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May 2026 Investor Presentation
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Piper Sandler | 2 Cautionary notice regarding forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward- looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors identified in the document entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and updated in our subsequent reports filed with the SEC. These reports are available at our Website at pipersandler.com and at the SEC Website at sec.gov. Forward-looking statements speak only as of the date they are made, and Piper Sandler undertakes no obligation to update them in light of new information or future events. This presentation also contains financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Management believes that presenting results and measures on an adjusted basis alongside U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods and enhances the overall understanding of our current financial performance by excluding certain items that may not be indicative of our core operating results. The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the corresponding U.S. GAAP measure is available in Section 3 of this presentation. Stock Split On March 23, 2026, we effected a four-for-one forward split of the company’s common stock through the filing of an amendment to our Certificate of Incorporation, which was accompanied by a proportionate increase in the number of shares of our authorized common stock. Our common stock began trading on the split-adjusted basis at the start of trading on March 24, 2026. All share and per share amounts presented herein have been retrospectively adjusted to reflect the impact of the stock split. Merger to become Piper Sandler Companies On January 3, 2020, Piper Jaffray and Sandler O’Neill merged to become Piper Sandler Companies. Financial measures for periods ending on or prior to December 31, 2019 and presented herein, represent the results of Piper Jaffray Companies not including Sandler O’Neill. Financial results and measures beginning from the date of merger on January 3, 2020 include Sandler O’Neill. About Piper Sandler Companies Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, a tied agent of AHP Capital Management GmbH, and in the Abu Dhabi Global Market through Piper Sandler MENA Ltd., authorized and regulated by the ADGM Financial Services Regulatory Authority. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates. © 2026. Since 1895. Piper Sandler Companies. 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401. For more information, please contact Kate Clune, chief financial officer at 212 466-7799 or investorrelations@psc.com Piper Sandler Investor Presentation Disclosures
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Piper Sandler | 3 1. Value Proposition 2. Overview of Business Lines 3. Reconciliation of Non-GAAP Financial Measures Contents
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01 Value Proposition
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pipersandler.com | 5 A Leading Investment Bank We enable growth and success for our clients through deep sector expertise and candid advice while delivering consistent positive returns for shareholders through a capital light diversified business model. $2.0B LTM 1Q 2026 adjusted net revenues * 1,850+ Employees across six countries 130+ Years serving clients 552% Increase in average share price since 2016 ** PIPR NYSE listed Piper Sandler | 5 * A non-GAAP financial measure. See Section 3 for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure. ** LTM 1Q 2026 average share price of $77.35 vs. 2016 average share price of $11.86
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Piper Sandler | 6 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Investment Rationale Why Piper Sandler? Track record of profitable growth creates a destination of choice for top talent Diversified Platform by business, sectors, products and clients Disciplined operating management and capital light approach 1 2 3 Piper Sandler | 6 • We provide client value and drive shareholder returns through diversification across complementary business lines, sectors, product offerings and geographical regions. • We invest in areas where we can both enhance our offerings and position ourselves as market leaders. • Our approach has resulted in our ability to deliver strong earnings throughout cycles.
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Piper Sandler | 7 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Building a Stronger and more Durable Platform pipersa ndler.co m | 7 $2.0B Net Revenues* LTM 1Q 2026 2026 $690M Net Revenues* 2016 Advisory Revenues (in millions) Investment Banking Managing Directors Operating Margin* Adjusted Diluted EPS* 11% Compound annual growth rate (CAGR) Piper Sandler | 7* A non-GAAP financial measure. See Section 3 for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure. $0 $200 $400 $600 $800 $1,000 $1,200 LTM 1Q 2026 2016 0 40 80 120 160 200 240 1Q 2026 2016 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% LTM 1Q 2026 2016 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 LTM 1Q 2026 2016
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Piper Sandler | 8 What We Do Sectors Our Diversified Platform With a focus on market leadership, we offer broad product capabilities and scale across business lines BUSINESS SERVICES CHEMICALS CONSUMER EDUCATION ENERGY & POWER FINANCIAL SERVICES GOVERNMENT HEALTHCARE INDUSTRIALS INFRASTRUCTURE REAL ESTATE TECHNOLOGY INVESTMENT BANKING & PUBLIC FINANCE • Private Equity • Alternative Capital • Private Credit • Strategics • Municipalities • Non-Profits EQUITY BROKERAGE & FIXED INCOME • Asset Managers/RIAs • Banks & Credit Unions • Public Entities • Hedge Funds • Insurance Companies Our Clients INVESTMENT BANKING PUBLIC FINANCE EQUITY BROKERAGE FIXED INCOME
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Piper Sandler | 9 Creating and Delivering Shareholder Value Our consistent operating discipline and capital light approach results in strong cash generation and drives shareholder returns across cycles Piper Sandler | 9 Multiple levers to manage capital: • Acquisitions – deploy capital towards growth initiatives • Share repurchases – repurchase shares to offset dilution from annual grants • Dividends – target 30% to 50% of fiscal year non-GAAP earnings between quarterly and special dividends Acquisitions completed since 2016 9 products and 5 sector/subsectors added across the platform 11 Capital returned through share repurchases since 2020 No increase to share count since 2020 $589M Capital returned through dividends paid since 2020 40% dividend payout ratio since 2020 $580M Acquisitions Share Repurchases Dividends $317 LTM 1Q 2026 Adjusted Net Income* * A non-GAAP financial measure. See Section 3 for a reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure.
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Piper Sandler | 10 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Piper Sandler | 10 $87.20 PIPR Share Price as of 4/30/2026 Driving Shareholder Value Through Strategic Acquisitions Investing in Product, Sector and Geographic Expansion February 2016 Simmons & Company Energy Investment Bank Sector & Geographic August 2019 Weeden & Co. Equity Trading Product January 2020 Sandler O’Neill Financial Services Investment Bank Sector & Product April 2020 The Valence Group Chemicals M&A Practice Sector & Geographic December 2020 TRS Advisors Restructuring Advisory Product February 2022 Cornerstone Macro Macro Research & Derivatives Trading Product June 2022 Stamford Partners European Consumer M&A Boutique Geographic October 2022 DBO Partners Technology Investment Banking Sector August 2024 Aviditi Advisors Private Capital Advisory Product & Geographic September 2025 G Squared Technology Investment Banking Sector January 2026 MENA Growth Partners Abu Dhabi Office Location Geographic
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Piper Sandler | 11 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these pipersandler.com $3B Net Revenues Well-Positioned for Next Stage of Growth INVESTMENT BANKING • Continued investment in sector, product and geographic expansion via corporate development and strategic hiring • Top priorities include private equity, technology and Europe PUBLIC FINANCE • Enhance market leadership with strategic hiring and the development of high-potential candidates • Priorities include segments of education, infrastructure and specialty businesses EQUITIES • Leverage our leading equities platform to drive global research distribution and expand product offerings to new and existing clients. FIXED INCOME • Continue to add specialized skill sets with top talent across a broad spectrum of products and clients including structured products, loan strategies and municipal electronic trading capabilities. Piper Sandler | 11
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02 Overview of Business Lines
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Piper Sandler | 13 16.2% CAGR Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Corporate Investment Banking A Decade of Investing in Growth Piper Sandler | 13 8% managing director headcount CAGR Invest in Top Talent 5 products added to platform Core Product Diversification 3 8 2016 2026 2 groups added to platform Industry Diversification 5 7 2015 2026 14% investment banking revenue CAGR Revenue Growth 2016 LTM 1Q 2026 $362M $1.3B Significant expansion in offerings to sponsors Private Equity Revenue Growth1 192 MDs 88 MDs International Growth 3 International MDs 2016 1) Represents CAGR of advisory revenues from private equity clients for LTM 1Q 2026 vs. 2016 21 International MDs 2026 Significant increase in global leadership 2016 2026 2016 LTM 1Q 2026 14% CAGR
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Piper Sandler | 14 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Sector Diversification Through Organic and Acquisitive Growth Since 2016 Grown revenues, productivity, and market share Acquired firms have contributed talented leadership to our management teams Multiple market-leading franchises in significant industry sectors provide resiliency across cycles 3 Consumer Services & Industrials Energy Healthcare Technology 2016 Piper Sandler | 14 BioPharma 2026
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Piper Sandler | 15 A Full Range of Solutions Covering 100% of Clients’ Lifecycle Piper Sandler | 15 2016 Core Products 2026 Core Products 1 2 3 9 17 Product focused MDs Since 2016 Grown revenues, productivity, and market share Acquired firms have contributed talented leadership to our management teams Non-M&A advisory growth has outpaced M&A growth Mergers & Acquisitions Equity Capital Markets 45 Product focused MDs Debt Capital Markets
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Piper Sandler | 16 Market Leadership in U.S. M&A Piper Sandler | 161) Includes U.S. M&A announced activity across all industries wi th deal value <$2B; rankings based on number of deals announced for the same criteria. Source: Mergermarket. 79 91 108 113 108 186 156 126 141 174 179#8 #6 #4 #4 #5 #5 #2 #2 #3 #2 #2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 1Q 2026 79Piper Sandler8 2016 263 Houlihan Lokey Inc1 179 Piper Sandler & Co2 159 JP Morgan3 158 Goldman Sachs & Co LLC4 156 Jefferies LLC5 127 Stifel6 127 William Blair & Co LLC7 123 Evercore Inc8 115 Raymond James & Associates Inc9 113 Lincoln International LLC10 Top Ranked Financial Advisor in U.S. M&A1 LTM 1Q 2026 U.S. M&A Market Share Growth1 Piper Sandler Number of Deals & Ranking
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pipersandler.com | 17 Advising Prominent & Transformative Companies Across Industries $1,044,000,000 Initial Public Offering Bookrunner September 2025 $2,000,000,000 has acquired Financial Advisor August 2025 $4,000,000,000 Senior Notes Offering Co-Manager August 2025 $1,150,000,000 Convertible Debt Offering Co-Manager June 2025 $1,000,000,000 Convertible Debt Offering Co-Manager March 2025 $1,260,900,000 Confidentially Marketed Follow-On Offering Co-Manager January 2025 $1,500,000,000 has been acquired by Financial Advisor July 2025 a portfolio company of $1,224,000,000 + CVR has been acquired by Financial Advisor April 2025 €1,700,000,000 has sold Financial Advisor March 2025 to $2,375,000,000 has sold to Financial Advisor August 2025 a portfolio company of €1,500,000,000 has sold its 50% stake in Financial Advisor June 2025 to its partner Piper Sandler | 17 $7,000,000,000 has merged with Financial Advisor January 2026 $1,000,000,000 has merged with Financial Advisor February 2026 $1,250,000,000 has been acquired by Co-Advisor December 2025 $3,500,000,000 Follow-On Offering Bookrunner March 2026 $1,800,000,000 has been acquired by Financial Advisor December 2025 $1,500,000,000 has been acquired by Financial Advisor October 2025 $1,000,000,000 has been acquired by Financial Advisor October 2025 a portfolio company of $7,200,000,000 Convertible Offering Co-Manager October 2025 £2,400,000,000 have invested in Financial Advisor November 2025 $7,200,000,000 Initial Public Offering Bookrunner December 2025
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Piper Sandler | 18 Expanding Non-M&A Capabilities Expanding opportunities to service clients and access diverse fee pools with a core focus on building out our non-M&A investment banking businesses. 4 3 2 1 Private Capital & GP Advisory • Global fundraising expertise with project management and distribution capabilities • Innovative range of secondary solutions for GPs & LPs including continuation vehicles and LP portfolio solutions • Direct equity and co-investment solutions for acquisitions and growth opportunity set for sponsor backed businesses Restructuring & Special Situations • Trusted advisor to management teams, boards of directors, sponsors, investors, creditor constituencies and other key stakeholders of financially stressed businesses or situations • Long standing history of advising municipalities & other government agencies on capital structure matters • Deep experience in amendments/covenant resets, exchange/tender offers, recapitalizations, in-court and out-of-court restructuring, expert testimony Debt Capital Markets Advisory • Leaders each with 25+ of years experience, consistent growth over 10 years on the platform • Product expertise across entire leveraged capital spectrum • Leading market share in middle market debt raises 1 Equity Capital Markets • Leading underwriter of growth companies • Leading aftermarket trading support • Focused and dedicated research coverage 1) S&P Global Market Intelligence, Bloo mberg, Piper Sandler Syndicate Desk. Piper Sandler | 18
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Piper Sandler | 19 Debt Capital Markets Advisory Leader in middle market debt placement 100+ New sponsors that have hired Piper Sandler DCM Group with significant repeat business 1 • Full suite of debt products with flexible use of proceeds • Provide creative solutions for earlier stage, high growth companies with breakeven or negative EBITDA in certain situations • Typical transaction ranges from $50M to $1B for clients that generally have EBITDA of $10M to $100M+ Leveraging deep industry knowledge and relationships with key decision makers to create best-in-class outcomes 300+ Bank and credit fund relationships $50B In total proceeds across 300+ debt financings in all major industry segments 1 Piper Sandler | 19 1. Last 10 Years 2016 2021 LTM 1Q 2026 Significant growth in revenues
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Piper Sandler | 20 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Piper Sandler | 20 35% Engagements derived from repeat clients over the last 5 years 20+ Years of average experience across 12 managing directors 50 Professionals across five core offices globally • In 2024, Piper Sandler completed the acquisition of Aviditi Advisors, which established the private capital advisory group • Strong synergies across Piper Sandler’s private equity business will drive continued momentum for this group building on two years of record revenues • Six senior hires made in past 12 months and the expanded team is well positioned as private equity assets are expected to double between 2023 and 2029 and global secondary volumes hit record levels1 Private Capital Advisory Our comprehensive offerings across primary fundraising, secondary capital advisory, and capital solutions provide integrated, full- lifecycle support to financial sponsors and alternative investors 1) Source: Preqin research as of September 2025 2) 2021 Revenues reflect the results of Aviditi Advisors; LTM 1Q 2026 Revenues reflect the Piper Sandler private capital advisor y group Continued growth momentum and synergy amid a growing private market 2021 Revenues LTM 1Q 2026 Revenues22
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Piper Sandler | 21 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Restructuring & Special Situations One of the most seasoned restructuring teams on Wall Street, having advised on some of the largest and most complicated assignments over the past 20 years Piper Sandler | 21 30 Restructuring professionals Advised the FDIC on the receiverships and sales of Silicon Valley Bank and Signature Bank Advised the government of Puerto Rico on its $100+ billion debt restructuring Plan Administrator on behalf of the Wind Down Trust in connection with the estate’s pursuit of $5B+ crypto loss claims Advised 2L creditor on the company’s $40 billion debt restructuring Advisor to the UCC in the company’s $10B chapter 11 filing and restructuring Advised Yardi Systems on its control equity investment in WeWork’s take private 35 Years of experience among leadership
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Piper Sandler | 22 Best-In-Class Connectivity to Private Equity Buyers A leading private equity advisory practice Most Active Middle-Market Investment Banks to U.S. Private Equity2 2025 223Houlihan Lokey1 148William Blair2 147Jefferies3 145Evercore4 139Piper Sandler5 113Baird6 108Moelis7 98Harris Williams8 Leading financial sponsors covered globally 750+ M&A transactions with sponsors as buyers or sellers L5Y 690+ Advisory revenues from sponsors1 46% Dedicated sponsor coverage bankers 13 Financial sponsors hired Piper Sandler1 235+ First-time sponsor clients1 98 1) LTM 1Q 2026 2) Represents transactions closed in the U.S. by middle mark et banks on behalf of private equity groups. Source: Pitchbook. Piper Sandler | 22
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Piper Sandler | 23 Premier Public Finance Platform Negotiated Transactions and Private Placements3 LTM 1Q 2026 925Stifel Nicolaus & Co Inc1 559Piper Sandler & Co2 488Raymond James3 433BofA Securities Inc4 422RBC Capital Markets5 359D A Davidson & Co6 325Robert W Baird & Co Inc7 269J P Morgan Securities LLC8 182Wells Fargo & Co9 180Jefferies LLC10 Local market relationships and knowledge amplified by the strength of substantial scale and expertise • Uniquely positioned market leader with margin discipline and focus on productivity • Broad product set to meet clients’ needs • Robust distribution capabilities • Industry sector expertise in high-margin specialty sectors • 39 regional offices across the U.S. providing localized expertise 1) Public finance revenues include municipal financing and public finance advisory 2) Economic fee market share is calculated using Piper Sandler municipal financing revenues for deals < $500 million for each pe riod divided by the public finance < $500 million market fee pool which is estimated using spread detail from The Bond Buyer. Source: The Bond Buyer, and Piper Sandler & Co. 3) Rank based on number of so le/senior negotiated and private placement transactions < $500 million during the LTM ended March 31, 2026. Source: Refinitiv. 2X Increase in economic fee market share2 since 2016 Piper Sandler | 23 $128M $164M 2016 LTM 1Q 2026 Public Finance Revenues1
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pipersandler.com | 24Piper Sandler | 24 Strategic Investments 2019 2020 2022 Equity Trading ONE OF THE LARGEST AND MOST EXPERIENCED TEAMS ON WALL STREET • One of the highest crossing rates on Wall Street (over 20%4), we find the true buyers and sellers in the marketplace • Experts in sourcing liquidity with a bespoke mix of top-rated high touch, low-touch/algo, program and derivatives trading Equity Sales DEEP EXPERTISE, REGIONALLY FOCUSED AND INDUSTRY SPECIALIZED • Combination of generalist and specialty sales ranked top 5 in multiple industry verticals5 • Facilitate direct access between company management teams and investors via conferences, events, roadshows and one-on-one meetings (over 30,000 client touches annually) 1) 2025 Extel survey (formerly the II Research Survey) 2) 2024 Extel survey (formerly the II Research Survey) 3) GPS Revenue Report for FY 2023; Source: McLagan; Inclusive of all investment banks 4) Source: Piper Sandler, Refinitiv Autex 5) Source: Greenwich Associates Equity Trading: Acquired Weeden & Co. to be a market leader in best execution Financial Services: Acquired Sandler O’Neill, the leading financial services investment bank; strengthening our capital markets platform, fixed income and equities businesses Macro Research: Acquired Cornerstone Macro, a best-in-class macro research firm Fastest Growing Equity Platform on Wall Street No. 4 Largest domestic account base, No. 8 largest global account base3 No. 1 SMID cap liquidity provider 1 No. 1 for facilitating corporate access with investors 2 2025 Private Markets Trading: Added team specializing in private markets trading
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pipersandler.com | 25 No. 3 No. 12 13,000+ 1) Source: Extel U.S. All-American Research Survey. As of 10/28/25 2) SMID cap < $5 billion; data as of March 2025. Source: Starmine 3) On average since 2020. Source: Starmine ~850 45 Top-ranked analysts by Institutional Investor/Extel and Starmine Industry-Leading Research Offering clients genuine thought leadership and unique perspectives U.S. SMID cap coverage <$5B2 total U.S. equities coverage 3 research reports published in 2024 small-, mid- and large-cap stocks publishing analysts No. 1 Michael Kantrowitz, Portfolio Strategy1 No. 1 Nancy Lazar, Economics1 No. 5 Andy Laperriere, Washington Policy1 No. 5 Craig Johnson, Technical Research1 Macro Research Our analysts utilize independent processes that provide impartial insights into economic trends, policy actions, political developments and technical analysis. Equity Research We publish collaborative, cross-sector research that provides extensive market insights. Our sector coverage includes: FINANCIAL SERVICES CONSUMER ENERGY HEALTHCARE TECHNOLOGY Piper Sandler | 25
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Piper Sandler | 26 Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Market Leading Fixed Income Platform Differentiated model providing comprehensive solutions to clients Piper Sandler | 26 • Capital efficient, advice driven business model • Long-standing leader in depositories providing sales and trading as well as strategic balance sheet management for loans and securities • Provide asset managers, public entities, RIAs and insurance companies, with differentiated insights and services through our deep understanding of unique client verticals Strong revenue growth amid advice-driven, capital efficient business model Fixed Income Revenues Fixed Income Inventory1 3,500+ Clients 230+ Professionals • Closely integrated with investment banking and public finance • Access to meaningful new issue deal flow and a broad array of taxable and tax-exempt fixed income products • Continue to prioritize investment in sales and trading professionals to expand product capabilities including structured product leadership in 2024 1) Fixed income inventory represents financial instruments and other inventory positions owned excluding equity securities, conv ertible securities, and derivative contracts. $74M $213M 2016 LTM 1Q 2026 $920M $342M 2016 1Q 2026 63% IMPROVED 189% GROWTH
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03 Reconciliation of Non-GAAP Financial Measures
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Piper Sandler | 28 Reconciliation of Non-GAAP Financial Measures Twelve Months Ended December 31, LTM March 31, 201620252026(Amounts in thousands) Net revenues: $693,214 $1,899,376 $2,016,513 Net revenues – U.S. GAAP basis Adjustments: (11,070)(20,367)(51,270)Investment income related to noncontrolling interests 8,195 --Interest expense on long-term financing $690,339 $1,879,009 $1,965,243 Adjusted net revenues Income from continuing operations before income tax expense: $41,644 $374,547 $433,045 Income from continuing operations before income tax expense – U.S. GAAP basis Adjustments: (11,070)(20,367)(51,270)Investment income related to noncontrolling interests 8,195 --Interest expense on long-term financing 2,864 7,733 7,419 Non-compensation expenses related to noncontrolling interests 36,241 32,658 30,588 Compensation from acquisition-related agreements 10,197 6,144 6,144 Restructuring and integration costs 15,587 9,999 9,980 Amortization of intangible assets related to acquisitions --125 Non-compensation expenses from acquisition-related agreements $103,658 $410,714 $436,031 Adjusted operating income (8,195)--Interest expense on long-term financing $95,463 $410,714 $436,031 Adjusted income before adjusted income tax expense
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Piper Sandler | 29 Reconciliation of Non-GAAP Financial Measures – continued Twelve Months Ended December 31, LTM March 31, 201620252026(Amounts in thousands) Income tax expense: $10,926 $80,582 $107,536 Income tax expense – U.S. GAAP basis Tax effect of adjustments: 12,541 7,913 7,803 Compensation from acquisition-related agreements 3,188 1,497 1,497 Restructuring and integration costs 6,060 2,650 2,651 Amortization of intangible assets related to acquisitions 33 Non-compensation expenses from acquisition-related agreements $32,715 $92,642 $119,520 Adjusted income tax expense Net income/(loss) applicable to Piper Sandler Companies: ($21,952)$281,331 $281,658 Net income/(loss) applicable to Piper Sandler Companies – U.S. GAAP basis (44,464)--Adjustment to exclude net income/(loss) from discontinued operations $22,512 $281,331 $281,658 Net income from continuing operations Adjustments: 23,700 24,745 22,785 Compensation from acquisition-related agreements 7,009 4,647 4,647 Restructuring and integration costs 9,527 7,349 7,329 Amortization of intangible assets related to acquisitions --92 Non-compensation expenses from acquisition-related agreements $62,747 $318,072 $316,511 Adjusted net income
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Piper Sandler | 301) For periods prior to 2020, Piper Sandler Companies calculated earnings per common share using the two-class method, which requires the allocation of consolidated adjusted net income between common shareholders and participating security holders, which in the case of Piper Sandler Companies, represented unvested stock with non-forfeitable dividend rights. No allocation of undistributed earnings was made for periods in which a loss was incurred, or for periods in which the special cash dividend exceeded adjusted net income resulting in an undistributed loss. Reconciliation of Non-GAAP Financial Measures – continued Twelve Months Ended December 31, LTM March 31, 201620252026(Amounts in thousands, except per share data) Net income/(loss) applicable to Piper Sandler Companies' common shareholders: ($21,952)$281,331 $281,658 Net income/(loss) applicable to Piper Sandler Companies' common shareholders – U.S. GAAP basis (44,464)--Adjustment to exclude net loss from discontinued operations $22,512 $281,331 $281,658 Net income from continuing operations (3,948)--Adjustment related to participating shares (1) $18,564 $281,331 $281,658 Adjustments: 19,552 24,745 22,785 Compensation from acquisition-related agreements 5,782 4,647 4,647 Restructuring and integration costs 7,858 7,349 7,329 Amortization of intangible assets related to acquisitions --92 Non-compensation expenses from acquisition-related agreements $51,756 $318,072 $316,511 Adjusted net income applicable to Piper Sandler Companies' common shareholders Earnings/(loss) per diluted common share: ($0.43)$3.95 $3.96 Earnings/(loss) per diluted common share – U.S. GAAP basis (0.86)--Adjustment to exclude net loss from discontinued operations $0.44 $3.95 $3.96 Income from continuing operations (0.07)--Adjustment related to participating shares (1) -(0.04)(0.03)Adjustment for inclusion of unvested acquisition-related stock $0.37 $3.93 $3.93 Adjustments: 0.38 0.35 0.32 Compensation from acquisition-related agreements 0.11 0.07 0.07 Restructuring and integration costs 0.15 0.10 0.10 Amortization of intangible assets related to acquisitions ---Non-compensation expenses from acquisition-related agreements $1.01 $4.43 $4.42 Adjusted earnings per diluted common share Weighted average diluted common shares outstanding: 51,912 71,140 71,153 Weighted average diluted common shares outstanding – U.S. GAAP basis Adjustment: -145 512 Unvested acquisition-related restricted stock with service conditions 51,912 71,719 17,665 Adjusted weighted average diluted common shares outstanding