PIPER SANDLER & CO. Quant / Systematic

Location: Minneapolis, MN

CIK: 0000724683 · Show all filings

Period: Q1 2025 (← Previous) (Next →)

Filing Date: May 13, 2025

Total Value: $133M (0.6% shares, 99.4% debt)

Holdings (29)

— BOOKING HOLDINGS INC 18.8%

Value $24.99M Shares 10,333,000 Share Price $2.42 Est. Cost/Share $2.42 Unrealized @ Report Date —

— HUBSPOT INC 13.1%

Value $17.46M Shares 8,714,000 Share Price $2.00 Est. Cost/Share $2.00 Unrealized @ Report Date —

— NATIONAL VISION HLDGS INC 9.7%

Value $12.86M Shares 13,060,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— RWT HLDGS INC 9.4%

Value $12.43M Shares 12,595,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— FIVERR INTL LTD 7.9%

Value $10.56M Shares 11,050,000 Share Price $0.96 Est. Cost/Share $0.93 Unrealized @ Report Date —

— HEALTH CATALYST INC 6.5%

Value $8.685M Shares 8,790,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— INTEGRA LIFESCIENCES HLDGS C 5.9%

Value $7.876M Shares 8,120,000 Share Price $0.97 Est. Cost/Share $0.96 Unrealized @ Report Date —

— WIX COM LTD 4.9%

Value $6.453M Shares 6,670,000 Share Price $0.97 Est. Cost/Share $0.96 Unrealized @ Report Date —

— FIVE9 INC 4.2%

Value $5.603M Shares 5,712,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— TWO HARBORS INVENTMENT CORPO 3.7%

Value $4.95M Shares 5,000,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— WAYFAIR INC 3.7%

Value $4.907M Shares 5,090,000 Share Price $0.96 Est. Cost/Share $0.96 Unrealized @ Report Date —

— ARBOR REALTY TRUST INC 2.0%

Value $2.719M Shares 2,750,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— NEOGENOMICS INC 2.0%

Value $2.662M Shares 2,700,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— LIVONGO HEALTH INC 2.0%

Value $2.62M Shares 2,669,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— PACIRA BIOSCIENCES INC 1.6%

Value $2.095M Shares 2,154,000 Share Price $0.97 Est. Cost/Share $0.96 Unrealized @ Report Date —

— EVENTBRITE INC 1.1%

Value $1.474M Shares 1,500,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— MESA LABS INC 1.1%

Value $1.459M Shares 1,500,000 Share Price $0.97 Est. Cost/Share $0.98 Unrealized @ Report Date —

— AFFIRM HLDGS INC 0.7%

Value $900K Shares 1,000,000 Share Price $0.90 Est. Cost/Share $0.89 Unrealized @ Report Date —

— PALO ALTO NETWORKS INC 0.6%

Value $774K Shares 226,000 Share Price $3.42 Est. Cost/Share $3.42 Unrealized @ Report Date —

NBBK NB BANCORP INC 0.5%

Value $716K Shares 40,000 Share Price $17.89 Est. Cost/Share $18.59 Unrealized @ Report Date -2.8%

— PAGERDUTY INC 0.1%

Value $196K Shares 200,000 Share Price $0.98 Est. Cost/Share $0.95 Unrealized @ Report Date —

— PENNYMAC CORP 0.1%

Value $171K Shares 173,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— EZCORP INC 0.1%

Value $161K Shares 162,000 Share Price $1.00 Est. Cost/Share $1.00 Unrealized @ Report Date —

ACDC PROFRAC HLDG CORP 0.0%

Value $61,965 Shares 8,164 Share Price $7.59 Est. Cost/Share $22.09 Unrealized @ Report Date -65.6%

STTK SHATTUCK LABS INC 0.0%

Value $37,498 Shares 39,467 Share Price $0.95 Est. Cost/Share $27.08 Unrealized @ Report Date -96.5%

— WAYFAIR INC 0.0%

Value $31,790 Shares 34,000 Share Price $0.94 Est. Cost/Share $0.94 Unrealized @ Report Date —

REEWF CARTESIAN GROWTH CORP II 0.0%

Value $22,460 Shares 402,500 Share Price $0.06 Est. Cost/Share $0.12 Unrealized @ Report Date —

— OMNICELL COM 0.0%

Value $11,693 Shares 12,000 Share Price $0.97 Est. Cost/Share $0.97 Unrealized @ Report Date —

SEI SOLARIS ENERGY INFRAS INC 0.0%

Value $10,989 Shares 505 Share Price $21.76 Est. Cost/Share $27.32 Unrealized @ Report Date -21.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	BOOKING HOLDINGS INC	10,333,000	$24.99M	18.8%	$2.42	$2.42	—	NOTE 0.750% 5/0	09857LAN8
—	HUBSPOT INC	8,714,000	$17.46M	13.1%	$2.00	$2.00	—	NOTE 0.375% 6/0	443573AD2
—	NATIONAL VISION HLDGS INC	13,060,000	$12.86M	9.7%	$0.98	$0.98	—	NOTE 2.500% 5/1	63845RAB3
—	RWT HLDGS INC	12,595,000	$12.43M	9.4%	$0.99	$0.98	—	NOTE 5.750%10/0	749772AD1
—	FIVERR INTL LTD	11,050,000	$10.56M	7.9%	$0.96	$0.93	—	NOTE 11/0	33835LAA3
—	HEALTH CATALYST INC	8,790,000	$8.685M	6.5%	$0.99	$0.98	—	NOTE 2.500% 4/1	42225TAB3
—	INTEGRA LIFESCIENCES HLDGS C	8,120,000	$7.876M	5.9%	$0.97	$0.96	—	NOTE 0.500% 8/1	457985AM1
—	WIX COM LTD	6,670,000	$6.453M	4.9%	$0.97	$0.96	—	NOTE 8/1	92940WAD1
—	FIVE9 INC	5,712,000	$5.603M	4.2%	$0.98	$0.97	—	NOTE 0.500% 6/0	338307AD3
—	TWO HARBORS INVENTMENT CORPO	5,000,000	$4.95M	3.7%	$0.99	$0.99	—	NOTE 6.250% 1/1	90187BAB7
—	WAYFAIR INC	5,090,000	$4.907M	3.7%	$0.96	$0.96	—	NOTE 0.625%10/0	94419LAM3
—	ARBOR REALTY TRUST INC	2,750,000	$2.719M	2.0%	$0.99	$0.98	—	NOTE 7.500% 8/0	038923BA5
—	NEOGENOMICS INC	2,700,000	$2.662M	2.0%	$0.99	$0.98	—	NOTE 1.250% 5/0	64049MAA8
—	LIVONGO HEALTH INC	2,669,000	$2.62M	2.0%	$0.98	$0.97	—	NOTE 0.875% 6/0	539183AA1
—	PACIRA BIOSCIENCES INC	2,154,000	$2.095M	1.6%	$0.97	$0.96	—	NOTE 0.750% 8/0	695127AF7
—	EVENTBRITE INC	1,500,000	$1.474M	1.1%	$0.98	$0.98	—	NOTE 5.000%12/0	29975EAB5
—	MESA LABS INC	1,500,000	$1.459M	1.1%	$0.97	$0.98	—	NOTE 1.375% 8/1	59064RAA7
—	AFFIRM HLDGS INC	1,000,000	$900K	0.7%	$0.90	$0.89	—	NOTE 11/1	00827BAB2
—	PALO ALTO NETWORKS INC	226,000	$774K	0.6%	$3.42	$3.42	—	NOTE 0.375% 6/0	697435AF2
NBBK	NB BANCORP INC	40,000	$716K	0.5%	$17.89	$18.59	-2.8%	COM	63945M107
—	PAGERDUTY INC	200,000	$196K	0.1%	$0.98	$0.95	—	NOTE 1.250% 7/0	69553PAB6
—	PENNYMAC CORP	173,000	$171K	0.1%	$0.99	$0.99	—	NOTE 5.500% 3/1	70932AAF0
—	EZCORP INC	162,000	$161K	0.1%	$1.00	$1.00	—	NOTE 2.375% 5/0	302301AE6
ACDC	PROFRAC HLDG CORP	8,164	$61,965	0.0%	$7.59	$22.09	-65.6%	CLASS A COM	74319N100
STTK	SHATTUCK LABS INC	39,467	$37,498	0.0%	$0.95	$27.08	-96.5%	COM	82024L103
—	WAYFAIR INC	34,000	$31,790	0.0%	$0.94	$0.94	—	NOTE 1.000% 8/1	94419LAF8
REEWF	CARTESIAN GROWTH CORP II	402,500	$22,460	0.0%	$0.06	$0.12	—	*W EXP 07/12/202	G19305120
—	OMNICELL COM	12,000	$11,693	0.0%	$0.97	$0.97	—	NOTE 0.250% 9/1	68213NAD1
SEI	SOLARIS ENERGY INFRAS INC	505	$10,989	0.0%	$21.76	$27.32	-21.2%	COM CL A	83418M103