PIPER SANDLER COMPANIESPIPR

PIPER SANDLER COMPANIES Leases Disclosure

10-KFiled Feb 26, 20262 min read
LEASES
The Company leases office space throughout the U.S. and in a limited number of foreign countries where its international operations reside. Aggregate minimum lease payments on an undiscounted basis for the Company's operating leases and a reconciliation to accrued lease liabilities included on the consolidated statements of financial condition as of December 31, 2025 were as follows:
(Amounts in thousands) 
2026$26,835 
202724,937 
202816,876 
202915,177 
203013,015 
Thereafter56,254 
Total operating lease payments
153,094 
Less: Tenant improvement allowances
(1,427)
Less: Present value discount
(50,316)
Total accrued lease liabilities
$101,351 

The following table summarizes the Company's operating lease costs:
Year Ended December 31,
(Amounts in millions)202520242023
Operating lease costs$24.5 $22.6 $21.9 

Other information related to the Company's operating leases is as follows:
Year Ended December 31,
(Amounts in millions)20252024
Cash paid for lease liabilities
$27.4 $25.9 
ROU lease assets obtained in exchange for lease liabilities (i.e., new leases and amendments commenced during the period)
36.3 19.1 
December 31,December 31,
20252024
Weighted average remaining lease term (in years)
7.95.3
Weighted average discount rate
5.9 %5.0 %

In July 2025, the Company entered into a lease agreement for its office space in New York City, New York. As the Company anticipates taking possession of the space in 2026, no ROU lease asset or accrued lease liability is recorded in the consolidated statements of financial condition as of December 31, 2025. The Company's contractual rent commitment over the 15-year lease term is $163.4 million.
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 26, 2024

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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