SEC FORM 4

SEC FORM 4 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

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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^*

Abraham Chad R

(Last)

(First)

(Middle)

350 NORTH 5TH STREET, SUITE 1000

(Street)

MINNEAPOLIS

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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CEO and Chairman

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/05/2025		M		10,000	A	$99	63,558	D
Common Stock	08/05/2025		S		185	D	$315.09⁽¹⁾	63,373	D
Common Stock	08/05/2025		S		1,383	D	$316.23⁽²⁾	61,990	D
Common Stock	08/05/2025		S		2,251	D	$317.17⁽³⁾	59,739	D
Common Stock	08/05/2025		S		1,191	D	$318.37⁽⁴⁾	58,548	D
Common Stock	08/05/2025		S		990	D	$319.98⁽⁵⁾	57,558	D
Common Stock	08/05/2025		S		2,002	D	$321.42⁽⁶⁾	55,556	D
Common Stock	08/05/2025		S		1,998	D	$322.47⁽⁷⁾	53,558	D
Common Stock	08/06/2025		M		8,000	A	$99	61,558	D
Common Stock	08/06/2025		S		344	D	$321.95⁽⁸⁾	61,214	D
Common Stock	08/06/2025		S		4,045	D	$323.1⁽⁹⁾	57,169	D
Common Stock	08/06/2025		S		1,929	D	$324.27⁽¹⁰⁾	55,240	D
Common Stock	08/06/2025		S		1,650	D	$324.88⁽¹¹⁾	53,590	D
Common Stock	08/06/2025		S		32	D	$326.23⁽¹²⁾	53,558	D
Common Stock								36,000⁽¹³⁾	I	Through Living Trust

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$99	08/05/2025		M			10,000	02/15/2021	02/15/2028	Common Stock	10,000	$0	31,000	D
Employee Stock Option (right to buy)	$99	08/06/2025		M			8,000	02/15/2021	02/15/2028	Common Stock	8,000	$0	23,000	D

Explanation of Responses:

1. The price reported in Column 4 for all sales transactions on this report is a weighted average price (with the exception of the sales referenced in footnote 12). The shares sold in footnotes (1) through (11) were sold in multiple transactions at the price ranges provided in footnotes (1) through (11). These shares in footnote (1) were sold in multiple transactions at prices ranging from $314.6800 to $315.5700 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in footnotes (1) through (11) upon request by the SEC staff, the issuer or any shareholder of the issuer.

2. These shares were sold in multiple transactions at prices ranging from $315.7100 to $316.6200 inclusive.

3. These shares were sold in multiple transactions at prices ranging from $316.8101 to $317.7900 inclusive.

4. These shares were sold in multiple transactions at prices ranging from $317.8800 to $318.6950 inclusive.

5. These shares were sold in multiple transactions at prices ranging from $319.5600 to $320.4925 inclusive.

6. These shares were sold in multiple transactions at prices ranging from $321.0800 to $322.0800 inclusive.

7. These shares were sold in multiple transactions at prices ranging from $322.1000 to $322.6650 inclusive.

8. These shares were sold in multiple transactions at prices ranging from $321.5600 to $322.5100 inclusive.

9. These shares were sold in multiple transactions at prices ranging from $322.6200 to $323.6200 inclusive.

10. These shares were sold in multiple transactions at prices ranging from $323.7050 to $324.6900 inclusive.

11. These shares were sold in multiple transactions at prices ranging from $324.7200 to $325.6000 inclusive.

12. These shares were all sold at the price of $326.23.

13. These shares are held in a revocable living trust, of which the reporting person and the reporting person's spouse are trustees, and the reporting person is a beneficiary.

Remarks:

	/s/ James Grant for Chad R. Abraham	08/07/2025
	** 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.

CEO and Chairman Abraham Chad R sold $5,783,023 worth of shares (18,000 units at $321.28) and exercised 18,000 shares at a strike of $99.00 (SEC Form 4)