PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2023-02-24

SEC-registered investment adviser since 2016 · corporation

Assets managed$1.3bn
Staff1,402 · 31 in investment roles
Main clients (by assets)State and local governments 100%
Websitepipersandler.com
Form ADV · 2026-03-23SEC adviser record

Legal entityPIPER SANDLER & CO. (US)
Part of PIPER SANDLER COMPANIES (US)

$96.6m reported value -21.9% vs Q3 2022

34positions

87.1%in top 10

7 new 11 added 2 reduced 12 sold out vs Q3 2022

Holdings, Q4 2022

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NOVAVAX INC NOTE 3.750% 2/0 · principal NVAX 3.75 02.01.23 · principal	NVAX 3.75 02.01.23	19,748,000	$19.6m20.29%	20.29%	Added +12.5m	+12,515,000 173.0%
2	ATLAS AIR WORLDWIDE HLDGS IN NOTE 1.875% 6/0 · principal AAWW 1.875 06.01.24 · principal	AAWW 1.875 06.01.24	7,250,000	$12.1m12.53%	12.53%	Unchanged
3	KKR REAL ESTATE FIN TR INC NOTE 6.125% 5/1 · principal KREF 6.125 05.15.23 · principal	KREF 6.125 05.15.23	11,164,000	$11.0m11.35%	11.35%	Added +5.9m	+5,875,000 111.1%
4	BLACKSTONE MORTGAGE TRUST IN NOTE 4.750% 3/1 · principal BXMT 4.75 03.15.23 · principal	BXMT 4.75 03.15.23	9,838,000	$9.6m9.99%	9.99%	Added +2.1m	+2,116,000 27.4%
5	HOPE BANCORP INC NOTE 2.000% 5/1 · principal HOPE 2 05.15.38 · principal	HOPE 2 05.15.38	7,919,000	$7.7m8.01%	8.01%	Added +504.0k	+504,000 6.8%
6	STARWOOD PPTY TR INC NOTE 4.375% 4/0 · principal STWD 4.375 04.01.23 · principal	STWD 4.375 04.01.23	6,639,000	$6.4m6.67%	6.67%	Added +13.0k	+13,000 0.2%
7	DIGITALBRIDGE GROUP INC NOTE 5.000% 4/1 · principal DBRG 5 04.15.23 · principal	DBRG 5 04.15.23	6,184,000	$6.1m6.31%	6.31%	Added +670.0k	+670,000 12.2%
8	INNOVIVA INC NOTE 2.125% 1/1 · principal INVA 2.125 01.15.23 · principal	INVA 2.125 01.15.23	4,233,000	$4.2m4.38%	4.38%	Added +3.7m	+3,733,000 746.6%
9	SUPERNUS PHARMACEUTICALS NOTE 0.625% 4/0 · principal SUPN 0.625 04.01.23 · principal	SUPN 0.625 04.01.23	4,095,000	$4.0m4.17%	4.17%	Added +795.0k	+795,000 24.1%
10	APOLLO COML REAL ESTATE FIN NOTE 5.375%10/1 · principal ARI 5.375 10.15.23 · principal	ARI 5.375 10.15.23	3,349,000	$3.3m3.37%	3.37%	New
11	TERADYNE INC NOTE 1.250%12/1 · principal TER 1.25 12.15.23 · principal	TER 1.25 12.15.23	1,352,000	$2.9m2.95%	2.95%	Reduced -2.6m	-2,648,000 -66.2%
12	ELEVANCE HEALTH INC NOTE 2.750%10/1 · principal ELV 2.75 10.15.42 · principal	ELV 2.75 10.15.42	350,000	$2.4m2.43%	2.43%	Reduced -4.5m	-4,533,000 -92.8%
13	NUTANIX INC NOTE 1/1 · principal NTNX 0 01.15.23 · principal	NTNX 0 01.15.23	1,902,000	$1.9m1.94%	1.94%	Added +14.0k	+14,000 0.7%
14	ILLUMINA INC NOTE 8/1 · principal ILMN 0 08.15.23 · principal	ILMN 0 08.15.23	1,290,000	$1.2m1.29%	1.29%	Unchanged
15	INTERCEPT PHARMACEUTICALS IN NOTE 3.250% 7/0 · principal ICPT 3.25 07.01.23 · principal	ICPT 3.25 07.01.23	1,162,000	$1.1m1.18%	1.18%	New
16	PATRICK INDS INC DBCV 1.000% 2/0 · principal PATK 1 02.01.23 · principal	PATK 1 02.01.23	423,000	$419.0k0.43%	0.43%	New
17	SLAM CORP CL A SHS SLAMF	SLAMF	25,100	$253.5k0.26%	0.26%	Unchanged
18	ABG ACQUISITION CORP I CL A SHS CL A SHS		25,000	$252.2k0.26%	0.26%	Unchanged
19	TWO COM CL A COM CL A		25,003	$252.2k0.26%	0.26%	Unchanged
20	COLOMBIER ACQUISITION CORP CL A CL A		25,000	$248.5k0.26%	0.26%	Unchanged
21	DA32 LIFE SCNCE TEC ACQSTN C CLASS A COM CLASS A COM		25,003	$247.5k0.26%	0.26%	Unchanged
22	TILRAY BRANDS INC NOTE 5.000%10/0 · principal TLRY 5 10.01.23 · principal	TLRY 5 10.01.23	235,000	$231.1k0.24%	0.24%	New
23	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$205.7k0.21%	0.21%	New
24	VEECO INSTRS INC DEL NOTE 2.700% 1/1 · principal VECO 2.7 01.15.23 · principal	VECO 2.7 01.15.23	199,000	$196.3k0.20%	0.20%	Added +39.0k	+39,000 24.4%
25	VECTOR ACQUISITION CORP II CL A SHS CL A SHS		16,888	$170.6k0.18%	0.18%	Unchanged
26	OPPFI INC COM CL A OPFI	OPFI	59,438	$121.8k0.13%	0.13%	Unchanged
27	REDWOOD TRUST INC NOTE 4.750% 8/1 · principal RWT 4.75 08.15.23 · principal	RWT 4.75 08.15.23	100,000	$99.3k0.10%	0.10%	Unchanged
28	SHATTUCK LABS INC COM STTK	STTK	39,467	$90.8k0.09%	0.09%	Unchanged
29	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$90.5k0.09%	0.09%	Unchanged
30	NEW RELIC INC NOTE 0.500% 5/0 · principal NEWR 0.5 05.01.23 · principal	NEWR 0.5 05.01.23	72,000	$70.4k0.07%	0.07%	Added +10.0k	+10,000 16.1%
31	FINTECH EVOLUTION ACQUIS GRO SHS CL A SHS CL A		5,705	$57.6k0.06%	0.06%	Unchanged
32	LIGAND PHARMACEUTICALS INC NOTE 0.750% 5/1 · principal LGND 0.75 05.15.23 · principal	LGND 0.75 05.15.23	13,000	$12.7k0.01%	0.01%	New
33	SILK RD MED INC COM SILK	SILK	146	$7.7k0.01%	0.01%	New
34	OPPFI INC W EXP 07/20/202 W EXP 07/20/202		29,719	$3.0k0.00%	0.00%	Unchanged

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
ARBOR REALTY TRUST INC ABR 4.75 11.01.22	ABR 4.75 11.01.22	7,745,000	$7.6m7.7m shares
DTE ENERGY CO DTE 6.25 11.01.22	DTE 6.25 11.01.22	145,319	$7.3m145.3k shares
WEIBO CORP WB 1.25 11.15.22	WB 1.25 11.15.22	5,916,000	$5.8m5.9m shares
H WORLD GROUP LTD HTHT 0.375 11.01.22	HTHT 0.375 11.01.22	1,500,000	$1.5m1.5m shares
HARPOON THERAPEUTICS INC		580,815	$563.0k580.8k shares
ATLANTIC AVE ACQUISITION COR		25,000	$251.0k25.0k shares
HEALTHCARE SERVICES ACQU COR		25,000	$249.0k25.0k shares
LERER HIPPEAU ACQUISITION CO		25,026	$246.0k25.0k shares
US WELL SERVICES INC		24,255	$123.0k24.3k shares
BCLS ACQUISITION CORP		5,603	$56.0k5.6k shares
BITE ACQUISITION CORP		5,200	$51.0k5.2k shares
FARFETCH LTD FTCHQ	FTCHQ	17	$017 shares