As we talked about at the end of the first quarter, T&E running a little bit ahead of of where we had expected. Some of that just has to do with more people on the platform, higher cost of travel, et cetera. That has moderated a bit, although it does run a little bit ahead of where we thought we would still be kind of on a year-to-date basis.

Aug 1, 2025 / receipt, needs a key / James Yarrow, other | earnings call 2025-08-01 | transcript 86719606-c6b5-433a-add0-4dd10a29faaf | chars 29537-29881 | segment 29

Yeah, I would say with clients, I always have to remind people, relative to M&A, one of the biggest things to transacting is just CEO confidence. And so I think it's just around uncertainty where people sort of have good pipelines, good visibility. The buyers are there. Strategics still want to transact. Sponsors, if they can get their arms around the P&L, there's so much dry powder and credit's really good. They want to transact. So I do think, you know, first and foremost, it's just a matter of, you know, where sort of does global trade really impact a P&L? Now, I would say there's some conversations, you know, with people trying to predict, you know, if this lasts a long time, when will it sort of really start to impact spending both at sort of the corporate and consumer level? And, you know, I guess your guess, you know, is as good as mine. I would say this week is a reminder that things can bounce back relatively fast. I think, as Deb said, a little bit of change in the muni market. We got some good transactions done. We have a couple of IPOs on the road in financial services, which we haven't had for a while. We had another nice depository deal announced. So it can change pretty quick with sentiment.

May 2, 2025 / receipt, needs a key / Mike Grondahl, other | earnings call 2025-05-02 | transcript 32fffc34-85db-4e45-b4cd-ff4cc30b0e1a | chars 26597-27822 | segment 26

In the first quarter of 2025, non-compensation expenses, excluding reimbursed deal costs, were $70 million, an increase of 15% year-over-year and above our guided range as our employees were particularly active serving our clients during the period, leading to more travel.

May 2, 2025 / receipt, needs a key / Kate Klunk, CFO | earnings call 2025-05-02 | transcript 32fffc34-85db-4e45-b4cd-ff4cc30b0e1a | chars 12040-12313 | segment 12

That being said, we've seen a little bit of a pickup in terms of T&E expense, as expected, and there's going to be continued pressure as it pertains to things like data comm services and occupancy.

Jan 31, 2025 / receipt, needs a key / Kate, other | earnings call 2025-01-31 | transcript 5d3fb492-4c31-467f-b9fa-902efa4f2a5e | chars 23098-23295 | segment 23

While there are inflationary pressures that we're facing, particularly in spaces like data comp fees and market data services and a little bit on the T&E front, you know, our guidance really remains unchanged for the near term here at $62 million a quarter, of course, X those reimbursable deal expenses.

Aug 2, 2024 / receipt, needs a key / Kate, other | earnings call 2024-08-02 | transcript f1f72138-57fc-4673-9933-81b992212f00 | chars 31413-31717 | segment 32

Investing in Product, Sector and Geographic Expansion

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MENA Growth Partners Abu Dhabi Office Location Geographic

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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.

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Continued investment in sector, product and geographic expansion via corporate development and strategic hiring

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Enhance market leadership with strategic hiring and the development of high-potential candidates

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Top priorities include private equity, technology and Europe

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8% managing director headcount CAGR

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Significant expansion in offerings to sponsors

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Significant increase in global leadership

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In 2024, Piper Sandler completed the acquisition of Aviditi Advisors, which established the private capital advisory group

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Six senior hires made in past 18 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

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Continue to prioritize investment in sales and trading professionals to expand product capabilities including structured product leadership in 2024

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