PIPER SANDLER & CO.

PrivateCIK: 724683

Location

MINNEAPOLIS, MN

Positions

$97.65M

Total AUM (reported)

88.27M

Total Shares

Allocation by class

NOTE 1.875%11/1$19.75M20.2%

NOTE 5.500% 3/1$13.94M14.3%

NOTE 2.375%12/1$12.82M13.1%

NOTE 1.250% 6/0$12.06M12.3%

NOTE 6.750% 7/1$12.02M12.3%

NOTE 7.750% 6/1$8.98M9.2%

NOTE 0.500% 8/0$6.98M7.1%

Portfolio Concentration

Top 3$46.51M47.6%

4–10$47.79M48.9%

11–25$3.35M3.4%

Top 3 weight

47.6%

Top 10 weight

96.6%

Voting Authority Distribution

Total shares with voting rights: 88.27M

Sole

Full voting authority

88.27M

% 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)

Sole15

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings15

Rows:

MGP INGREDIENTS INC NEW

SOLE

NOTE 1.875%11/1

Shares20.03M

TypePRN

Market value$19.75M

20.23%

Sole

20.03M

Shared

0.00

None

0.00

BLACKSTONE MORTGAGE TRUST IN

SOLE

NOTE 5.500% 3/1

Shares13.97M

TypePRN

Market value$13.94M

14.28%

Sole

13.97M

Shared

0.00

None

0.00

CHEFS WHSE INC

SOLE

NOTE 2.375%12/1

Shares5M

TypePRN

Market value$12.82M

13.13%

Sole

Shared

0.00

None

0.00

TELADOC HEALTH INC

SOLE

NOTE 1.250% 6/0

Shares12.44M

TypePRN

Market value$12.06M

12.35%

Sole

12.44M

Shared

0.00

None

0.00

STARWOOD PPTY TR INC

SOLE

NOTE 6.750% 7/1

Shares12M

TypePRN

Market value$12.02M

12.31%

Sole

12M

Shared

0.00

None

0.00

REDWOOD TRUST INC

SOLE

NOTE 7.750% 6/1

Shares8.89M

TypePRN

Market value$8.98M

9.19%

Sole

8.89M

Shared

0.00

None

0.00

SHIFT4 PMTS INC

SOLE

NOTE 0.500% 8/0

Shares7.26M

TypePRN

Market value$6.98M

7.15%

Sole

7.26M

Shared

0.00

None

0.00

INTERDIGITAL INC

SOLE

NOTE 3.500% 6/0

Shares700K

TypePRN

Market value$2.96M

3.03%

Sole

700K

Shared

0.00

None

0.00

ZIFF DAVIS INC

SOLE

NOTE 1.750%11/0

Shares2.68M

TypePRN

Market value$2.67M

2.73%

Sole

2.68M

Shared

0.00

None

0.00

REDFIN CORP

SOLE

NOTE 0.500% 4/0

Shares2.19M

TypePRN

Market value$2.13M

2.18%

Sole

2.19M

Shared

0.00

None

0.00

MARRIOTT VACATIONS WORLDWIDE

SOLE

NOTE 3.250%12/1

Shares2M

TypePRN

Market value$1.99M

2.04%

Sole

Shared

0.00

None

0.00

PEBBLEBROOK HOTEL TR

SOLE

NOTE 1.750%12/1

Shares548K

TypePRN

Market value$543.2K

0.56%

Sole

548K

Shared

0.00

None

0.00

AFFIRM HLDGS INC

SOLE

NOTE 11/1

Shares527K

TypePRN

Market value$522.2K

0.53%

Sole

527K

Shared

0.00

None

0.00

GLOBAL INDEMNITY GROUP LLC

SOLE

COM CL A

Shares11.02K

TypeSH

Market value$270.0K

0.28%

Sole

11.02K

Shared

0.00

None

0.00

GREEN PLAINS INC

SOLE

NOTE 2.250% 3/1

Shares25K

TypePRN

Market value$24.8K

0.03%

Sole

25K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
MGP INGREDIENTS INC NEWSOLE	NOTE 1.875%11/1	20.03M	PRN	$19.75M 20.23%	20.03M
BLACKSTONE MORTGAGE TRUST INSOLE	NOTE 5.500% 3/1	13.97M	PRN	$13.94M 14.28%	13.97M
CHEFS WHSE INCSOLE	NOTE 2.375%12/1	5M	PRN	$12.82M 13.13%	5M
TELADOC HEALTH INCSOLE	NOTE 1.250% 6/0	12.44M	PRN	$12.06M 12.35%	12.44M
STARWOOD PPTY TR INCSOLE	NOTE 6.750% 7/1	12M	PRN	$12.02M 12.31%	12M
REDWOOD TRUST INCSOLE	NOTE 7.750% 6/1	8.89M	PRN	$8.98M 9.19%	8.89M
SHIFT4 PMTS INCSOLE	NOTE 0.500% 8/0	7.26M	PRN	$6.98M 7.15%	7.26M
INTERDIGITAL INCSOLE	NOTE 3.500% 6/0	700K	PRN	$2.96M 3.03%	700K
ZIFF DAVIS INCSOLE	NOTE 1.750%11/0	2.68M	PRN	$2.67M 2.73%	2.68M
REDFIN CORPSOLE	NOTE 0.500% 4/0	2.19M	PRN	$2.13M 2.18%	2.19M
MARRIOTT VACATIONS WORLDWIDESOLE	NOTE 3.250%12/1	2M	PRN	$1.99M 2.04%	2M
PEBBLEBROOK HOTEL TRSOLE	NOTE 1.750%12/1	548K	PRN	$543.2K 0.56%	548K
AFFIRM HLDGS INCSOLE	NOTE 11/1	527K	PRN	$522.2K 0.53%	527K
GLOBAL INDEMNITY GROUP LLCSOLE	COM CL A	11.02K	SH	$270.0K 0.28%	11.02K
GREEN PLAINS INCSOLE	NOTE 2.250% 3/1	25K	PRN	$24.8K 0.03%	25K