PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2026-05-12

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)

$102.0m reported value -27.7% vs Q4 2025

20positions

93.4%in top 10

11 new 5 added 1 reduced 16 sold out vs Q4 2025

Holdings, Q1 2026

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	PENN ENTERTAINMENT INC NOTE 2.750% 5/1 · principal PENN 2.75 05.15.26 · principal	PENN 2.75 05.15.26	19,267,000	$19.0m18.64%	18.64%	Added +15.0m	+14,997,000 351.2%
2	MGP INGREDIENTS INC NEW NOTE 1.875%11/1 · principal MGPI 1.875 11.15.41 · principal	MGPI 1.875 11.15.41	18,027,000	$17.2m16.83%	16.83%	Added +7.2m	+7,225,000 66.9%
3	CRACKER BARREL OLD CTRY STOR NOTE 0.625% 6/1 · principal CBRL 0.625 06.15.26 · principal	CBRL 0.625 06.15.26	15,420,000	$15.1m14.78%	14.78%	Added +8.2m	+8,250,000 115.1%
4	AMERICAN WTR CAP CORP NOTE 3.625% 6/1 · principal AWK 3.625 06.15.26 · principal	AWK 3.625 06.15.26	11,830,000	$11.7m11.46%	11.46%	New
5	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	8,956,000	$8.7m8.54%	8.54%	Added +3.9m	+3,912,000 77.6%
6	BLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 · principal BXMT 5.5 03.15.27 · principal	BXMT 5.5 03.15.27	7,183,000	$7.1m6.95%	6.95%	Added +5.9m	+5,880,000 451.3%
7	MARRIOTT VACATIONS WORLDWIDE NOTE 3.250%12/1 · principal VAC 3.25 12.15.27 · principal	VAC 3.25 12.15.27	5,556,000	$5.3m5.19%	5.19%	New
8	TELADOC HEALTH INC NOTE 1.250% 6/0 · principal TDOC 1.25 06.01.27 · principal	TDOC 1.25 06.01.27	4,932,000	$4.7m4.59%	4.59%	New
9	REDWOOD TRUST INC NOTE 7.750% 6/1 · principal RWT 7.75 06.15.27 · principal	RWT 7.75 06.15.27	3,963,000	$4.0m3.88%	3.88%	New
10	ZIFF DAVIS INC NOTE 1.750%11/0 · principal ZD 1.75 11.01.26 · principal	ZD 1.75 11.01.26	2,677,000	$2.6m2.55%	2.55%	New
11	UPWORK INC NOTE 0.250% 8/1 · principal UPWK 0.25 08.15.26 · principal	UPWK 0.25 08.15.26	2,610,000	$2.5m2.49%	2.49%	New
12	DUKE ENERGY CORP NEW NOTE 4.125% 4/1 · principal DUK 4.125 04.15.26 · principal	DUK 4.125 04.15.26	1,706,000	$1.9m1.87%	1.87%	New
13	PROGRESS SOFTWARE CORP NOTE 1.000% 4/1 · principal PRGS 1 04.15.26 · principal	PRGS 1 04.15.26	900,000	$897.8k0.88%	0.88%	New
14	Q2 HLDGS INC NOTE 0.750% 6/0 · principal QTWO 0.75 06.01.26 · principal	QTWO 0.75 06.01.26	390,000	$387.4k0.38%	0.38%	New
15	ZEO ENERGY CORP CL A ZEO	ZEO	507,502	$291.3k0.29%	0.29%	Reduced -170.2k	-170,209 -25.1%
16	SHATTUCK LABS INC COM STTK	STTK	39,467	$253.8k0.25%	0.25%	Unchanged
17	AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal	AFRM 0 11.15.26	192,000	$185.8k0.18%	0.18%	New
18	COINBASE GLOBAL INC NOTE 0.500% 6/0 · principal COIN 0.5 06.01.26 · principal	COIN 0.5 06.01.26	139,000	$137.9k0.14%	0.14%	New
19	PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 · principal PEB 1.75 12.15.26 · principal	PEB 1.75 12.15.26	84,000	$81.8k0.08%	0.08%	Unchanged
20	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	34,000	$32.0k0.03%	0.03%	Unchanged

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
SUMMIT HOTEL PPTYS INN 1.5 02.15.26	INN 1.5 02.15.26	19,796,000	$19.6m19.8m shares
JETBLUE AIRWAYS CORP JBLU 0.5 04.01.26	JBLU 0.5 04.01.26	16,795,000	$16.4m16.8m shares
CABLE ONE INC CABO 0 03.15.26	CABO 0 03.15.26	14,124,000	$13.8m14.1m shares
MARRIOTT VACATIONS WORLDWIDE VAC 0 01.15.26	VAC 0 01.15.26	13,547,000	$13.4m13.5m shares
TWO HARBORS INVENTMENT CORPO TWO 6.25 01.15.26	TWO 6.25 01.15.26	12,687,000	$12.6m12.7m shares
ENPHASE ENERGY INC ENPH 0 03.01.26	ENPH 0 03.01.26	10,664,000	$10.5m10.7m shares
PENNYMAC CORP PMT 5.5 03.15.26	PMT 5.5 03.15.26	9,541,000	$9.4m9.5m shares
PELOTON INTERACTIVE INC PTON 0 02.15.26	PTON 0 02.15.26	5,000,000	$4.9m5.0m shares
ALARM COM HLDGS INC ALRM 0 01.15.26	ALRM 0 01.15.26	4,000,000	$4.0m4.0m shares
FASTLY INC FSLY 0 03.15.26	FSLY 0 03.15.26	3,000,000	$2.9m3.0m shares
MITEK SYS INC MITK 0.75 02.01.26	MITK 0.75 02.01.26	1,500,000	$1.5m1.5m shares
TRIPADVISOR INC TRIP 0.25 04.01.26	TRIP 0.25 04.01.26	1,166,000	$1.1m1.2m shares
GROUPON INC GRPN 1.125 03.15.26	GRPN 1.125 03.15.26	1,120,000	$1.1m1.1m shares
MAGNITE INC MGNI 0.25 03.15.26	MGNI 0.25 03.15.26	700,000	$683.9k700.0k shares
RINGCENTRAL INC RNG 0 03.15.26	RNG 0 03.15.26	455,000	$449.5k455.0k shares
HAEMONETICS CORP MASS HAE 0 03.01.26	HAE 0 03.01.26	339,000	$334.8k339.0k shares