PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2024-02-12

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)

$132.5m reported value +25.4% vs Q3 2023

20positions

96.4%in top 10

12 new 3 added 0 reduced 2 sold out vs Q3 2023

Holdings, Q4 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	TESLA INC NOTE 2.000% 5/1 · principal TSLA 2 05.15.24 · principal	TSLA 2 05.15.24	4,000,000	$47.6m35.96%	35.96%	New
2	NICE SYS INC NOTE 1.250% 1/1 · principal NICEIT 1.25 01.15.24 · principal	NICEIT 1.25 01.15.24	13,495,000	$28.7m21.63%	21.63%	New
3	WESTERN DIGITAL CORP. NOTE 1.500% 2/0 · principal WDC 1.5 02.01.24 · principal	WDC 1.5 02.01.24	20,355,000	$20.3m15.30%	15.30%	Added +8.0m	+8,044,000 65.3%
4	JAZZ INVESTMENTS I LTD NOTE 1.500% 8/1 · principal JAZZ 1.5 08.15.24 · principal	JAZZ 1.5 08.15.24	7,100,000	$6.9m5.20%	5.20%	New
5	PENNYMAC CORP NOTE 5.500%11/0 · principal PMT 5.5 11.01.24 · principal	PMT 5.5 11.01.24	5,314,000	$5.2m3.90%	3.90%	New
6	MFA FINL INC NOTE 6.250% 6/1 · principal MFA 6.25 06.15.24 · principal	MFA 6.25 06.15.24	5,057,000	$5.0m3.80%	3.80%	Added +2.0m	+2,028,000 67.0%
7	HERBALIFE NUTRITION LTD NOTE 2.625% 3/1 · principal HLF 2.625 03.15.24 · principal	HLF 2.625 03.15.24	4,520,000	$4.5m3.37%	3.37%	Added +820.0k	+820,000 22.2%
8	PIONEER NAT RES CO NOTE 0.250% 5/1 · principal PXD 0.25 05.15.25 · principal	PXD 0.25 05.15.25	1,805,000	$4.4m3.33%	3.33%	New
9	GREENBRIER COS INC NOTE 2.875% 2/0 · principal GBX 2.875 02.01.24 · principal	GBX 2.875 02.01.24	2,865,000	$2.8m2.14%	2.14%	New
10	CHEGG INC NOTE 0.125% 3/1 · principal CHGG 0.125 03.15.25 · principal	CHGG 0.125 03.15.25	2,500,000	$2.3m1.74%	1.74%	New
11	KAMAN CORP NOTE 3.250% 5/0 · principal KAMN 3.25 05.01.24 · principal	KAMN 3.25 05.01.24	2,292,000	$2.2m1.68%	1.68%	New
12	8X8 INC NEW NOTE 0.500% 2/0 · principal EGHT 0.5 02.01.24 · principal	EGHT 0.5 02.01.24	1,500,000	$1.5m1.12%	1.12%	New
13	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	48,039	$382.4k0.29%	0.29%	New
14	OPPFI INC COM CL A OPFI	OPFI	59,438	$304.3k0.23%	0.23%	Unchanged
15	SHATTUCK LABS INC COM STTK	STTK	39,467	$281.4k0.21%	0.21%	Unchanged
16	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$69.2k0.05%	0.05%	Unchanged
17	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$52.3k0.04%	0.04%	Unchanged
18	OPPFI INC W EXP 07/20/202 W EXP 07/20/202		29,719	$11.6k0.01%	0.01%	Unchanged
19	PHARVARIS N V COM PHVS	PHVS	181	$5.1k0.00%	0.00%	New
20	REDWOOD TRUST INC NOTE 5.625% 7/1 · principal RWT 5.625 07.15.24 · principal	RWT 5.625 07.15.24	5,000	$4.9k0.00%	0.00%	New

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
KBR INC KBR 2.5 11.01.23	KBR 2.5 11.01.23	33,398,000	$76.6m33.4m shares
APOLLO COML REAL ESTATE FIN ARI 5.375 10.15.23	ARI 5.375 10.15.23	9,993,000	$9.9m10.0m shares