13F Insight
DOSSIER · 13F-HR · Q1 2026

PIPER SANDLER & CO.

$102M in tracked AUM across 21 positions as of Q1 2026.

PS
CIK 0000724683 · last filed Mar 31, 2026
Total AUM
$102M
as of Q1 2026
Holdings
21
—
positions
Whale Score
67
67
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Piper Sandler & Co. SEC 13F Filing
1. Portfolio Overview

The filing for Piper Sandler & Co. (CIK: 0000724683) reveals a highly active and aggressive portfolio restructuring strategy for the quarter ending September 30, 2025. The total portfolio value increased by 7.1%, growing from $129.64 million to $138.87 million. Despite the modest growth in total value, the underlying composition of the portfolio underwent a radical transformation.

The firm manages a concent...

2. Key Holdings

The portfolio is dominated by a few high-conviction positions, with Sea Ltd standing out as the single largest holding. Valued at $24.57 million, Sea Ltd constitutes 17.69% of the portfolio. This represents a massive overweighting in a single equity, suggesting strong conviction in the Southeast Asian digital economy and e-commerce sector.

The second and third largest holdings, Fiverr Intl Ltd (10.70%) and RWT Hldgs Inc (9.02%), respectively, further illustrate the firm's eclectic mix. Fiverr represents a bet on the gig economy and tech-enabled services, while RWT provides exposure to credit-sensitive real estate finance.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
PENN 2.75 05/15/26
PENN ENTERTAINMENT INC
$19M19.3M18.6%02
MGPI 1.875 11/15/41
MGP INGREDIENTS INC NEW
$17M18.0M16.8%03
CBRL 0.625 06/15/26
CRACKER BARREL OLD CTRY STOR
$15M15.4M14.8%04
AWK 3.625 06/15/26
AMERICAN WTR CAP CORP
$12M11.8M11.5%05
UPST 0.25 08/15/26
UPSTART HLDGS INC
$9M9.0M8.5%06
BXMT 5.5 03/15/27
BLACKSTONE MORTGAGE TRUST IN
$7M7.2M7.0%07
VAC 3.25 12/15/27
MARRIOTT VACATIONS WORLDWIDE
$5M5.6M5.2%08
TDOC 1.25 06/01/27
TELADOC HEALTH INC
$5M4.9M4.6%09
RWT 7.75 06/15/27
REDWOOD TRUST INC
$4M4.0M3.9%10
ZD 1.75 11/01/26
ZIFF DAVIS INC
$3M2.7M2.5%

Filing history

2026Q1Mar 31
$102M▼ 27.7%
21 positionsView →2025Q4Dec 31
$141M▲ 1.7%
25 positionsView →2025Q3Sep 30
$139M▲ 7.1%
23 positionsView →2025Q2Jun 30
$130M▼ 2.5%
20 positionsLocked2025Q1Mar 31
$133M▲ 1.4%
29 positionsLocked2024Q4Dec 31
$131M▼ 11.5%
28 positionsLocked2024Q3Sep 30
$148M▲ 15.8%
37 positionsLocked2024Q2Jun 30
$128M▼ 11.9%
17 positionsLocked2024Q1Mar 31
$145M▲ 9.7%
22 positionsLocked2023Q4Dec 31
$132M▲ 25.4%
20 positionsLocked2023Q3Sep 30
$106M▲ 12.8%
10 positionsLocked2023Q2Jun 30
$94M▼ 35.9%
21 positionsLocked
Showing 12 of 44