Michael R. Dillahunt - 26 Feb 2026 Form 4 Insider Report for PIPER SANDLER COMPANIES (PIPR)

Role: Global Co-Head IB and Cap Mkts
Signature: /s/ James Grant for Michael R. Dillahunt
Issuer symbol: PIPR
Transactions as of: 26 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 02 Mar 2026, 16:03:35 UTC
Previous filing: 19 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dillahunt Michael R	Global Co-Head IB and Cap Mkts	350 NORTH 5TH STREET, SUITE 1000, MINNEAPOLIS	/s/ James Grant for Michael R. Dillahunt	02 Mar 2026	0001849769

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PIPR	Common Stock	Award	$0	+8,615	+41%	$0.000000	29,665	26 Feb 2026	Direct	F1
transaction	PIPR	Common Stock	Tax liability	$0	-3,929	-13%	$0.000000	25,736	26 Feb 2026	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 163% overall, with 126% vesting of the portion of the award based on attaining certain levels of adjusted return on equity and 200% vesting of the portion of the award based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025.

Content

Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 163% overall, with 126% vesting of the portion of the award based on attaining certain levels of adjusted return on equity and 200% vesting of the portion of the award based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025.