Piper Sandler & Co.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Piper Sandler & Co. reported 2 stock positions worth $883 thousand. Its top holding was Zeo Energy (ZEO) at 83.7% of the portfolio, followed by Shattuck Labs (STTK, 16.3%). Compared with Q3 2025, it sold out of 2. The biggest sale was an exit from Coeur Mining (CDE).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0000724683
- Portfolio Value
- $883K (Q4 2025)
- SEC Filing
- 0000724683-26-000006 ↗ filed Feb 12, 2026
Holdings Value
Holdings 2 stocks · $883K
| ZEO Zeo Energy Corp. | 83.68% | 677,711 | $739K | No change |
| STTK Shattuck Labs Inc. | 16.32% | 39,467 | $144K | No change |
Other holdings (23): bonds, preferreds, convertibles and warrants · $140.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 19,796,000 | $19.6M | Add +84.0% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 16,795,000 | $16.4M | Add +118.2% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 14,124,000 | $13.8M | Add +84.8% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 13,547,000 | $13.4M | Add +34.8% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 12,687,000 | $12.6M | Add +68.3% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 10,664,000 | $10.5M | Add +4.9% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 10,802,000 | $10.4M | Add +116.0% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 9,541,000 | $9.4M | Add +50.2% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 7,170,000 | $6.9M | New |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 5,000,000 | $4.9M | Add +400.0% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 5,044,000 | $4.8M | New |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 4,270,000 | $4.2M | New |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 4,000,000 | $4.0M | New |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 3,000,000 | $2.9M | No change |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | 1,500,000 | $1.5M | New |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 1,303,000 | $1.3M | New |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 1,166,000 | $1.1M | New |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 1,120,000 | $1.1M | New |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 700,000 | $684K | New |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 455,000 | $450K | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 339,000 | $335K | Add +1595.0% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 84,000 | $81K | New |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 34,000 | $34K | No change |
Total filed on the 13F, all lines: $141.2M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| None this quarter. | |||
Notes & Other Activity Q3 2025 → Q4 2025
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Sold out | 12,500,000 | $24.6Mbefore exit |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | Add +84.0% | 19,796,000 | $19.6M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +118.2% | 16,795,000 | $16.4M |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | Sold out | 15,050,000 | $14.9Mbefore exit |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +84.8% | 14,124,000 | $13.8M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Add +34.8% | 13,547,000 | $13.4M |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Add +68.3% | 12,687,000 | $12.6M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Sold out | 12,595,000 | $12.5Mbefore exit |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | Sold out | 11,015,000 | $10.8Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Add +4.9% | 10,664,000 | $10.5M |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | Add +116.0% | 10,802,000 | $10.4M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +50.2% | 9,541,000 | $9.4M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | New | 7,170,000 | $6.9M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Sold out | 5,636,000 | $5.6Mbefore exit |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | Add +400.0% | 5,000,000 | $4.9M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | New | 5,044,000 | $4.8M |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | New | 4,270,000 | $4.2M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | New | 4,000,000 | $4.0M |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | New | 1,500,000 | $1.5M |
| EVENTBRITE INC (EB 5 12/01/25) | NOTE 5.000%12/0 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | New | 1,303,000 | $1.3M |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | New | 1,166,000 | $1.1M |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | New | 1,120,000 | $1.1M |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | New | 700,000 | $684K |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Add +1595.0% | 339,000 | $335K |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 250,000 | $248Kbefore exit |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | New | 84,000 | $81K |
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 |