PIPER SANDLER COMPANIES Business Summary

Piper Sandler Companies (NYSE: PIPR) is a leading investment bank and institutional securities firm that generates revenue through transaction-based advisory fees, underwriting spreads, and brokerage commissions. The company’s operations are divided into two primary segments: Investment Banking and Institutional Brokerage. The Investment Banking division provides M&A advisory, equity and debt capital markets execution, and municipal financing, while the Institutional Brokerage segment offers sales, trading, and research services across equity and fixed income markets. As of early 2026, the firm has solidified its position as a dominant middle-market specialist, leveraging a capital-light model to target high-growth sectors such as healthcare, technology, energy, and financial services. Piper Sandler competes directly with boutique and mid-market peers including Evercore, Houlihan Lokey, Jefferies, and Stifel Financial, distinguishing itself through a top-ranked research platform and a leading market share in municipal finance and small-to-mid-cap advisory mandates. The firm traces its origins to 1895, founded by George Lane, with the modern enterprise shaped by the 2020 merger of Piper Jaffray and Sandler O’Neill + Partners. The leadership team is anchored by Chairman and CEO Chad Abraham and President Debbra Schoneman, both 30-year veterans of the firm who have led its transition from a regional brokerage to a global investment bank since 2018. Key executive leadership includes CFO Kate Clune, who joined in 2024 from Evercore and Morgan Stanley, and Shawn Quant, the Chief Information and Operations Officer. Vice Chairman Jonathan Doyle, a former senior partner at Sandler O’Neill, remains a pivotal figure in the firm’s financial services group. The company’s board of directors was recently bolstered in February 2026 by the election of Stuart M. Essig, Ph.D., the former CEO of Integra LifeSciences, reflecting the firm’s strategic emphasis on deepening its healthcare and medical technology expertise.