9AT: PIPER SANDLER & CO.

Adviser Profile

As of Date	03/23/2026
Registration	SEC, Approved, 08/04/2016
ADV Location	MINNEAPOLIS, MN, United States
Contact Info	612 xxxxxxx
Websites

AUM^*	1,284,404,458 -35%
of that, discretionary	0
Number of Employees	1,402 2%
of those in investment advisory functions	31 48%
Private Fund GAV^*	0
Avg Account Size	1,284,404,458 -35%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- State or municipal government entities

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Commissions

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser WEST POTOMAC CAPITAL LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM5.3m	#Funds-
Adviser FS CREDIT INCOME ADVISOR, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM726.2m	#Funds-
Adviser ACANSA INVESTMENT MANAGEMENT GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM838.0m	#Funds-
Adviser BHARCAP PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.3b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM3.2b	#Funds9
Adviser THOMAS MILL ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.6b	#Funds-
Adviser MISSION PRIME LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.3b	#Funds-
Adviser CORNERSTONE TRUST MANAGEMENT SERVICES LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.1b	#Funds-
Adviser HILLTOP SECURITIES ASSET MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM37.7b	#Funds-
Adviser DEARBORN CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM360.9m	#Funds-
Adviser FAI CAPITAL MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM842.1m	#Funds-

Brochure Summary

Overview

This disclosure document deals solely with the Piper Sandler Fixed Income Analytics Program. This document provides information about Piper Sandler & Co. (“PS&Co.”) and its asset management strategies that should be considered before becoming an advisory client of PS&Co. This information has not been approved by any governmental authority. General Information and Investment Advisory Services Relating to Piper Sandler Fixed Income Analytics Program Piper Sandler Fixed Income Analytics Program offers analytical reports to financial institutions, corporations and other financial investors. The mission is to support client needs by providing a holistic report set, from macroeconomic, credit and strategic ideas, to analytic and technology-based solutions. For services rendered, the customer pays a semi-annual fee as described in the fees section. (See Item 5 – Fees and Compensation) Assets Under Management As of December 31, 2023, PS&Co. had approximately $1,580,517,015 in non-discretionary assets under management across the various investment strategies employed by PS&Co. on behalf of its clients. Additional Information Relating to Piper Sandler & Co. In addition to sponsoring Piper Sandler Fixed Income Analytics Program, PS&Co

also offers a Piper Sandler Financial Services Program, and the Piper Sandler Public Finance Advisory Program. PS&Co.’s separate brochure regarding the other programs are available upon request by contacting the Chief Compliance Officer at 612-303-6000. Piper Sandler & Co., (“PS&Co.”) is a full-service brokerage and financial services firm and is also a member of FINRA, various exchanges, the Securities Investor Protection Corporation (“SIPC”) and other financial services related organizations. PS&Co.’s broker-dealer activities are its principal business and account for the vast majority of its time, energies and resources. PS&Co.’s corporate headquarters are located at 800 Nicollet Mall, Suite 1000, Minneapolis, Minnesota 55402. PS&Co. services its brokerage clients from numerous branch offices located throughout the United States. PS&Co. has affiliated investment advisory companies Piper Heartland Healthcare Capital, LLC;; PSC Capital Partners LLC; Piper Sandler Advisors, LLC, and Piper Sandler Finance Management, LLC. – All of which are wholly owned subsidiaries of Piper Sandler Companies (NYSE: PIPR) and affiliated SEC-registered investment advisers providing advisory services to private funds and/or pooled investment vehicles. Piper Sandler & Co. 5

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

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Brochure Summary

Overview

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PIPER SANDLER & CO. PIPER SANDLER & CO. PIPER JAFFRAY & CO. U.S. BANCORP PIPER JAFFRAY INC. THE VALENCE GROUP OF PIPER SANDLER RESTRUCTURING GROUP | TRS ADVISORS (PART OF INVESTMENT BANKING) PIPER, JAFFRAY & HOPWOOD INCORPORATED PIPER JAFFRAY INC. PRIVATE CAPITAL ADVISORY GROUP, AVIDITI ADVISORS

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview