[Form 4] PIPER SANDLER COMPANIES Insider Trading Activity

Rhea-AI Filing Summary

Piper Sandler Companies reported an insider stock sale by its Chief Financial Officer. On 11/21/2025, the CFO disposed of 1,367 shares of Piper Sandler common stock in an open market transaction coded as a sale. The shares were sold at a weighted average price of $324.69, with individual sale prices ranging from $324.6806 to $324.9700.

After this transaction, the reporting person beneficially owned 10,425 shares of Piper Sandler common stock, held directly. The filing notes that detailed breakdowns of the number of shares sold at each price within the reported range are available upon request to the company, the SEC staff, or any shareholder.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Clune Katherine Patricia

(Last) (First) (Middle)

350 NORTH 5TH STREET, SUITE 1000

(Street)

MINNEAPOLIS MN 55401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIPER SANDLER COMPANIES [ PIPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/21/2025		S		1,367	D	$324.69(1)	10,425	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $324.6806 to $324.9700 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in this footnote upon request by the SEC staff, the issuer or any shareholder of the issuer.

Remarks:

	/s/ James Grant for Katherine P. Clune	11/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Piper Sandler (PIPR) report in this Form 4?

The Form 4 reports that the Chief Financial Officer of Piper Sandler Companies (PIPR) sold 1,367 shares of common stock in an open market transaction on 11/21/2025.

At what price were the Piper Sandler (PIPR) shares sold in this insider transaction?

The sale was reported at a weighted average price of $324.69 per share, with individual trades executed at prices ranging from $324.6806 to $324.9700.

How many Piper Sandler (PIPR) shares does the CFO own after the reported sale?

Following the transaction, the reporting person beneficially owned 10,425 shares of Piper Sandler common stock, held directly.

Who is the reporting person in this Piper Sandler (PIPR) Form 4 filing?

The reporting person is an officer of Piper Sandler Companies, serving as the Chief Financial Officer, as indicated in the relationship section of the filing.

What does the weighted average price disclosure mean in the Piper Sandler Form 4?

The filing explains that the $324.69 figure is a weighted average of multiple trade prices between $324.6806 and $324.9700. The reporting person has agreed to provide the exact number of shares sold at each price upon request.

Is this Piper Sandler (PIPR) Form 4 filed by more than one reporting person?

No. The filing states that the Form 4 is filed by one reporting person, not by a group.