(Mark One) FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 800 Nicollet Mall, Suite 900 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 30-0168701 For the transition period from to PIPER SAND ...

Financial Data and Key Metrics Changes - The company generated adjusted net revenues of $346 million for Q2 2022, with a 17.5% operating margin and adjusted diluted EPS of $2.47. For the first half of 2022, adjusted net revenues totaled $707 million, with a 19.2% operating margin and adjusted diluted EPS of $5.59, reflecting a decline compared to the record prior year period [10][30][31] - Net revenues decreased 4% from Q1 2022 and 30% from the exceptionally strong prior year quarter, primarily due to lower advisory revenues and historically low equity capital markets activity [26][27] Business Line Data and Key Metrics Changes - Advisory revenues for Q2 2022 were $170 million, down 20% sequentially and 32% year-over-year, impacted by market volatility and delayed transaction closings [11] - Corporate financing revenues were $29 million in Q2 2022, showing improvement from Q1 as the company underwrote 11 equity deals despite a largely shut equity capital market [14] - Municipal financing revenues increased by 29% from Q1 to $35 million, reflecting strong performance and market share gains [18] - Equity brokerage generated record revenues of $51 million, benefiting from the integration of Cornerstone Macro [21] - Fixed income revenues were $54 million, down modestly from Q1, with client activity strongest among municipal-centric clients [23] Market Data and Key Metrics Changes - The overall market issuance for municipal financing was slightly above $100 billion, down approximately 12% from the previous year due to higher interest rates and increased volatility [18] - The equity markets experienced approximately 20% decline year-to-date, impacting the fee pool for research and trading services [22] Company Strategy and Development Direction - The company is focused on expanding its advisory business through sector and product expansion, while also increasing market share in Financing and Brokerage businesses [5] - Recent acquisitions, including Stamford Partners and the pending acquisition of DBO Partners, are aimed at enhancing capabilities in the food and beverage and technology sectors, respectively [6][7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position and ability to execute growth strategies despite a challenging macroeconomic environment [5] - The advisory pipeline remains strong, but current macroeconomic conditions have introduced uncertainty, leading to longer deal timelines [13] - Management anticipates a typical summer slowdown in Q3 2022, with expectations for a rebound in Q4 [22][70] Other Important Information - The company repurchased approximately 418,000 shares for $50 million during Q2 2022, returning a total of $254 million to shareholders through buybacks and dividends in the first half of the year [31][32] - A quarterly cash dividend of $0.60 per share was approved, to be paid on September 9 [32] Q&A Session Summary Question: Corporate financing outlook - Management noted that the stronger-than-expected results in corporate financing were relative to very low levels in Q1, and while there are signs of improvement in healthcare ECM, overall levels remain muted [36][38] Question: Advisory side guidance - Management indicated that while historical trends suggest a stronger second half, the environment has become more challenging, and advisory results may be closer to flat [40] Question: Restructuring business outlook - Management observed a pickup in volume and new engagements in the restructuring business, indicating potential for revenue growth [41] Question: M&A advisory outlook - Management acknowledged a strong backlog but noted that deals are moving slower due to macroeconomic uncertainty, with financing becoming more difficult [45][46] Question: Capital allocation and liquidity - Management discussed the potential for lower dividend payouts to generate capacity for acquisitions and emphasized a balanced approach to capital deployment [49][51] Question: Financial institutions' willingness to transact - Management noted that while smaller deals are progressing, larger transactions have slowed, influenced by current market conditions [58] Question: Fixed income business resilience - Management attributed better performance in fixed income to diversification across clients and products, expecting this trend to continue [62]

[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements for Piper Sandler Companies for Q1 2022, encompassing key financial statements and detailed notes [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) The company's total assets decreased to $1.88 billion as of March 31, 2022, from $2.57 billion at year-end 2021, primarily driven by a significant reduction in cash and cash equivalents and accrued compensation, while total shareholders' equity saw a slight decrease to $1.16 billion from $1.23 billion over the same period Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $247,039 | $970,965 | | Total financial instruments owned | $459,813 | $348,974 | | Goodwill | $237,426 | $227,508 | | Total assets | **$1,882,454** | **$2,565,307** | | **Liabilities & Equity** | | | | Accrued compensation | $220,832 | $900,079 | | Total liabilities | $726,091 | $1,338,452 | | Total shareholders' equity | $1,156,363 | $1,226,855 | | Total liabilities and shareholders' equity | **$1,882,454** | **$2,565,307** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2022, the company reported net revenues of $350.6 million, a decrease from $428.6 million in the prior-year period, with net income applicable to Piper Sandler Companies falling to $36.7 million, or $2.12 per diluted share, compared to $49.5 million, or $3.00 per diluted share, in Q1 2021, primarily due to lower investment banking revenues and an investment loss Q1 2022 vs Q1 2021 Performance (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Investment banking revenues | $257,502 | $296,074 | | Institutional brokerage revenues | $104,562 | $109,488 | | Investment income/(loss) | ($13,074) | $23,768 | | **Net revenues** | **$350,645** | **$428,607** | | Compensation and benefits | $247,899 | $280,328 | | **Net income applicable to Piper Sandler** | **$36,651** | **$49,459** | | **Diluted EPS** | **$2.12** | **$3.00** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $484.2 million for the first three months of 2022, a significant increase from $263.6 million in the prior-year period, largely due to a decrease in accrued compensation, while net cash used in financing activities also increased to $208.8 million, driven by higher share repurchases and dividend payments, resulting in a net decrease in cash and cash equivalents of $723.9 million Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($484,242) | ($263,576) | | Net cash used in investing activities | ($29,691) | ($9,259) | | Net cash used in financing activities | ($208,765) | ($83,550) | | **Net decrease in cash and cash equivalents** | **($723,926)** | **($356,125)** | [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the company's accounting policies and financial results, covering acquisitions, fair value measurements, goodwill, equity activities, compensation, and segment revenues - On February 4, 2022, the company completed the acquisition of Cornerstone Macro Research LP for a purchase price of **$34.0 million**, resulting in **$9.9 million** of goodwill and **$18.6 million** of intangible assets[29](index=29&type=chunk)[30](index=30&type=chunk)[33](index=33&type=chunk) - On January 5, 2022, the company announced a definitive agreement to acquire Stamford Partners LLP, a specialist investment bank in the European food and beverage sector, with the transaction expected to close in Q2 2022[39](index=39&type=chunk) - The company's board authorized a new **$150.0 million** share repurchase program effective May 6, 2022, and during Q1 2022, the company repurchased **653,029 shares** for **$92.9 million** under a separate authorization[113](index=113&type=chunk)[114](index=114&type=chunk) - In Q1 2022, the company paid a quarterly dividend of **$0.60 per share** and a special cash dividend of **$4.50 per share**, totaling **$81.4 million**[119](index=119&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2022 financial performance, including decreased revenues and net income, macroeconomic impacts, strategic acquisitions, detailed operational results, liquidity, capital resources, and risk management Q1 2022 Financial Highlights (U.S. GAAP) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net revenues | $350,645 | $428,607 | | Net income applicable to Piper Sandler | $36,651 | $49,459 | | Earnings per diluted common share | $2.12 | $3.00 | | Pre-tax margin | 10.2% | 19.3% | - Management expects moderate U.S. economic growth for the remainder of 2022 but notes increased uncertainty from geopolitical risks, inflation, and rising interest rates, with equity capital raising activity substantially halted in Q1 2022, a dynamic that may persist[174](index=174&type=chunk)[176](index=176&type=chunk) - The advisory services pipeline is described as robust, and the business is positioned for a strong 2022 if market conditions remain supportive, with the acquisition of Cornerstone Macro expected to drive cross-selling opportunities and market share gains in equity brokerage[177](index=177&type=chunk)[178](index=178&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Net revenues for Q1 2022 decreased 18.2% year-over-year to $350.6 million, with investment banking revenues falling 13.0% due to a sharp decline in corporate financing despite a 38.0% increase in advisory services revenues, and institutional brokerage revenues decreasing 4.5% as lower fixed income results offset higher equity brokerage revenues boosted by the Cornerstone Macro acquisition, while non-interest expenses decreased 8.9% primarily due to lower compensation tied to reduced revenues Revenue Breakdown (in thousands) | Revenue Source | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | **Investment Banking** | **$257,502** | **$296,074** | | Advisory services | $210,899 | $152,849 | | Corporate financing | $19,186 | $116,136 | | Municipal financing | $27,417 | $27,089 | | **Institutional Brokerage** | **$104,562** | **$109,488** | | Equity brokerage | $49,805 | $43,234 | | Fixed income services | $54,757 | $66,254 | - Corporate financing revenues dropped **83.5%** as the market for equity capital raising was largely shut due to market volatility and a cautious investor outlook[206](index=206&type=chunk) - Marketing and business development expenses increased significantly to **$8.6 million** from **$2.1 million** in the prior-year period, driven by higher travel and entertainment costs as COVID-19 restrictions eased[190](index=190&type=chunk) [Liquidity, Funding and Capital Resources](index=50&type=section&id=Liquidity%2C%20Funding%20and%20Capital%20Resources) The company maintains a robust liquidity strategy, with the majority of assets being readily convertible to cash, key funding sources including clearing arrangements with Pershing and CIBC, a $100 million committed credit line, and a $65 million revolving credit facility, while long-term financing consists of $125 million in senior notes due 2023, and the adjusted leverage ratio decreased to 2.0x from 2.8x at year-end 2021, with the company's broker-dealer subsidiary, Piper Sandler & Co., maintaining net capital of $338.2 million, significantly exceeding the $1.0 million regulatory minimum Leverage Ratios | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Total assets (in thousands) | $1,882,454 | $2,565,307 | | Total shareholders' equity (in thousands) | $1,156,363 | $1,226,855 | | Leverage ratio | 1.6x | 2.1x | | Adjusted leverage ratio | 2.0x | 2.8x | - At March 31, 2022, the company's net capital was **$338.2 million**, exceeding the minimum SEC requirement by **$337.2 million**[237](index=237&type=chunk) - The company has off-balance sheet investment commitments of **$78.7 million** with no specified call dates[243](index=243&type=chunk)[246](index=246&type=chunk) [Risk Management](index=56&type=section&id=Risk%20Management) The company employs a formal risk management process to identify, assess, and monitor strategic, market, liquidity, credit, operational, human capital, and legal/regulatory risks, with oversight provided by the board of directors and internal committees, and market risk managed through limits and hedging, with an estimated $0.6 million decrease in fixed income inventory value from a 50 basis point adverse rate change, while credit risk is monitored daily, with the majority of the fixed income portfolio rated AA or A, and operational risk mitigated through internal controls, segregation of duties, and business continuity plans - A parallel 50 basis point adverse change in interest rates would result in an estimated decrease of approximately **$0.6 million** in the carrying value of the company's fixed income securities inventory as of March 31, 2022[258](index=258&type=chunk) Credit Rating of Long Fixed Income Portfolio (as of March 31, 2022) | Rating | % of Total | | :--- | :--- | | AAA | 10.1% | | AA | 67.6% | | A | 17.0% | | BBB | 0.4% | | BB | 0.6% | | Not Rated | 4.3% | - The company has concentrated counterparty credit exposure with four non-publicly rated entities totaling **$18.8 million**, with one counterparty representing **$12.5 million** of this exposure[273](index=273&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section incorporates by reference the information provided under the "Risk Management" section within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - The report refers to the 'Risk Management' section in the MD&A for disclosures about market risk[282](index=282&type=chunk) [Controls and Procedures](index=61&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) The company's principal executive officer and principal financial officer concluded that as of the end of the period, the company's disclosure controls and procedures were effective, and there were no material changes in the company's internal control over financial reporting during the first quarter of 2022 - Management concluded that disclosure controls and procedures are effective as of the end of the reporting period[283](index=283&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2022[284](index=284&type=chunk) [PART II. OTHER INFORMATION](index=61&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section incorporates by reference the discussion of legal proceedings from the company's Annual Report on Form 10-K for the year ended December 31, 2021 - Information regarding legal proceedings is incorporated by reference from the company's 2021 Form 10-K[285](index=285&type=chunk) [Risk Factors](index=62&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 - There have been no material changes to the risk factors disclosed in the company's 2021 Form 10-K[287](index=287&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During the quarter ended March 31, 2022, the company repurchased a total of 789,469 shares of its common stock at an average price of $144.24 per share, including 653,029 shares purchased under its publicly announced repurchase program Q1 2022 Share Repurchase Activity | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Jan 2022 | 82,639 | $149.92 | 71,396 | | Feb 2022 | 436,814 | $150.44 | 311,666 | | Mar 2022 | 270,016 | $132.47 | 269,967 | | **Total** | **789,469** | **$144.24** | **653,029** | - As of March 31, 2022, **$57 million** remained available for repurchase under the plan authorized effective January 1, 2022, and a new **$150 million** authorization was approved effective May 6, 2022[289](index=289&type=chunk) [Exhibits](index=63&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, and financial data formatted in iXBRL

V cshares, Inc. Fixed Income Investor Presentation Fixed Income Investor Presentation [Month] [Day], 2019 First Quarter 2022 Earnings Presentation September 2019 Forward-Looking Statements and Non-GAAP Financial Measures | --- | --- ...

Financial Data and Key Metrics Changes - The company generated adjusted net revenues of $362 million for Q1 2022, a decrease of 13% year-over-year and a 43% decline from the record Q4 2021, primarily due to low equity capital markets activity [29][35] - The operating margin for Q1 2022 was 20.8%, marking the seventh consecutive quarter with an operating margin above 20% [32][35] - Adjusted EPS for Q1 2022 was $3.12, with net income reported at $57 million [32][35] Business Line Data and Key Metrics Changes - Corporate investment banking revenues totaled $230 million, with M&A advisory contributing 74% and corporate debt business generating $55 million [9][10] - Advisory revenues increased by 38% year-over-year to $211 million, driven by larger transactions and higher average fees [10][11] - Equity brokerage business achieved record revenues of $50 million, benefiting from increased volumes and the acquisition of Cornerstone Macro [21][22] - Fixed income revenues were $55 million, up 9% compared to Q4 2021, driven by rising interest rates [25][26] Market Data and Key Metrics Changes - Municipal financing revenues were flat at $27 million, with market issuance down approximately 12% year-over-year due to fewer refinancing activities [18][20] - The 10-year treasury rate increased by 55% from December 31 to March 31, reflecting market expectations of future inflation and Federal Reserve tightening [25][26] Company Strategy and Development Direction - The company remains focused on long-term growth, with ongoing investments in talent and acquisitions to strengthen its platform [15][16] - The acquisition of Cornerstone Macro is expected to enhance the company's capabilities in equity brokerage and research [21][22] - The company anticipates strong advisory revenues for the first half of 2022, with potential growth in the second half if market conditions remain supportive [13][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased uncertainty in financial markets due to geopolitical risks and inflation but emphasized the resilience of their diversified business model [7][35] - The company expects M&A activity to remain strong, with robust pipelines across various industry verticals [12][13] - Management noted that while equity capital markets have slowed, there is a backlog of companies looking to raise capital when market conditions improve [50][51] Other Important Information - The company returned $195 million to shareholders through buybacks and dividends in Q1 2022, repurchasing approximately 789,000 shares [33][34] - The Board approved a quarterly cash dividend of $0.60 per share to be paid on June 10 [34] Q&A Session Summary Question: Insights on M&A advisory business outlook - Management indicated that while some deals have been impacted by public stock prices, the sponsor business remains strong, with a good pace of new deals [40] - Energy and financial sectors showed strong performance, while technology and software sectors have seen some slowdown due to valuations [42] Question: Capital return strategy amidst stock price decline - Management expressed a commitment to being opportunistic with buybacks, especially given the current stock price levels [44][45] Question: Equity capital markets activity - Management noted no significant pickup in ECM activity in early Q2, with a backlog of companies wanting to finance when the market stabilizes [50][51] Question: Fixed income trading outlook - Management highlighted that fixed income activity is correlated with interest rates, and they expect continued strong activity as clients rebalance portfolios [56] Question: Operating margin expectations - Management believes they can maintain an operating margin in the low 20s, supported by diversified revenue streams [64][66] Question: Recruiting environment and MD additions - Management is optimistic about recruiting new Managing Directors and has seen momentum in hiring despite market challenges [68] Question: Impact of liquidity changes on fixed income brokerage - Management acknowledged potential declines in depository client activity as liquidity decreases but emphasized strategies to leverage financial advisory services [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 Commission File No. 001-31720 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) Delaware 30-0168701 800 Nicollet Mall, Suite 900 Minneapolis, Minnesota 55402 (Address of Principal Executive Of ices) (Zip Code) (612) 303-6000 (Registrant's Telephone Num ...

Financial Data and Key Metrics Changes - The company generated $634 million of adjusted net revenues in Q4 2021, a 29% increase from the previous quarterly record [7] - For the full year 2021, adjusted net revenues totaled $2 billion, reflecting a 60% increase over the prior year [46] - Operating margin for Q4 2021 was 30.7%, with adjusted EPS of $7.84, both quarterly records [7][50] - The full year operating margin was 27.8%, up from 20.3% in 2020, indicating significant margin expansion [51] Business Line Data and Key Metrics Changes - Corporate investment banking revenues reached $476 million in Q4 2021, up 62% sequentially and 85% year-over-year [13] - Advisory revenues exceeded $1 billion for the first time in history, driven by strong M&A activity [15] - Equity brokerage revenues for Q4 2021 were $42 million, a 23% sequential increase but down 5% year-over-year [31] - Municipal financing revenues for Q4 2021 were $59 million, up 39% from Q3 and 47% from the previous year [35] Market Data and Key Metrics Changes - The U.S. equity issuance fee pool surpassed $20 billion for the first time, more than double the last 10-year average [21] - Municipal issuance in 2021 was $475 billion, nearly reaching the 2020 record of $485 billion [36] - The healthcare team completed 97 transactions, raising over $20 billion in capital, ranking among the top three investment banks for healthcare IPOs [22] Company Strategy and Development Direction - The company aims to grow annual corporate investment banking revenues to $2 billion over the next five years, focusing on both organic and inorganic growth [29][82] - Strategic initiatives include expanding into technology, healthcare services, and renewable energy sectors [12] - The acquisition of Cornerstone Macro and Stanford Partners is expected to enhance research capabilities and advisory services [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects M&A activity to remain strong in 2022, although advisory revenues may decline in the first half compared to the second half of 2021 [19][20] - The company anticipates a continuation of strong demand for services, supported by economic growth and capital availability [20] - There is optimism regarding the energy sector's recovery and the potential for growth in European markets [91] Other Important Information - The company announced a special cash dividend of $4.50 per share, with total dividends for 2021 amounting to $9.45 per share, a three-fold increase over 2020 [55] - The company repurchased approximately 572,000 shares, totaling $70 million, to offset dilution from annual stock grants [57] Q&A Session Summary Question: Equity underwriting pipeline status - Management noted that many deals are on hold rather than canceled, and market stabilization is needed for clients to proceed with transactions [62] Question: Investment priorities amid cost inflation - The company is focused on growth and hiring, with the adjusted compensation ratio reflecting a balance of performance and investment considerations [64] Question: Trends in the M&A market - Management indicated that the factors driving strong advisory business in 2021 remain in place, with a healthy pipeline for the upcoming year [70] Question: Impact of interest rates on fixed income business - Higher rates are generally beneficial for the business, with expectations of increased client activity as they adjust to the changing rate environment [74] Question: Excess cash position and future plans - The company has seen an increase in excess cash year-over-year, allowing for continued investment in growth and corporate development [76]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-31720 PIPER SANDLER COMPANIES (Exact Name of Registrant as specified in its Charter) (State or Other Jurisdiction of Incorporat ...

Piper Sandler Companies (NYSE:PIPR) Q3 2021 Earnings Conference Call October 29, 2021 10:00 AM ET Company Participants Chad Abraham - Chairman & Chief Executive Officer Deb Schoneman - President Tim Carter - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities James Yaro - Goldman Sachs Michael Brown - Keefe Bruyette & Woods Mike Grondahl - Northland Securities Operator Good morning, and welcome to the Piper Sandler Companies Conference Call to discuss the financial results for t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-31720 PIPER SANDLER COMPANIES (Exact Name of Registrant as specified in its Charter) (State or Other Jurisdiction of Incorporation o ...