PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2023-05-11

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)

Kindprivate equity, institutions, futures
Others nearbyMinneapolis, MN, New York, NY, Chicago, IL, Portland, OR, Greenwich, CT, Leawood, KS
FamilyPIPER SANDLER & CO. · 2 related pages

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Minneapolis, MN (main office)United States	United States	about 4
New York, NYUnited States	United States	11
Chicago, ILUnited States	United States	4
Portland, ORUnited States	United States	3
Greenwich, CTUnited States	United States	2
Leawood, KSUnited States	United States	2
Memphis, TNUnited States	United States	2
Melville, NYUnited States	United States	1
Milwaukee, WIUnited States	United States	1
West Palm Beach, FLUnited States	United States	1

US visa salary filings

Filings FY2024–202612 · 13 positions
Median salary offered$175,000
Middle half$146,250 – $212,500
Job titles7

Job title	Filings	Median	Range
Investment Banking AssociateNew York, NY	3	$175,000	$135,000 – $200,000
Investment Banking Associate IiNew York, NY	2	$187,500	$175,000 – $200,000
Senior Platform EngineerMinneapolis, MN	2	$151,500	$150,000 – $153,000
Investment Banking AnalystNew York, NY	2	$135,000
Managing Director, Biopharma M&ANew York, NY	1	$300,000
Investment Banking Vice PresidentChicago, IL	1	$250,000
Investment Banking Vice President, RestructuringNew York, NY	1	$250,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Piper Sandler & Co..

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$143.2m reported value +48.3% vs Q4 2022

29positions

82.7%in top 10

9 new 10 added 1 reduced 14 sold out vs Q4 2022

Options: 0 call positions (— notional), 1 put positions ($2.8m notional) – listed below, not included above.

Holdings, Q1 2023

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	HOPE BANCORP INC NOTE 2.000% 5/1 · principal HOPE 2 05.15.38 · principal	HOPE 2 05.15.38	17,335,000	$16.8m11.71%	11.71%	Added +9.4m	+9,416,000 118.9%
2	DIGITALBRIDGE GROUP INC NOTE 5.000% 4/1 · principal DBRG 5 04.15.23 · principal	DBRG 5 04.15.23	16,754,000	$16.8m11.70%	11.70%	Added +10.6m	+10,570,000 170.9%
3	SILICON LABORATORIES INC NOTE 0.625% 6/1 · principal SLAB 0.625 06.15.25 · principal	SLAB 0.625 06.15.25	10,000,000	$15.0m10.44%	10.44%	New
4	IQIYI INC NOTE 2.000% 4/0 · principal IQ 2 04.01.25 · principal	IQ 2 04.01.25	14,689,000	$14.7m10.26%	10.26%	New
5	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	13,246,000	$13.1m9.16%	9.16%	Added +2.1m	+2,082,000 18.6%
6	PURE STORAGE INC NOTE 0.125% 4/1 · principal PSTG 0.125 04.15.23 · principal	PSTG 0.125 04.15.23	10,000,000	$10.0m6.96%	6.96%	New
7	APOLLO COML REAL ESTATE FIN NOTE 5.375%10/1 · principal ARI 5.375 10.15.23 · principal	ARI 5.375 10.15.23	9,993,000	$9.7m6.76%	6.76%	Added +6.6m	+6,644,000 198.4%
8	WESTERN DIGITAL CORP. NOTE 1.500% 2/0 · principal WDC 1.5 02.01.24 · principal	WDC 1.5 02.01.24	8,982,000	$8.7m6.06%	6.06%	New
9	TERADYNE INC NOTE 1.250%12/1 · principal TER 1.25 12.15.23 · principal	TER 1.25 12.15.23	2,300,000	$7.1m4.99%	4.99%	Added +948.0k	+948,000 70.1%
10	SUPERNUS PHARMACEUTICALS NOTE 0.625% 4/0 · principal SUPN 0.625 04.01.23 · principal	SUPN 0.625 04.01.23	6,695,000	$6.7m4.67%	4.67%	Added +2.6m	+2,600,000 63.5%
11	TILRAY BRANDS INC NOTE 5.000%10/0 · principal TLRY 5 10.01.23 · principal	TLRY 5 10.01.23	4,962,000	$4.9m3.41%	3.41%	Added +4.7m	+4,727,000 2011.5%
12	REDWOOD TRUST INC NOTE 4.750% 8/1 · principal RWT 4.75 08.15.23 · principal	RWT 4.75 08.15.23	5,003,000	$4.9m3.40%	3.40%	Added +4.9m	+4,903,000 4903.0%
13	SPLUNK INC NOTE 0.500% 9/1 · principal SPLK 0.5 09.15.23 · principal	SPLK 0.5 09.15.23	4,757,000	$4.6m3.24%	3.24%	New
14	NICE SYS INC NOTE 1.250% 1/1 · principal NICEIT 1.25 01.15.24 · principal	NICEIT 1.25 01.15.24	1,535,000	$3.7m2.58%	2.58%	New
15	HERBALIFE NUTRITION LTD NOTE 2.625% 3/1 · principal HLF 2.625 03.15.24 · principal	HLF 2.625 03.15.24	3,000,000	$2.8m1.98%	1.98%	New
16	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	$1.2m0.81%	0.81%	Unchanged
17	ILLUMINA INC NOTE 8/1 · principal ILMN 0 08.15.23 · principal	ILMN 0 08.15.23	1,040,000	$1.0m0.71%	0.71%	Reduced -250.0k	-250,000 -19.4%
18	BECTON DICKINSON & CO 6% DP CONV PFD B BDX 6 06.01.23 B	BDX 6 06.01.23 B	5,510	$274.0k0.19%	0.19%	New
19	TWO COM CL A COM CL A		25,003	$256.3k0.18%	0.18%	Unchanged
20	COLOMBIER ACQUISITION CORP CL A CL A		25,000	$253.2k0.18%	0.18%	Unchanged
21	DA32 LIFE SCNCE TEC ACQSTN C CLASS A COM CLASS A COM		25,003	$253.0k0.18%	0.18%	Unchanged
22	OPPFI INC COM CL A OPFI	OPFI	59,438	$121.8k0.09%	0.09%	Unchanged
23	SHATTUCK LABS INC COM STTK	STTK	39,467	$116.0k0.08%	0.08%	Unchanged
24	NEW RELIC INC NOTE 0.500% 5/0 · principal NEWR 0.5 05.01.23 · principal	NEWR 0.5 05.01.23	110,000	$109.4k0.08%	0.08%	Added +38.0k	+38,000 52.8%
25	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$103.4k0.07%	0.07%	Unchanged
26	LIGAND PHARMACEUTICALS INC NOTE 0.750% 5/1 · principal LGND 0.75 05.15.23 · principal	LGND 0.75 05.15.23	73,000	$72.3k0.05%	0.05%	Added +60.0k	+60,000 461.5%
27	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$64.4k0.04%	0.04%	Unchanged
28	INVESTAR HOLDING CORP COM ISTR	ISTR	2,222	$31.0k0.02%	0.02%	New
29	OPPFI INC W EXP 07/20/202 W EXP 07/20/202		29,719	$2.6k0.00%	0.00%	Unchanged

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
NOVAVAX INC NVAX 3.75 02.01.23	NVAX 3.75 02.01.23	19,748,000	$19.6m19.7m shares
ATLAS AIR WORLDWIDE HLDGS IN AAWW 1.875 06.01.24	AAWW 1.875 06.01.24	7,250,000	$12.1m7.2m shares
BLACKSTONE MORTGAGE TRUST IN BXMT 4.75 03.15.23	BXMT 4.75 03.15.23	9,838,000	$9.6m9.8m shares
STARWOOD PPTY TR INC STWD 4.375 04.01.23	STWD 4.375 04.01.23	6,639,000	$6.4m6.6m shares
INNOVIVA INC INVA 2.125 01.15.23	INVA 2.125 01.15.23	4,233,000	$4.2m4.2m shares
ELEVANCE HEALTH INC ELV 2.75 10.15.42	ELV 2.75 10.15.42	350,000	$2.4m350.0k shares
NUTANIX INC NTNX 0 01.15.23	NTNX 0 01.15.23	1,902,000	$1.9m1.9m shares
PATRICK INDS INC PATK 1 02.01.23	PATK 1 02.01.23	423,000	$419.0k423.0k shares
SLAM CORP SLAMF	SLAMF	25,100	$253.5k25.1k shares
ABG ACQUISITION CORP I		25,000	$252.2k25.0k shares
VEECO INSTRS INC DEL VECO 2.7 01.15.23	VECO 2.7 01.15.23	199,000	$196.3k199.0k shares
VECTOR ACQUISITION CORP II		16,888	$170.6k16.9k shares
FINTECH EVOLUTION ACQUIS GRO		5,705	$57.6k5.7k shares
SILK RD MED INC SILK	SILK	146	$7.7k146 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
HOPE BANCORP INC HOPE · Put	HOPE	Put	288,800	$2.8m288.8k shares	New