PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2025-02-10

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)

$131.1m reported value -11.5% vs Q3 2024

28positions

75.4%in top 10

5 new 11 added 0 reduced 14 sold out vs Q3 2024

Holdings, Q4 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	INSIGHT ENTERPRISES INC NOTE 0.750% 2/1 · principal NSIT 0.75 02.15.25 · principal	NSIT 0.75 02.15.25	9,901,000	$21.1m16.11%	16.11%	Added +4.9m	+4,860,000 96.4%
2	NATIONAL VISION HLDGS INC NOTE 2.500% 5/1 · principal EYE 2.5 05.15.25 · principal	EYE 2.5 05.15.25	11,630,000	$11.4m8.69%	8.69%	Added +8.5m	+8,500,000 271.6%
3	PEGASYSTEMS INC NOTE 0.750% 3/0 · principal PEGA 0.75 03.01.25 · principal	PEGA 0.75 03.01.25	10,885,000	$10.8m8.24%	8.24%	Unchanged
4	FIVERR INTL LTD NOTE 11/0 · principal FVRR 0 11.01.25 · principal	FVRR 0 11.01.25	11,050,000	$10.5m7.99%	7.99%	Added +2.7m	+2,700,000 32.3%
5	I3 VERTICALS LLC NOTE 1.000% 2/1 · principal IIIV 1 02.15.25 · principal	IIIV 1 02.15.25	9,550,000	$9.4m7.14%	7.14%	Added +7.5m	+7,509,000 367.9%
6	FIVE9 INC NOTE 0.500% 6/0 · principal FIVN 0.5 06.01.25 · principal	FIVN 0.5 06.01.25	9,212,000	$8.9m6.82%	6.82%	Added +6.6m	+6,607,000 253.6%
7	HEALTH CATALYST INC NOTE 2.500% 4/1 · principal HCAT 2.5 04.15.25 · principal	HCAT 2.5 04.15.25	8,790,000	$8.6m6.58%	6.58%	New
8	RINGCENTRAL INC NOTE 3/0 · principal RNG 0 03.01.25 · principal	RNG 0 03.01.25	7,063,000	$7.0m5.32%	5.32%	Added +3.2m	+3,200,000 82.8%
9	RWT HLDGS INC NOTE 5.750%10/0 · principal RWT 5.75 10.01.25 · principal	RWT 5.75 10.01.25	5,885,000	$5.8m4.44%	4.44%	Added +500.0k	+500,000 9.3%
10	INTEGRA LIFESCIENCES HLDGS C NOTE 0.500% 8/1 · principal IART 0.5 08.15.25 · principal	IART 0.5 08.15.25	5,500,000	$5.3m4.04%	4.04%	Added +3.5m	+3,500,000 175.0%
11	CHEGG INC NOTE 0.125% 3/1 · principal CHGG 0.125 03.15.25 · principal	CHGG 0.125 03.15.25	5,000,000	$4.8m3.70%	3.70%	Unchanged
12	WIX COM LTD NOTE 8/1 · principal WIX 0 08.15.25 · principal	WIX 0 08.15.25	5,000,000	$4.8m3.68%	3.68%	Unchanged
13	GUIDEWIRE SOFTWARE INC NOTE 1.250% 3/1 · principal GWRE 1.25 03.15.25 · principal	GWRE 1.25 03.15.25	2,064,000	$3.0m2.33%	2.33%	New
14	WAYFAIR INC NOTE 0.625%10/0 · principal W 0.625 10.01.25 · principal	W 0.625 10.01.25	3,090,000	$3.0m2.26%	2.26%	Added +3.0m	+3,000,000 3333.3%
15	LIVONGO HEALTH INC NOTE 0.875% 6/0 · principal TDOC 0.875 06.01.25 · principal	TDOC 0.875 06.01.25	2,648,000	$2.6m1.98%	1.98%	Added +1.0m	+1,015,000 62.2%
16	PROSPECT CAP CORP NOTE 6.375% 3/0 · principal PSEC 6.375 03.01.25 · principal	PSEC 6.375 03.01.25	2,544,000	$2.6m1.96%	1.96%	Unchanged
17	PACIRA BIOSCIENCES INC NOTE 0.750% 8/0 · principal PCRX 0.75 08.01.25 · principal	PCRX 0.75 08.01.25	2,154,000	$2.1m1.59%	1.59%	Added +154.0k	+154,000 7.7%
18	NEOGENOMICS INC NOTE 1.250% 5/0 · principal NEO 1.25 05.01.25 · principal	NEO 1.25 05.01.25	2,000,000	$2.0m1.50%	1.50%	New
19	ARBOR REALTY TRUST INC NOTE 7.500% 8/0 · principal ABR 7.5 08.01.25 · principal	ABR 7.5 08.01.25	1,750,000	$1.7m1.33%	1.33%	Unchanged
20	NUVASIVE INC NOTE 0.375% 3/1 · principal GMED 0.375 03.15.25 · principal	GMED 0.375 03.15.25	1,500,000	$1.5m1.13%	1.13%	Unchanged
21	EVENTBRITE INC NOTE 5.000%12/0 · principal EB 5 12.01.25 · principal	EB 5 12.01.25	1,500,000	$1.5m1.12%	1.12%	Unchanged
22	MESA LABS INC NOTE 1.375% 8/1 · principal MLAB 1.375 08.15.25 · principal	MLAB 1.375 08.15.25	1,500,000	$1.5m1.12%	1.12%	New
23	AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal	AFRM 0 11.15.26	1,000,000	$901.9k0.69%	0.69%	Unchanged
24	PAGERDUTY INC NOTE 1.250% 7/0 · principal PD 1.25 07.01.25 · principal	PD 1.25 07.01.25	200,000	$192.5k0.15%	0.15%	Unchanged
25	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$63.4k0.05%	0.05%	Unchanged
26	SHATTUCK LABS INC COM STTK	STTK	39,467	$47.8k0.04%	0.04%	Unchanged
27	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$30.2k0.02%	0.02%	Unchanged
28	RENASANT CORP COM RNST	RNST	49	$1.8k0.00%	0.00%	New

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
BOOKING HOLDINGS INC BKNG 0.75 05.01.25	BKNG 0.75 05.01.25	7,250,000	$15.8m7.2m shares
PENNYMAC CORP PMT 5.5 11.01.24	PMT 5.5 11.01.24	15,812,000	$15.7m15.8m shares
CHART INDS INC GTLS 1 11.15.24	GTLS 1 11.15.24	5,871,000	$12.3m5.9m shares
LYFT INC LYFT 1.5 05.15.25	LYFT 1.5 05.15.25	11,750,000	$11.5m11.8m shares
ENVESTNET INC ENV 0.75 08.15.25	ENV 0.75 08.15.25	5,000,000	$4.9m5.0m shares
ENVESTNET INC ENV 2.625 12.01.27	ENV 2.625 12.01.27	4,000,000	$4.3m4.0m shares
PARSONS CORP DEL PSN 0.25 08.15.25	PSN 0.25 08.15.25	2,000,000	$3.6m2.0m shares
BILIBILI INC BILI 0.5 12.01.26	BILI 0.5 12.01.26	3,500,000	$3.5m3.5m shares
IONIS PHARMACEUTICALS INC IONS 0.125 12.15.24	IONS 0.125 12.15.24	1,000,000	$983.5k1.0m shares
AIR TRANS SVCS GROUP INC ATSG 1.125 10.15.24	ATSG 1.125 10.15.24	801,000	$803.7k801.0k shares
WAYFAIR INC W 1.125 11.01.24	W 1.125 11.01.24	450,000	$441.0k450.0k shares
PALO ALTO NETWORKS INC PANW 0.375 06.01.25	PANW 0.375 06.01.25	11,000	$37.8k11.0k shares
FIRST SEACOAST BANCORP INC		94	$85394 shares
BLUE RIDGE BANKSHARES INC VA BRBS	BRBS	82	$23082 shares