PIPER SANDLER & CO. Quant / Systematic

Location: Minneapolis, MN

CIK: 0000724683 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 12, 2026

Total Value: $141M (0.6% shares, 99.4% debt)

Holdings (25)

— SUMMIT HOTEL PPTYS 13.9%

Value $19.58M Shares 19,796,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— JETBLUE AIRWAYS CORP 11.6%

Value $16.38M Shares 16,795,000 Share Price $0.97 Est. Cost/Share $0.97 Unrealized @ Report Date —

— CABLE ONE INC 9.8%

Value $13.84M Shares 14,124,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— MARRIOTT VACATIONS WORLDWIDE 9.5%

Value $13.43M Shares 13,547,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— TWO HARBORS INVENTMENT CORPO 8.9%

Value $12.56M Shares 12,687,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— ENPHASE ENERGY INC 7.4%

Value $10.47M Shares 10,664,000 Share Price $0.98 Est. Cost/Share $0.96 Unrealized @ Report Date —

— MGP INGREDIENTS INC NEW 7.3%

Value $10.37M Shares 10,802,000 Share Price $0.96 Est. Cost/Share $0.95 Unrealized @ Report Date —

— PENNYMAC CORP 6.7%

Value $9.446M Shares 9,541,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— CRACKER BARREL OLD CTRY STOR 4.9%

Value $6.905M Shares 7,170,000 Share Price $0.96 Est. Cost/Share $0.96 Unrealized @ Report Date —

— PELOTON INTERACTIVE INC 3.5%

Value $4.9M Shares 5,000,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— UPSTART HLDGS INC 3.4%

Value $4.811M Shares 5,044,000 Share Price $0.95 Est. Cost/Share $0.95 Unrealized @ Report Date —

— PENN ENTERTAINMENT INC 3.0%

Value $4.185M Shares 4,270,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— ALARM COM HLDGS INC 2.8%

Value $3.952M Shares 4,000,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— FASTLY INC 2.1%

Value $2.929M Shares 3,000,000 Share Price $0.98 Est. Cost/Share $0.96 Unrealized @ Report Date —

— MITEK SYS INC 1.0%

Value $1.47M Shares 1,500,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— BLACKSTONE MORTGAGE TRUST IN 0.9%

Value $1.27M Shares 1,303,000 Share Price $0.97 Est. Cost/Share $0.97 Unrealized @ Report Date —

— TRIPADVISOR INC 0.8%

Value $1.131M Shares 1,166,000 Share Price $0.97 Est. Cost/Share $0.97 Unrealized @ Report Date —

— GROUPON INC 0.8%

Value $1.098M Shares 1,120,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

ZEO ZEO ENERGY CORP 0.5%

Value $739K Shares 677,711 Share Price $1.09 Est. Cost/Share $2.02 Unrealized @ Report Date -45.9%

— MAGNITE INC 0.5%

Value $684K Shares 700,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

— RINGCENTRAL INC 0.3%

Value $450K Shares 455,000 Share Price $0.99 Est. Cost/Share $0.97 Unrealized @ Report Date —

— HAEMONETICS CORP MASS 0.2%

Value $335K Shares 339,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

STTK SHATTUCK LABS INC 0.1%

Value $144K Shares 39,467 Share Price $3.65 Est. Cost/Share $27.08 Unrealized @ Report Date -86.5%

— PEBBLEBROOK HOTEL TR 0.1%

Value $81,060 Shares 84,000 Share Price $0.96 Est. Cost/Share $0.96 Unrealized @ Report Date —

— WAYFAIR INC 0.0%

Value $33,847 Shares 34,000 Share Price $1.00 Est. Cost/Share $0.94 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	SUMMIT HOTEL PPTYS	19,796,000	$19.58M	13.9%	$0.99	$0.98	—	NOTE 1.500% 2/1	866082AA8
—	JETBLUE AIRWAYS CORP	16,795,000	$16.38M	11.6%	$0.97	$0.97	—	NOTE 0.500% 4/0	477143AP6
—	CABLE ONE INC	14,124,000	$13.84M	9.8%	$0.98	$0.97	—	NOTE 3/1	12685JAE5
—	MARRIOTT VACATIONS WORLDWIDE	13,547,000	$13.43M	9.5%	$0.99	$0.98	—	NOTE 1/1	57164YAD9
—	TWO HARBORS INVENTMENT CORPO	12,687,000	$12.56M	8.9%	$0.99	$0.99	—	NOTE 6.250% 1/1	90187BAB7
—	ENPHASE ENERGY INC	10,664,000	$10.47M	7.4%	$0.98	$0.96	—	NOTE 3/0	29355AAH0
—	MGP INGREDIENTS INC NEW	10,802,000	$10.37M	7.3%	$0.96	$0.95	—	NOTE 1.875%11/1	55303JAB2
—	PENNYMAC CORP	9,541,000	$9.446M	6.7%	$0.99	$0.99	—	NOTE 5.500% 3/1	70932AAF0
—	CRACKER BARREL OLD CTRY STOR	7,170,000	$6.905M	4.9%	$0.96	$0.96	—	NOTE 0.625% 6/1	22410JAB2
—	PELOTON INTERACTIVE INC	5,000,000	$4.9M	3.5%	$0.98	$0.98	—	NOTE 2/1	70614WAB6
—	UPSTART HLDGS INC	5,044,000	$4.811M	3.4%	$0.95	$0.95	—	NOTE 0.250% 8/1	91680MAB3
—	PENN ENTERTAINMENT INC	4,270,000	$4.185M	3.0%	$0.98	$0.98	—	NOTE 2.750% 5/1	707569AU3
—	ALARM COM HLDGS INC	4,000,000	$3.952M	2.8%	$0.99	$0.99	—	NOTE 1/1	011642AB1
—	FASTLY INC	3,000,000	$2.929M	2.1%	$0.98	$0.96	—	NOTE 3/1	31188VAB6
—	MITEK SYS INC	1,500,000	$1.47M	1.0%	$0.98	$0.98	—	NOTE 0.750% 2/0	606710AA9
—	BLACKSTONE MORTGAGE TRUST IN	1,303,000	$1.27M	0.9%	$0.97	$0.97	—	NOTE 5.500% 3/1	09257WAE0
—	TRIPADVISOR INC	1,166,000	$1.131M	0.8%	$0.97	$0.97	—	NOTE 0.250% 4/0	896945AD4
—	GROUPON INC	1,120,000	$1.098M	0.8%	$0.98	$0.98	—	NOTE 1.125% 3/1	399473AF4
ZEO	ZEO ENERGY CORP	677,711	$739K	0.5%	$1.09	$2.02	-45.9%	CL A	98944F109
—	MAGNITE INC	700,000	$684K	0.5%	$0.98	$0.98	—	NOTE 0.250% 3/1	55955DAB6
—	RINGCENTRAL INC	455,000	$450K	0.3%	$0.99	$0.97	—	NOTE 3/1	76680RAH0
—	HAEMONETICS CORP MASS	339,000	$335K	0.2%	$0.99	$0.99	—	NOTE 3/0	405024AB6
STTK	SHATTUCK LABS INC	39,467	$144K	0.1%	$3.65	$27.08	-86.5%	COM	82024L103
—	PEBBLEBROOK HOTEL TR	84,000	$81,060	0.1%	$0.96	$0.96	—	NOTE 1.750%12/1	70509VAA8
—	WAYFAIR INC	34,000	$33,847	0.0%	$1.00	$0.94	—	NOTE 1.000% 8/1	94419LAF8