Piper Sandler Companies is the parent company of Piper Sandler & Co. ("Piper Sandler"), a securities broker dealer and investment banking firm; Piper Sandler Ltd., a firm providing securities brokerage and mergers and acquisitions services in the United Kingdom ("U.K."); Piper Sandler Investment Group Inc., PSC Capital Management LLC, PSC Capital Management II LLC and PSC Capital Management III LLC, entities providing alternative asset management services; Piper Sandler Hedging Services, LLC, an entity that assists clients with hedging strategies; Piper Sandler Financial Products II Inc., an entity that facilitates derivative transactions; and other immaterial subsidiaries.

Piper Sandler Companies and its subsidiaries (collectively, the "Company") operate in one reporting segment providing investment banking services and institutional sales, trading and research services. Investment banking services include financial advisory services, management of and participation in underwritings, and municipal financing activities. Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, corporations, government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, profits and losses from trading these securities, and fees for research services and corporate access offerings. Also, the Company has created alternative asset management funds in merchant banking and healthcare in order to invest firm capital and to manage capital from outside investors. The Company records gains and losses from investments in these funds and receives management and performance fees.

On March 23, 2026, the Company effected a four-for-one forward split of its common stock ("Stock Split") through the filing of an amendment to the Company's amended and restated certificate of incorporation. The Stock Split proportionately increased the number of authorized shares of common stock from 100,000,000 to 400,000,000. The Company's common stock began trading on the split-adjusted basis at the start of trading on March 24, 2026. All share and per share amounts presented herein have been retrospectively adjusted to reflect the impact of the Stock Split. All shares of common stock retained a par value of $0.01 per share upon the effectiveness of the Stock Split. Accordingly, an amount equal to the par value of the increased shares resulting from the Stock Split was reclassified from additional paid-in capital to common stock outstanding.

The accompanying consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Pursuant to this guidance, certain information and disclosures have been omitted that are included within the complete annual financial statements. Except as disclosed herein, there have been no material changes in the information reported in the financial statements and related disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The consolidated financial statements include the accounts of Piper Sandler Companies, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. Noncontrolling interests represent equity interests in consolidated entities that are not attributable, either directly or indirectly, to Piper Sandler Companies. Noncontrolling interests include the minority equity holders' proportionate share of the equity in the Company's alternative asset management funds. All material intercompany balances have been eliminated.

Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and assumptions are based on the best information available, actual results could differ from those estimates.

During the first quarter of 2026, the Company changed its presentation of non-interest expenses on the consolidated statements of operations to remove the separate line item for deal-related expenses. On the consolidated statements of operations, deal-related expenses associated with advisory transactions are included in their respective line items in non-interest expenses and those associated with underwriting transactions are reported in other operating expenses.

Comparative amounts have been reclassified to conform with the current period presentation. This reclassification had no impact on sub-totals or totals on the consolidated statements of operations, including total non-interest expenses. This change had no impact on the consolidated statements of financial condition, consolidated statements of comprehensive income, consolidated statements of changes in shareholders' equity or consolidated statements of cash flows. The following tables present the effects of the change in presentation within the consolidated statements of operations:


	Three Months Ended
	June 30, 2025
(Amounts in thousands)	As Previously Reported		Adjustment		As Adjusted
Non-interest expenses
Compensation and benefits	$	258,216	$	—	$	258,216
Occupancy and equipment	17,442		—		17,442
Outside services	16,789		4,131		20,920
Communications	14,255		689		14,944
Marketing and business development	11,813		2,056		13,869
Deal-related expenses	11,746		(11,746)		—
Trade execution and clearance	4,701		—		4,701
Restructuring and integration costs	4,998		—		4,998
Intangible asset amortization	2,147		—		2,147
Other operating expenses	5,747		4,870		10,617
Total non-interest expenses	$	347,854	$	—	$	347,854


	Six Months Ended
	June 30, 2025
(Amounts in thousands)	As Previously Reported		Adjustment		As Adjusted
Non-interest expenses
Compensation and benefits	$	506,673	$	—	$	506,673
Occupancy and equipment	35,669		—		35,669
Outside services	31,507		4,884		36,391
Communications	29,034		1,351		30,385
Marketing and business development	25,287		3,455		28,742
Deal-related expenses	17,208		(17,208)		—
Trade execution and clearance	9,875		—		9,875
Restructuring and integration costs	4,998		—		4,998
Intangible asset amortization	4,223		—		4,223
Other operating expenses	11,219		7,518		18,737
Total non-interest expenses	$	675,693	$	—	$	675,693