Exhibit 99.3

Unaudited Pro Forma Financial Information as of and for the Nine Months Ended September 30, 2019
and for the Year Ended December 31, 2018

Introduction to Unaudited Pro Forma Condensed Combined Financial Statements

On January 3, 2020, Piper Jaffray Companies (“PJC”) completed the purchase of SOP Holdings, LLC and its subsidiaries, including Sandler O’Neill & Partners, L.P. (collectively, “Sandler O’Neill”). Sandler O’Neill is a full-service investment banking firm and broker dealer focused on the financial services industry. The purchase was completed pursuant to the Agreement and Plans of Merger dated July 9, 2019. Effective as of the closing of the transaction, PJC changed its name to Piper Sandler Companies (the “Company”).

The transaction was accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 805, “Business Combinations.” The assets and liabilities of Sandler O’Neill were recorded as of the acquisition date at their respective estimated fair values and consolidated with the Company’s assets and liabilities. The total consideration of $485.0 million, for which the Company received $100.0 million of tangible book value, consisted of $350.0 million in cash and $135.0 million in restricted consideration, primarily in restricted stock. In addition, the Company entered into acquisition-related compensation agreements with certain employees of $115.0 million, primarily in restricted stock, for retention purposes. The consideration paid and retention-related awards are described further in Note 1 of these unaudited pro forma condensed combined financial statements.

The following unaudited pro forma condensed combined financial statements have been prepared to assist in the analysis of the financial effects of the acquisition of Sandler O’Neill by the Company. The unaudited pro forma condensed combined statement of financial condition presents PJC’s historical financial position combined with Sandler O’Neill as if the acquisition had occurred on September 30, 2019. The unaudited pro forma condensed combined statements of operations present the results of PJC’s operations combined with Sandler O’Neill as if the acquisition had occurred on January 1, 2018. The assumptions and estimates underlying the unaudited adjustments to the pro forma condensed combined financial statements are described in the accompanying notes, which should be read together with the pro forma condensed combined financial statements. Such adjustments do not include the impacts of any revenue, cost or other operating synergies that may result from the acquisition.

Based on the Company’s review of Sandler O’Neill’s summary of significant accounting policies disclosed in its historical financial statements and related notes, the nature and amount of any adjustments to the historical financial statements of Sandler O’Neill to conform their accounting policies to those of the Company are not expected to be significant.

The unaudited pro forma condensed combined financial statements have been prepared by management for illustrative purposes only and are not necessarily indicative of the combined financial position or results of operations in future periods or the results that actually would have been realized had PJC and Sandler O’Neill been a combined company during the specified periods. The unaudited pro forma condensed combined financial statements, including the notes thereto, should be read in conjunction with the separate historical (i) audited financial statements of PJC included in our Annual Report on Form 10-K for the year ended December 31, 2018, (ii) unaudited financial statements of PJC included in our Quarterly Report on Form 10-Q for the nine months ended September 30, 2019, and (iii) audited financial statements of Sandler O’Neill for the years ended December 31, 2018, 2017 and 2016, and unaudited financial statements for the nine months ended September 30, 2019 and 2018 provided as Exhibits 99.1 and 99.2 hereto.

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Piper Sandler Companies
Unaudited Pro Forma Condensed Combined Statement of Financial Condition
September 30, 2019

	Historical
(Amounts in thousands)	PJC			Sandler O’Neill		Pro Forma Adjustments			Notes	Pro Forma Combined
Assets
Cash and cash equivalents	$	24,005		$	200,384	$	(358,900	)	a	$	40,436
							175,000		b
							(53	)	c
Receivables from brokers, dealers and clearing organizations		175,352			13,122		—				188,474
Financial instruments and other inventory positions owned		308,937			1,741		—				310,678
Financial instruments and other inventory positions owned and pledged as collateral		361,428			—		—				361,428
Total financial instruments and other inventory positions owned		670,365			1,741		—				672,106
Fixed assets, net		30,619			7,228		(192	)	c		37,655
Goodwill		88,215			—		47,161		d		135,376
Intangible assets, net		16,749			—		157,800		e		174,549
Investments		155,548			—		—				155,548
Net deferred income tax assets		61,361			—		—				61,361
Right-of-use lease asset		41,687			31,689		—				73,376
Other assets		79,936			12,176		(46	)	c		92,066
Total assets	$	1,343,837		$	266,340	$	20,770			$	1,630,947
Liabilities and Shareholders’ Equity
Short-term financing	$	49,962		$	—	$	—			$	49,962
Senior notes		—			—		175,000		b		175,000
Payables to brokers, dealers and clearing organizations		4,857			—		—				4,857
Financial instruments and other inventory positions sold, but not yet purchased		214,090			81		—				214,171
Accrued compensation		196,033			48,296		(29	)	c		244,300
Accrued lease liability		59,162			38,943						98,105
Other liabilities and accrued expenses		57,629			22,167		1,301		c,f		81,097
Total liabilities		581,733			109,487		176,272				867,492
Shareholders’ equity:
Common stock		195			—		—				195
Additional paid-in capital		757,384			—		2,700		a		760,084
Retained earnings		225,203			148,803		(150,152	)	c,f,g		223,854
Less common stock held in treasury, at cost		(284,578	)		—		—				(284,578	)
Accumulated other comprehensive loss		(1,463	)		—		—				(1,463	)
Total common shareholders’ equity		696,741			148,803		(147,452	)			698,092
Noncontrolling interests		65,363			8,050		(8,050	)	h		65,363
Total shareholders’ equity		762,104			156,853		(155,502	)			763,455
Total liabilities and shareholders’ equity	$	1,343,837		$	266,340	$	20,770			$	1,630,947

The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

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Piper Sandler Companies
Unaudited Pro Forma Condensed Combined Statement of Operations
Nine Months Ended September 30, 2019

	Historical
(Amounts in thousands, except per share data)	PJC		Sandler O’Neill		Pro Forma Adjustments			Notes	Pro Forma Combined
Revenues:
Investment banking	$	410,992	$	170,994	$	(264	)	c	$	581,722
Institutional brokerage		113,983		71,631		—				185,614
Interest		20,911		3,209		—				24,120
Investment income		17,622		—		—				17,622
Total revenues		563,508		245,834		(264	)			809,078
Interest expense		7,813		101		6,653		i		14,567
Net revenues		555,695		245,733		(6,917	)			794,511
Non-interest expenses:
Compensation and benefits		346,471		95,622		52,358		j		546,110
						51,659		k
Outside services		24,864		11,635		(342	)	c		36,157
Occupancy and equipment		26,368		7,218		(164	)	c		33,422
Communications		22,599		6,683		—				29,282
Marketing and business development		21,355		11,966		—				33,321
Deal-related expenses		17,840		4,034		—				21,874
Trade execution and clearance		6,593		570		—				7,163
Restructuring and integration costs		12,538		—		(3,703	)	l		8,835
Intangible asset amortization		2,735		—		8,858		m		11,593
Other operating expenses		9,235		5,648		(5	)	c		14,878
Total non-interest expenses		490,598		143,376		108,661				742,635
Income from continuing operations before income tax expense		65,097		102,357		(115,578	)			51,876
Income tax expense		10,729		1,345		24,101		n		7,450
						(28,725	)	o
Income from continuing operations		54,368		101,012		(110,954	)			44,426
Net income applicable to noncontrolling interests		5,087		3,050		(3,050	)	p		5,087
Net income from continuing operations applicable to Piper Sandler Companies	$	49,281	$	97,962	$	(107,904	)		$	39,339
Net income from continuing operations applicable to Piper Sandler Companies’ common shareholders	$	46,740	$	—	$	—			$	37,215
Earnings per basic common share
Income from continuing operations	$	3.46							$	2.75
Earnings per diluted common share
Income from continuing operations	$	3.37							$	2.64
Weighted average number of common shares outstanding
Basic		13,502				34				13,536
Diluted		13,882				216				14,098

The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

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Piper Sandler Companies
Unaudited Pro Forma Condensed Combined Statement of Operations
Year Ended December 31, 2018

	Historical
(Amounts in thousands, except per share data)	PJC			Sandler O’Neill		Pro Forma Adjustments			Notes	Pro Forma Combined
Revenues:
Investment banking	$	588,978		$	254,386	$	(392	)	c	$	842,972
Institutional brokerage		124,738			85,748		—				210,486
Interest		32,749			3,220		—				35,969
Investment income		11,039			—		—				11,039
Total revenues		757,504			343,354		(392	)			1,100,466
Interest expense		16,551			109		8,870		i		25,530
Net revenues		740,953			343,245		(9,262	)			1,074,936
Non-interest expenses:
Compensation and benefits		488,487			131,859		89,506		j		783,770
							73,918		k
Outside services		36,528			2,343		(427	)	c		38,444
Occupancy and equipment		34,194			11,659		(266	)	c		45,587
Communications		28,656			9,530		—				38,186
Marketing and business development		26,936			14,817		—				41,753
Deal-related expenses		25,120			5,293		—				30,413
Trade execution and clearance		8,014			1,220		—				9,234
Restructuring and integration costs		3,498			—		—				3,498
Intangible asset amortization		4,858			—		35,386		m		40,244
Other operating expenses		12,173			7,418		(8	)	c		19,583
Total non-interest expenses		668,464			184,139		198,109				1,050,712
Income from continuing operations before income tax expense		72,489			159,106		(207,371	)			24,224
Income tax expense		18,046			3,937		35,598		n		6,076
							(51,505	)	o
Income from continuing operations		54,443			155,169		(191,464	)			18,148
Net income/(loss) applicable to noncontrolling interests		(1,206	)		4,674		(4,674	)	p		(1,206	)
Net income from continuing operations applicable to Piper Sandler Companies	$	55,649		$	150,495	$	(186,790	)		$	19,354
Net income from continuing operations applicable to Piper Sandler Companies’ common shareholders	$	48,776		$	—	$	—			$	13,518
Earnings per basic common share
Income from continuing operations	$	3.68								$	1.02
Earnings per diluted common share
Income from continuing operations	$	3.63								$	0.98
Weighted average number of common shares outstanding
Basic		13,234					34				13,268
Diluted		13,425					392				13,817

The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

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Notes to Unaudited Pro Forma Condensed Combined Financial Statements

1.     Description of Transaction and Basis of Presentation

On January 3, 2020, Piper Jaffray Companies (“PJC”) completed the purchase of SOP Holdings, LLC and its subsidiaries, including Sandler O’Neill & Partners, L.P. (collectively, “Sandler O’Neill”). Sandler O’Neill is a full-service investment banking firm and broker dealer focused on the financial services industry. The purchase was completed pursuant to the Agreement and Plans of Merger dated July 9, 2019. Effective as of the closing of the transaction, PJC changed its name to Piper Sandler Companies (“PSC” or the “Company”).

The transaction was accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations,” (“ASC 805”). The assets and liabilities of Sandler O’Neill were recorded as of the acquisition date at their respective estimated fair values and consolidated with the Company’s assets and liabilities.

The acquisition-date fair value of consideration transferred was $485.0 million, for which the Company received $100.0 million of tangible book value. The transaction included $350.0 million in cash and $135.0 million in restricted consideration, primarily in restricted stock. PSC issued 1,568,670 shares of the Company’s restricted stock with a fair value of approximately $125.0 million based on the market price of its common stock on the date of acquisition. These restricted shares are generally subject to ratable vesting over a three-year period and employees must fulfill service requirements in exchange for the right to the restricted shares. In addition, the Company entered into acquisition-related compensation agreements with certain employees of $115.0 million, primarily in restricted stock, for retention purposes. The retention-related awards are also subject to certain vesting restrictions and employees must remain continuously employed by PSC for the respective vesting period. A portion of the purchase price payable in cash was funded by proceeds from the issuance of fixed rate senior notes (“Notes”) in the amount of $175.0 million pursuant to the Note Purchase Agreement dated October 15, 2019, with certain entities advised by Pacific Investment Management Company LLC.

Identifiable intangible assets in the transaction consisted of customer relationships and the trade name with acquisition-date fair values of $72.4 million and $85.4 million, respectively. PSC expects to amortize the fair value of the customer relationships over a weighted average life of 2.4 years based on the pattern in which the economic benefits of these intangible assets will be consumed. The trade name will be utilized indefinitely. Indefinite-lived assets are not subject to amortization, but will be tested for impairment in accordance with FASB ASC Topic 350, “Intangibles - Goodwill and Other,” (“ASC 350”).

Goodwill represents the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition- date identifiable assets acquired net of assumed liabilities. Goodwill is not subject to amortization, but will be tested for impairment in accordance with ASC 350. In the event that management of the combined company determines that the value of goodwill has become impaired, the combined company will incur an accounting charge for the amount of impairment during the fiscal quarter in which the determination is made.

2.     Pro Forma Adjustments

The pro forma adjustments are based on the Company’s preliminary estimates and assumptions, and are subject to change. The following adjustments have been reflected in the “Pro Forma Adjustments” column and cross-referenced in the “Notes” column in the unaudited pro forma condensed combined financial statements:

(a) To record the cash and equity consideration paid by the Company in the consummation of the acquisition;

(b) To record the issuance of the Notes to partially finance the transaction;

(c) To exclude certain Sandler O’Neill legal entities that were not acquired as part of the acquisition;

(d) To record goodwill generated in the acquisition;

(e) To record the fair value of Sandler O’Neill’s identifiable intangible assets;

(f) To record transaction costs not yet incurred or recognized by the Company as of September 30, 2019;

(g) To eliminate Sandler O’Neill’s historical balances of members’ capital;

(h) To eliminate Sandler O’Neill’s historical balances of noncontrolling interests;

(i) To record interest expense on debt incurred by the Company to fund a portion of the purchase price;

(j) To record compensation and benefits expense for the amortization of the restricted stock and restricted cash which is amortized over the requisite service period;

(k) To adjust compensation and benefits expense for the cost that would have been incurred had Sandler O’Neill partners been included in PJC’s employee compensation arrangements;

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Notes to Unaudited Pro Forma Condensed Combined Financial Statements

(l) To eliminate non-recurring costs directly attributable to the transaction which were incurred during the first nine months of 2019;

(m) To amortize Sandler O’Neill’s intangible assets based upon the pattern in which the economic benefits of the amortizable intangible assets will be consumed;

(n) To reflect income tax effects of applying the Company’s statutory tax rates;

(o) To record income tax effects for the pro forma adjustments at the Company’s statutory tax rates; and

(p) To eliminate Sandler O’Neill’s historical net income applicable to noncontrolling interests.

The pro forma combined income tax expense does not necessarily reflect the amounts that would have resulted had PJC and Sandler O’Neill filed a consolidated income tax return during the periods presented.

There were no intercompany balances or transactions between PJC and Sandler O’Neill as of the dates and for the periods of these unaudited pro forma condensed combined financial statements.

The Company has not identified any pre-merger contingencies where the related asset, liability or impairment is probable and the amount of the asset, liability or impairment can be reasonably estimated as of the acquisition date. Prior to the end of the measurement period, if information becomes available which would indicate it is probable that such event had been incurred at the acquisition date and the amounts can be reasonably estimated, such items will be recorded at fair value, as an adjustment to goodwill, in accordance with ASC 805.

3.     Pro Forma Earnings per Common Share

The pro forma combined earnings per basic and diluted common share are based on the number of the Company’s shares of common stock used in computing earnings per basic and diluted common share using the two-class method and adjusted to give effect to shares subsequently issued or assumed to be issued had the transaction taken place at the beginning of the period presented.

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