PIPER SANDLER & CO.

Est. AUM

$95.50B

13F long equity, this entity only

Positions

Period

Mar 2026 (Q1)

SEC EDGAR

Mar 2026 (Q1)

#	Issuer	Class	Value	Shares	% Portfolio	Discretion
1	PENN ENTERTAINMENT INC	NOTE 2.750% 5/1	$19.02B	19267000	19.91%	SOLE
2	MGP INGREDIENTS INC NEW	NOTE 1.875%11/1	$17.17B	18027000	17.98%	SOLE
3	AMERICAN WTR CAP CORP	NOTE 3.625% 6/1	$11.69B	11830000	12.24%	SOLE
4	UPSTART HLDGS INC	NOTE 0.250% 8/1	$8.71B	8956000	9.12%	SOLE
5	CRACKER BARREL OLD CTRY STOR	NOTE 0.625% 6/1	$8.56B	8750000	8.96%	SOLE
6	BLACKSTONE MORTGAGE TRUST IN	NOTE 5.500% 3/1	$7.09B	7183000	7.43%	SOLE
7	MARRIOTT VACATIONS WORLDWIDE	NOTE 3.250%12/1	$5.29B	5556000	5.54%	SOLE
8	TELADOC HEALTH INC	NOTE 1.250% 6/0	$4.68B	4932000	4.90%	SOLE
9	REDWOOD TRUST INC	NOTE 7.750% 6/1	$3.96B	3963000	4.15%	SOLE
10	ZIFF DAVIS INC	NOTE 1.750%11/0	$2.60B	2677000	2.72%	SOLE
11	UPWORK INC	NOTE 0.250% 8/1	$2.54B	2610000	2.66%	SOLE
12	DUKE ENERGY CORP NEW	NOTE 4.125% 4/1	$1.91B	1706000	2.00%	SOLE
13	PROGRESS SOFTWARE CORP	NOTE 1.000% 4/1	$897.8M	900000	0.94%	SOLE
14	Q2 HLDGS INC	NOTE 0.750% 6/0	$387.4M	390000	0.41%	SOLE
15	ZEO ENERGY CORP	CL A	$291.3M	507502	0.31%	SOLE
16	SHATTUCK LABS INC	COM	$253.8M	39467	0.27%	SOLE
17	AFFIRM HLDGS INC	NOTE 11/1	$185.8M	192000	0.19%	SOLE
18	COINBASE GLOBAL INC	NOTE 0.500% 6/0	$137.9M	139000	0.14%	SOLE
19	PEBBLEBROOK HOTEL TR	NOTE 1.750%12/1	$81.8M	84000	0.09%	SOLE
20	WAYFAIR INC	NOTE 1.000% 8/1	$32.0M	34000	0.03%	SOLE

Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.