Piper Sandler & Co.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Piper Sandler & Co. reported 4 stock positions worth $1.5 million. Its top holding was Zeo Energy (ZEO) at 61.9% of the portfolio, followed by Coeur Mining (CDE, 29.7%) and Shattuck Labs (STTK, 6.4%). Compared with Q2 2025, it opened 2 new positions. The biggest buy was a new position in Zeo Energy (ZEO).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0000724683
- Portfolio Value
- $1.5M (Q3 2025)
- SEC Filing
- 0000724683-25-000131 ↗ filed Nov 12, 2025
Holdings Value
Holdings 4 stocks · $1.5M
| ZEO Zeo Energy Corp. | 61.87% | 677,711 | $915K | New |
| CDE Coeur Mining Inc. | 29.71% | 23,416 | $439K | New |
| STTK Shattuck Labs Inc. | 6.38% | 39,467 | $94K | No change |
| ACDC Profrac Holding Corp. Class A | 2.04% | 8,164 | $30K | No change |
Other holdings (20): bonds, preferreds, convertibles and warrants · $137.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 12,500,000 | $24.6M | New |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 15,050,000 | $14.9M | Add +17.6% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 12,595,000 | $12.5M | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 11,015,000 | $10.8M | New |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 10,761,000 | $10.5M | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 10,164,000 | $9.8M | Add +144.1% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 10,047,000 | $9.8M | New |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 7,537,000 | $7.5M | Add +4.3% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 7,696,000 | $7.4M | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 7,641,000 | $7.4M | New |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 6,353,000 | $6.3M | Add +54.5% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 5,636,000 | $5.6M | New |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 5,000,000 | $4.7M | New |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 3,000,000 | $2.9M | No change |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | 1,500,000 | $1.5M | No change |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 1,000,000 | $980K | New |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 455,000 | $443K | New |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 250,000 | $248K | New |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 34,000 | $33K | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 20,000 | $20K | New |
Total filed on the 13F, all lines: $139.3M.
Portfolio Sells Q2 2025 → Q3 2025
| None this quarter. | |||
Portfolio Buys Q2 2025 → Q3 2025
Notes & Other Activity Q2 2025 → Q3 2025
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | New | 12,500,000 | $24.6M |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | Sold out | 5,000,000 | $18.6Mbefore exit |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Sold out | 18,395,000 | $18.2Mbefore exit |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | Add +17.6% | 15,050,000 | $14.9M |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | Sold out | 14,070,000 | $13.6Mbefore exit |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | New | 11,015,000 | $10.8M |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | New | 10,761,000 | $10.5M |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | Sold out | 10,169,000 | $10.2Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Add +144.1% | 10,164,000 | $9.8M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | New | 10,047,000 | $9.8M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Sold out | 9,090,000 | $9.0Mbefore exit |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Add +4.3% | 7,537,000 | $7.5M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | New | 7,696,000 | $7.4M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | New | 7,641,000 | $7.4M |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | Sold out | 6,670,000 | $6.6Mbefore exit |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +54.5% | 6,353,000 | $6.3M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | New | 5,636,000 | $5.6M |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Sold out | 5,154,000 | $5.1Mbefore exit |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | New | 5,000,000 | $4.7M |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | Sold out | 3,500,000 | $3.5Mbefore exit |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | New | 1,000,000 | $980K |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | New | 455,000 | $443K |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | New | 250,000 | $248K |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 40,000 | $39Kbefore exit |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | New | 20,000 | $20K |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | Sold out | 12,000 | $12Kbefore 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 |