PIPR PIPER SANDLER COMPANIES

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2025: $2M, Q2 2025: $5M, Q1 2025: $52M, Q3 2024: $4M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $2M vs trailing avg $20M (-88%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-50M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,313,400 shares = 14.4% of 16,111,723 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are insider purchases happening during the same quarters the company is actively buying back stock?

Need both buyback and insider purchase data

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $5M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 4966734.9x more than bought. 3 C-suite officers among sellers

• Schoneman Debbra L. (President) sold 81 shares on 2026-02-11
• Schoneman Debbra L. (President) sold 5,159 shares on 2026-02-11
• Abraham Chad R (CEO and Chairman) sold 1,614 shares on 2025-11-26
• Abraham Chad R (CEO and Chairman) sold 1,630 shares on 2025-11-26
• Abraham Chad R (CEO and Chairman) sold 1,156 shares on 2025-11-26
• Abraham Chad R (CEO and Chairman) sold 1,384 shares on 2025-11-28
• Abraham Chad R (CEO and Chairman) sold 1,616 shares on 2025-11-28
• Clune Katherine Patricia (Chief Financial Officer) sold 1,367 shares on 2025-11-21