PIPER SANDLER & CO. Quant / Systematic

Name: PIPER SANDLER & CO. Q3 2026 13F Filing | 13F Explorer
Creator: PIPER SANDLER & CO.
Published: 2026-10-27

Location: Minneapolis, MN

CIK: 0000724683 · Show all filings

Period: Q3 2026 (← Previous)

Filing Date: Oct 27, 2026

Total Value: $97.65M (0.3% shares, 99.7% debt)

Holdings (15)

New Positions (3)

— CHEFS WHSE INC 13.1%

Value $12.82M Shares 5,000,000 Share Price $2.56 Est. Cost/Share $2.56 Unrealized @ Report Date —

— INTERDIGITAL INC 3.0%

Value $2.956M Shares 700,000 Share Price $4.22 Est. Cost/Share $4.22 Unrealized @ Report Date —

GBLI GLOBAL INDEMNITY GROUP LLC 0.3%

Value $270K Shares 11,019 Share Price $24.50 Est. Cost/Share $27.33 Unrealized @ Report Date -10.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	CHEFS WHSE INC	5,000,000	$12.82M	13.1%	$2.56	$2.56	—	NOTE 2.375%12/1	163086AE1
—	INTERDIGITAL INC	700,000	$2.956M	3.0%	$4.22	$4.22	—	NOTE 3.500% 6/0	45867GAD3
GBLI	GLOBAL INDEMNITY GROUP LLC	11,019	$270K	0.3%	$24.50	$27.33	-10.3%	COM CL A	37959R103

Increased Positions (7)

— TELADOC HEALTH INC 12.3%

Value $12.06M (+155.3%) Shares 12,437,000 (+152.2%) Share Price $0.97 Est. Cost/Share $0.96 Unrealized @ Report Date —

— BLACKSTONE MORTGAGE TRUST IN 14.3%

Value $13.94M (+57.3%) Shares 13,975,000 (+55.7%) Share Price $1.00 Est. Cost/Share $0.99 Unrealized @ Report Date —

— STARWOOD PPTY TR INC 12.3%

Value $12.02M (+49.1%) Shares 12,000,000 (+50.0%) Share Price $1.00 Est. Cost/Share $1.01 Unrealized @ Report Date —

— MGP INGREDIENTS INC NEW 20.2%

Value $19.75M (+13.5%) Shares 20,027,000 (+11.1%) Share Price $0.99 Est. Cost/Share $0.96 Unrealized @ Report Date —

— REDWOOD TRUST INC 9.2%

Value $8.977M (+28.3%) Shares 8,888,000 (+27.2%) Share Price $1.01 Est. Cost/Share $1.00 Unrealized @ Report Date —

— AFFIRM HLDGS INC 0.5%

Value $522K (+176.8%) Shares 527,000 (+174.5%) Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

— REDFIN CORP 2.2%

Value $2.133M (+6.8%) Shares 2,191,000 (+5.1%) Share Price $0.97 Est. Cost/Share $0.96 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	TELADOC HEALTH INC	12,437,000 (+152.2%)	$12.06M (+155.3%)	12.3%	$0.97	$0.96	—	NOTE 1.250% 6/0	87918AAF2
—	BLACKSTONE MORTGAGE TRUST IN	13,975,000 (+55.7%)	$13.94M (+57.3%)	14.3%	$1.00	$0.99	—	NOTE 5.500% 3/1	09257WAE0
—	STARWOOD PPTY TR INC	12,000,000 (+50.0%)	$12.02M (+49.1%)	12.3%	$1.00	$1.01	—	NOTE 6.750% 7/1	85571BBA2
—	MGP INGREDIENTS INC NEW	20,027,000 (+11.1%)	$19.75M (+13.5%)	20.2%	$0.99	$0.96	—	NOTE 1.875%11/1	55303JAB2
—	REDWOOD TRUST INC	8,888,000 (+27.2%)	$8.977M (+28.3%)	9.2%	$1.01	$1.00	—	NOTE 7.750% 6/1	758075AF2
—	AFFIRM HLDGS INC	527,000 (+174.5%)	$522K (+176.8%)	0.5%	$0.99	$0.98	—	NOTE 11/1	00827BAB2
—	REDFIN CORP	2,191,000 (+5.1%)	$2.133M (+6.8%)	2.2%	$0.97	$0.96	—	NOTE 0.500% 4/0	75737FAE8

Exited Positions (7)

— LUMENTUM HLDGS INC 33.0%

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

— ADVANCED ENERGY INDS 25.0%

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

— UPSTART HLDGS INC 9.3%

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

— UPWORK INC 2.6%

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

— SEA LTD 2.5%

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

— APOLLO GLOBAL MGMT INC 0.5%

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

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LUMENTUM HLDGS INC	5,018,000	$32.27M	33.0%	$6.43	$6.43	—	—	55024UAF6
—	ADVANCED ENERGY INDS	9,000,000	$24.42M	25.0%	$2.71	$2.71	—	—	007973AE0
—	UPSTART HLDGS INC	9,206,000	$9.059M	9.3%	$0.98	$0.96	—	—	91680MAB3
—	UPWORK INC	2,610,000	$2.568M	2.6%	$0.98	$0.97	—	—	91688FAB0
—	SEA LTD	2,500,000	$2.474M	2.5%	$0.99	$0.99	—	—	81141RAG5
—	APOLLO GLOBAL MGMT INC	7,260	$442K	0.5%	$60.92	$60.92	—	—	03769M304
—	WAYFAIR INC	34,000	$33,487	0.0%	$0.98	$0.94	—	—	94419LAF8

Decreased Positions (1)

— MARRIOTT VACATIONS WORLDWIDE 2.0%

Value $1.987M (-63.0%) Shares 2,000,000 (-64.0%) Share Price $0.99 Est. Cost/Share $0.95 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	MARRIOTT VACATIONS WORLDWIDE	2,000,000 (-64.0%)	$1.987M (-63.0%)	2.0%	$0.99	$0.95	—	NOTE 3.250%12/1	57164YAF4

Unchanged Positions (4)

— SHIFT4 PMTS INC 7.1%

Value $6.977M Shares 7,260,000 Share Price $0.96 Est. Cost/Share $0.94 Unrealized @ Report Date —

— ZIFF DAVIS INC 2.7%

Value $2.667M Shares 2,677,000 Share Price $1.00 Est. Cost/Share $0.97 Unrealized @ Report Date —

— PEBBLEBROOK HOTEL TR 0.6%

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

— GREEN PLAINS INC 0.0%

Value $24,759 Shares 25,000 Share Price $0.99 Est. Cost/Share $0.98 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	SHIFT4 PMTS INC	7,260,000	$6.977M	7.1%	$0.96	$0.94	—	NOTE 0.500% 8/0	82452JAD1
—	ZIFF DAVIS INC	2,677,000	$2.667M	2.7%	$1.00	$0.97	—	NOTE 1.750%11/0	48123VAE2
—	PEBBLEBROOK HOTEL TR	548,000	$543K	0.6%	$0.99	$0.99	—	NOTE 1.750%12/1	70509VAA8
—	GREEN PLAINS INC	25,000	$24,759	0.0%	$0.99	$0.98	—	NOTE 2.250% 3/1	393222AK0