PIPER SANDLER & CO. Quant / Systematic

Location: Minneapolis, MN

CIK: 0000724683 · Show all filings

Period: Q2 2026 (← Previous) (Next →)

Filing Date: Jul 28, 2026

Total Value: $135M (0.3% shares, 99.7% debt)

Holdings (19)

— LUMENTUM HLDGS INC 23.9%

Value $32.27M Shares 5,018,000 Share Price $6.43 Est. Cost/Share $6.43 Unrealized @ Report Date —

— ADVANCED ENERGY INDS 18.1%

Value $24.42M Shares 9,000,000 Share Price $2.71 Est. Cost/Share $2.71 Unrealized @ Report Date —

— MGP INGREDIENTS INC NEW 12.9%

Value $17.4M Shares 18,027,000 Share Price $0.96 Est. Cost/Share $0.95 Unrealized @ Report Date —

— UPSTART HLDGS INC 6.7%

Value $9.059M Shares 9,206,000 Share Price $0.98 Est. Cost/Share $0.96 Unrealized @ Report Date —

— BLACKSTONE MORTGAGE TRUST IN 6.6%

Value $8.863M Shares 8,975,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— STARWOOD PPTY TR INC 6.0%

Value $8.064M Shares 8,000,000 Share Price $1.01 Est. Cost/Share $1.01 Unrealized @ Report Date —

— REDWOOD TRUST INC 5.2%

Value $6.997M Shares 6,988,000 Share Price $1.00 Est. Cost/Share $1.00 Unrealized @ Report Date —

— SHIFT4 PMTS INC 5.1%

Value $6.835M Shares 7,260,000 Share Price $0.94 Est. Cost/Share $0.94 Unrealized @ Report Date —

— MARRIOTT VACATIONS WORLDWIDE 4.0%

Value $5.37M Shares 5,556,000 Share Price $0.97 Est. Cost/Share $0.95 Unrealized @ Report Date —

— TELADOC HEALTH INC 3.5%

Value $4.722M Shares 4,932,000 Share Price $0.96 Est. Cost/Share $0.95 Unrealized @ Report Date —

— ZIFF DAVIS INC 1.9%

Value $2.622M Shares 2,677,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— UPWORK INC 1.9%

Value $2.568M Shares 2,610,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— SEA LTD 1.8%

Value $2.474M Shares 2,500,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— REDFIN CORP 1.5%

Value $1.996M Shares 2,085,000 Share Price $0.96 Est. Cost/Share $0.96 Unrealized @ Report Date —

— PEBBLEBROOK HOTEL TR 0.4%

Value $543K Shares 548,000 Share Price $0.99 Est. Cost/Share $0.99 Unrealized @ Report Date —

— APOLLO GLOBAL MGMT INC 0.3%

Value $442K Shares 7,260 Share Price $60.92 Est. Cost/Share $60.92 Unrealized @ Report Date —

— AFFIRM HLDGS INC 0.1%

Value $189K Shares 192,000 Share Price $0.98 Est. Cost/Share $0.97 Unrealized @ Report Date —

— WAYFAIR INC 0.0%

Value $33,487 Shares 34,000 Share Price $0.98 Est. Cost/Share $0.94 Unrealized @ Report Date —

— GREEN PLAINS INC 0.0%

Value $24,625 Shares 25,000 Share Price $0.98 Est. Cost/Share $0.98 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LUMENTUM HLDGS INC	5,018,000	$32.27M	23.9%	$6.43	$6.43	—	NOTE 0.500% 6/1	55024UAF6
—	ADVANCED ENERGY INDS	9,000,000	$24.42M	18.1%	$2.71	$2.71	—	NOTE 2.500% 9/1	007973AE0
—	MGP INGREDIENTS INC NEW	18,027,000	$17.4M	12.9%	$0.96	$0.95	—	NOTE 1.875%11/1	55303JAB2
—	UPSTART HLDGS INC	9,206,000	$9.059M	6.7%	$0.98	$0.96	—	NOTE 0.250% 8/1	91680MAB3
—	BLACKSTONE MORTGAGE TRUST IN	8,975,000	$8.863M	6.6%	$0.99	$0.99	—	NOTE 5.500% 3/1	09257WAE0
—	STARWOOD PPTY TR INC	8,000,000	$8.064M	6.0%	$1.01	$1.01	—	NOTE 6.750% 7/1	85571BBA2
—	REDWOOD TRUST INC	6,988,000	$6.997M	5.2%	$1.00	$1.00	—	NOTE 7.750% 6/1	758075AF2
—	SHIFT4 PMTS INC	7,260,000	$6.835M	5.1%	$0.94	$0.94	—	NOTE 0.500% 8/0	82452JAD1
—	MARRIOTT VACATIONS WORLDWIDE	5,556,000	$5.37M	4.0%	$0.97	$0.95	—	NOTE 3.250%12/1	57164YAF4
—	TELADOC HEALTH INC	4,932,000	$4.722M	3.5%	$0.96	$0.95	—	NOTE 1.250% 6/0	87918AAF2
—	ZIFF DAVIS INC	2,677,000	$2.622M	1.9%	$0.98	$0.97	—	NOTE 1.750%11/0	48123VAE2
—	UPWORK INC	2,610,000	$2.568M	1.9%	$0.98	$0.97	—	NOTE 0.250% 8/1	91688FAB0
—	SEA LTD	2,500,000	$2.474M	1.8%	$0.99	$0.99	—	NOTE 0.250% 9/1	81141RAG5
—	REDFIN CORP	2,085,000	$1.996M	1.5%	$0.96	$0.96	—	NOTE 0.500% 4/0	75737FAE8
—	PEBBLEBROOK HOTEL TR	548,000	$543K	0.4%	$0.99	$0.99	—	NOTE 1.750%12/1	70509VAA8
—	APOLLO GLOBAL MGMT INC	7,260	$442K	0.3%	$60.92	$60.92	—	SER A MAND CNV	03769M304
—	AFFIRM HLDGS INC	192,000	$189K	0.1%	$0.98	$0.97	—	NOTE 11/1	00827BAB2
—	WAYFAIR INC	34,000	$33,487	0.0%	$0.98	$0.94	—	NOTE 1.000% 8/1	94419LAF8
—	GREEN PLAINS INC	25,000	$24,625	0.0%	$0.98	$0.98	—	NOTE 2.250% 3/1	393222AK0