PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2025-08-13

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)

$129.6m reported value -2.5% vs Q1 2025

20positions

87.6%in top 10

5 new 8 added 0 reduced 14 sold out vs Q1 2025

Holdings, Q2 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	NRG ENERGY INC DBCV 2.750% 6/0 · principal NRG 2.75 06.01.48 · principal	NRG 2.75 06.01.48	5,000,000	$18.6m14.32%	14.32%	New
2	INTEGRA LIFESCIENCES HLDGS C NOTE 0.500% 8/1 · principal IART 0.5 08.15.25 · principal	IART 0.5 08.15.25	18,395,000	$18.2m14.03%	14.03%	Added +10.3m	+10,275,000 126.5%
3	SOLAREDGE TECHNOLOGIES INC NOTE 9/1 · principal SEDG 0 09.15.25 · principal	SEDG 0 09.15.25	14,070,000	$13.6m10.51%	10.51%	New
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	$12.6m9.69%	9.69%	Unchanged
5	FIVERR INTL LTD NOTE 11/0 · principal FVRR 0 11.01.25 · principal	FVRR 0 11.01.25	12,800,000	$12.6m9.68%	9.68%	Added +1.8m	+1,750,000 15.8%
6	ARBOR REALTY TRUST INC NOTE 7.500% 8/0 · principal ABR 7.5 08.01.25 · principal	ABR 7.5 08.01.25	10,169,000	$10.2m7.83%	7.83%	Added +7.4m	+7,419,000 269.8%
7	WAYFAIR INC NOTE 0.625%10/0 · principal W 0.625 10.01.25 · principal	W 0.625 10.01.25	9,090,000	$9.0m6.92%	6.92%	Added +4.0m	+4,000,000 78.6%
8	TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 · principal TWO 6.25 01.15.26 · principal	TWO 6.25 01.15.26	7,223,000	$7.2m5.52%	5.52%	Added +2.2m	+2,223,000 44.5%
9	WIX COM LTD NOTE 8/1 · principal WIX 0 08.15.25 · principal	WIX 0 08.15.25	6,670,000	$6.6m5.11%	5.11%	Unchanged
10	PACIRA BIOSCIENCES INC NOTE 0.750% 8/0 · principal PCRX 0.75 08.01.25 · principal	PCRX 0.75 08.01.25	5,154,000	$5.1m3.96%	3.96%	Added +3.0m	+3,000,000 139.3%
11	PENNYMAC CORP NOTE 5.500% 3/1 · principal PMT 5.5 03.15.26 · principal	PMT 5.5 03.15.26	4,111,000	$4.1m3.16%	3.16%	Added +3.9m	+3,938,000 2276.3%
12	ENPHASE ENERGY INC NOTE 3/0 · principal ENPH 0 03.01.26 · principal	ENPH 0 03.01.26	4,164,000	$4.0m3.08%	3.08%	New
13	MESA LABS INC NOTE 1.375% 8/1 · principal MLAB 1.375 08.15.25 · principal	MLAB 1.375 08.15.25	3,500,000	$3.5m2.68%	2.68%	Added +2.0m	+2,000,000 133.3%
14	FASTLY INC NOTE 3/1 · principal FSLY 0 03.15.26 · principal	FSLY 0 03.15.26	3,000,000	$2.9m2.22%	2.22%	New
15	EVENTBRITE INC NOTE 5.000%12/0 · principal EB 5 12.01.25 · principal	EB 5 12.01.25	1,500,000	$1.5m1.15%	1.15%	Unchanged
16	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	8,164	$63.4k0.05%	0.05%	Unchanged
17	NICE LTD NOTE 9/1 · principal NICEIT 0 09.15.25 · principal	NICEIT 0 09.15.25	40,000	$39.4k0.03%	0.03%	New
18	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	34,000	$32.2k0.02%	0.02%	Unchanged
19	SHATTUCK LABS INC COM STTK	STTK	39,467	$31.2k0.02%	0.02%	Unchanged
20	OMNICELL COM NOTE 0.250% 9/1 · principal OMCL 0.25 09.15.25 · principal	OMCL 0.25 09.15.25	12,000	$11.8k0.01%	0.01%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
BOOKING HOLDINGS INC BKNG 0.75 05.01.25	BKNG 0.75 05.01.25	10,333,000	$25.0m10.3m shares
HUBSPOT INC HUBS 0.375 06.01.25	HUBS 0.375 06.01.25	8,714,000	$17.5m8.7m shares
NATIONAL VISION HLDGS INC EYE 2.5 05.15.25	EYE 2.5 05.15.25	13,060,000	$12.9m13.1m shares
HEALTH CATALYST INC HCAT 2.5 04.15.25	HCAT 2.5 04.15.25	8,790,000	$8.7m8.8m shares
FIVE9 INC FIVN 0.5 06.01.25	FIVN 0.5 06.01.25	5,712,000	$5.6m5.7m shares
NEOGENOMICS INC NEO 1.25 05.01.25	NEO 1.25 05.01.25	2,700,000	$2.7m2.7m shares
LIVONGO HEALTH INC TDOC 0.875 06.01.25	TDOC 0.875 06.01.25	2,669,000	$2.6m2.7m shares
AFFIRM HLDGS INC AFRM 0 11.15.26	AFRM 0 11.15.26	1,000,000	$900.0k1.0m shares
PALO ALTO NETWORKS INC PANW 0.375 06.01.25	PANW 0.375 06.01.25	226,000	$773.7k226.0k shares
NB BANCORP INC NBBK	NBBK	40,000	$715.8k40.0k shares
PAGERDUTY INC PD 1.25 07.01.25	PD 1.25 07.01.25	200,000	$195.7k200.0k shares
EZCORP INC EZPW 2.375 05.01.25	EZPW 2.375 05.01.25	162,000	$161.3k162.0k shares
CARTESIAN GROWTH CORP II REEWF	REEWF	402,500	$22.5k402.5k shares
SOLARIS ENERGY INFRAS INC SEI	SEI	505	$11.0k505 shares