Piper Sandler & Co.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Piper Sandler & Co. reported 4 stock positions worth $826 thousand. Its top holding was NB Bancorp (NBBK) at 86.6% of the portfolio, followed by Profrac Class A (ACDC, 7.5%) and Shattuck Labs (STTK, 4.5%). Compared with Q4 2024, it opened 2 new positions and sold out of 1. The biggest buy was a new position in NB Bancorp (NBBK) and the biggest sale an exit from Renasant (RNST).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0000724683
- Portfolio Value
- $826K (Q1 2025)
- SEC Filing
- 0000724683-25-000025 ↗ filed May 13, 2025
Holdings Value
Holdings 4 stocks · $826K
| NBBK NB Bancorp Inc. | 86.63% | 40,000 | $716K | New |
| ACDC Profrac Holding Corp. Class A | 7.50% | 8,164 | $62K | No change |
| STTK Shattuck Labs Inc. | 4.54% | 39,467 | $37K | No change |
| SEI Solaris Energy Infrastructur | 1.33% | 505 | $11K | New |
Other holdings (25): bonds, preferreds, convertibles and warrants · $132.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 10,333,000 | $25.0M | New |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 8,714,000 | $17.5M | New |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | 13,060,000 | $12.9M | Add +12.3% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 12,595,000 | $12.4M | Add +114.0% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 11,050,000 | $10.6M | No change |
| HEALTH CATALYST INC (HCAT 2.5 04/15/25) | NOTE 2.500% 4/1 · principal | 8,790,000 | $8.7M | No change |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 8,120,000 | $7.9M | Add +47.6% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 6,670,000 | $6.5M | Add +33.4% |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 5,712,000 | $5.6M | Reduce -38.0% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 5,000,000 | $5.0M | New |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 5,090,000 | $4.9M | Add +64.7% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 2,750,000 | $2.7M | Add +57.1% |
| NEOGENOMICS INC (NEO 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 2,700,000 | $2.7M | Add +35.0% |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | 2,669,000 | $2.6M | Add +0.8% |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 2,154,000 | $2.1M | No change |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | 1,500,000 | $1.5M | No change |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | 1,500,000 | $1.5M | No change |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 1,000,000 | $900K | No change |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 226,000 | $774K | New |
| PAGERDUTY INC. (PD 1.25 07/01/25) | NOTE 1.250% 7/0 · principal | 200,000 | $196K | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 173,000 | $171K | New |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | 162,000 | $161K | New |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 34,000 | $32K | New |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 402,500 | $22K | No change |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 12,000 | $12K | New |
Total filed on the 13F, all lines: $132.9M.
Portfolio Sells Q4 2024 → Q1 2025
| RNST Renasant Corp. | Sold out | 0.00% | −1.55 |
Portfolio Buys Q4 2024 → Q1 2025
Notes & Other Activity Q4 2024 → Q1 2025
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | New | 10,333,000 | $25.0M |
| INSIGHT ENTERPRS (NSIT 0.75 02/15/25) | NOTE 0.750% 2/1 · principal | Sold out | 9,901,000 | $21.1Mbefore exit |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | New | 8,714,000 | $17.5M |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | Add +12.3% | 13,060,000 | $12.9M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Add +114.0% | 12,595,000 | $12.4M |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | Sold out | 10,885,000 | $10.8Mbefore exit |
| I3 VERTICALS LLC (IIIV 1 02/15/25) | NOTE 1.000% 2/1 · principal | Sold out | 9,550,000 | $9.4Mbefore exit |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Add +47.6% | 8,120,000 | $7.9M |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | Sold out | 7,063,000 | $7.0Mbefore exit |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | Add +33.4% | 6,670,000 | $6.5M |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | Reduce -38.0% | 5,712,000 | $5.6M |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | New | 5,000,000 | $5.0M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Add +64.7% | 5,090,000 | $4.9M |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | Sold out | 5,000,000 | $4.8Mbefore exit |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) | NOTE 1.250% 3/1 · principal | Sold out | 2,064,000 | $3.0Mbefore exit |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | Add +57.1% | 2,750,000 | $2.7M |
| NEOGENOMICS INC (NEO 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Add +35.0% | 2,700,000 | $2.7M |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | Add +0.8% | 2,669,000 | $2.6M |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | Sold out | 2,544,000 | $2.6Mbefore exit |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | New | 226,000 | $774K |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | New | 173,000 | $171K |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | New | 162,000 | $161K |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | New | 34,000 | $32K |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | New | 12,000 | $12K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 0 | $0 | |
| Q1 2026 | 2 | $545K | ZEO, STTK |
| Q4 2025 | 2 | $883K | ZEO, STTK |
| Q3 2025 | 4 | $1.5M | ZEO, CDE, STTK, ACDC |
| Q2 2025 | 2 | $95K | ACDC, STTK |
| Q1 2025 | 4 | $826K | NBBK, ACDC, STTK, SEI |
| Q4 2024 | 3 | $113K | ACDC, STTK, RNST |
| Q3 2024 | 4 | $194K | STTK, ACDC, FSEA, BRBS |
| Q2 2024 | 3 | $228K | STTK, ACDC, KVHI |
| Q1 2024 | 4 | $855K | STTK, ZEO, OPFI, ACDC |