PIPER SANDLER & CO. Quant / Systematic

CIK: 0000724683 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 12, 2025

Total Value ($000): $139,309 (1.1% shares, 98.9% debt)

Holdings (24)

— Sea Ltd 17.6%

Value ($000) $24,573 Shares 12,500,000 Est. Cost $1.97 Unrealized —

— Fiverr Intl Ltd 10.7%

Value ($000) $14,862 Shares 15,050,000 Est. Cost $0.95 Unrealized —

— RWT Hldgs Inc 9.0%

Value ($000) $12,532 Shares 12,595,000 Est. Cost $0.98 Unrealized —

— Novocure Ltd 7.8%

Value ($000) $10,850 Shares 11,015,000 Est. Cost $0.98 Unrealized —

— Summit Hotel Pptys Inc 7.5%

Value ($000) $10,492 Shares 10,761,000 Est. Cost $0.97 Unrealized —

— Enphase Energy Inc 7.0%

Value ($000) $9,821 Shares 10,164,000 Est. Cost $0.96 Unrealized —

— Marriott Vacations Worldwide 7.0%

Value ($000) $9,791 Shares 10,047,000 Est. Cost $0.97 Unrealized —

— Two Harbors Investment Corpo 5.4%

Value ($000) $7,465 Shares 7,537,000 Est. Cost $0.99 Unrealized —

— JetBlue Airways Corp 5.3%

Value ($000) $7,427 Shares 7,696,000 Est. Cost $0.96 Unrealized —

— Cable One Inc 5.3%

Value ($000) $7,374 Shares 7,641,000 Est. Cost $0.96 Unrealized —

— Pennymac Corp 4.5%

Value ($000) $6,277 Shares 6,353,000 Est. Cost $0.99 Unrealized —

— New MTN Fin Corp 4.0%

Value ($000) $5,577 Shares 5,636,000 Est. Cost $0.99 Unrealized —

— MGP Ingredients Inc New 3.4%

Value ($000) $4,738 Shares 5,000,000 Est. Cost $0.95 Unrealized —

— Fastly Inc 2.1%

Value ($000) $2,861 Shares 3,000,000 Est. Cost $0.96 Unrealized —

— Eventbrite Inc 1.1%

Value ($000) $1,469 Shares 1,500,000 Est. Cost $0.98 Unrealized —

— Peloton Interactive Inc 0.7%

Value ($000) $980 Shares 1,000,000 Est. Cost $0.98 Unrealized —

ZEO Zeo Energy Corp 0.7%

Value ($000) $915 Shares 677,711 Est. Cost $2.02 Unrealized 0.0%

— Ringcentral Inc 0.3%

Value ($000) $443 Shares 455,000 Est. Cost $0.97 Unrealized —

CDE Coeur Mng Inc 0.3%

Value ($000) $439 Shares 23,416 Est. Cost $12.24 Unrealized 0.0%

— Dexcom Inc 0.2%

Value ($000) $248 Shares 250,000 Est. Cost $0.99 Unrealized —

STTK Shattuck Labs Inc 0.1%

Value ($000) $94 Shares 39,467 Est. Cost $27.08 Unrealized -95.5%

— Wayfair Inc 0.0%

Value ($000) $33 Shares 34,000 Est. Cost $0.94 Unrealized —

ACDC Profrac Hldg Corp 0.0%

Value ($000) $30 Shares 8,164 Est. Cost $22.09 Unrealized -75.1%

— Haemonetics Corp Mass 0.0%

Value ($000) $20 Shares 20,000 Est. Cost $0.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Sea Ltd	12,500,000	$24,573	17.6%	$1.97	—	NOTE 2.375% 12/0	81141RAF7
—	Fiverr Intl Ltd	15,050,000	$14,862	10.7%	$0.95	—	NOTE 11/0	33835LAA3
—	RWT Hldgs Inc	12,595,000	$12,532	9.0%	$0.98	—	NOTE 5.750% 10/0	749772AD1
—	Novocure Ltd	11,015,000	$10,850	7.8%	$0.98	—	NOTE 11/0	67011XAB9
—	Summit Hotel Pptys Inc	10,761,000	$10,492	7.5%	$0.97	—	NOTE 1.500% 2/1	866082AA8
—	Enphase Energy Inc	10,164,000	$9,821	7.0%	$0.96	—	NOTE 3/0	29355AAH0
—	Marriott Vacations Worldwide	10,047,000	$9,791	7.0%	$0.97	—	NOTE 1/1	57164YAD9
—	Two Harbors Investment Corpo	7,537,000	$7,465	5.4%	$0.99	—	NOTE 6.250% 1/1	90187BAB7
—	JetBlue Airways Corp	7,696,000	$7,427	5.3%	$0.96	—	NOTE 0.500% 4/0	477143AP6
—	Cable One Inc	7,641,000	$7,374	5.3%	$0.96	—	NOTE	12685JAE5
—	Pennymac Corp	6,353,000	$6,277	4.5%	$0.99	—	NOTE 5.500% 3/1	70932AAF0
—	New MTN Fin Corp	5,636,000	$5,577	4.0%	$0.99	—	NOTE 7.500% 10/1	647551AE0
—	MGP Ingredients Inc New	5,000,000	$4,738	3.4%	$0.95	—	NOTE 1.875% 11/1	55303JAB2
—	Fastly Inc	3,000,000	$2,861	2.1%	$0.96	—	NOTE 3/1	31188VAB6
—	Eventbrite Inc	1,500,000	$1,469	1.1%	$0.98	—	NOTE 5.000% 12/0	29975EAB5
—	Peloton Interactive Inc	1,000,000	$980	0.7%	$0.98	—	NOTE 2/1	70614WAB6
ZEO	Zeo Energy Corp	677,711	$915	0.7%	$2.02	0.0%	CL A	98944F109
—	Ringcentral Inc	455,000	$443	0.3%	$0.97	—	NOTE 3/1	76680RAH0
CDE	Coeur Mng Inc	23,416	$439	0.3%	$12.24	0.0%	COM NEW	192108504
—	Dexcom Inc	250,000	$248	0.2%	$0.99	—	NOTE 0.250% 11/1	252131AK3
STTK	Shattuck Labs Inc	39,467	$94	0.1%	$27.08	-95.5%	COM	82024L103
—	Wayfair Inc	34,000	$33	0.0%	$0.94	—	NOTE 1.000% 8/1	94419LAF8
ACDC	Profrac Hldg Corp	8,164	$30	0.0%	$22.09	-75.1%	CLASS A COM	74319N100
—	Haemonetics Corp Mass	20,000	$20	0.0%	$0.98	—	NOTE 3/0	405024AB6