On this page of StockholderLetter.com we present the latest annual shareholder letter from PIPER SANDLER COMPANIES — ticker symbol PIPR. Reading current and past PIPR letters to shareholders can bring important insights into the investment thesis.

 •  3/24/2025 Letter Continued (Full PDF)
 •  3/28/2023 PIPR Stockholder Letter
 •  3/28/2024 PIPR Stockholder Letter
 •  More "Investment Brokerages" Category Stockholder Letters
 •  PIPR Benford's Law Stock Score = 77

PIPR Shareholder/Stockholder Letter Transcript:

Connecting capital with opportunity
As a leading investment bank, we enable growth and success for our
clients through deep sector expertise, candid advice and a differentiated,
highly productive culture.
OUR VALUES
We create and implement superior financial solutions for our clients.
Serving clients is our fundamental purpose.
We earn our clients' trust by delivering the best guidance and service.
Great people working together as a team are our competitive advantage.
As we serve, we are committed to these core values:
    Always place our clients' interests first

Conduct ourselves with integrity and treat others with respect

Work in partnership with our clients and each other

Attract, retain and develop a diverse group of the best people in a high-quality, inclusive environment

Contribute our talents and resources to serve the communities in which we live and work

Financial highlights
Piper Sandler generated another strong year with adjusted net revenues of $1.5 billion, a 16% increase compared
to 2023, and adjusted earnings per diluted common share of $12.69 for 2024. Our results reflect the benefits and
durability of our diversified and scaled business, and we delivered our second strongest year on record. In
addition, we returned $140 million to shareholders through dividends and share repurchases.
Summary of Adjusted Financial Results*
2020
2021
2022
2023
2024
$443.3
$1,026.1
$776.4
$709.3
$808.7
Corporate financing
295.3
362.8
125.3
131.1
173.9
Municipal financing
119.8
164.3
107.7
83.4
122.5
Equity brokerage
161.4
154.1
210.3
209.5
215.3
Fixed income services
196.3
233.5
195.0
168.0
186.2
10.4
35.0
1.6
7.1
7.2
($ in millions, except per share data)
Adjusted net revenues
Advisory services
Investment income
Interest income, net of expense
8.5
4.7
17.4
21.8
27.2
$1,235.0
$1,980.5
$1,433.7
$1,330.2
$1,541.0
Adjusted operating income
$250.3
$550.0
$269.2
$212.9
$303.7
Adjusted operating margin
20.3%
27.8%
18.8%
16.0%
19.7%
Adjusted net income
$177.6
$399.0
$201.3
$166.4
$228.2
Adjusted earnings per diluted
common share
$10.02
$21.92
$11.26
$9.28
$12.69
Total dividend per share related to fiscal
year adjusted net income
$3.10
$9.45
$3.65
$3.40
$5.50
Total capital returned through share
repurchases and dividends paid
$50.1
$169.3
$294.9
$155.1
$140.2
Adjusted net revenues
ADJUSTED DILUTED EPS*
ADJUSTED NET REVENUES*
($ in millions)
$21.92
$1,980
$1,434
$1,235
$1,541
$1,330
$11.26
$10.02
2020
2021
2022
2023
2024
2020
2021
2022
$12.69
$9.28
2023
2024
* Financial measures presented above and included in the following letter to our fellow shareholders are on a non-GAAP, adjusted basis. The non-GAAP measures
are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures. Please refer to the Appendix for a reconciliation of these
non-GAAP financial measures to the most directly comparable U.S. GAAP measure.

To our fellow shareholders:
Over the past decade, our growth strategy has been grounded in
providing greater value to clients and driving shareholder value
through diversification across business lines, sectors, product
offerings and geographical regions. During this expansion, a primary
focus has been identifying areas where we can both enhance our
offerings and position ourselves as market leaders. This approach
has resulted in our ability to deliver strong earnings across cycles.
In 2024, Piper Sandler generated adjusted net revenues of $1.5
billion, adjusted net income of $228 million and adjusted earnings
per diluted common share of $12.69. Our results reflect our second
strongest year on record driven by contributions across all business
lines and strong operating discipline, leading to a 37% increase in
adjusted net income year-over-year. Performance for the year was
led by advisory services which accounted for over half of our firmwide net revenues for the fourth consecutive year.
$1.5 billion
2024 adjusted net revenues
$228 million
2024 adjusted net income
$12.69
2024 adjusted diluted EPS
Consistent Growth Across Business Lines
Our corporate investment banking revenues grew to $983 million in
2024, an increase of 17% compared to 2023. This growth was
driven by robust performance in advisory services and corporate
financing. Contributions from sectors were relatively diverse, with six
out of our seven industry teams reporting revenue growth relative to
2023. Furthermore, our agented debt business achieved another
record year, bolstered by increased revenue from private equity
clients.
$89 billion
Within corporate investment banking, advisory services revenues of
$809 million for 2024 grew 14% over the prior year driven by more
completed deals and a higher average fee. The strength of our
diversified platform as well as increased revenues from private
equity clients resulted in 2024 being the second strongest advisory
year on record. We ranked as a top 3 advisor based on the number
of announced U.S. M&A deals valued under $1 billion. In total, we
completed 288 advisory transactions with an aggregate transaction
value of $89 billion. Our financial services group led performance,
even with headwinds in the depository space, showcasing their
resilience as we proudly maintained our position as the No. 1
advisor in U.S. M&A for banks based on the number of announced
transactions. Our energy, power & infrastructure group delivered
record performance, asserting our leadership in energy services
where we were the top advisor based on the number of completed
M&A deals.
Advisor in U.S. M&A
Aggregate value of 288
advisory transactions
Top 3
< $1 billion
No. 1
Advisor in U.S. M&A for
banks
No. 1
Advisor in M&A for energy
services
2024 Annual Report | 1

$46 billion
Capital raised for corporate
clients across 117 deals
No. 1
Equity underwriter to banks
$17 billion
Par value raised for
municipal clients across
501 transactions
No. 2
Municipal negotiated
underwriter
11.3 billion
Equity shares traded for
1,600+ unique clients
Corporate financing revenues for the year reached $174 million,
representing a 33% increase compared to 2023, fueled by a higher
number of completed deals as equity market issuance returned to
more normalized levels. We completed 117 equity, debt and
preferred financings raising $46 billion for corporate clients. The
performance was primarily driven by our healthcare franchise, which
served as bookrunner on 40 out of the 42 equity deals. Additionally,
we expanded our share of equity financings for financial services
companies, ranking as the most active underwriter to banks in 2024.
Public finance generated municipal financing revenues of $123
million for 2024, increasing 47% compared to the prior year. This
was driven by increased issuance activity across both our specialty
sectors and governmental businesses resulting from increased
investor demand. We underwrote 501 municipal negotiated
transactions raising $17 billion of par value for our clients and
maintained our No. 2 ranking based on the number of municipal
negotiated underwritings. The special district group, which assists
clients in raising capital to fund the public infrastructure needs of
growing communities, delivered a record year with 85 transactions
raising $3 billion of capital.
Our equity brokerage business achieved record revenues of $215
million, supported by strong client activity across our high-touch,
electronic and derivatives trading platforms. The strength of our
platform attracted over 1,600 unique clients and we traded 11.3
billion shares on their behalf. We continue to maintain one of the
largest research platforms in the small and mid-cap space with
approximately 950 stocks under coverage. Additionally, our macro
research capabilities continue to rank among the best on Wall
Street.
We generated $186 million of fixed income revenues, benefiting
from a normalizing yield curve as well as investments we have made
in the business, reflecting an 11% increase from 2023. Our capitallight fixed income business is structured around providing best-inclass advice to two key client verticals     depositories and nondepositories (asset managers, public entities, RIAs/money
managers and insurance companies). Our unique position is driven
by our deep understanding of banks and credit unions. Our proximity
to and understanding of financial institutions and their respective
business flow is also highly valued among our growing nondepository client base.
2 | Piper Sandler Companies



 3/24/2025 Letter Continued (Full PDF)