Legal Contingencies	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	LEGAL CONTINGENCIES The Company has been named as a defendant in various legal actions, including complaints and litigation and arbitration claims, arising from its business activities. Such actions include claims related to securities brokerage and investment banking activities, and certain class actions that primarily allege violations of securities laws and seek unspecified damages, which could be substantial. Also, the Company is involved from time to time in investigations and proceedings by governmental agencies and self-regulatory organizations ("SROs") which could result in adverse judgments, settlements, penalties, fines or other relief. The Company accrues for potential losses resulting from pending and potential legal actions, investigations and regulatory proceedings when such losses are probable and reasonably estimable. 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 develop before a probability of loss can be determined 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 accruals 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 any prior accruals, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the financial condition, results of operations or cash flows of the Company, except as described in the next paragraphs. The Financial Industry Regulatory Authority, Inc. ("FINRA") Arbitration Matters Piper Sandler has been named in two customer arbitrations filed in May 2026 with FINRA. The arbitrations arise from a series of unsecured note offerings during 2022 and 2023 by Crown Capital Holdings, LLC in connection with which Piper Sandler served as placement agent. The claimants, all of which are institutional investors, collectively purchased $158.3 million of notes in the offerings, and they make similar claims and allegations in the two arbitrations. Among other claims, the claimants contend that Piper Sandler acted negligently, that it violated FINRA rules by allegedly recommending unsuitable investments, and that it either participated in or aided and abetted the issuer’s allegedly fraudulent conduct. The claimants seek compensatory damages, rescission of their note purchases, interest and costs, and other unspecified relief. The Company believes, based upon currently available information, that Piper Sandler has meritorious defenses to these arbitrations, and Piper Sandler intends to vigorously defend against all of the claimants' claims. No loss contingency has been reflected in the Company's consolidated financial statements. Given that the arbitration is in its early stages, management is currently unable to estimate a range of reasonably possible losses related to these claims. Variable Rate Demand Note Matter A civil action was filed against financial institutions, including Piper Sandler and Piper Sandler Financial Products Inc., in California state court alleging the defendants artificially inflated interest rates set for variable rate demand notes. Variable rate demand notes are municipal bonds with interest rates that reset on a periodic basis. As of June 30, 2026, the Company has accrued $9.7 million for a settlement in principle for this litigation (subject to the finalization of the settlement agreement and court approval). If during any period a potential adverse contingency becomes probable or is resolved for an amount in excess of the established accrual, 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. Reasonably possible losses in excess of amounts accrued at June 30, 2026 are not material. Litigation-related accrual activity included within other operating expenses was $8.5 million for the six months ended June 30, 2026 and was immaterial for the six months ended June 30, 2025.

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 accrues for potential losses resulting from pending and potential legal actions, investigations and regulatory proceedings when such losses are probable and reasonably estimable. 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 develop before a probability of loss can be determined 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 accruals 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 any prior accruals, that pending legal actions, investigations and regulatory proceedings will be resolved with no material adverse effect on the financial condition, results of operations or cash flows of the Company, except as described in the next paragraphs.

Piper Sandler has been named in two customer arbitrations filed in May 2026 with FINRA. The arbitrations arise from a series of unsecured note offerings during 2022 and 2023 by Crown Capital Holdings, LLC in connection with which Piper Sandler served as placement agent. The claimants, all of which are institutional investors, collectively purchased $158.3 million of notes in the offerings, and they make similar claims and allegations in the two arbitrations. Among other claims, the claimants contend that Piper Sandler acted negligently, that it violated FINRA rules by allegedly recommending unsuitable investments, and that it either participated in or aided and abetted the issuer’s allegedly fraudulent conduct. The claimants seek compensatory damages, rescission of their note purchases, interest and costs, and other unspecified relief. The Company believes, based upon currently available information, that Piper Sandler has meritorious defenses to these arbitrations, and Piper Sandler intends to vigorously defend against all of the claimants' claims. No loss contingency has been reflected in the Company's consolidated financial statements. Given that the arbitration is in its early stages, management is currently unable to estimate a range of reasonably possible losses related to these claims.

A civil action was filed against financial institutions, including Piper Sandler and Piper Sandler Financial Products Inc., in California state court alleging the defendants artificially inflated interest rates set for variable rate demand notes. Variable rate demand notes are municipal bonds with interest rates that reset on a periodic basis. As of June 30, 2026, the Company has accrued $9.7 million for a settlement in principle for this litigation (subject to the finalization of the settlement agreement and court approval).

If during any period a potential adverse contingency becomes probable or is resolved for an amount in excess of the established accrual, 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. Reasonably possible losses in excess of amounts accrued at June 30, 2026 are not material.