PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2026-02-12

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)

$141.2m reported value +1.3% vs Q3 2025

25positions

83.5%in top 10

10 new 10 added 0 reduced 9 sold out vs Q3 2025

Holdings, Q4 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	SUMMIT HOTEL PPTYS NOTE 1.500% 2/1 · principal INN 1.5 02.15.26 · principal	INN 1.5 02.15.26	19,796,000	$19.6m13.87%	13.87%	Added +9.0m	+9,035,000 84.0%
2	JETBLUE AIRWAYS CORP NOTE 0.500% 4/0 · principal JBLU 0.5 04.01.26 · principal	JBLU 0.5 04.01.26	16,795,000	$16.4m11.60%	11.60%	Added +9.1m	+9,099,000 118.2%
3	CABLE ONE INC NOTE 3/1 · principal CABO 0 03.15.26 · principal	CABO 0 03.15.26	14,124,000	$13.8m9.80%	9.80%	Added +6.5m	+6,483,000 84.8%
4	MARRIOTT VACATIONS WORLDWIDE NOTE 1/1 · principal VAC 0 01.15.26 · principal	VAC 0 01.15.26	13,547,000	$13.4m9.51%	9.51%	Added +3.5m	+3,500,000 34.8%
5	TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 · principal TWO 6.25 01.15.26 · principal	TWO 6.25 01.15.26	12,687,000	$12.6m8.90%	8.90%	Added +5.2m	+5,150,000 68.3%
6	ENPHASE ENERGY INC NOTE 3/0 · principal ENPH 0 03.01.26 · principal	ENPH 0 03.01.26	10,664,000	$10.5m7.42%	7.42%	Added +500.0k	+500,000 4.9%
7	MGP INGREDIENTS INC NEW NOTE 1.875%11/1 · principal MGPI 1.875 11.15.41 · principal	MGPI 1.875 11.15.41	10,802,000	$10.4m7.34%	7.34%	Added +5.8m	+5,802,000 116.0%
8	PENNYMAC CORP NOTE 5.500% 3/1 · principal PMT 5.5 03.15.26 · principal	PMT 5.5 03.15.26	9,541,000	$9.4m6.69%	6.69%	Added +3.2m	+3,188,000 50.2%
9	CRACKER BARREL OLD CTRY STOR NOTE 0.625% 6/1 · principal CBRL 0.625 06.15.26 · principal	CBRL 0.625 06.15.26	7,170,000	$6.9m4.89%	4.89%	New
10	PELOTON INTERACTIVE INC NOTE 2/1 · principal PTON 0 02.15.26 · principal	PTON 0 02.15.26	5,000,000	$4.9m3.47%	3.47%	Added +4.0m	+4,000,000 400.0%
11	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	5,044,000	$4.8m3.41%	3.41%	New
12	PENN ENTERTAINMENT INC NOTE 2.750% 5/1 · principal PENN 2.75 05.15.26 · principal	PENN 2.75 05.15.26	4,270,000	$4.2m2.96%	2.96%	New
13	ALARM COM HLDGS INC NOTE 1/1 · principal ALRM 0 01.15.26 · principal	ALRM 0 01.15.26	4,000,000	$4.0m2.80%	2.80%	New
14	FASTLY INC NOTE 3/1 · principal FSLY 0 03.15.26 · principal	FSLY 0 03.15.26	3,000,000	$2.9m2.07%	2.07%	Unchanged
15	MITEK SYS INC NOTE 0.750% 2/0 · principal MITK 0.75 02.01.26 · principal	MITK 0.75 02.01.26	1,500,000	$1.5m1.04%	1.04%	New
16	BLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 · principal BXMT 5.5 03.15.27 · principal	BXMT 5.5 03.15.27	1,303,000	$1.3m0.90%	0.90%	New
17	TRIPADVISOR INC NOTE 0.250% 4/0 · principal TRIP 0.25 04.01.26 · principal	TRIP 0.25 04.01.26	1,166,000	$1.1m0.80%	0.80%	New
18	GROUPON INC NOTE 1.125% 3/1 · principal GRPN 1.125 03.15.26 · principal	GRPN 1.125 03.15.26	1,120,000	$1.1m0.78%	0.78%	New
19	ZEO ENERGY CORP CL A ZEO	ZEO	677,711	$738.7k0.52%	0.52%	Unchanged
20	MAGNITE INC NOTE 0.250% 3/1 · principal MGNI 0.25 03.15.26 · principal	MGNI 0.25 03.15.26	700,000	$683.9k0.48%	0.48%	New
21	RINGCENTRAL INC NOTE 3/1 · principal RNG 0 03.15.26 · principal	RNG 0 03.15.26	455,000	$449.5k0.32%	0.32%	Unchanged
22	HAEMONETICS CORP MASS NOTE 3/0 · principal HAE 0 03.01.26 · principal	HAE 0 03.01.26	339,000	$334.8k0.24%	0.24%	Added +319.0k	+319,000 1595.0%
23	SHATTUCK LABS INC COM STTK	STTK	39,467	$144.1k0.10%	0.10%	Unchanged
24	PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 · principal PEB 1.75 12.15.26 · principal	PEB 1.75 12.15.26	84,000	$81.1k0.06%	0.06%	New
25	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	34,000	$33.8k0.02%	0.02%	Unchanged

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
SEA LTD SEALTD 2.375 12.01.25	SEALTD 2.375 12.01.25	12,500,000	$24.6m12.5m shares
FIVERR INTL LTD FVRR 0 11.01.25	FVRR 0 11.01.25	15,050,000	$14.9m15.1m shares
RWT HLDGS INC RWT 5.75 10.01.25	RWT 5.75 10.01.25	12,595,000	$12.5m12.6m shares
NOVOCURE LTD NVCR 0 11.01.25	NVCR 0 11.01.25	11,015,000	$10.8m11.0m shares
NEW MTN FIN CORP NMFC 7.5 10.15.25	NMFC 7.5 10.15.25	5,636,000	$5.6m5.6m shares
EVENTBRITE INC EB 5 12.01.25	EB 5 12.01.25	1,500,000	$1.5m1.5m shares
COEUR MNG INC CDE	CDE	23,416	$439.3k23.4k shares
DEXCOM INC DXCM 0.25 11.15.25	DXCM 0.25 11.15.25	250,000	$248.0k250.0k shares
PROFRAC HLDG CORP ACDC	ACDC	8,164	$30.2k8.2k shares