PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2023-08-10

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)

$93.6m reported value -34.6% vs Q1 2023

21positions

95.0%in top 10

7 new 2 added 1 reduced 15 sold out vs Q1 2023

Holdings, Q2 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	PIONEER NAT RES CO NOTE 0.250% 5/1 · principal PXD 0.25 05.15.25 · principal	PXD 0.25 05.15.25	14,488,000	$30.9m32.95%	32.95%	New
2	WESTERN DIGITAL CORP. NOTE 1.500% 2/0 · principal WDC 1.5 02.01.24 · principal	WDC 1.5 02.01.24	12,311,000	$11.9m12.75%	12.75%	Added +3.3m	+3,329,000 37.1%
3	KBR INC NOTE 2.500%11/0 · principal KBR 2.5 11.01.23 · principal	KBR 2.5 11.01.23	4,000,000	$10.2m10.94%	10.94%	New
4	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	$9.9m10.57%	10.57%	Unchanged
5	REDWOOD TRUST INC NOTE 4.750% 8/1 · principal RWT 4.75 08.15.23 · principal	RWT 4.75 08.15.23	6,666,000	$6.6m7.04%	7.04%	Added +1.7m	+1,663,000 33.2%
6	TILRAY BRANDS INC NOTE 5.000%10/0 · principal TLRY 5 10.01.23 · principal	TLRY 5 10.01.23	4,962,000	$4.9m5.22%	5.22%	Unchanged
7	AMERICAN ELEC PWR CO INC UNIT 08/15/2023 AEP 6.125 08.15.23	AEP 6.125 08.15.23	78,947	$3.9m4.19%	4.19%	New
8	NEXTERA ENERGY INC UNIT 09/01/2023 NEE 6.219 09.01.23	NEE 6.219 09.01.23	79,831	$3.9m4.18%	4.18%	New
9	HELLO GROUP INC NOTE 1.250% 7/0 · principal MOMO 1.25 07.01.25 · principal	MOMO 1.25 07.01.25	3,891,000	$3.8m4.07%	4.07%	New
10	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	$2.9m3.10%	3.10%	Unchanged
11	SPLUNK INC NOTE 0.500% 9/1 · principal SPLK 0.5 09.15.23 · principal	SPLK 0.5 09.15.23	2,757,000	$2.7m2.91%	2.91%	Reduced -2.0m	-2,000,000 -42.0%
12	ILLUMINA INC NOTE 8/1 · principal ILMN 0 08.15.23 · principal	ILMN 0 08.15.23	1,040,000	$1.0m1.10%	1.10%	Unchanged
13	COLOMBIER ACQUISITION CORP CL A CL A		25,000	$256.8k0.27%	0.27%	Unchanged
14	DA32 LIFE SCNCE TEC ACQSTN C CLASS A COM CLASS A COM		25,003	$256.5k0.27%	0.27%	Unchanged
15	SHATTUCK LABS INC COM STTK	STTK	39,467	$123.1k0.13%	0.13%	Unchanged
16	OPPFI INC COM CL A OPFI	OPFI	59,438	$121.3k0.13%	0.13%	Unchanged
17	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$91.1k0.10%	0.10%	Unchanged
18	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$63.2k0.07%	0.07%	Unchanged
19	OPPFI INC W EXP 07/20/202 W EXP 07/20/202		29,719	$2.1k0.00%	0.00%	Unchanged
20	NEXPOINT RESIDENTIAL TR INC COM NXRT	NXRT	27	$1.2k0.00%	0.00%	New
21	CNO FINL GROUP INC COM CNO	CNO	1	$240.00%	0.00%	New

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
HOPE BANCORP INC HOPE 2 05.15.38	HOPE 2 05.15.38	17,335,000	$16.8m17.3m shares
DIGITALBRIDGE GROUP INC DBRG 5 04.15.23	DBRG 5 04.15.23	16,754,000	$16.8m16.8m shares
SILICON LABORATORIES INC SLAB 0.625 06.15.25	SLAB 0.625 06.15.25	10,000,000	$15.0m10.0m shares
IQIYI INC IQ 2 04.01.25	IQ 2 04.01.25	14,689,000	$14.7m14.7m shares
KKR REAL ESTATE FIN TR INC KREF 6.125 05.15.23	KREF 6.125 05.15.23	13,246,000	$13.1m13.2m shares
PURE STORAGE INC PSTG 0.125 04.15.23	PSTG 0.125 04.15.23	10,000,000	$10.0m10.0m shares
TERADYNE INC TER 1.25 12.15.23	TER 1.25 12.15.23	2,300,000	$7.1m2.3m shares
SUPERNUS PHARMACEUTICALS SUPN 0.625 04.01.23	SUPN 0.625 04.01.23	6,695,000	$6.7m6.7m shares
NICE SYS INC NICEIT 1.25 01.15.24	NICEIT 1.25 01.15.24	1,535,000	$3.7m1.5m shares
INTERCEPT PHARMACEUTICALS IN ICPT 3.25 07.01.23	ICPT 3.25 07.01.23	1,162,000	$1.2m1.2m shares
BECTON DICKINSON & CO BDX 6 06.01.23 B	BDX 6 06.01.23 B	5,510	$274.0k5.5k shares
TWO		25,003	$256.3k25.0k shares
NEW RELIC INC NEWR 0.5 05.01.23	NEWR 0.5 05.01.23	110,000	$109.4k110.0k shares
LIGAND PHARMACEUTICALS INC LGND 0.75 05.15.23	LGND 0.75 05.15.23	73,000	$72.3k73.0k shares
INVESTAR HOLDING CORP ISTR	ISTR	2,222	$31.0k2.2k shares