PIPER SANDLER & CO. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CRACKER BARREL OLD CTRY STOR	7,170,000	$6,905	4.9%	$0.96	—	NOTE 0.625% 6/1	22410JAB2
—	UPSTART HLDGS INC	5,044,000	$4,811	3.4%	$0.95	—	NOTE 0.250% 8/1	91680MAB3
—	PENN ENTERTAINMENT INC	4,270,000	$4,185	3.0%	$0.98	—	NOTE 2.750% 5/1	707569AU3
—	ALARM COM HLDGS INC	4,000,000	$3,952	2.8%	$0.99	—	NOTE 1/1	011642AB1
—	MITEK SYS INC	1,500,000	$1,470	1.0%	$0.98	—	NOTE 0.750% 2/0	606710AA9
—	BLACKSTONE MORTGAGE TRUST IN	1,303,000	$1,270	0.9%	$0.97	—	NOTE 5.500% 3/1	09257WAE0
—	TRIPADVISOR INC	1,166,000	$1,131	0.8%	$0.97	—	NOTE 0.250% 4/0	896945AD4
—	GROUPON INC	1,120,000	$1,098	0.8%	$0.98	—	NOTE 1.125% 3/1	399473AF4
—	MAGNITE INC	700,000	$684	0.5%	$0.98	—	NOTE 0.250% 3/1	55955DAB6
—	PEBBLEBROOK HOTEL TR	84,000	$81	0.1%	$0.96	—	NOTE 1.750%12/1	70509VAA8

Increased Positions (10)

— SUMMIT HOTEL PPTYS 13.9%

Value ($000) $19,578 (+86.6%) Shares 19,796,000 (+84.0%) Est. Cost $0.98 Unrealized —

— JETBLUE AIRWAYS CORP 11.6%

Value ($000) $16,375 (+120.5%) Shares 16,795,000 (+118.2%) Est. Cost $0.97 Unrealized —

— CABLE ONE INC 9.8%

Value ($000) $13,842 (+87.7%) Shares 14,124,000 (+84.8%) Est. Cost $0.97 Unrealized —

— MGP INGREDIENTS INC NEW 7.3%

Value ($000) $10,370 (+118.9%) Shares 10,802,000 (+116.0%) Est. Cost $0.95 Unrealized —

— TWO HARBORS INVENTMENT CORPO 8.9%

Value ($000) $12,560 (+68.2%) Shares 12,687,000 (+68.3%) Est. Cost $0.99 Unrealized —

— PELOTON INTERACTIVE INC 3.5%

Value ($000) $4,900 (+400.0%) Shares 5,000,000 (+400.0%) Est. Cost $0.98 Unrealized —

— MARRIOTT VACATIONS WORLDWIDE 9.5%

Value ($000) $13,428 (+37.2%) Shares 13,547,000 (+34.8%) Est. Cost $0.98 Unrealized —

— PENNYMAC CORP 6.7%

Value ($000) $9,446 (+50.5%) Shares 9,541,000 (+50.2%) Est. Cost $0.99 Unrealized —

— ENPHASE ENERGY INC 7.4%

Value ($000) $10,472 (+6.6%) Shares 10,664,000 (+4.9%) Est. Cost $0.96 Unrealized —

— HAEMONETICS CORP MASS 0.2%

Value ($000) $335 (+1612.3%) Shares 339,000 (+1595.0%) Est. Cost $0.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SUMMIT HOTEL PPTYS	19,796,000 (+84.0%)	$19,578 (+86.6%)	13.9%	$0.98	—	NOTE 1.500% 2/1	866082AA8
—	JETBLUE AIRWAYS CORP	16,795,000 (+118.2%)	$16,375 (+120.5%)	11.6%	$0.97	—	NOTE 0.500% 4/0	477143AP6
—	CABLE ONE INC	14,124,000 (+84.8%)	$13,842 (+87.7%)	9.8%	$0.97	—	NOTE 3/1	12685JAE5
—	MGP INGREDIENTS INC NEW	10,802,000 (+116.0%)	$10,370 (+118.9%)	7.3%	$0.95	—	NOTE 1.875%11/1	55303JAB2
—	TWO HARBORS INVENTMENT CORPO	12,687,000 (+68.3%)	$12,560 (+68.2%)	8.9%	$0.99	—	NOTE 6.250% 1/1	90187BAB7
—	PELOTON INTERACTIVE INC	5,000,000 (+400.0%)	$4,900 (+400.0%)	3.5%	$0.98	—	NOTE 2/1	70614WAB6
—	MARRIOTT VACATIONS WORLDWIDE	13,547,000 (+34.8%)	$13,428 (+37.2%)	9.5%	$0.98	—	NOTE 1/1	57164YAD9
—	PENNYMAC CORP	9,541,000 (+50.2%)	$9,446 (+50.5%)	6.7%	$0.99	—	NOTE 5.500% 3/1	70932AAF0
—	ENPHASE ENERGY INC	10,664,000 (+4.9%)	$10,472 (+6.6%)	7.4%	$0.96	—	NOTE 3/0	29355AAH0
—	HAEMONETICS CORP MASS	339,000 (+1595.0%)	$335 (+1612.3%)	0.2%	$0.99	—	NOTE 3/0	405024AB6

Exited Positions (9)

— Sea Ltd 17.4%

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

— Fiverr Intl Ltd 10.5%

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

— RWT Hldgs Inc 8.9%

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

— Novocure Ltd 7.7%

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

— New MTN Fin Corp 3.9%

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

— Eventbrite Inc 1.0%

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

CDE Coeur Mng Inc 0.3%

Value ($000) $439 Shares 23,416 Est. Cost $12.24 Unrealized +42.1%

— Dexcom Inc 0.2%

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

ACDC Profrac Hldg Corp 0.0%

Value ($000) $30 Shares 8,164 Est. Cost $22.09 Unrealized -81.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Sea Ltd	12,500,000	$24,573	17.4%	$1.97	—	—	81141RAF7
—	Fiverr Intl Ltd	15,050,000	$14,862	10.5%	$0.95	—	—	33835LAA3
—	RWT Hldgs Inc	12,595,000	$12,532	8.9%	$0.98	—	—	749772AD1
—	Novocure Ltd	11,015,000	$10,850	7.7%	$0.98	—	—	67011XAB9
—	New MTN Fin Corp	5,636,000	$5,577	3.9%	$0.99	—	—	647551AE0
—	Eventbrite Inc	1,500,000	$1,469	1.0%	$0.98	—	—	29975EAB5
CDE	Coeur Mng Inc	23,416	$439	0.3%	$12.24	+42.1%	—	192108504
—	Dexcom Inc	250,000	$248	0.2%	$0.99	—	—	252131AK3
ACDC	Profrac Hldg Corp	8,164	$30	0.0%	$22.09	-81.5%	—	74319N100

Unchanged Positions (5)

ZEO ZEO ENERGY CORP 0.5%

Value ($000) $739 Shares 677,711 Est. Cost $2.02 Unrealized -32.0%

— FASTLY INC 2.1%

Value ($000) $2,930 Shares 3,000,000 Est. Cost $0.96 Unrealized —

STTK SHATTUCK LABS INC 0.1%

Value ($000) $144 Shares 39,467 Est. Cost $27.08 Unrealized -91.2%

— RINGCENTRAL INC 0.3%

Value ($000) $450 Shares 455,000 Est. Cost $0.97 Unrealized —

— WAYFAIR INC 0.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZEO	ZEO ENERGY CORP	677,711	$739	0.5%	$2.02	-32.0%	CL A	98944F109
—	FASTLY INC	3,000,000	$2,930	2.1%	$0.96	—	NOTE 3/1	31188VAB6
STTK	SHATTUCK LABS INC	39,467	$144	0.1%	$27.08	-91.2%	COM	82024L103
—	RINGCENTRAL INC	455,000	$450	0.3%	$0.97	—	NOTE 3/1	76680RAH0
—	WAYFAIR INC	34,000	$34	0.0%	$0.94	—	NOTE 1.000% 8/1	94419LAF8