,000	1,628,719,000
Other liabilities and accrued expenses	69,449,000	46,578,000
Total liabilities	962,799,000	822,191,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,500,000,000	300,000,000
Total liabilities	0	$ 0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	144,154,000
Other assets	1,734,000
Assets	145,888,000
Other liabilities and accrued expenses	2,367,000
Total liabilities	$ 2,367,000

Receivables from and Payables_3

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Receivable from clearing organizations	$ 101,599	$ 260,436
Receivable from brokers and dealers	47,135	19,161
Other	3,178	3,511
Total receivables from brokers, dealers and clearing organizations	151,912	283,108
Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization [Abstract]
Payable to brokers and dealers	13,008	7,514
Total payables to brokers, dealers and clearing organizations	$ 13,008	$ 7,514

Receivables from and Payables_4

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Sep. 30, 2020USD ($)
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	$ 120,000,000

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments at fair value	$ 162,194	$ 149,987
Investments at cost	1,611	1,084
Investments accounted for under the equity method	7,443	7,070
Total investments	171,248	158,141
Estimated fair market value of investments carried at cost	1,600
Investments attributable to noncontrolling interests
Schedule of Investments [Line Items]
Total investments	(88,881)	(75,245)
Investments attributable to parent
Schedule of Investments [Line Items]
Total investments	$ 82,367	$ 82,896

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Fee receivables	$ 56,853	$ 18,574
Accrued interest receivables	1,411	2,977
Forgivable loans, net	3,967	5,227
Prepaid expenses	13,118	10,687
Income tax receivables	1,516	2,658
Other	16,775	15,317
Total other assets	$ 93,640	$ 55,440

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 03, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 03, 2020
Goodwill
Goodwill beginning balance				$ 87,649
Goodwill acquired				127,660
Goodwill ending balance		$ 215,309		215,309
Intangible assets
Intangible assets beginning balance				16,686
Intangible assets acquired				172,600
Amortization of intangible assets		(11,607)	$ (1,229)	(33,122)	$ (2,735)
Intangible assets ending balance		$ 156,164		$ 156,164
The Valence Group
Intangible assets
Intangible assets acquired						$ 14,800
Sandler O'Neill
Goodwill
Goodwill acquired	$ 94,400
Goodwill ending balance	94,360
Intangible assets
Intangible assets acquired	157,800
Customer relationships | The Valence Group
Intangible assets
Intangible assets acquired						$ 14,800
Weighted average life				1 year 4 months 24 days
Customer relationships | Sandler O'Neill
Intangible assets
Intangible assets acquired	72,400
Weighted average life				2 years 4 months 24 days
Trade name | Sandler O'Neill
Intangible assets
Intangible assets acquired	$ 85,400

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets Goodwill and Intangible Assets - Aggregate Future Intangible Asset Amortization Expense (Details) $ in Thousands	Sep. 30, 2020USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2020	$ 11,606
2021	24,780
2022	9,344
2023	7,442
2024	6,292
Thereafter	11,300
Total	$ 70,764

Short-Term Financing - Schedule

Short-Term Financing - Schedule of Short-Term Financing (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Short-term financing	$ 74,966	$ 49,978
Commercial paper
Short-term Debt [Line Items]
Short-term financing	$ 49,966	$ 49,978
Weighted Average Interest Rate	1.17%	2.69%
Revolving credit facility
Short-term Debt [Line Items]
Short-term financing	$ 25,000	$ 0
Weighted Average Interest Rate	2.16%	0.00%

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Short-term financing	$ 74,966,000	$ 49,978,000
Commercial paper
Short-term Debt [Line Items]
Short-term financing	$ 49,966,000	49,978,000
Commercial paper | Minimum
Short-term Debt [Line Items]
Debt term	27 days
Commercial paper | Maximum
Short-term Debt [Line Items]
Debt term	270 days
Commercial paper | CP Series II A
Short-term Debt [Line Items]
Excess net capital required	$ 100,000,000
Commercial paper | CP Series II A | Weighted Average
Short-term Debt [Line Items]
Debt term	21 days
Revolving credit facility
Short-term Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 50,000,000
Minimum net capital required	120,000,000
Short-term financing	$ 25,000,000	$ 0
Bank lines (secured)
Short-term Debt [Line Items]
Debt term	1 year
Line of credit, maximum borrowing capacity	$ 125,000,000
Minimum net capital required	120,000,000
Short-term financing	$ 0

Long-Term Financing - Additiona

Long-Term Financing - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term financing	$ 195,000,000	$ 175,000,000
Senior Notes
Debt Instrument [Line Items]
Long-term financing	175,000,000
Senior Notes | Class A Fixed Rate Senior Notes Due October 2021
Debt Instrument [Line Items]
Long-term financing	$ 50,000,000
Annual fixed rate	4.74%
Senior Notes | Class B Fixed Rate Senior Notes Due October 2023
Debt Instrument [Line Items]
Long-term financing	$ 125,000,000
Annual fixed rate	5.20%
Unsecured promissory notes | The Valence Group
Debt Instrument [Line Items]
Long-term financing	$ 20,000,000
Annual fixed rate	5.00%

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Lease Commitments for Operating Leases (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
Remainder of 2020	$ 6,640
2021	23,292
2022	21,662
2023	17,688
2024	15,789
Thereafter	35,422
Total	$ 120,493

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 5.9	$ 3.2	$ 16.2	$ 8.9
Operating lease cost related to short-term leases	0.2	0.2	0.7	0.5
Sublease Income	$ 0.5	$ 0.4	$ 1.4	$ 1.3
Weighted average remaining lease term	5 years 9 months 18 days		5 years 9 months 18 days
Weighted Average
Lessee, Lease, Description [Line Items]
Weighted average discount rate	4.00%		4.00%

Restructuring and Integration_3

Restructuring and Integration Costs - Schedule of Pre-tax Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,703	$ 3,555	$ 4,245	$ 7,462
Integration costs	(111)	2,588	2,973	5,076
Restructuring and integration costs	1,592	6,143	7,218	12,538
Severance, benefits and outplacement
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6	1,829	2,927	2,938
Contract termination
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(123)	0	(590)	2,798
Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,820	$ 1,726	$ 1,908	$ 1,726

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	Oct. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020	Dec. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Aggregate purchase price of share repurchases				$ 21,721,000	$ 50,343,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations (in shares)				102,556	698,065
Repurchase of common stock for employee tax withholding				$ 8,600,000	$ 50,300,000
Reissuance of treasury shares as a result of employee vesting (in shares)				282,718	1,406,139
Issuance of treasury shares for deal consideration (in shares)				34,205
Cash dividends paid				$ 23,000,000
Dividends declared per common share (in dollars per share)		$ 0.30	$ 0.38	$ 1.63	$ 2.14
Other comprehensive income or loss attributed to noncontrolling interests				$ 0	$ 0
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.375
Quarterly dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid (amount per share)				$ 0.875
Annual special cash dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid (amount per share)				$ 0.75
Share repurchase program, authorized 2020
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount						$ 150,000,000
Shares repurchased (in shares)				188,319
Average price of repurchases (in shares)				$ 69.72
Aggregate purchase price of share repurchases				$ 13,100,000
Amount remaining under share repurchase authorization		$ 136,900,000		$ 136,900,000
Share repurchase program, authorized 2017
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, authorized amount							$ 150,000,000
Shares repurchased (in shares)					501
Average price of repurchases (in shares)					$ 64.80

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options (in shares)	81,667	81,667
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	4,162,168	694,225
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	146,048	114,315
Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,980,435
Deal consideration | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	2,181,733
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options (in shares)	81,667
Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	146,048
Incentive Plan | Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	564,933
Incentive Plan | Total restricted stock outstanding | Restricted Stock | Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	456,649
Incentive Plan | Total restricted stock outstanding | Restricted Stock | Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	108,284
2019 Inducement Plan | Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	97,752
2020 Inducement Plan | Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,317,750

Compensation Plans - Schedule o

Compensation Plans - Schedule of RSU Performance Condition Probability (Details) - Restricted stock units - Average adjusted return on equity targets - Probability of achieving performance condition	9 Months Ended
	Sep. 30, 2020
2020
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	45.00%
2019
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	57.00%
2018
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	50.00%

Compensation Plans - Schedule_2

Compensation Plans - Schedule of RSU Valuation Assumptions (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2020
2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.40%
Expected Stock Price Volatility	27.30%
2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.50%
Expected Stock Price Volatility	31.90%
2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.40%
Expected Stock Price Volatility	34.80%
2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.62%
Expected Stock Price Volatility	35.90%
2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.98%
Expected Stock Price Volatility	34.90%

Compensation Plans - Schedule_3

Compensation Plans - Schedule of Stock Options Valuation Assumptions (Details) - Stock options	9 Months Ended
	Sep. 30, 2020$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.82%
Dividend yield	3.22%
Expected stock price volatility	37.20%
Expected life of options (in years)	7 years
Fair value of options granted (per share)	$ 24.49

Compensation Plans - Schedule_4

Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 29.9	$ 7.9	$ 79.5	$ 17.9
Forfeitures	0.9	0.3	2.1	1.5
Tax benefit related to stock-based compensation expense	$ 3.9	$ 1.6	$ 10.3	$ 3.1

Compensation Plans - Changes in

Compensation Plans - Changes in Unvested Restricted Stock (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares) | shares	694,225
Granted (in shares) | shares	3,786,732
Vested (in shares) | shares	(257,563)
Canceled (in shares) | shares	(61,226)
Ending Balance (in shares) | shares	4,162,168
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share) | $ / shares	$ 78.52
Granted (in dollars per share) | $ / shares	73.59
Vested (in dollars per share) | $ / shares	80.65
Canceled (in dollars per share) | $ / shares	78.10
Ending Balance (in dollars per share) | $ / shares	$ 73.91

Compensation Plans - Changes _2

Compensation Plans - Changes in Unvested Restricted Stock Units (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares) | shares	114,315
Granted (in shares) | shares	56,066
Vested (in shares) | shares	(18,255)
Canceled (in shares) | shares	(6,078)
Ending Balance (in shares) | shares	146,048
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share) | $ / shares	$ 85.09
Granted (in dollars per share) | $ / shares	86.01
Vested (in dollars per share) | $ / shares	84.10
Canceled (in dollars per share) | $ / shares	84.10
Ending Balance (in dollars per share) | $ / shares	$ 85.60

Compensation Plans - Changes _3

Compensation Plans - Changes in Outstanding Stock Options (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Options Outstanding
Beginning Balance (in shares)	81,667
Granted (in shares)	0
Exercised (in shares)	0
Cancelled (in shares)	0
Expired (in shares)	0
Ending Balance (in shares)	81,667	81,667
Weighted Average Exercise Price (in dollars per share)
Beginning Balance (in dollars per share)	$ 99
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Cancelled (in dollars per share)	0
Expired (in dollars per share)	0
Ending Balance (in dollars per share)	$ 99	$ 99
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	7 years 4 months 24 days	8 years 1 month 6 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 0	$ 0

Compensation Plans - Additional

Compensation Plans - Additional Information (Details) $ in Millions	Apr. 03, 2020USD ($)shares	Jan. 03, 2020USD ($)shares	Aug. 02, 2019USD ($)shares	May 16, 2016USD ($)shares	Sep. 30, 2020USD ($)planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan					3
Exercisable options at period end (in shares)					0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)					3,786,732
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period for restricted stock units					36 months
Number of years risk free interest rate					3 years
Number of shares granted (in shares)					56,066
Restricted stock and restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to equity awards | $					$ 212.4
Weighted average period over which equity award expense expected to be recognized					3 years 1 month 6 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period					5 years
Share based compensation option exercise price					10.00%
Unrecognized compensation cost related to equity awards | $					$ 0.9
Weighted average period over which equity award expense expected to be recognized					2 years 4 months 24 days
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options					10 years
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award grants authorized (in shares)					9,400,000
Shares available for future issuance (in shares)					1,700,000
Leadership Grants Subsequent to 2016 | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					150.00%
Average adjusted return on equity targets | Leadership Grants Subsequent to 2016 | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					75.00%
Average adjusted return on equity targets | 2016 Leadership Grant | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					50.00%
Total shareholder return relative to members of a predetermined peer group | Leadership Grants Subsequent to 2016 | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					75.00%
Total shareholder return | 2016 Leadership Grant | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					50.00%
Simmons & Company International | 2016 Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $				$ 11.6
Number of shares granted (in shares)				286,776
Weeden & Co. | 2019 Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $			$ 7.3
Number of shares granted (in shares)			97,752
Sandler O'Neill | 2020 Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $		$ 96.9
Number of shares granted (in shares)		1,217,423
Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | 18 Month Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years					18 months
Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | Three Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years					3 years
Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | Five Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years					5 years
Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years					3 years 8 months 12 days
The Valence Group | 2020 Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $	$ 5.5
Number of shares granted (in shares)	114,000
The Valence Group | 2020 Inducement Plan | Restricted Stock | Five Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years					5 years
Annual grants | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years					3 years
Annual grant expense period					1 year
Sign-on grants | Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period					3 years
Sign-on grants | Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period					5 years

Compensation Plans - Acquisitio

Compensation Plans - Acquisition-related Compensation Arrangements (Details) - Simmons - Performance award plan - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Performance award plan accrual			$ 40.1
Contingent consideration performance period	3 years	3 years
Share based compensation expense period		$ 0.4

Compensation Plans - Deferred C

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Mutual Fund Restricted Shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award Vesting Period	3 years
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Plan Assets	$ 15.7	$ 16.7
Plan Liabilities	$ 15.7	$ 16.7

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income/(loss) from continuing operations applicable to Piper Sandler Companies	$ 11,617	$ 17,165	$ (1,656)	$ 49,281
Net income from discontinued operations	0	26,077	0	23,772
Net income/(loss) applicable to Piper Sandler Companies	11,617	43,242	(1,656)	73,053
Earnings allocated to participating securities	0	(800)	0	(3,524)
Net income/(loss) applicable to Piper Sandler Companies' common shareholders	$ 11,617	$ 42,442	$ (1,656)	$ 69,529
Shares for basic and diluted calculations:
Average shares used in basic computation (in shares)	13,778,000	13,708,000	13,789,000	13,502,000
Average shares used in diluted computation (in shares)	14,853,000	14,085,000	14,580,000	13,882,000
Earnings/(loss) per basic common share:
Income/(loss) from continuing operations (in dollars per share)	$ 0.84	$ 1.23	$ (0.12)	$ 3.46
Loss from discontinued operations (in dollars per share)	0	1.87	0	1.69
Earnings/(loss) per basic common share (in dollars per share)	0.84	3.09	(0.12)	5.15
Earnings/(loss) per diluted common share:
Income/(loss) from continuing operations (in dollars per share)	0.78	1.20	(0.12)	3.37
Loss from discontinued operations (in dollars per share)	0	1.82	0	1.64
Earnings/(loss) per diluted common share (in dollars per share)	$ 0.78	$ 3.01	$ (0.12)	$ 5.01
Weighted average participating shares outstanding (in shares)		272,170		598,894
Advisory Research (ARI)
Earnings/(loss) per diluted common share:
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ (33,026)		$ (33,026)
Proceeds from Divestiture of Businesses				$ 53,900
Restricted stock units
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	153,000	131,000	119,000	175,000
Non-participating restricted shares
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	923,000	246,000	672,000	205,000
Stock options and restricted shares
Earnings/(loss) per diluted common share:
Shares excluded from diluted EPS (in shares)	800,000	300,000	2,200,000	100,000

Revenues and Business Informa_3

Revenues and Business Information - Revenues and Business Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Investment banking	$ 203,235	$ 151,192	$ 562,060	$ 410,992
Institutional brokerage	86,764	46,814	265,246	113,983
Interest income	2,095	6,481	11,225	20,911
Investment income/(loss)	15,080	(1,575)	4,987	17,622
Total revenues	307,174	202,912	843,518	563,508
Interest expense	3,455	2,177	11,193	7,813
Net revenues	303,719	200,735	832,325	555,695
Non-interest expenses	279,070	179,700	834,308	490,598
Pre-tax income/(loss)	$ 24,649	$ 21,035	$ (1,983)	$ 65,097
Pre-tax margin	8.10%	10.50%	(0.20%)	11.70%
Intangible asset amortization	$ 11,607	$ 1,229	$ 33,122	$ 2,735
Advisory services
Segment Reporting Information [Line Items]
Investment banking	77,250	106,769	274,045	296,886
Corporate financing
Segment Reporting Information [Line Items]
Investment banking	99,528	22,580	208,152	61,814
Municipal financing
Segment Reporting Information [Line Items]
Investment banking	26,457	21,843	79,863	52,292
Equity brokerage
Segment Reporting Information [Line Items]
Institutional brokerage	33,439	24,147	121,936	55,521
Fixed income services
Segment Reporting Information [Line Items]
Institutional brokerage	$ 53,325	$ 22,667	$ 143,310	$ 58,462

Net Capital Requirements and _2

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Sep. 30, 2020USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital	174,700,000
Broker-Dealer, Excess Net Capital, Alternative Standard	173,700,000
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	120,000,000
Senior Notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	120,000,000
Committed credit facility
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	120,000,000
Revolving credit facility
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required	120,000,000
Commercial paper | CP Series II A
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	$ 100,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 5,674	$ 6,717	$ (1,400)	$ 10,729
Tax benefit for stock-based compensation awards vesting during the period			200	$ 5,100
Other Tax Expense (Benefit)			$ (3,600)