Piper Sandler Advisors LLC

Piper Sandler Advisors LLC, a registered investment adviser, specializes in managing securities for collateralized debt obligations (CDOs). They serve as the collateral manager for two CDOs, providing advice on securities selection, purchase, and sale, as well as hedging strategies. The firm follows a "buy and hold" strategy for their CDO clients and offers advice on swaps and derivatives. As of December 31, 2023, they managed $364,606,276 in client assets. Piper Sandler Advisors LLC charges a quarterly fee based on a percentage of the total value of securities under management, typically ranging between 0.05% and 0.30% per year. They do not accept compensation for the sale of securities or offer performance-based fees. The firm conducts credit reviews of securities with care and attention, following industry best practices. Risks associated with their investment strategies include industry volatility, dependence on key personnel, and potential conflicts of interest. Clients are CDOs and collateral managers of CDOs. Piper Sandler Advisors LLC has a Code of Ethics emphasizing fiduciary duty and ethical conduct. They do not have custody of client funds or securities. The firm exercises investment discretion for CDOs within specified parameters. They generally do not vote client proxies but may provide recommendations in certain cases. Piper Sandler Advisors LLC has no financial commitments impairing their ability to meet client obligations and has not undergone bankruptcy proceedings.