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10-K primary document
PIPR · Annual Report (Form 10-K) · Filed February 26, 2026

Piper Sandler Companies — 10-K exhibit

pscq42025ex211.htm
Piper Sandler Companies on Boardroom Alpha
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Exhibit 21.1
SUBSIDIARIES OF PIPER SANDLER COMPANIES
(as of December 31, 2025)
Name*State or Jurisdiction of Entity
Piper Sandler & Co.Delaware
   Piper Sandler FoundationMinnesota
Piper Sandler European Holdings Co.Delaware
   Piper Sandler Ltd.United Kingdom
      Parallel General Partner LimitedGuernsey
  Aviditi Capital Advisors UK Ltd.United Kingdom
   Piper Sandler Europe SASFrance
   Piper Sandler Schweiz GmbHSwitzerland
   Aviditi Capital Advisors Europe GmbHGermany
Piper Sandler Financial Products II Inc.Delaware
Piper Jaffray Funding LLCDelaware
Piper Jaffray Lending LLCDelaware
Piper Jaffray Private Capital Inc.Delaware
PJC Capital LLCDelaware
Piper Sandler Investment Group Inc.Delaware
   PSC Capital Partners LLCDelaware
   Piper Heartland Healthcare Capital, LLCDelaware
   Piper Heartland Healthcare Capital Management LLCDelaware
      Piper Heartland Healthcare Crossover Fund I, L.P.Delaware
   Piper Heartland Healthcare Capital Management II LLCDelaware
      Piper Heartland Healthcare Crossover Fund II, L.P.Delaware
PSC Capital Management LLCDelaware
   Piper Sandler Merchant Banking Fund I, L.P.Delaware
   PJC Merchant Banking Partners III, LLCDelaware
   PJC Merchant Banking Partners IV, LLCDelaware
PSC Capital Management II LLCDelaware
   Piper Sandler Merchant Banking Fund II, L.P.Delaware
PSC Capital Management III LLCDelaware
   Piper Sandler Merchant Banking Fund III Employee, L.P.Delaware
   Piper Sandler Merchant Banking Fund III, L.P.Delaware
Piper Sandler Finance LLCDelaware
   Piper Sandler Finance I, LLCDelaware
   Piper Sandler Finance II, LLCDelaware
Piper Sandler Real Estate Services, LLCDelaware
Piper Sandler Hong Kong LimitedHong Kong
Piper Sandler Loan Strategies, LLCDelaware
   SOMF, LLCDelaware
Piper Sandler Hedging Services, LLCDelaware
PSC Aviditi Capital Advisors, LLCTexas
* Indentation indicates the principal parent of each subsidiary.

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