Piper Sandler & Co.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Piper Sandler & Co. reported 2 stock positions worth $545 thousand. Its top holding was Zeo Energy (ZEO) at 53.4% of the portfolio, followed by Shattuck Labs (STTK, 46.6%). Compared with Q4 2025, it reduced 1. The biggest sale was Zeo Energy (ZEO, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0000724683
- Portfolio Value
- $545K (Q1 2026)
- SEC Filing
- 0000724683-26-000047 ↗ filed May 12, 2026
Holdings Value
Holdings 2 stocks · $545K
| ZEO Zeo Energy Corp. | 53.44% | 507,502 | $291K | Reduce -25.1% |
| STTK Shattuck Labs Inc. | 46.56% | 39,467 | $254K | No change |
Other holdings (18): bonds, preferreds, convertibles and warrants · $101.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 19,267,000 | $19.0M | Add +351.2% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 18,027,000 | $17.2M | Add +66.9% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 15,420,000 | $15.1M | Add +115.1% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 11,830,000 | $11.7M | New |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 8,956,000 | $8.7M | Add +77.6% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 7,183,000 | $7.1M | Add +451.3% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 5,556,000 | $5.3M | New |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 4,932,000 | $4.7M | New |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 3,963,000 | $4.0M | New |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 2,677,000 | $2.6M | New |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 2,610,000 | $2.5M | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 1,706,000 | $1.9M | New |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 900,000 | $898K | New |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | 390,000 | $387K | New |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 192,000 | $186K | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 139,000 | $138K | New |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 84,000 | $82K | No change |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 34,000 | $32K | No change |
Total filed on the 13F, all lines: $102.0M.
Portfolio Sells Q4 2025 → Q1 2026
| ZEO Zeo Energy Corp. | Reduce -25.1% | 53.44% | −30.24 |
Portfolio Buys Q4 2025 → Q1 2026
| None this quarter. | |||
Notes & Other Activity Q4 2025 → Q1 2026
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | Sold out | 19,796,000 | $19.6Mbefore exit |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | Add +351.2% | 19,267,000 | $19.0M |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | Add +66.9% | 18,027,000 | $17.2M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Sold out | 16,795,000 | $16.4Mbefore exit |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Add +115.1% | 15,420,000 | $15.1M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 14,124,000 | $13.8Mbefore exit |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Sold out | 13,547,000 | $13.4Mbefore exit |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Sold out | 12,687,000 | $12.6Mbefore exit |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | New | 11,830,000 | $11.7M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Sold out | 10,664,000 | $10.5Mbefore exit |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Sold out | 9,541,000 | $9.4Mbefore exit |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Add +77.6% | 8,956,000 | $8.7M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Add +451.3% | 7,183,000 | $7.1M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | New | 5,556,000 | $5.3M |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | Sold out | 5,000,000 | $4.9Mbefore exit |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | New | 4,932,000 | $4.7M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | New | 3,963,000 | $4.0M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Sold out | 4,000,000 | $4.0Mbefore exit |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | Sold out | 3,000,000 | $2.9Mbefore exit |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | New | 2,677,000 | $2.6M |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | New | 2,610,000 | $2.5M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | New | 1,706,000 | $1.9M |
| MITEK SYSTEMS INC (MITK 0.75 02/01/26) | NOTE 0.750% 2/0 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | Sold out | 1,166,000 | $1.1Mbefore exit |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | Sold out | 1,120,000 | $1.1Mbefore exit |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | New | 900,000 | $898K |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 700,000 | $684Kbefore exit |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Sold out | 455,000 | $450Kbefore exit |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | New | 390,000 | $387K |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Sold out | 339,000 | $335Kbefore exit |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | New | 192,000 | $186K |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 139,000 | $138K |
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 |