<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/maifiler" xmlns:com="http://www.sec.gov/edgar/common_ma" xmlns:com1="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>MA-I/A</submissionType>
    <filerInfo>
      <com:filer>
        <com1:filerId>0000724683</com1:filerId>
        <com1:filerCcc>XXXXXXXX</com1:filerCcc>
      </com:filer>
      <com:contact>
        <com1:name>Steven Aune</com1:name>
        <com1:phoneNumber>6123036599</com1:phoneNumber>
      </com:contact>
      <com:contactEmail>steven.aune@psc.com</com:contactEmail>
      <com:notifications>
        <com1:internetNotificationAddress>registration@psc.com</com1:internetNotificationAddress>
      </com:notifications>
    </filerInfo>
  </headerData>
  <formData>
    <isAmendment>N</isAmendment>
    <previousAccessionNumber>0000724683-22-000015</previousAccessionNumber>
    <isIndividual>N</isIndividual>
    <applicantName>
      <com:firstName>Michael</com:firstName>
      <com:middleName>Peter</com:middleName>
      <com:lastName>Lund</com:lastName>
    </applicantName>
    <applicantCrdNum>4528080</applicantCrdNum>
    <hasMoreThanOneAdvisoryFirms>N</hasMoreThanOneAdvisoryFirms>
    <noOfAdvisoryFirms>1</noOfAdvisoryFirms>
    <municipalAdvisorOffices>
      <municipalAdvisorOffice>
        <municipalFirm>
          <municipalFiler>
            <filerId>0000724683</filerId>
          </municipalFiler>
          <municipalFirmName>PIPER SANDLER &amp; CO.</municipalFirmName>
          <recentEmploymentCommencedDate>01-18-2022</recentEmploymentCommencedDate>
          <isIndependentRelatioship>N</isIndependentRelatioship>
        </municipalFirm>
        <maRegistration>
          <secRegistration>
            <com:fileNumber>867-01178</com:fileNumber>
          </secRegistration>
        </maRegistration>
        <advisorOffices>
          <advisorOffice>
            <locationInfo>LOCATED</locationInfo>
            <startDate>01-18-2022</startDate>
            <addressInfo>
              <com:address>
                <com1:street1>1144 15th Street</com1:street1>
                <com1:street2>Suite 2050</com1:street2>
                <com1:city>DENVER</com1:city>
                <com1:stateOrCountry>CO</com1:stateOrCountry>
                <com1:zipCode>80202</com1:zipCode>
              </com:address>
            </addressInfo>
          </advisorOffice>
        </advisorOffices>
      </municipalAdvisorOffice>
    </municipalAdvisorOffices>
    <residentialHistory>

    </residentialHistory>
    <employmentHistory>
      <currentEmployer>
        <startDate>01-2022</startDate>
        <name>PIPER SANDLER &amp; CO</name>
        <addressInfo>
          <city>DENVER</city>
          <stateOrCountry>
            <com1:stateOrCountry>CO</com1:stateOrCountry>
          </stateOrCountry>
          <zipCode>80202-5856</zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>Y</isRelatedToInvestment>
        <positionDescription>Inv Banker-SVP-PFS</positionDescription>
      </currentEmployer>
      <priorEmployers>
        <priorEmployer>
          <startDate>03-2015</startDate>
          <endDate>01-2022</endDate>
          <name>STIFEL NICOLAUS &amp; CO INC</name>
          <addressInfo>
            <city>DENVER</city>
            <stateOrCountry>
              <com1:stateOrCountry>CO</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>80202</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>PUBLIC FINANCE</positionDescription>
        </priorEmployer>
        <priorEmployer>
          <startDate>04-2002</startDate>
          <endDate>03-2015</endDate>
          <name>U.S. BANCORP PIPER JAFFRAY</name>
          <addressInfo>
            <city>DENVER</city>
            <stateOrCountry>
              <com1:stateOrCountry>CO</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>80202-5856</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>JR ASSOCIATE INVESTMENT BANKER</positionDescription>
        </priorEmployer>
      </priorEmployers>
    </employmentHistory>
    <isEngagedInOtherBusiness>Y</isEngagedInOtherBusiness>
    <otherBusinesses>
      <otherBusiness>
        <startDate>02-2020</startDate>
        <name> Lundevar LLC</name>
        <addressInfo>
          <com1:street1>2453 Ivy Way</com1:street1>
          <com1:city>Erie</com1:city>
          <com1:stateOrCountry>CO</com1:stateOrCountry>
          <com1:zipCode>80516</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>This is an LLC formed to hold a single asset. The asset is a condo in Breckenridge Colorado. The address is 250 Ski Hill Road, Breckenridge, CO - Unit 33.</natureOfBusiness>
        <positionDescription>There are 4 owners, all 25%. The are myself, my spouse, my brother in-law, and my sister in-law.</positionDescription>
        <approximateHoursOrMonths>1</approximateHoursOrMonths>
        <dutiesDescription> The condo is not currently rented, but used exclusively by the owners of the LLC.</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>01-2007</startDate>
        <name>Lund Family LLC</name>
        <addressInfo>
          <com1:street1>2453 Ivy Way</com1:street1>
          <com1:city>Erie</com1:city>
          <com1:stateOrCountry>CO</com1:stateOrCountry>
          <com1:zipCode>80516</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>This is a passive real estate investment LLC.</natureOfBusiness>
        <positionDescription>The only members are me and my spouse.</positionDescription>
        <approximateHoursOrMonths>1</approximateHoursOrMonths>
        <dutiesDescription> She is a real estate professional and there are a few commercial property investments held by the LLC.</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>01-2006</startDate>
        <name>Vista Ridge Metropolitan District Colorado</name>
        <addressInfo>
          <com1:street1>2750 Vista Parkway</com1:street1>
          <com1:city>Erie</com1:city>
          <com1:stateOrCountry>CO</com1:stateOrCountry>
          <com1:zipCode>80516</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness> President of the board of directors of the metropolitan district.  This is similar to an HOA. </natureOfBusiness>
        <positionDescription>Board Member / Director</positionDescription>
        <approximateHoursOrMonths>2</approximateHoursOrMonths>
        <dutiesDescription> The district maintains some landscaping, fencing and a non-potable water system.  As president, I do have to sign some maintenance contracts on behalf of the board.  I cannot write checks, but I do approve expenses.  The expenses are required to be approved by the district manager and at least two board members.  The District does have debt outstanding in the form of municipal securities (base CUSIP: 92838E).  There are no current plans to issue new debt or refund the current debt.  </dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>01-2024</startDate>
        <name>NAIOP, Inc.</name>
        <addressInfo>
          <com1:street1>2355 Dulles Corner Boulevard</com1:street1>
          <com1:city>Herndon</com1:city>
          <com1:stateOrCountry>VA</com1:stateOrCountry>
          <com1:zipCode>20171</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>Commercial Real Estate Development Association</natureOfBusiness>
        <positionDescription>Board Member / Director</positionDescription>
        <approximateHoursOrMonths>4</approximateHoursOrMonths>
        <dutiesDescription>Asked to serve on the local Colorado NAIOP board.</dutiesDescription>
      </otherBusiness>
    </otherBusinesses>
    <disclosureQuestions>
      <criminalDisclosure>
        <criminalDisclosureCommonQuestion>
          <com:isConvictedOfFelony>N</com:isConvictedOfFelony>
          <com:isChargedWithFelony>N</com:isChargedWithFelony>
          <com:isOrgConvictedOfFelony>N</com:isOrgConvictedOfFelony>
          <com:isOrgChargedWithFelony>N</com:isOrgChargedWithFelony>
        </criminalDisclosureCommonQuestion>
        <isConvictedOfMisdemeanor>N</isConvictedOfMisdemeanor>
        <isChargedWithMisdemeanor>N</isChargedWithMisdemeanor>
        <isOrgConvictedOfMisdemeanor>N</isOrgConvictedOfMisdemeanor>
        <isOrgChargedWithMisdemeanor>N</isOrgChargedWithMisdemeanor>
      </criminalDisclosure>
      <regulatoryDisclosure>
        <regulatoryDisclosureCommonQuestion>
          <com:isMadeFalseStatement>N</com:isMadeFalseStatement>
          <com:isViolatedRegulation>N</com:isViolatedRegulation>
          <com:isCauseOfDenial>N</com:isCauseOfDenial>
          <com:isOrderAgainst>N</com:isOrderAgainst>
          <com:isImposedPenalty>N</com:isImposedPenalty>
          <com:isUnEthical>N</com:isUnEthical>
          <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
          <com:isFoundInCauseOfDenial>N</com:isFoundInCauseOfDenial>
          <com:isOrderAgainstActivity>N</com:isOrderAgainstActivity>
          <com:isDeniedLicense>N</com:isDeniedLicense>
          <com:isFoundMadeFalseStatement>N</com:isFoundMadeFalseStatement>
          <com:isFoundInViolationOfRules>N</com:isFoundInViolationOfRules>
          <com:isFoundInCauseOfSuspension>N</com:isFoundInCauseOfSuspension>
          <com:isDiscipliend>N</com:isDiscipliend>
          <com:isAuthorizedToActAttorney>N</com:isAuthorizedToActAttorney>
          <com:isRegulatoryComplaint>N</com:isRegulatoryComplaint>
        </regulatoryDisclosureCommonQuestion>
        <isViolatedSecurityAct>N</isViolatedSecurityAct>
        <isWillFullyAided>N</isWillFullyAided>
        <isFailedToSupervise>N</isFailedToSupervise>
        <isFoundWillFullyAided>N</isFoundWillFullyAided>
        <isAssociationBared>N</isAssociationBared>
        <isFinalOrder>N</isFinalOrder>
        <isWillFullyViolatedSecurityAct>N</isWillFullyViolatedSecurityAct>
        <isFailedResonably>N</isFailedResonably>
      </regulatoryDisclosure>
      <investigationDisclosure>
        <isInvestigated>N</isInvestigated>
      </investigationDisclosure>
      <civilDisclosure>
        <com:isEnjoined>N</com:isEnjoined>
        <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
        <com:isDismissed>N</com:isDismissed>
        <com:isNamedInCivilProceeding>N</com:isNamedInCivilProceeding>
      </civilDisclosure>
      <complaintDisclosure>
        <isComplaintPending>N</isComplaintPending>
        <isComplaintSettled>N</isComplaintSettled>
        <isFraudCasePending>N</isFraudCasePending>
        <isFraudCaseResultedAward>N</isFraudCaseResultedAward>
        <isFraudCaseSettled>N</isFraudCaseSettled>
      </complaintDisclosure>
      <terminationDisclosure>
        <isViloatedIndustryStandard>N</isViloatedIndustryStandard>
        <isInvolvedInFraud>N</isInvolvedInFraud>
        <isFailedToSupervise>N</isFailedToSupervise>
      </terminationDisclosure>
      <financialDisclosure>
        <isCompromised>N</isCompromised>
        <isBankruptcyPetition>N</isBankruptcyPetition>
        <isTrusteeApointed>N</isTrusteeApointed>
        <isBondRevoked>N</isBondRevoked>
      </financialDisclosure>
      <judgmentLienDisclosure>
        <isLienAgainst>N</isLienAgainst>
      </judgmentLienDisclosure>
    </disclosureQuestions>
    <signatureInfo>
      <com:signature>
        <com:dateSigned>08-13-2025</com:dateSigned>
        <com:signature>Gregory S. Byer</com:signature>
        <com:title>Chief Compliance Officer</com:title>
      </com:signature>
    </signatureInfo>
  </formData>
</edgarSubmission>
