Piper Sandler Companies (PIPR) 10-Q 2 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-31720
Entity Registrant Name	PIPER SANDLER COMPANIES
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0168701
Entity Address, Address Line One	800 Nicollet Mall, Suite 900
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	(612)
Local Phone Number	303-6000
Title of Each Class	Common Stock, par value $0.01 per share
Trading Symbol	PIPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,436,145
Amendment Flag	false
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 237,786	$ 970,965
Receivables from brokers, dealers and clearing organizations	206,216	254,130
Financial instruments and other inventory positions owned	422,107	348,974
Fixed assets (net of accumulated depreciation and amortization of $81,250 and $76,823, respectively)	58,932	51,761
Goodwill	244,321	227,508
Intangible assets (net of accumulated amortization of $121,986 and $115,672, respectively)	133,995	119,778
Investments (including noncontrolling interests of $183,538 and $164,565, respectively)	267,017	252,045
Net deferred income tax assets	160,362	158,200
Right-of-use lease asset	98,584	71,341
Other assets	121,652	110,605
Total assets	1,950,972	2,565,307
Liabilities and Shareholders' Equity
Long-term financing	125,000	125,000
Payables to brokers, dealers and clearing organizations	10,417	13,247
Financial instruments and other inventory positions sold, but not yet purchased	122,184	128,690
Accrued compensation	340,137	900,079
Accrued lease liability	117,105	89,625
Other liabilities and accrued expenses	58,494	81,811
Total liabilities	773,337	1,338,452
Shareholders’ equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at June 30, 2022 and December 31, 2021; Shares issued: 19,542,612 at June 30, 2022 and 19,541,037 at December 31, 2021; Shares outstanding: 13,792,668 at June 30, 2022 and 14,129,519 at December 31, 2021	195	195
Additional paid-in capital	1,006,093	925,387
Retained earnings	418,406	450,165
Less common stock held in treasury, at cost: 5,749,944 shares at June 30, 2022 and 5,411,518 shares at December 31, 2021	(425,095)	(312,573)
Accumulated other comprehensive loss	(2,960)	(964)
Total common shareholders' equity	996,639	1,062,210
Noncontrolling interests	180,996	164,645
Total shareholders' equity	1,177,635	1,226,855
Total liabilities and shareholders' equity	1,950,972	2,565,307
Asset Not Pledged as Collateral
Assets
Financial instruments and other inventory positions owned	311,789	230,423
Asset Pledged as Collateral
Assets
Financial instruments and other inventory positions owned	$ 110,318	$ 118,551

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 81,250	$ 76,823
Accumulated amortization on intangible assets	121,986	115,672
Investments attributable to noncontrolling interests	$ 183,538	$ 164,565
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)	19,542,612	19,541,037
Common stock, shares outstanding (in shares)	13,792,668	14,129,519
Common stock held in treasury, shares (in shares)	5,749,944	5,411,518

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Investment banking	$ 234,132	$ 387,147	$ 491,634	$ 683,221
Institutional brokerage	104,942	95,830	209,504	205,318
Interest income	4,536	1,673	8,392	3,730
Investment income/(loss)	10,936	26,694	(2,138)	50,462
Total revenues	354,546	511,344	707,392	942,731
Interest expense	2,355	2,696	4,556	5,476
Net revenues	352,191	508,648	702,836	937,255
Non-interest expenses:
Compensation and benefits	239,917	325,252	487,816	605,580
Outside services	14,429	10,593	25,605	18,268
Occupancy and equipment	15,562	13,720	30,098	27,742
Communications	13,215	10,026	25,640	21,834
Marketing and business development	12,238	5,114	20,870	7,181
Deal-related expenses	8,308	8,710	13,852	21,141
Trade execution and clearance	5,891	4,207	9,926	8,387
Restructuring and integration costs	1,609	3,433	2,856	3,568
Intangible asset amortization	3,393	7,520	6,314	15,040
Other operating expenses	469	6,013	7,062	11,587
Total non-interest expenses	315,031	394,588	630,039	740,328
Income before income tax expense	37,160	114,060	72,797	196,927
Income tax expense	9,385	27,066	20,364	44,340
Net income	27,775	86,994	52,433	152,587
Net income/(loss) applicable to noncontrolling interests	6,385	17,173	(5,608)	33,307
Net income applicable to Piper Sandler Companies	$ 21,390	$ 69,821	$ 58,041	$ 119,280
Earnings per common share
Basic	$ 1.53	$ 4.86	$ 4.07	$ 8.30
Diluted	1.26	4.12	3.39	7.14
Dividends declared per common share (in dollars per share)	$ 0.60	$ 0.45	$ 5.70	$ 2.70
Weighted average number of common shares outstanding
Basic (in shares)	14,018	14,358	14,248	14,366
Diluted (in shares)	16,920	16,951	17,106	16,709

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 27,775	$ 86,994	$ 52,433	$ 152,587
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	(1,310)	197	(1,996)	503
Comprehensive income	26,465	87,191	50,437	153,090
Comprehensive income/(loss) applicable to noncontrolling interests	6,385	17,173	(5,608)	33,307
Comprehensive income applicable to Piper Sandler Companies	$ 20,080	$ 70,018	$ 56,045	$ 119,783

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, 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		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		$ 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		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
Beginning Balance (in shares) at Dec. 31, 2021			14,129,519
Beginning Balance at Dec. 31, 2021		1,226,855	$ 195	925,387	450,165	(312,573)	(964)	1,062,210	164,645
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		24,658			36,651			36,651	(11,993)
Dividends		(81,390)			(81,390)			(81,390)
Amortization/issuance of restricted stock (1)	[1]	114,048		114,048				114,048
Repurchase of common stock through share repurchase program (in shares)			(653,029)
Repurchase of common stock through share repurchase program		(92,945)				(92,945)		(92,945)
Issuance of treasury shares for restricted stock vestings (in shares)			854,668
Issuance of treasury shares for restricted stock vestings		0		(50,934)		50,934		0
Repurchase of common stock from employees (in shares)			(136,440)
Repurchase of common stock from employees		(20,927)				(20,927)		(20,927)
Shares reserved/issued for director compensation (in shares)			2,038
Shares reserved/issued for director compensation		253		253				253
Other comprehensive income/(loss)		(686)					(686)	(686)
Fund capital contributions/(distributions), net		(13,503)						0	(13,503)
Ending Balance (in shares) at Mar. 31, 2022			14,196,756
Ending Balance at Mar. 31, 2022		1,156,363	$ 195	988,754	405,426	(375,511)	(1,650)	1,017,214	139,149
Beginning Balance (in shares) at Dec. 31, 2021			14,129,519
Beginning Balance at Dec. 31, 2021		1,226,855	$ 195	925,387	450,165	(312,573)	(964)	1,062,210	164,645
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		$ 52,433
Repurchase of common stock from employees (in shares)		(139,073)
Ending Balance (in shares) at Jun. 30, 2022			13,792,668
Ending Balance at Jun. 30, 2022		$ 1,177,635	$ 195	1,006,093	418,406	(425,095)	(2,960)	996,639	180,996
Beginning Balance (in shares) at Mar. 31, 2022			14,196,756
Beginning Balance at Mar. 31, 2022		1,156,363	$ 195	988,754	405,426	(375,511)	(1,650)	1,017,214	139,149
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		27,775			21,390			21,390	6,385
Dividends		(8,410)			(8,410)			(8,410)
Amortization/issuance of restricted stock (1)	[1]	17,612		17,612				17,612
Repurchase of common stock through share repurchase program (in shares)			(415,358)
Repurchase of common stock through share repurchase program		(49,991)				(49,991)		(49,991)
Issuance of treasury shares for restricted stock vestings (in shares)			10,207
Issuance of treasury shares for restricted stock vestings		0		(738)		738		0
Repurchase of common stock from employees (in shares)			(2,633)
Repurchase of common stock from employees		(331)				(331)		(331)
Shares reserved/issued for director compensation (in shares)			3,696
Shares reserved/issued for director compensation		465		465				465
Other comprehensive income/(loss)		(1,310)					(1,310)	(1,310)
Fund capital contributions/(distributions), net		35,462						0	35,462
Ending Balance (in shares) at Jun. 30, 2022			13,792,668
Ending Balance at Jun. 30, 2022		$ 1,177,635	$ 195	$ 1,006,093	$ 418,406	$ (425,095)	$ (2,960)	$ 996,639	$ 180,996
[1]Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net income	$ 52,433	$ 152,587
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization of fixed assets	7,328	5,867
Deferred income taxes	(2,162)	(14,601)
Stock-based compensation	60,438	78,532
Amortization of intangible assets	6,314	15,040
Amortization of forgivable loans	4,148	2,871
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	50,855	(100,754)
Net financial instruments and other inventory positions owned	(79,639)	(17,119)
Investments	(14,972)	(31,951)
Other assets	(31,197)	(27,271)
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	(2,830)	(6,183)
Accrued compensation	(493,653)	(47,879)
Other liabilities and accrued expenses	(7,338)	2,120
Net cash provided by/(used in) operating activities	(450,275)	11,259
Investing Activities:
Business acquisitions, net of cash acquired	(33,044)	0
Purchases of fixed assets, net	(14,357)	(14,883)
Net cash used in investing activities	(47,401)	(14,883)
Financing Activities:
Repayment of long-term financing	0	(20,000)
Payment of cash dividend	(89,800)	(41,007)
Increase/(decrease) in noncontrolling interests	21,959	(10,048)
Repurchase of common stock	(164,194)	(36,170)
Net cash used in financing activities	(232,035)	(107,225)
Currency adjustment:
Effect of exchange rate changes on cash	(3,468)	424
Net decrease in cash and cash equivalents	(733,179)	(110,425)
Cash and cash equivalents at beginning of period	970,965	507,935
Cash and cash equivalents at end of period	$ 237,786	$ 397,510

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Supplemental) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest	$ 4,468	$ 5,554
Cash paid during the period for income taxes	$ 45,128	$ 59,907

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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., PSC Capital Management LLC and PSC Capital Management II 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, corporations, government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, profits and losses from trading these securities, and fees for research services and corporate access offerings. Also, the Company has created alternative asset management funds in merchant banking and healthcare in order to invest firm capital and to manage capital from outside investors. The Company records gains and losses from investments in these funds and receives management and performance fees. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with 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, 2021. The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds. All material intercompany balances have been eliminated. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

Accounting Policies and Pronoun

Accounting Policies and Pronouncements	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Accounting Policies and Pronouncements	Accounting Policies and Pronouncements Summary of Significant Accounting Policies Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for a full description of the Company's significant accounting policies. Future Adoption of New Applicable Accounting Standards Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"). This guidance clarifies that a contractual sale restriction should not impact the fair value of the security and a discount to reflect such restriction is no longer permitted to be applied. ASU 2022-03 also includes new disclosure requirements and is effective for annual and interim periods beginning after December 15, 2023, with early adoption permitted. As of June 30, 2022, the Company does not hold equity securities subject to contractual sale restrictions.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Acquisitions	Acquisitions The following acquisitions were accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price of each acquisition was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the restricted stock was determined using the market price of the Company's common stock on the date of the respective acquisition. Cornerstone Macro Research LP On February 4, 2022, the Company completed the acquisition of Cornerstone Macro Research LP, including its subsidiary, Cornerstone Macro LLC (collectively, "Cornerstone Macro"), a research firm focused on providing macro research and equity derivatives trading to institutional investors. The transaction was completed pursuant to the Securities Purchase Agreement dated October 12, 2021. The acquisition adds a macro research team and increases the scale of the Company's equity brokerage operations. The purchase price of $33.9 million consisted of cash consideration of $32.4 million and contingent consideration of $1.5 million, as detailed in the net assets acquired table below. As part of the acquisition, the Company granted 64,077 restricted shares valued at $9.7 million on the acquisition date. The restricted shares are subject to graded vesting on the fourth and the fifth anniversaries of the acquisition date, so long as the applicable employee remains continuously employed by the Company for the respective vesting period. As these shares contain service conditions, the value of the shares is not part of the purchase price. Compensation expense will be amortized on a straight-line basis over the requisite service period of five years. The Company also entered into acquisition-related compensation arrangements with certain employees of $10.7 million, which consisted of restricted stock ($7.5 million) and forgivable loans ($3.2 million), for retention purposes. As employees must fulfill service requirements in exchange for the rights to the restricted shares, compensation expense will be amortized on a straight-line basis over the requisite service period (a weighted average service period of 3.4 years). See Note 16 for further discussion. The loans will be forgiven, so long as the applicable employee remains continuously employed for the loan term. Compensation expense will be amortized on a straight-line basis over the respective loan term (a weighted average period of 3.6 years). Additional cash of up to $27.8 million may be earned (the "Cornerstone Earnout") if a net revenue target is achieved during the performance period from July 1, 2022 to December 31, 2023. Of the total amount, up to $6.0 million may be earned by Cornerstone Macro's equity owners with no service requirements. If earned, this amount will be paid by March 31, 2024. The Company recorded a $1.5 million liability as of the acquisition date for the fair value of the contingent consideration, which is included in the purchase price. The remaining amount may be earned by the equity owners, whom are now employees of the Company, and certain employees in exchange for service requirements. As this amount compensates employees for future services, the value is not part of the purchase price. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite service period. If earned, these amounts will be paid by June 30, 2025 and June 30, 2026. The Company recorded $9.9 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 Cornerstone Macro. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition-date fair value of $18.6 million. Transaction costs of $0.1 million and $0.7 million were incurred for the three and six months ended June 30, 2022, 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 $ 6,885 Receivables from brokers, dealers and clearing organizations 2,941 Fixed assets 286 Goodwill 9,924 Intangible assets 18,600 Right-of-use lease asset 7,026 Other assets 4,238 Total assets acquired 49,900 Liabilities Accrued compensation 4,672 Accrued lease liability 7,026 Other liabilities and accrued expenses 4,333 Total liabilities assumed 16,031 Net assets acquired $ 33,869 Pro Forma Financial Information The results of operations of Cornerstone Macro have been included in the Company's consolidated financial statements prospectively beginning on the acquisition date. The acquisition has 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 assumes that the acquisition had occurred on January 1, 2021, the beginning of the comparable prior period presented. Pro forma results have been prepared by adjusting the Company's historical results to include the results of operations of Cornerstone Macro adjusted for the following significant changes: amortization expense was adjusted to account for the acquisition-date fair value of intangible assets; compensation and benefits expenses were adjusted to reflect the restricted stock issued as part of the acquisition, the restricted stock and forgivable loans issued for retention purposes, and the Cornerstone Earnout with service conditions; and the income tax effect of applying the Company's statutory tax rates to the results of operations of Cornerstone Macro. The Company's consolidated unaudited pro forma information presented does not necessarily reflect the results of operations that would have resulted had the acquisition 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 June 30, June 30, (Amounts in thousands) 2022 2021 2022 2021 Net revenues $ 352,191 $ 523,275 $ 705,722 $ 965,904 Net income applicable to Piper Sandler Companies 21,390 70,604 57,367 119,742 Stamford Partners LLP ("Stamford Partners") On June 10, 2022, the Company completed the acquisition of Stamford Partners, a specialist investment bank offering mergers and acquisitions advisory services to European food and beverage and related consumer sectors. The acquisition expands the Company's presence in Europe. The purchase price consisted of cash consideration, and restricted stock was granted for retention purposes. The Company recorded $6.9 million of goodwill on the consolidated statements of financial condition, none of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of Stamford Partners. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition-date fair value of $1.9 million.

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, 2022
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) 2022 2021 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 4,562 $ 2,831 Convertible securities 133,647 148,057 Fixed income securities 8,442 8,687 Municipal securities: Taxable securities 15,226 12,377 Tax-exempt securities 160,768 97,891 Short-term securities 39,551 29,357 Mortgage-backed securities — 1,277 U.S. government agency securities 40,196 24,361 U.S. government securities 2,891 138 Derivative contracts 16,824 23,998 Total financial instruments and other inventory positions owned $ 422,107 $ 348,974 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 48,184 $ 77,744 Fixed income securities 8,649 4,950 U.S. government securities 62,909 41,780 Derivative contracts 2,442 4,216 Total financial instruments and other inventory positions sold, but not yet purchased $ 122,184 $ 128,690 At June 30, 2022 and December 31, 2021, financial instruments and other inventory positions owned in the amount of $110.3 million and $118.6 million, respectively, had been pledged as collateral for short-term financing arrangements. Financial instruments and other inventory positions sold, but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices. The Company is obligated to acquire the securities sold short at prevailing market prices, which may exceed the amount reflected on the consolidated statements of financial condition. The Company economically hedges changes in the market value of its financial instruments and other inventory positions owned using inventory positions sold, but not yet purchased, interest rate derivatives, U.S. treasury bond futures and options, and equity option contracts. Derivative Contract Financial Instruments 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 primarily associated with its fixed income securities. These instruments use rates based upon the MMD, LIBOR or SIFMA indices. 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, 2022 December 31, 2021 (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 $ 90,158 $ 83,890 $ 1,576,572 $ 157,064 $ 149,353 $ 1,630,056 Trading securities 11,311 608 211,325 — 1,560 65,925 $ 101,469 $ 84,498 $ 1,787,897 $ 157,064 $ 150,913 $ 1,695,981 (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 2022 2021 2022 2021 Interest rate derivative contract Investment banking $ (617) $ (135) $ (860) $ (1,151) Interest rate derivative contract Institutional brokerage 2,478 (2,166) 11,683 3,095 Equity option derivative contracts Institutional brokerage — (37) — 123 $ 1,861 $ (2,338) $ 10,823 $ 2,067

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
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 is independently verified. The selection parameters are generally based upon the type of security, the level of estimation risk of a security, the materiality of the security to the Company's consolidated financial statements, changes in fair value from period to period, and other specific facts and circumstances of the Company's securities portfolio. In evaluating the initial internally-estimated fair values made by the Company's traders, the nature and complexity of securities involved (e.g., term, coupon, collateral, and other key drivers of value), level of market activity for securities, and availability of market data are considered. The independent price verification procedures include, but are not limited to, analysis of trade data (both internal and external where available), corroboration to the valuation of positions with similar characteristics, risks and components, or comparison to an alternative pricing source, such as a discounted cash flow model. The Company's valuation committees, comprised of members of senior management and risk management, provide oversight and overall responsibility for the internal control processes and procedures related to fair value measurements. The following is a description of the valuation techniques used to measure fair value. Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their net asset value and classified as Level I. Financial Instruments and Other Inventory Positions The Company records financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased at fair value on the consolidated statements of financial condition with unrealized gains and losses reflected on the consolidated statements of operations. 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, and U.S. treasury bond futures and options. These instruments derive their value from underlying assets, reference rates, indices or a combination of these factors. The majority of the Company's interest rate derivative contracts, including both interest rate swaps and interest rate locks, are valued using market standard pricing models based on the net present value of estimated future cash flows. The valuation models used do not involve material subjectivity as the methodologies do not entail significant judgment and the pricing inputs are market observable, including contractual terms, yield curves and measures of volatility. These instruments are classified as Level II within the fair value hierarchy. Certain interest rate locks transact in less active markets and are valued using valuation models that include the previously mentioned observable inputs and certain unobservable inputs that require significant judgment, such as the premium over the MMD curve. These instruments are classified as Level III. Investments The Company's investments valued at fair value include equity investments in private companies. Investments in private companies are valued based on an assessment of each underlying security, considering rounds of financing, the financial condition and operating results of the private company, third party transactions and market-based information, including comparable company transactions, trading multiples (e.g., multiples of revenue and earnings before interest, taxes, depreciation and amortization ("EBITDA")) and changes in market outlook, among other factors. These securities are categorized based on the lowest level of input that is significant to the fair value measurement. 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, 2022: 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) 3 - 41 bps 20.3 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 1 - 7 times 4.1 times EBITDA multiple (2) 12 - 13 times 12.7 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) 8 - 62 bps 23.3 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, 2022: 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 $ 2,875 $ 1,687 $ — $ — $ 4,562 Convertible securities — 133,647 — — 133,647 Fixed income securities — 8,442 — — 8,442 Municipal securities: Taxable securities — 15,226 — — 15,226 Tax-exempt securities — 160,509 259 — 160,768 Short-term securities — 39,551 — — 39,551 U.S. government agency securities — 40,196 — — 40,196 U.S. government securities 2,891 — — — 2,891 Derivative contracts — 89,346 12,123 (84,645) 16,824 Total financial instruments and other inventory positions owned 5,766 488,604 12,382 (84,645) 422,107 Cash equivalents 194,490 — — — 194,490 Investments at fair value (2) 86,086 — 169,016 — 255,102 Total assets $ 286,342 $ 488,604 $ 181,398 $ (84,645) $ 871,699 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 47,343 $ 841 $ — $ — $ 48,184 Fixed income securities — 8,649 — — 8,649 U.S. government securities 62,909 — — — 62,909 Derivative contracts — 82,883 1,615 (82,056) 2,442 Total financial instruments and other inventory positions sold, but not yet purchased $ 110,252 $ 92,373 $ 1,615 $ (82,056) $ 122,184 (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 $183.5 million attributable to unrelated third party ownership in consolidated alternative asset management 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, 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 $ 33 $ 2,798 $ — $ — $ 2,831 Convertible securities — 148,057 — — 148,057 Fixed income securities — 8,687 — — 8,687 Municipal securities: Taxable securities — 12,377 — — 12,377 Tax-exempt securities — 97,644 247 — 97,891 Short-term securities — 29,357 — — 29,357 Mortgage-backed securities — 1,277 — — 1,277 U.S. government agency securities — 24,361 — — 24,361 U.S. government securities 138 — — — 138 Derivative contracts — 156,338 726 (133,066) 23,998 Total financial instruments and other inventory positions owned 171 480,896 973 (133,066) 348,974 Cash equivalents 908,198 — — — 908,198 Investments at fair value (2) 62,674 34,416 142,286 — 239,376 Total assets $ 971,043 $ 515,312 $ 143,259 $ (133,066) $ 1,496,548 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 74,251 $ 3,493 $ — $ — $ 77,744 Fixed income securities — 4,950 — — 4,950 U.S. government securities 41,780 — — — 41,780 Derivative contracts — 149,015 1,898 (146,697) 4,216 Total financial instruments and other inventory positions sold, but not yet purchased $ 116,031 $ 157,458 $ 1,898 $ (146,697) $ 128,690 (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 $164.6 million attributable to unrelated third party ownership in consolidated alternative asset management funds. The Company's Level III assets were $181.4 million (including noncontrolling interests of $128.8 million) and $143.3 million (including noncontrolling interests of $103.0 million), or 20.8 percent and 9.6 percent of financial instruments measured at fair value at June 30, 2022 and December 31, 2021, 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, primarily 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) 2022 Purchases Sales in out (losses) (losses) 2022 2022 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 264 $ — $ — $ — $ — $ — $ (5) $ 259 $ (5) Derivative contracts 9,150 — (2,525) — — 2,525 2,973 12,123 4,771 Total financial instruments and other inventory positions owned 9,414 — (2,525) — — 2,525 2,968 12,382 4,766 Investments at fair value 134,795 28,600 — — — 172 5,449 169,016 5,621 Total assets $ 144,209 $ 28,600 $ (2,525) $ — $ — $ 2,697 $ 8,417 $ 181,398 $ 10,387 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,120 $ (570) $ — $ — $ — $ 570 $ 495 $ 1,615 $ 1,065 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,120 $ (570) $ — $ — $ — $ 570 $ 495 $ 1,615 $ 1,065 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 December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2021 Purchases Sales in out (losses) (losses) 2022 2022 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 247 $ — $ — $ — $ — $ — $ 12 $ 259 $ 12 Derivative contracts 726 450 (2,525) — — 2,075 11,397 12,123 12,123 Total financial instruments and other inventory positions owned 973 450 (2,525) — — 2,075 11,409 12,382 12,135 Investments at fair value 142,286 39,673 (18,252) — (172) 12,936 (7,455) 169,016 5,419 Total assets $ 143,259 $ 40,123 $ (20,777) $ — $ (172) $ 15,011 $ 3,954 $ 181,398 $ 17,554 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,898 $ (570) $ 680 $ — $ — $ (110) $ (283) $ 1,615 $ 1,615 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,898 $ (570) $ 680 $ — $ — $ (110) $ (283) $ 1,615 $ 1,615 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 Realized and unrealized gains/(losses) related to financial instruments, with the exception of customer matched-book derivatives, are reported in institutional brokerage on the consolidated statements of operations. Realized and unrealized gains/(losses) related to customer matched-book derivatives are reported in investment banking. Realized and unrealized gains/(losses) related to investments are principally reported in investment income on the consolidated statements of operations. The carrying values of the Company's cash, receivables and payables either from or to brokers, dealers and clearing organizations and long-term financings approximate fair value due to either their liquid or short-term nature.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
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, 2022 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 that are consolidated by the Company and included on the consolidated statements of financial condition at June 30, 2022. 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. These VIEs have a combined $50.0 million of bank line financing available with interest rates based on either prime or LIBOR 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 $ 237,937 Other assets 2,938 Total assets $ 240,875 Liabilities Other liabilities and accrued expenses $ 4,352 Total liabilities $ 4,352 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 16 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 $1.3 billion and $2.1 billion at June 30, 2022 and December 31, 2021, respectively. The Company's exposure to loss from these VIEs is $11.4 million, which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at June 30, 2022. The Company had no liabilities related to these VIEs at June 30, 2022 and December 31, 2021. 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, 2022.

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 Receivable from clearing organizations $ 193,933 $ 226,731 Receivable from brokers and dealers 8,447 24,056 Other 3,836 3,343 Total receivables from brokers, dealers and clearing organizations $ 206,216 $ 254,130 June 30, December 31, (Amounts in thousands) 2022 2021 Payable to brokers and dealers $ 10,417 $ 13,247 Total payables to brokers, dealers and clearing organizations $ 10,417 $ 13,247

Investments

Investments	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 Investments at fair value $ 255,102 $ 239,376 Investments at cost 611 611 Investments accounted for under the equity method 11,304 12,058 Total investments 267,017 252,045 Less investments attributable to noncontrolling interests (1) (183,538) (164,565) $ 83,479 $ 87,480 (1) Noncontrolling interests are attributable to unrelated third party ownership in consolidated alternative asset management funds. At June 30, 2022, 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, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets June 30, December 31, (Amounts in thousands) 2022 2021 Fee receivables $ 48,333 $ 51,403 Forgivable loans, net 20,660 12,040 Prepaid expenses 16,410 18,989 Other 36,249 28,173 Total other assets $ 121,652 $ 110,605

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets (Amounts in thousands) Goodwill Balance at December 31, 2021 $ 227,508 Goodwill acquired 16,813 Balance at June 30, 2022 $ 244,321 Intangible assets Balance at December 31, 2021 $ 119,778 Intangible assets acquired 20,531 Amortization of intangible assets (6,314) Balance at June 30, 2022 $ 133,995 As discussed in Note 3, the addition of goodwill and intangible assets during the six months ended June 30, 2022 related to the acquisitions of Cornerstone Macro and Stamford Partners. Management identified $18.6 million of customer relationship intangible assets related to the acquisition of Cornerstone Macro, which will be amortized over a weighted average life of 7.2 years. Management identified $1.9 million of customer relationship intangible assets related to the acquisition of Stamford Partners, which will be amortized over a weighted average life of 0.8 years. Intangible assets with determinable lives primarily consist of customer relationships and internally developed software. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Amounts in thousands) Remainder of 2022 $ 7,406 2023 10,981 2024 9,069 2025 7,832 2026 7,202 Thereafter 6,105 Total $ 48,595 Indefinite-lived intangible assets consist of the Sandler trade name of $85.4 million, which is not subject to amortization.

Short-Term Financing

Short-Term Financing	6 Months Ended
	Jun. 30, 2022
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, require the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, limit the Company's leverage ratio, require maintenance of a minimum ratio of operating cash flow to fixed charges, and impose certain limitations on the Company's ability to make acquisitions and make payments on its capital stock. At June 30, 2022, there were no advances against this credit facility. The Company's committed short-term bank line financing at June 30, 2022 consisted of a one-year $100 million committed revolving credit facility with U.S. Bank N.A., which has been renewed annually in the fourth quarter of each year since 2008. Advances under this facility are secured by certain marketable securities. The facility includes a covenant that requires the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, and the unpaid principal amount of all advances under this facility will be due on December 9, 2022. The Company pays a nonrefundable commitment fee on the unused portion of the facility on a quarterly basis. At June 30, 2022, the Company had no advances against this line of credit.

Legal Contingencies

Legal Contingencies	6 Months Ended
	Jun. 30, 2022
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, 2022 are not material. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of reserves and ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the foregoing, management of the Company believes, based on currently available information, after consultation with outside legal counsel and taking into account its established reserves, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the consolidated statements of financial condition, results of operations or cash flows of the Company. However, if during any period a potential adverse contingency should become probable or resolved for an amount in excess of the established reserves, the results of operations and cash flows in that period and the financial condition as of the end of that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been brought to the Company's attention or are not yet determined to be reasonably possible.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases The Company leases office space throughout the United States and in a limited number of foreign countries where its international operations reside. Aggregate minimum lease commitments on an undiscounted basis for the Company's operating leases (including short-term leases) as of June 30, 2022 were as follows: (Amounts in thousands) Remainder of 2022 $ 12,839 2023 24,024 2024 22,793 2025 21,888 2026 19,846 Thereafter 45,354 Total $ 146,744 The following table summarizes the Company's operating lease costs and sublease income: Three Months Ended Six Months Ended June 30, June 30, (Amounts in millions) 2022 2021 2022 2021 Operating lease costs $ 6.3 $ 5.0 $ 12.3 $ 10.7 Operating lease costs related to short-term leases 0.4 0.2 0.7 0.4 Sublease income 0.1 0.1 0.2 0.4 At June 30, 2022, the weighted average remaining lease term for operating leases was 6.6 years and the weighted average discount rate was 4.1 percent.

Restructuring and Integration C

Restructuring and Integration Costs	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Integration Costs	Restructuring and Integration Costs The Company incurred the following restructuring and integration costs in conjunction with its acquisition activity: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2022 2021 2022 2021 Severance, benefits and outplacement $ 137 $ — $ 588 $ — Vacated leased office space — 3,404 — 3,404 Total restructuring costs 137 3,404 588 3,404 Integration costs 1,472 29 2,268 164 Total restructuring and integration costs $ 1,609 $ 3,433 $ 2,856 $ 3,568

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Repurchases The Company had two share repurchase authorizations in place as of June 30, 2022. Effective May 6, 2022, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares through December 31, 2024. At June 30, 2022, the Company had $150.0 million remaining under this authorization. Effective January 1, 2022, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares through December 31, 2023. During the six months ended June 30, 2022, the Company repurchased 1,068,387 shares at an average price of $133.79 per share for an aggregate purchase price of $142.9 million related to this authorization. At June 30, 2022, the Company had $7.1 million remaining under this authorization, for a combined $157.1 million remaining under both current authorizations. Effective January 1, 2020, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares, which expired on 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. 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 139,073 shares and 123,096 shares, or $21.3 million and $13.1 million of the Company's common stock for these purposes during the six months ended June 30, 2022 and 2021, 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 16. During the six months ended June 30, 2022 and 2021, the Company issued 864,875 shares and 833,238 shares, respectively, related to these obligations. Dividends The Company's current dividend policy is intended to return a metric based on fiscal year net income to its shareholders. The board of directors determines the declaration and payment of dividends and is free to change the dividend policy at any time. During the six months ended June 30, 2022, the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.20 per share and a special cash dividend on its common stock of $4.50 per share, totaling $89.8 million. The special cash dividend relates to the Company's fiscal year 2021 results. On July 29, 2022, the board of directors declared a quarterly cash dividend on its common stock of $0.60 per share to be paid on September 9, 2022, to shareholders of record as of the close of business on August 26, 2022. Noncontrolling Interests The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests represent the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds.

Compensation Plans

Compensation Plans	6 Months Ended
	Jun. 30, 2022
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, 2022: Restricted stock related to compensation plans Annual grants 814,325 Sign-on grants 85,635 Inducement grants 65,125 2019 Inducement Plan 95,348 2020 Inducement Plan 1,247,918 Total restricted stock related to compensation plans 2,308,351 Restricted stock related to acquisitions (1) 1,418,768 Total restricted stock 3,727,119 Restricted stock units 188,328 Stock options 81,667 (1) The Company issued restricted stock with service conditions in conjunction with the 2020 acquisitions of SOP Holdings, LLC and its subsidiaries, including Sandler O'Neill & Partners, L.P. (collectively, "Sandler O'Neill"), The Valence Group ("Valence") and TRS Advisors LLC ("TRS"), and the 2022 acquisitions of Cornerstone Macro and Stamford Partners. See Note 3 for further discussion on the 2022 acquisitions. Incentive Plan The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified stock options, to the Company's employees and directors for up t o 9.4 million shares of common stock (0.9 million shares remained available for future issuance under the Incentive Plan as of June 30, 2022). The Company believes that such awards help align the interests of employees and directors with those of shareholders and serve as an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, a change in control of the Company (as defined in the Incentive Plan), in the event of a participant's death, and at the discretion of the compensation committee of the Company's board of directors. Restricted Stock Awards Restricted stock grants are valued at the market price of the Company's common stock on the date of grant and are amortized over the requisite service period. The Company grants shares of restricted stock to employees as part of year-end compensation ("Annual Grants") and upon initial hiring or as a retention award ("Sign-on Grants" or "Inducement Grants"). The Company's Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. The Annual Grants provide for continued vesting after termination of employment, so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreements entered into upon termination. The Company determined the service inception date precedes the grant date for the Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by FASB Accounting Standards Codification Topic 718, "Compensation — Stock Compensation." Accordingly, restricted stock granted as part of the Annual Grants is expensed in the one-year period in which those awards are deemed to be earned, which is generally the calendar year preceding the February grant date. For example, the Company recognized compensation expense during fiscal year 2021 for its February 2022 Annual Grant. If an equity award related to the Annual Grants is forfeited as a result of violating the post-termination restrictions, the lower of the fair value of the award at grant date or the fair value of the award at the date of forfeiture is recorded within the consolidated statements of operations as a reversal of compensation expense. Sign-on Grants are used as a recruiting tool for new employees and are issued to current employees as a retention tool. These awards have both cliff and ratable vesting terms, and the employees must fulfill service requirements in exchange for rights to the awards. Compensation expense is amortized on a straight-line basis from the grant date over the requisite service period, generally three Inducement Grants are issued as a retention tool in conjunction with certain acquisitions. During the six months ended June 30, 2022, the Company granted $9.3 million (65,125 shares) in restricted stock under the Incentive Plan in conjunction with its 2022 acquisitions of Cornerstone Macro and Stamford Partners. These restricted shares are subject to graded vesting, and employees must fulfill service requirements in exchange for the rights to the restricted shares. Compensation expense is amortized on a straight-line basis over the requisite service period, generally three 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, 2022, 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 2022 39% 2021 75% 2020 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 Vesting Year Interest Rate Price Volatility 2022 2025 1.80% 43.8% 2021 2024 0.23% 43.2% 2020 2023 1.40% 27.3% 2019 2022 2.50% 31.9% 2018 2021 2.40% 34.8% 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. 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-year vesting period. 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) 2022 2021 2022 2021 Stock-based compensation expense $ 27.6 $ 43.9 $ 59.3 $ 77.6 Forfeitures 0.3 1.3 0.3 1.3 Tax benefit related to stock-based compensation expense 3.7 6.6 7.1 10.7 The following table summarizes the changes in the Company's unvested restricted stock: Unvested Weighted Average Restricted Stock Grant Date (in Shares) Fair Value December 31, 2021 3,795,212 $ 76.59 Granted 737,193 148.16 Vested (802,211) 82.86 Canceled (3,075) 142.01 June 30, 2022 3,727,119 $ 89.35 The following table summarizes the changes in the Company's unvested restricted stock units: Unvested Weighted Average Restricted Grant Date Stock Units Fair Value December 31, 2021 158,393 $ 90.43 Granted 69,693 148.90 Vested (39,758) 75.78 Canceled — — June 30, 2022 188,328 $ 115.16 As of June 30, 2022, there was $119.4 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.5 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, 2021 81,667 $ 99.00 6.1 $ 6,493,343 Granted — — Exercised — — Canceled — — Expired — — June 30, 2022 81,667 $ 99.00 5.6 $ 1,172,738 Options exercisable at June 30, 2022 54,444 $ 99.00 5.6 $ 781,816 As of June 30, 2022, there was $0.3 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 0.6 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. The investments in the grantor trust consist of mutual funds which are categorized as Level I in the fair value hierarchy. These investments totaled $16.6 million and $18.8 million as of June 30, 2022 and December 31, 2021, 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. In addition to restricted stock granted under the 2020 Inducement Plan in conjunction with the 2020 acquisitions of Valence and TRS, additional cash may be earned by certain employees if a revenue threshold is exceeded during the respective 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 related to the acquisition of Valence (the "Valence Earnout") will be paid by July 3, 2023. As of June 30, 2022, the Company has accrued $14.3 million related to this additional cash payment. The Company recorded $1.6 million and $3.1 million in compensation expense related to the Valence Earnout for the three and six months ended June 30, 2022, respectively. If earned, the amount related to the acquisition of TRS (the "TRS Earnout") will be paid by April 3, 2024. As of June 30, 2022, the Company expects the maximum amount of $7.0 million will be earned and has accrued $3.2 million related to this additional cash payment. The Company recorded $0.6 million in compensation expense related to the TRS Earnout for the three months ended June 30, 2022 and 2021, and $1.1 million for the six months ended June 30, 2022 and 2021. In addition to the 2019 Inducement Plan established in conjunction with its acquisition of Weeden & Co., the Company entered into acquisition-related compensation arrangements with certain Weeden & Co. equity owners, a portion of whom are now employees of the Company. Additional cash of up to $31.5 million was available to be earned if a net revenue target was achieved during the period from January 1, 2020 to June 30, 2021 (the "Weeden Earnout"). The Company paid $31.5 million related to the Weeden Earnout in the third quarter of 2021. Amounts payable to employees were recorded as compensation expense on the consolidated statements of operations over the requisite service period. Amounts payable to non-employee equity holders were recorded as a liability as of the acquisition date and adjusted through the statement of operations for any changes after the acquisition date. The Company recorded $2.1 million and $4.3 million in non-interest expenses related to the Weeden Earnout for the three and six months ended June 30, 2021, respectively. The Company also granted restricted cash in conjunction with the acquisitions of Sandler O’Neill and Weeden & Co. for retention purposes. The restricted cash awards are amortized as compensation expense on a straight-line basis over each respective vesting period. The restricted cash of $17.0 million related to the acquisition of Sandler O’Neill vested in 2021. The restricted cash of $10.1 million related to the acquisition of Weeden & Co. is subject to graded vesting, beginning on the third anniversary of the grant date through August 2, 2023.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share ("EPS") Basic earnings per common share is computed by dividing net income applicable to Piper Sandler Companies by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive stock options, restricted stock units and restricted shares. The computation of EPS is as follows: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except per share data) 2022 2021 2022 2021 Net income applicable to Piper Sandler Companies $ 21,390 $ 69,821 $ 58,041 $ 119,280 Shares for basic and diluted calculations: Average shares used in basic computation 14,018 14,358 14,248 14,366 Stock options 12 10 18 5 Restricted stock units 208 177 204 154 Restricted shares 2,682 2,406 2,636 2,184 Average shares used in diluted computation 16,920 16,951 17,106 16,709 Earnings per common share: Basic $ 1.53 $ 4.86 $ 4.07 $ 8.30 Diluted $ 1.26 $ 4.12 $ 3.39 $ 7.14 The average shares used in the diluted computation excluded anti-dilutive stock options and restricted shares of 0.2 million for the three and six months ended June 30, 2022. The anti-dilutive effects from stock options and restricted shares were immaterial for the three and six months ended June 30, 2021.

Revenues and Business Informati

Revenues and Business Information	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 2022 2021 Investment banking Advisory services $ 169,660 $ 248,668 $ 380,559 $ 401,517 Corporate financing 29,237 102,401 48,423 218,537 Municipal financing 35,235 36,078 62,652 63,167 Total investment banking 234,132 387,147 491,634 683,221 Institutional brokerage Equity brokerage 51,375 34,873 101,180 78,107 Fixed income services 53,567 60,957 108,324 127,211 Total institutional brokerage 104,942 95,830 209,504 205,318 Interest income 4,536 1,673 8,392 3,730 Investment income/(loss) 10,936 26,694 (2,138) 50,462 Total revenues 354,546 511,344 707,392 942,731 Interest expense 2,355 2,696 4,556 5,476 Net revenues 352,191 508,648 702,836 937,255 Non-interest expenses 315,031 394,588 630,039 740,328 Pre-tax income $ 37,160 $ 114,060 $ 72,797 $ 196,927 Pre-tax margin 10.6 % 22.4 % 10.4 % 21.0 %

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	6 Months Ended
	Jun. 30, 2022
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, 2022, net capital calculated under the SEC rule was $243.1 million, and exceeded the minimum net capital required under the SEC rule by $242.1 million. The Company's committed short-term credit facility, revolving credit facility and its Class B senior notes include covenants requiring Piper Sandler to maintain a minimum regulatory net capital of $120 million. The Company's fully disclosed clearing agreement with Pershing includes a covenant requiring Piper Sandler 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, 2022, Piper Sandler Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. Piper Sandler Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the Securities and Futures Ordinance. At June 30, 2022, Piper Sandler Hong Kong Limited was in compliance with the liquid capital requirements of the Hong Kong Securities and Futures Commission.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of $9.4 million and $27.1 million for the three months ended June 30, 2022 and 2021, respectively. The Company recorded income tax expense of $20.4 million and $44.3 million for the six months ended June 30, 2022 and 2021, respectively. Income tax expense included a tax benefit of $4.6 million and $1.4 million for the six months ended June 30, 2022 and 2021, respectively, related to stock-based compensation awards vesting at values greater than the grant price.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn July 6, 2022, the Company announced a definitive agreement to acquire DBO Partners, a technology investment banking firm. The purchase price consists of cash consideration, and restricted stock will be granted for retention purposes. Additional cash consideration may be earned if certain revenue targets are achieved. The transaction is expected to close in the fourth quarter of 2022, subject to obtaining required regulatory approvals and other customary closing conditions.

Accounting Policies and Prono_2

Accounting Policies and Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Future Adoption of New Applicable Accounting Standards	Future Adoption of New Applicable Accounting Standards Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"). This guidance clarifies that a contractual sale restriction should not impact the fair value of the security and a discount to reflect such restriction is no longer permitted to be applied. ASU 2022-03 also includes new disclosure requirements and is effective for annual and interim periods beginning after December 15, 2023, with early adoption permitted. As of June 30, 2022, the Company does not hold equity securities subject to contractual sale restrictions.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
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 $ 6,885 Receivables from brokers, dealers and clearing organizations 2,941 Fixed assets 286 Goodwill 9,924 Intangible assets 18,600 Right-of-use lease asset 7,026 Other assets 4,238 Total assets acquired 49,900 Liabilities Accrued compensation 4,672 Accrued lease liability 7,026 Other liabilities and accrued expenses 4,333 Total liabilities assumed 16,031 Net assets acquired $ 33,869
Unaudited pro forma information	Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2022 2021 2022 2021 Net revenues $ 352,191 $ 523,275 $ 705,722 $ 965,904 Net income applicable to Piper Sandler Companies 21,390 70,604 57,367 119,742

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, 2022
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) 2022 2021 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 4,562 $ 2,831 Convertible securities 133,647 148,057 Fixed income securities 8,442 8,687 Municipal securities: Taxable securities 15,226 12,377 Tax-exempt securities 160,768 97,891 Short-term securities 39,551 29,357 Mortgage-backed securities — 1,277 U.S. government agency securities 40,196 24,361 U.S. government securities 2,891 138 Derivative contracts 16,824 23,998 Total financial instruments and other inventory positions owned $ 422,107 $ 348,974 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 48,184 $ 77,744 Fixed income securities 8,649 4,950 U.S. government securities 62,909 41,780 Derivative contracts 2,442 4,216 Total financial instruments and other inventory positions sold, but not yet purchased $ 122,184 $ 128,690
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, 2022 December 31, 2021 (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 $ 90,158 $ 83,890 $ 1,576,572 $ 157,064 $ 149,353 $ 1,630,056 Trading securities 11,311 608 211,325 — 1,560 65,925 $ 101,469 $ 84,498 $ 1,787,897 $ 157,064 $ 150,913 $ 1,695,981 (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 2022 2021 2022 2021 Interest rate derivative contract Investment banking $ (617) $ (135) $ (860) $ (1,151) Interest rate derivative contract Institutional brokerage 2,478 (2,166) 11,683 3,095 Equity option derivative contracts Institutional brokerage — (37) — 123 $ 1,861 $ (2,338) $ 10,823 $ 2,067

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022: 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) 3 - 41 bps 20.3 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 1 - 7 times 4.1 times EBITDA multiple (2) 12 - 13 times 12.7 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) 8 - 62 bps 23.3 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, 2022: 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 $ 2,875 $ 1,687 $ — $ — $ 4,562 Convertible securities — 133,647 — — 133,647 Fixed income securities — 8,442 — — 8,442 Municipal securities: Taxable securities — 15,226 — — 15,226 Tax-exempt securities — 160,509 259 — 160,768 Short-term securities — 39,551 — — 39,551 U.S. government agency securities — 40,196 — — 40,196 U.S. government securities 2,891 — — — 2,891 Derivative contracts — 89,346 12,123 (84,645) 16,824 Total financial instruments and other inventory positions owned 5,766 488,604 12,382 (84,645) 422,107 Cash equivalents 194,490 — — — 194,490 Investments at fair value (2) 86,086 — 169,016 — 255,102 Total assets $ 286,342 $ 488,604 $ 181,398 $ (84,645) $ 871,699 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 47,343 $ 841 $ — $ — $ 48,184 Fixed income securities — 8,649 — — 8,649 U.S. government securities 62,909 — — — 62,909 Derivative contracts — 82,883 1,615 (82,056) 2,442 Total financial instruments and other inventory positions sold, but not yet purchased $ 110,252 $ 92,373 $ 1,615 $ (82,056) $ 122,184 (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 $183.5 million attributable to unrelated third party ownership in consolidated alternative asset management 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, 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 $ 33 $ 2,798 $ — $ — $ 2,831 Convertible securities — 148,057 — — 148,057 Fixed income securities — 8,687 — — 8,687 Municipal securities: Taxable securities — 12,377 — — 12,377 Tax-exempt securities — 97,644 247 — 97,891 Short-term securities — 29,357 — — 29,357 Mortgage-backed securities — 1,277 — — 1,277 U.S. government agency securities — 24,361 — — 24,361 U.S. government securities 138 — — — 138 Derivative contracts — 156,338 726 (133,066) 23,998 Total financial instruments and other inventory positions owned 171 480,896 973 (133,066) 348,974 Cash equivalents 908,198 — — — 908,198 Investments at fair value (2) 62,674 34,416 142,286 — 239,376 Total assets $ 971,043 $ 515,312 $ 143,259 $ (133,066) $ 1,496,548 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 74,251 $ 3,493 $ — $ — $ 77,744 Fixed income securities — 4,950 — — 4,950 U.S. government securities 41,780 — — — 41,780 Derivative contracts — 149,015 1,898 (146,697) 4,216 Total financial instruments and other inventory positions sold, but not yet purchased $ 116,031 $ 157,458 $ 1,898 $ (146,697) $ 128,690 (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 $164.6 million attributable to unrelated third party ownership in consolidated alternative asset management 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) 2022 Purchases Sales in out (losses) (losses) 2022 2022 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 264 $ — $ — $ — $ — $ — $ (5) $ 259 $ (5) Derivative contracts 9,150 — (2,525) — — 2,525 2,973 12,123 4,771 Total financial instruments and other inventory positions owned 9,414 — (2,525) — — 2,525 2,968 12,382 4,766 Investments at fair value 134,795 28,600 — — — 172 5,449 169,016 5,621 Total assets $ 144,209 $ 28,600 $ (2,525) $ — $ — $ 2,697 $ 8,417 $ 181,398 $ 10,387 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,120 $ (570) $ — $ — $ — $ 570 $ 495 $ 1,615 $ 1,065 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,120 $ (570) $ — $ — $ — $ 570 $ 495 $ 1,615 $ 1,065 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 December 31, Transfers Transfers gains/ gains/ June 30, June 30, (Amounts in thousands) 2021 Purchases Sales in out (losses) (losses) 2022 2022 Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities $ 247 $ — $ — $ — $ — $ — $ 12 $ 259 $ 12 Derivative contracts 726 450 (2,525) — — 2,075 11,397 12,123 12,123 Total financial instruments and other inventory positions owned 973 450 (2,525) — — 2,075 11,409 12,382 12,135 Investments at fair value 142,286 39,673 (18,252) — (172) 12,936 (7,455) 169,016 5,419 Total assets $ 143,259 $ 40,123 $ (20,777) $ — $ (172) $ 15,011 $ 3,954 $ 181,398 $ 17,554 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,898 $ (570) $ 680 $ — $ — $ (110) $ (283) $ 1,615 $ 1,615 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,898 $ (570) $ 680 $ — $ — $ (110) $ (283) $ 1,615 $ 1,615 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

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2022
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 that are consolidated by the Company and included on the consolidated statements of financial condition at June 30, 2022. 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. These VIEs have a combined $50.0 million of bank line financing available with interest rates based on either prime or LIBOR 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 $ 237,937 Other assets 2,938 Total assets $ 240,875 Liabilities Other liabilities and accrued expenses $ 4,352 Total liabilities $ 4,352

Receivables from and Payables_2

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2022
Brokers and Dealers [Abstract]
Schedule of Receivables from and Payables to Brokers, Dealers and Clearing Organizations	June 30, December 31, (Amounts in thousands) 2022 2021 Receivable from clearing organizations $ 193,933 $ 226,731 Receivable from brokers and dealers 8,447 24,056 Other 3,836 3,343 Total receivables from brokers, dealers and clearing organizations $ 206,216 $ 254,130 June 30, December 31, (Amounts in thousands) 2022 2021 Payable to brokers and dealers $ 10,417 $ 13,247 Total payables to brokers, dealers and clearing organizations $ 10,417 $ 13,247

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Schedule of Investments	June 30, December 31, (Amounts in thousands) 2022 2021 Investments at fair value $ 255,102 $ 239,376 Investments at cost 611 611 Investments accounted for under the equity method 11,304 12,058 Total investments 267,017 252,045 Less investments attributable to noncontrolling interests (1) (183,538) (164,565) $ 83,479 $ 87,480 (1) Noncontrolling interests are attributable to unrelated third party ownership in consolidated alternative asset management funds.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	June 30, December 31, (Amounts in thousands) 2022 2021 Fee receivables $ 48,333 $ 51,403 Forgivable loans, net 20,660 12,040 Prepaid expenses 16,410 18,989 Other 36,249 28,173 Total other assets $ 121,652 $ 110,605

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill and Intangible Assets	(Amounts in thousands) Goodwill Balance at December 31, 2021 $ 227,508 Goodwill acquired 16,813 Balance at June 30, 2022 $ 244,321 Intangible assets Balance at December 31, 2021 $ 119,778 Intangible assets acquired 20,531 Amortization of intangible assets (6,314) Balance at June 30, 2022 $ 133,995
Schedule of Future Amortization Expense	The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Amounts in thousands) Remainder of 2022 $ 7,406 2023 10,981 2024 9,069 2025 7,832 2026 7,202 Thereafter 6,105 Total $ 48,595

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Aggregate Minimum Lease Commitments for Operating Leases	Aggregate minimum lease commitments on an undiscounted basis for the Company's operating leases (including short-term leases) as of June 30, 2022 were as follows: (Amounts in thousands) Remainder of 2022 $ 12,839 2023 24,024 2024 22,793 2025 21,888 2026 19,846 Thereafter 45,354 Total $ 146,744
Schedule of Operating Lease Costs and Sublease Income	The following table summarizes the Company's operating lease costs and sublease income: Three Months Ended Six Months Ended June 30, June 30, (Amounts in millions) 2022 2021 2022 2021 Operating lease costs $ 6.3 $ 5.0 $ 12.3 $ 10.7 Operating lease costs related to short-term leases 0.4 0.2 0.7 0.4 Sublease income 0.1 0.1 0.2 0.4

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Pre-tax Restructuring Costs	The Company incurred the following restructuring and integration costs in conjunction with its acquisition activity: Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2022 2021 2022 2021 Severance, benefits and outplacement $ 137 $ — $ 588 $ — Vacated leased office space — 3,404 — 3,404 Total restructuring costs 137 3,404 588 3,404 Integration costs 1,472 29 2,268 164 Total restructuring and integration costs $ 1,609 $ 3,433 $ 2,856 $ 3,568

Compensation Plans (Tables)

Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022: Restricted stock related to compensation plans Annual grants 814,325 Sign-on grants 85,635 Inducement grants 65,125 2019 Inducement Plan 95,348 2020 Inducement Plan 1,247,918 Total restricted stock related to compensation plans 2,308,351 Restricted stock related to acquisitions (1) 1,418,768 Total restricted stock 3,727,119 Restricted stock units 188,328 Stock options 81,667 (1) The Company issued restricted stock with service conditions in conjunction with the 2020 acquisitions of SOP Holdings, LLC and its subsidiaries, including Sandler O'Neill & Partners, L.P. (collectively, "Sandler O'Neill"), The Valence Group ("Valence") and TRS Advisors LLC ("TRS"), and the 2022 acquisitions of Cornerstone Macro and Stamford Partners. See Note 3 for further discussion on the 2022 acquisitions.
Schedule of RSU Performance Condition Probability	As of June 30, 2022, 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 2022 39% 2021 75% 2020 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 Vesting Year Interest Rate Price Volatility 2022 2025 1.80% 43.8% 2021 2024 0.23% 43.2% 2020 2023 1.40% 27.3% 2019 2022 2.50% 31.9% 2018 2021 2.40% 34.8%
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) 2022 2021 2022 2021 Stock-based compensation expense $ 27.6 $ 43.9 $ 59.3 $ 77.6 Forfeitures 0.3 1.3 0.3 1.3 Tax benefit related to stock-based compensation expense 3.7 6.6 7.1 10.7
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, 2021 3,795,212 $ 76.59 Granted 737,193 148.16 Vested (802,211) 82.86 Canceled (3,075) 142.01 June 30, 2022 3,727,119 $ 89.35
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, 2021 158,393 $ 90.43 Granted 69,693 148.90 Vested (39,758) 75.78 Canceled — — June 30, 2022 188,328 $ 115.16
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, 2021 81,667 $ 99.00 6.1 $ 6,493,343 Granted — — Exercised — — Canceled — — Expired — — June 30, 2022 81,667 $ 99.00 5.6 $ 1,172,738 Options exercisable at June 30, 2022 54,444 $ 99.00 5.6 $ 781,816

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 2022 2021 Net income applicable to Piper Sandler Companies $ 21,390 $ 69,821 $ 58,041 $ 119,280 Shares for basic and diluted calculations: Average shares used in basic computation 14,018 14,358 14,248 14,366 Stock options 12 10 18 5 Restricted stock units 208 177 204 154 Restricted shares 2,682 2,406 2,636 2,184 Average shares used in diluted computation 16,920 16,951 17,106 16,709 Earnings per common share: Basic $ 1.53 $ 4.86 $ 4.07 $ 8.30 Diluted $ 1.26 $ 4.12 $ 3.39 $ 7.14

Revenues and Business Informa_2

Revenues and Business Information (Tables)	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 2022 2021 Investment banking Advisory services $ 169,660 $ 248,668 $ 380,559 $ 401,517 Corporate financing 29,237 102,401 48,423 218,537 Municipal financing 35,235 36,078 62,652 63,167 Total investment banking 234,132 387,147 491,634 683,221 Institutional brokerage Equity brokerage 51,375 34,873 101,180 78,107 Fixed income services 53,567 60,957 108,324 127,211 Total institutional brokerage 104,942 95,830 209,504 205,318 Interest income 4,536 1,673 8,392 3,730 Investment income/(loss) 10,936 26,694 (2,138) 50,462 Total revenues 354,546 511,344 707,392 942,731 Interest expense 2,355 2,696 4,556 5,476 Net revenues 352,191 508,648 702,836 937,255 Non-interest expenses 315,031 394,588 630,039 740,328 Pre-tax income $ 37,160 $ 114,060 $ 72,797 $ 196,927 Pre-tax margin 10.6 % 22.4 % 10.4 % 21.0 %

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Acquisitions - Acquisition of C

Acquisitions - Acquisition of Cornerstone Macro (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 04, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition
Goodwill acquired				$ 16,813
Transaction costs		$ 1,472	$ 29	2,268	$ 164
Cornerstone Macro
Business Acquisition
Purchase price	$ 33,900
Cash consideration	32,400
Contingent consideration	1,500
Acquisition-related compensation arrangements	10,700
Goodwill acquired	9,900
Intangible assets	18,600
Transaction costs		$ 100		$ 700
Cornerstone Macro | Customer relationships
Business Acquisition
Intangible assets	18,600
Cornerstone Macro | Net revenue target
Business Acquisition
Maximum amount of contingent consideration	27,800
Cornerstone Macro | Net revenue target | No service requirement
Business Acquisition
Maximum amount of contingent consideration	$ 6,000
Cornerstone Macro | Restricted Stock
Business Acquisition
Shares granted in conjunction with the acquisition (in shares)	64,077
Value of shares granted in conjunction with the acquisition	$ 9,700
Requisite service period	5 years
Acquisition-related compensation arrangements	$ 7,500
Cornerstone Macro | Restricted Stock | Weighted Average
Business Acquisition
Award vesting period in years	3 years 4 months 24 days
Cornerstone Macro | Employee loans
Business Acquisition
Acquisition-related compensation arrangements	$ 3,200
Cornerstone Macro | Employee loans | Weighted Average
Business Acquisition
Employee loans term in years	3 years 7 months 6 days

Acquisitions - Cornerstone Macr

Acquisitions - Cornerstone Macro Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Feb. 04, 2022	Dec. 31, 2021
Assets
Goodwill	$ 244,321		$ 227,508
Cornerstone Macro
Assets
Cash and cash equivalents		$ 6,885
Receivables from brokers, dealers and clearing organizations		2,941
Fixed assets		286
Goodwill		9,924
Intangible assets		18,600
Right-of-use lease asset		7,026
Other assets		4,238
Total assets acquired		49,900
Liabilities
Accrued compensation		4,672
Accrued lease liability		7,026
Other liabilities and accrued expenses		4,333
Total liabilities assumed		16,031
Net Assets Acquired
Net assets acquired		$ 33,869

Acquisitions - Cornerstone Ma_2

Acquisitions - Cornerstone Macro Pro Forma Financial Information (Details) - Cornerstone Macro - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net revenues	$ 352,191	$ 523,275	$ 705,722	$ 965,904
Net income applicable to Piper Sandler Companies	21,390	70,604	57,367	119,742
Business Acquisition
Net revenues	352,191	523,275	705,722	965,904
Net income applicable to Piper Sandler Companies	$ 21,390	$ 70,604	$ 57,367	$ 119,742

Acquisitions - Acquisition of S

Acquisitions - Acquisition of Stamford Partners LLP (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 10, 2022	Jun. 30, 2022
Business Acquisition
Goodwill acquired		$ 16,813
Stamford Partners
Business Acquisition
Goodwill acquired	$ 6,900
Stamford Partners | Customer relationships
Business Acquisition
Intangible assets	$ 1,900

Financial Instruments and Oth_3

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Financial Instruments Owned and Financial Instruments Sold, but Not Yet Purchased by Type (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial instruments and other inventory positions owned:
Equity securities	$ 4,562	$ 2,831
Convertible securities	133,647	148,057
Fixed income securities	8,442	8,687
Taxable securities	15,226	12,377
Tax-exempt securities	160,768	97,891
Short-term securities	39,551	29,357
Mortgage-backed securities	0	1,277
U.S. government agency securities	40,196	24,361
U.S. government securities	2,891	138
Derivative contracts	16,824	23,998
Total financial instruments and other inventory positions owned	422,107	348,974
Financial instruments and other inventory positions sold, but not yet purchased:
Equity securities	48,184	77,744
Fixed income securities	8,649	4,950
U.S. government securities	62,909	41,780
Derivative contracts	2,442	4,216
Total financial instruments and other inventory positions sold, but not yet purchased	122,184	128,690
Asset Pledged as Collateral
Financial instruments and other inventory positions owned:
Total financial instruments and other inventory positions owned	110,318	118,551
Asset Pledged as Collateral | Short-term Debt
Financial instruments and other inventory positions owned:
Total financial instruments and other inventory positions owned	$ 110,300	$ 118,600

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, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 1,787,897	$ 1,695,981
Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	101,469	157,064
Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	84,498	150,913
Customer matched-book | Interest rate
Derivative [Line Items]
Notional amount	1,576,572	1,630,056
Customer matched-book | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	90,158	157,064
Customer matched-book | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	83,890	149,353
Trading securities | Interest rate
Derivative [Line Items]
Notional amount	211,325	65,925
Trading securities | Interest rate | Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative Assets	11,311	0
Trading securities | Interest rate | Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative Liabilities	$ 608	$ 1,560

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ 1,861	$ (2,338)	$ 10,823	$ 2,067
Interest rate derivative contract | Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	(617)	(135)	(860)	(1,151)
Interest rate derivative contract | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	2,478	(2,166)	11,683	3,095
Equity options | Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains/(losses) on derivative instruments	$ 0	$ (37)	$ 0	$ 123

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, 2022 USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 14
Notional contract amount	156.3
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 9.1

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, 2022 basis_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	8
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	62
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	23.3
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	3
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	41
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	20.3
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	1
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	7
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	4.1
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	12
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	12.7

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Equity securities	$ 4,562,000	$ 2,831,000
Convertible securities	133,647,000	148,057,000
Fixed income securities	8,442,000	8,687,000
Taxable securities	15,226,000	12,377,000
Tax-exempt securities	160,768,000	97,891,000
Short-term securities	39,551,000	29,357,000
Mortgage-backed securities	0	1,277,000
U.S. government agency securities	40,196,000	24,361,000
U.S. government securities	2,891,000	138,000
Derivative contracts	16,824,000	23,998,000
Total financial instruments and other inventory positions owned	422,107,000	348,974,000
Liabilities
Equity securities	48,184,000	77,744,000
Fixed income securities	8,649,000	4,950,000
U.S. government securities	62,909,000	41,780,000
Derivative contracts	2,442,000	4,216,000
Total financial instruments and other inventory positions sold, but not yet purchased	122,184,000	128,690,000
Securities posted as collateral	0	0
Measured on a recurring basis
Assets
Equity securities	4,562,000	2,831,000
Convertible securities	133,647,000	148,057,000
Fixed income securities	8,442,000	8,687,000
Taxable securities	15,226,000	12,377,000
Tax-exempt securities	160,768,000	97,891,000
Short-term securities	39,551,000	29,357,000
Mortgage-backed securities		1,277,000
U.S. government agency securities	40,196,000	24,361,000
U.S. government securities	2,891,000	138,000
Derivative contracts	16,824,000	23,998,000
Derivative contracts - counterparty and collateral netting	(84,645,000)	(133,066,000)
Total financial instruments and other inventory positions owned	422,107,000	348,974,000
Cash equivalents	194,490,000	908,198,000
Investments at fair value (2)	255,102,000	239,376,000
Total assets	871,699,000	1,496,548,000
Liabilities
Equity securities	48,184,000	77,744,000
Fixed income securities	8,649,000	4,950,000
U.S. government securities	62,909,000	41,780,000
Derivative contracts	2,442,000	4,216,000
Derivative contracts - counterparty and collateral netting	(82,056,000)	(146,697,000)
Total financial instruments and other inventory positions sold, but not yet purchased	122,184,000	128,690,000
Measured on a recurring basis | Investments attributable to noncontrolling interests
Assets
Investments at fair value (2)	183,500,000	164,600,000
Measured on a recurring basis | Level I
Assets
Equity securities	2,875,000	33,000
U.S. government securities	2,891,000	138,000
Total financial instruments and other inventory positions owned	5,766,000	171,000
Cash equivalents	194,490,000	908,198,000
Investments at fair value (2)	86,086,000	62,674,000
Total assets	286,342,000	971,043,000
Liabilities
Equity securities	47,343,000	74,251,000
U.S. government securities	62,909,000	41,780,000
Total financial instruments and other inventory positions sold, but not yet purchased	110,252,000	116,031,000
Measured on a recurring basis | Level II
Assets
Equity securities	1,687,000	2,798,000
Convertible securities	133,647,000	148,057,000
Fixed income securities	8,442,000	8,687,000
Taxable securities	15,226,000	12,377,000
Tax-exempt securities	160,509,000	97,644,000
Short-term securities	39,551,000	29,357,000
Mortgage-backed securities		1,277,000
U.S. government agency securities	40,196,000	24,361,000
Derivative contracts	89,346,000	156,338,000
Total financial instruments and other inventory positions owned	488,604,000	480,896,000
Investments at fair value (2)		34,416,000
Total assets	488,604,000	515,312,000
Liabilities
Equity securities	841,000	3,493,000
Fixed income securities	8,649,000	4,950,000
Derivative contracts	82,883,000	149,015,000
Total financial instruments and other inventory positions sold, but not yet purchased	92,373,000	157,458,000
Measured on a recurring basis | Level III
Assets
Tax-exempt securities	259,000	247,000
Derivative contracts	12,123,000	726,000
Total financial instruments and other inventory positions owned	12,382,000	973,000
Investments at fair value (2)	169,016,000	142,286,000
Total assets	181,398,000	143,259,000
Liabilities
Derivative contracts	1,615,000	1,898,000
Total financial instruments and other inventory positions sold, but not yet purchased	1,615,000	1,898,000
Measured on a recurring basis | Level III | Investments attributable to noncontrolling interests
Assets
Investments at fair value (2)	$ 128,800,000	$ 103,000,000

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
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	$ 0	$ 39,688	$ 172	$ 42,617
Measured on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	871,699		871,699		$ 1,496,548
Investments at fair value (2)	255,102		255,102		239,376
Measured on a recurring basis | Noncontrolling Interests
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value (2)	$ 183,500		$ 183,500		$ 164,600
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of Level III assets to financial instruments measured at fair value	20.80%		20.80%		9.60%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3		$ (39,700)		$ (42,600)
Level III | Measured on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 181,398		$ 181,398		$ 143,259
Investments at fair value (2)	169,016		169,016		142,286
Level III | Measured on a recurring basis | Noncontrolling Interests
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value (2)	$ 128,800		$ 128,800		$ 103,000

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 144,209	$ 156,477	$ 143,259	$ 153,278
Purchases	28,600	6,749	40,123	8,067
Sales	(2,525)	(799)	(20,777)	(21,467)
Transfers in	0	528	0	528
Transfers out	0	(39,688)	(172)	(42,617)
Realized gains/(losses)	2,697	(1,903)	15,011	17,453
Unrealized gains/(losses)	8,417	14,840	3,954	20,962
Ending balance	181,398	136,204	181,398	136,204
Unrealized gains/ (losses) for assets held at period end	10,387	14,311	17,554	15,823
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,120	119	1,898	3,706
Purchases	(570)	(203)	(570)	(3,428)
Sales	0	29	680	29
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	570	173	(110)	3,398
Unrealized gains/(losses)	495	850	(283)	(2,737)
Ending balance	1,615	968	1,615	968
Unrealized gains/(losses) for liabilities held at period end	1,065	968	1,615	968
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	1,120	119	1,898	3,706
Purchases	(570)	(203)	(570)	(3,428)
Sales	0	29	680	29
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	570	173	(110)	3,398
Unrealized gains/(losses)	495	850	(283)	(2,737)
Ending balance	1,615	968	1,615	968
Unrealized gains/(losses) for liabilities held at period end	1,065	968	1,615	968
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,414	1,956	973	283
Purchases	0	23	450	23
Sales	(2,525)	(324)	(2,525)	(580)
Transfers in	0	528	0	528
Transfers out	0	0	0	0
Realized gains/(losses)	2,525	302	2,075	558
Unrealized gains/(losses)	2,968	(1,316)	11,409	357
Ending balance	12,382	1,169	12,382	1,169
Unrealized gains/ (losses) for assets held at period end	4,766	85	12,135	628
Financial instruments and other inventory positions owned | Tax-exempt municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	264	0	247	0
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers in	0	528	0	528
Transfers out	0	0	0	0
Realized gains/(losses)	0	0	0	0
Unrealized gains/(losses)	(5)	0	12	0
Ending balance	259	528	259	528
Unrealized gains/ (losses) for assets held at period end	(5)	0	12	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
Purchases		0		0
Sales		0		0
Transfers in		0		0
Transfers out		0		0
Realized gains/(losses)		0		0
Unrealized gains/(losses)		0		0
Ending balance		13		13
Unrealized gains/ (losses) for assets held at period end		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	9,150	1,943	726	270
Purchases	0	23	450	23
Sales	(2,525)	(324)	(2,525)	(580)
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Realized gains/(losses)	2,525	302	2,075	558
Unrealized gains/(losses)	2,973	(1,316)	11,397	357
Ending balance	12,123	628	12,123	628
Unrealized gains/ (losses) for assets held at period end	4,771	85	12,123	628
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	134,795	154,521	142,286	152,995
Purchases	28,600	6,726	39,673	8,044
Sales	0	(475)	(18,252)	(20,887)
Transfers in	0	0	0	0
Transfers out	0	(39,688)	(172)	(42,617)
Realized gains/(losses)	172	(2,205)	12,936	16,895
Unrealized gains/(losses)	5,449	16,156	(7,455)	20,605
Ending balance	169,016	135,035	169,016	135,035
Unrealized gains/ (losses) for assets held at period end	$ 5,621	$ 14,226	$ 5,419	$ 15,195

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investments	$ 267,017	$ 252,045
Other assets	121,652	110,605
Total assets	1,950,972	2,565,307
Other liabilities and accrued expenses	58,494	81,811
Total liabilities	773,337	$ 1,338,452
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	237,937
Other assets	2,938
Total assets	240,875
Other liabilities and accrued expenses	4,352
Total liabilities	$ 4,352

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets related to VIEs	$ 1,950,972,000	$ 2,565,307,000
Liabilities related to VIEs	773,337,000	1,338,452,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Available bank line financing	50,000,000
Assets related to VIEs	240,875,000
Liabilities related to VIEs	4,352,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets related to VIEs	1,300,000,000	2,100,000,000
Variable interest entities, exposure to loss	11,400,000
Liabilities related to VIEs	$ 0	$ 0

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, 2022	Dec. 31, 2021
Receivables from Brokers-Dealers and Clearing Organizations [Abstract]
Receivable from clearing organizations	$ 193,933	$ 226,731
Receivable from brokers and dealers	8,447	24,056
Other	3,836	3,343
Total receivables from brokers, dealers and clearing organizations	206,216	254,130
Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization [Abstract]
Payable to brokers and dealers	10,417	13,247
Total payables to brokers, dealers and clearing organizations	$ 10,417	$ 13,247

Receivables from and Payables_4

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Jun. 30, 2022 USD ($)
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, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments at fair value	$ 255,102	$ 239,376
Investments at cost	611	611
Investments accounted for under the equity method	11,304	12,058
Total investments	267,017	252,045
Investments attributable to noncontrolling interests	(183,538)	(164,565)
Investments excluding investments attributable to noncontrolling interests	83,479	$ 87,480
Level III
Schedule of Equity Method Investments [Line Items]
Investments at cost	$ 600

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Fee receivables	$ 48,333	$ 51,403
Forgivable loans, net	20,660	12,040
Prepaid expenses	16,410	18,989
Other	36,249	28,173
Total other assets	$ 121,652	$ 110,605

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill
Goodwill beginning balance			$ 227,508
Goodwill acquired			16,813
Goodwill ending balance	$ 244,321		244,321
Intangible Assets
Intangible assets beginning balance			119,778
Intangible assets acquired			20,531
Amortization of intangible assets	(3,393)	$ (7,520)	(6,314)	$ (15,040)
Intangible assets ending balance	$ 133,995		$ 133,995

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Acquisition Information (Details) - USD ($) $ in Thousands	Jun. 10, 2022	Feb. 04, 2022
Cornerstone Macro
Business Acquisition
Intangible assets		$ 18,600
Cornerstone Macro | Customer relationships
Business Acquisition
Intangible assets		$ 18,600
Weighted average life		7 years 2 months 12 days
Stamford Partners | Customer relationships
Business Acquisition
Intangible assets	$ 1,900
Weighted average life	9 months 18 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Remainder of 2022	$ 7,406
2023	10,981
2024	9,069
2025	7,832
2026	7,202
Thereafter	6,105
Total	48,595
Trade name
Indefinite-lived Intangible Assets [Line Items]
Sandler trade name	$ 85,400

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Revolving credit facility
Short-term Debt [Line Items]
Line of credit, maximum borrowing capacity	$ 65,000,000
Minimum regulatory net capital required	120,000,000
Short-term financing	0
Credit facility
Short-term Debt [Line Items]
Line of credit, maximum borrowing capacity	100,000,000
Minimum regulatory net capital required	120,000,000
Short-term financing	$ 0
Debt term	1 year

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 12,839		$ 12,839
2023	24,024		24,024
2024	22,793		22,793
2025	21,888		21,888
2026	19,846		19,846
Thereafter	45,354		45,354
Total	146,744		146,744
Lease, Cost [Abstract]
Operating lease costs	6,300	$ 5,000	12,300	$ 10,700
Operating lease cost related to short-term leases	400	200	700	400
Sublease Income	$ 100	$ 100	$ 200	$ 400
Weighted average remaining lease term	6 years 7 months 6 days		6 years 7 months 6 days
Weighted Average
Lease, Cost [Abstract]
Weighted average discount rate	4.10%		4.10%

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 137	$ 3,404	$ 588	$ 3,404
Integration costs	1,472	29	2,268	164
Restructuring and integration costs	1,609	3,433	2,856	3,568
Severance, benefits and outplacement
Restructuring Cost and Reserve [Line Items]
Restructuring costs	137	0	588	0
Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 3,404	$ 0	$ 3,404

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 06, 2022	Jan. 01, 2022	Jan. 01, 2020
Payments for Repurchase of Equity [Abstract]
Amount remaining under share repurchase authorization		$ 157,100,000		$ 157,100,000
Aggregate purchase price of share repurchases				$ 164,194,000	$ 36,170,000
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations (in shares)				139,073	123,096
Repurchase of common stock for employee tax withholding				$ 21,300,000	$ 13,100,000
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Reissuance of treasury shares as a result of employee vesting (in shares)				864,875	833,238
Dividends [Abstract]
Cash dividends paid				$ 89,800,000
Dividends declared per common share (in dollars per share)		$ 0.60	$ 0.45	$ 5.70	$ 2.70
Noncontrolling Interest [Abstract]
Other comprehensive income or loss attributed to noncontrolling interests				$ 0	$ 0
Quarterly dividend
Dividends [Abstract]
Cash dividends paid (amount per share)				$ 1.20
Quarterly dividend | Subsequent Event
Dividends [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.60
Special cash dividend
Dividends [Abstract]
Cash dividends paid (amount per share)				$ 4.50
Share Repurchase Program Authorized May 6, 2022
Payments for Repurchase of Equity [Abstract]
Repurchase of common stock, authorized amount						$ 150,000,000
Amount remaining under share repurchase authorization		$ 150,000,000		$ 150,000,000
Share repurchase program, authorized January 1, 2022
Payments for Repurchase of Equity [Abstract]
Repurchase of common stock, authorized amount							$ 150,000,000
Amount remaining under share repurchase authorization		$ 7,100,000		$ 7,100,000
Shares repurchased (in shares)				1,068,387
Average price of repurchases (in dollars per share)				$ 133.79
Aggregate purchase price of share repurchases				$ 142,900,000
Share repurchase program, authorized 2020
Payments for Repurchase of Equity [Abstract]
Repurchase of common stock, authorized amount								$ 150,000,000
Shares repurchased (in shares)					197,697
Average price of repurchases (in dollars per share)					$ 116.71
Aggregate purchase price of share repurchases					$ 23,100,000

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
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)	3,727,119	3,795,212
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	188,328	158,393
Restricted stock related to compensation plans | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	2,308,351
Restricted stock related to acquisitions | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,418,768
Incentive Plan | Restricted stock related to compensation plans | Restricted Stock | Annual grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	814,325
Incentive Plan | Restricted stock related to compensation plans | Restricted Stock | Sign-on grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	85,635
Incentive Plan | Restricted stock related to compensation plans | Restricted Stock | Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	65,125
2019 Inducement Plan | Restricted stock related to compensation plans | Restricted Stock | Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	95,348
2020 Inducement Plan | Restricted stock related to compensation plans | Restricted Stock | Inducement grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,247,918

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, 2022
2022
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	39%
2021
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	75%
2020
Schedule of Share-based Payment Awards, Equity Instruments Other Than Options, Performance Condition [Line Items]
Award vesting percentage	75%

Compensation Plans - Schedule_2

Compensation Plans - Schedule of RSU Valuation Assumptions (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2022
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.80%
Expected Stock Price Volatility	43.80%
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%

Compensation Plans - Schedule_3

Compensation Plans - Schedule of Stock Options Valuation Assumptions (Details) - Stock options	6 Months Ended
	Jun. 30, 2022 $ / 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 27.6	$ 43.9	$ 59.3	$ 77.6
Forfeitures	0.3	1.3	0.3	1.3
Tax benefit related to stock-based compensation expense	$ 3.7	$ 6.6	$ 7.1	$ 10.7

Compensation Plans - Changes in

Compensation Plans - Changes in Unvested Restricted Stock (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares) | shares	3,795,212
Granted (in shares) | shares	737,193
Vested (in shares) | shares	(802,211)
Canceled (in shares) | shares	(3,075)
Ending Balance (in shares) | shares	3,727,119
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share) | $ / shares	$ 76.59
Granted (in dollars per share) | $ / shares	148.16
Vested (in dollars per share) | $ / shares	82.86
Canceled (in dollars per share) | $ / shares	142.01
Ending Balance (in dollars per share) | $ / shares	$ 89.35

Compensation Plans - Changes _2

Compensation Plans - Changes in Unvested Restricted Stock Units (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested Restricted Stock or Stock Units
Beginning Balance (in shares) | shares	158,393
Granted (in shares) | shares	69,693
Vested (in shares) | shares	(39,758)
Canceled (in shares) | shares	0
Ending Balance (in shares) | shares	188,328
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning Balance (in dollars per share) | $ / shares	$ 90.43
Granted (in dollars per share) | $ / shares	148.90
Vested (in dollars per share) | $ / shares	75.78
Canceled (in dollars per share) | $ / shares	0
Ending Balance (in dollars per share) | $ / shares	$ 115.16

Compensation Plans - Changes _3

Compensation Plans - Changes in Outstanding Stock Options (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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)	54,444
Weighted Average Exercise Price of Options Exercisable	$ 99
Weighted Average Remaining Contractual Term for Options Exercisable	5 years 7 months 6 days
Aggregate Intrinsic Value of Options Exercisable	$ 781,816
Weighted Average Remaining Contractual Term of Stock Options Outstanding (in Years)	5 years 7 months 6 days	6 years 1 month 6 days
Aggregate Intrinsic Value of Stock Options Outstanding	$ 1,172,738	$ 6,493,343

Compensation Plans - Additional

Compensation Plans - Additional Information (Details) $ in Millions						6 Months Ended
	Feb. 04, 2022	Dec. 31, 2020 USD ($) shares	Apr. 03, 2020 USD ($) shares	Jan. 03, 2020 USD ($) shares	Aug. 02, 2019 USD ($) shares	Jun. 30, 2022 USD ($) plan shares
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]
Restricted shares granted in conjunction with the acquisition (in shares)						737,193
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
Restricted shares granted in conjunction with the acquisition (in shares)						69,693
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage						150%
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 | $						$ 119.4
Weighted average period over which equity award expense expected to be recognized						2 years 6 months
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%
Unrecognized compensation cost related to equity awards | $						$ 0.3
Weighted average period over which equity award expense expected to be recognized						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)						900,000
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%
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%
Cornerstone Macro | Restricted Stock | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	3 years 4 months 24 days
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
Inducement grants | Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period						3 years
Inducement grants | Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period						4 years
Inducement grants | Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted | $						$ 9.3
Restricted shares granted in conjunction with the acquisition (in shares)						65,125
Inducement grants | 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
Restricted shares granted in conjunction with the acquisition (in shares)					97,752
Inducement grants | 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
Restricted shares granted in conjunction with the acquisition (in shares)				1,217,423
Inducement grants | Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | 18 Month Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years				18 months
Inducement grants | Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | Three Year Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years				3 years
Inducement grants | Sandler O'Neill | 2020 Inducement Plan | Restricted Stock | Five Year Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years				5 years
Inducement grants | 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
Inducement grants | 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
Restricted shares granted in conjunction with the acquisition (in shares)			114,000
Inducement grants | 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
Restricted shares granted in conjunction with the acquisition (in shares)		29,194

Compensation Plans - Deferred C

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended		9 Months Ended
	Dec. 31, 2020	Apr. 03, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Jan. 03, 2020	Aug. 02, 2019
The Valence Group | Revenue threshold
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Earnout performance period (in years)		3 years
Contingent consideration			$ 14.3		$ 14.3
Expense recorded related to earnout			1.6		3.1
TRS Advisors, LLC | Revenue threshold
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Earnout performance period (in years)	3 years
Contingent consideration			3.2		3.2
Expense recorded related to earnout			0.6	$ 0.6	1.1	$ 1.1
Maximum amount of contingent consideration			7		$ 7
Weeden & Co. | Restricted cash
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Acquisition-related compensation arrangements										$ 10.1
Weeden & Co. | Net revenue target
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Expense recorded related to earnout				$ 2.1		$ 4.3
Amount paid related to contingent consideration liability							$ 31.5
Maximum amount of contingent consideration										$ 31.5
Sandler O'Neill | Restricted cash
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Acquisition-related compensation arrangements									$ 17
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			16.6		$ 16.6			$ 18.8
Plan Liabilities			$ 16.6		$ 16.6			$ 18.8

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income applicable to Piper Sandler Companies	$ 21,390	$ 69,821	$ 58,041	$ 119,280
Shares for basic and diluted calculations:
Average shares used in basic computation (in shares)	14,018	14,358	14,248	14,366
Average shares used in diluted computation (in shares)	16,920	16,951	17,106	16,709
Earnings per common share:
Basic	$ 1.53	$ 4.86	$ 4.07	$ 8.30
Diluted	$ 1.26	$ 4.12	$ 3.39	$ 7.14
Stock options
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	12	10	18	5
Restricted stock units
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	208	177	204	154
Restricted Stock
Shares for basic and diluted calculations:
Dilutive impact of securities (in shares)	2,682	2,406	2,636	2,184
Stock options and restricted shares
Earnings per common share:
Shares excluded from diluted EPS (in shares)	200		200

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Investment banking	$ 234,132	$ 387,147	$ 491,634	$ 683,221
Institutional brokerage	104,942	95,830	209,504	205,318
Interest income	4,536	1,673	8,392	3,730
Investment income/(loss)	10,936	26,694	(2,138)	50,462
Total revenues	354,546	511,344	707,392	942,731
Interest expense	2,355	2,696	4,556	5,476
Net revenues	352,191	508,648	702,836	937,255
Non-interest expenses	315,031	394,588	630,039	740,328
Pre-tax income	$ 37,160	$ 114,060	$ 72,797	$ 196,927
Pre-tax margin	10.60%	22.40%	10.40%	21%
Advisory services
Segment Reporting Information [Line Items]
Investment banking	$ 169,660	$ 248,668	$ 380,559	$ 401,517
Corporate financing
Segment Reporting Information [Line Items]
Investment banking	29,237	102,401	48,423	218,537
Municipal financing
Segment Reporting Information [Line Items]
Investment banking	35,235	36,078	62,652	63,167
Equity brokerage
Segment Reporting Information [Line Items]
Institutional brokerage	51,375	34,873	101,180	78,107
Fixed income services
Segment Reporting Information [Line Items]
Institutional brokerage	$ 53,567	$ 60,957	$ 108,324	$ 127,211

Net Capital Requirements and _2

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Jun. 30, 2022 USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital	243,100,000
Excess net capital	242,100,000
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required	120,000,000
Class B senior notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum regulatory net capital required	120,000,000
Committed credit facility
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum regulatory net capital required	120,000,000
Revolving credit facility
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum regulatory 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Note [Line Items]
Income tax expense	$ 9,385	$ 27,066	$ 20,364	$ 44,340
Tax benefit for stock-based compensation awards vesting during the period			4,600	1,400
Domestic and Foreign Tax Authority
Income Tax Note [Line Items]
Income tax expense	$ 9,400	$ 27,100	$ 20,400	$ 44,300