PIPER SANDLER & CO.

Filed: 5/12/2026ACC: 0000724683-26-000047

📋 What this filing means

PIPER SANDLER & CO. filed this quarterly 13F‑HR report disclosing 20 equity positions with a total reported market value of $102.02M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$102.02M

Total AUM (reported)

104.41M

Total Shares

Allocation by class

NOTE 2.750% 5/1$19.02M18.6%

NOTE 1.875%11/1$17.17M16.8%

NOTE 0.625% 6/1$15.08M14.8%

NOTE 3.625% 6/1$11.69M11.5%

NOTE 0.250% 8/1$11.25M11.0%

NOTE 5.500% 3/1$7.09M7.0%

NOTE 3.250%12/1$5.29M5.2%

Portfolio Concentration

Top 3$51.27M50.3%

4–10$44.03M43.2%

11–25$6.72M6.6%

Top 3 weight

50.3%

Top 10 weight

93.4%

Voting Authority Distribution

Total shares with voting rights: 104.41M

Sole

Full voting authority

104.41M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole20

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings20

Rows:

PENN ENTERTAINMENT INC

SOLE

NOTE 2.750% 5/1

Shares19.27M

TypePRN

Market value$19.02M

18.64%

Sole

19.27M

Shared

0.00

None

0.00

MGP INGREDIENTS INC NEW

SOLE

NOTE 1.875%11/1

Shares18.03M

TypePRN

Market value$17.17M

16.83%

Sole

18.03M

Shared

0.00

None

0.00

CRACKER BARREL OLD CTRY STOR

SOLE

NOTE 0.625% 6/1

Shares15.42M

TypePRN

Market value$15.08M

14.78%

Sole

15.42M

Shared

0.00

None

0.00

AMERICAN WTR CAP CORP

SOLE

NOTE 3.625% 6/1

Shares11.83M

TypePRN

Market value$11.69M

11.46%

Sole

11.83M

Shared

0.00

None

0.00

UPSTART HLDGS INC

SOLE

NOTE 0.250% 8/1

Shares8.96M

TypePRN

Market value$8.71M

8.54%

Sole

8.96M

Shared

0.00

None

0.00

BLACKSTONE MORTGAGE TRUST IN

SOLE

NOTE 5.500% 3/1

Shares7.18M

TypePRN

Market value$7.09M

6.95%

Sole

7.18M

Shared

0.00

None

0.00

MARRIOTT VACATIONS WORLDWIDE

SOLE

NOTE 3.250%12/1

Shares5.56M

TypePRN

Market value$5.29M

5.19%

Sole

5.56M

Shared

0.00

None

0.00

TELADOC HEALTH INC

SOLE

NOTE 1.250% 6/0

Shares4.93M

TypePRN

Market value$4.68M

4.59%

Sole

4.93M

Shared

0.00

None

0.00

REDWOOD TRUST INC

SOLE

NOTE 7.750% 6/1

Shares3.96M

TypePRN

Market value$3.96M

3.88%

Sole

3.96M

Shared

0.00

None

0.00

ZIFF DAVIS INC

SOLE

NOTE 1.750%11/0

Shares2.68M

TypePRN

Market value$2.60M

2.55%

Sole

2.68M

Shared

0.00

None

0.00

UPWORK INC

SOLE

NOTE 0.250% 8/1

Shares2.61M

TypePRN

Market value$2.54M

2.49%

Sole

2.61M

Shared

0.00

None

0.00

DUKE ENERGY CORP NEW

SOLE

NOTE 4.125% 4/1

Shares1.71M

TypePRN

Market value$1.91M

1.87%

Sole

1.71M

Shared

0.00

None

0.00

PROGRESS SOFTWARE CORP

SOLE

NOTE 1.000% 4/1

Shares900K

TypePRN

Market value$897.8K

0.88%

Sole

900K

Shared

0.00

None

0.00

Q2 HLDGS INC

SOLE

NOTE 0.750% 6/0

Shares390K

TypePRN

Market value$387.4K

0.38%

Sole

390K

Shared

0.00

None

0.00

ZEO ENERGY CORP

SOLE

CL A

Shares507.50K

TypeSH

Market value$291.3K

0.29%

Sole

507.50K

Shared

0.00

None

0.00

SHATTUCK LABS INC

SOLE

COM

Shares39.47K

TypeSH

Market value$253.8K

0.25%

Sole

39.47K

Shared

0.00

None

0.00

AFFIRM HLDGS INC

SOLE

NOTE 11/1

Shares192K

TypePRN

Market value$185.8K

0.18%

Sole

192K

Shared

0.00

None

0.00

COINBASE GLOBAL INC

SOLE

NOTE 0.500% 6/0

Shares139K

TypePRN

Market value$137.9K

0.14%

Sole

139K

Shared

0.00

None

0.00

PEBBLEBROOK HOTEL TR

SOLE

NOTE 1.750%12/1

Shares84K

TypePRN

Market value$81.8K

0.08%

Sole

84K

Shared

0.00

None

0.00

WAYFAIR INC

SOLE

NOTE 1.000% 8/1

Shares34K

TypePRN

Market value$32.0K

0.03%

Sole

34K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
PENN ENTERTAINMENT INCSOLE	NOTE 2.750% 5/1	19.27M	PRN	$19.02M 18.64%	19.27M
MGP INGREDIENTS INC NEWSOLE	NOTE 1.875%11/1	18.03M	PRN	$17.17M 16.83%	18.03M
CRACKER BARREL OLD CTRY STORSOLE	NOTE 0.625% 6/1	15.42M	PRN	$15.08M 14.78%	15.42M
AMERICAN WTR CAP CORPSOLE	NOTE 3.625% 6/1	11.83M	PRN	$11.69M 11.46%	11.83M
UPSTART HLDGS INCSOLE	NOTE 0.250% 8/1	8.96M	PRN	$8.71M 8.54%	8.96M
BLACKSTONE MORTGAGE TRUST INSOLE	NOTE 5.500% 3/1	7.18M	PRN	$7.09M 6.95%	7.18M
MARRIOTT VACATIONS WORLDWIDESOLE	NOTE 3.250%12/1	5.56M	PRN	$5.29M 5.19%	5.56M
TELADOC HEALTH INCSOLE	NOTE 1.250% 6/0	4.93M	PRN	$4.68M 4.59%	4.93M
REDWOOD TRUST INCSOLE	NOTE 7.750% 6/1	3.96M	PRN	$3.96M 3.88%	3.96M
ZIFF DAVIS INCSOLE	NOTE 1.750%11/0	2.68M	PRN	$2.60M 2.55%	2.68M
UPWORK INCSOLE	NOTE 0.250% 8/1	2.61M	PRN	$2.54M 2.49%	2.61M
DUKE ENERGY CORP NEWSOLE	NOTE 4.125% 4/1	1.71M	PRN	$1.91M 1.87%	1.71M
PROGRESS SOFTWARE CORPSOLE	NOTE 1.000% 4/1	900K	PRN	$897.8K 0.88%	900K
Q2 HLDGS INCSOLE	NOTE 0.750% 6/0	390K	PRN	$387.4K 0.38%	390K
ZEO ENERGY CORPSOLE	CL A	507.50K	SH	$291.3K 0.29%	507.50K
SHATTUCK LABS INCSOLE	COM	39.47K	SH	$253.8K 0.25%	39.47K
AFFIRM HLDGS INCSOLE	NOTE 11/1	192K	PRN	$185.8K 0.18%	192K
COINBASE GLOBAL INCSOLE	NOTE 0.500% 6/0	139K	PRN	$137.9K 0.14%	139K
PEBBLEBROOK HOTEL TRSOLE	NOTE 1.750%12/1	84K	PRN	$81.8K 0.08%	84K
WAYFAIR INCSOLE	NOTE 1.000% 8/1	34K	PRN	$32.0K 0.03%	34K