PIPER SANDLER COMPANIES

NOTE 4| ACQUISITIONS

The following acquisitions were accounted for pursuant to FASB Accounting Standards Codification Topic 805, "Business Combinations." Accordingly, the purchase price of each acquisition was allocated to the acquired assets and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The excess of the purchase price over the net assets acquired was allocated between goodwill and intangible assets. The fair value of the equity consideration and retention-related restricted stock was determined using the market price of the Company's common stock on the date of the respective acquisition.

G Squared Capital Partners LLC ("G Squared")

On September 12, 2025, the Company completed the acquisition of G Squared, a boutique investment bank specializing in government services and defense technology. The acquisition expands the scale of the Company's investment banking technology sector. The purchase price consisted of cash consideration, and restricted stock and restricted cash were granted for retention purposes. Additional cash consideration may be earned if certain revenue targets are achieved as discussed in Note 17.

The Company recorded $7.4 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of G Squared. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition date fair value of $2.2 million.

Pro forma financial information is not presented as the acquisition is not material. The results of operations of G Squared have been included in the Company's consolidated financial statements prospectively beginning on the acquisition date.

Aviditi Capital Advisors, LLC ("Aviditi Advisors")

On August 23, 2024, the Company completed the acquisition of Aviditi Advisors, an alternative investment bank providing full lifecycle services to financial sponsors, global alternative investment managers and limited partner investors. The acquisition added private capital advisory capabilities to the platform. The purchase price consisted of cash consideration, equity consideration, contingently returnable consideration and contingent consideration. The net assets acquired by the Company, including measurement period adjustments, were $34.5 million.

The Company recorded $10.2 million of goodwill on the consolidated statements of financial condition, all of which is expected to be deductible for income tax purposes. In management's opinion, the goodwill represents the reputation and operating expertise of Aviditi Advisors. Identifiable intangible assets purchased by the Company consisted of customer relationships with an acquisition date fair value of $1.5 million.

Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for the full disclosure of the Company's acquisition of Aviditi Advisors.