PIPER SANDLER COMPANIES

Net revenues on a U.S. GAAP basis were $1.41 billion for the nine months ended September 30, 2026, compared with $1.23 billion in the prior-year period. For the nine months ended September 30, 2026, adjusted net revenues were $1.42 billion, compared with $1.24 billion for the nine months ended September 30, 2025. The variance explanations for net revenues and adjusted net revenues are consistent on both a U.S. GAAP and non-GAAP basis unless stated otherwise. See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information.

The following table provides supplemental business information:

(1)Includes debt capital markets advisory transactions and equity and debt private placements.

Investment Banking Revenues

For the first nine months of 2026, investment banking revenues were $1.04 billion, up 17.5 percent compared to $886.6 million in the corresponding period of 2025. For the nine months ended September 30, 2026, advisory services revenues were $775.4 million, up 22.5 percent compared with $633.2 million for the first nine months of 2025, driven primarily by more completed transactions. During the first nine months of 2026, our advisory services performance was led by our financial services, healthcare, and energy, power & infrastructure groups. Corporate financing revenues were $167.7 million for the nine months ended September 30, 2026, up 14.4 percent compared to $146.6 million in the prior-year period, resulting from more completed equity financings and a higher average fee. Performance during the first nine months of 2026 was led by the healthcare sector, and we served as book runner on 39 of 41 completed healthcare equity deals. Municipal financing revenues for the nine months ended September 30, 2026 were $98.2 million, down 8.0 percent compared to $106.8 million in the year-ago period, driven primarily by reduced municipal negotiated issuance activity in our governmental business, offset in part by strong performance in our specialty sector business in the second quarter of 2026.

Institutional Brokerage Revenues

For the nine months ended September 30, 2026, institutional brokerage revenues were $336.7 million, up 2.9 percent compared with $327.1 million in the prior-year period. Equity brokerage revenues were $177.9 million for the first nine months of 2026, up 7.1 percent compared with $166.1 million in the corresponding period of 2025, driven by increased client activity. For the nine months ended September 30, 2026, fixed income services revenues were $158.8 million, down 1.4 percent compared to $161.0 million in the prior-year period, primarily due to reduced client activity in the first half of 2026 resulting from interest rate volatility, which was partially offset by increased client activity in the third quarter of 2026 driven by the elevated interest rate environment.

Interest Income

Interest income for the nine months ended September 30, 2026 increased to $32.0 million, compared with $27.3 million in the prior-year period, reflecting higher interest income on our cash balances.

Investment Income/(Loss)

For the nine months ended September 30, 2026, we recorded investment income of $5.0 million, compared to an investment loss of $3.8 million in the year-ago period. For the first nine months of 2026, we recorded gains on our investments and the noncontrolling interests in the alternative asset funds that we manage. Excluding the impact of noncontrolling interests, adjusted investment income was $8.8 million for the nine months ended September 30, 2026, compared with $6.9 million for the nine months ended September 30, 2025.

Interest Expense

Interest expense for the nine months ended September 30, 2026 decreased to $2.1 million, compared with $3.9 million in the prior-year period.