PIPER SANDLER & CO.

MINNEAPOLIS, MN · CIK 724683 · 13F filing filed 2026-07-28

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)

$134.9m reported value +32.2% vs Q1 2026

19positions

91.9%in top 10

8 new 4 added 0 reduced 9 sold out vs Q1 2026

Holdings, Q2 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	LUMENTUM HLDGS INC NOTE 0.500% 6/1 · principal LITE 0.5 06.15.28 · principal	LITE 0.5 06.15.28	5,018,000	$32.3m23.92%	23.92%	New
2	ADVANCED ENERGY INDS NOTE 2.500% 9/1 · principal AEIS 2.5 09.15.28 · principal	AEIS 2.5 09.15.28	9,000,000	$24.4m18.10%	18.10%	New
3	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	$17.4m12.90%	12.90%	Unchanged
4	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	9,206,000	$9.1m6.72%	6.72%	Added +250.0k	+250,000 2.8%
5	BLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 · principal BXMT 5.5 03.15.27 · principal	BXMT 5.5 03.15.27	8,975,000	$8.9m6.57%	6.57%	Added +1.8m	+1,792,000 24.9%
6	STARWOOD PPTY TR INC NOTE 6.750% 7/1 · principal STWD 6.75 07.15.27 · principal	STWD 6.75 07.15.27	8,000,000	$8.1m5.98%	5.98%	New
7	REDWOOD TRUST INC NOTE 7.750% 6/1 · principal RWT 7.75 06.15.27 · principal	RWT 7.75 06.15.27	6,988,000	$7.0m5.19%	5.19%	Added +3.0m	+3,025,000 76.3%
8	SHIFT4 PMTS INC NOTE 0.500% 8/0 · principal FOUR 0.5 08.01.27 · principal	FOUR 0.5 08.01.27	7,260,000	$6.8m5.07%	5.07%	New
9	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	$5.4m3.98%	3.98%	Unchanged
10	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	$4.7m3.50%	3.50%	Unchanged
11	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	$2.6m1.94%	1.94%	Unchanged
12	UPWORK INC NOTE 0.250% 8/1 · principal UPWK 0.25 08.15.26 · principal	UPWK 0.25 08.15.26	2,610,000	$2.6m1.90%	1.90%	Unchanged
13	SEA LTD NOTE 0.250% 9/1 · principal SEALTD 0.25 09.15.26 · principal	SEALTD 0.25 09.15.26	2,500,000	$2.5m1.83%	1.83%	New
14	REDFIN CORP NOTE 0.500% 4/0 · principal RDFN 0.5 04.01.27 · principal	RDFN 0.5 04.01.27	2,085,000	$2.0m1.48%	1.48%	New
15	PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 · principal PEB 1.75 12.15.26 · principal	PEB 1.75 12.15.26	548,000	$542.8k0.40%	0.40%	Added +464.0k	+464,000 552.4%
16	APOLLO GLOBAL MGMT INC SER A MAND CNV APO 6.75 07.31.26	APO 6.75 07.31.26	7,260	$442.3k0.33%	0.33%	New
17	AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal	AFRM 0 11.15.26	192,000	$188.6k0.14%	0.14%	Unchanged
18	WAYFAIR INC NOTE 1.000% 8/1 · principal W 1 08.15.26 · principal	W 1 08.15.26	34,000	$33.5k0.02%	0.02%	Unchanged
19	GREEN PLAINS INC NOTE 2.250% 3/1 · principal GPRE 2.25 03.15.27 · principal	GPRE 2.25 03.15.27	25,000	$24.6k0.02%	0.02%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PENN ENTERTAINMENT INC PENN 2.75 05.15.26	PENN 2.75 05.15.26	19,267,000	$19.0m19.3m shares
CRACKER BARREL OLD CTRY STOR CBRL 0.625 06.15.26	CBRL 0.625 06.15.26	15,420,000	$15.1m15.4m shares
AMERICAN WTR CAP CORP AWK 3.625 06.15.26	AWK 3.625 06.15.26	11,830,000	$11.7m11.8m shares
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	1,706,000	$1.9m1.7m shares
PROGRESS SOFTWARE CORP PRGS 1 04.15.26	PRGS 1 04.15.26	900,000	$897.8k900.0k shares
Q2 HLDGS INC QTWO 0.75 06.01.26	QTWO 0.75 06.01.26	390,000	$387.4k390.0k shares
ZEO ENERGY CORP ZEO	ZEO	507,502	$291.3k507.5k shares
SHATTUCK LABS INC STTK	STTK	39,467	$253.8k39.5k shares
COINBASE GLOBAL INC COIN 0.5 06.01.26	COIN 0.5 06.01.26	139,000	$137.9k139.0k shares