Piper Sandler Companies (PIPR) 10-K25 Feb 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PIPR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, shares outstanding held by non-affiliates			17,485,346
Entity Public Float			$ 2.3
Entity Common Stock, shares outstanding		18,183,948
Entity Central Index Key	0001230245
Amendment Flag	false
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Auditor Name	Ernst & Young LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	42

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 970,965	$ 507,935
Receivables from brokers, dealers and clearing organizations	254,130	221,491
Financial instruments and other inventory positions owned	230,423	270,849
Financial instruments and other inventory positions owned and pledged as collateral	118,551	130,703
Total financial instruments and other inventory positions owned	348,974	401,552
Fixed assets (net of accumulated depreciation and amortization of $76,823 and $74,883, respectively)	51,761	43,812
Goodwill	227,508	227,508
Intangible assets (net of accumulated amortization of $115,672 and $85,592, respectively)	119,778	149,858
Investments (including noncontrolling interests of $164,565 and $94,900, respectively)	252,045	183,179
Net deferred income tax assets	158,200	104,219
Right-of-use lease asset	71,341	82,543
Other assets	110,605	75,043
Total assets	2,565,307	1,997,140
Liabilities and Shareholders' Equity
Long-term financing	125,000	195,000
Payables to brokers, dealers and clearing organizations	13,247	18,591
Financial instruments and other inventory positions sold, but not yet purchased	128,690	151,030
Accrued compensation	900,079	522,412
Accrued lease liability	89,625	99,478
Other liabilities and accrued expenses	81,811	84,547
Total liabilities	1,338,452	1,071,058
Shareholders' equity:
Common stock, $0.01 par value: Shares authorized: 100,000,000 at December 31, 2021 and December 31, 2020; Shares issued: 19,541,037 at December 31, 2021 and 19,533,547 at December 31, 2020; Shares outstanding: 14,129,519 at December 31, 2021 and 13,776,025 at December 31, 2020	195	195
Additional paid-in capital	925,387	847,785
Retained earnings	450,165	271,001
Less common stock held in treasury, at cost: 5,411,518 shares at December 31, 2021 and 5,757,522 shares at December 31, 2020	(312,573)	(289,359)
Accumulated other comprehensive loss	(964)	(197)
Total common shareholders' equity	1,062,210	829,425
Noncontrolling interests	164,645	96,657
Total shareholders' equity	1,226,855	926,082
Total liabilities and shareholders' equity	$ 2,565,307	$ 1,997,140

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization on fixed assets	$ 76,823	$ 74,883
Accumulated amortization on intangible assets	115,672	85,592
Investments attributable to noncontrolling interest	$ 164,565	$ 94,900
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,541,037	19,533,547
Common stock, shares outstanding (in shares)	14,129,519	13,776,025
Common stock held in treasury, shares (in shares)	5,411,518	5,757,522

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Investment banking	$ 1,553,219	$ 858,476	$ 629,392
Institutional brokerage	387,577	357,753	167,891
Interest income	6,967	13,164	26,741
Investment income	94,032	23,265	22,275
Total revenues	2,041,795	1,252,658	846,299
Interest expense	10,734	14,445	11,733
Net revenues	2,031,061	1,238,213	834,566
Non-interest expenses:
Compensation and benefits	1,305,166	877,462	516,090
Outside services	45,942	38,377	36,184
Occupancy and equipment	56,946	54,007	36,795
Communications	44,008	44,358	30,760
Marketing and business development	20,902	13,472	28,780
Deal-related expenses	42,921	38,072	25,823
Trade execution and clearance	16,533	18,934	10,186
Restructuring and integration costs	4,724	10,755	14,321
Intangible asset amortization	30,080	44,728	4,298
Other operating expenses	22,327	29,500	12,350
Total non-interest expenses	1,589,549	1,169,665	715,587
Income from continuing operations before income tax expense	441,512	68,548	118,979
Income tax expense	111,144	19,192	24,577
Income from continuing operations	330,368	49,356	94,402
Net income from discontinued operations	0	0	23,772
Net income	330,368	49,356	118,174
Net income applicable to noncontrolling interests	51,854	8,852	6,463
Net income applicable to Piper Sandler Companies	278,514	40,504	111,711
Net income applicable to Piper Sandler Companies' common shareholders	278,514	40,504	107,200
Amounts applicable to Piper Sandler Companies
Net income from continuing operations	278,514	40,504	87,939
Net income from discontinued operations	0	0	23,772
Net income applicable to Piper Sandler Companies	$ 278,514	$ 40,504	$ 111,711
Earnings per basic common share
Income from continuing operations, per basic common share	$ 19.52	$ 2.94	$ 6.21
Income from discontinued operations, per basic common share	0	0	1.69
Earnings per basic common share	19.52	2.94	7.90
Earnings per diluted common share
Income from continuing operations, per diluted common share	16.43	2.72	6.05
Income from discontinued operations, per diluted common share	0	0	1.65
Earnings per diluted common share	16.43	2.72	7.69
Dividends declared per common share	$ 6.80	$ 2	$ 2.51
Weighted average number of common shares outstanding
Basic	14,265	13,781	13,555
Diluted	16,955	14,901	13,937

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 330,368	$ 49,356	$ 118,174
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustment	(767)	675	526
Comprehensive income	329,601	50,031	118,700
Comprehensive income applicable to noncontrolling interests	51,854	8,852	6,463
Comprehensive income applicable to Piper Sandler Companies	$ 277,747	$ 41,179	$ 112,237

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total Common Shareholders' Equity	Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2018			12,995,397
Beginning Balance at Dec. 31, 2018		$ 730,416	$ 195	$ 796,363	$ 182,552	$ (300,268)	$ (1,398)	$ 677,444	$ 52,972
Net income		118,174			111,711			111,711	6,463
Dividends		(35,594)			(35,594)			(35,594)
Amortization/issuance of restricted stock		27,137		27,137				27,137
Repurchase of common stock through share repurchase program (in shares)			(501)
Repurchase of common stock through share repurchase program		(32)				(32)		(32)
Issuance of treasury shares for restricted stock vestings (in shares)			1,415,147
Issuance of treasury shares for restricted stock vestings		$ 0		(66,474)		66,474		0
Repurchase of common stock from employees (in shares)		(701,217)	(701,217)
Repurchase of common stock from employees		$ (50,552)				(50,552)		(50,552)
Shares reserved/issued for director compensation (in shares)			8,489
Shares reserved/issued for director compensation		643		643				643
Other comprehensive income/(loss)		526					526	526
Fund capital contributions, net		15,810						0	15,810
Ending Balance (in shares) at Dec. 31, 2019			13,717,315
Ending Balance at Dec. 31, 2019		806,528	$ 195	757,669	258,669	(284,378)	(872)	731,283	75,245
Net income		49,356			40,504			40,504	8,852
Dividends		(28,172)			(28,172)			(28,172)
Amortization/issuance of restricted stock	[1]	103,852		103,852				103,852
Repurchase of common stock through share repurchase program (in shares)			(188,319)
Repurchase of common stock through share repurchase program		(13,129)				(13,129)		(13,129)
Issuance of treasury shares for restricted stock vestings (in shares)			309,089
Issuance of treasury shares for restricted stock vestings		$ 0		(15,310)		15,310		0
Issuance of treasury shares for deal consideration (in shares)		34,205	34,205
Issuance of treasury shares for deal consideration		$ 2,723		1,049		1,674		2,723
Repurchase of common stock from employees (in shares)		(105,193)	(105,193)
Repurchase of common stock from employees		$ (8,836)				(8,836)		(8,836)
Shares reserved/issued for director compensation (in shares)			8,928
Shares reserved/issued for director compensation		525		525				525
Other comprehensive income/(loss)		675					675	675
Fund capital contributions, net		12,560						0	12,560
Ending Balance (in shares) at Dec. 31, 2020			13,776,025
Ending Balance at Dec. 31, 2020		926,082	$ 195	847,785	271,001	(289,359)	(197)	829,425	96,657
Net income		330,368			278,514			278,514	51,854
Dividends		(99,350)			(99,350)			(99,350)
Amortization/issuance of restricted stock	[1]	123,270		123,270				123,270
Repurchase of common stock through share repurchase program (in shares)			(417,903)
Repurchase of common stock through share repurchase program		(52,250)				(52,250)		(52,250)
Issuance of treasury shares for restricted stock vestings (in shares)			918,024
Issuance of treasury shares for restricted stock vestings		$ 0		(46,687)		46,687		0
Repurchase of common stock from employees (in shares)		(154,117)	(154,117)
Repurchase of common stock from employees		$ (17,651)				(17,651)		(17,651)
Shares reserved/issued for director compensation (in shares)			7,490
Shares reserved/issued for director compensation		1,019		1,019				1,019
Other comprehensive income/(loss)		(767)					(767)	(767)
Fund capital contributions, net		16,134						0	16,134
Ending Balance (in shares) at Dec. 31, 2021			14,129,519
Ending Balance at Dec. 31, 2021		$ 1,226,855	$ 195	$ 925,387	$ 450,165	$ (312,573)	$ (964)	$ 1,062,210	$ 164,645

[1]	Includes amortization of restricted stock issued in conjunction with the Company's acquisitions. See Note 3 for further discussion.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net income	$ 330,368	$ 49,356	$ 118,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets	12,630	10,699	9,360
Deferred income taxes	(53,981)	(36,184)	11,323
Gain on sale of Advisory Research, Inc. ("ARI"), net of tax	0	0	(33,026)
Stock-based compensation	171,447	121,688	32,003
Amortization of intangible assets	30,080	44,728	9,763
Amortization of forgivable loans	9,505	3,538	4,639
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	(32,639)	254,292	(46,207)
Net financial instruments and other inventory positions owned	30,238	203,815	(4,542)
Investments	(68,866)	(24,353)	(6,255)
Other assets	(34,913)	4,024	117
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	(5,344)	11,077	(1,143)
Accrued compensation	330,883	132,767	(29,277)
Other liabilities and accrued expenses	(12,321)	4,318	(10,117)
Decrease in assets held for sale	0	0	20,901
Decrease in liabilities held for sale	0	0	(7,915)
Net cash provided by operating activities	707,087	779,765	67,798
Investing Activities:
Business acquisitions, net of cash acquired	0	(417,414)	(19,674)
Proceeds from sale of ARI	0	0	52,881
Purchases of fixed assets, net	(20,577)	(17,581)	(6,516)
Net cash provided by/(used in) investing activities	(20,577)	(434,995)	26,691
Financing Activities:
Increase/(decrease) in short-term financing	0	(49,978)	25
Issuance of long-term financing	0	0	175,000
Repayment of long-term financing	70,000	0	0
Payment of cash dividend	(99,350)	(28,172)	(35,594)
Increase in noncontrolling interests	16,134	12,560	15,810
Repurchase of common stock	(69,901)	(21,965)	(50,584)
Net cash provided by/(used in) financing activities	(223,117)	(87,555)	104,657
Currency adjustment:
Effect of exchange rate changes on cash	(363)	702	508
Net increase in cash and cash equivalents	463,030	257,917	199,654
Cash and cash equivalents at beginning of year	507,935	250,018	50,364
Cash and cash equivalents at end of year	$ 970,965	$ 507,935	$ 250,018

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Supplemental) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Cash paid during the year for interest	$ 10,777	$ 14,485	$ 12,038
Cash paid during the year for income taxes	$ 165,910	$ 28,891	$ 9,581

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Piper Sandler Companies is the parent company of Piper Sandler & Co., 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 ("PSLS"), 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 and institutional securities services (collectively, "Capital Markets"). The Company's Capital Markets business provides 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, and profits and losses from trading these securities. 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. As discussed in Note 4, Advisory Research, Inc. ("ARI") was sold in the third quarter of 2019. ARI's results, previously reported in the Company's Asset Management segment, have been presented as discontinued operations for the year ended December 31, 2019. ARI provided traditional asset management services with product offerings in master limited partnerships and equity securities. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and include the accounts of Piper Sandler Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds. All material intercompany balances have been eliminated. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity ("VIE") or a voting interest entity. VIEs are entities in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities independently or (ii) the at-risk equity holders do not have the normal characteristics of a controlling financial interest. A controlling financial interest in a VIE is present when an enterprise has one or more variable interests that have both (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The enterprise with a controlling financial interest is the primary beneficiary and consolidates the VIE. Voting interest entities lack one or more of the characteristics of a VIE. The usual condition for a controlling financial interest is ownership of a majority voting interest for a corporation or a majority of kick-out or participating rights for a limited partnership. When the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity's operating and financial policies, the Company's investment is accounted for under the equity method of accounting. If the Company does not have a controlling financial interest in, or exert significant influence over, an entity, the Company accounts for its investment at fair value, if the fair value option was elected, or at cost. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of origination. Fair Value of Financial Instruments Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition consist of financial instruments (including securities with extended settlements and derivative contracts) recorded at fair value. Unrealized gains and losses related to these financial instruments are reflected on the consolidated statements of operations. Securities (both long and short), including securities with extended settlements, are recognized on a trade-date basis. Additionally, the Company's investments on the consolidated statements of financial condition are principally recorded at fair value. Fair Value Measurement – Definition and Hierarchy – Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value Measurement," ("ASC 820") defines fair value as the amount at which an instrument could be exchanged in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect management's assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level I – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the report date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement because it is directly observable to the market. Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the report date. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level III – Instruments that have little to no pricing observability as of the report date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Valuation of Financial Instruments – Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. When available, the Company values financial instruments at observable market prices, observable market parameters, or broker or dealer prices (bid and ask prices). In the case of financial instruments transacted on recognized exchanges, the observable market prices represent quotations for completed transactions from the exchange on which the financial instrument is principally traded. A substantial percentage of the fair value of the Company's financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased, are based on observable market prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing or market parameters in a product may be used to derive a price without requiring significant judgment. In certain markets, observable market prices or market parameters are not available for all products, and fair value is determined using techniques appropriate for each particular product. These techniques involve some degree of judgment. Results from valuation models and other techniques in one period may not be indicative of future period fair value measurement. For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination of fair value requires the Company to estimate the value of the securities using the best information available. Among the factors considered by the Company in determining the fair value of such financial instruments are the cost, terms and liquidity of the investment, the financial condition and operating results of the issuer, the quoted market price of publicly traded securities with similar quality and yield, and other factors generally pertinent to the valuation of investments. In instances where a security is subject to transfer restrictions, the value of the security is based primarily on the quoted price of a similar security without restriction but may be reduced by an amount estimated to reflect such restrictions. In addition, even where the Company derives the value of a security based on information from an independent source, certain assumptions may be required to determine the security's fair value. For instance, the Company assumes that the size of positions in securities that it holds would not be large enough to affect the quoted price of the securities if the Company sells them, and that any such sale would happen in an orderly manner. The actual value realized upon disposition could be different from the currently estimated fair value. Fixed Assets Fixed assets include furniture and equipment, software, and leasehold improvements. Furniture and equipment and software are depreciated using the straight-line method over estimated useful lives of three Leases A lease is a contract, or part of a contract, that conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. In making this determination, the Company considers if it obtains substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company leases its corporate headquarters and other offices under various non-cancelable leases, all of which are operating leases. In addition to rent, the leases require payment of real estate taxes, insurance and common area maintenance. Some of the leases contain renewal and/or termination options, escalation clauses, rent-free holidays and operating cost adjustments. The original terms of the Company's lease agreements generally range up to 12 years. The Company recognizes a right-of-use ("ROU") lease asset and lease liability on the consolidated statements of financial condition for all leases with a term greater than 12 months. The lease liability represents the Company’s obligation to make future lease payments and is recorded at an amount equal to the present value of the remaining lease payments due over the lease term. The ROU lease asset, which represents the right to use the underlying asset during the lease term, is measured based on the carrying value of the lease liability, adjusted for other items, such as lease incentives and uneven rent payments. The discount rate used to determine the present value of the remaining lease payments reflects the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. In calculating its discount rates, the Company takes into consideration a financing arrangement that is on a secured (i.e., collateralized) basis, as well as market interest rates and spreads, other reference points, and the respective tenors of the Company’s designated lease term ranges. The Company applies the portfolio approach in determining the discount rates for its leases. For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent expense and amounts paid under the leases as part of the amortization of the ROU lease asset. Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end of the initial lease term. Lease incentives, which initially reduce the ROU lease asset, are a component of the amortization of the ROU lease asset. Rent expense for leases with a term of 12 months or less is recorded on a straight-line basis over the lease term in the consolidated statements of operations. Goodwill and Intangible Assets Goodwill represents the fair value of the consideration transferred in excess of the fair value of identifiable net assets at the acquisition date. The Company tests goodwill and indefinite-life intangible assets for impairment on an annual basis and on an interim basis when circumstances exist that could indicate possible impairment. The Company tests for impairment at the reporting unit level, which is generally one level below its operating segments. The Company has identified one reporting unit: Capital Markets. When testing for impairment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after making an assessment, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then further analysis is unnecessary. However, if the Company concludes otherwise, then the Company is required to perform a quantitative goodwill test, which requires management to make judgments in determining what assumptions to use in the calculation. The quantitative goodwill test compares the fair value of the reporting unit to its carrying value, including allocated goodwill. An impairment is recognized for the excess amount of a reporting unit's carrying value over its fair value. The estimated fair value of the reporting unit is derived based on valuation techniques that a market participant would use. The Company estimates the fair value of the reporting unit using the income approach (discounted cash flow method) and market approach (earnings and/or transaction multiples). Intangible assets with determinable lives consist of customer relationships and internally developed software that are amortized over their original estimated useful lives ranging from one See Note 11 for additional information on the Company's impairment testing of goodwill and intangible assets. Investments The Company's investments include equity investments in private companies and partnerships. Equity investments in private companies are accounted for at fair value. Investments in partnerships are accounted for under the equity method, which is generally the net asset value. Other Assets Other assets include receivables and prepaid expenses. Receivables primarily include fee receivables and loans made to employees, typically in connection with their recruitment. Employee loans are forgiven based on continued employment and are amortized to compensation and benefits expense using the straight-line method over the respective terms of the loans, which generally range from one Revenue Recognition Investment Banking – Investment banking revenues, which include advisory and underwriting fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented gross of related client reimbursed deal expenses. Expenses for completed deals are reported separately in deal-related expenses on the consolidated statements of operations. Expenses related to investment banking deals not completed are recognized as non-interest expenses in their respective category on the consolidated statements of operations. The Company's advisory fees generally consist of a nonrefundable up-front fee and a success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management's judgment is required in determining when a transaction is considered to be terminated. Certain engagements, such as restructuring advisory fees, consist of services provided on an ongoing basis, and are recognized over time as the performance obligation is satisfied. The substantial majority of the Company's advisory and underwriting fees (i.e., the success-related advisory fee) are considered variable consideration and recognized when it is probable that the variable consideration will not be reversed in a future period. The variable consideration is considered to be constrained until satisfaction of the performance obligation. The Company's performance obligation is generally satisfied at a point in time upon the closing of a strategic transaction, completion of a financing or underwriting arrangement, or some other defined outcome (e.g., providing a fairness opinion). At this time, the Company has transferred control of the promised service and the customer obtains control. As these arrangements represent a single performance obligation, allocation of the transaction price is not necessary. The Company has elected to apply the following optional exemptions regarding disclosure of its remaining performance obligations: (i) the Company's performance obligation is part of a contract that has an original expected duration of one year or less and/or (ii) the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation. Institutional Brokerage – Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and over-the-counter (OTC) equity, fixed income and convertible debt securities, which are recognized at a point in time on the trade date because the customer has obtained the rights to the underlying security provided by the trade execution service, (ii) trading gains and losses, recorded based on changes in the fair value of long and short security positions in the reporting period, (iii) fees earned by PSLS related to the brokering of loans and servicing rights in market liquidity transactions, which are recognized at a point in time on the trade date, and (iv) fees received by the Company for equity research. The Company permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as commission share agreements or "soft dollar" arrangements. As the Company is not acting as a principal in satisfying the performance obligation for these arrangements, expenses relating to soft dollars are netted against commission revenues and included in other liabilities and accrued expenses on the consolidated statements of financial condition. Interest Revenue and Expense – The Company nets interest expense within net revenues to mitigate the effects of fluctuations in interest rates on the Company's consolidated statements of operations. The Company recognizes contractual interest on financial instruments owned and financial instruments sold, but not yet purchased (excluding derivative instruments), on an accrual basis as a component of interest revenue and expense. The Company accounts for interest related to its short-term and long-term financing arrangements on an accrual basis with related interest recorded as interest expense. Investment Income – Investment income includes realized and unrealized gains and losses from the Company's merchant banking, healthcare and other firm investments, as well as management and performance fees generated from the Company’s alternative asset management funds. The performance obligation related to the transfer of management and investment advisory services is satisfied over time and the related management fees are recognized under the output method, which reflects the fees that the Company has a right to invoice based on the services provided during the period. Fees are defined as a percentage of committed and/or invested capital. Amounts related to remaining performance obligations are not disclosed as the Company applies the output method. Performance fees, if earned, are recognized when it is probable that such revenue will not be reversed in a future period. Management will consider such factors as the remaining assets and residual life of the fund to conclude whether it is probable that a significant reversal of revenue will not occur in the future. See Note 21 for revenues from contracts with customers disaggregated by major business activity. Stock-Based Compensation FASB Accounting Standards Codification Topic 718, "Compensation – Stock Compensation," ("ASC 718") requires all stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair value of the award. Compensation expense related to stock-based awards that do not require future service are recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service are amortized over the relevant service period. Forfeitures of awards with service conditions are accounted for when they occur. See Note 19 for additional information on the Company's accounting for stock-based compensation. Income Taxes The Company files a consolidated U.S. federal income tax return, which includes all of its qualifying subsidiaries. The Company is also subject to income tax in various states and municipalities and those foreign jurisdictions in which it operates. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The realization of deferred tax assets is assessed and a valuation allowance is recognized to the extent that it is more likely than not that any portion of a deferred tax asset will not be realized. Tax reserves for uncertain tax positions are recorded in accordance with FASB Accounting Standards Codification Topic 740, "Income Taxes" ("ASC 740"). Earnings Per Share Basic earnings per common share is computed by dividing net income applicable to common shareholders 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. For periods prior to 2020, the Company calculated earnings per share using the two-class method. See Note 20 for additional information on the Company's calculation of earnings per share. Foreign Currency Translation The Company consolidates foreign subsidiaries which have designated their local currency as their functional currency. Assets and liabilities of these foreign subsidiaries are translated at period-end rates of exchange. The gains or losses resulting from translating foreign currency financial statements are included in other comprehensive income/(loss). Gains or losses resulting from foreign currency transactions are included in net income. Contingencies The Company is involved in various pending and potential legal proceedings related to its business, including litigation, arbitration and regulatory proceedings. The Company establishes reserves for potential losses to the extent that claims are probable of loss and the amount of the loss can be reasonably estimated. The determination of the outcome and reserve amounts requires significant judgment on the part of the Company's management.

Acquisitions

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2021
Business Combinations [Abstract]
Business Combination Disclosure	Acquisitions The following acquisitions were accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price of each acquisition was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the equity consideration and retention-related restricted stock was determined using the market price of the Company's common stock on the date of the respective acquisition. SOP Holdings, LLC On January 3, 2020, the Company completed the acquisition of SOP Holdings, LLC and its subsidiaries, including Sandler O'Neill & Partners, L.P. (collectively, "Sandler O'Neill"), a full-service investment banking firm and broker dealer focused on the financial services industry. The transaction was completed pursuant to the Agreement and Plans of Merger dated July 9, 2019. The economic value of the acquisition was $485.0 million at announcement, for which the Company was entitled to receive $100.0 million of tangible book value, subject to a final adjustment as of the closing date. The acquisition of Sandler O'Neill expanded the Company's advisory services revenues, diversified and enhanced scale in corporate financings, added a differentiated fixed income business, and increased scale in the equity brokerage business. As part of the acquisition, the Company granted 1,568,670 shares valued at $124.9 million on the acquisition date. Of these shares, 1,534,465 shares are restricted shares valued at $122.2 million and subject to ratable vesting over three years and employees must fulfill service requirements in exchange for the rights to the restricted shares. As these shares compensate employees for future services, the value of the shares is not part of the purchase price. Compensation expense for these restricted shares will be amortized on a straight-line basis over the requisite service period of three years. The remaining 34,205 shares valued at $2.7 million vested immediately and were not subject to service requirements. These shares were included in the purchase price as equity consideration in addition to the cash consideration of $358.1 million. The net assets acquired by the Company of $360.8 million are described below. As discussed in Note 19, the Company also entered into acquisition-related compensation arrangements with certain employees of $113.9 million which consisted of restricted stock ($96.9 million) and restricted cash ($17.0 million) for retention purposes. The retention-related awards are also subject to vesting restrictions and employees must remain continuously employed by the Company for the respective vesting period. As these shares compensate employees for future services, the value of the shares is not part of the purchase price. Compensation expense related to these arrangements will be amortized on a straight-line basis over the requisite service period of 18 months, three years or five years (a weighted average service period of 3.7 years). The Company recorded $94.4 million of goodwill on the consolidated statements of financial condition, of which $93.4 million is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of Sandler O'Neill. Identifiable intangible assets purchased by the Company consisted of customer relationships and the Sandler trade name with acquisition-date fair values of $72.4 million and $85.4 million, respectively. Transaction costs of $1.2 million and $4.8 million were incurred for the years ended December 31, 2020 and 2019, respectively, and are included in restructuring and integration costs on the consolidated statements of operations. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition, including measurement period adjustments: (Amounts in thousands) Assets Cash and cash equivalents $ 27,420 Receivables from brokers, dealers and clearing organizations 192,675 Fixed assets 6,789 Goodwill 94,360 Intangible assets 157,800 Investments 685 Right-of-use lease asset 39,607 Other assets 9,628 Total assets acquired 528,964 Liabilities Accrued compensation 71,398 Accrued lease liability 39,613 Other liabilities and accrued expenses 16,441 Due to Sandler O'Neill (1) 40,673 Total liabilities assumed 168,125 Net assets acquired $ 360,839 (1) Represents the amount of excess tangible book value received by the Company on the date of acquisition. The Valence Group ("Valence") On April 3, 2020, the Company completed the acquisition of Valence, an investment bank offering mergers and acquisitions advisory services to companies and financial sponsors with a focus on the chemicals, materials and related sectors. The transaction was completed pursuant to the share purchase agreement dated February 20, 2020, as amended. The acquisition added a new industry sector and expanded the Company's presence in Europe. The Company paid cash consideration of $30.3 million and entered into unsecured promissory notes with the former owners totaling $20.0 million (the "Valence Notes"), as discussed in Note 14. The net assets acquired by the Company of $50.3 million are described below. As part of the acquisition, the Company granted 647,268 restricted shares valued at $31.2 million on the acquisition date. As discussed in Note 19, the Company also entered into acquisition-related compensation arrangements with certain employees of $5.5 million in restricted stock for retention purposes. Both restricted share grants are subject to graded vesting, beginning on the third anniversary of the acquisition date, so long as the applicable employee remains continuously employed by the Company for such period. As these shares compensate employees for future services, 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. Additional cash may be earned by certain employees if a revenue threshold is exceeded during the three-year post-acquisition period to the extent they are employed by the Company at the time of payment. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period. If earned, the amount will be paid by July 3, 2023. As of December 31, 2021, the Company has accrued $11.2 million related to this additional cash payment. The Company recorded $33.3 million of goodwill on the consolidated statements of financial condition, none of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of Valence. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition-date fair value of $14.8 million. Transaction costs of $0.1 million and $2.5 million were incurred for the years ended December 31, 2021 and 2020, respectively, and are included in restructuring and integration costs on the consolidated statements of operations. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: (Amounts in thousands) Assets Cash and cash equivalents $ 8,181 Fixed assets 256 Goodwill 33,300 Intangible assets 14,800 Right-of-use lease asset 3,279 Other assets 4,190 Total assets acquired 64,006 Liabilities Accrued lease liability 3,279 Other liabilities and accrued expenses 10,393 Total liabilities assumed 13,672 Net assets acquired $ 50,334 TRS Advisors LLC ("TRS") On December 31, 2020, the Company completed the acquisition of TRS, an advisory firm offering restructuring and reorganization services to companies in public, private and government settings. The transaction was completed pursuant to the Equity Purchase Agreement dated December 8, 2020. The acquisition expanded the scale of the Company's restructuring advisory business. The purchase price consisted of cash consideration of $23.7 million as detailed in the net assets acquired below. As part of the acquisition, the Company granted 145,952 restricted shares valued at $14.7 million on the acquisition date. The restricted shares are subject to graded vesting, beginning on the third anniversary of the acquisition date, so long as the applicable employee remains continuously employed by the Company for such period. Compensation expense will be amortized on a straight-line basis over the requisite service period of five years. As discussed in Note 19, the Company also entered into acquisition-related compensation arrangements with certain employees of $2.9 million in restricted stock for retention purposes. These restricted shares are subject to ratable vesting and employees must fulfill service requirements in exchange for the rights to the restricted shares. Compensation expense will be amortized on a straight-line basis over the requisite service period of three years. As both restricted share grants compensate employees for future services, the value of the shares is not part of the purchase price. Additional cash of $7.0 million may be earned by certain employees if a revenue threshold is exceeded during the three-year post-acquisition period to the extent they are employed by the Company at the time of payment. Amounts estimated to be payable, if any, will be recorded as compensation expense on the consolidated statements of operations over the requisite performance period. If earned, the amount will be paid by April 3, 2024. As of December 31, 2021, the Company expects the maximum amount will be earned and has accrued $2.2 million related to this additional cash payment. The Company recorded $12.2 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of TRS. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition-date fair value of $5.3 million. Transaction costs of $0.1 million and $0.8 million were incurred for the years ended December 31, 2021 and 2020, respectively, and are included in restructuring and integration costs on the consolidated statements of operations. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition, including measurement period adjustments: (Amounts in thousands) Assets Cash and cash equivalents $ 7 Goodwill 12,199 Intangible assets 5,300 Right-of-use lease asset 1,818 Other assets 6,215 Total assets acquired 25,539 Liabilities Accrued lease liability 1,818 Other liabilities and accrued expenses 7 Total liabilities assumed 1,825 Net assets acquired $ 23,714 Weeden & Co. L.P. ("Weeden & Co.") On August 2, 2019, the Company completed the acquisition of Weeden & Co., a broker dealer specializing in equity security sales and trading. The economic value of the acquisition was approximately $42.0 million and was completed pursuant to a securities purchase agreement dated February 24, 2019, as amended. The transaction added enhanced trade execution capabilities and scale to the Company's equities institutional sales and trading business. The purchase price consisted of cash consideration of $24.0 million as detailed in the net assets acquired below. As part of the acquisition, the Company granted $10.1 million in restricted cash on the acquisition date. As discussed in Note 19, the Company also entered into acquisition-related compensation arrangements with certain employees of $7.3 million in restricted stock for retention purposes. Both the restricted cash and restricted stock are subject to graded vesting, beginning on the third anniversary of the acquisition date, so long as the applicable employee remains continuously employed by the Company for such period. Compensation expense will be amortized on a straight-line basis over the requisite service period of four years. As both the restricted cash and restricted share grants compensate employees for future services, the value of the grants is not part of the purchase price. 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 ("Weeden Earnout"). Certain Weeden & Co. equity owners, a portion of whom are now employees of the Company, were eligible to receive the additional payment. 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 $6.5 million and $24.1 million in non-interest expenses related to the Weeden Earnout for the years ended December 31, 2021 and 2020, respectively. The Company recorded $5.8 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of Weeden & Co. Identifiable intangible assets purchased by the Company consisted of customer relationships and internally developed software with acquisition-date fair values of $12.0 million and $4.7 million, respectively. Transaction costs of $1.9 million were incurred for the year ended December 31, 2019, 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 $ 4,351 Receivables from brokers, dealers and clearing organizations 1,623 Fixed assets 289 Goodwill 5,794 Intangible assets 16,700 Right-of-use lease asset 6,811 Other assets 7,675 Total assets acquired 43,243 Liabilities Accrued compensation 2,156 Accrued lease liability 6,811 Other liabilities and accrued expenses 10,251 Total liabilities assumed 19,218 Net assets acquired $ 24,025 Pro Forma Financial Information The results of operations of Sandler O'Neill, Valence, TRS and Weeden & Co. have been included in the Company's consolidated financial statements prospectively beginning on the respective acquisition dates. The acquisitions have been fully integrated with the Company's existing operations. Accordingly, post-acquisition revenues and net income are not discernible. The following unaudited pro forma financial data is presented on a combined basis. Based on the respective acquisition dates, the unaudited pro forma financial data assumes that the Sandler O’Neill, Valence and TRS acquisitions had occurred on January 1, 2018 and that the Weeden & Co. acquisition had occurred on January 1, 2017. Pro forma results have been prepared by adjusting the Company's historical results to include the results of operations of Sandler O'Neill, Valence, TRS and Weeden & Co. adjusted for the following significant changes: interest expense was adjusted to reflect the debt incurred by the Company to fund portions of the Sandler O’Neill and Valence purchase price; amortization expense was adjusted to account for the acquisition-date fair value of intangible assets; compensation and benefits expenses were adjusted to reflect the restricted cash or restricted stock issued as part of the respective acquisition, the restricted stock issued for retention purposes, and the cost that would have been incurred had Sandler O’Neill partners and Valence and TRS employees been included in the Company’s employee compensation arrangements; and the income tax effect of applying the Company's statutory tax rates to the results of operations of Sandler O'Neill, Valence, TRS and Weeden & Co. The Company's consolidated unaudited pro forma information presented does not necessarily reflect the results of operations that would have resulted had the acquisitions been completed at the beginning of the applicable periods presented, does not contemplate client account overlap and anticipated operational efficiencies of the combined entities, nor does it indicate the results of operations in future periods. Year Ended December 31, (Amounts in thousands) 2020 2019 Net revenues $ 1,289,331 $ 1,252,260 Net income from continuing operations applicable to Piper Sandler Companies 44,453 73,952

Discontinued Operations

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In the third quarter of 2019, the Company completed the sale of its traditional asset management business, which was conducted through its wholly-owned subsidiary ARI. On September 20, 2019, the Company completed the sale of the master limited partnerships and energy infrastructure strategies business to Tortoise Capital Advisors. Additionally, on September 27, 2019, the Company completed the sale of its remaining equity strategies business to its former management team. The transactions generated cash proceeds of $53.9 million. ARI's results, previously reported in the Asset Management segment, have been presented as discontinued operations for the year ended December 31, 2019 and the related assets and liabilities were classified as held for sale. The components of discontinued operations were as follows: Year Ended (Amounts in thousands) December 31, 2019 Net revenues $ 26,546 Operating expenses 22,589 Intangible asset amortization (1) 5,465 Restructuring costs 10,268 Total non-interest expenses 38,322 Loss from discontinued operations before income tax benefit (11,776) Income tax benefit (2,522) Loss from discontinued operations before gain on sales (9,254) Gain on sales, net of tax 33,026 Income from discontinued operations, net of tax $ 23,772 (1) Includes $2.9 million of intangible asset impairment related to the ARI trade name.

Financial Instruments and Other

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	12 Months Ended
	Dec. 31, 2021
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased	Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased December 31, December 31, (Amounts in thousands) 2021 2020 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 2,831 $ 1,349 Convertible securities 148,057 146,088 Fixed income securities 8,687 18,432 Municipal securities: Taxable securities 12,377 6,267 Tax-exempt securities 97,891 67,944 Short-term securities 29,357 28,592 Mortgage-backed securities 1,277 13 U.S. government agency securities 24,361 9,146 U.S. government securities 138 100,275 Derivative contracts 23,998 23,446 Total financial instruments and other inventory positions owned $ 348,974 $ 401,552 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 77,744 $ 105,190 Fixed income securities 4,950 18,789 U.S. government securities 41,780 21,669 Derivative contracts 4,216 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 128,690 $ 151,030 At December 31, 2021 and 2020, financial instruments and other inventory positions owned in the amount of $118.6 million and $130.7 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: December 31, 2021 December 31, 2020 (Amounts in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 157,064 $ 149,353 $ 1,630,056 $ 233,116 $ 223,218 $ 1,955,131 Trading securities — 1,560 65,925 — 4,225 55,375 $ 157,064 $ 150,913 $ 1,695,981 $ 233,116 $ 227,443 $ 2,010,506 (1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition. The Company's derivative contracts do not qualify for hedge accounting, therefore, unrealized gains and losses are recorded on the consolidated statements of operations. The gains and losses on the related economically hedged inventory positions are not disclosed below as they are not in qualifying hedging relationships. The following table presents the Company's unrealized gains/(losses) on derivative instruments: (Amounts in thousands) Year Ended December 31, Derivative Category Operations Category 2021 2020 2019 Interest rate derivative contract Investment banking $ (1,786) $ (1,407) $ (912) Interest rate derivative contract Institutional brokerage 2,264 (1,881) 2,417 $ 478 $ (3,288) $ 1,505 Credit risk associated with the Company's derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. Credit exposure associated with the Company's derivatives is driven by uncollateralized market movements in the fair value of the contracts with counterparties and is monitored regularly by the Company's financial risk committee. The Company considers counterparty credit risk in determining derivative contract fair value. The majority of the Company's derivative contracts are substantially collateralized by its counterparties, who are major financial institutions. The Company has a limited number of counterparties who are not required to post collateral. Based on market movements, the uncollateralized amounts representing the fair value of a derivative contract can become material, exposing the Company to the credit risk of these counterparties. As of December 31, 2021, the Company had $20.7 million of uncollateralized credit exposure with these counterparties (notional contract amount of $157.8 million), including $16.3 million of uncollateralized credit exposure with one counterparty.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. The Company's processes are designed to ensure that the fair values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, unobservable inputs are developed based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations and other security-specific information. Valuation adjustments related to illiquidity or counterparty credit risk are also considered. In estimating fair value, the Company may utilize information provided by third party pricing vendors to corroborate internally-developed fair value estimates. The Company employs specific control processes to determine the reasonableness of the fair value of its financial instruments. The Company's processes are designed to ensure that the internally-estimated fair values are accurately recorded and that the data inputs and the valuation techniques used are appropriate, consistently applied, and that the assumptions are reasonable and consistent with the objective of determining fair value. Individuals outside of the trading departments perform independent pricing verification reviews as of each reporting date. The Company has established parameters which set forth when the fair value of securities 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 December 31, 2021: Valuation Weighted Technique Unobservable Input Range Average (1) Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Expected recovery rate (% of par) (2) 0 - 25% 13.4% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 7 - 15 bps 11.0 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 2 - 5 times 3.2 times EBITDA multiple (2) 11 - 13 times 12.0 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) 6 - 42 bps 13.7 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 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 following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2020: Counterparty and Cash Collateral (Amounts in thousands) Level I Level II Level III Netting (1) Total Assets Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 330 $ 1,019 $ — $ — $ 1,349 Convertible securities — 146,088 — — 146,088 Fixed income securities — 18,432 — — 18,432 Municipal securities: Taxable securities — 6,267 — — 6,267 Tax-exempt securities — 67,944 — — 67,944 Short-term securities — 28,592 — — 28,592 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 9,146 — — 9,146 U.S. government securities 100,275 — — — 100,275 Derivative contracts — 232,846 270 (209,670) 23,446 Total financial instruments and other inventory positions owned 100,605 510,334 283 (209,670) 401,552 Cash equivalents 468,091 — — — 468,091 Investments at fair value (2) 16,496 5,358 152,995 — 174,849 Total assets $ 585,192 $ 515,692 $ 153,278 $ (209,670) $ 1,044,492 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 102,013 $ 3,177 $ — $ — $ 105,190 Fixed income securities — 18,789 — — 18,789 U.S. government securities 21,669 — — — 21,669 Derivative contracts — 223,737 3,706 (222,061) 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 123,682 $ 245,703 $ 3,706 $ (222,061) $ 151,030 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Includes noncontrolling interests of $94.9 million attributable to unrelated third party ownership in consolidated alternative asset management funds. The Company's Level III assets were $143.3 million and $153.3 million, or 9.6 percent and 14.7 percent of financial instruments measured at fair value at December 31, 2021 and 2020, respectively. There were $64.0 million of transfers of financial assets out of Level III for the year ended December 31, 2021, 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 December 31, Transfers Transfers gains/ gains/ December 31, December 31, (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 $ — $ — $ — $ 502 $ — $ — $ (255) $ 247 $ (255) Mortgage-backed securities 13 — — — — — (13) — — Derivative contracts 270 — (256) — — 256 456 726 726 Total financial instruments and other inventory positions owned 283 — (256) 502 — 256 188 973 471 Investments at fair value 152,995 42,100 (57,251) — (63,957) 40,306 28,093 142,286 19,990 Total assets $ 153,278 $ 42,100 $ (57,507) $ 502 $ (63,957) $ 40,562 $ 28,281 $ 143,259 $ 20,461 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 3,706 $ (3,225) $ — $ — $ — $ 3,225 $ (1,808) $ 1,898 $ 1,898 Total financial instruments and other inventory positions sold, but not yet purchased $ 3,706 $ (3,225) $ — $ — $ — $ 3,225 $ (1,808) $ 1,898 $ 1,898 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ December 31, December 31, (Amounts in thousands) 2019 Purchases Sales in out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 8 1,005 (535) — — (470) 262 270 270 Total financial instruments and other inventory positions owned 21 1,005 (535) — — (470) 262 283 270 Investments at fair value 132,329 16,133 (6,285) — (130) (3,264) 14,212 152,995 8,711 Total assets $ 132,350 $ 17,138 $ (6,820) $ — $ (130) $ (3,734) $ 14,474 $ 153,278 $ 8,981 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,563 $ (14,983) $ 379 $ — $ — $ 14,604 $ 2,143 $ 3,706 $ 3,706 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,563 $ (14,983) $ 379 $ — $ — $ 14,604 $ 2,143 $ 3,706 $ 3,706 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	12 Months Ended
Variable Interest Entities	Dec. 31, 2021
Items Included in Consolidated Statement of Financial Condition [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") The Company has investments in and/or acts as the managing partner of various partnerships and limited liability companies. These entities were established for the purpose of investing in securities of public or private companies, or municipal debt obligations, and were initially financed through the capital commitments or seed investments of the members. VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities. The determination as to whether an entity is a VIE is based on the structure and nature of each entity. The Company also considers other characteristics such as the power through voting rights or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance and how the entity is financed. The Company is required to consolidate all VIEs for which it is considered to be the primary beneficiary. The determination as to whether the Company is considered to be the primary beneficiary is based on whether the Company has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidated VIEs The Company's consolidated VIEs at December 31, 2021 included certain alternative asset management funds in which the Company has an investment and, as the managing partner, is deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The following table presents information about the carrying value of the assets and liabilities of the VIEs that are consolidated by the Company and included on the consolidated statements of financial condition at December 31, 2021. The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. 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 $ 219,270 Other assets 6,264 Total assets $ 225,534 Liabilities Other liabilities and accrued expenses $ 4,776 Total liabilities $ 4,776 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 19 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 $2.1 billion and $1.8 billion at December 31, 2021 and 2020, respectively. The Company's exposure to loss from these VIEs is $12.2 million, which is the carrying value of its capital contributions recorded in investments on the consolidated statements of financial condition at December 31, 2021. The Company had no liabilities related to these VIEs at December 31, 2021 and 2020. Furthermore, the Company has not provided financial or other support to these VIEs that it was not previously contractually required to provide as of December 31, 2021.

Receivables from and Payables t

Receivables from and Payables to Brokers, Dealers and Clearing Organizations	12 Months Ended
	Dec. 31, 2021
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	Receivables from and Payables to Brokers, Dealers and Clearing Organizations December 31, December 31, (Amounts in thousands) 2021 2020 Receivable from clearing organizations $ 226,731 $ 184,662 Receivable from brokers and dealers 24,056 33,514 Other 3,343 3,315 Total receivables from brokers, dealers and clearing organizations $ 254,130 $ 221,491 December 31, December 31, (Amounts in thousands) 2021 2020 Payable to brokers and dealers $ 13,247 $ 18,591 Total payables to brokers, dealers and clearing organizations $ 13,247 $ 18,591 Under the Company's fully disclosed clearing agreement, all of its securities inventories with the exception of convertible securities, and all of its customer activities are held by or cleared through Pershing LLC ("Pershing"). The Company has established an arrangement to obtain financing from Pershing related to the majority of its trading activities. The Company also has a clearing arrangement with bank financing related to its convertible securities inventories. Financing under these arrangements is secured primarily by securities, and collateral limitations could reduce the amount of funding available under these arrangements. The funding is at their discretion and could be denied. The Company's clearing arrangement activities are recorded net from trading activity. The Company's fully disclosed clearing agreement includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of $120 million.

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Investments	Investments The Company's investments include investments in private companies and partnerships. December 31, December 31, (Amounts in thousands) 2021 2020 Investments at fair value $ 239,376 $ 174,849 Investments at cost 611 611 Investments accounted for under the equity method 12,058 7,719 Total investments 252,045 183,179 Less investments attributable to noncontrolling interests (1) (164,565) (94,900) $ 87,480 $ 88,279 (1) Noncontrolling interests are attributable to unrelated third party ownership in consolidated alternative asset management funds. At December 31, 2021, investments carried on a cost basis had an estimated fair market value of $0.6 million. Because valuation estimates were based upon management's judgment, investments carried at cost would be categorized as Level III assets in the fair value hierarchy, if they were carried at fair value.

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets December 31, December 31, (Amounts in thousands) 2021 2020 Fee receivables $ 51,403 $ 38,840 Forgivable loans, net 12,040 5,526 Prepaid expenses 18,989 14,585 Other 28,173 16,092 Total other assets $ 110,605 $ 75,043

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets (Amounts in thousands) Goodwill Balance at December 31, 2019 $ 87,649 Goodwill acquired 139,859 Balance at December 31, 2020 $ 227,508 Goodwill acquired — Balance at December 31, 2021 $ 227,508 Intangible assets Balance at December 31, 2019 $ 16,686 Intangible assets acquired 177,900 Amortization of intangible assets (44,728) Balance at December 31, 2020 $ 149,858 Intangible assets acquired — Amortization of intangible assets (30,080) Balance at December 31, 2021 $ 119,778 As discussed in Note 3, the addition of goodwill and intangible assets during the year ended December 31, 2020 related to the acquisitions of Sandler O'Neill, Valence and TRS. Management identified $157.8 million of intangible assets related to the acquisition of Sandler O'Neill, consisting of customer relationships of $72.4 million and the Sandler trade name of $85.4 million. The customer relationships are being amortized over a weighted average life of 2.4 years. The Sandler trade name is an indefinite-lived intangible asset and is not subject to amortization. Management identified $14.8 million of customer relationship intangible assets related to the acquisition of Valence, which were amortized over a weighted average life of 1.4 years. Management also identified $5.3 million of customer relationship intangible assets related to the acquisition of TRS, which were amortized over one year. 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) 2022 $ 9,344 2023 7,442 2024 6,292 2025 5,302 2026 4,825 Thereafter 1,173 Total $ 34,378 The Company performed its annual goodwill impairment testing as of October 31, 2021, which resulted in no impairment. The annual goodwill impairment testing for 2020 and 2019 resulted in no impairment associated with the Capital Markets reporting unit. The Company also evaluated its intangible assets and concluded there was no impairment in 2021, 2020 and 2019 associated with the Capital Markets reporting unit.

Fixed Assets

Fixed Assets	12 Months Ended
Fixed Assets	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets December 31, December 31, (Amounts in thousands) 2021 2020 Furniture and equipment $ 54,763 $ 50,971 Leasehold improvements 61,218 55,510 Software 12,603 12,214 Total 128,584 118,695 Accumulated depreciation and amortization (76,823) (74,883) Fixed assets, net of accumulated depreciation and amortization $ 51,761 $ 43,812 For the years ended December 31, 2021, 2020 and 2019, depreciation and amortization of furniture and equipment, leasehold improvements and software totaled $12.6 million, $10.7 million and $9.3 million, respectively, and are included in occupancy and equipment expense from continuing operations on the consolidated statements of operations.

Short-Term Financing

Short-Term Financing	12 Months Ended
Short-Term Financing	Dec. 31, 2021
Debt Disclosure [Abstract]
Short-Term Financing	Short-Term Financing The Company has an unsecured $65 million revolving credit facility with U.S. Bank N.A. The credit agreement will terminate on December 20, 2022, unless otherwise terminated, and is subject to a one-year extension exercisable at the option of the Company. This credit facility includes customary events of default and covenants that, among other things, requires the Company's U.S. broker dealer subsidiary to maintain a minimum regulatory net capital of $120 million, limits the Company's leverage ratio, requires maintenance of a minimum ratio of operating cash flow to fixed charges, and imposes certain limitations on the Company's ability to make acquisitions and make payments on its capital stock. At December 31, 2021, there were no advances against this credit facility. The Company's committed short-term bank line financing at December 31, 2021 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 December 31, 2021, the Company had no advances against this line of credit.

Long-Term Financing

Long-Term Financing	12 Months Ended
Long-Term Financing	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-Term Financing	Long-Term Financing On October 15, 2019, the Company entered into a note purchase agreement with certain entities advised by Pacific Investment Management Company ("PIMCO"), under which the Company issued unsecured fixed rate senior notes ("Notes") in the amount of $175 million. The Notes consisted of two classes, Class A Notes and Class B Notes, with principal amounts of $50 million and $125 million, respectively. The Class A Notes were repaid by the Company upon maturity on October 15, 2021. The Class B Notes bear interest at an annual fixed rate of 5.20 percent and mature on October 15, 2023. Interest is payable semi-annually. The unpaid principal amount is due in full on the maturity date and may not be prepaid by the Company. On April 3, 2020, the Company entered into unsecured promissory notes as part of the acquisition of Valence totaling $20 million. The Valence Notes were repaid in the first quarter of 2021. Long-term financing arrangements are recorded at amortized cost which approximates fair value at December 31, 2021.

Contingencies, Commitments and

Contingencies, Commitments and Guarantees	12 Months Ended
Contingencies, Commitments and Guarantees	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	Contingencies, Commitments and Guarantees Legal Contingencies The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse judgments, settlements, penalties, fines or other relief. 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 December 31, 2021 are not material. In many cases, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. Given uncertainties regarding the timing, scope, volume and outcome of pending and potential legal actions, investigations and regulatory proceedings and other factors, the amounts of reserves and ranges of reasonably possible losses are difficult to determine and of necessity subject to future revision. Subject to the foregoing, management of the Company believes, based on currently available information, after consultation with outside legal counsel and taking into account its established reserves, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the consolidated statements of financial condition, results of operations or cash flows of the Company. However, if during any period a potential adverse contingency should become probable or resolved for an amount in excess of the established reserves, the results of operations and cash flows in that period and the financial condition as of the end of that period could be materially adversely affected. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been brought to the Company's attention or are not yet determined to be reasonably possible. Litigation-related reserve activity included within other operating expenses from continuing operations was immaterial for the years ended December 31, 2021, 2020 and 2019. Operating Lease Commitments The Company leases office space throughout the United States and in a limited number of foreign countries where the Company's international operations reside. Aggregate minimum lease commitments on an undiscounted basis for the Company's operating leases (including short-term leases) as of December 31, 2021 were as follows: (Amounts in thousands) 2022 $ 23,831 2023 20,040 2024 17,846 2025 15,847 2026 13,868 Thereafter 17,790 Total $ 109,222 Total minimum rentals to be received from 2022 through 2024 under noncancelable subleases were $0.9 million at December 31, 2021. The following table summarizes the Company's operating lease costs and sublease income from continuing operations: Year Ended December 31, (Amounts in millions) 2021 2020 2019 Operating lease costs $ 20.7 $ 21.9 $ 12.1 Operating lease costs related to short-term leases 0.9 0.8 0.7 Sublease income 0.7 1.8 1.6 At December 31, 2021, the weighted average remaining lease term for operating leases was 5.5 years and the weighted average discount rate was 4.0 percent. Investment Commitments As of December 31, 2021, the Company had commitments to invest approximately $80.6 million in limited partnerships or limited liability companies that make direct or indirect equity or debt investments in companies. Other Guarantees The Company is a member of numerous exchanges. Under the membership agreements with these entities, members generally are required to guarantee the performance of other members, and if a member becomes unable to satisfy its obligations to the exchange, other members would be required to meet shortfalls. To mitigate these performance risks, the exchanges often require members to post collateral. In addition, the Company identifies and guarantees certain clearing agents against specified potential losses in connection with providing services to the Company or its affiliates. The Company's maximum potential liability under these arrangements cannot be quantified. However, management believes the likelihood that the Company would be required to make payments under these arrangements is remote. Accordingly, no liability is recorded in the consolidated statements of financial condition for these arrangements. Concentration of Credit Risk The Company provides investment, capital-raising and related services to a diverse group of domestic and foreign customers, including governments, corporations, and institutional and individual investors. The Company's exposure to credit risk associated with the non-performance of customers in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile securities markets, credit markets and regulatory changes. This exposure is measured on an individual customer basis and on a group basis for customers that share similar attributes. To alleviate the potential for risk concentrations, counterparty credit limits have been implemented for certain products and are continually monitored in light of changing customer and market conditions.

Restructuring and Integration C

Restructuring and Integration Costs	12 Months Ended
Restructuring and Integration Costs	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring and Integration Costs The Company incurred restructuring and integration costs from continuing operations for the year ended December 31, 2021, primarily associated with its vacated leased office space in conjunction with its acquisitions of TRS and Valence. Additionally, the Company incurred integration costs primarily related to its acquisition of Cornerstone Macro and the announced acquisition of Stamford Partners LLP ("Stamford Partners"), as discussed in Note 25. The Company incurred restructuring and integration costs from continuing operations for the year ended December 31, 2020, primarily in conjunction with its acquisitions of Sandler O'Neill, Valence and TRS. The Company incurred restructuring and integration costs from continuing operations for the year ended December 31, 2019, primarily in conjunction with its acquisition of Weeden & Co. and the pending acquisition of Sandler O'Neill. Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Vacated leased office space $ 3,404 $ 2,481 $ 1,726 Severance, benefits and outplacement 317 3,032 2,938 Contract termination — 891 2,798 Total restructuring costs 3,721 6,404 7,462 Integration costs 1,003 4,351 6,859 Total restructuring and integration costs $ 4,724 $ 10,755 $ 14,321

Shareholders' Equity

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity The Company's amended and restated certificate of incorporation provides for the issuance of up to 100,000,000 shares of common stock with a par value of $0.01 per share and up to 5,000,000 shares of undesignated preferred stock with a par value of $0.01 per share. Common Stock The holders of the Company's common stock are entitled to one vote per share on all matters to be voted upon by the shareholders. Subject to preferences that may be applicable to any outstanding preferred stock of Piper Sandler Companies, the holders of its common stock are entitled to receive ratably such dividends, if any, as may be declared out of funds legally available for that purpose. There are also restrictions on the payment of dividends as set forth in Note 22. The Company's board of directors determines the declaration and payment of dividends and is free to change the Company's dividend policy at any time. Dividends The Company's current dividend policy is intended to return a metric based on fiscal year net income. In 2021, the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.95 per share, a special cash dividend on its common stock related to fiscal year 2020 results of $1.85 per share, and a special cash dividend on its common stock related to fiscal year 2021 results of $3.00 per share, totaling $99.4 million. In 2020, the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.25 per share, and a special cash dividend on its common stock related to fiscal year 2019 results of $0.75 per share, totaling $28.2 million. In 2019, the Company declared and paid quarterly cash dividends on its common stock, aggregating $1.50 per share, and a special cash dividend on its common stock related to fiscal year 2018 results of $1.01 per share, totaling $35.6 million. On February 10, 2022, the board of directors declared both a quarterly and an additional special cash dividend on its common stock of $0.60 and $4.50 per share, respectively, to be paid on March 11, 2022, to shareholders of record as of the close of business on March 2, 2022. The special cash dividend relates to the Company's fiscal year 2021 results. In the event that Piper Sandler Companies is liquidated or dissolved, the holders of its common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to any prior distribution rights of Piper Sandler Companies preferred stock, if any, then outstanding. Currently, there is no outstanding preferred stock. The holders of the common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to Piper Sandler Companies common stock. Share Repurchases 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. In 2021, the Company repurchased 417,903 shares at an average price of $125.03 per share for an aggregate purchase price of $52.3 million related to this authorization. In 2020, the Company repurchased 188,319 shares at an average price of $69.72 per share for an aggregate purchase price of $13.1 million related to this authorization. Effective September 30, 2017, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares, which expired on September 30, 2019. In 2019, the Company repurchased 501 shares at an average price of $64.80 per share related to this authorization. On November 18, 2021, the Company's board of directors authorized the repurchase of up to $150.0 million in common shares. This authorization is effective from January 1, 2022 through December 31, 2023. 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 154,117 shares or $17.7 million; 105,193 shares or $8.8 million; and 701,217 shares or $50.6 million of the Company's common stock for these purposes during the years ended December 31, 2021, 2020 and 2019, respectively. Issuance of Shares The Company issues common shares out of treasury stock as a result of employee restricted share vesting and exercise transactions as discussed in Note 19. During the years ended December 31, 2021, 2020 and 2019, the Company issued 918,024 shares, 309,089 shares and 1,415,147 shares, respectively, related to these obligations. During the year ended December 31, 2020, the Company also issued 34,205 common shares out of treasury stock for Sandler O'Neill deal consideration, as discussed in Note 3. Preferred Stock The Piper Sandler Companies board of directors has the authority, without action by its shareholders, to designate and issue preferred stock in one or more series and to designate the rights, preferences and privileges of each series, which may be greater than the rights associated with the common stock. It is not possible to state the actual effect of the issuance of any shares of preferred stock upon the rights of holders of common stock until the Piper Sandler Companies board of directors determines the specific rights of the holders of preferred stock. However, the effects might include, among other things, the following: restricting dividends on its common stock, diluting the voting power of its common stock, impairing the liquidation rights of its common stock and delaying or preventing a change in control of Piper Sandler Companies without further action by its shareholders. Noncontrolling Interests The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries and other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests represent the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has various employee benefit plans, and substantially all employees are covered by at least one plan. The plans include health and welfare plans and a tax-qualified retirement plan (the "Retirement Plan"). During the years ended December 31, 2021, 2020 and 2019, the Company incurred employee benefits expenses from continuing operations of $35.9 million, $25.5 million and $18.4 million, respectively. Health and Welfare Plans Company employees who meet certain work schedule and service requirements are eligible to participate in the Company's health and welfare plans. The Company subsidizes the cost of coverage for employees. The health plans contain cost-sharing features such as deductibles and coinsurance. The Company is self-insured for losses related to health claims, although it obtains third party stop loss insurance coverage on both an individual and a group plan basis. Self-insured liabilities are based on a number of factors, including historical claims experience, an estimate of claims incurred but not reported and valuations provided by third party actuaries. For the years ended December 31, 2021, 2020 and 2019, the Company recognized expense of $20.0 million, $14.7 million and $10.6 million, respectively, in compensation and benefits expense from continuing operations on the consolidated statements of operations related to its health plans. Retirement Plan

Compensation Plans

Compensation Plans	12 Months Ended
Compensation Plans	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Compensation Plans	Compensation Plans Stock-Based Compensation Plans The Company has three outstanding stock-based compensation plans: the Amended and Restated 2003 Annual and Long-Term Incentive Plan (the "Incentive Plan"), the 2019 Employment Inducement Award Plan (the "2019 Inducement Plan") and the 2020 Employment Inducement Award Plan (the "2020 Inducement Plan"). The Company's equity awards are recognized on the consolidated statements of operations at grant date fair value over the service period of the award, less forfeitures. The following table provides a summary of the Company's outstanding equity awards (in shares or units) as of December 31, 2021: Incentive Plan Restricted Stock Annual grants 529,582 Sign-on grants 85,843 615,425 2019 Inducement Plan Restricted Stock 95,348 2020 Inducement Plan Restricted Stock 1,268,228 Total restricted stock related to compensation plans 1,979,001 Restricted stock related to acquisitions (1) 1,816,211 Total restricted stock outstanding 3,795,212 Incentive Plan Restricted Stock Units 158,393 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions in conjunction with the acquisitions of Sandler O'Neill, Valence and TRS. See Note 3 for further discussion. Incentive Plan The Incentive Plan permits the grant of equity awards, including restricted stock, restricted stock units and non-qualified stock options, to the Company's employees and directors for up to 9.4 million shares of common stock (1.4 million shares remained available for future issuance under the Incentive Plan as of December 31, 2021). The Company believes that such awards help align the interests of employees and directors with those of shareholders and serve as an employee retention tool. The Incentive Plan provides for accelerated vesting of awards if there is a severance event, a change in control of the Company (as defined in the Incentive Plan), in the event of a participant's death, and at the discretion of the compensation committee of the Company's board of directors. Restricted Stock Awards Restricted stock grants are valued at the market price of the Company's common stock on the date of grant and are amortized over the requisite service period. The Company grants shares of restricted stock to employees as part of year-end compensation ("Annual Grants") and upon initial hiring or as a retention award ("Sign-on Grants"). The Company's Annual Grants are made each year in February. Annual Grants vest ratably over three years in equal installments. The Annual Grants provide for continued vesting after termination of employment, so long as the employee does not violate certain post-termination restrictions set forth in the award agreement or any agreements entered into upon termination. The Company determined the service inception date precedes the grant date for the Annual Grants, and that the post-termination restrictions do not meet the criteria for an in-substance service condition, as defined by ASC 718. 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 Annually, the Company grants stock to its non-employee directors. The stock-based compensation paid to non-employee directors is fully expensed on the grant date and included within outside services expense on the consolidated statements of operations. Restricted Stock Units The Company grants restricted stock units to its leadership team ("Leadership Grants"). Leadership Grants Subsequent to 2016 Restricted stock units granted in each of the years subsequent to 2016 will vest and convert to shares of common stock at the end of each 36-month performance period only if the Company satisfies predetermined performance and/or market conditions over the performance period. Under the terms of these awards, the number of units that will actually vest and convert to shares will be based on the extent to which the Company achieves specified targets during each performance period. The maximum payout leverage under these grants is 150 percent. Up to 75 percent of the award can be earned based on the Company achieving certain average adjusted return on equity targets, as defined in the terms of the award agreements. The fair value of this portion of the award was based on the closing price of the Company's common stock on the grant date. If the Company determines that it is probable that the performance condition will be achieved, compensation expense is amortized on a straight-line basis over the 36-month performance period. The probability that the performance condition will be achieved is reevaluated each reporting period with changes in estimated outcomes accounted for using a cumulative effect adjustment to compensation expense. Compensation expense will be recognized only if the performance condition is met. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. As of December 31, 2021, the Company has determined that the probability of achieving the performance condition for each award is as follows: Grant Year Probability of Achieving Performance Condition 2021 75% 2020 75% 2019 75% Up to 75 percent of the award can be earned based on the Company's total shareholder return relative to members of a predetermined peer group. The market condition must be met for the awards to vest and compensation cost will be recognized regardless if the market condition is satisfied. Compensation expense is amortized on a straight-line basis over the 36-month requisite service period. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. For this portion of the awards, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2021 0.23% 43.2% 2020 1.40% 27.3% 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9% Because the market condition portion of the awards vesting depends on the Company's total shareholder return relative to a peer group, the valuation modeled the performance of the peer group as well as the correlation between the Company and the peer group. The expected stock price volatility assumptions were determined using historical volatility, as correlation coefficients can only be developed through historical volatility. The risk-free interest rates were determined based on three-year U.S. Treasury bond yields. The compensation committee of the Company's board of directors included defined retirement provisions in its Leadership Grants, beginning with the February 2018 grant. Certain grantees meeting defined age and service requirements will be fully vested in the awards as long as performance and post-termination obligations are met throughout the performance period. These retirement-eligible grants are expensed in the period in which those awards are deemed to be earned, which is the calendar year preceding the February grant date. 2016 Leadership Grant Restricted stock units granted in 2016 contain market condition criteria and convert to shares of common stock at the end of the 36-month performance period only if the Company's stock performance satisfies predetermined market conditions over the performance period. Under the terms of the award, the number of units that vested and converted to shares was based on the Company's stock performance achieving specified targets during the performance period. All units vested in full. Compensation expense was recognized over the 36-month performance period which ended in May 2019. Up to 50 percent of the award was earned based on the Company's total shareholder return relative to members of a predetermined peer group and up to 50 percent of the award was earned based on the Company's total shareholder return. The fair value of the award on the grant date was determined using a Monte Carlo simulation with the following assumptions pursuant to the methodology above: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9% Stock Options On February 15, 2018, the Company granted options to certain executive officers. These options are expensed on a straight-line basis over the required service period of five years, based on the estimated fair value of the award on the date of grant. The exercise price per share is equal to the closing price on the date of grant plus 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 2016 Employment Inducement Award Plan (the "2016 Inducement Plan") in conjunction with the acquisition of Simmons & Company International ("Simmons"). The Company granted $11.6 million (286,776 shares) in restricted stock under the 2016 Inducement Plan on May 16, 2016. All outstanding shares cliff vested on May 16, 2019 and the 2016 Inducement Plan was terminated in July 2019. The Company established the 2019 Inducement Plan in conjunction with its acquisition of Weeden & Co. On August 2, 2019, the Company granted $7.3 million (97,752 shares) in restricted stock. These restricted shares are subject to graded vesting, generally beginning on the third anniversary of the grant date through August 2, 2023. The Company established the 2020 Inducement Plan in conjunction with its acquisition of Sandler O'Neill. On January 3, 2020, the Company granted $96.9 million (1,217,423 shares) in restricted stock. These restricted shares have both cliff and graded vesting terms with vesting periods of 18 months, three years or five years (with a weighted average service period of 3.7 years). On April 3, 2020, the Company granted $5.5 million (114,000 shares) in restricted stock under the 2020 Inducement Plan in conjunction with its acquisition of Valence. These restricted shares are subject to graded vesting, generally beginning on the third anniversary of the grant date through April 3, 2025. 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 within continuing operations: Year Ended December 31, (Amounts in millions) 2021 2020 2019 Stock-based compensation expense $ 170.1 $ 120.8 $ 30.8 Forfeitures 1.6 2.3 2.6 Tax benefit related to stock-based compensation expense 23.8 15.6 5.4 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, 2018 1,569,795 $ 53.80 Granted 463,088 74.05 Vested (1,306,844) 47.30 Canceled (31,814) 76.20 December 31, 2019 694,225 $ 78.52 Granted 3,968,340 74.82 Vested (283,934) 80.64 Canceled (66,074) 77.68 December 31, 2020 4,312,557 $ 74.99 Granted 353,753 108.21 Vested (850,355) 81.29 Canceled (20,743) 90.27 December 31, 2021 3,795,212 $ 76.59 The fair value of restricted stock that vested during the years ended December 31, 2021, 2020 and 2019 was $69.1 million, $22.9 million and $61.8 million, respectively. 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, 2018 194,251 $ 48.97 Granted 39,758 75.78 Vested (103,707) 19.93 Canceled (15,987) 45.79 December 31, 2019 114,315 $ 85.09 Granted 56,066 86.01 Vested (18,255) 84.10 Canceled (6,078) 84.10 December 31, 2020 146,048 $ 85.60 Granted 62,569 103.69 Vested (50,224) 92.93 Canceled — — December 31, 2021 158,393 $ 90.43 As of December 31, 2021, there was $132.5 million of total unrecognized compensation cost related to restricted stock and restricted stock units expected to be recognized over a weighted average period of 2.3 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, 2018 81,667 $ 99.00 9.1 $ — Granted — — Exercised — — Canceled — — Expired — — December 31, 2019 81,667 $ 99.00 8.1 $ — Granted — — Exercised — — Canceled — — Expired — — December 31, 2020 81,667 $ 99.00 7.1 $ 155,167 Granted — — Exercised — — Canceled — — Expired — — December 31, 2021 81,667 $ 99.00 6.1 $ 6,493,343 Options exercisable at December 31, 2021 27,222 $ 99.00 6.1 $ 2,164,421 As of December 31, 2021, there was $0.4 million of unrecognized compensation cost related to stock options expected to be recognized over a weighted average period of 1.1 years. There were no exercisable options during the years ended December 31, 2020 and 2019. The Company has a policy of issuing shares out of treasury (to the extent available) to satisfy share option exercises and restricted stock vesting. The Company expects to withhold approximately 0.1 million shares from employee equity awards vesting in 2022, related to employee individual income tax withholding obligations on restricted stock vesting. For accounting purposes, withholding shares to cover employees' tax obligations is deemed to be a repurchase of shares by the Company. Deferred Compensation Plans The Company maintains various deferred compensation arrangements for employees. 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 Company recorded compensation expense from continuing operations of $127.3 million, $77.2 million and $45.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, related to employee MFRS Awards, less forfeitures. Forfeitures were $3.5 million, $5.8 million and $3.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The nonqualified deferred compensation plan is an unfunded plan which allows certain highly compensated employees, at their election, to defer a portion of their compensation. This plan was closed to future deferral elections by participants for performance periods beginning after December 31, 2017. The amounts deferred under this plan are held in a grantor trust. The Company invests, as a principal, in investments to economically hedge its obligation under the nonqualified deferred compensation plan. Investments in the grantor trust, consisting of mutual funds and categorized as Level I, totaled $18.8 million and $16.3 million as of December 31, 2021 and 2020, respectively, and are included in investments on the consolidated statements of financial condition. A corresponding deferred compensation liability is included in accrued compensation on the consolidated statements of financial condition. The compensation deferred by the employees was expensed in the period earned. Changes in the fair value of the investments made by the Company are reported in investment income and changes in the corresponding deferred compensation liability are reflected as compensation and benefits expense on the consolidated statements of operations. The Company entered into acquisition-related compensation arrangements with certain employees for retention and incentive purposes in conjunction with its acquisition of Simmons. Additional cash compensation was available to certain employees subject to exceeding an investment banking revenue threshold during the three-year Simmons post-acquisition period, which ended on February 26, 2019. The Company paid $40.1 million related to this performance award plan in August 2019. Amounts payable related to this performance award plan were recorded as compensation expense from continuing operations on the consolidated statements of operations over the requisite performance period of three years. The Company recorded $0.6 million as compensation expense from continuing operations for the year ended December 31, 2019.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share ("EPS") The computation of EPS is as follows: Year Ended December 31, (Amounts in thousands, except per share data) 2021 2020 2019 Net income from continuing operations applicable to Piper Sandler Companies $ 278,514 $ 40,504 $ 87,939 Net income from discontinued operations — — 23,772 Net income applicable to Piper Sandler Companies 278,514 40,504 111,711 Earnings allocated to participating securities — — (4,511) (1) Net income applicable to Piper Sandler Companies' common shareholders $ 278,514 $ 40,504 $ 107,200 (2) Shares for basic and diluted calculations: Average shares used in basic computation 14,265 13,781 13,555 Stock options 14 — — Restricted stock units 187 135 162 Non-participating restricted shares 2,488 985 220 Average shares used in diluted computation 16,955 14,901 13,937 Earnings per basic common share: Income from continuing operations $ 19.52 $ 2.94 $ 6.21 Income from discontinued operations — — 1.69 Earnings per basic common share $ 19.52 $ 2.94 $ 7.90 Earnings per diluted common share: Income from continuing operations $ 16.43 $ 2.72 $ 6.05 Income from discontinued operations — — 1.65 Earnings per diluted common share $ 16.43 $ 2.72 $ 7.69 (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 513,220 for the year ended December 31, 2019. (2) Net income applicable to Piper Sandler Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options, restricted stock units and non-participating restricted shares to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Sandler Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS.

Revenues and Business Informati

Revenues and Business Information	12 Months Ended
Revenues and Business Information	Dec. 31, 2021
Segment Reporting [Abstract]
Revenues and Business Information	Revenues and Business Information The Company's activities as an investment bank and institutional securities firm constitute a single business segment. The substantial majority of the Company's net revenues and long-lived assets are located in the U.S. Reportable financial results from continuing operations are as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Capital Markets Investment banking Advisory services $ 1,026,138 $ 443,327 $ 440,695 Corporate financing 362,797 295,333 105,256 Municipal financing 164,284 119,816 83,441 Total investment banking 1,553,219 858,476 629,392 Institutional brokerage Equity brokerage 154,067 161,445 87,555 Fixed income services 233,510 196,308 80,336 Total institutional brokerage 387,577 357,753 167,891 Interest income 6,967 13,164 26,741 Investment income 94,032 23,265 22,275 Total revenues 2,041,795 1,252,658 846,299 Interest expense 10,734 14,445 11,733 Net revenues 2,031,061 1,238,213 834,566 Non-interest expenses 1,589,549 1,169,665 715,587 Pre-tax income $ 441,512 $ 68,548 $ 118,979 Pre-tax margin 21.7 % 5.5 % 14.3 %

Net Capital Requirements and Ot

Net Capital Requirements and Other Regulatory Matters	12 Months Ended
Net Capital Requirements and Other Regulatory Matters	Dec. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Net Capital Requirements and Other Regulatory Matters	Net Capital Requirements and Other Regulatory Matters Piper Sandler & Co. is registered as a securities broker dealer with the Securities and Exchange Commission ("SEC") and is a member of various SROs and securities exchanges. The Financial Industry Regulatory Authority, Inc. ("FINRA") serves as the primary SRO of Piper Sandler & Co. Piper Sandler & Co. is subject to the uniform net capital rule of the SEC and the net capital rule of FINRA. Piper Sandler & Co. has elected to use the alternative method permitted by the SEC rule which requires that it maintain minimum net capital of $1.0 million. Advances to affiliates, repayment of subordinated debt, dividend payments and other equity withdrawals by Piper Sandler & Co. are subject to certain approvals, notifications and other provisions of SEC and FINRA rules. At December 31, 2021, net capital calculated under the SEC rule was $362.5 million, and exceeded the minimum net capital required under the SEC rule by $361.5 million. The Company's committed short-term credit facility, revolving credit facility and its Class B Notes with PIMCO include covenants requiring Piper Sandler & Co. to maintain minimum net capital of $120 million. The Company's fully disclosed clearing agreement with Pershing includes a covenant requiring Piper Sandler & Co. to maintain excess net capital of $120 million. 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 December 31, 2021, Piper Sandler Ltd. was in compliance with the capital requirements of the Prudential Regulation Authority and the Financial Conduct Authority. Piper Sandler Hong Kong Limited is licensed by the Hong Kong Securities and Futures Commission, which is subject to the liquid capital requirements of the Securities and Futures (Financial Resources) Rule promulgated under the Securities and Futures Ordinance. At December 31, 2021, 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	12 Months Ended
Income Taxes	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was enacted by the U.S. federal government on March 27, 2020 in response to the COVID-19 pandemic, contains tax provisions allowing a five-year carry back of any net operating losses incurred during federal tax years 2018, 2019 and 2020, to periods when the corporate federal tax rate was 35 percent. ASC 740 requires companies to recognize the effect of tax law changes in the period of enactment. For the year ended December 31, 2020, the Company recorded $2.4 million of income tax benefits related to the tax provisions in the CARES Act. The components of income tax expense from continuing operations are as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Current: Federal $ 124,389 $ 43,445 $ (404) State 36,793 14,551 123 Foreign 3,818 150 96 165,000 58,146 (185) Deferred: Federal (41,980) (27,995) 19,071 State (10,874) (10,510) 5,517 Foreign (1,002) (449) 174 (53,856) (38,954) 24,762 Total income tax expense from continuing operations $ 111,144 $ 19,192 $ 24,577 Total income tax expense from discontinued operations $ — $ — $ 8,370 A reconciliation of federal income taxes from continuing operations at statutory rates to the Company's effective tax rates is as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Federal income tax expense at statutory rates $ 92,718 $ 14,395 $ 24,986 Increase/(reduction) in taxes resulting from: Impact of the CARES Act — (2,438) — State income taxes, net of federal tax benefit 19,020 4,396 4,906 Net tax-exempt interest income (754) (1,661) (1,643) Foreign jurisdictions tax rate differential 978 48 (438) Non-deductible compensation 9,013 6,163 3,293 Change in valuation allowance 49 446 (209) Vestings of stock awards (2,732) (337) (5,171) Income attributable to noncontrolling interests (10,889) (1,859) (1,357) Other, net 3,741 39 210 Total income tax expense from continuing operations $ 111,144 $ 19,192 $ 24,577 In accordance with ASC 740, U.S. income taxes are not provided on undistributed earnings of international subsidiaries that are permanently reinvested. As of December 31, 2021, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of the Company's foreign earnings to the U.S. Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The net deferred income tax assets consisted of the following items: December 31, December 31, (Amounts in thousands) 2021 2020 Deferred tax assets: Deferred compensation $ 118,470 $ 78,155 Accrued lease liability 22,086 24,067 Goodwill tax basis in excess of book basis 40,183 30,174 Net operating loss carryforwards 5,094 4,665 Liabilities/accruals not currently deductible 3,019 1,357 Other 4,241 2,478 Total deferred tax assets 193,093 140,896 Valuation allowance (5,094) (5,045) Deferred tax assets after valuation allowance 187,999 135,851 Deferred tax liabilities: Right-of-use lease asset 17,430 19,759 Unrealized gains on firm investments 3,533 5,610 Fixed assets 8,372 5,686 Other 464 577 Total deferred tax liabilities 29,799 31,632 Net deferred tax assets $ 158,200 $ 104,219 The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized. The Company believes that its future tax profits will be sufficient to recognize its deferred tax assets, with the exception of $5.1 million in foreign and state net operating loss carryforwards. The Company accounts for unrecognized tax benefits in accordance with the provisions of ASC 740, which requires tax reserves to be recorded for uncertain tax positions on the consolidated statements of financial condition. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Amounts in thousands) Balance at December 31, 2018 $ 774 Additions based on tax positions related to the current year — Additions for tax positions of prior years 4,128 Reductions for tax positions of prior years (358) Settlements (285) Balance at December 31, 2019 $ 4,259 Additions based on tax positions related to the current year — Additions for tax positions of prior years — Reductions for tax positions of prior years (3,212) Settlements (943) Balance at December 31, 2020 $ 104 Additions based on tax positions related to the current year — Additions for tax positions of prior years 1,743 Reductions for tax positions of prior years (38) Settlements (66) Balance at December 31, 2021 $ 1,743 As of December 31, 2021, approximately $1.7 million of the Company's unrecognized tax benefits would impact the annual effective rate, if recognized. In 2021, the Company recorded a $1.7 million liability for uncertain state income tax positions. In 2019, the Company recorded a $4.1 million liability for uncertain state and local income tax positions related to its acquisition of Weeden & Co. This liability was recorded as a measurement period adjustment and includes a corresponding indemnification asset and deferred tax asset. In 2020, the Company reversed $3.2 million of this liability and corresponding indemnification asset and deferred tax asset as a measurement period adjustment and paid a settlement of $0.9 million, for which the Company was indemnified. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. The Company had $0.3 million and $1.2 million accrued related to the payment of interest and penalties at December 31, 2021 and 2019, respectively. The Company had no accruals related to the payment of interest and penalties at December 31, 2020. The Company or one of its subsidiaries files income tax returns with the various states and foreign jurisdictions in which the Company operates. The Company is not subject to examination by U.S. federal tax authorities for years before 2018 and is not subject to examination by state and local or non-U.S. tax authorities for taxable years before 2017. The Company anticipates the majority of its uncertain income tax positions will be resolved within the next twelve months.

Parent Company only and PSLS

Parent Company only and PSLS	12 Months Ended
Parent Company only and PSLS	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Parent Company only and PSLS	Parent Company only and PSLS Parent Company only Condensed Statements of Financial Condition December 31, December 31, (Amounts in thousands) 2021 2020 Assets Cash and cash equivalents $ 200 $ 200 Investment in and advances to subsidiaries 1,270,666 1,066,069 Other assets 15,545 9,311 Total assets $ 1,286,411 $ 1,075,580 Liabilities and Shareholders' Equity Long-term financing $ 125,000 $ 195,000 Accrued compensation 94,795 47,647 Other liabilities and accrued expenses 4,406 3,508 Total liabilities 224,201 246,155 Shareholders' equity 1,062,210 829,425 Total liabilities and shareholders' equity $ 1,286,411 $ 1,075,580 Condensed Statements of Operations Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Revenues: Dividends from subsidiaries $ 74,456 $ 42,450 $ 54,762 Interest income 508 829 815 Investment income 2,723 1,565 2,012 Total revenues 77,687 44,844 57,589 Interest expense 8,606 10,568 1,910 Net revenues 69,081 34,276 55,679 Non-interest expenses: Total non-interest expenses 7,522 2,049 4,851 Income from continuing operations before income tax expense and equity in income of subsidiaries 61,559 32,227 50,828 Income tax expense 15,636 8,186 11,215 Income from continuing operations of parent company 45,923 24,041 39,613 Equity in undistributed income of subsidiaries 232,591 16,463 99,005 Net income from continuing operations 278,514 40,504 138,618 Discontinued operations: Loss from discontinued operations, net of tax — — (26,907) Net income applicable to Piper Sandler Companies $ 278,514 $ 40,504 $ 111,711 Condensed Statements of Cash Flows Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Operating Activities: Net income $ 278,514 $ 40,504 $ 111,711 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 1,019 525 643 Equity in undistributed income of subsidiaries (232,591) (16,463) (99,005) Net cash provided by operating activities 46,942 24,566 13,349 Financing Activities: Issuance of long-term financing — — 175,000 Repayment of long-term financing (70,000) — — Advances from/(to) subsidiaries 192,309 25,571 (102,225) Repurchase of common stock (69,901) (21,965) (50,584) Payment of cash dividend (99,350) (28,172) (35,594) Net cash used in financing activities (46,942) (24,566) (13,403) Net decrease in cash and cash equivalents — — (54) Cash and cash equivalents at beginning of year 200 200 254 Cash and cash equivalents at end of year $ 200 $ 200 $ 200 PSLS Condensed Statements of Financial Condition December 31, December 31, (Amounts in thousands) 2021 2020 Assets Cash and cash equivalents $ 5,075 $ 3,103 Right-of-use lease asset 1,062 1,633 Fee receivables 1,656 506 Prepaid expenses 110 121 Other assets 644 629 Total assets $ 8,547 $ 5,992 Liabilities and Shareholder's Equity Accrued compensation $ 3,446 $ 1,209 Accrued lease liability 1,062 1,633 Other liabilities and accrued expenses 1,122 575 Total liabilities 5,630 3,417 Shareholder's equity 2,917 2,575 Total liabilities and shareholder's equity $ 8,547 $ 5,992

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 4, 2022, the Company completed the acquisition of Cornerstone Macro, an independent 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 purchase price consisted of cash consideration, and restricted stock was granted for retention purposes. Additional cash consideration may be earned if certain revenue targets are achieved. Cornerstone Macro's results of operations will be included in the Company's consolidated financial statements prospectively from the date of acquisition. On January 5, 2022, the Company announced a definitive agreement to acquire Stamford Partners, a specialist investment bank offering financial advisory and corporate development services in the European food and beverage and related consumer sectors. The purchase price consists of cash consideration, and restricted stock will be granted for retention purposes. The transaction is expected to close in the first half of 2022, subject to obtaining required regulatory approvals and other customary closing conditions.

Quarterly Information (unaudite

Quarterly Information (unaudited)	12 Months Ended
Quarterly Information (unaudited)	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Information (unaudited)	Quarterly Information (unaudited) 2021 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 431,387 $ 511,344 $ 448,233 $ 650,831 Interest expense 2,780 2,696 2,668 2,590 Net revenues 428,607 508,648 445,565 648,241 Total non-interest expenses 345,740 394,588 369,855 479,366 Income from continuing operations before income tax expense 82,867 114,060 75,710 168,875 Income tax expense 17,274 27,066 23,512 43,292 Net income 65,593 86,994 52,198 125,583 Net income applicable to noncontrolling interests 16,134 17,173 6,477 12,070 Net income applicable to Piper Sandler Companies $ 49,459 $ 69,821 $ 45,721 $ 113,513 Net income applicable to Piper Sandler Companies' common shareholders $ 49,459 $ 69,821 $ 45,721 $ 113,513 Earnings per common share Basic $ 3.44 $ 4.86 $ 3.22 $ 8.04 Diluted $ 3.00 $ 4.12 $ 2.68 $ 6.54 Dividends declared per common share $ 2.25 $ 0.45 $ 0.55 $ 3.55 Weighted average number of common shares outstanding Basic 14,374 14,358 14,213 14,119 Diluted 16,467 16,951 17,047 17,357 2020 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 240,380 $ 295,964 $ 307,174 $ 409,140 Interest expense 4,212 3,526 3,455 3,252 Net revenues 236,168 292,438 303,719 405,888 Total non-interest expenses 270,197 285,041 279,070 335,357 Income/(loss) from continuing operations before income tax expense/(benefit) (34,029) 7,397 24,649 70,531 Income tax expense/(benefit) (11,774) 4,700 5,674 20,592 Net income/(loss) (22,255) 2,697 18,975 49,939 Net income/(loss) applicable to noncontrolling interests (7,528) 1,243 7,358 7,779 Net income/(loss) applicable to Piper Sandler Companies $ (14,727) $ 1,454 $ 11,617 $ 42,160 Net income/(loss) applicable to Piper Sandler Companies' common shareholders $ (14,727) $ 1,454 $ 11,617 $ 42,160 Earnings/(loss) per common share Basic $ (1.07) $ 0.11 $ 0.84 $ 3.07 Diluted $ (1.07) $ 0.10 $ 0.78 $ 2.66 Dividends declared per common share $ 1.125 $ 0.20 $ 0.30 $ 0.375 Weighted average number of common shares outstanding Basic 13,796 13,794 13,778 13,755 Diluted 14,411 14,476 14,853 15,860

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity ("VIE") or a voting interest entity. VIEs are entities in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities independently or (ii) the at-risk equity holders do not have the normal characteristics of a controlling financial interest. A controlling financial interest in a VIE is present when an enterprise has one or more variable interests that have both (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The enterprise with a controlling financial interest is the primary beneficiary and consolidates the VIE. Voting interest entities lack one or more of the characteristics of a VIE. The usual condition for a controlling financial interest is ownership of a majority voting interest for a corporation or a majority of kick-out or participating rights for a limited partnership. When the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity's operating and financial policies, the Company's investment is accounted for under the equity method of accounting. If the Company does not have a controlling financial interest in, or exert significant influence over, an entity, the Company accounts for its investment at fair value, if the fair value option was elected, or at cost.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of origination.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition consist of financial instruments (including securities with extended settlements and derivative contracts) recorded at fair value. Unrealized gains and losses related to these financial instruments are reflected on the consolidated statements of operations. Securities (both long and short), including securities with extended settlements, are recognized on a trade-date basis. Additionally, the Company's investments on the consolidated statements of financial condition are principally recorded at fair value. Fair Value Measurement – Definition and Hierarchy – Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value Measurement," ("ASC 820") defines fair value as the amount at which an instrument could be exchanged in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect management's assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level I – Quoted prices (unadjusted) are available in active markets for identical assets or liabilities as of the report date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement because it is directly observable to the market. Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the report date. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level III – Instruments that have little to no pricing observability as of the report date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Valuation of Financial Instruments – Based on the nature of the Company's business and its role as a "dealer" in the securities industry or as a manager of alternative asset management funds, the fair values of its financial instruments are determined internally. When available, the Company values financial instruments at observable market prices, observable market parameters, or broker or dealer prices (bid and ask prices). In the case of financial instruments transacted on recognized exchanges, the observable market prices represent quotations for completed transactions from the exchange on which the financial instrument is principally traded. A substantial percentage of the fair value of the Company's financial instruments and other inventory positions owned and financial instruments and other inventory positions sold, but not yet purchased, are based on observable market prices, observable market parameters, or derived from broker or dealer prices. The availability of observable market prices and pricing parameters can vary from product to product. Where available, observable market prices and pricing or market parameters in a product may be used to derive a price without requiring significant judgment. In certain markets, observable market prices or market parameters are not available for all products, and fair value is determined using techniques appropriate for each particular product. These techniques involve some degree of judgment. Results from valuation models and other techniques in one period may not be indicative of future period fair value measurement. For investments in illiquid or privately held securities that do not have readily determinable fair values, the determination of fair value requires the Company to estimate the value of the securities using the best information available. Among the factors considered by the Company in determining the fair value of such financial instruments are the cost, terms and liquidity of the investment, the financial condition and operating results of the issuer, the quoted market price of publicly traded securities with similar quality and yield, and other factors generally pertinent to the valuation of investments. In instances where a security is subject to transfer restrictions, the value of the security is based primarily on the quoted price of a similar security without restriction but may be reduced by an amount estimated to reflect such restrictions. In addition, even where the Company derives the value of a security based on information from an independent source, certain assumptions may be required to determine the security's fair value. For instance, the Company assumes that the size of positions in securities that it holds would not be large enough to affect the quoted price of the securities if the Company sells them, and that any such sale would happen in an orderly manner. The actual value realized upon disposition could be different from the currently estimated fair value.
Fixed Assets	Fixed Assets Fixed assets include furniture and equipment, software, and leasehold improvements. Furniture and equipment and software are depreciated using the straight-line method over estimated useful lives of three
Leases	Leases A lease is a contract, or part of a contract, that conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. In making this determination, the Company considers if it obtains substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company leases its corporate headquarters and other offices under various non-cancelable leases, all of which are operating leases. In addition to rent, the leases require payment of real estate taxes, insurance and common area maintenance. Some of the leases contain renewal and/or termination options, escalation clauses, rent-free holidays and operating cost adjustments. The original terms of the Company's lease agreements generally range up to 12 years. The Company recognizes a right-of-use ("ROU") lease asset and lease liability on the consolidated statements of financial condition for all leases with a term greater than 12 months. The lease liability represents the Company’s obligation to make future lease payments and is recorded at an amount equal to the present value of the remaining lease payments due over the lease term. The ROU lease asset, which represents the right to use the underlying asset during the lease term, is measured based on the carrying value of the lease liability, adjusted for other items, such as lease incentives and uneven rent payments. The discount rate used to determine the present value of the remaining lease payments reflects the Company’s incremental borrowing rate, which is the rate the Company would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. In calculating its discount rates, the Company takes into consideration a financing arrangement that is on a secured (i.e., collateralized) basis, as well as market interest rates and spreads, other reference points, and the respective tenors of the Company’s designated lease term ranges. The Company applies the portfolio approach in determining the discount rates for its leases. For leases that contain escalation clauses or rent-free holidays, the Company recognizes the related rent expense on a straight-line basis from the date the Company takes possession of the property to the end of the initial lease term. The Company records any difference between the straight-line rent expense and amounts paid under the leases as part of the amortization of the ROU lease asset. Cash or lease incentives received upon entering into certain leases are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property or receives the cash to the end of the initial lease term. Lease incentives, which initially reduce the ROU lease asset, are a component of the amortization of the ROU lease asset. Rent expense for leases with a term of 12 months or less is recorded on a straight-line basis over the lease term in the consolidated statements of operations.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the fair value of the consideration transferred in excess of the fair value of identifiable net assets at the acquisition date. The Company tests goodwill and indefinite-life intangible assets for impairment on an annual basis and on an interim basis when circumstances exist that could indicate possible impairment. The Company tests for impairment at the reporting unit level, which is generally one level below its operating segments. The Company has identified one reporting unit: Capital Markets. When testing for impairment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after making an assessment, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then further analysis is unnecessary. However, if the Company concludes otherwise, then the Company is required to perform a quantitative goodwill test, which requires management to make judgments in determining what assumptions to use in the calculation. The quantitative goodwill test compares the fair value of the reporting unit to its carrying value, including allocated goodwill. An impairment is recognized for the excess amount of a reporting unit's carrying value over its fair value. The estimated fair value of the reporting unit is derived based on valuation techniques that a market participant would use. The Company estimates the fair value of the reporting unit using the income approach (discounted cash flow method) and market approach (earnings and/or transaction multiples). Intangible assets with determinable lives consist of customer relationships and internally developed software that are amortized over their original estimated useful lives ranging from one See Note 11 for additional information on the Company's impairment testing of goodwill and intangible assets.
Investments	InvestmentsThe Company's investments include equity investments in private companies and partnerships. Equity investments in private companies are accounted for at fair value. Investments in partnerships are accounted for under the equity method, which is generally the net asset value.
Other Assets	Other Assets Other assets include receivables and prepaid expenses. Receivables primarily include fee receivables and loans made to employees, typically in connection with their recruitment. Employee loans are forgiven based on continued employment and are amortized to compensation and benefits expense using the straight-line method over the respective terms of the loans, which generally range from one
Revenue Recognition	Revenue Recognition Investment Banking – Investment banking revenues, which include advisory and underwriting fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented gross of related client reimbursed deal expenses. Expenses for completed deals are reported separately in deal-related expenses on the consolidated statements of operations. Expenses related to investment banking deals not completed are recognized as non-interest expenses in their respective category on the consolidated statements of operations. The Company's advisory fees generally consist of a nonrefundable up-front fee and a success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management's judgment is required in determining when a transaction is considered to be terminated. Certain engagements, such as restructuring advisory fees, consist of services provided on an ongoing basis, and are recognized over time as the performance obligation is satisfied. The substantial majority of the Company's advisory and underwriting fees (i.e., the success-related advisory fee) are considered variable consideration and recognized when it is probable that the variable consideration will not be reversed in a future period. The variable consideration is considered to be constrained until satisfaction of the performance obligation. The Company's performance obligation is generally satisfied at a point in time upon the closing of a strategic transaction, completion of a financing or underwriting arrangement, or some other defined outcome (e.g., providing a fairness opinion). At this time, the Company has transferred control of the promised service and the customer obtains control. As these arrangements represent a single performance obligation, allocation of the transaction price is not necessary. The Company has elected to apply the following optional exemptions regarding disclosure of its remaining performance obligations: (i) the Company's performance obligation is part of a contract that has an original expected duration of one year or less and/or (ii) the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation. Institutional Brokerage – Institutional brokerage revenues include (i) commissions received from customers for the execution of brokerage transactions in listed and over-the-counter (OTC) equity, fixed income and convertible debt securities, which are recognized at a point in time on the trade date because the customer has obtained the rights to the underlying security provided by the trade execution service, (ii) trading gains and losses, recorded based on changes in the fair value of long and short security positions in the reporting period, (iii) fees earned by PSLS related to the brokering of loans and servicing rights in market liquidity transactions, which are recognized at a point in time on the trade date, and (iv) fees received by the Company for equity research. The Company permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as commission share agreements or "soft dollar" arrangements. As the Company is not acting as a principal in satisfying the performance obligation for these arrangements, expenses relating to soft dollars are netted against commission revenues and included in other liabilities and accrued expenses on the consolidated statements of financial condition. Interest Revenue and Expense – The Company nets interest expense within net revenues to mitigate the effects of fluctuations in interest rates on the Company's consolidated statements of operations. The Company recognizes contractual interest on financial instruments owned and financial instruments sold, but not yet purchased (excluding derivative instruments), on an accrual basis as a component of interest revenue and expense. The Company accounts for interest related to its short-term and long-term financing arrangements on an accrual basis with related interest recorded as interest expense. Investment Income – Investment income includes realized and unrealized gains and losses from the Company's merchant banking, healthcare and other firm investments, as well as management and performance fees generated from the Company’s alternative asset management funds. The performance obligation related to the transfer of management and investment advisory services is satisfied over time and the related management fees are recognized under the output method, which reflects the fees that the Company has a right to invoice based on the services provided during the period. Fees are defined as a percentage of committed and/or invested capital. Amounts related to remaining performance obligations are not disclosed as the Company applies the output method. Performance fees, if earned, are recognized when it is probable that such revenue will not be reversed in a future period. Management will consider such factors as the remaining assets and residual life of the fund to conclude whether it is probable that a significant reversal of revenue will not occur in the future. See Note 21 for revenues from contracts with customers disaggregated by major business activity.
Stock-based Compensation	Stock-Based Compensation FASB Accounting Standards Codification Topic 718, "Compensation – Stock Compensation," ("ASC 718") requires all stock-based compensation to be expensed on the consolidated statements of operations based on the grant date fair value of the award. Compensation expense related to stock-based awards that do not require future service are recognized in the year in which the awards were deemed to be earned. Stock-based awards that require future service are amortized over the relevant service period. Forfeitures of awards with service conditions are accounted for when they occur. See Note 19 for additional information on the Company's accounting for stock-based compensation.
Income Taxes	Income Taxes The Company files a consolidated U.S. federal income tax return, which includes all of its qualifying subsidiaries. The Company is also subject to income tax in various states and municipalities and those foreign jurisdictions in which it operates. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The realization of deferred tax assets is assessed and a valuation allowance is recognized to the extent that it is more likely than not that any portion of a deferred tax asset will not be realized. Tax reserves for uncertain tax positions are recorded in accordance with FASB Accounting Standards Codification Topic 740, "Income Taxes" ("ASC 740").
Earnings Per Share	Earnings Per Share Basic earnings per common share is computed by dividing net income applicable to common shareholders 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. For periods prior to 2020, the Company calculated earnings per share using the two-class method. See Note 20 for additional information on the Company's calculation of earnings per share.
Foreign Currency Translation	Foreign Currency Translation The Company consolidates foreign subsidiaries which have designated their local currency as their functional currency. Assets and liabilities of these foreign subsidiaries are translated at period-end rates of exchange. The gains or losses resulting from translating foreign currency financial statements are included in other comprehensive income/(loss). Gains or losses resulting from foreign currency transactions are included in net income.
Contingencies	Contingencies The Company is involved in various pending and potential legal proceedings related to its business, including litigation, arbitration and regulatory proceedings. The Company establishes reserves for potential losses to the extent that claims are probable of loss and the amount of the loss can be reasonably estimated. The determination of the outcome and reserve amounts requires significant judgment on the part of the Company's management.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
Acquisitions (Tables)	Dec. 31, 2021
Business Combinations [Abstract]
Estimated fair values of assets acquired and liabilities assumed	The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition, including measurement period adjustments: (Amounts in thousands) Assets Cash and cash equivalents $ 27,420 Receivables from brokers, dealers and clearing organizations 192,675 Fixed assets 6,789 Goodwill 94,360 Intangible assets 157,800 Investments 685 Right-of-use lease asset 39,607 Other assets 9,628 Total assets acquired 528,964 Liabilities Accrued compensation 71,398 Accrued lease liability 39,613 Other liabilities and accrued expenses 16,441 Due to Sandler O'Neill (1) 40,673 Total liabilities assumed 168,125 Net assets acquired $ 360,839 (1) Represents the amount of excess tangible book value received by the Company on the date of acquisition. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: (Amounts in thousands) Assets Cash and cash equivalents $ 8,181 Fixed assets 256 Goodwill 33,300 Intangible assets 14,800 Right-of-use lease asset 3,279 Other assets 4,190 Total assets acquired 64,006 Liabilities Accrued lease liability 3,279 Other liabilities and accrued expenses 10,393 Total liabilities assumed 13,672 Net assets acquired $ 50,334 The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition, including measurement period adjustments: (Amounts in thousands) Assets Cash and cash equivalents $ 7 Goodwill 12,199 Intangible assets 5,300 Right-of-use lease asset 1,818 Other assets 6,215 Total assets acquired 25,539 Liabilities Accrued lease liability 1,818 Other liabilities and accrued expenses 7 Total liabilities assumed 1,825 Net assets acquired $ 23,714 The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition, including measurement period adjustments: (Amounts in thousands) Assets Cash and cash equivalents $ 4,351 Receivables from brokers, dealers and clearing organizations 1,623 Fixed assets 289 Goodwill 5,794 Intangible assets 16,700 Right-of-use lease asset 6,811 Other assets 7,675 Total assets acquired 43,243 Liabilities Accrued compensation 2,156 Accrued lease liability 6,811 Other liabilities and accrued expenses 10,251 Total liabilities assumed 19,218 Net assets acquired $ 24,025
Unaudited pro forma information	Year Ended December 31, (Amounts in thousands) 2020 2019 Net revenues $ 1,289,331 $ 1,252,260 Net income from continuing operations applicable to Piper Sandler Companies 44,453 73,952

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
Discontinued Operations (Tables)	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of components of discontinued operations	The components of discontinued operations were as follows: Year Ended (Amounts in thousands) December 31, 2019 Net revenues $ 26,546 Operating expenses 22,589 Intangible asset amortization (1) 5,465 Restructuring costs 10,268 Total non-interest expenses 38,322 Loss from discontinued operations before income tax benefit (11,776) Income tax benefit (2,522) Loss from discontinued operations before gain on sales (9,254) Gain on sales, net of tax 33,026 Income from discontinued operations, net of tax $ 23,772 (1) Includes $2.9 million of intangible asset impairment related to the ARI trade name.

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)	12 Months Ended
	Dec. 31, 2021
Financial Instruments Owned and Sold, Not yet Purchased [Abstract]
Schedule of Financial Instruments Owned and Financial Instruments Sold, but Not Yet Purchased by Type	December 31, December 31, (Amounts in thousands) 2021 2020 Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 2,831 $ 1,349 Convertible securities 148,057 146,088 Fixed income securities 8,687 18,432 Municipal securities: Taxable securities 12,377 6,267 Tax-exempt securities 97,891 67,944 Short-term securities 29,357 28,592 Mortgage-backed securities 1,277 13 U.S. government agency securities 24,361 9,146 U.S. government securities 138 100,275 Derivative contracts 23,998 23,446 Total financial instruments and other inventory positions owned $ 348,974 $ 401,552 Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 77,744 $ 105,190 Fixed income securities 4,950 18,789 U.S. government securities 41,780 21,669 Derivative contracts 4,216 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 128,690 $ 151,030
Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount	The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position: December 31, 2021 December 31, 2020 (Amounts in thousands) Derivative Derivative Notional Derivative Derivative Notional Derivative Category Assets (1) Liabilities (2) Amount Assets (1) Liabilities (2) Amount Interest rate Customer matched-book $ 157,064 $ 149,353 $ 1,630,056 $ 233,116 $ 223,218 $ 1,955,131 Trading securities — 1,560 65,925 — 4,225 55,375 $ 157,064 $ 150,913 $ 1,695,981 $ 233,116 $ 227,443 $ 2,010,506 (1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition. (2) Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.
Unrealized Gains/(Losses) on Derivative Instruments	The following table presents the Company's unrealized gains/(losses) on derivative instruments: (Amounts in thousands) Year Ended December 31, Derivative Category Operations Category 2021 2020 2019 Interest rate derivative contract Investment banking $ (1,786) $ (1,407) $ (912) Interest rate derivative contract Institutional brokerage 2,264 (1,881) 2,417 $ 478 $ (3,288) $ 1,505

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Information about Significant Unobservable Inputs used in Fair Value Measurement	The following table summarizes quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's Level III financial instruments as of December 31, 2021: Valuation Weighted Technique Unobservable Input Range Average (1) Assets Financial instruments and other inventory positions owned: Municipal securities: Tax-exempt securities Discounted cash flow Expected recovery rate (% of par) (2) 0 - 25% 13.4% Derivative contracts: Interest rate locks Discounted cash flow Premium over the MMD curve in basis points ("bps") (2) 7 - 15 bps 11.0 bps Investments at fair value: Equity securities in private companies Market approach Revenue multiple (2) 2 - 5 times 3.2 times EBITDA multiple (2) 11 - 13 times 12.0 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) 6 - 42 bps 13.7 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 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 following table summarizes the valuation of the Company's financial instruments by pricing observability levels defined in ASC 820 as of December 31, 2020: Counterparty and Cash Collateral (Amounts in thousands) Level I Level II Level III Netting (1) Total Assets Financial instruments and other inventory positions owned: Corporate securities: Equity securities $ 330 $ 1,019 $ — $ — $ 1,349 Convertible securities — 146,088 — — 146,088 Fixed income securities — 18,432 — — 18,432 Municipal securities: Taxable securities — 6,267 — — 6,267 Tax-exempt securities — 67,944 — — 67,944 Short-term securities — 28,592 — — 28,592 Mortgage-backed securities — — 13 — 13 U.S. government agency securities — 9,146 — — 9,146 U.S. government securities 100,275 — — — 100,275 Derivative contracts — 232,846 270 (209,670) 23,446 Total financial instruments and other inventory positions owned 100,605 510,334 283 (209,670) 401,552 Cash equivalents 468,091 — — — 468,091 Investments at fair value (2) 16,496 5,358 152,995 — 174,849 Total assets $ 585,192 $ 515,692 $ 153,278 $ (209,670) $ 1,044,492 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Corporate securities: Equity securities $ 102,013 $ 3,177 $ — $ — $ 105,190 Fixed income securities — 18,789 — — 18,789 U.S. government securities 21,669 — — — 21,669 Derivative contracts — 223,737 3,706 (222,061) 5,382 Total financial instruments and other inventory positions sold, but not yet purchased $ 123,682 $ 245,703 $ 3,706 $ (222,061) $ 151,030 (1) Represents cash collateral and the impact of netting on a counterparty basis. The Company had no securities posted as collateral to its counterparties. (2) Includes noncontrolling interests of $94.9 million 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 December 31, Transfers Transfers gains/ gains/ December 31, December 31, (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 $ — $ — $ — $ 502 $ — $ — $ (255) $ 247 $ (255) Mortgage-backed securities 13 — — — — — (13) — — Derivative contracts 270 — (256) — — 256 456 726 726 Total financial instruments and other inventory positions owned 283 — (256) 502 — 256 188 973 471 Investments at fair value 152,995 42,100 (57,251) — (63,957) 40,306 28,093 142,286 19,990 Total assets $ 153,278 $ 42,100 $ (57,507) $ 502 $ (63,957) $ 40,562 $ 28,281 $ 143,259 $ 20,461 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 3,706 $ (3,225) $ — $ — $ — $ 3,225 $ (1,808) $ 1,898 $ 1,898 Total financial instruments and other inventory positions sold, but not yet purchased $ 3,706 $ (3,225) $ — $ — $ — $ 3,225 $ (1,808) $ 1,898 $ 1,898 Unrealized gains/ (losses) for assets/ Balance at Realized Unrealized Balance at liabilities held at December 31, Transfers Transfers gains/ gains/ December 31, December 31, (Amounts in thousands) 2019 Purchases Sales in out (losses) (losses) 2020 2020 Assets Financial instruments and other inventory positions owned: Mortgage-backed securities $ 13 $ — $ — $ — $ — $ — $ — $ 13 $ — Derivative contracts 8 1,005 (535) — — (470) 262 270 270 Total financial instruments and other inventory positions owned 21 1,005 (535) — — (470) 262 283 270 Investments at fair value 132,329 16,133 (6,285) — (130) (3,264) 14,212 152,995 8,711 Total assets $ 132,350 $ 17,138 $ (6,820) $ — $ (130) $ (3,734) $ 14,474 $ 153,278 $ 8,981 Liabilities Financial instruments and other inventory positions sold, but not yet purchased: Derivative contracts $ 1,563 $ (14,983) $ 379 $ — $ — $ 14,604 $ 2,143 $ 3,706 $ 3,706 Total financial instruments and other inventory positions sold, but not yet purchased $ 1,563 $ (14,983) $ 379 $ — $ — $ 14,604 $ 2,143 $ 3,706 $ 3,706

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2021
Items Included in Consolidated Statement of Financial Condition [Abstract]
Schedule of Consolidated Variable Interest Entities	The following table presents information about the carrying value of the assets and liabilities of the VIEs that are consolidated by the Company and included on the consolidated statements of financial condition at December 31, 2021. The assets can only be used to settle the liabilities of the respective VIE, and the creditors of the VIEs do not have recourse to the general credit of the Company. 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 $ 219,270 Other assets 6,264 Total assets $ 225,534 Liabilities Other liabilities and accrued expenses $ 4,776 Total liabilities $ 4,776

Receivables from and Payables_2

Receivables from and Payables to Brokers, Dealers and Clearing Organizations (Tables)	12 Months Ended
	Dec. 31, 2021
Brokers and Dealers [Abstract]
Receivables from and Payables to Brokers, Dealers and Clearing Organizations	December 31, December 31, (Amounts in thousands) 2021 2020 Receivable from clearing organizations $ 226,731 $ 184,662 Receivable from brokers and dealers 24,056 33,514 Other 3,343 3,315 Total receivables from brokers, dealers and clearing organizations $ 254,130 $ 221,491 December 31, December 31, (Amounts in thousands) 2021 2020 Payable to brokers and dealers $ 13,247 $ 18,591 Total payables to brokers, dealers and clearing organizations $ 13,247 $ 18,591

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Schedule of Investments	The Company's investments include investments in private companies and partnerships. December 31, December 31, (Amounts in thousands) 2021 2020 Investments at fair value $ 239,376 $ 174,849 Investments at cost 611 611 Investments accounted for under the equity method 12,058 7,719 Total investments 252,045 183,179 Less investments attributable to noncontrolling interests (1) (164,565) (94,900) $ 87,480 $ 88,279 (1) Noncontrolling interests are attributable to unrelated third party ownership in consolidated alternative asset management funds.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	December 31, December 31, (Amounts in thousands) 2021 2020 Fee receivables $ 51,403 $ 38,840 Forgivable loans, net 12,040 5,526 Prepaid expenses 18,989 14,585 Other 28,173 16,092 Total other assets $ 110,605 $ 75,043

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
Goodwill and Intangible Assets (Tables)	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill and Intangible Assets	(Amounts in thousands) Goodwill Balance at December 31, 2019 $ 87,649 Goodwill acquired 139,859 Balance at December 31, 2020 $ 227,508 Goodwill acquired — Balance at December 31, 2021 $ 227,508 Intangible assets Balance at December 31, 2019 $ 16,686 Intangible assets acquired 177,900 Amortization of intangible assets (44,728) Balance at December 31, 2020 $ 149,858 Intangible assets acquired — Amortization of intangible assets (30,080) Balance at December 31, 2021 $ 119,778
Schedule of Expected Amortization Expense	The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives: (Amounts in thousands) 2022 $ 9,344 2023 7,442 2024 6,292 2025 5,302 2026 4,825 Thereafter 1,173 Total $ 34,378

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
Fixed Assets (Tables)	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	December 31, December 31, (Amounts in thousands) 2021 2020 Furniture and equipment $ 54,763 $ 50,971 Leasehold improvements 61,218 55,510 Software 12,603 12,214 Total 128,584 118,695 Accumulated depreciation and amortization (76,823) (74,883) Fixed assets, net of accumulated depreciation and amortization $ 51,761 $ 43,812

Contingencies, Commitments an_2

Contingencies, Commitments and Guarantees (Tables)	12 Months Ended
Contingencies, Commitments and Guarantees (Tables)	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of aggregate minimum lease commitments under operating leases	Aggregate minimum lease commitments on an undiscounted basis for the Company's operating leases (including short-term leases) as of December 31, 2021 were as follows: (Amounts in thousands) 2022 $ 23,831 2023 20,040 2024 17,846 2025 15,847 2026 13,868 Thereafter 17,790 Total $ 109,222
Schedule of operating lease costs and sublease income from continuing operations	The following table summarizes the Company's operating lease costs and sublease income from continuing operations: Year Ended December 31, (Amounts in millions) 2021 2020 2019 Operating lease costs $ 20.7 $ 21.9 $ 12.1 Operating lease costs related to short-term leases 0.9 0.8 0.7 Sublease income 0.7 1.8 1.6

Restructuring and Integration_2

Restructuring and Integration Costs (Tables)	12 Months Ended
Restructuring and Integration Costs (Tables)	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Pre-tax Restructuring Charges	The Company incurred restructuring and integration costs from continuing operations for the year ended December 31, 2021, primarily associated with its vacated leased office space in conjunction with its acquisitions of TRS and Valence. Additionally, the Company incurred integration costs primarily related to its acquisition of Cornerstone Macro and the announced acquisition of Stamford Partners LLP ("Stamford Partners"), as discussed in Note 25. The Company incurred restructuring and integration costs from continuing operations for the year ended December 31, 2020, primarily in conjunction with its acquisitions of Sandler O'Neill, Valence and TRS. The Company incurred restructuring and integration costs from continuing operations for the year ended December 31, 2019, primarily in conjunction with its acquisition of Weeden & Co. and the pending acquisition of Sandler O'Neill. Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Vacated leased office space $ 3,404 $ 2,481 $ 1,726 Severance, benefits and outplacement 317 3,032 2,938 Contract termination — 891 2,798 Total restructuring costs 3,721 6,404 7,462 Integration costs 1,003 4,351 6,859 Total restructuring and integration costs $ 4,724 $ 10,755 $ 14,321

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
Compensation Plans (Tables)	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Outstanding Equity Awards	The following table provides a summary of the Company's outstanding equity awards (in shares or units) as of December 31, 2021: Incentive Plan Restricted Stock Annual grants 529,582 Sign-on grants 85,843 615,425 2019 Inducement Plan Restricted Stock 95,348 2020 Inducement Plan Restricted Stock 1,268,228 Total restricted stock related to compensation plans 1,979,001 Restricted stock related to acquisitions (1) 1,816,211 Total restricted stock outstanding 3,795,212 Incentive Plan Restricted Stock Units 158,393 Incentive Plan Stock Options 81,667 (1) The Company issued restricted stock with service conditions in conjunction with the acquisitions of Sandler O'Neill, Valence and TRS. See Note 3 for further discussion.
Schedule of RSU Performance Condition Probability	As of December 31, 2021, the Company has determined that the probability of achieving the performance condition for each award is as follows: Grant Year Probability of Achieving Performance Condition 2021 75% 2020 75% 2019 75%
Schedule of RSU Valuation Assumptions	Up to 75 percent of the award can be earned based on the Company's total shareholder return relative to members of a predetermined peer group. The market condition must be met for the awards to vest and compensation cost will be recognized regardless if the market condition is satisfied. Compensation expense is amortized on a straight-line basis over the 36-month requisite service period. Employees forfeit unvested restricted stock units upon termination of employment with a corresponding reversal of compensation expense. For this portion of the awards, the fair value on the grant date was determined using a Monte Carlo simulation with the following assumptions: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2021 0.23% 43.2% 2020 1.40% 27.3% 2019 2.50% 31.9% 2018 2.40% 34.8% 2017 1.62% 35.9% Up to 50 percent of the award was earned based on the Company's total shareholder return relative to members of a predetermined peer group and up to 50 percent of the award was earned based on the Company's total shareholder return. The fair value of the award on the grant date was determined using a Monte Carlo simulation with the following assumptions pursuant to the methodology above: Risk-free Expected Stock Grant Year Interest Rate Price Volatility 2016 0.98% 34.9%
Schedule of Stock Options Valuation Assumptions	The fair value of this stock option award was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Risk-free interest rate 2.82 % Dividend yield 3.22 % Expected stock price volatility 37.20 % Expected life of options (in years) 7.0 Fair value of options granted (per share) $ 24.49
Schedule of Stock-Based Compensation Expense	The following table summarizes the Company's stock-based compensation activity within continuing operations: Year Ended December 31, (Amounts in millions) 2021 2020 2019 Stock-based compensation expense $ 170.1 $ 120.8 $ 30.8 Forfeitures 1.6 2.3 2.6 Tax benefit related to stock-based compensation expense 23.8 15.6 5.4
Summary of 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, 2018 1,569,795 $ 53.80 Granted 463,088 74.05 Vested (1,306,844) 47.30 Canceled (31,814) 76.20 December 31, 2019 694,225 $ 78.52 Granted 3,968,340 74.82 Vested (283,934) 80.64 Canceled (66,074) 77.68 December 31, 2020 4,312,557 $ 74.99 Granted 353,753 108.21 Vested (850,355) 81.29 Canceled (20,743) 90.27 December 31, 2021 3,795,212 $ 76.59
Summary of 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, 2018 194,251 $ 48.97 Granted 39,758 75.78 Vested (103,707) 19.93 Canceled (15,987) 45.79 December 31, 2019 114,315 $ 85.09 Granted 56,066 86.01 Vested (18,255) 84.10 Canceled (6,078) 84.10 December 31, 2020 146,048 $ 85.60 Granted 62,569 103.69 Vested (50,224) 92.93 Canceled — — December 31, 2021 158,393 $ 90.43
Summary of Changes in 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, 2018 81,667 $ 99.00 9.1 $ — Granted — — Exercised — — Canceled — — Expired — — December 31, 2019 81,667 $ 99.00 8.1 $ — Granted — — Exercised — — Canceled — — Expired — — December 31, 2020 81,667 $ 99.00 7.1 $ 155,167 Granted — — Exercised — — Canceled — — Expired — — December 31, 2021 81,667 $ 99.00 6.1 $ 6,493,343 Options exercisable at December 31, 2021 27,222 $ 99.00 6.1 $ 2,164,421

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2021
Earnings Per Share [Abstract]
Computation of Earnings per Share	The computation of EPS is as follows: Year Ended December 31, (Amounts in thousands, except per share data) 2021 2020 2019 Net income from continuing operations applicable to Piper Sandler Companies $ 278,514 $ 40,504 $ 87,939 Net income from discontinued operations — — 23,772 Net income applicable to Piper Sandler Companies 278,514 40,504 111,711 Earnings allocated to participating securities — — (4,511) (1) Net income applicable to Piper Sandler Companies' common shareholders $ 278,514 $ 40,504 $ 107,200 (2) Shares for basic and diluted calculations: Average shares used in basic computation 14,265 13,781 13,555 Stock options 14 — — Restricted stock units 187 135 162 Non-participating restricted shares 2,488 985 220 Average shares used in diluted computation 16,955 14,901 13,937 Earnings per basic common share: Income from continuing operations $ 19.52 $ 2.94 $ 6.21 Income from discontinued operations — — 1.69 Earnings per basic common share $ 19.52 $ 2.94 $ 7.90 Earnings per diluted common share: Income from continuing operations $ 16.43 $ 2.72 $ 6.05 Income from discontinued operations — — 1.65 Earnings per diluted common share $ 16.43 $ 2.72 $ 7.69 (1) Represents the allocation of distributed and undistributed earnings to participating securities. No allocation of undistributed earnings is made for periods in which a loss is incurred, or for periods in which cash dividends exceed net income resulting in an undistributed loss. Distributed earnings (e.g., dividends) are allocated to participating securities. Participating securities include the Company's unvested restricted shares issued prior to the 2019 Annual Grant. The weighted average participating shares outstanding were 513,220 for the year ended December 31, 2019. (2) Net income applicable to Piper Sandler Companies' common shareholders for diluted and basic EPS may differ under the two-class method as a result of adding the effect of the assumed exercise of stock options, restricted stock units and non-participating restricted shares to dilutive shares outstanding, which alters the ratio used to allocate earnings to Piper Sandler Companies' common shareholders and participating securities for purposes of calculating diluted and basic EPS.

Revenues and Business Informa_2

Revenues and Business Information (Tables)	12 Months Ended
Revenues and Business Information (Tables)	Dec. 31, 2021
Segment Reporting [Abstract]
Reportable Financial Results	Reportable financial results from continuing operations are as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Capital Markets Investment banking Advisory services $ 1,026,138 $ 443,327 $ 440,695 Corporate financing 362,797 295,333 105,256 Municipal financing 164,284 119,816 83,441 Total investment banking 1,553,219 858,476 629,392 Institutional brokerage Equity brokerage 154,067 161,445 87,555 Fixed income services 233,510 196,308 80,336 Total institutional brokerage 387,577 357,753 167,891 Interest income 6,967 13,164 26,741 Investment income 94,032 23,265 22,275 Total revenues 2,041,795 1,252,658 846,299 Interest expense 10,734 14,445 11,733 Net revenues 2,031,061 1,238,213 834,566 Non-interest expenses 1,589,549 1,169,665 715,587 Pre-tax income $ 441,512 $ 68,548 $ 118,979 Pre-tax margin 21.7 % 5.5 % 14.3 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of income tax expense from continuing operations are as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Current: Federal $ 124,389 $ 43,445 $ (404) State 36,793 14,551 123 Foreign 3,818 150 96 165,000 58,146 (185) Deferred: Federal (41,980) (27,995) 19,071 State (10,874) (10,510) 5,517 Foreign (1,002) (449) 174 (53,856) (38,954) 24,762 Total income tax expense from continuing operations $ 111,144 $ 19,192 $ 24,577 Total income tax expense from discontinued operations $ — $ — $ 8,370
Effective Income Tax Rate Reconciliation	A reconciliation of federal income taxes from continuing operations at statutory rates to the Company's effective tax rates is as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Federal income tax expense at statutory rates $ 92,718 $ 14,395 $ 24,986 Increase/(reduction) in taxes resulting from: Impact of the CARES Act — (2,438) — State income taxes, net of federal tax benefit 19,020 4,396 4,906 Net tax-exempt interest income (754) (1,661) (1,643) Foreign jurisdictions tax rate differential 978 48 (438) Non-deductible compensation 9,013 6,163 3,293 Change in valuation allowance 49 446 (209) Vestings of stock awards (2,732) (337) (5,171) Income attributable to noncontrolling interests (10,889) (1,859) (1,357) Other, net 3,741 39 210 Total income tax expense from continuing operations $ 111,144 $ 19,192 $ 24,577
Schedule of Net Deferred Income Tax Assets and Liabilities	Deferred income tax assets and liabilities reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The net deferred income tax assets consisted of the following items: December 31, December 31, (Amounts in thousands) 2021 2020 Deferred tax assets: Deferred compensation $ 118,470 $ 78,155 Accrued lease liability 22,086 24,067 Goodwill tax basis in excess of book basis 40,183 30,174 Net operating loss carryforwards 5,094 4,665 Liabilities/accruals not currently deductible 3,019 1,357 Other 4,241 2,478 Total deferred tax assets 193,093 140,896 Valuation allowance (5,094) (5,045) Deferred tax assets after valuation allowance 187,999 135,851 Deferred tax liabilities: Right-of-use lease asset 17,430 19,759 Unrealized gains on firm investments 3,533 5,610 Fixed assets 8,372 5,686 Other 464 577 Total deferred tax liabilities 29,799 31,632 Net deferred tax assets $ 158,200 $ 104,219
Changes in Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Amounts in thousands) Balance at December 31, 2018 $ 774 Additions based on tax positions related to the current year — Additions for tax positions of prior years 4,128 Reductions for tax positions of prior years (358) Settlements (285) Balance at December 31, 2019 $ 4,259 Additions based on tax positions related to the current year — Additions for tax positions of prior years — Reductions for tax positions of prior years (3,212) Settlements (943) Balance at December 31, 2020 $ 104 Additions based on tax positions related to the current year — Additions for tax positions of prior years 1,743 Reductions for tax positions of prior years (38) Settlements (66) Balance at December 31, 2021 $ 1,743

Parent Company only and PSLS (T

Parent Company only and PSLS (Tables)	12 Months Ended
Parent Company only and PSLS (Tables)	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Condensed Statements of Financial Condition	Condensed Statements of Financial Condition December 31, December 31, (Amounts in thousands) 2021 2020 Assets Cash and cash equivalents $ 200 $ 200 Investment in and advances to subsidiaries 1,270,666 1,066,069 Other assets 15,545 9,311 Total assets $ 1,286,411 $ 1,075,580 Liabilities and Shareholders' Equity Long-term financing $ 125,000 $ 195,000 Accrued compensation 94,795 47,647 Other liabilities and accrued expenses 4,406 3,508 Total liabilities 224,201 246,155 Shareholders' equity 1,062,210 829,425 Total liabilities and shareholders' equity $ 1,286,411 $ 1,075,580
Condensed Statements of Operations	Condensed Statements of Operations Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Revenues: Dividends from subsidiaries $ 74,456 $ 42,450 $ 54,762 Interest income 508 829 815 Investment income 2,723 1,565 2,012 Total revenues 77,687 44,844 57,589 Interest expense 8,606 10,568 1,910 Net revenues 69,081 34,276 55,679 Non-interest expenses: Total non-interest expenses 7,522 2,049 4,851 Income from continuing operations before income tax expense and equity in income of subsidiaries 61,559 32,227 50,828 Income tax expense 15,636 8,186 11,215 Income from continuing operations of parent company 45,923 24,041 39,613 Equity in undistributed income of subsidiaries 232,591 16,463 99,005 Net income from continuing operations 278,514 40,504 138,618 Discontinued operations: Loss from discontinued operations, net of tax — — (26,907) Net income applicable to Piper Sandler Companies $ 278,514 $ 40,504 $ 111,711
Condensed Statements of Cash Flows	Condensed Statements of Cash Flows Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Operating Activities: Net income $ 278,514 $ 40,504 $ 111,711 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 1,019 525 643 Equity in undistributed income of subsidiaries (232,591) (16,463) (99,005) Net cash provided by operating activities 46,942 24,566 13,349 Financing Activities: Issuance of long-term financing — — 175,000 Repayment of long-term financing (70,000) — — Advances from/(to) subsidiaries 192,309 25,571 (102,225) Repurchase of common stock (69,901) (21,965) (50,584) Payment of cash dividend (99,350) (28,172) (35,594) Net cash used in financing activities (46,942) (24,566) (13,403) Net decrease in cash and cash equivalents — — (54) Cash and cash equivalents at beginning of year 200 200 254 Cash and cash equivalents at end of year $ 200 $ 200 $ 200
Condensed Statement of Financial Condition of PSLS	PSLS Condensed Statements of Financial Condition December 31, December 31, (Amounts in thousands) 2021 2020 Assets Cash and cash equivalents $ 5,075 $ 3,103 Right-of-use lease asset 1,062 1,633 Fee receivables 1,656 506 Prepaid expenses 110 121 Other assets 644 629 Total assets $ 8,547 $ 5,992 Liabilities and Shareholder's Equity Accrued compensation $ 3,446 $ 1,209 Accrued lease liability 1,062 1,633 Other liabilities and accrued expenses 1,122 575 Total liabilities 5,630 3,417 Shareholder's equity 2,917 2,575 Total liabilities and shareholder's equity $ 8,547 $ 5,992

Quarterly Information (unaudi_2

Quarterly Information (unaudited) (Tables)	12 Months Ended
Quarterly Information (unaudited) (Tables)	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Information Schedules	Quarterly Information (unaudited) 2021 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 431,387 $ 511,344 $ 448,233 $ 650,831 Interest expense 2,780 2,696 2,668 2,590 Net revenues 428,607 508,648 445,565 648,241 Total non-interest expenses 345,740 394,588 369,855 479,366 Income from continuing operations before income tax expense 82,867 114,060 75,710 168,875 Income tax expense 17,274 27,066 23,512 43,292 Net income 65,593 86,994 52,198 125,583 Net income applicable to noncontrolling interests 16,134 17,173 6,477 12,070 Net income applicable to Piper Sandler Companies $ 49,459 $ 69,821 $ 45,721 $ 113,513 Net income applicable to Piper Sandler Companies' common shareholders $ 49,459 $ 69,821 $ 45,721 $ 113,513 Earnings per common share Basic $ 3.44 $ 4.86 $ 3.22 $ 8.04 Diluted $ 3.00 $ 4.12 $ 2.68 $ 6.54 Dividends declared per common share $ 2.25 $ 0.45 $ 0.55 $ 3.55 Weighted average number of common shares outstanding Basic 14,374 14,358 14,213 14,119 Diluted 16,467 16,951 17,047 17,357 2020 Fiscal Quarter (Amounts in thousands, except per share data) First Second Third Fourth Total revenues $ 240,380 $ 295,964 $ 307,174 $ 409,140 Interest expense 4,212 3,526 3,455 3,252 Net revenues 236,168 292,438 303,719 405,888 Total non-interest expenses 270,197 285,041 279,070 335,357 Income/(loss) from continuing operations before income tax expense/(benefit) (34,029) 7,397 24,649 70,531 Income tax expense/(benefit) (11,774) 4,700 5,674 20,592 Net income/(loss) (22,255) 2,697 18,975 49,939 Net income/(loss) applicable to noncontrolling interests (7,528) 1,243 7,358 7,779 Net income/(loss) applicable to Piper Sandler Companies $ (14,727) $ 1,454 $ 11,617 $ 42,160 Net income/(loss) applicable to Piper Sandler Companies' common shareholders $ (14,727) $ 1,454 $ 11,617 $ 42,160 Earnings/(loss) per common share Basic $ (1.07) $ 0.11 $ 0.84 $ 3.07 Diluted $ (1.07) $ 0.10 $ 0.78 $ 2.66 Dividends declared per common share $ 1.125 $ 0.20 $ 0.30 $ 0.375 Weighted average number of common shares outstanding Basic 13,796 13,794 13,778 13,755 Diluted 14,411 14,476 14,853 15,860

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021unit
Accounting Policy
Number of Reporting Units	1
Minimum
Accounting Policy
Lease term	12 months
Intangible assets with determinable lives, useful life	1 year
Employee loans term	1 year
Maximum
Accounting Policy
Lease term	12 months
Intangible assets with determinable lives, useful life	8 years
Employee loans term	5 years
Maximum \| Greater than 12 years
Accounting Policy
Lease term	12 years
Furniture and equipment \| Minimum
Accounting Policy
Fixed assets, useful life	3 years
Furniture and equipment \| Maximum
Accounting Policy
Fixed assets, useful life	10 years
Leasehold improvements
Accounting Policy
Fixed assets, useful life	10 years

Acquisitions - Acquisition of S

Acquisitions - Acquisition of SOP Holdings, LLC (Details) - USD ($) $ in Thousands	Jan. 03, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
Goodwill recorded		$ 0	$ 139,859
Transaction costs		$ 1,003	4,351	$ 6,859
Sandler O'Neill
Business Acquisition
Economic value at announcement	$ 485,000
Amount of tangible book value the Company was entitled to receive	$ 100,000
Shares granted in conjunction with the acquisition (in shares)	1,568,670
Value of shares granted in conjunction with the acquisition	$ 124,900
Shares granted as equity consideration (in shares)	34,205
Equity consideration	$ 2,700
Cash consideration	358,100
Net assets acquired	360,839
Acquisition-related compensation arrangements	113,900
Goodwill recorded	94,400
Goodwill, amount expected to be deducted for income tax purposes	93,400
Intangible assets	157,800
Transaction costs			$ 1,200	$ 4,800
Sandler O'Neill \| Trade name
Business Acquisition
Intangible assets	85,400
Sandler O'Neill \| Customer relationships
Business Acquisition
Intangible assets	72,400
Sandler O'Neill \| Deal consideration
Business Acquisition
Net assets acquired	$ 360,800
Sandler O'Neill \| Restricted Stock
Business Acquisition
Shares granted in conjunction with the acquisition (in shares)	1,534,465
Value of shares granted in conjunction with the acquisition	$ 122,200
Vesting period	3 years
Requisite service period	3 years
Acquisition-related compensation arrangements	$ 96,900
Sandler O'Neill \| Restricted Stock \| Weighted Average
Business Acquisition
Award vesting period (in years)	3 years 8 months 12 days
Sandler O'Neill \| Restricted Stock \| 18 Month Vesting Period
Business Acquisition
Award vesting period (in years)	18 months
Sandler O'Neill \| Restricted Stock \| Three Year Vesting Period
Business Acquisition
Award vesting period (in years)	3 years
Sandler O'Neill \| Restricted Stock \| Five Year Vesting Period
Business Acquisition
Award vesting period (in years)	5 years
Sandler O'Neill \| Restricted cash
Business Acquisition
Acquisition-related compensation arrangements	$ 17,000

Acquisitions - Sandler O'Neill

Acquisitions - Sandler O'Neill Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 03, 2020	Dec. 31, 2019
Assets
Goodwill	$ 227,508	$ 227,508		$ 87,649
Sandler O'Neill
Assets
Cash and cash equivalents			$ 27,420
Receivables from brokers, dealers and clearing organizations			192,675
Fixed assets			6,789
Goodwill			94,360
Intangible assets			157,800
Investments			685
Right-of-use lease asset			39,607
Other Assets			9,628
Total assets acquired			528,964
Liabilities
Accrued compensation			71,398
Accrued lease liability			39,613
Other liabilities and accrued expenses			16,441
Due to Sandler O'Neill			40,673
Total liabilities assumed			168,125
Net Assets Acquired
Net assets acquired			$ 360,839

Acquisitions - Acquisition of T

Acquisitions - Acquisition of The Valence Group (Details) - USD ($) $ in Thousands	Apr. 03, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
Goodwill recorded		$ 0	$ 139,859
Transaction costs		1,003	4,351	$ 6,859
The Valence Group
Business Acquisition
Cash consideration	$ 30,300
Unsecured promissory notes entered into as part of the purchase price	20,000
Net assets acquired	$ 50,334
Earn out performance period (in years)	three
Goodwill recorded	$ 33,300
Intangible assets	14,800
Transaction costs		100	$ 2,500
The Valence Group \| Customer relationships
Business Acquisition
Intangible assets	$ 14,800
The Valence Group \| Revenue threshold
Business Acquisition
Amount accrued related to earnout		$ 11,200
The Valence Group \| Restricted Stock
Business Acquisition
Shares granted in conjunction with the acquisition (in shares)	647,268
Value of shares granted in conjunction with the acquisition	$ 31,200
Acquisition-related compensation arrangements	$ 5,500
Vesting period	5 years
The Valence Group \| Restricted Stock \| Five Year Vesting Period
Business Acquisition
Award vesting period (in years)	5 years
The Valence Group \| Deal consideration
Business Acquisition
Net assets acquired	$ 50,300

Acquisitions - Valence Estimate

Acquisitions - Valence Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Apr. 03, 2020	Dec. 31, 2019
Assets
Goodwill	$ 227,508	$ 227,508		$ 87,649
The Valence Group
Assets
Cash and cash equivalents			$ 8,181
Fixed assets			256
Goodwill			33,300
Intangible assets			14,800
Right-of-use lease asset			3,279
Other Assets			4,190
Total assets acquired			64,006
Liabilities
Accrued lease liability			3,279
Other liabilities and accrued expenses			10,393
Total liabilities assumed			13,672
Net Assets Acquired
Net assets acquired			$ 50,334

Acquisitions - Acquisition of_2

Acquisitions - Acquisition of TRS Advisors, LLC (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
Goodwill recorded		$ 0	$ 139,859
Transaction costs		1,003	4,351	$ 6,859
TRS Advisors LLC
Business Acquisition
Cash consideration	$ 23,700
Earn out performance period (in years)	three
Goodwill recorded	$ 12,200
Intangible assets	5,300		5,300
Transaction costs		100	800
TRS Advisors LLC \| Customer relationships
Business Acquisition
Intangible assets	5,300		5,300
TRS Advisors LLC \| Revenue threshold
Business Acquisition
Additional cash consideration, maximum amount	$ 7,000
Amount accrued related to earnout		$ 2,200
TRS Advisors LLC \| Restricted Stock
Business Acquisition
Shares granted in conjunction with the acquisition (in shares)	145,952
Value of shares granted in conjunction with the acquisition	$ 14,700		14,700
Vesting period	5 years
Acquisition-related compensation arrangements	$ 2,900		$ 2,900
TRS Advisors LLC \| Restricted Stock \| Three Year Vesting Period
Business Acquisition
Award vesting period (in years)	3 years

Acquisitions - TRS Estimated Fa

Acquisitions - TRS Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Goodwill	$ 227,508	$ 227,508	$ 87,649
TRS Advisors LLC
Assets
Cash and cash equivalents		7
Goodwill		12,199
Intangible assets		5,300
Right-of-use lease asset		1,818
Other Assets		6,215
Total assets acquired		25,539
Liabilities
Accrued lease liability		1,818
Other liabilities and accrued expenses		7
Total liabilities assumed		1,825
Net Assets Acquired
Net assets acquired		$ 23,714

Acquisitions - Acquisition of W

Acquisitions - Acquisition of Weeden & Co. (Details) - USD ($) $ in Thousands	Aug. 02, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
Goodwill recorded		$ 0	$ 139,859
Transaction costs		1,003	4,351	$ 6,859
Weeden & Co.
Business Acquisition
Economic value of transaction	$ 42,000
Cash consideration	24,000
Goodwill recorded	5,800
Intangible assets	16,700
Transaction costs				$ 1,900
Weeden & Co. \| Customer relationships
Business Acquisition
Intangible assets	12,000
Weeden & Co. \| Internally developed software
Business Acquisition
Intangible assets	4,700
Weeden & Co. \| Net revenue target
Business Acquisition
Additional cash consideration, maximum amount	31,500
Amount paid for earnout		31,500
Non-interest expense recorded related to earnout		$ 6,500	$ 24,100
Weeden & Co. \| Restricted cash
Business Acquisition
Value of shares granted in conjunction with the acquisition	10,100
Weeden & Co. \| Restricted Stock
Business Acquisition
Acquisition-related compensation arrangements	$ 7,300
Requisite service period (in years)	4 years

Acquisitions - Weeden & Co. Est

Acquisitions - Weeden & Co. Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 02, 2019
Assets
Goodwill	$ 227,508	$ 227,508	$ 87,649
Weeden & Co.
Assets
Cash and cash equivalents				$ 4,351
Receivables from brokers, dealers and clearing organizations				1,623
Fixed assets				289
Goodwill				5,794
Intangible assets				16,700
Right-of-use lease asset				6,811
Other Assets				7,675
Total assets acquired				43,243
Liabilities
Accrued compensation				2,156
Accrued lease liability				6,811
Other liabilities and accrued expenses				10,251
Total liabilities assumed				19,218
Net Assets Acquired
Net assets acquired				$ 24,025

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition, Pro Forma Information
Net revenues	$ 1,289,331	$ 1,252,260
Net income from continuing operations applicable to Piper Sandler Companies	$ 44,453	$ 73,952

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds	$ 0	$ 0	$ 52,881
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income tax benefit	0	0	8,370
Gain on sales, net of tax	$ 0	$ 0	33,026
Advisory Research (ARI)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds			53,900
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net revenues			26,546
Operating expenses			22,589
Intangible asset amortization (1)			5,465
Restructuring costs			10,268
Total non-interest expenses			38,322
Loss from discontinued operations before income tax benefit			(11,776)
Income tax benefit			(2,522)
Loss from discontinued operations before gain on sales			(9,254)
Gain on sales, net of tax			33,026
Income from discontinued operations, net of tax			23,772
Advisory Research (ARI) \| Trade name
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Intangible asset amortization (1)			$ 2,900

Financial Instruments and Oth_3

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased - Schedule of Financial Instruments Owned and Financial Instruments Sold, but Not Yet Purchased by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and other inventory positions owned:
Equity securities	$ 2,831	$ 1,349
Convertible securities	148,057	146,088
Fixed income securities	8,687	18,432
Taxable securities	12,377	6,267
Tax-exempt securities	97,891	67,944
Short-term securities	29,357	28,592
Mortgage-backed securities	1,277	13
U.S. government agency securities	24,361	9,146
U.S. government securities	138	100,275
Derivative contracts	23,998	23,446
Total financial instruments and other inventory positions owned	348,974	401,552
Financial instruments and other inventory positions sold, but not yet purchased:
Equity securities	77,744	105,190
Fixed income securities	4,950	18,789
U.S. government securities	41,780	21,669
Derivative contracts	4,216	5,382
Financial instruments and other inventory positions sold, but not yet purchased	128,690	151,030
Financial instruments and other inventory positions owned and pledged as collateral	118,551	130,703
Asset Pledged as Collateral
Financial instruments and other inventory positions sold, but not yet purchased:
Financial instruments and other inventory positions owned and pledged as collateral	$ 118,600	$ 130,700

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	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount	$ 1,695,981	$ 2,010,506
Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets	157,064	233,116
Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities	150,913	227,443
Customer matched-book \| Interest rate derivative contract
Derivative [Line Items]
Derivative, Notional Amount	1,630,056	1,955,131
Customer matched-book \| Interest rate derivative contract \| Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets	157,064	233,116
Customer matched-book \| Interest rate derivative contract \| Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities	149,353	223,218
Trading securities \| Interest rate derivative contract
Derivative [Line Items]
Derivative, Notional Amount	65,925	55,375
Trading securities \| Interest rate derivative contract \| Financial instruments and other inventory positions owned
Derivative [Line Items]
Derivative assets	0	0
Trading securities \| Interest rate derivative contract \| Financial instruments and other inventory positions sold, but not yet purchased
Derivative [Line Items]
Derivative liabilities	$ 1,560	$ 4,225

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ 478	$ (3,288)	$ 1,505
Interest rate derivative contract \| Investment banking
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	(1,786)	(1,407)	(912)
Interest rate derivative contract \| Institutional brokerage
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives Instruments	$ 2,264	$ (1,881)	$ 2,417

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	Dec. 31, 2021USD ($)
Counterparties not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 20.7
Notional contract amount	157.8
One unnamed financial institutional not required to post collateral
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollateralized credit exposure	$ 16.3

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Information about Significant Unobservable Inputs used in Fair Value Measurement (Details) - Level III	Dec. 31, 2021basis_points
Financial instruments and other inventory positions sold, but not yet purchased \| Interest rate locks \| Discounted cash flow \| Premium over the MMD curve \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Derivative contracts liabilities, measurement input	6
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 contracts liabilities, measurement input	42
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 contracts liabilities, measurement input	13.7
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 contracts assets, measurement input	7
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 contracts assets, measurement input	15
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 contracts assets, measurement input	11
Investments at fair value \| Equity securities in private companies \| Market approach \| Revenue multiple \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	2
Investments at fair value \| Equity securities in private companies \| Market approach \| Revenue multiple \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	5
Investments at fair value \| Equity securities in private companies \| Market approach \| Revenue multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	3.2
Investments at fair value \| Equity securities in private companies \| Market approach \| EBITDA multiple \| Minimum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	11
Investments at fair value \| Equity securities in private companies \| Market approach \| EBITDA multiple \| Maximum
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	13
Investments at fair value \| Equity securities in private companies \| Market approach \| EBITDA multiple \| Weighted Average
Fair Value Inputs Assets and Liabilities Quantitative Information [Line Items]
Investments at fair value, measurement input	12

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Valuation of Financial Instruments by Pricing Observability Levels (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets
Equity securities	$ 2,831,000	$ 1,349,000
Convertible securities	148,057,000	146,088,000
Fixed income securities	8,687,000	18,432,000
Taxable securities	12,377,000	6,267,000
Tax-exempt securities	97,891,000	67,944,000
Short-term securities	29,357,000	28,592,000
Mortgage-backed securities	1,277,000	13,000
U.S. government agency securities	24,361,000	9,146,000
U.S. government securities	138,000	100,275,000
Derivative contracts	23,998,000	23,446,000
Total financial instruments and other inventory positions owned	348,974,000	401,552,000
Liabilities
Equity securities	77,744,000	105,190,000
Fixed income securities	4,950,000	18,789,000
U.S. government securities	41,780,000	21,669,000
Derivative contracts	4,216,000	5,382,000
Total financial instruments and other inventory positions sold, but not yet purchased	128,690,000	151,030,000
Securities posted as collateral	0	0
Level III
Assets
Total assets	143,300,000	153,300,000
Measured on a recurring basis
Assets
Equity securities	2,831,000	1,349,000
Convertible securities	148,057,000	146,088,000
Fixed income securities	8,687,000	18,432,000
Taxable securities	12,377,000	6,267,000
Tax-exempt securities	97,891,000	67,944,000
Short-term securities	29,357,000	28,592,000
Mortgage-backed securities	1,277,000	13,000
U.S. government agency securities	24,361,000	9,146,000
U.S. government securities	138,000	100,275,000
Derivative contracts	23,998,000	23,446,000
Derivative contracts - counterparty and cash collateral netting	(133,066,000)	(209,670,000)
Total financial instruments and other inventory positions owned	348,974,000	401,552,000
Cash equivalents	908,198,000	468,091,000
Investments at fair value	239,376,000	174,849,000
Total assets	1,496,548,000	1,044,492,000
Liabilities
Equity securities	77,744,000	105,190,000
Fixed income securities	4,950,000	18,789,000
U.S. government securities	41,780,000	21,669,000
Derivative contracts	4,216,000	5,382,000
Derivative contracts - counterparty and cash collateral netting	(146,697,000)	(222,061,000)
Total financial instruments and other inventory positions sold, but not yet purchased	128,690,000	151,030,000
Measured on a recurring basis \| Investments attributable to noncontrolling interests
Assets
Investments at fair value	164,600,000	94,900,000
Measured on a recurring basis \| Level I
Assets
Equity securities	33,000	330,000
Tax-exempt securities		0
U.S. government securities	138,000	100,275,000
Total financial instruments and other inventory positions owned	171,000	100,605,000
Cash equivalents	908,198,000	468,091,000
Investments at fair value	62,674,000	16,496,000
Total assets	971,043,000	585,192,000
Liabilities
Equity securities	74,251,000	102,013,000
U.S. government securities	41,780,000	21,669,000
Total financial instruments and other inventory positions sold, but not yet purchased	116,031,000	123,682,000
Measured on a recurring basis \| Level II
Assets
Equity securities	2,798,000	1,019,000
Convertible securities	148,057,000	146,088,000
Fixed income securities	8,687,000	18,432,000
Taxable securities	12,377,000	6,267,000
Tax-exempt securities	97,644,000	67,944,000
Short-term securities	29,357,000	28,592,000
Mortgage-backed securities	1,277,000
U.S. government agency securities	24,361,000	9,146,000
Derivative contracts	156,338,000	232,846,000
Total financial instruments and other inventory positions owned	480,896,000	510,334,000
Investments at fair value	34,416,000	5,358,000
Total assets	515,312,000	515,692,000
Liabilities
Equity securities	3,493,000	3,177,000
Fixed income securities	4,950,000	18,789,000
Derivative contracts	149,015,000	223,737,000
Total financial instruments and other inventory positions sold, but not yet purchased	157,458,000	245,703,000
Measured on a recurring basis \| Level III
Assets
Tax-exempt securities	247,000	0
Mortgage-backed securities		13,000
Derivative contracts	726,000	270,000
Total financial instruments and other inventory positions owned	973,000	283,000
Investments at fair value	142,286,000	152,995,000
Total assets	143,259,000	153,278,000
Liabilities
Derivative contracts	1,898,000	3,706,000
Total financial instruments and other inventory positions sold, but not yet purchased	$ 1,898,000	$ 3,706,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers out of Level 3	$ 63,957	$ 130
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 143,300	$ 153,300
Percentage of Level III assets to financial instruments measured at fair value	9.60%	14.70%
Transfers out of Level 3	$ 64,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes in Fair Values Associated with Level III Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 153,278	$ 132,350
Purchases	42,100	17,138
Sales	(57,507)	(6,820)
Transfers in	502
Transfers out	(63,957)	(130)
Realized gains/(losses)	40,562	(3,734)
Unrealized gains/(losses)	28,281	14,474
Ending balance	143,259	153,278
Unrealized gains/(losses) for assets held at period end	20,461	8,981
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,706	1,563
Purchases	(3,225)	(14,983)
Sales		(379)
Realized gains/(losses)	3,225	14,604
Unrealized gains/(losses)	(1,808)	2,143
Ending balance	1,898	3,706
Unrealized gains/(losses) for liabilities held at period end	1,898	3,706
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	3,706	1,563
Issuances	(3,225)	(14,983)
Settlements	0	379
Transfers in	0	0
Transfers out	0	0
Realized gains/(losses)	3,225	14,604
Unrealized gains/(losses)	(1,808)	2,143
Ending balance	1,898	3,706
Unrealized gains/(losses) for liabilities held at period end	1,898	3,706
Financial instruments and other inventory positions owned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	283	21
Purchases		1,005
Sales	(256)	(535)
Transfers in	502
Realized gains/(losses)	256	(470)
Unrealized gains/(losses)	188	262
Ending balance	973	283
Unrealized gains/(losses) for assets held at period end	471	270
Financial instruments and other inventory positions owned \| Tax-exempt municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases	0
Sales	0
Transfers in	502
Transfers out	0
Realized gains/(losses)	0
Unrealized gains/(losses)	(255)
Ending balance	247
Unrealized gains/(losses) for assets held at period end	(255)
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
Transfers in	0	0
Transfers out	0	0
Realized gains/(losses)	0	0
Unrealized gains/(losses)	(13)	0
Ending balance	0	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	270	8
Issuances	0	1,005
Settlements	(256)	(535)
Transfers in	0	0
Transfers out	0	0
Realized gains/(losses)	256	(470)
Unrealized gains/(losses)	456	262
Ending balance	726	270
Unrealized gains/(losses) for assets held at period end	726	270
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	152,995	132,329
Purchases	42,100	16,133
Sales	(57,251)	(6,285)
Transfers in	0	0
Transfers out	(63,957)	(130)
Realized gains/(losses)	40,306	(3,264)
Unrealized gains/(losses)	28,093	14,212
Ending balance	142,286	152,995
Unrealized gains/(losses) for assets held at period end	$ 19,990	$ 8,711

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments	$ 252,045	$ 183,179
Other assets	110,605	75,043
Total assets	2,565,307	1,997,140
Other liabilities and accrued expenses	81,811	84,547
Total liabilities	1,338,452	$ 1,071,058
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	219,270
Other assets	6,264
Total assets	225,534
Other liabilities and accrued expenses	4,776
Total liabilities	$ 4,776

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets	$ 2,565,307,000	$ 1,997,140,000
Total liabilities	1,338,452,000	1,071,058,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Available bank line financing	50,000,000
Total assets	225,534,000
Total liabilities	4,776,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	2,100,000,000	1,800,000,000
Variable interest entities, exposure to loss	12,200,000
Total liabilities	$ 0	$ 0

Receivables from and Payables_3

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Receivable from Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Brokers and Dealers [Abstract]
Receivable from clearing organizations	$ 226,731	$ 184,662
Receivable from brokers and dealers	24,056	33,514
Other	3,343	3,315
Total receivables from brokers, dealers and clearing organizations	$ 254,130	$ 221,491

Receivables from and Payables_4

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Amounts Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Brokers and Dealers [Abstract]
Payable to brokers and dealers	$ 13,247	$ 18,591
Total payables to brokers, dealers and clearing organizations	$ 13,247	$ 18,591

Receivables from and Payables_5

Receivables from and Payables to Brokers, Dealers and Clearing Organizations - Additional Information (Details)	Dec. 31, 2021USD ($)
Pershing clearing arrangement
Excess net capital required by covenants	$ 120,000,000

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments at fair value	$ 239,376	$ 174,849
Investments at cost	611	611
Investments accounted for under the equity method	12,058	7,719
Investments (including noncontrolling interests of $164,565 and $94,900, respectively)	252,045	183,179
Investments attributable to noncontrolling interest	(164,565)	(94,900)
Investments excluding investments attributable to noncontrolling interests	87,480	$ 88,279
Level III
Schedule of Investments [Line Items]
Investments at cost	$ 600

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Fee receivables	$ 51,403	$ 38,840
Forgivable loans, net	12,040	5,526
Prepaid expenses	18,989	14,585
Other	28,173	16,092
Total other assets	$ 110,605	$ 75,043

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Value of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Goodwill beginning balance	$ 227,508	$ 87,649
Goodwill acquired	0	139,859
Goodwill ending balance	227,508	227,508	$ 87,649
Intangible Assets
Intangible assets beginning balance	149,858	16,686
Intangible assets acquired	0	177,900
Amortization of intangible assets	(30,080)	(44,728)	(4,298)
Intangible assets ending balance	$ 119,778	$ 149,858	$ 16,686

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Acquisition Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 03, 2020	Jan. 03, 2020
Sandler O'Neill
Business Acquisition
Intangible assets			$ 157,800
Sandler O'Neill \| Trade name
Business Acquisition
Intangible assets			85,400
Sandler O'Neill \| Customer relationships
Business Acquisition
Intangible assets			$ 72,400
Weighted average useful life			2 years 4 months 24 days
The Valence Group
Business Acquisition
Intangible assets		$ 14,800
The Valence Group \| Customer relationships
Business Acquisition
Intangible assets		$ 14,800
Weighted average useful life		1 year 4 months 24 days
TRS Advisors LLC
Business Acquisition
Intangible assets	$ 5,300
TRS Advisors LLC \| Customer relationships
Business Acquisition
Intangible assets	$ 5,300
Weighted average useful life	1 year

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 9,344
2023	7,442
2024	6,292
2025	5,302
2026	4,825
Thereafter	1,173
Total	$ 34,378

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details) - Capital Markets - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Intangible asset impairment	$ 0	$ 0	$ 0

Fixed Assets - Schedule of Fixe

Fixed Assets - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	$ 128,584	$ 118,695
Accumulated depreciation and amortization	(76,823)	(74,883)
Fixed assets	51,761	43,812
Depreciation, Depletion and Amortization	12,600	10,700	$ 9,300
Furniture and equipment
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	54,763	50,971
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	61,218	55,510
Software
Property, Plant and Equipment [Line Items]
Fixed assets before accumulated depreciation and amortization	$ 12,603	$ 12,214

Short-Term Financing - Addition

Short-Term Financing - Additional Information (Details)	12 Months Ended
Short-Term Financing - Additional Information (Details)	Dec. 31, 2021USD ($)
Revolving credit facility
Short-term Debt [Line Items]
Line of credity, maximum borrowing capacity	$ 65,000,000
Minimum net capital required by covenants	120,000,000
Short-term financing	0
Committed short-term bank line financing
Short-term Debt [Line Items]
Line of credity, maximum borrowing capacity	$ 100,000,000
Debt term	1 year
Minimum net capital required by covenants	$ 120,000,000
Short-term financing	$ 0

Long-Term Financing (Details)

Long-Term Financing (Details)	12 Months Ended
Long-Term Financing (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)class	Dec. 31, 2019USD ($)	Apr. 03, 2020USD ($)	Oct. 15, 2019USD ($)class
Debt Instrument [Line Items]
Long-term financing	$ 125,000,000	$ 195,000,000
Repayment of long-term financing	70,000,000	0	$ 0
Senior Notes
Debt Instrument [Line Items]
Long-term financing		$ 175,000,000			$ 175,000,000
Number of classes of Senior Notes \| class		2			2
Senior Notes \| Class A Fixed Rate Senior Notes Due October 2021
Debt Instrument [Line Items]
Long-term financing		$ 50,000,000
Repayment of long-term financing	50,000,000
Senior Notes \| Class B Fixed Rate Senior Notes Due October 2023
Debt Instrument [Line Items]
Long-term financing	$ 125,000,000	$ 125,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.20%	5.20%
Unsecured Promissory Notes [Member] \| The Valence Group
Debt Instrument [Line Items]
Long-term financing		$ 20,000,000		$ 20,000,000
Repayment of long-term financing	$ 20,000,000

Contingencies, Commitments an_3

Contingencies, Commitments and Guarantees - Schedule of aggregate minimum lease commitments under operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 23,831
2023	20,040
2024	17,846
2025	15,847
2026	13,868
Thereafter	17,790
Total	109,222
Lessee, Operating Lease, Description [Abstract]
Total minimum rentals to be received under noncancelable subleases	900
Operating lease costs	20,700	$ 21,900	$ 12,100
Operating lease costs related to short-term leases	900	800	700
Sublease Income	$ 700	$ 1,800	$ 1,600
Weighted average remaining lease term	5 years 6 months
Weighted Average
Lessee, Operating Lease, Description [Abstract]
Weighted-average discount rate	4.00%

Contingencies, Commitments an_4

Contingencies, Commitments and Guarantees - Additional Information (Detail)	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining investment commitments	$ 80,600,000
Liability for guarantees	$ 0

Restructuring and Integration_3

Restructuring and Integration Costs - Schedule of Restructuring and Integration Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 3,721	$ 6,404	$ 7,462
Integration costs	1,003	4,351	6,859
Total restructuring and integration costs	4,724	10,755	14,321
Vacated leased office space
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	3,404	2,481	1,726
Severance, benefits and outplacement
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	317	3,032	2,938
Contract termination
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0	$ 891	$ 2,798

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)	Feb. 10, 2022$ / shares	Dec. 31, 2021numberOfVotes$ / sharesshares	Sep. 30, 2021$ / shares	Jun. 30, 2021$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020$ / shares	Jun. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2021USD ($)numberOfVotes$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Nov. 18, 2021USD ($)	Jan. 01, 2020USD ($)	Sep. 30, 2017USD ($)
Equity [Abstract]
Common stock, shares authorized (in shares) \| shares		100,000,000				100,000,000				100,000,000	100,000,000
Common stock, par value		$ 0.01				$ 0.01				$ 0.01	$ 0.01
Preferred stock, shares authorized \| shares		5,000,000								5,000,000
Preferred stock, par value		$ 0.01								$ 0.01
Common stock, number of votes per share \| numberOfVotes		1								1
Preferred stock, shares outstanding \| shares		0								0
Dividends [Abstract]
Cash dividends paid \| $										$ 99,400,000	$ 28,200,000	$ 35,600,000
Dividends declared, per share		$ 3.55	$ 0.55	$ 0.45	$ 2.25	$ 0.375	$ 0.30	$ 0.20	$ 1.125	$ 6.80	$ 2	$ 2.51
Payments for Repurchase of Equity [Abstract]
Aggregate purchase price of share repurchases \| $										$ 69,901,000	$ 21,965,000	$ 50,584,000
Common stock repurchased for employee tax withholding (in shares) \| shares										154,117	105,193	701,217
Common stock repurchased for employee tax withholding \| $										$ 17,700,000	$ 8,800,000	$ 50,600,000
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Reissuance of treasury shares as a result of employee vesting (in shares) \| shares										918,024	309,089	1,415,147
Issuance of treasury shares for deal consideration (in shares) \| shares											34,205
Common Stock
Payments for Repurchase of Equity [Abstract]
Shares repurchased \| shares										417,903	188,319	501
Common stock repurchased for employee tax withholding (in shares) \| shares										154,117	105,193	701,217
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Issuance of treasury shares for deal consideration (in shares) \| shares											34,205
2020 Plan
Payments for Repurchase of Equity [Abstract]
Repurchase of common stock, authorized amount \| $														$ 150,000,000
Shares repurchased \| shares										417,903	188,319
Share repurchases, average price per share										$ 125.03	$ 69.72
Aggregate purchase price of share repurchases \| $										$ 52,300,000	$ 13,100,000
2017 Plan
Payments for Repurchase of Equity [Abstract]
Repurchase of common stock, authorized amount \| $															$ 150,000,000
Shares repurchased \| shares												501
Share repurchases, average price per share												$ 64.80
2022 Plan
Payments for Repurchase of Equity [Abstract]
Repurchase of common stock, authorized amount \| $													$ 150,000,000
Quarterly dividends
Dividends [Abstract]
Cash dividends paid, per share										$ 1.95	$ 1.25	1.50
Quarterly dividends \| Subsequent Event
Dividends [Abstract]
Dividends declared, per share	$ 0.60
Special dividends \| Fiscal year 2020
Dividends [Abstract]
Cash dividends paid, per share										1.85
Special dividends \| Fiscal year 2021
Dividends [Abstract]
Cash dividends paid, per share										$ 3
Special dividends \| Fiscal year 2021 \| Subsequent Event
Dividends [Abstract]
Dividends declared, per share	$ 4.50
Special dividends \| Fiscal year 2019
Dividends [Abstract]
Cash dividends paid, per share											$ 0.75
Special dividends \| Fiscal year 2018
Dividends [Abstract]
Cash dividends paid, per share												$ 1.01

Shareholders' Equity - Noncontr

Shareholders' Equity - Noncontrolling Interests - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Other comprehensive income or loss attributed to noncontrolling interests	$ 0	$ 0	$ 0

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expense recognized as part of compensation and benefits	$ 35.9	$ 25.5	$ 18.4
Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Maximum 401(k) plan contribution rates as percentage of employee earnings	100.00%
Retirement plan, employer matching contribution as a percentage of employees' gross pay	6.00%
Retirement plan, employer profit sharing contribution as a percentage of employees' gross pay	2.00%
Health and Welfare Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expense recognized as part of compensation and benefits	$ 20	$ 14.7	$ 10.6

Compensation Plans - Summary of

Compensation Plans - Summary of Outstanding Equity Awards (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	81,667	81,667	81,667	81,667
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	3,795,212	4,312,557	694,225	1,569,795
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	158,393	146,048	114,315	194,251
Restricted stock related to compensation plans \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,979,001
Restricted stock related to acquisitions \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,816,211
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	81,667
Incentive Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	158,393
Incentive Plan \| Restricted stock related to compensation plans \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	615,425
Incentive Plan \| Restricted stock related to compensation plans \| Restricted Stock \| Annual Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	529,582
Incentive Plan \| Restricted stock related to compensation plans \| Restricted Stock \| Sign On Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	85,843
2019 Inducement Plan \| Restricted stock related to compensation plans \| Restricted Stock
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)	1,268,228

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	12 Months Ended
	Dec. 31, 2021
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	75.00%
2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	75.00%
2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	75.00%

Compensation Plans - Schedule_2

Compensation Plans - Schedule of RSU Valuation Assumptions (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2021
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.23%
Expected Stock Price Volatility	43.20%
2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.40%
Expected Stock Price Volatility	27.30%
2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.50%
Expected Stock Price Volatility	31.90%
2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	2.40%
Expected Stock Price Volatility	34.80%
2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	1.62%
Expected Stock Price Volatility	35.90%
2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	0.98%
Expected Stock Price Volatility	34.90%

Compensation Plans - Schedule_3

Compensation Plans - Schedule of Stock Options Valuation Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.82%
Dividend yield	3.22%
Expected stock price volatility	37.20%
Expected life of options (in years)	7 years
Fair value of options granted (per share)	$ 24.49

Compensation Plans - Schedule_4

Compensation Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 170.1	$ 120.8	$ 30.8
Forfeitures	1.6	2.3	2.6
Tax benefit related to stock-based compensation	$ 23.8	$ 15.6	$ 5.4

Compensation Plans - Summary _2

Compensation Plans - Summary of Changes in Unvested Restricted Stock (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unvested Restricted Stock (in Shares)
Beginning Balance (in shares)	4,312,557	694,225	1,569,795
Granted (in shares)	353,753	3,968,340	463,088
Vested (in shares)	(850,355)	(283,934)	(1,306,844)
Canceled (in shares)	(20,743)	(66,074)	(31,814)
Ending Balance (in shares)	3,795,212	4,312,557	694,225
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 74.99	$ 78.52	$ 53.80
Granted (in dollars per share)	108.21	74.82	74.05
Vested (in dollars per share)	81.29	80.64	47.30
Canceled (in dollars per share)	90.27	77.68	76.20
Ending Balance (in dollars per share)	$ 76.59	$ 74.99	$ 78.52

Compensation Plans - Summary _3

Compensation Plans - Summary of Changes in Unvested Restricted Stock Units (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unvested Restricted Stock Units
Beginning Balance (in shares)	146,048	114,315	194,251
Granted (in shares)	62,569	56,066	39,758
Vested (in shares)	(50,224)	(18,255)	(103,707)
Canceled (in shares)	0	(6,078)	(15,987)
Ending Balance (in shares)	158,393	146,048	114,315
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 85.60	$ 85.09	$ 48.97
Granted (in dollars per share)	103.69	86.01	75.78
Vested (in dollars per share)	92.93	84.10	19.93
Canceled (in dollars per share)	0	84.10	45.79
Ending Balance (in dollars per share)	$ 90.43	$ 85.60	$ 85.09

Compensation Plans - Summary _4

Compensation Plans - Summary of Changes in Stock Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Options Outstanding
Beginning Balance (in shares)	81,667	81,667	81,667
Granted (in shares)	0	0	0
Exercised (in shares)	0	0	0
Canceled (in shares)	0	0	0
Expired (in shares)	0	0	0
Ending Balance (in shares)	81,667	81,667	81,667	81,667
Weighted Average Exercise Price (in dollars per share)
Beginning Balance (in dollars per share)	$ 99	$ 99	$ 99
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	0
Canceled (in dollars per share)	0	0	0
Expired (in dollars per share)	0	0	0
Ending Balance (in dollars per share)	$ 99	$ 99	$ 99	$ 99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Number of exercisable options (in shares)	27,222	0	0
Weighted average exercise price of options exercisable	$ 99
Weighted average remaining contractual term for options exercisable (in years)	6 years 1 month 6 days
Aggregate intrinsic value of options exercisable	$ 2,164,421
Weighted average remaining contractual term (in Years)	6 years 1 month 6 days	7 years 1 month 6 days	8 years 1 month 6 days	9 years 1 month 6 days
Aggregate intrinsic value of stock options outstanding	$ 6,493,343	$ 155,167	$ 0	$ 0

Compensation Plans - Additional

Compensation Plans - Additional Information (Detail)	Dec. 31, 2020USD ($)shares	Apr. 03, 2020USD ($)shares	Jan. 03, 2020USD ($)shares	Aug. 02, 2019USD ($)shares	May 16, 2016USD ($)shares	Mar. 31, 2022shares	Dec. 31, 2021USD ($)planshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans \| plan							3
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations							154,117	105,193	701,217
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted in conjunction with the acquisition (in shares)							353,753	3,968,340	463,088
Fair value of restricted stock vested during the period \| $							$ 69,100,000	$ 22,900,000	$ 61,800,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period for restricted stock units (in years)							36 months
Number of years risk free interest rate							3 years
Restricted shares granted in conjunction with the acquisition (in shares)							62,569	56,066	39,758
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 \| $							$ 132,500,000
Weighted average period over which equity award expense expected to be recognized (in years)							2 years 3 months 18 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period (in years)							5 years
Share based compensation option exercise price							10.00%
Unrecognized compensation cost related to equity awards \| $							$ 400,000
Weighted average period over which equity award expense expected to be recognized (in years)							1 year 1 month 6 days
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options (in years)							10 years
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award grants authorized (in shares)							9,400,000
Shares available for future issuance (in shares)							1,400,000
Leadership Grants Subsequent to 2016 \| Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							150.00%
Average adjusted return on equity targets \| Leadership Grants Subsequent to 2016 \| Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							75.00%
Average adjusted return on equity targets \| 2016 Leadership Grant \| Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
Total shareholder return relative to members of a predetermined peer group \| Leadership Grants Subsequent to 2016 \| Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							75.00%
Total shareholder return \| 2016 Leadership Grant \| Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
Simmons & Company International \| 2016 Inducement Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted in conjunction with the acquisition \| $					$ 11,600,000
Restricted shares granted in conjunction with the acquisition (in shares)					286,776
Weeden & Co. \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period (in years)				4 years
Weeden & Co. \| 2019 Inducement Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted in conjunction with the acquisition \| $				$ 7,300,000
Restricted shares granted in conjunction with the acquisition (in shares)				97,752
Sandler O'Neill \| Restricted Stock \| 18 Month Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			18 months
Sandler O'Neill \| Restricted Stock \| Three Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Sandler O'Neill \| Restricted Stock \| Five Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			5 years
Sandler O'Neill \| Restricted Stock \| Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years 8 months 12 days
Sandler O'Neill \| 2020 Inducement Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted in conjunction with the acquisition \| $			$ 96,900,000
Restricted shares granted in conjunction with the acquisition (in shares)			1,217,423
Sandler O'Neill \| 2020 Inducement Plan \| Restricted Stock \| 18 Month Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			18 months
Sandler O'Neill \| 2020 Inducement Plan \| Restricted Stock \| Three Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Sandler O'Neill \| 2020 Inducement Plan \| Restricted Stock \| Five Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			5 years
Sandler O'Neill \| 2020 Inducement Plan \| Restricted Stock \| Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years 8 months 12 days
The Valence Group \| Restricted Stock \| Five Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
The Valence Group \| 2020 Inducement Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted in conjunction with the acquisition \| $		$ 5,500,000
Restricted shares granted in conjunction with the acquisition (in shares)		114,000
TRS Advisors LLC \| Restricted Stock \| Three Year Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
TRS Advisors LLC \| 2020 Inducement Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Value of restricted stock granted in conjunction with the acquisition \| $	$ 2,900,000
Restricted shares granted in conjunction with the acquisition (in shares)	29,194
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock purchased from restricted stock award related to recipients' employment tax obligations						100,000
Annual Grant \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)							3 years
Annual grant expense period (in years)							1 year
Sign On Grant \| Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period (in years)							3 years
Sign On Grant \| Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant requisite service period (in years)							5 years

Compensation Plans - Deferred C

Compensation Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Simmons & Company International \| Performance award plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Amount paid for earnout			$ 40.1
Earn out performance period (in years)			three years
Non-interest expense recorded related to earnout			$ 0.6
Mutual Fund Restricted Shares Investment Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Award vesting period (in years)	3 years
Compensation expense related to MFRS awards	$ 127.3	$ 77.2	45.5
MFRS forfeitures	3.5	5.8	$ 3.3
Nonqualified Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Plan assets	18.8	16.3
Plan liabilities	$ 18.8	$ 16.3

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per basic common share
Net income from continuing operations applicable to Piper Sandler Companies									$ 278,514	$ 40,504	$ 87,939
Net income from discontinued operations									0	0	23,772
Net income applicable to Piper Sandler Companies	$ 113,513	$ 45,721	$ 69,821	$ 49,459	$ 42,160	$ 11,617	$ 1,454	$ (14,727)	278,514	40,504	111,711
Earnings allocated to participating securities									0	0	(4,511)
Net income applicable to Piper Sandler Companies' common shareholders	$ 113,513	$ 45,721	$ 69,821	$ 49,459	$ 42,160	$ 11,617	$ 1,454	$ (14,727)	$ 278,514	$ 40,504	$ 107,200
Shares for basic and diluted calculations:
Average shares used in basic computation	14,119,000	14,213,000	14,358,000	14,374,000	13,755,000	13,778,000	13,794,000	13,796,000	14,265,000	13,781,000	13,555,000
Average shares used in diluted computation	17,357,000	17,047,000	16,951,000	16,467,000	15,860,000	14,853,000	14,476,000	14,411,000	16,955,000	14,901,000	13,937,000
Earnings per basic common share:
Income from continuing operations, per basic common share									$ 19.52	$ 2.94	$ 6.21
Income from discontinued operations, per basic common share									0	0	1.69
Earnings per basic common share	$ 8.04	$ 3.22	$ 4.86	$ 3.44	$ 3.07	$ 0.84	$ 0.11	$ (1.07)	19.52	2.94	7.90
Earnings per diluted common share:
Income from continuing operations, per diluted common share									16.43	2.72	6.05
Income from discontinued operations, per diluted common share									0	0	1.65
Earnings per diluted common share	$ 6.54	$ 2.68	$ 4.12	$ 3	$ 2.66	$ 0.78	$ 0.10	$ (1.07)	$ 16.43	$ 2.72	$ 7.69
Weighted average participating shares outstanding											513,220
Stock options and restricted shares
Earnings per diluted common share:
Common shares excluded from diluted EPS										1,700,000	100,000
Stock options
Shares for basic and diluted calculations:
Dilutive impact of securities									14,000	0	0
Restricted stock units
Shares for basic and diluted calculations:
Dilutive impact of securities									187,000	135,000	162,000
Non-participating restricted shares
Shares for basic and diluted calculations:
Dilutive impact of securities									2,488,000	985,000	220,000

Revenues and Business Informa_3

Revenues and Business Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Investment banking									$ 1,553,219	$ 858,476	$ 629,392
Institutional brokerage									387,577	357,753	167,891
Interest income									6,967	13,164	26,741
Investment income									94,032	23,265	22,275
Total revenues	$ 650,831	$ 448,233	$ 511,344	$ 431,387	$ 409,140	$ 307,174	$ 295,964	$ 240,380	2,041,795	1,252,658	846,299
Interest expense	2,590	2,668	2,696	2,780	3,252	3,455	3,526	4,212	10,734	14,445	11,733
Net revenues	648,241	445,565	508,648	428,607	405,888	303,719	292,438	236,168	2,031,061	1,238,213	834,566
Non-interest expenses	479,366	369,855	394,588	345,740	335,357	279,070	285,041	270,197	1,589,549	1,169,665	715,587
Pre-tax income	$ 168,875	$ 75,710	$ 114,060	$ 82,867	$ 70,531	$ 24,649	$ 7,397	$ (34,029)	$ 441,512	$ 68,548	$ 118,979
Pre-tax margin									21.70%	5.50%	14.30%
Intangible asset amortization									$ 30,080	$ 44,728	$ 4,298
Advisory services
Segment Reporting Information [Line Items]
Investment banking									1,026,138	443,327	440,695
Corporate financing
Segment Reporting Information [Line Items]
Investment banking									362,797	295,333	105,256
Municipal financing
Segment Reporting Information [Line Items]
Investment banking									164,284	119,816	83,441
Equity brokerage
Segment Reporting Information [Line Items]
Institutional brokerage									154,067	161,445	87,555
Fixed income services
Segment Reporting Information [Line Items]
Institutional brokerage									$ 233,510	$ 196,308	$ 80,336

Net Capital Requirements and _2

Net Capital Requirements and Other Regulatory Matters - Additional Information (Details)	Dec. 31, 2021USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital requirement	$ 1,000,000
Net capital	362,500,000
Excess net capital	361,500,000
Pershing clearing arrangement
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Excess net capital required by covenants	120,000,000
Senior Notes
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required by covenants	120,000,000
Revolving credit facility
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required by covenants	120,000,000
Committed short-term bank line financing
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum net capital required by covenants	$ 120,000,000

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal									$ 124,389	$ 43,445	$ (404)
State									36,793	14,551	123
Foreign									3,818	150	96
Current income tax expense/(benefit)									165,000	58,146	(185)
Deferred:
Federal									(41,980)	(27,995)	19,071
State									(10,874)	(10,510)	5,517
Foreign									(1,002)	(449)	174
Deferred income tax expense/(benefit)									(53,856)	(38,954)	24,762
Total income tax expense from continuing operations	$ 43,292	$ 23,512	$ 27,066	$ 17,274	$ 20,592	$ 5,674	$ 4,700	$ (11,774)	111,144	19,192	24,577
Total income tax expense from discontinued operations									$ 0	$ 0	$ 8,370

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory rates									$ 92,718	$ 14,395	$ 24,986
Impact of the CARES Act									0	(2,438)	0
State income taxes, net of federal tax benefit									19,020	4,396	4,906
Net tax-exempt interest income									(754)	(1,661)	(1,643)
Foreign jurisdictions tax rate differential									978	48	(438)
Non-deductible compensation									9,013	6,163	3,293
Change in valuation allowance									49	446	(209)
Vestings of stock awards									(2,732)	(337)	(5,171)
Income attributable to noncontrolling interests									(10,889)	(1,859)	(1,357)
Other, net									3,741	39	210
Total income tax expense from continuing operations	$ 43,292	$ 23,512	$ 27,066	$ 17,274	$ 20,592	$ 5,674	$ 4,700	$ (11,774)	$ 111,144	$ 19,192	$ 24,577

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Deferred compensation	$ 118,470	$ 78,155
Accrued lease liability	22,086	24,067
Goodwill tax basis in excess of book basis	40,183	30,174
Net operating loss carry forwards	5,094	4,665
Liabilities/accruals not currently deductible	3,019	1,357
Other	4,241	2,478
Total deferred tax assets	193,093	140,896
Valuation allowance	(5,094)	(5,045)
Deferred tax assets after valuation allowance	187,999	135,851
Deferred tax liabilities:
Right-of-use lease asset	17,430	19,759
Unrealized gains on firm investments	3,533	5,610
Fixed assets	8,372	5,686
Other	464	577
Total deferred tax liabilities	29,799	31,632
Net deferred tax assets	158,200	104,219
Deferred tax assets related to foreign and state net operating loss carryforwards	5,094	$ 5,045
Foreign and state net operating loss carryforwards
Deferred tax assets:
Valuation allowance	(5,100)
Deferred tax liabilities:
Deferred tax assets related to foreign and state net operating loss carryforwards	$ 5,100

Income Taxes - Changes in Amoun

Income Taxes - Changes in Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 104	$ 4,259	$ 774
Additions based on tax positions related to the current year	0	0	0
Additions for tax positions of prior years	1,743	0	4,128
Reductions for tax positions of prior years	(38)	(3,212)	(358)
Settlements	(66)	(943)	(285)
Ending Balance	$ 1,743	$ 104	$ 4,259

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
Income Taxes - Additional Information (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Income Tax Examination [Line Items]
Effective Income Tax Rate at Federal Statutory Income Tax Rate Prior to Tax Cuts and Jobs Act, Percent	35.00%
Income tax benefits related to the provisions in the CARES Act	$ 2,400,000
Deferred taxes upon repatriation of our foreign earnings		$ 0
Unrecognized tax benefits that would impact effective tax rate		1,700,000
Liability for uncertain income tax positions		1,700,000
Accruals related to the payment of interest and penalties	0	$ 300,000	$ 1,200,000
Weeden & Co. \| Settlement with Taxing Authority
Income Tax Examination [Line Items]
Liability for uncertain income tax positions			$ 4,100,000
Liability for Uncertainty in Income Taxes, Amount Reversed	3,200,000
Tax settlement paid for which the company was indemnified	$ 900,000

Parent Company only and PSLS -

Parent Company only and PSLS - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 970,965	$ 507,935	$ 250,018	$ 50,364
Other assets	110,605	75,043
Total assets	2,565,307	1,997,140
Liabilities and Shareholders' Equity
Long-term financing	125,000	195,000
Accrued compensation	900,079	522,412
Other liabilities and accrued expenses	81,811	84,547
Total liabilities	1,338,452	1,071,058
Shareholders' equity	1,062,210	829,425
Total liabilities and shareholders' equity	2,565,307	1,997,140
Parent Company
Assets
Cash and cash equivalents	200	200
Investment in and advances to subsidiaries	1,270,666	1,066,069
Other assets	15,545	9,311
Total assets	1,286,411	1,075,580
Liabilities and Shareholders' Equity
Long-term financing	125,000	195,000
Accrued compensation	94,795	47,647
Other liabilities and accrued expenses	4,406	3,508
Total liabilities	224,201	246,155
Shareholders' equity	1,062,210	829,425
Total liabilities and shareholders' equity	$ 1,286,411	$ 1,075,580

Parent Company only and PSLS _2

Parent Company only and PSLS - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Interest income									$ 6,967	$ 13,164	$ 26,741
Investment income									94,032	23,265	22,275
Total revenues	$ 650,831	$ 448,233	$ 511,344	$ 431,387	$ 409,140	$ 307,174	$ 295,964	$ 240,380	2,041,795	1,252,658	846,299
Net revenues	648,241	445,565	508,648	428,607	405,888	303,719	292,438	236,168	2,031,061	1,238,213	834,566
Non-interest expenses:
Total non-interest expenses	479,366	369,855	394,588	345,740	335,357	279,070	285,041	270,197	1,589,549	1,169,665	715,587
Income tax expense	43,292	23,512	27,066	17,274	20,592	5,674	4,700	(11,774)	111,144	19,192	24,577
Income from continuing operations of parent company									278,514	40,504	87,939
Net income from discontinued operations									0	0	23,772
Net income applicable to Piper Sandler Companies	$ 113,513	$ 45,721	$ 69,821	$ 49,459	$ 42,160	$ 11,617	$ 1,454	$ (14,727)	278,514	40,504	111,711
Parent Company
Revenues:
Dividends from subsidiaries									74,456	42,450	54,762
Interest income									508	829	815
Investment income									2,723	1,565	2,012
Total revenues									77,687	44,844	57,589
Interest expense									8,606	10,568	1,910
Net revenues									69,081	34,276	55,679
Non-interest expenses:
Total non-interest expenses									7,522	2,049	4,851
Income from continuing operations before income tax expense and equity in income of subsidiaries									61,559	32,227	50,828
Income tax expense									15,636	8,186	11,215
Income from continuing operations of parent company									45,923	24,041	39,613
Equity in undistributed income of subsidiaries									232,591	16,463	99,005
Net income from continuing operations									278,514	40,504	138,618
Net income from discontinued operations									0	0	(26,907)
Net income applicable to Piper Sandler Companies									$ 278,514	$ 40,504	$ 111,711

Parent Company only and PSLS _3

Parent Company only and PSLS - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net income	$ 113,513	$ 45,721	$ 69,821	$ 49,459	$ 42,160	$ 11,617	$ 1,454	$ (14,727)	$ 278,514	$ 40,504	$ 111,711
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation									171,447	121,688	32,003
Net cash provided by operating activities									707,087	779,765	67,798
Financing Activities:
Issuance of long-term financing									0	0	175,000
Repayment of long-term financing									(70,000)	0	0
Repurchase of common stock									(69,901)	(21,965)	(50,584)
Payment of cash dividend									(99,350)	(28,172)	(35,594)
Net cash provided by/(used in) financing activities									(223,117)	(87,555)	104,657
Parent Company
Operating Activities:
Net income									278,514	40,504	111,711
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation									1,019	525	643
Equity in undistributed income of subsidiaries									(232,591)	(16,463)	(99,005)
Net cash provided by operating activities									46,942	24,566	13,349
Financing Activities:
Issuance of long-term financing									0	0	175,000
Repayment of long-term financing									(70,000)	0	0
Advances from/(to) subsidiaries									192,309	25,571	(102,225)
Repurchase of common stock									(69,901)	(21,965)	(50,584)
Payment of cash dividend									(99,350)	(28,172)	(35,594)
Net cash provided by/(used in) financing activities									(46,942)	(24,566)	(13,403)
Net decrease in cash and cash equivalents									0	0	(54)
Cash and cash equivalents at beginning of year				$ 200				$ 200	200	200	254
Cash and cash equivalents at end of year	$ 200				$ 200				$ 200	$ 200	$ 200

Parent Company only and PSLS _4

Parent Company only and PSLS - PSLS Condensed Statement of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 970,965	$ 507,935	$ 250,018	$ 50,364
Right-of-use lease asset	71,341	82,543
Fee receivables	51,403	38,840
Prepaid expenses	18,989	14,585
Other assets	110,605	75,043
Total assets	2,565,307	1,997,140
Liabilities and Shareholders' Equity
Accrued compensation	900,079	522,412
Accrued lease liability	89,625	99,478
Other liabilities and accrued expenses	81,811	84,547
Total liabilities	1,338,452	1,071,058
Shareholder's equity	1,226,855	926,082	$ 806,528	$ 730,416
Total liabilities and shareholders' equity	2,565,307	1,997,140
PSLS
Assets
Cash and cash equivalents	5,075	3,103
Right-of-use lease asset	1,062	1,633
Fee receivables	1,656	506
Prepaid expenses	110	121
Other assets	644	629
Total assets	8,547	5,992
Liabilities and Shareholders' Equity
Accrued compensation	3,446	1,209
Accrued lease liability	1,062	1,633
Other liabilities and accrued expenses	1,122	575
Total liabilities	5,630	3,417
Shareholder's equity	2,917	2,575
Total liabilities and shareholders' equity	$ 8,547	$ 5,992

Quarterly Information (unaudi_3

Quarterly Information (unaudited) - Quarterly Information Schedules (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 650,831	$ 448,233	$ 511,344	$ 431,387	$ 409,140	$ 307,174	$ 295,964	$ 240,380	$ 2,041,795	$ 1,252,658	$ 846,299
Interest expense	2,590	2,668	2,696	2,780	3,252	3,455	3,526	4,212	10,734	14,445	11,733
Net revenues	648,241	445,565	508,648	428,607	405,888	303,719	292,438	236,168	2,031,061	1,238,213	834,566
Total non-interest expenses	479,366	369,855	394,588	345,740	335,357	279,070	285,041	270,197	1,589,549	1,169,665	715,587
Income from continuing operations before income tax expense	168,875	75,710	114,060	82,867	70,531	24,649	7,397	(34,029)	441,512	68,548	118,979
Income tax expense	43,292	23,512	27,066	17,274	20,592	5,674	4,700	(11,774)	111,144	19,192	24,577
Net income	125,583	52,198	86,994	65,593	49,939	18,975	2,697	(22,255)	330,368	49,356	118,174
Net income/(loss) applicable to noncontrolling interests	12,070	6,477	17,173	16,134	7,779	7,358	1,243	(7,528)	51,854	8,852	6,463
Net income applicable to Piper Sandler Companies	113,513	45,721	69,821	49,459	42,160	11,617	1,454	(14,727)	278,514	40,504	111,711
Net income applicable to Piper Sandler Companies' common shareholders	$ 113,513	$ 45,721	$ 69,821	$ 49,459	$ 42,160	$ 11,617	$ 1,454	$ (14,727)	$ 278,514	$ 40,504	$ 107,200
Earnings per basic common share
Earnings per basic common share	$ 8.04	$ 3.22	$ 4.86	$ 3.44	$ 3.07	$ 0.84	$ 0.11	$ (1.07)	$ 19.52	$ 2.94	$ 7.90
Earnings per diluted common share	6.54	2.68	4.12	3	2.66	0.78	0.10	(1.07)	16.43	2.72	7.69
Dividends declared per common share	$ 3.55	$ 0.55	$ 0.45	$ 2.25	$ 0.375	$ 0.30	$ 0.20	$ 1.125	$ 6.80	$ 2	$ 2.51
Weighted average number of common shares
Basic	14,119	14,213	14,358	14,374	13,755	13,778	13,794	13,796	14,265	13,781	13,555
Diluted	17,357	17,047	16,951	16,467	15,860	14,853	14,476	14,411	16,955	14,901	13,937