PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2025-05-13

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)

$132.9m reported value +1.4% vs Q4 2024

29positions

84.2%in top 10

10 new 8 added 1 reduced 9 sold out vs Q4 2024

Holdings, Q1 2025

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	BOOKING HOLDINGS INC NOTE 0.750% 5/0 · principal BKNG 0.75 05.01.25 · principal	BKNG 0.75 05.01.25	10,333,000	$25.0m18.80%	18.80%	New
2	HUBSPOT INC NOTE 0.375% 6/0 · principal HUBS 0.375 06.01.25 · principal	HUBS 0.375 06.01.25	8,714,000	$17.5m13.13%	13.13%	New
3	NATIONAL VISION HLDGS INC NOTE 2.500% 5/1 · principal EYE 2.5 05.15.25 · principal	EYE 2.5 05.15.25	13,060,000	$12.9m9.68%	9.68%	Added +1.4m	+1,430,000 12.3%
4	RWT HLDGS INC NOTE 5.750%10/0 · principal RWT 5.75 10.01.25 · principal	RWT 5.75 10.01.25	12,595,000	$12.4m9.35%	9.35%	Added +6.7m	+6,710,000 114.0%
5	FIVERR INTL LTD NOTE 11/0 · principal FVRR 0 11.01.25 · principal	FVRR 0 11.01.25	11,050,000	$10.6m7.95%	7.95%	Unchanged
6	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	$8.7m6.53%	6.53%	Unchanged
7	INTEGRA LIFESCIENCES HLDGS C NOTE 0.500% 8/1 · principal IART 0.5 08.15.25 · principal	IART 0.5 08.15.25	8,120,000	$7.9m5.93%	5.93%	Added +2.6m	+2,620,000 47.6%
8	WIX COM LTD NOTE 8/1 · principal WIX 0 08.15.25 · principal	WIX 0 08.15.25	6,670,000	$6.5m4.86%	4.86%	Added +1.7m	+1,670,000 33.4%
9	FIVE9 INC NOTE 0.500% 6/0 · principal FIVN 0.5 06.01.25 · principal	FIVN 0.5 06.01.25	5,712,000	$5.6m4.22%	4.22%	Reduced -3.5m	-3,500,000 -38.0%
10	TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 · principal TWO 6.25 01.15.26 · principal	TWO 6.25 01.15.26	5,000,000	$5.0m3.72%	3.72%	New
11	WAYFAIR INC NOTE 0.625%10/0 · principal W 0.625 10.01.25 · principal	W 0.625 10.01.25	5,090,000	$4.9m3.69%	3.69%	Added +2.0m	+2,000,000 64.7%
12	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	$2.7m2.05%	2.05%	Added +1.0m	+1,000,000 57.1%
13	NEOGENOMICS INC NOTE 1.250% 5/0 · principal NEO 1.25 05.01.25 · principal	NEO 1.25 05.01.25	2,700,000	$2.7m2.00%	2.00%	Added +700.0k	+700,000 35.0%
14	LIVONGO HEALTH INC NOTE 0.875% 6/0 · principal TDOC 0.875 06.01.25 · principal	TDOC 0.875 06.01.25	2,669,000	$2.6m1.97%	1.97%	Added +21.0k	+21,000 0.8%
15	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	$2.1m1.58%	1.58%	Unchanged
16	EVENTBRITE INC NOTE 5.000%12/0 · principal EB 5 12.01.25 · principal	EB 5 12.01.25	1,500,000	$1.5m1.11%	1.11%	Unchanged
17	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	$1.5m1.10%	1.10%	Unchanged
18	AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal	AFRM 0 11.15.26	1,000,000	$900.0k0.68%	0.68%	Unchanged
19	PALO ALTO NETWORKS INC NOTE 0.375% 6/0 · principal PANW 0.375 06.01.25 · principal	PANW 0.375 06.01.25	226,000	$773.7k0.58%	0.58%	New
20	NB BANCORP INC COM NBBK	NBBK	40,000	$715.8k0.54%	0.54%	New
21	PAGERDUTY INC NOTE 1.250% 7/0 · principal PD 1.25 07.01.25 · principal	PD 1.25 07.01.25	200,000	$195.7k0.15%	0.15%	Unchanged
22	PENNYMAC CORP NOTE 5.500% 3/1 · principal PMT 5.5 03.15.26 · principal	PMT 5.5 03.15.26	173,000	$171.2k0.13%	0.13%	New
23	EZCORP INC NOTE 2.375% 5/0 · principal EZPW 2.375 05.01.25 · principal	EZPW 2.375 05.01.25	162,000	$161.3k0.12%	0.12%	New
24	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$62.0k0.05%	0.05%	Unchanged
25	SHATTUCK LABS INC COM STTK	STTK	39,467	$37.5k0.03%	0.03%	Unchanged
26	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	34,000	$31.8k0.02%	0.02%	New
27	CARTESIAN GROWTH CORP II *W EXP 07/12/202 REEWF	REEWF	402,500	$22.5k0.02%	0.02%	Unchanged
28	OMNICELL COM NOTE 0.250% 9/1 · principal OMCL 0.25 09.15.25 · principal	OMCL 0.25 09.15.25	12,000	$11.7k0.01%	0.01%	New
29	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	505	$11.0k0.01%	0.01%	New

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
INSIGHT ENTERPRISES INC NSIT 0.75 02.15.25	NSIT 0.75 02.15.25	9,901,000	$21.1m9.9m shares
PEGASYSTEMS INC PEGA 0.75 03.01.25	PEGA 0.75 03.01.25	10,885,000	$10.8m10.9m shares
I3 VERTICALS LLC IIIV 1 02.15.25	IIIV 1 02.15.25	9,550,000	$9.4m9.6m shares
RINGCENTRAL INC RNG 0 03.01.25	RNG 0 03.01.25	7,063,000	$7.0m7.1m shares
CHEGG INC CHGG 0.125 03.15.25	CHGG 0.125 03.15.25	5,000,000	$4.8m5.0m shares
GUIDEWIRE SOFTWARE INC GWRE 1.25 03.15.25	GWRE 1.25 03.15.25	2,064,000	$3.0m2.1m shares
PROSPECT CAP CORP PSEC 6.375 03.01.25	PSEC 6.375 03.01.25	2,544,000	$2.6m2.5m shares
NUVASIVE INC GMED 0.375 03.15.25	GMED 0.375 03.15.25	1,500,000	$1.5m1.5m shares
RENASANT CORP RNST	RNST	49	$1.8k49 shares