Piper Sandler (PIPR) executive reports 2364-share grant and tax dispositions

Rhea-AI Filing Summary

PIPER SANDLER COMPANIES executive Michael R. Dillahunt, Global Co-Head IB and Capital Markets, reported equity compensation activity in company common stock. On February 17, 2026, he acquired 2364 shares of common stock as a grant or award at a stated price of $0.0000 per share.

On the same date, he disposed of 309 shares, 308 shares, and 184 shares of common stock in transactions coded as tax-withholding dispositions for payment of exercise price or tax liabilities. Following these transactions, his directly held common stock position was 21050 shares.

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

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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^*

Dillahunt Michael R

(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)
	Global Co-Head IB and Cap Mkts

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2026

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	02/17/2026		A		2,364	A	$0	21,851	D
Common Stock	02/17/2026		F		309	D	$0	21,542	D
Common Stock	02/17/2026		F		308	D	$0	21,234	D
Common Stock	02/17/2026		F		184	D	$0	21,050	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:

Remarks:

	/s/ James Grant for Michael R. Dillahunt	02/19/2025
	** 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 transactions did Michael R. Dillahunt report for PIPR?

Michael R. Dillahunt reported an award of 2364 shares of Piper Sandler common stock and three tax-withholding dispositions of 309, 308, and 184 shares, all dated February 17, 2026, affecting his directly held share balance.

Was the Piper Sandler (PIPR) insider share award a cash purchase?

The 2364-share transaction was reported as a grant or award at a stated price of $0.0000 per share, indicating it was equity compensation rather than an open-market cash purchase of Piper Sandler common stock.

Why did Michael R. Dillahunt dispose of PIPR shares on February 17, 2026?

The three dispositions of 309, 308, and 184 Piper Sandler common shares were coded as tax-withholding transactions, meaning shares were delivered to cover exercise prices or tax liabilities associated with equity awards.

How many Piper Sandler (PIPR) shares did Michael R. Dillahunt hold after these Form 4 transactions?

After the reported grant and related tax-withholding dispositions on February 17, 2026, Michael R. Dillahunt’s directly owned Piper Sandler common stock position was 21050 shares, as disclosed in the filing data.

What do transaction codes A and F mean in this PIPR Form 4?

In this Form 4, code A reflects a grant, award, or other acquisition of 2364 Piper Sandler common shares, while code F indicates share dispositions used to pay an exercise price or tax liabilities tied to equity compensation awards.