[Form 4] Piper Sandler Companies Insider Trading Activity

Rhea-AI Filing Summary

BlackRock MuniVest Fund, Inc. (NYSE: MVF) has triggered its discount-management program and will launch an issuer tender offer for 2.5% of its outstanding common shares. The trigger was activated because the Fund’s shares traded at an average daily discount of -7.60% to net asset value (NAV) during the 1 April – 30 June 2025 measurement period, exceeding the 7.50% threshold. The tender offer will commence 15 July 2025 and expire 15 August 2025 at 5:00 p.m. ET, unless extended. Shareholders who tender will receive 98% of NAV calculated on the first business day following the expiration (or any extension) of the offer. If tenders exceed 2.5% of shares outstanding, purchases will be prorated. Payment is expected within five business days after expiration.

The initiative is intended to narrow MVF’s market discount, enhance long-term shareholder value and provide near-term liquidity, although the Fund explicitly notes that no assurance can be given regarding any discount reduction. Full terms will be detailed in the Offer to Purchase and related Schedule TO filings that will become available on the SEC’s website once the offer begins.

Positive

• Tender offer provides liquidity at 98% of NAV, enabling investors to exit near intrinsic value.
• Accretive buyback: repurchasing below NAV slightly boosts NAV per share for remaining holders.
• Demonstrates management’s commitment to its discount-management policy, supporting investor confidence.

Negative

• Limited scale: only 2.5% of shares are eligible, so many tendering investors may be prorated.
• Repurchase price below NAV means shareholders still sell at a 2% haircut to intrinsic value.
• No guarantee of sustained discount narrowing; historical discount could persist after tender.

Insights

Closed-End Fund Analyst

TL;DR – Small but shareholder-friendly tender may modestly tighten MVF’s discount.

MVF is activating its self-imposed discipline by buying back 2.5% of shares at 98% of NAV after a >7.5% discount persisted. While the size is limited, the tender (≈$28–30 million assuming a $12 NAV and 115 million shares) removes stock below intrinsic value, immediately accreting NAV per share by roughly 2% on the repurchased slice and signaling management’s commitment to discount control. Because purchases are prorated, the near-term price impact should be mild; however, historical evidence suggests that recurring tenders improve trading ranges over time. Liquidity for retail holders is also enhanced. The tender is incrementally positive but not transformational.

Portfolio Manager – Municipal CEF Specialist

TL;DR – Event is neutral-to-positive; impact depends on follow-through and market sentiment.

At 2.5% of float, the buyback will have limited effect on leverage or earnings. Paying 98% of NAV allows the Fund to retire shares at a discount, delivering a slight accretion to remaining holders. Yet, because the offer follows a rule-based trigger, investors may have already priced in the possibility, muting upside. The discount could narrow temporarily but may widen again absent further actions or improved muni-market fundamentals. I view the move as a modest positive—supportive of shareholder alignment, but not enough to shift the core valuation thesis on MVF.

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
Estimated average burden
hours per response:			0.5

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^*

SORAN PHILIP

(Last) (First) (Middle)

800 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55402

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		A		90(1)	A	$0	19,703	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 reporting person elected to defer receipt of quarterly director cash retainer fees resulting in the accrual to his account of 90 shares of phantom stock. The shares of phantom stock become payable, in common stock, on the last day of the year in which the reporting person's service as a director terminates.

Remarks:

	/s/ James Grant for Philip E. Soran	07/01/2025
	** 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

Why is BlackRock MuniVest Fund (MVF) launching a tender offer?

MVF’s shares traded at an average discount of -7.60% to NAV, triggering its discount-management program requirement to repurchase shares.

How many MVF shares will be repurchased?

The Fund will buy back 2.5% of its outstanding common shares, subject to proration if oversubscribed.

What price will MVF pay in the tender offer?

Tendered shares will be purchased at 98% of NAV per share calculated the first business day after the offer expires.

When does the MVF tender offer start and end?

It begins 15 July 2025 and is scheduled to expire 15 August 2025 at 5:00 p.m. ET, unless extended.

Where can shareholders access the tender offer documents?

The Offer to Purchase and Schedule TO will be filed with the SEC and available free at www.sec.gov once the offer commences.