PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2023-11-14

SEC-registered investment adviser since 2016 · corporation

$105.6m reported value +12.8% vs Q2 2023

10positions

100.0%in top 10

1 new 2 added 0 reduced 12 sold out vs Q2 2023

Holdings, Q3 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	KBR INC NOTE 2.500%11/0 · principal KBR 2.5 11.01.23 · principal	KBR 2.5 11.01.23	33,398,000	$76.6m72.52%	72.52%	Added +29.4m	+29,398,000 735.0%
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	$12.1m11.46%	11.46%	Unchanged
3	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	$9.9m9.41%	9.41%	Unchanged
4	HERBALIFE NUTRITION LTD NOTE 2.625% 3/1 · principal HLF 2.625 03.15.24 · principal	HLF 2.625 03.15.24	3,700,000	$3.6m3.42%	3.42%	Added +700.0k	+700,000 23.3%
5	MFA FINL INC NOTE 6.250% 6/1 · principal MFA 6.25 06.15.24 · principal	MFA 6.25 06.15.24	3,029,000	$3.0m2.85%	2.85%	New
6	OPPFI INC COM CL A OPFI	OPFI	59,438	$149.8k0.14%	0.14%	Unchanged
7	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$88.8k0.08%	0.08%	Unchanged
8	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$64.4k0.06%	0.06%	Unchanged
9	SHATTUCK LABS INC COM STTK	STTK	39,467	$60.0k0.06%	0.06%	Unchanged
10	OPPFI INC W EXP 07/20/202 W EXP 07/20/202		29,719	$1.4k0.00%	0.00%	Unchanged

Security	Ticker	Shares held before	Value then
PIONEER NAT RES CO PXD 0.25 05.15.25	PXD 0.25 05.15.25	14,488,000	$30.9m14.5m shares
REDWOOD TRUST INC RWT 4.75 08.15.23	RWT 4.75 08.15.23	6,666,000	$6.6m6.7m shares
TILRAY BRANDS INC TLRY 5 10.01.23	TLRY 5 10.01.23	4,962,000	$4.9m5.0m shares
AMERICAN ELEC PWR CO INC AEP 6.125 08.15.23	AEP 6.125 08.15.23	78,947	$3.9m78.9k shares
NEXTERA ENERGY INC NEE 6.219 09.01.23	NEE 6.219 09.01.23	79,831	$3.9m79.8k shares
HELLO GROUP INC MOMO 1.25 07.01.25	MOMO 1.25 07.01.25	3,891,000	$3.8m3.9m shares
SPLUNK INC SPLK 0.5 09.15.23	SPLK 0.5 09.15.23	2,757,000	$2.7m2.8m shares
ILLUMINA INC ILMN 0 08.15.23	ILMN 0 08.15.23	1,040,000	$1.0m1.0m shares
COLOMBIER ACQUISITION CORP		25,000	$256.8k25.0k shares
DA32 LIFE SCNCE TEC ACQSTN C		25,003	$256.5k25.0k shares
NEXPOINT RESIDENTIAL TR INC NXRT	NXRT	27	$1.2k27 shares
CNO FINL GROUP INC CNO	CNO	1	$241 shares