PS

Piper Sandler & Co.

High-turnover traderMomentum followerQuality / disciplined sizing

Total reported value

$102.0B

Reporting period: 2026-03-31 · Number of holdings: 21

PIPER SANDLER & CO. disclosed 21 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $102.0B and a quarterly turnover rate of 199.9%.

Personality snowflake

Concentration
47.29
Portfolio Stability
100
Momentum/Contrarian
100
Sector conviction
79.91
Diversification
40
Sizing Uniformity
88.02

Recent moves

  • Add PENN 2.75 05-15-26

    +351.2%　$19.0B

  • Add CBRL 0.625 06-15-26

    +115.1%　$15.1B

  • Add MGPI 1.875 11-15-41

    +66.9%　$17.2B

  • Add BXMT 5.5 03-15-27

    +451.3%　$7.1B

  • Add UPST 0.25 08-15-26

    +77.6%　$8.7B

  • Trim ZEO

    -25.1%　$290.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 20 holdings (of 21 total)

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1PENN 2.75 05-15-26Penn Entertainment INCStock-Consumer Disc18.74%+15.68%+351.22%
2MGPI 1.875 11-15-41Mgp Ingredients INCStock-Other16.92%+9.49%+66.89%
3CBRL 0.625 06-15-26Cracker Barrel Old CountStock-Other14.86%+9.89%+115.06%
4AWK 3.625 06-15-26American Water Capital CStock-Utilities11.52%+11.46%NEW
5UPST 0.25 08-15-26Upstart Holdings INCStock-Financials8.58%+5.13%+77.56%
6BXMT 5.5 03-15-27Blackstone Mortgage TrStock-Real Estate6.99%+6.05%+451.27%
7VAC 3.25 12-15-27Marriott Vacation WorldwStock-Consumer Disc5.21%+5.19%NEW
8TDOC 1.25 06-01-27Teladoc Health INCStock-Healthcare4.61%+4.59%NEW
9RWT 7.75 06-15-27Redwood Trust INCStock-Other3.91%+3.88%NEW
10ZD 1.75 11-01-26Ziff Davis INCStock-Other2.56%+2.55%NEW
11UPWK 0.25 08-15-26Upwork INCStock-Other2.50%+2.49%NEW
12DUK 4.125 04-15-26Duke Energy CORPStock-Utilities1.88%+1.87%NEW
13PRGS 1 04-15-26Progress Software CORPStock-Other0.88%+0.88%NEW
14QTWO 0.75 06-01-26Q2 Holdings INCStock-Tech0.38%+0.38%NEW
15AFRM 0 11-15-26Affirm Holdings INCStock-Financials0.18%+0.18%NEW
16COIN 0.5 06-01-26Coinbase Global INCStock-Financials0.14%+0.14%NEW
17PEB 1.75 12-15-26Pebblebrook Hotel TrustStock-Other0.08%+0.02%—
18W 1 08-15-26Wayfair INCStock-Consumer Disc0.03%+0.01%—
19ZEOZeo Energy CORPStock-Other—-0.23%-25.12%
20STTKShattuck Labs INCStock-Other—+0.15%—

Holding changes this quarter

Piper Sandler & Co.'s most significant position changes for 2026-03-31: New buy: American Water Capital C (AWK 3.625 06-15-26); New buy: Marriott Vacation Worldw (VAC 3.25 12-15-27); New buy: Teladoc Health INC (TDOC 1.25 06-01-27); New buy: Redwood Trust INC (RWT 7.75 06-15-27); New buy: Ziff Davis INC (ZD 1.75 11-01-26).

Position changes disclosed by Piper Sandler & Co. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1PENN 2.75 05-15-26Penn Entertainment INC+15.7%+351.22%Add
2CBRL 0.625 06-15-26Cracker Barrel Old Count+9.9%+115.06%Add
3MGPI 1.875 11-15-41Mgp Ingredients INC+9.5%+66.89%Add
4BXMT 5.5 03-15-27Blackstone Mortgage Tr+6.1%+451.27%Add
5UPST 0.25 08-15-26Upstart Holdings INC+5.1%+77.56%Add
6STTKShattuck Labs INC+0.2%—Unchanged
7PEB 1.75 12-15-26Pebblebrook Hotel Trust0%—Unchanged
8W 1 08-15-26Wayfair INC0%—Unchanged
9ZEOZeo Energy CORP-0.2%-25.12%Trim
10AWK 3.625 06-15-26American Water Capital C—NEWNew buy
11VAC 3.25 12-15-27Marriott Vacation Worldw—NEWNew buy
12TDOC 1.25 06-01-27Teladoc Health INC—NEWNew buy
13RWT 7.75 06-15-27Redwood Trust INC—NEWNew buy
14ZD 1.75 11-01-26Ziff Davis INC—NEWNew buy
15UPWK 0.25 08-15-26Upwork INC—NEWNew buy
16DUK 4.125 04-15-26Duke Energy CORP—NEWNew buy
17PRGS 1 04-15-26Progress Software CORP—NEWNew buy
18QTWO 0.75 06-01-26Q2 Holdings INC—NEWNew buy
19AFRM 0 11-15-26Affirm Holdings INC—NEWNew buy
20COIN 0.5 06-01-26Coinbase Global INC—NEWNew buy
21INN 1.5 02-15-26Summit Hotel Properties—EXITSold out
22JBLU 0.5 04-01-26Jetblue Airways CORP—EXITSold out
23CABO 0 03-15-26Cable One INC—EXITSold out
24VAC 0 01-15-26Marriott Vacation Worldw—EXITSold out
25TWO 6.25 01-15-26Two Harbors Inv CORP—EXITSold out
26ENPH 0 03-01-26Enphase Energy INC—EXITSold out
27PMT 5.5 03-15-26Pennymac CORP—EXITSold out
28PTON 0 02-15-26Peloton Interactive INC—EXITSold out
29ALRM 0 01-15-26Alarm.com Hldgs INC—EXITSold out
30FSLY 0 03-15-26Fastly INC—EXITSold out
31MITK 0.75 02-01-26Mitek Systems INC—EXITSold out
32TRIP 0.25 04-01-26Tripadvisor INC—EXITSold out
33GRPN 1.125 03-15-26Groupon INC—EXITSold out
34MGNI 0.25 03-15-26Magnite INC—EXITSold out
35RNG 0 03-15-26Ringcentral INC—EXITSold out
36HAE 0 03-01-26Haemonetics CORP—EXITSold out

FAQ

What is Piper Sandler & Co. and what type of investor is it?
Piper Sandler & Co. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $102.0B, spread across 21 disclosed positions.
What are Piper Sandler & Co.'s largest equity positions?
Based on the latest 13F filing, Piper Sandler & Co.'s top holdings by market value are: 1. Penn Entertainment INC (PENN 2.75 05-15-26) — $19.0B (18.7%) 2. Mgp Ingredients INC (MGPI 1.875 11-15-41) — $17.2B (16.9%) 3. Cracker Barrel Old Count (CBRL 0.625 06-15-26) — $15.1B (14.9%) 4. American Water Capital C (AWK 3.625 06-15-26) — $11.7B (11.5%) 5. Upstart Holdings INC (UPST 0.25 08-15-26) — $8.7B (8.6%)
What changes did Piper Sandler & Co. make in its most recent portfolio filing?
In the latest reported quarter, Piper Sandler & Co. made 33 notable position adjustments: 11 new positions were initiated, 5 existing holdings were added to, 1 positions were partially reduced, and 16 were completely exited. The largest of these moves: New buy: American Water Capital C (AWK 3.625 06-15-26); New buy: Marriott Vacation Worldw (VAC 3.25 12-15-27); New buy: Teladoc Health INC (TDOC 1.25 06-01-27); New buy: Redwood Trust INC (RWT 7.75 06-15-27); New buy: Ziff Davis INC (ZD 1.75 11-01-26)
What sectors does Piper Sandler & Co. focus on?
Piper Sandler & Co. is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 41.2% • Utilities: 23.0% • Financials: 15.3% • Real Estate: 12.0% • Health Care: 7.9% • Information Technology: 0.7%