Piper Sandler Companies (PIPR) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		18,042,719
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001230245
Current Fiscal Year End Date	--12-31

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 397,510	$ 507,935
Receivables from brokers, dealers and clearing organizations	322,245	221,491
Financial instruments and other inventory positions owned	309,844	270,849
Financial instruments and other inventory positions owned and pledged as collateral	153,437	130,703
Total financial instruments and other inventory positions owned	463,281	401,552
Fixed assets (net of accumulated depreciation and amortization of $71,682 and $74,883, respectively)	52,840	43,812
Goodwill	227,508	227,508
Intangible assets (net of accumulated amortization of $100,632 and $85,592, respectively)	134,818	149,858
Investments (including noncontrolling interests of $126,221 and $94,900, respectively)	215,130	183,179
Net deferred income tax assets	118,820	104,219
Right-of-use lease asset	71,884	82,543
Other assets	110,301	75,043
Total assets	2,114,337	1,997,140
Liabilities and Shareholders' Equity
Long-term financing	175,000	195,000
Payables to brokers, dealers and clearing organizations	12,408	18,591
Financial instruments and other inventory positions sold, but not yet purchased	195,640	151,030
Accrued compensation	469,971	522,412
Accrued lease liability	90,175	99,478
Other liabilities and accrued expenses	96,173	84,547
Total liabilities	1,039,367	1,071,058
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at June 30, 2021 and December 31, 2020; Shares issued: 19,538,044 at June 30, 2021 and 19,533,547 at December 31, 2020; Shares outstanding: 14,292,967 at June 30, 2021 and 13,776,025 at December 31, 2020	195	195
Additional paid-in capital	888,811	847,785
Retained earnings	349,274	271,001
Less common stock held in treasury, at cost: 5,245,077 shares at June 30, 2021 and 5,757,522 shares at December 31, 2020	(283,532)	(289,359)
Accumulated other comprehensive income/(loss)	306	(197)
Total common shareholders' equity	955,054	829,425
Noncontrolling interests	119,916	96,657
Total shareholders' equity	1,074,970	926,082
Total liabilities and shareholders' equity	$ 2,114,337	$ 1,997,140

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 71,682	$ 74,883
Accumulated amortization on intangible assets	100,632	85,592
Investments attributable to noncontrolling interests	$ 126,221	$ 94,900
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)	19,538,044	19,533,547
Common stock, shares outstanding (in shares)	14,292,967	13,776,025
Common stock held in treasury, shares (in shares)	5,245,077	5,757,522

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Investment banking	$ 387,147	$ 199,827	$ 683,221	$ 358,825
Institutional brokerage	95,830	89,339	205,318	178,482
Interest income	1,673	3,065	3,730	9,130
Investment income/(loss)	26,694	3,733	50,462	(10,093)
Total revenues	511,344	295,964	942,731	536,344
Interest expense	2,696	3,526	5,476	7,738
Net revenues	508,648	292,438	937,255	528,606
Non-interest expenses:
Compensation and benefits	325,252	213,560	605,580	401,684
Outside services	10,593	9,899	18,268	18,338
Occupancy and equipment	13,720	13,269	27,742	25,507
Communications	10,026	11,096	21,834	22,730
Marketing and business development	5,114	2,588	7,181	12,627
Deal-related expenses	8,710	11,204	21,141	16,144
Trade execution and clearance	4,207	4,312	8,387	11,463
Restructuring and integration costs	3,433	3,724	3,568	5,626
Intangible asset amortization	7,520	11,637	15,040	21,515
Other operating expenses	6,013	3,752	11,587	19,604
Total non-interest expenses	394,588	285,041	740,328	555,238
Income/(loss) before income tax expense/(benefit)	114,060	7,397	196,927	(26,632)
Income tax expense/(benefit)	27,066	4,700	44,340	(7,074)
Net income/(loss)	86,994	2,697	152,587	(19,558)
Net income/(loss) applicable to noncontrolling interests	17,173	1,243	33,307	(6,285)
Net income/(loss) applicable to Piper Sandler Companies	$ 69,821	$ 1,454	$ 119,280	$ (13,273)
Earnings/(loss) per common share
Basic	$ 4.86	$ 0.11	$ 8.30	$ (0.96)
Diluted	4.12	0.10	7.14	(0.96)
Dividends declared per common share (in dollars per share)	$ 0.45	$ 0.20	$ 2.70	$ 1.33
Weighted average number of common shares outstanding
Basic (in shares)	14,358	13,794	14,366	13,795
Diluted (in shares)	16,951	14,476	16,709	14,444

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 86,994	$ 2,697	$ 152,587	$ (19,558)
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	197	(68)	503	(740)
Comprehensive income/(loss)	87,191	2,629	153,090	(20,298)
Comprehensive income/(loss) applicable to noncontrolling interests	17,173	1,243	33,307	(6,285)
Comprehensive income/(loss) applicable to Piper Sandler Companies	$ 70,018	$ 1,386	$ 119,783	$ (14,013)

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, 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)	[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)		$ (19,558)
Issuance of treasury shares for deal consideration (in shares)		34,205
Repurchase of common stock from employees (in shares)		(98,136)
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
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)	[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
Beginning Balance (in shares) at Dec. 31, 2020			13,776,025
Beginning Balance at Dec. 31, 2020		926,082	$ 195	847,785	271,001	(289,359)	(197)	829,425	96,657
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		65,593			49,459			49,459	16,134
Dividends		(34,551)			(34,551)			(34,551)
Amortization/issuance of restricted stock (1)	[1]	62,691		62,691				62,691
Repurchase of common stock through share repurchase program (in shares)			(58,519)
Repurchase of common stock through share repurchase program		(6,218)				(6,218)		(6,218)
Issuance of treasury shares for restricted stock vestings (in shares)			823,951
Issuance of treasury shares for restricted stock vestings		0		(41,500)		41,500		0
Repurchase of common stock from employees (in shares)			(120,222)
Repurchase of common stock from employees		(12,735)				(12,735)		(12,735)
Shares reserved/issued for director compensation (in shares)			849
Shares reserved/issued for director compensation		104		104				104
Other comprehensive income/(loss)		306					306	306
Fund capital contributions/(distributions), net		(10,046)						0	(10,046)
Ending Balance (in shares) at Mar. 31, 2021			14,422,084
Ending Balance at Mar. 31, 2021		991,226	$ 195	869,080	285,909	(266,812)	109	888,481	102,745
Beginning Balance (in shares) at Dec. 31, 2020			13,776,025
Beginning Balance at Dec. 31, 2020		926,082	$ 195	847,785	271,001	(289,359)	(197)	829,425	96,657
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		$ 152,587
Repurchase of common stock from employees (in shares)		(123,096)
Ending Balance (in shares) at Jun. 30, 2021			14,292,967
Ending Balance at Jun. 30, 2021		$ 1,074,970	$ 195	888,811	349,274	(283,532)	306	955,054	119,916
Beginning Balance (in shares) at Mar. 31, 2021			14,422,084
Beginning Balance at Mar. 31, 2021		991,226	$ 195	869,080	285,909	(266,812)	109	888,481	102,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		86,994			69,821			69,821	17,173
Dividends		(6,456)			(6,456)			(6,456)
Amortization/issuance of restricted stock (1)	[1]	19,775		19,775				19,775
Repurchase of common stock through share repurchase program (in shares)			(139,178)
Repurchase of common stock through share repurchase program		(16,856)				(16,856)		(16,856)
Issuance of treasury shares for restricted stock vestings (in shares)			9,287
Issuance of treasury shares for restricted stock vestings		0		(497)		497		0
Repurchase of common stock from employees (in shares)			(2,874)
Repurchase of common stock from employees		(361)				(361)		(361)
Shares reserved/issued for director compensation (in shares)			3,648
Shares reserved/issued for director compensation		453		453				453
Other comprehensive income/(loss)		197					197	197
Fund capital contributions/(distributions), net		(2)						0	(2)
Ending Balance (in shares) at Jun. 30, 2021			14,292,967
Ending Balance at Jun. 30, 2021		$ 1,074,970	$ 195	$ 888,811	$ 349,274	$ (283,532)	$ 306	$ 955,054	$ 119,916
[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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net income/(loss)	$ 152,587	$ (19,558)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization of fixed assets	5,867	5,324
Deferred income taxes	(14,601)	(11,700)
Stock-based compensation	78,532	50,351
Amortization of intangible assets	15,040	21,515
Amortization of forgivable loans	2,871	1,821
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	(100,754)	282,480
Net financial instruments and other inventory positions owned	(17,119)	151,467
Investments	(31,951)	14,750
Other assets	(27,271)	(42,412)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	(6,183)	27,391
Accrued compensation	(47,879)	(111,350)
Other liabilities and accrued expenses	2,120	4,233
Net cash provided by operating activities	11,259	374,312
Investing Activities:
Business acquisitions, net of cash acquired	0	(393,522)
Purchases of fixed assets, net	(14,883)	(6,619)
Net cash used in investing activities	(14,883)	(400,141)
Financing Activities:
Increase in short-term financing	0	50,012
Repayment of Valence Notes	(20,000)	0
Payment of cash dividend	(41,007)	(18,819)
Decrease in noncontrolling interests	(10,048)	(1,204)
Repurchase of common stock	(36,170)	(17,482)
Net cash provided by/(used in) financing activities	(107,225)	12,507
Currency adjustment:
Effect of exchange rate changes on cash	424	(809)
Net decrease in cash and cash equivalents	(110,425)	(14,131)
Cash and cash equivalents at beginning of period	507,935	250,018
Cash and cash equivalents at end of period	397,510	235,887
Supplemental disclosure of cash flow information:
Interest	5,554	7,511
Income taxes	$ 59,907	$ 554

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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 the United Kingdom; 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 Loan Strategies, LLC, which provides management services for primary and secondary market liquidity transactions of loan and servicing rights; Piper Sandler Hedging Services, LLC, an entity that assists clients with hedging strategies; 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 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 records gains and losses from investments in these funds and receives management and performance fees. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with 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, 2020. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions The following acquisitions were accounted for pursuant to Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price of each acquisition was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the equity consideration and retention-related restricted stock was determined using the market price of the Company's common stock on the date of the respective acquisition. 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 expanded the Company's advisory services revenues, diversified and enhanced scale in corporate financings, added a differentiated fixed income business, and increased 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 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. 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 $0.2 million and $1.1 million were incurred for the three and six months ended June 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, 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 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 added a new industry sector and expanded 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 11. The Valence Notes were repaid in the first quarter of 2021. The Company also granted 647,268 restricted shares valued at $31.2 million as equity consideration on the acquisition date. 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. 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 $0.7 million and $2.0 million were incurred for the three and six months ended June 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 TRS Advisors LLC ("TRS") On December 31, 2020, the Company completed the acquisition of TRS, an advisory firm offering restructuring and reorganization services to companies in public, private and government settings. The transaction was completed pursuant to the Equity Purchase Agreement dated December 8, 2020. The acquisition expanded the scale of the Company's restructuring advisory business. The net assets acquired by the Company are described below. In addition to cash consideration, as part of the purchase price, the Company granted 145,952 restricted shares valued at $14.7 million as equity consideration on the acquisition date. The equity consideration 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. In addition, the Company entered into acquisition-related compensation arrangements with certain employees of $2.9 million in restricted stock for retention purposes. These restricted shares are subject to ratable vesting and employees must fulfill service requirements in exchange for the rights to the restricted shares. Compensation expense will be amortized on a straight-line basis over the requisite service period of three years. Additional cash of $7.0 million 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 April 3, 2024. As of June 30, 2021, the Company expects the maximum amount will be earned and has accrued $1.1 million related to this additional cash payment. The Company recorded $12.2 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. The final goodwill recorded on the Company's consolidated statements of financial condition may differ from that reflected herein as a result of measurement period adjustments. In management's opinion, the goodwill represents the reputation and operating expertise of TRS. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition-date fair value of $5.3 million. Transaction costs of $0.1 million were incurred for the six months ended June 30, 2021, 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 $ 7 Goodwill 12,199 Intangible assets 5,300 Right-of-use lease asset 1,818 Other assets 6,215 Total assets acquired 25,539 Liabilities Accrued lease liability 1,818 Other liabilities and accrued expenses 7 Total liabilities assumed 1,825 Net assets acquired $ 23,714 Pro Forma Financial Information The results of operations of Sandler O'Neill, Valence and TRS 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 and TRS. Based on the respective acquisition dates, the unaudited pro forma financial data assumes that both the Valence and TRS acquisitions had occurred on January 1, 2019, the beginning of the prior annual period in which the acquisitions occurred. Pro forma results have been prepared by adjusting the Company's historical results to include the results of operations of Valence and TRS adjusted for the following significant changes: interest expense was adjusted to reflect the debt incurred by the Company to fund a portion of the 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 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 Valence and TRS 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 and TRS. The Company's consolidated unaudited pro forma information presented does not necessarily reflect the results of operations that would have resulted had the acquisitions been completed at the beginning of the applicable period presented, does not contemplate client account overlap and anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future periods. Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2020 June 30, 2020 Net revenues $ 297,828 $ 551,074 Net income/(loss) applicable to Piper Sandler Companies 2,322 (13,955)

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	6 Months Ended
	Jun. 30, 2021
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 June 30, December 31, (Amounts in thousands) 2021 2020 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 5 $ 1,349 Convertible securities 145,284 146,088 Fixed income securities 1,643 18,432 Municipal securities: Taxable securities 51,968 6,267 Tax-exempt securities 103,175 67,944 Short-term securities 75,466 28,592 Mortgage-backed securities 248 13 U.S. government agency securities 59,636 9,146 U.S. government securities 1,077 100,275 Derivative contracts 24,779 23,446 Total financial instruments and other inventory positions owned $ 463,281 $ 401,552 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 117,147 $ 105,190 Fixed income securities 257 18,789 U.S. government securities 71,607 21,669 Derivative contracts 6,629 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 195,640 $ 151,030 At June 30, 2021 and December 31, 2020, financial instruments and other inventory positions owned in the amount of $153.4 million and $130.7 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, U.S. treasury bond futures and options, and equity option contracts. Derivative Contract Financial Instruments The Company uses interest rate and credit default swaps, interest rate locks, U.S. treasury bond futures and options, and equity option contracts as a means to manage risk in certain inventory positions. The Company also enters into interest rate and credit default swaps to facilitate customer transactions. Credit default swaps use rates based upon the Commercial Mortgage Backed Securities ("CMBX") index. 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 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 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: June 30, 2021 December 31, 2020 (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 $ 176,894 $ 168,414 $ 1,711,490 $ 233,116 $ 223,218 $ 1,955,131 Trading securities 348 1,212 184,025 — 4,225 55,375 Equity options Trading securities — 6 2,209 — — — $ 177,242 $ 169,632 $ 1,897,724 $ 233,116 $ 227,443 $ 2,010,506 (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 Six Months Ended (Amounts in thousands) June 30, June 30, Derivative Category Operations Category 2021 2020 2021 2020 Interest rate derivative contract Investment banking $ (135) $ (200) $ (1,151) $ (932) Interest rate derivative contract Institutional brokerage (2,166) 434 3,095 (1,593) Equity option derivative contracts Institutional brokerage (37) 822 123 — $ (2,338) $ 1,056 $ 2,067 $ (2,525) 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 June 30, 2021, the Company had $20.1 million of uncollateralized credit exposure with these counterparties (notional contract amount of $159.9 million), including $17.2 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
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. Certain illiquid tax-exempt municipal securities are valued using market data for comparable securities (e.g., maturity and sector) and management judgment to infer an appropriate current yield or other model-based valuation techniques deemed appropriate by management based on the specific nature of the individual security and are therefore categorized as Level III. 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 are valued using observable trades, when available. Certain mortgage-backed securities are valued using models where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data. To the extent we hold, these mortgage-backed securities are categorized as Level II. Certain 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 are valued using valuation models that include the previously mentioned observable inputs and certain unobservable inputs that require significant judgment, such as the premium over the 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. 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 June 30, 2021: Valuation Weighted Technique Unobservable Input Range Average (1) Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Expected recovery rate (% of par) (2) 0 - 25% 13.4% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 1 - 29 bps 16.9 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 3 - 5 times 4.2 times EBITDA multiple (2) 9 - 13 times 12.6 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) 1 - 40 bps 20.9 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 June 30, 2021: 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 $ 5 $ — $ — $ — $ 5 Convertible securities — 145,284 — — 145,284 Fixed income securities — 1,643 — — 1,643 Municipal securities: Taxable securities — 51,968 — — 51,968 Tax-exempt securities — 102,647 528 — 103,175 Short-term securities — 75,466 — — 75,466 Mortgage-backed securities — 235 13 — 248 U.S. government agency securities — 59,636 — — 59,636 U.S. government securities 1,077 — — — 1,077 Derivative contracts — 176,614 628 (152,463) 24,779 Total financial instruments and other inventory positions owned 1,082 613,493 1,169 (152,463) 463,281 Cash equivalents 351,946 — — — 351,946 Investments at fair value (2) 20,733 50,074 135,035 — 205,842 Total assets $ 373,761 $ 663,567 $ 136,204 $ (152,463) $ 1,021,069 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 117,147 $ — $ — $ — $ 117,147 Fixed income securities — 257 — — 257 U.S. government securities 71,607 — — — 71,607 Derivative contracts 6 168,658 968 (163,003) 6,629 Total financial instruments and other inventory positions sold, but not yet purchased $ 188,760 $ 168,915 $ 968 $ (163,003) $ 195,640 (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 $126.2 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, 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 $ 330 $ 1,019 $ — $ — $ 1,349 Convertible securities — 146,088 — — 146,088 Fixed income securities — 18,432 — — 18,432 Municipal securities: Taxable securities — 6,267 — — 6,267 Tax-exempt securities — 67,944 — — 67,944 Short-term securities — 28,592 — — 28,592 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 9,146 — — 9,146 U.S. government securities 100,275 — — — 100,275 Derivative contracts — 232,846 270 (209,670) 23,446 Total financial instruments and other inventory positions owned 100,605 510,334 283 (209,670) 401,552 Cash equivalents 468,091 — — — 468,091 Investments at fair value (2) 16,496 5,358 152,995 — 174,849 Total assets $ 585,192 $ 515,692 $ 153,278 $ (209,670) $ 1,044,492 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 102,013 $ 3,177 $ — $ — $ 105,190 Fixed income securities — 18,789 — — 18,789 U.S. government securities 21,669 — — — 21,669 Derivative contracts — 223,737 3,706 (222,061) 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 123,682 $ 245,703 $ 3,706 $ (222,061) $ 151,030 (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 $94.9 million primarily attributable to unrelated third party ownership in consolidated merchant banking funds. The Company's Level III assets were $136.2 million and $153.3 million, or 13.3 percent and 14.7 percent of financial instruments measured at fair value at June 30, 2021 and December 31, 2020, respectively. There were $39.7 million and $42.6 million of transfers of financial assets out of Level III for the three and six months ended June 30, 2021, respectively, due to unobservable inputs becoming observable. 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 March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2021 Purchases Sales in out (losses) (losses) 2021 2021 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ — $ — $ — $ 528 $ — $ — $ — $ 528 $ — Mortgage-backed securities 13 — — — — — — 13 — Derivative contracts 1,943 23 (324) — — 302 (1,316) 628 85 Total financial instruments and other inventory positions owned 1,956 23 (324) 528 — 302 (1,316) 1,169 85 Investments at fair value 154,521 6,726 (475) — (39,688) (2,205) 16,156 135,035 14,226 Total assets $ 156,477 $ 6,749 $ (799) $ 528 $ (39,688) $ (1,903) $ 14,840 $ 136,204 $ 14,311 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 119 $ (203) $ 29 $ — $ — $ 173 $ 850 $ 968 $ 968 Total financial instruments and other inventory positions sold, but not yet purchased $ 119 $ (203) $ 29 $ — $ — $ 173 $ 850 $ 968 $ 968 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2020 Purchases Sales in out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 1,975 455 (60) — — (395) (1,911) 64 (379) Total financial instruments and other inventory positions owned 1,988 455 (60) — — (395) (1,911) 77 (379) Investments at fair value 120,730 — — — — (5,276) 5,161 120,615 5,161 Total assets $ 122,718 $ 455 $ (60) $ — $ — $ (5,671) $ 3,250 $ 120,692 $ 4,782 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 5,557 $ (9,606) $ 20 $ — $ — $ 9,586 $ (2,345) $ 3,212 $ 2,658 Total financial instruments and other inventory positions sold, but not yet purchased $ 5,557 $ (9,606) $ 20 $ — $ — $ 9,586 $ (2,345) $ 3,212 $ 2,658 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2020 Purchases Sales in out (losses) (losses) 2021 2021 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ — $ — $ — $ 528 $ — $ — $ — $ 528 $ — Mortgage-backed securities 13 — — — — — — 13 — Derivative contracts 270 23 (580) — — 558 357 628 628 Total financial instruments and other inventory positions owned 283 23 (580) 528 — 558 357 1,169 628 Investments at fair value 152,995 8,044 (20,887) — (42,617) 16,895 20,605 135,035 15,195 Total assets $ 153,278 $ 8,067 $ (21,467) $ 528 $ (42,617) $ 17,453 $ 20,962 $ 136,204 $ 15,823 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 3,706 $ (3,428) $ 29 $ — $ — $ 3,398 $ (2,737) $ 968 $ 968 Total financial instruments and other inventory positions sold, but not yet purchased $ 3,706 $ (3,428) $ 29 $ — $ — $ 3,398 $ (2,737) $ 968 $ 968 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2019 Purchases Sales in out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 8 750 (60) — — (690) 56 64 64 Total financial instruments and other inventory positions owned 21 750 (60) — — (690) 56 77 64 Investments at fair value 132,329 283 (165) — (130) (5,503) (6,199) 120,615 (6,424) Total assets $ 132,350 $ 1,033 $ (225) $ — $ (130) $ (6,193) $ (6,143) $ 120,692 $ (6,360) Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,563 $ (12,747) $ 371 $ — $ — $ 12,376 $ 1,649 $ 3,212 $ 3,201 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,563 $ (12,747) $ 371 $ — $ — $ 12,376 $ 1,649 $ 3,212 $ 3,201 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.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 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 June 30, 2021. 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 $ 182,433 Other assets 3,571 Total assets $ 186,004 Liabilities Other liabilities and accrued expenses $ 12,859 Total liabilities $ 12,859 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 15 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 $1.6 billion and $1.8 billion at June 30, 2021 and December 31, 2020, respectively. The Company's exposure to loss from these VIEs is $8.1 million, which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at June 30, 2021. The Company had no liabilities related to these VIEs at June 30, 2021 and December 31, 2020. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of June 30, 2021.

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 2021
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations June 30, December 31, (Amounts in thousands) 2021 2020 Receivable from clearing organizations $ 280,933 $ 184,662 Receivable from brokers and dealers 37,616 33,514 Other 3,696 3,315 Total receivables from brokers, dealers and clearing organizations $ 322,245 $ 221,491 June 30, December 31, (Amounts in thousands) 2021 2020 Payable to brokers and dealers $ 12,408 $ 18,591 Total payables to brokers, dealers and clearing organizations $ 12,408 $ 18,591

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Investments	Investments The Company's investments include investments in private companies and partnerships. June 30, December 31, (Amounts in thousands) 2021 2020 Investments at fair value $ 205,842 $ 174,849 Investments at cost 611 611 Investments accounted for under the equity method 8,677 7,719 Total investments 215,130 183,179 Less investments attributable to noncontrolling interests (1) (126,221) (94,900) $ 88,909 $ 88,279 (1) Noncontrolling interests are primarily attributable to unrelated third party ownership in consolidated merchant banking funds. At June 30, 2021, investments carried on a cost basis had an estimated fair market value of $0.6 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	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets June 30, December 31, (Amounts in thousands) 2021 2020 Fee receivables $ 60,232 $ 38,840 Accrued interest receivables 1,469 1,474 Forgivable loans, net 10,192 5,526 Prepaid expenses 20,568 14,585 Other 17,840 14,618 Total other assets $ 110,301 $ 75,043

Short-Term Financing

Short-Term Financing	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing The Company has an unsecured $65 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. At June 30, 2021, there were no advances against this credit facility. The Company's committed short-term bank line financing at June 30, 2021 consisted of a one The Company previously issued secured commercial paper to fund a portion of its securities inventory. The Company retired this program in April 2021.

Long-Term Financing

Long-Term Financing	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Financing	Long-Term Financing On 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 million. The Valence Notes were repaid in the first quarter of 2021.

Legal Contingencies

Legal Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	Legal Contingencies The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse judgments, settlements, penalties, fines or other relief. 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 June 30, 2021 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.

Restructuring and Integration C

Restructuring and Integration Costs	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Integration Costs	Restructuring and Integration Costs The Company incurred restructuring and integration costs for the three and six months ended June 30, 2021, primarily associated with its vacated leased office space in conjunction with its acquisitions of TRS and Valence. The Company incurred restructuring and integration costs for the three and six months ended June 30, 2020, primarily in conjunction with its acquisitions of Sandler O'Neill and Valence. Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2021 2020 2021 2020 Vacated leased office space $ 3,404 $ 88 $ 3,404 $ 88 Severance, benefits and outplacement — 2,043 — 2,921 Contract termination — (640) — (467) Total restructuring costs 3,404 1,491 3,404 2,542 Integration costs 29 2,233 164 3,084 Total restructuring and integration costs $ 3,433 $ 3,724 $ 3,568 $ 5,626

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021, the Company repurchased 197,697 shares at an average price of $116.71 per share for an aggregate purchase price of $23.1 million related to this authorization. During the six months ended June 30, 2020, the Company repurchased 128,865 shares at an average price of $71.58 per share for an aggregate purchase price of $9.2 million related to this authorization. At June 30, 2021, the Company had $113.8 million remaining under 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 123,096 shares and 98,136 shares, or $13.1 million and $8.3 million of the Company's common stock for these purposes during the six months ended June 30, 2021 and 2020, 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 15. During the six months ended June 30, 2021 and 2020, the Company issued 833,238 shares and 271,889 shares, respectively, related to these obligations. During the six months ended June 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 net income from the previous fiscal year. During the six months ended June 30, 2021, the Company declared and paid quarterly cash dividends on its common stock, aggregating $0.85 per share, and an annual special cash dividend on its common stock of $1.85 per share, totaling $41.0 million. On July 30, 2021, the board of directors declared a quarterly cash dividend of $0.55 per share to be paid on September 10, 2021, to shareholders of record as of the close of business on August 27, 2021. 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	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021: Incentive Plan Restricted Stock Annual grants 535,198 Sign-on grants 97,787 632,985 2019 Inducement Plan Restricted Stock 96,000 2020 Inducement Plan Restricted Stock 1,323,951 Total restricted stock related to compensation 2,052,936 Deal Consideration (1) 1,816,211 Total restricted stock outstanding 3,869,147 Incentive Plan Restricted Stock Units 158,393 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisitions of Sandler O'Neill, Valence and TRS. 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 t o 9.4 million shares of common stock (1.4 million shares remained available for future issuance under the Incentive Plan as of June 30, 2021). 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 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"). Restricted stock units will vest and convert to shares of common stock at the end of each 36-month performance period only if the Company satisfies predetermined performance and/or market conditions over the performance period. 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 June 30, 2021, 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 2021 75% 2020 75% 2019 75% 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 2021 0.23% 43.2% 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. 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 ten 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 2019 Inducement Plan in conjunction with its acquisition of Weeden & Co. L.P. ("Weeden & Co."). On August 2, 2019, the Company granted $7.3 million (97,752 shares) in restricted stock. These restricted shares 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. On December 31, 2020, the Company granted $2.9 million (29,194 shares) in restricted stock under the 2020 Inducement Plan in conjunction with its acquisition of TRS. These restricted shares are subject to ratable vesting over a three Stock-Based Compensation Activity The following table summarizes the Company's stock-based compensation activity: Three Months Ended Six Months Ended June 30, June 30, (Amounts in millions) 2021 2020 2021 2020 Stock-based compensation expense $ 43.9 $ 27.9 $ 77.6 $ 49.5 Forfeitures 1.3 1.1 1.3 1.2 Tax benefit related to stock-based compensation expense 6.6 3.9 10.7 6.3 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, 2020 4,312,557 $ 74.99 Granted 339,422 106.39 Vested (765,569) 80.96 Canceled (17,263) 88.71 June 30, 2021 3,869,147 $ 76.50 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, 2020 146,048 $ 85.60 Granted 62,569 103.69 Vested (50,224) 92.93 Canceled — — June 30, 2021 158,393 $ 90.43 As of June 30, 2021, there was $171.3 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.6 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, 2020 81,667 $ 99.00 7.1 $ 155,167 Granted — — Exercised — — Canceled — — Expired — — June 30, 2021 81,667 $ 99.00 6.6 $ 2,495,744 Options exercisable at June 30, 2021 27,222 $ 99.00 6.6 $ 831,904 As of June 30, 2021, there was $0.7 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 1.6 years. 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 allowed 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. 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 $17.9 million and $16.3 million as of June 30, 2021 and December 31, 2020, 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share ("EPS") Basic earnings/(loss) per common share is computed by dividing net income/(loss) applicable to Piper Sandler Companies by the weighted average number of common shares outstanding for the period. Diluted earnings/(loss) per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options, restricted stock units and non-participating restricted shares. The computation of EPS is as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except per share data) 2021 2020 2021 2020 Net income/(loss) applicable to Piper Sandler Companies $ 69,821 $ 1,454 $ 119,280 $ (13,273) Shares for basic and diluted calculations: Average shares used in basic computation 14,358 13,794 14,366 13,795 Stock options 10 — 5 — Restricted stock units 177 97 154 102 Non-participating restricted shares (1) 2,406 585 2,184 547 Average shares used in diluted computation 16,951 14,476 16,709 14,444 (2) Earnings/(loss) per common share: Basic $ 4.86 $ 0.11 $ 8.30 $ (0.96) Diluted $ 4.12 $ 0.10 $ 7.14 $ (0.96) (2) (1) Dividends on non-participating restricted shares are forfeitable until vested. (2) 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 anti-dilutive effects from stock options and non-participating restricted shares were immaterial for the six months ended June 30, 2021. The average shares used in the diluted computation excluded anti-dilutive stock options and non-participating restricted shares of 2.9 million for the three and six months ended June 30, 2020.

Revenues and Business Informati

Revenues and Business Information	6 Months Ended
	Jun. 30, 2021
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 are as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2021 2020 2021 2020 Investment banking Advisory services $ 248,668 $ 85,569 $ 401,517 $ 196,795 Corporate financing 102,401 83,448 218,537 108,624 Municipal financing 36,078 30,810 63,167 53,406 Total investment banking 387,147 199,827 683,221 358,825 Institutional brokerage Equity brokerage 34,873 40,644 78,107 88,497 Fixed income services 60,957 48,695 127,211 89,985 Total institutional brokerage 95,830 89,339 205,318 178,482 Interest income 1,673 3,065 3,730 9,130 Investment income/(loss) 26,694 3,733 50,462 (10,093) Total revenues 511,344 295,964 942,731 536,344 Interest expense 2,696 3,526 5,476 7,738 Net revenues 508,648 292,438 937,255 528,606 Non-interest expenses 394,588 285,041 740,328 555,238 Pre-tax income/(loss) $ 114,060 $ 7,397 $ 196,927 $ (26,632) Pre-tax margin 22.4 % 2.5 % 21.0 % (5.0) %

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, net capital calculated under the SEC rule was $257.6 million, and exceeded the minimum net capital required under the SEC rule by $256.6 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. The Company's fully disclosed clearing agreement with Pershing 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 June 30, 2021, Piper Sandler Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $27.1 million and $4.7 million for the three months ended June 30, 2021 and 2020, respectively. The Company recorded income tax expense of $44.3 million and an income tax benefit of $7.1 million for the six months ended June 30, 2021 and 2020, respectively. Income tax expense/(benefit) included a tax benefit of $1.4 million and $0.2 million for the six months ended June 30, 2021 and 2020, respectively, related to stock-based compensation awards vesting at values greater than the grant price.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
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, 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: (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 $ 7 Goodwill 12,199 Intangible assets 5,300 Right-of-use lease asset 1,818 Other assets 6,215 Total assets acquired 25,539 Liabilities Accrued lease liability 1,818 Other liabilities and accrued expenses 7 Total liabilities assumed 1,825 Net assets acquired $ 23,714
Unaudited pro forma information	Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2020 June 30, 2020 Net revenues $ 297,828 $ 551,074 Net income/(loss) applicable to Piper Sandler Companies 2,322 (13,955)

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)	6 Months Ended
	Jun. 30, 2021
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	June 30, December 31, (Amounts in thousands) 2021 2020 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 5 $ 1,349 Convertible securities 145,284 146,088 Fixed income securities 1,643 18,432 Municipal securities: Taxable securities 51,968 6,267 Tax-exempt securities 103,175 67,944 Short-term securities 75,466 28,592 Mortgage-backed securities 248 13 U.S. government agency securities 59,636 9,146 U.S. government securities 1,077 100,275 Derivative contracts 24,779 23,446 Total financial instruments and other inventory positions owned $ 463,281 $ 401,552 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 117,147 $ 105,190 Fixed income securities 257 18,789 U.S. government securities 71,607 21,669 Derivative contracts 6,629 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 195,640 $ 151,030
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: June 30, 2021 December 31, 2020 (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 $ 176,894 $ 168,414 $ 1,711,490 $ 233,116 $ 223,218 $ 1,955,131 Trading securities 348 1,212 184,025 — 4,225 55,375 Equity options Trading securities — 6 2,209 — — — $ 177,242 $ 169,632 $ 1,897,724 $ 233,116 $ 227,443 $ 2,010,506 (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 Six Months Ended (Amounts in thousands) June 30, June 30, Derivative Category Operations Category 2021 2020 2021 2020 Interest rate derivative contract Investment banking $ (135) $ (200) $ (1,151) $ (932) Interest rate derivative contract Institutional brokerage (2,166) 434 3,095 (1,593) Equity option derivative contracts Institutional brokerage (37) 822 123 — $ (2,338) $ 1,056 $ 2,067 $ (2,525)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021: Valuation Weighted Technique Unobservable Input Range Average (1) Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Expected recovery rate (% of par) (2) 0 - 25% 13.4% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 1 - 29 bps 16.9 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 3 - 5 times 4.2 times EBITDA multiple (2) 9 - 13 times 12.6 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) 1 - 40 bps 20.9 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 June 30, 2021: 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 $ 5 $ — $ — $ — $ 5 Convertible securities — 145,284 — — 145,284 Fixed income securities — 1,643 — — 1,643 Municipal securities: Taxable securities — 51,968 — — 51,968 Tax-exempt securities — 102,647 528 — 103,175 Short-term securities — 75,466 — — 75,466 Mortgage-backed securities — 235 13 — 248 U.S. government agency securities — 59,636 — — 59,636 U.S. government securities 1,077 — — — 1,077 Derivative contracts — 176,614 628 (152,463) 24,779 Total financial instruments and other inventory positions owned 1,082 613,493 1,169 (152,463) 463,281 Cash equivalents 351,946 — — — 351,946 Investments at fair value (2) 20,733 50,074 135,035 — 205,842 Total assets $ 373,761 $ 663,567 $ 136,204 $ (152,463) $ 1,021,069 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 117,147 $ — $ — $ — $ 117,147 Fixed income securities — 257 — — 257 U.S. government securities 71,607 — — — 71,607 Derivative contracts 6 168,658 968 (163,003) 6,629 Total financial instruments and other inventory positions sold, but not yet purchased $ 188,760 $ 168,915 $ 968 $ (163,003) $ 195,640 (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 $126.2 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, 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 $ 330 $ 1,019 $ — $ — $ 1,349 Convertible securities — 146,088 — — 146,088 Fixed income securities — 18,432 — — 18,432 Municipal securities: Taxable securities — 6,267 — — 6,267 Tax-exempt securities — 67,944 — — 67,944 Short-term securities — 28,592 — — 28,592 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 9,146 — — 9,146 U.S. government securities 100,275 — — — 100,275 Derivative contracts — 232,846 270 (209,670) 23,446 Total financial instruments and other inventory positions owned 100,605 510,334 283 (209,670) 401,552 Cash equivalents 468,091 — — — 468,091 Investments at fair value (2) 16,496 5,358 152,995 — 174,849 Total assets $ 585,192 $ 515,692 $ 153,278 $ (209,670) $ 1,044,492 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 102,013 $ 3,177 $ — $ — $ 105,190 Fixed income securities — 18,789 — — 18,789 U.S. government securities 21,669 — — — 21,669 Derivative contracts — 223,737 3,706 (222,061) 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 123,682 $ 245,703 $ 3,706 $ (222,061) $ 151,030 (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 $94.9 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 March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2021 Purchases Sales in out (losses) (losses) 2021 2021 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ — $ — $ — $ 528 $ — $ — $ — $ 528 $ — Mortgage-backed securities 13 — — — — — — 13 — Derivative contracts 1,943 23 (324) — — 302 (1,316) 628 85 Total financial instruments and other inventory positions owned 1,956 23 (324) 528 — 302 (1,316) 1,169 85 Investments at fair value 154,521 6,726 (475) — (39,688) (2,205) 16,156 135,035 14,226 Total assets $ 156,477 $ 6,749 $ (799) $ 528 $ (39,688) $ (1,903) $ 14,840 $ 136,204 $ 14,311 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 119 $ (203) $ 29 $ — $ — $ 173 $ 850 $ 968 $ 968 Total financial instruments and other inventory positions sold, but not yet purchased $ 119 $ (203) $ 29 $ — $ — $ 173 $ 850 $ 968 $ 968 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at March 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2020 Purchases Sales in out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 1,975 455 (60) — — (395) (1,911) 64 (379) Total financial instruments and other inventory positions owned 1,988 455 (60) — — (395) (1,911) 77 (379) Investments at fair value 120,730 — — — — (5,276) 5,161 120,615 5,161 Total assets $ 122,718 $ 455 $ (60) $ — $ — $ (5,671) $ 3,250 $ 120,692 $ 4,782 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 5,557 $ (9,606) $ 20 $ — $ — $ 9,586 $ (2,345) $ 3,212 $ 2,658 Total financial instruments and other inventory positions sold, but not yet purchased $ 5,557 $ (9,606) $ 20 $ — $ — $ 9,586 $ (2,345) $ 3,212 $ 2,658 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2020 Purchases Sales in out (losses) (losses) 2021 2021 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ — $ — $ — $ 528 $ — $ — $ — $ 528 $ — Mortgage-backed securities 13 — — — — — — 13 — Derivative contracts 270 23 (580) — — 558 357 628 628 Total financial instruments and other inventory positions owned 283 23 (580) 528 — 558 357 1,169 628 Investments at fair value 152,995 8,044 (20,887) — (42,617) 16,895 20,605 135,035 15,195 Total assets $ 153,278 $ 8,067 $ (21,467) $ 528 $ (42,617) $ 17,453 $ 20,962 $ 136,204 $ 15,823 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 3,706 $ (3,428) $ 29 $ — $ — $ 3,398 $ (2,737) $ 968 $ 968 Total financial instruments and other inventory positions sold, but not yet purchased $ 3,706 $ (3,428) $ 29 $ — $ — $ 3,398 $ (2,737) $ 968 $ 968 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2019 Purchases Sales in out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 8 750 (60) — — (690) 56 64 64 Total financial instruments and other inventory positions owned 21 750 (60) — — (690) 56 77 64 Investments at fair value 132,329 283 (165) — (130) (5,503) (6,199) 120,615 (6,424) Total assets $ 132,350 $ 1,033 $ (225) $ — $ (130) $ (6,193) $ (6,143) $ 120,692 $ (6,360) Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,563 $ (12,747) $ 371 $ — $ — $ 12,376 $ 1,649 $ 3,212 $ 3,201 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,563 $ (12,747) $ 371 $ — $ — $ 12,376 $ 1,649 $ 3,212 $ 3,201

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021. 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 $ 182,433 Other assets 3,571 Total assets $ 186,004 Liabilities Other liabilities and accrued expenses $ 12,859 Total liabilities $ 12,859

Receivables from and Payables_2

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2021
Brokers and Dealers [Abstract]
Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations	June 30, December 31, (Amounts in thousands) 2021 2020 Receivable from clearing organizations $ 280,933 $ 184,662 Receivable from brokers and dealers 37,616 33,514 Other 3,696 3,315 Total receivables from brokers, dealers and clearing organizations $ 322,245 $ 221,491 June 30, December 31, (Amounts in thousands) 2021 2020 Payable to brokers and dealers $ 12,408 $ 18,591 Total payables to brokers, dealers and clearing organizations $ 12,408 $ 18,591

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Investments	June 30, December 31, (Amounts in thousands) 2021 2020 Investments at fair value $ 205,842 $ 174,849 Investments at cost 611 611 Investments accounted for under the equity method 8,677 7,719 Total investments 215,130 183,179 Less investments attributable to noncontrolling interests (1) (126,221) (94,900) $ 88,909 $ 88,279 (1) Noncontrolling interests are primarily attributable to unrelated third party ownership in consolidated merchant banking funds.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	June 30, December 31, (Amounts in thousands) 2021 2020 Fee receivables $ 60,232 $ 38,840 Accrued interest receivables 1,469 1,474 Forgivable loans, net 10,192 5,526 Prepaid expenses 20,568 14,585 Other 17,840 14,618 Total other assets $ 110,301 $ 75,043

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Schedule of Pre-tax Restructuring Costs	Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2021 2020 2021 2020 Vacated leased office space $ 3,404 $ 88 $ 3,404 $ 88 Severance, benefits and outplacement — 2,043 — 2,921 Contract termination — (640) — (467) Total restructuring costs 3,404 1,491 3,404 2,542 Integration costs 29 2,233 164 3,084 Total restructuring and integration costs $ 3,433 $ 3,724 $ 3,568 $ 5,626

Compensation Plans (Tables)

Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021: Incentive Plan Restricted Stock Annual grants 535,198 Sign-on grants 97,787 632,985 2019 Inducement Plan Restricted Stock 96,000 2020 Inducement Plan Restricted Stock 1,323,951 Total restricted stock related to compensation 2,052,936 Deal Consideration (1) 1,816,211 Total restricted stock outstanding 3,869,147 Incentive Plan Restricted Stock Units 158,393 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions as part of deal consideration for the acquisitions of Sandler O'Neill, Valence and TRS. See Note 3 for further discussion.
Schedule of RSU Performance Condition Probability	As of June 30, 2021, 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 2021 75% 2020 75% 2019 75%
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 2021 0.23% 43.2% 2020 1.40% 27.3% 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9%
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: Three Months Ended Six Months Ended June 30, June 30, (Amounts in millions) 2021 2020 2021 2020 Stock-based compensation expense $ 43.9 $ 27.9 $ 77.6 $ 49.5 Forfeitures 1.3 1.1 1.3 1.2 Tax benefit related to stock-based compensation expense 6.6 3.9 10.7 6.3
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, 2020 4,312,557 $ 74.99 Granted 339,422 106.39 Vested (765,569) 80.96 Canceled (17,263) 88.71 June 30, 2021 3,869,147 $ 76.50
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, 2020 146,048 $ 85.60 Granted 62,569 103.69 Vested (50,224) 92.93 Canceled — — June 30, 2021 158,393 $ 90.43
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, 2020 81,667 $ 99.00 7.1 $ 155,167 Granted — — Exercised — — Canceled — — Expired — — June 30, 2021 81,667 $ 99.00 6.6 $ 2,495,744 Options exercisable at June 30, 2021 27,222 $ 99.00 6.6 $ 831,904

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of EPS is as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except per share data) 2021 2020 2021 2020 Net income/(loss) applicable to Piper Sandler Companies $ 69,821 $ 1,454 $ 119,280 $ (13,273) Shares for basic and diluted calculations: Average shares used in basic computation 14,358 13,794 14,366 13,795 Stock options 10 — 5 — Restricted stock units 177 97 154 102 Non-participating restricted shares (1) 2,406 585 2,184 547 Average shares used in diluted computation 16,951 14,476 16,709 14,444 (2) Earnings/(loss) per common share: Basic $ 4.86 $ 0.11 $ 8.30 $ (0.96) Diluted $ 4.12 $ 0.10 $ 7.14 $ (0.96) (2) (1) Dividends on non-participating restricted shares are forfeitable until vested. (2) 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)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Reportable Segment Financial Results	Reportable financial results are as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2021 2020 2021 2020 Investment banking Advisory services $ 248,668 $ 85,569 $ 401,517 $ 196,795 Corporate financing 102,401 83,448 218,537 108,624 Municipal financing 36,078 30,810 63,167 53,406 Total investment banking 387,147 199,827 683,221 358,825 Institutional brokerage Equity brokerage 34,873 40,644 78,107 88,497 Fixed income services 60,957 48,695 127,211 89,985 Total institutional brokerage 95,830 89,339 205,318 178,482 Interest income 1,673 3,065 3,730 9,130 Investment income/(loss) 26,694 3,733 50,462 (10,093) Total revenues 511,344 295,964 942,731 536,344 Interest expense 2,696 3,526 5,476 7,738 Net revenues 508,648 292,438 937,255 528,606 Non-interest expenses 394,588 285,041 740,328 555,238 Pre-tax income/(loss) $ 114,060 $ 7,397 $ 196,927 $ (26,632) Pre-tax margin 22.4 % 2.5 % 21.0 % (5.0) %

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Acquisitions - Acquisition of S

Acquisitions - Acquisition of SOP Holdings, LLC (Details) - USD ($) $ in Thousands	Jan. 03, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition
Transaction costs		$ 29	$ 2,233	$ 164	$ 3,084
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			$ 200		$ 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 | Weighted Average
Business Acquisition
Award vesting period in years	3 years 8 months 12 days
Sandler O'Neill | Restricted Stock | 18 Month Vesting Period
Business Acquisition
Award vesting period in years	18 months
Sandler O'Neill | Restricted Stock | Three Year Vesting Period
Business Acquisition
Award vesting period in years	3 years
Sandler O'Neill | Restricted Stock | 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	Jun. 30, 2021	Dec. 31, 2020	Jan. 03, 2020
Assets
Goodwill	$ 227,508	$ 227,508
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 T

Acquisitions - Acquisition of The Valence Group (Details) - USD ($) $ in Thousands	Apr. 03, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition
Transaction costs		$ 29	$ 2,233	$ 164	$ 3,084
The Valence Group
Business Acquisition
Unsecured promissory notes entered into as part of the purchase price	$ 20,000
Earn out performance period (in years)	three
Goodwill recorded	$ 33,300
Intangible assets	14,800
Transaction costs			$ 700		$ 2,000
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 | Five Year Vesting Period
Business Acquisition
Award vesting period in years	5 years

Acquisitions - Valence Estimate

Acquisitions - Valence Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Apr. 03, 2020
Assets
Goodwill	$ 227,508	$ 227,508
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_2

Acquisitions - Acquisition of TRS Advisors LLC (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition
Transaction costs		$ 29	$ 2,233	$ 164	$ 3,084
TRS Advisors, LLC
Business Acquisition
Earn out performance period (in years)	three
Goodwill recorded	$ 12,200
Intangible assets	5,300
Transaction costs				100
TRS Advisors, LLC | Customer relationships
Business Acquisition
Intangible assets	5,300
TRS Advisors, LLC | Net revenue target
Business Acquisition
Additional cash consideration, maximum amount	$ 7,000
Amount accrued related to earnout		$ 1,100		$ 1,100
TRS Advisors, LLC | Restricted Stock
Business Acquisition
Restricted shares granted as equity consideration (in shares)	145,952
Value of restricted shares granted as equity consideration	$ 14,700
Deal consideration vesting period	5 years
Acquisition-related compensation arrangements	$ 2,900
TRS Advisors, LLC | Restricted Stock | Three Year Vesting Period
Business Acquisition
Award vesting period in years	3 years

Acquisitions - TRS Estimated Fa

Acquisitions - TRS Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Goodwill	$ 227,508	$ 227,508
TRS Advisors, LLC
Assets
Cash and cash equivalents		7
Goodwill		12,199
Intangible assets		5,300
Right-of-use lease asset		1,818
Other assets		6,215
Total assets acquired		25,539
Liabilities
Accrued lease liability		1,818
Other liabilities and accrued expenses		7
Total liabilities assumed		1,825
Net Assets Acquired
Net assets acquired		$ 23,714

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net revenues	$ 297,828	$ 551,074
Net income/(loss) applicable to Piper Sandler Companies	$ 2,322	$ (13,955)

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	Jun. 30, 2021	Dec. 31, 2020
Financial instruments and other inventory positions owned:
Equity securities	$ 5	$ 1,349
Convertible securities	145,284	146,088
Fixed income securities	1,643	18,432
Taxable securities	51,968	6,267
Tax-exempt securities	103,175	67,944
Short-term securities	75,466	28,592
Mortgage-backed securities	248	13
U.S. government agency securities	59,636	9,146
U.S. government securities	1,077	100,275
Derivative contracts	24,779	23,446
Total financial instruments and other inventory positions owned	463,281	401,552
Financial instruments and other inventory positions sold, but not yet purchased:
Equity securities	117,147	105,190
Fixed income securities	257	18,789
U.S. government securities	71,607	21,669
Derivative contracts	6,629	5,382
Total financial instruments and other inventory positions sold, but not yet purchased	195,640	151,030
Financial instruments and other inventory positions owned and pledged as collateral	$ 153,437	$ 130,703

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	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 1,897,724	$ 2,010,506
Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	177,242	233,116
Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	169,632	227,443
Customer matched-book | Interest rate
Derivative [Line Items]
Notional amount	1,711,490	1,955,131
Customer matched-book | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	176,894	233,116
Customer matched-book | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	168,414	223,218
Trading securities | Interest rate
Derivative [Line Items]
Notional amount	184,025	55,375
Trading securities | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	348	0
Trading securities | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	1,212	4,225
Trading securities | Equity options
Derivative [Line Items]
Notional amount	2,209	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	$ 6	$ 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ (2,338)	$ 1,056	$ 2,067	$ (2,525)
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	(135)	(200)	(1,151)	(932)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	(2,166)	434	3,095	(1,593)
Equity options | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ (37)	$ 822	$ 123	$ 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	Jun. 30, 2021USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 20.1
Notional contract amount	159.9
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 17.2

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	Jun. 30, 2021basis_points
Financial instruments and other inventory positions sold, but not yet purchased | Interest rate locks | Discounted cash flow | Premium over the MMD curve | Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts, measurement input	1
Financial instruments and other inventory positions sold, but not yet purchased | Interest rate locks | Discounted cash flow | Premium over the MMD curve | Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts, measurement input	40
Financial instruments and other inventory positions sold, but not yet purchased | Interest rate locks | Discounted cash flow | Premium over the MMD curve | Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative liability contracts, measurement input	20.9
Financial instruments and other inventory positions owned | Tax-exempt municipal securities | Discounted cash flow | Expected recovery rate | Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Tax-exempt securities, measurement input	0
Financial instruments and other inventory positions owned | Tax-exempt municipal securities | Discounted cash flow | Expected recovery rate | Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Tax-exempt securities, measurement input	0.25
Financial instruments and other inventory positions owned | Tax-exempt municipal securities | Discounted cash flow | Expected recovery rate | Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Tax-exempt securities, measurement input	0.134
Financial instruments and other inventory positions owned | Interest rate locks | Discounted cash flow | Premium over the MMD curve | Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts, measurement input	1
Financial instruments and other inventory positions owned | Interest rate locks | Discounted cash flow | Premium over the MMD curve | Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts, measurement input	29
Financial instruments and other inventory positions owned | Interest rate locks | Discounted cash flow | Premium over the MMD curve | Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative asset contracts, measurement input	16.9
Investments | Equity investment in private company | Market approach | Revenue multiple | Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	3
Investments | Equity investment in private company | Market approach | Revenue multiple | Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	5
Investments | Equity investment in private company | Market approach | Revenue multiple | Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	4.2
Investments | Equity investment in private company | Market approach | EBITDA multiple | Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	9
Investments | Equity investment in private company | Market approach | EBITDA multiple | Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	13
Investments | Equity investment in private company | Market approach | EBITDA multiple | Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	12.6

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets
Equity securities	$ 5,000	$ 1,349,000
Convertible securities	145,284,000	146,088,000
Fixed income securities	1,643,000	18,432,000
Taxable securities	51,968,000	6,267,000
Tax-exempt securities	103,175,000	67,944,000
Short-term securities	75,466,000	28,592,000
Mortgage-backed securities	248,000	13,000
U.S. government agency securities	59,636,000	9,146,000
U.S. government securities	1,077,000	100,275,000
Derivative contracts	24,779,000	23,446,000
Total financial instruments and other inventory positions owned	463,281,000	401,552,000
Liabilities
Equity securities	117,147,000	105,190,000
Fixed income securities	257,000	18,789,000
U.S. government securities	71,607,000	21,669,000
Derivative contracts	6,629,000	5,382,000
Total financial instruments and other inventory positions sold, but not yet purchased	195,640,000	151,030,000
Securities posted as collateral	0	0
Level III
Assets
Total assets	136,200,000	153,300,000
Measured on a recurring basis
Assets
Equity securities	5,000	1,349,000
Convertible securities	145,284,000	146,088,000
Fixed income securities	1,643,000	18,432,000
Taxable securities	51,968,000	6,267,000
Tax-exempt securities	103,175,000	67,944,000
Short-term securities	75,466,000	28,592,000
Mortgage-backed securities	248,000	13,000
U.S. government agency securities	59,636,000	9,146,000
U.S. government securities	1,077,000	100,275,000
Derivative contracts	24,779,000	23,446,000
Derivative contracts - counterparty and collateral netting	(152,463,000)	(209,670,000)
Total financial instruments and other inventory positions owned	463,281,000	401,552,000
Cash equivalents	351,946,000	468,091,000
Investments at fair value (2)	205,842,000	174,849,000
Total assets	1,021,069,000	1,044,492,000
Liabilities
Equity securities	117,147,000	105,190,000
Fixed income securities	257,000	18,789,000
U.S. government securities	71,607,000	21,669,000
Derivative contracts	6,629,000	5,382,000
Derivative contracts - counterparty and collateral netting	(163,003,000)	(222,061,000)
Total financial instruments and other inventory positions sold, but not yet purchased	195,640,000	151,030,000
Measured on a recurring basis | Investments attributable to noncontrolling interests
Assets
Investments at fair value (2)	126,200,000	94,900,000
Measured on a recurring basis | Level I
Assets
Equity securities	5,000	330,000
U.S. government securities	1,077,000	100,275,000
Total financial instruments and other inventory positions owned	1,082,000	100,605,000
Cash equivalents	351,946,000	468,091,000
Investments at fair value (2)	20,733,000	16,496,000
Total assets	373,761,000	585,192,000
Liabilities
Equity securities	117,147,000	102,013,000
U.S. government securities	71,607,000	21,669,000
Derivative contracts	6,000
Total financial instruments and other inventory positions sold, but not yet purchased	188,760,000	123,682,000
Measured on a recurring basis | Level II
Assets
Equity securities		1,019,000
Convertible securities	145,284,000	146,088,000
Fixed income securities	1,643,000	18,432,000
Taxable securities	51,968,000	6,267,000
Tax-exempt securities	102,647,000	67,944,000
Short-term securities	75,466,000	28,592,000
Mortgage-backed securities	235,000
U.S. government agency securities	59,636,000	9,146,000
Derivative contracts	176,614,000	232,846,000
Total financial instruments and other inventory positions owned	613,493,000	510,334,000
Investments at fair value (2)	50,074,000	5,358,000
Total assets	663,567,000	515,692,000
Liabilities
Equity securities		3,177,000
Fixed income securities	257,000	18,789,000
Derivative contracts	168,658,000	223,737,000
Total financial instruments and other inventory positions sold, but not yet purchased	168,915,000	245,703,000
Measured on a recurring basis | Level III
Assets
Tax-exempt securities	528,000
Mortgage-backed securities	13,000	13,000
Derivative contracts	628,000	270,000
Total financial instruments and other inventory positions owned	1,169,000	283,000
Investments at fair value (2)	135,035,000	152,995,000
Total assets	136,204,000	153,278,000
Liabilities
Derivative contracts	968,000	3,706,000
Total financial instruments and other inventory positions sold, but not yet purchased	$ 968,000	$ 3,706,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	$ 39,688	$ 0	$ 42,617	$ 130
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 136,200		$ 136,200		$ 153,300
Percentage of Level III assets to financial instruments measured at fair value	13.30%		13.30%		14.70%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	$ 39,700		$ 42,600

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes in Fair Value Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 156,477	$ 122,718	$ 153,278	$ 132,350
Purchases	6,749	455	8,067	1,033
Sales	(799)	(60)	(21,467)	(225)
Transfers in	528	0	528	0
Transfers out	(39,688)	0	(42,617)	(130)
Realized gains/(losses)	(1,903)	(5,671)	17,453	(6,193)
Unrealized gains/(losses)	14,840	3,250	20,962	(6,143)
Ending balance	136,204	120,692	136,204	120,692
Unrealized gains/ (losses) for assets held at period end	14,311	4,782	15,823	(6,360)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	119	5,557	3,706	1,563
Purchases	(203)	(9,606)	(3,428)	(12,747)
Sales	29	20	29	371
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	173	9,586	3,398	12,376
Unrealized gains/(losses)	850	(2,345)	(2,737)	1,649
Ending balance	968	3,212	968	3,212
Unrealized gains/(losses) for liabilities held at period end	968	2,658	968	3,201
Financial instruments and other inventory positions sold, but not yet purchased | Derivative contracts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	119	5,557	3,706	1,563
Purchases	(203)	(9,606)	(3,428)	(12,747)
Sales	29	20	29	371
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	173	9,586	3,398	12,376
Unrealized gains/(losses)	850	(2,345)	(2,737)	1,649
Ending balance	968	3,212	968	3,212
Unrealized gains/(losses) for liabilities held at period end	968	2,658	968	3,201
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,956	1,988	283	21
Purchases	23	455	23	750
Sales	(324)	(60)	(580)	(60)
Transfers in	528		528
Transfers out	0	0	0	0
Realized gains/(losses)	302	(395)	558	(690)
Unrealized gains/(losses)	(1,316)	(1,911)	357	56
Ending balance	1,169	77	1,169	77
Unrealized gains/ (losses) for assets held at period end	85	(379)	628	64
Financial instruments and other inventory positions owned | Tax-exempt municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases	0		0
Sales	0		0
Transfers in	528		528
Transfers out	0		0
Realized gains/(losses)	0		0
Unrealized gains/(losses)	0		0
Ending balance	528		528
Unrealized gains/ (losses) for assets held at period end	0		0
Financial instruments and other inventory positions owned | Mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13	13	13	13
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	0	0	0	0
Unrealized gains/(losses)	0	0	0	0
Ending balance	13	13	13	13
Unrealized gains/ (losses) for assets held at period end	0	0	0	0
Financial instruments and other inventory positions owned | Derivative contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,943	1,975	270	8
Purchases	23	455	23	750
Sales	(324)	(60)	(580)	(60)
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	302	(395)	558	(690)
Unrealized gains/(losses)	(1,316)	(1,911)	357	56
Ending balance	628	64	628	64
Unrealized gains/ (losses) for assets held at period end	85	(379)	628	64
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	154,521	120,730	152,995	132,329
Purchases	6,726		8,044	283
Sales	(475)	0	(20,887)	(165)
Transfers in	0	0	0	0
Transfers out	(39,688)	0	(42,617)	(130)
Realized gains/(losses)	(2,205)	(5,276)	16,895	(5,503)
Unrealized gains/(losses)	16,156	5,161	20,605	(6,199)
Ending balance	135,035	120,615	135,035	120,615
Unrealized gains/ (losses) for assets held at period end	$ 14,226	$ 5,161	$ 15,195	$ (6,424)

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments	$ 215,130	$ 183,179
Other assets	110,301	75,043
Assets	2,114,337	1,997,140
Other liabilities and accrued expenses	96,173	84,547
Total liabilities	1,039,367	$ 1,071,058
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	182,433
Other assets	3,571
Assets	186,004
Other liabilities and accrued expenses	12,859
Total liabilities	$ 12,859

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets for VIEs	$ 2,114,337,000	$ 1,997,140,000
Liabilities related to VIEs	1,039,367,000	1,071,058,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Available bank line financing	25,000,000
Assets for VIEs	186,004,000
Liabilities related to VIEs	12,859,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets for VIEs	1,600,000,000	1,800,000,000
Liabilities related to VIEs	0	$ 0
Variable interest entities, exposure to loss	$ 8,100,000

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	Jun. 30, 2021	Dec. 31, 2020
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Receivable from clearing organizations	$ 280,933	$ 184,662
Receivable from brokers and dealers	37,616	33,514
Other	3,696	3,315
Total receivables from brokers, dealers and clearing organizations	322,245	221,491
Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization [Abstract]
Payable to brokers and dealers	12,408	18,591
Total payables to brokers, dealers and clearing organizations	$ 12,408	$ 18,591

Receivables from and Payables_4

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Jun. 30, 2021USD ($)
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	Jun. 30, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Investments at fair value	$ 205,842	$ 174,849
Investments at cost	611	611
Investments accounted for under the equity method	8,677	7,719
Total investments	215,130	183,179
Investments attributable to noncontrolling interests	(126,221)	(94,900)
Investments excluding investments attributable to noncontrolling interests	88,909	$ 88,279
Estimated fair market value of investments carried at cost	$ 600

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Fee receivables	$ 60,232	$ 38,840
Accrued interest receivables	1,469	1,474
Forgivable loans, net	10,192	5,526
Prepaid expenses	20,568	14,585
Other	17,840	14,618
Total other assets	$ 110,301	$ 75,043

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Revolving credit facility
Short-term Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 65,000,000
Minimum net capital required	120,000,000
Short-term financing	$ 0
Credit facility
Short-term Debt [Line Items]
Debt term	1 year
Line of credit, maximum borrowing capacity	$ 100,000,000
Minimum net capital required	120,000,000
Short-term financing	$ 0

Long-Term Financing (Details)

Long-Term Financing (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Apr. 03, 2020
Debt Disclosure [Abstract]
Long-term financing	$ 175,000,000	$ 195,000,000
Debt Instrument [Line Items]
Long-term financing	175,000,000	$ 195,000,000
Senior Notes
Debt Disclosure [Abstract]
Long-term financing	175,000,000
Debt Instrument [Line Items]
Long-term financing	175,000,000
Senior Notes | Class A Fixed Rate Senior Notes Due October 2021
Debt Disclosure [Abstract]
Long-term financing	$ 50,000,000
Annual fixed rate	4.74%
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 Disclosure [Abstract]
Long-term financing	$ 125,000,000
Annual fixed rate	5.20%
Debt Instrument [Line Items]
Long-term financing	$ 125,000,000
Annual fixed rate	5.20%
Unsecured promissory notes | The Valence Group
Debt Disclosure [Abstract]
Long-term financing			$ 20,000,000
Debt Instrument [Line Items]
Long-term financing			$ 20,000,000

Restructuring and Integration_3

Restructuring and Integration Costs - Schedule of Pre-tax Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,404	$ 1,491	$ 3,404	$ 2,542
Integration costs	29	2,233	164	3,084
Restructuring and integration costs	3,433	3,724	3,568	5,626
Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3,404	88	3,404	88
Severance, benefits and outplacement
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	2,043	0	2,921
Contract termination
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ (640)	$ 0	$ (467)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	Jul. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 01, 2020
Equity, Class of Treasury Stock [Line Items]
Aggregate purchase price of share repurchases				$ 36,170,000	$ 17,482,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations (in shares)				123,096	98,136
Repurchase of common stock for employee tax withholding				$ 13,100,000	$ 8,300,000
Reissuance of treasury shares as a result of employee vesting (in shares)				833,238	271,889
Issuance of treasury shares for deal consideration (in shares)					34,205
Cash dividends paid				$ 41,000,000
Dividends declared per common share (in dollars per share)		$ 0.45	$ 0.20	$ 2.70	$ 1.33
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)	$ 0.55
Quarterly dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid (amount per share)				$ 0.85
Annual special cash dividend
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid (amount per share)				$ 1.85
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)				197,697	128,865
Average price of repurchases (in shares)				$ 116.71	$ 71.58
Aggregate purchase price of share repurchases				$ 23,100,000	$ 9,200,000
Amount remaining under share repurchase authorization		$ 113,800,000		$ 113,800,000

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
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)	3,869,147	4,312,557
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	158,393	146,048
Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	2,052,936
Deal consideration | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,816,211
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)	158,393
Incentive Plan | Total restricted stock outstanding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	632,985
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)	535,198
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)	97,787
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)	96,000
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)	1,323,951

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	6 Months Ended
	Jun. 30, 2021
2021
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	75.00%
2020
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	75.00%
2019
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	75.00%

Compensation Plans - Schedule_2

Compensation Plans - Schedule of RSU Valuation Assumptions (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2021
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.23%
Expected Stock Price Volatility	43.20%
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%

Compensation Plans - Schedule_3

Compensation Plans - Schedule of Stock Options Valuation Assumptions (Details) - Stock options	6 Months Ended
	Jun. 30, 2021$ / 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 43.9	$ 27.9	$ 77.6	$ 49.5
Forfeitures	1.3	1.1	1.3	1.2
Tax benefit related to stock-based compensation expense	$ 6.6	$ 3.9	$ 10.7	$ 6.3

Compensation Plans - Changes in

Compensation Plans - Changes in Unvested Restricted Stock (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares) | shares	4,312,557
Granted (in shares) | shares	339,422
Vested (in shares) | shares	(765,569)
Canceled (in shares) | shares	(17,263)
Ending Balance (in shares) | shares	3,869,147
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share) | $ / shares	$ 74.99
Granted (in dollars per share) | $ / shares	106.39
Vested (in dollars per share) | $ / shares	80.96
Canceled (in dollars per share) | $ / shares	88.71
Ending Balance (in dollars per share) | $ / shares	$ 76.50

Compensation Plans - Changes _2

Compensation Plans - Changes in Unvested Restricted Stock Units (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares) | shares	146,048
Granted (in shares) | shares	62,569
Vested (in shares) | shares	(50,224)
Canceled (in shares) | shares	0
Ending Balance (in shares) | shares	158,393
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share) | $ / shares	$ 85.60
Granted (in dollars per share) | $ / shares	103.69
Vested (in dollars per share) | $ / shares	92.93
Canceled (in dollars per share) | $ / shares	0
Ending Balance (in dollars per share) | $ / shares	$ 90.43

Compensation Plans - Changes _3

Compensation Plans - Changes in Outstanding Stock Options (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
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
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Number of Exercisable Options (in shares)	27,222
Weighted Average Exercise Price of Options Exercisable	$ 99
Weighted Average Remaining Contractual Term for Options Exercisable	6 years 7 months 6 days
Aggregate Intrinsic Value of Options Exercisable	$ 831,904
Weighted Average Remaining Contractual Term of Stock Options Outstanding (in Years)	6 years 7 months 6 days	7 years 1 month 6 days
Aggregate Intrinsic Value of Stock Options Outstanding	$ 2,495,744	$ 155,167

Compensation Plans - Additional

Compensation Plans - Additional Information (Details) $ in Millions	Dec. 31, 2020USD ($)shares	Apr. 03, 2020USD ($)shares	Jan. 03, 2020USD ($)shares	Aug. 02, 2019USD ($)shares	Jun. 30, 2021USD ($)planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan					3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)					339,422
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)					62,569
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					150.00%
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 | $					$ 171.3
Weighted average period over which equity award expense expected to be recognized					2 years 7 months 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 | $					$ 0.7
Weighted average period over which equity award expense expected to be recognized					1 year 7 months 6 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)					1,400,000
Average adjusted return on equity targets | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					75.00%
Total shareholder return relative to members of a predetermined peer group | Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					75.00%
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 | 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 | 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 | 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 | 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
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 | Restricted Stock | Five Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		5 years
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
TRS Advisors, LLC | Restricted Stock | Three Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	3 years
TRS Advisors, LLC | 2020 Inducement Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	3 years
Value of restricted stock granted | $	$ 2.9
Number of shares granted (in shares)	29,194
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 - Deferred C

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	Aug. 02, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Weeden & Co. | Net revenue target
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Additional cash consideration, maximum amount	$ 31.5
Amount accrued related to earnout		$ 29.3		$ 29.3
Non-interest expense recorded related to earnout		2.1	$ 2.2	$ 4.3	$ 19.8
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		17.9		$ 17.9		$ 16.3
Plan Liabilities		$ 17.9		$ 17.9		$ 16.3

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income/(loss) applicable to Piper Sandler Companies	$ 69,821	$ 1,454	$ 119,280	$ (13,273)
Shares for basic and diluted calculations:
Average shares used in basic computation (in shares)	14,358	13,794	14,366	13,795
Average shares used in diluted computation (in shares)	16,951	14,476	16,709	14,444
Earnings/(loss) per common share:
Basic	$ 4.86	$ 0.11	$ 8.30	$ (0.96)
Diluted	$ 4.12	$ 0.10	$ 7.14	$ (0.96)
Stock options
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	10	0	5	0
Restricted stock units
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	177	97	154	102
Non-participating restricted shares
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	2,406	585	2,184	547
Stock options and restricted shares
Earnings/(loss) per common share:
Shares excluded from diluted EPS (in shares)		2,900		2,900

Revenues and Business Informa_3

Revenues and Business Information - Revenues and Business Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Investment banking	$ 387,147	$ 199,827	$ 683,221	$ 358,825
Institutional brokerage	95,830	89,339	205,318	178,482
Interest income	1,673	3,065	3,730	9,130
Investment income/(loss)	26,694	3,733	50,462	(10,093)
Total revenues	511,344	295,964	942,731	536,344
Interest expense	2,696	3,526	5,476	7,738
Net revenues	508,648	292,438	937,255	528,606
Non-interest expenses	394,588	285,041	740,328	555,238
Pre-tax income/(loss)	$ 114,060	$ 7,397	$ 196,927	$ (26,632)
Pre-tax margin	22.40%	2.50%	21.00%	(5.00%)
Advisory services
Segment Reporting Information [Line Items]
Investment banking	$ 248,668	$ 85,569	$ 401,517	$ 196,795
Corporate financing
Segment Reporting Information [Line Items]
Investment banking	102,401	83,448	218,537	108,624
Municipal financing
Segment Reporting Information [Line Items]
Investment banking	36,078	30,810	63,167	53,406
Equity brokerage
Segment Reporting Information [Line Items]
Institutional brokerage	34,873	40,644	78,107	88,497
Fixed income services
Segment Reporting Information [Line Items]
Institutional brokerage	$ 60,957	$ 48,695	$ 127,211	$ 89,985

Net Capital Requirements and _2

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Jun. 30, 2021USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital	257,600,000
Excess net capital	256,600,000
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

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Note [Line Items]
Income tax expense/(benefit)	$ 27,066	$ 4,700	$ 44,340	$ (7,074)
Tax benefit for stock-based compensation awards vesting during the period			1,400	$ 200
Effective Income Tax Rate at Federal Statutory Income Tax Rate Prior to Tax Cuts and Jobs Act, Percent				35.00%
Income tax benefits, CARES Act				$ 1,700
Domestic and Foreign Tax Authority
Income Tax Note [Line Items]
Income tax expense/(benefit)	$ 27,100	$ 4,700	$ 44,300	$ (7,100)