PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2024-08-08

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)

$127.9m reported value -11.9% vs Q1 2024

17positions

97.4%in top 10

5 new 5 added 3 reduced 10 sold out vs Q1 2024

Holdings, Q2 2024

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	EAGLE BULK SHIPPING INC NOTE 5.000% 8/0 · principal EGLE 5 08.01.24 · principal	EGLE 5 08.01.24	15,031,000	$31.4m24.57%	24.57%	New
2	JAZZ INVESTMENTS I LTD NOTE 1.500% 8/1 · principal JAZZ 1.5 08.15.24 · principal	JAZZ 1.5 08.15.24	27,196,000	$27.0m21.07%	21.07%	Added +20.1m	+20,096,000 283.0%
3	BIOMARIN PHARMACEUTICAL INC NOTE 0.599% 8/0 · principal BMRN 0.599 08.01.24 · principal	BMRN 0.599 08.01.24	21,581,000	$21.3m16.66%	16.66%	New
4	PENNYMAC CORP NOTE 5.500%11/0 · principal PMT 5.5 11.01.24 · principal	PMT 5.5 11.01.24	14,062,000	$13.9m10.85%	10.85%	Added +3.4m	+3,357,000 31.4%
5	TURNING PT BRANDS INC NOTE 2.500% 7/1 · principal TPB 2.5 07.15.24 · principal	TPB 2.5 07.15.24	12,907,000	$12.8m10.02%	10.02%	Added +10.5m	+10,535,000 444.1%
6	REDWOOD TRUST INC NOTE 5.625% 7/1 · principal RWT 5.625 07.15.24 · principal	RWT 5.625 07.15.24	4,773,000	$4.7m3.71%	3.71%	Added +3.3m	+3,268,000 217.1%
7	CHEGG INC NOTE 0.125% 3/1 · principal CHGG 0.125 03.15.25 · principal	CHGG 0.125 03.15.25	5,000,000	$4.6m3.62%	3.62%	Reduced -3.9m	-3,900,000 -43.8%
8	PROSPECT CAP CORP NOTE 6.375% 3/0 · principal PSEC 6.375 03.01.25 · principal	PSEC 6.375 03.01.25	4,044,000	$4.0m3.13%	3.13%	Added +3.7m	+3,709,000 1107.2%
9	ARBOR REALTY TRUST INC NOTE 7.500% 8/0 · principal ABR 7.5 08.01.25 · principal	ABR 7.5 08.01.25	2,750,000	$2.7m2.13%	2.13%	Reduced -250.0k	-250,000 -8.3%
10	FIVERR INTL LTD NOTE 11/0 · principal FVRR 0 11.01.25 · principal	FVRR 0 11.01.25	2,300,000	$2.1m1.64%	1.64%	New
11	BLACKLINE INC NOTE 0.125% 8/0 · principal BL 0.125 08.01.24 · principal	BL 0.125 08.01.24	1,536,000	$1.5m1.19%	1.19%	New
12	PALO ALTO NETWORKS INC NOTE 0.375% 6/0 · principal PANW 0.375 06.01.25 · principal	PANW 0.375 06.01.25	684,000	$1.4m1.13%	1.13%	Reduced -17.3m	-17,340,000 -96.2%
13	SHATTUCK LABS INC COM STTK	STTK	39,467	$152.3k0.12%	0.12%	Unchanged
14	I3 VERTICALS LLC NOTE 1.000% 2/1 · principal IIIV 1 02.15.25 · principal	IIIV 1 02.15.25	97,000	$92.7k0.07%	0.07%	Unchanged
15	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$60.5k0.05%	0.05%	Unchanged
16	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$40.7k0.03%	0.03%	Unchanged
17	KVH INDS INC COM KVHI	KVHI	3,230	$15.0k0.01%	0.01%	New

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
NEUROCRINE BIOSCIENCES INC NBIX 2.25 05.15.24	NBIX 2.25 05.15.24	13,559,000	$24.6m13.6m shares
PIONEER NAT RES CO PXD 0.25 05.15.25	PXD 0.25 05.15.25	4,422,000	$12.4m4.4m shares
MFA FINL INC MFA 6.25 06.15.24	MFA 6.25 06.15.24	10,726,000	$10.7m10.7m shares
PARAMOUNT GLOBAL SKYD 5.75 04.01.24 A	SKYD 5.75 04.01.24 A	382,515	$5.3m382.5k shares
BILIBILI INC BILI 1.375 04.01.26	BILI 1.375 04.01.26	5,000,000	$5.0m5.0m shares
KAMAN CORP KAMN 3.25 05.01.24	KAMN 3.25 05.01.24	3,288,000	$3.3m3.3m shares
ZEO ENERGY CORP ZEO	ZEO	50,000	$285.0k50.0k shares
OPPFI INC OPFI	OPFI	59,438	$148.6k59.4k shares
CLARIVATE PLC CLVT 5.25 06.01.24 A	CLVT 5.25 06.01.24 A	545	$16.4k545 shares
OPPFI INC		29,719	$2.4k29.7k shares