A full-service investment bank, similar to a smaller Morgan Stanley or Goldman Sachs.

• Investment Banking Advisory: Provides strategic advice on mergers & acquisitions, equity private placements, and debt & restructuring.
• Capital Raising & Underwriting: Facilitates equity and debt financings and underwrites municipal issuances for various entities.
• Public Finance Investment Banking: Offers specialized financial advisory and loan placement services for state and local governments and non-profit organizations.
• Institutional Sales, Trading, & Research: Delivers advisory and trade execution services for institutional investors in equity and fixed income markets, supported by research.
• Alternative Asset Management: Manages firm capital and capital from outside investors through alternative asset funds, focusing on sectors like healthcare.
• Over-the-Counter Derivative Products: Offers various customized derivative instruments for clients.

Piper Sandler Companies (PIPR) primarily serves other companies and institutional entities rather than individual consumers. While specific names of its client companies are not publicly disclosed in the provided information, which is common for investment banking services, its major customer categories include:

• Corporations
• Private Equity Groups
• Public Entities (such as state and local governments)
• Non-profit Entities (including those in education, healthcare, hospitality, senior living, and transportation sectors, as well as cultural and social service organizations)
• Institutional Investors

Chad Abraham, Chairman, Chief Executive Officer

Chad Abraham serves as the chairman and chief executive officer of Piper Sandler, a position he has held since January 2018. He joined the firm in 1991 as an investment banking analyst. He was promoted to managing director and head of technology investment banking in 1999, head of capital markets in 2005, and global co-head of investment banking and capital markets in 2010. Abraham serves on the board of directors for Columbus McKinnon Corporation. He previously served as Chairman & Chief Executive Officer of Piper Jaffray Cos.

Kate Clune, Chief Financial Officer

Kate Clune was appointed Chief Financial Officer of Piper Sandler in the first quarter of 2024, succeeding Tim Carter. She joined Piper Sandler from Evercore Inc., where she was most recently treasurer and head of planning and strategy. Prior to Evercore, Ms. Clune spent 16 years at Morgan Stanley, holding various roles in operations, sales and trading, and finance, including corporate treasury and CFO of their U.S. banks, as well as global head of financial planning and analysis.

Debbra Schoneman, President

Debbra Schoneman serves as president of Piper Sandler, a position she has held since January 2018. She joined Piper Sandler in 1990 in the accounting department. She has held several senior management positions within the firm, including global head of equities, chief financial officer (from May 2008 to December 2017), finance director of both equity and fixed income capital markets, and treasurer. Schoneman serves on the board of directors of Hormel Foods and Allina Health, and previously served on the board of directors of SIFMA.

James Baker, Global Co-Head of Investment Banking and Capital Markets

James P. Baker is the global co-head of investment banking and capital markets, a position he has held since January 2019. Before this role, he served as co-head of energy investment banking from February 2016 to December 2018. Mr. Baker joined Piper Sandler in February 2016 following the acquisition of Simmons & Company International, where he was a managing director and leader of its midstream/downstream investment banking group, having joined Simmons in 2001.

Jonathan Doyle, Vice Chairman, Senior Managing Principal and Head of Financial Services

Jonathan J. Doyle is the vice chairman, senior managing principal, and head of the financial services group, a position he has held since January 2020.

Market Volatility and Economic Uncertainty

Piper Sandler Companies' performance is significantly influenced by the health of financial markets and the broader economy. Economic downturns, such as unexpected drops in employment or concerns over market stability, can adversely affect the demand for the company's investment banking and brokerage services. Revenue streams, particularly from mergers and acquisitions (M&A) and equity capital markets (ECM), are highly susceptible to market volatility and economic uncertainty, with capital markets activity capable of declining rapidly during such periods. This inherent cyclical risk means that substantial growth in areas like equity financing may not be sustainable or predictable over the long term.

Intense Competition

The company operates in a highly competitive industry where it contends with larger firms possessing greater financial and technological resources. These larger competitors often have the capacity to offer a more extensive range of products and services, undertake greater risk, and exercise more flexibility in pricing and client offerings. Piper Sandler's relatively smaller scale compared to these dominant players can hinder its ability to compete effectively, particularly in diversifying its product offerings and expanding its market reach.

Regulatory and Compliance Risks

As an investment bank and institutional securities firm, Piper Sandler Companies operates within a heavily regulated financial services industry. It faces ongoing scrutiny and evolving rule-making from legislators and regulators. Non-compliance with these regulations can lead to substantial legal penalties, significant financial losses, and severe reputational damage. Changes in the regulatory environment can impact how the company structures its products and services, conducts transactions, and reports financial activities, requiring constant adaptation and investment in compliance frameworks.

Piper Sandler Companies (PIPR) operates in several financial sectors, with addressable markets varying by service and geographic region.

Investment Banking

The global investment banking market, which encompasses services such as mergers and acquisitions (M&A) advisory, equity private placements, and debt and restructuring advisory, was valued at approximately USD 129.13 billion in 2025 and is projected to reach USD 301.52 billion by 2035. Another estimate places the global market at USD 110.12 billion in 2025, growing to USD 117.79 billion in 2026 and USD 214.90 billion by 2034. For the United States specifically, the investment banking market is expected to grow from USD 54.74 billion in 2025 to USD 56.68 billion in 2026, and is forecast to reach USD 67.47 billion by 2031. North America, as a broader region, held a valuation of USD 44.72 billion in 2025 and USD 47.76 billion in 2026.

• M&A Advisory: The global M&A advisory market was valued at USD 27.95 billion in 2024 and is expected to reach USD 34.80 billion by 2033. Another source estimated the global M&A advisory market at $50 billion in 2025. Global M&A deal value reached approximately $3.2 trillion in 2023. In 2025, global M&A dealmaking reached $4.5–$5 trillion. The United States accounted for 38% of the global market share in 2023.
• Equity Capital Markets (ECM): The global equity market capitalization increased to $126.7 trillion in 2024. In 2023, the global stock market reached $109 trillion in total market capitalization. The U.S. equity markets alone comprise over $46.2 trillion, representing 42.5% of the global equity market capitalization as of Q2 2023. Total U.S. equity issuance reached $311 billion year-to-date in 2025.
• Debt Capital Markets (DCM): The global fixed income markets outstanding increased to $145.1 trillion in 2024. The global bond market totaled $133 trillion in 2022. Global debt issuances reached US$8.3 trillion during the first nine months of 2024. The U.S. has the largest bond market globally, valued at over $51 trillion in 2022.

Public Finance Investment Banking

Focusing on municipal issuances, the U.S. municipal bond market had approximately $4.2 trillion in outstanding municipal bond holdings as of the end of September 2020. More recently, municipal bonds outstanding in the U.S. were $4.4 trillion as of Q3 2025. Municipal issuance in the U.S. is expected to reach $600 billion in 2026.

Alternative Asset Management

The global alternative asset management industry is projected to reach $29.2 trillion in assets under management (AUM) by 2029, from $16.8 trillion at the end of 2023. It is on course to exceed $30 trillion in AUM by 2030. Private markets revenues are anticipated to reach US $432.2 billion by 2030. Global private debt assets alone hit a new high of $1.19 trillion at the end of 2024.

Expected Drivers of Future Revenue Growth for Piper Sandler Companies (PIPR)

Over the next 2-3 years, Piper Sandler Companies (PIPR) is expected to drive future revenue growth through several key initiatives and market trends:

1. Sustained Growth and Robust Pipeline in Advisory Services: Piper Sandler anticipates continued strong performance from its advisory services, encompassing both mergers and acquisitions (M&A) and non-M&A advisory. The company has reported record advisory revenues and a robust pipeline of engagement mandates, indicating sustained momentum in this core business segment.
2. Strategic Expansion of Investment Banking Talent and Specialized Capabilities: The firm is focused on expanding its human capital by increasing its Investment Banking Managing Director headcount and enhancing productivity per banker. Furthermore, strategic acquisitions, such as G2 Capital Partners to bolster its technology investment banking practice, and targeted hires in areas like healthcare and life sciences, are aimed at deepening expertise and diversifying revenue streams.
3. Targeted Growth in Key Industry Verticals: Piper Sandler is actively concentrating its efforts and expanding its presence within specific high-growth industry sectors. These include healthcare (with a particular emphasis on life sciences), technology, and financial services, where the company identifies significant opportunities for future fee generation and client engagement.
4. Favorable Capital Markets Environment: A general improvement and stability in the broader capital markets environment, particularly concerning equity and debt financings, is anticipated to contribute positively to Piper Sandler's revenue growth across its various business lines.

Share Repurchases

• Piper Sandler authorized a new share repurchase program of up to $150 million on February 6, 2025, effective immediately and expiring on December 31, 2026, which replaced a previous authorization that expired on December 31, 2024.
• An additional $150 million share repurchase authorization was made on May 6, 2022, set to expire on December 31, 2024, while $43.0 million remained under a prior authorization.
• The company returned $155 million to shareholders through share repurchases and dividends in 2023, and $140 million in 2024.

Share Issuance

• Piper Sandler's shares outstanding have shown a net increase from 14.11 million in 2021 to 16.71 million in 2025.
• Share repurchase programs are primarily used to offset the dilutive effect of employee equity-based compensation.
• Executives received substantial performance share unit awards that vested at 163% overall based on adjusted return on equity and relative total shareholder return from January 2023 through December 2025.

Outbound Investments

• Piper Sandler acquired Cornerstone Macro on October 14, 2021, to enhance its macro research and derivatives trading capabilities.
• On October 10, 2022, the company acquired DBO Partners, expanding its technology investment banking services.
• Piper Sandler acquired Aviditi Advisors on August 23, 2024, which added private capital advisory capabilities to its platform.
• The company acquired M&A advisory firm G Squared Capital Partners on September 12, 2025.

Capital Expenditures

• No specific dollar values for capital expenditures or future expected capital expenditures were readily available in the provided information.
• Piper Sandler describes its business model as "capital light".