Vanguard Capital Management (PIPR) discloses 5.03% ownership in Piper Sandler Cos

Rhea-AI Filing Summary

Vanguard Capital Management and certain affiliates report beneficial ownership of Piper Sandler Cos common stock. They beneficially own 3,576,376 shares of common stock, representing 5.03% of the class as of June 30, 2026. The position is held across Vanguard-managed funds and accounts where Vanguard Capital Management LLC or specified affiliates exercise investment authority.

Within this stake, Vanguard has sole voting power over 538,050 shares and sole dispositive power over 3,576,376 shares, with no shared voting or dispositive power reported. Dividends and sale proceeds from these securities are payable to Vanguard-managed investment companies and other accounts, and no other single person has an interest in more than 5% of the class through these holdings.

Key Figures

Beneficial ownership: 3,576,376 shares Ownership percentage: 5.03% Sole voting power: 538,050 shares +3 more

6 metrics

Beneficial ownership 3,576,376 shares Piper Sandler Cos common stock beneficially owned as of June 30, 2026

Ownership percentage 5.03% Percent of Piper Sandler Cos common stock class beneficially owned

Sole voting power 538,050 shares Shares over which Vanguard Capital Management has sole voting power

Shared voting power 0 shares Shares over which Vanguard Capital Management has shared voting power

Sole dispositive power 3,576,376 shares Shares over which Vanguard Capital Management has sole dispositive power

Shared dispositive power 0 shares Shares over which Vanguard Capital Management has shared dispositive power

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, dispositive power, +1 more

5 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"5 | Sole Voting Power 538,050.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 3,576,376.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

dispositive power financial

"exercise dispositive and/or voting power. This does not include securities, if any, beneficially"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Investment Company Act of 1940 regulatory

"investment companies registered under the Investment Company Act of 1940 and other managed accounts"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 10:47 AM Accepted by SEC EDGAR 07/31/2026 - 10:47 AM Learn about SEC filing dates

FAQ

How many Piper Sandler Cos (PIPR) shares does Vanguard Capital Management beneficially own?

Vanguard Capital Management reports 3,576,376 Piper Sandler Cos common shares beneficially owned. This stake is held across Vanguard-managed funds and accounts where Vanguard entities have investment authority over the securities.

What percentage of Piper Sandler Cos (PIPR) is owned by Vanguard Capital Management?

Vanguard Capital Management reports owning 5.03% of Piper Sandler Cos common stock. This percentage reflects shares beneficially owned or deemed beneficially owned by Vanguard Capital Management LLC and specified affiliated entities.

How much voting power does Vanguard Capital Management have in Piper Sandler Cos (PIPR)?

Vanguard Capital Management has sole voting power over 538,050 shares of Piper Sandler Cos. It reports no shared voting power over any shares in this ownership disclosure.

What is Vanguard Capital Management’s dispositive power over Piper Sandler Cos (PIPR) shares?

Vanguard Capital Management has sole dispositive power over 3,576,376 shares of Piper Sandler Cos and no shared dispositive power, meaning it can direct the sale or disposition of those shares on behalf of its clients.

Do other investors share in Vanguard Capital Management’s Piper Sandler Cos (PIPR) holdings?

Dividends and sale proceeds from the 3,576,376 reported shares go to Vanguard-managed funds and other accounts. No single other person’s interest through these holdings exceeds 5% of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Piper Sandler Cos

(Name of Issuer)

Common Stock

(Title of Class of Securities)

724078209

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 724078209

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 538,050.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,576,376.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,576,376.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.03 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Piper Sandler Cos
(b)	Address of issuer's principal executive offices: 350 N 5th St, Suite 1000, Minneapolis, MN, 55401
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 724078209
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3576376
(b)	Percent of class: 5.03 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 538050
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3576376
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	07/31/2026