Piper Sandler & Co.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Piper Sandler & Co. reported 2 stock positions worth $95 thousand. Its top holding was Profrac Class A (ACDC) at 67.0% of the portfolio, followed by Shattuck Labs (STTK, 33.0%). Compared with Q1 2025, it sold out of 2. The biggest sale was an exit from NB Bancorp (NBBK).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0000724683
- Portfolio Value
- $95K (Q2 2025)
- SEC Filing
- 0000724683-25-000112 ↗ filed Aug 13, 2025
Holdings Value
Holdings 2 stocks · $95K
| ACDC Profrac Holding Corp. Class A | 66.97% | 8,164 | $63K | No change |
| STTK Shattuck Labs Inc. | 33.03% | 39,467 | $31K | No change |
Other holdings (18): bonds, preferreds, convertibles and warrants · $129.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | 5,000,000 | $18.6M | New |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 18,395,000 | $18.2M | Add +126.5% |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 14,070,000 | $13.6M | New |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 12,595,000 | $12.6M | No change |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 12,800,000 | $12.6M | Add +15.8% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 10,169,000 | $10.2M | Add +269.8% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 9,090,000 | $9.0M | Add +78.6% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 7,223,000 | $7.2M | Add +44.5% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 6,670,000 | $6.6M | No change |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 5,154,000 | $5.1M | Add +139.3% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 4,111,000 | $4.1M | Add +2276.3% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 4,164,000 | $4.0M | New |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | 3,500,000 | $3.5M | Add +133.3% |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 3,000,000 | $2.9M | New |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | 1,500,000 | $1.5M | No change |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 40,000 | $39K | New |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 34,000 | $32K | No change |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | 12,000 | $12K | No change |
Total filed on the 13F, all lines: $129.6M.
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| None this quarter. | |||
Notes & Other Activity Q1 2025 → Q2 2025
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Sold out | 10,333,000 | $25.0Mbefore exit |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | New | 5,000,000 | $18.6M |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Add +126.5% | 18,395,000 | $18.2M |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 8,714,000 | $17.5Mbefore exit |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | New | 14,070,000 | $13.6M |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | Sold out | 13,060,000 | $12.9Mbefore exit |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | Add +15.8% | 12,800,000 | $12.6M |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | Add +269.8% | 10,169,000 | $10.2M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Add +78.6% | 9,090,000 | $9.0M |
| HEALTH CATALYST INC (HCAT 2.5 04/15/25) | NOTE 2.500% 4/1 · principal | Sold out | 8,790,000 | $8.7Mbefore exit |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Add +44.5% | 7,223,000 | $7.2M |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | Sold out | 5,712,000 | $5.6Mbefore exit |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Add +139.3% | 5,154,000 | $5.1M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +2276.3% | 4,111,000 | $4.1M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | New | 4,164,000 | $4.0M |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | Add +133.3% | 3,500,000 | $3.5M |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | New | 3,000,000 | $2.9M |
| NEOGENOMICS INC (NEO 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 2,700,000 | $2.7Mbefore exit |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | Sold out | 2,669,000 | $2.6Mbefore exit |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | Sold out | 1,000,000 | $900Kbefore exit |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 226,000 | $774Kbefore exit |
| PAGERDUTY INC. (PD 1.25 07/01/25) | NOTE 1.250% 7/0 · principal | Sold out | 200,000 | $196Kbefore exit |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | Sold out | 162,000 | $161Kbefore exit |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | New | 40,000 | $39K |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | Sold out | 402,500 | $22Kbefore exit |
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 |