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Piper Sandler PIPR Unrealized gains on firm investments

Unrealized gains on firm investments at other companies

Blackstone Secured Lending Fund logo
Blackstone Secured Lending FundBXSL
-$167.36M-69.6%
Sysco logo
SyscoSYY
$62M+1,967%
Blue Owl Capital logo
Blue Owl CapitalOBDC
-$113.1M-46.9%
PACS Group logo
PACS GroupPACS
$7.12M-11.3%
Popular logo
PopularBPOP
$12.94M+26.7%
GBC
Glacier BancorpGBCI
$1M+168%

Other financials

Income statement

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Revenue$474.4M+32.8%
Net income$65.2M+0.5%
EPS (diluted)$0.92+1.1%

Balance sheet

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Cash & equivalents$344.4M+173%
Total debt$112.2M-3.0%
Total equity$1.3B+10.6%
Total assets$2.1B+17.0%

Cash flow

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Operating cash flow-$291.7M-40.8%
CapEx$2.2M-80.7%
Free cash flow-$293.9M-34.6%

Valuation

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Market cap$5.53B+24.3%
Enterprise value$5.3B+19.3%
P/E19.6×-2.2×
P/S2.7×-0.1×

Profitability

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Net margin14%+0.8pp
FCF margin18%

Returns & leverage

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Return on equity22%+4.5pp
Debt / equity0.1×0.0×

Where this comes from

Reported directly by Piper Sandler in its filing.

Tagged under the XBRL concept pipr:DeferredTaxLiabilitiesInvestmentSecurities.

The official record: Piper Sandler’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Piper Sandler's unrealized gains on firm investments?
Piper Sandler (PIPR) reported unrealized gains on firm investments of $3.93M in Q4 2025.
How has Piper Sandler's unrealized gains on firm investments changed year-over-year?
Piper Sandler's unrealized gains on firm investments increased by 183.0% year-over-year, from $1.39M to $3.93M.
What is the long-term trend for Piper Sandler's unrealized gains on firm investments?
Over 5 years (2020 to 2025), Piper Sandler's unrealized gains on firm investments has grown at a -6.9% compound annual growth rate (CAGR), from $5.61M to $3.93M.
What does unrealized gains on firm investments mean?
This represents the cumulative unrealized appreciation or depreciation on the firm's proprietary investment portfolio that has not yet been recognized in the income statement. It reflects the potential tax impact associated with the difference between the carrying value and the tax basis of these investment securities. Monitoring this figure provides insight into the latent volatility and tax obligations embedded within the firm's principal investment activities.