North Reef Capital Management’s Piper Sandler PIPR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$73.8M	Buy	964,632 +145,032	+18%	+$11.9M	2.54%	13
2025 Q4	$69.6M	Buy	819,600 +212,772	+35%	+$18M	2.8%	11
2025 Q3	$52.6M	Sell	606,828 -313,172	-34%	-$25.5M	2.46%	12
2025 Q2	$63.9M	Buy	920,000 +480,000	+109%	+$29.9M	2.83%	13
2025 Q1	$27.2M	Buy	440,000 +98,608	+29%	+$7.06M	1.18%	18
2024 Q4	$25.6M	Sell	341,392 -146,248	-30%	-$11.4M	1.15%	21
2024 Q3	$34.6M	Sell	487,640 -252,360	-34%	-$16.5M	1.61%	19
2024 Q2	$42.6M	Buy	740,000 +23,860	+3%	+$1.22M	1.97%	16
2024 Q1	$35.5M	Sell	716,140 -329,844	-32%	-$15.1M	1.85%	17
2023 Q4	$45.7M	Buy	1,045,984 +65,984	+7%	+$2.51M	2.66%	16
2023 Q3	$35.6M	Buy	980,000 +577,476	+143%	+$20.9M	2.25%	19
2023 Q2	$13M	Buy	402,524 +302,524	+303%	+$9.99M	1%	24
2023 Q1	$3.47M	Buy	+100,000	New	+$3.56M	0.39%	36