STEELHEAD PARTNERS LLC

Filed: 2/18/2025ACC: 0001133521-25-000004

📋 What this filing means

STEELHEAD PARTNERS LLC filed this quarterly 13F‑HR report disclosing 45 equity positions with a total reported market value of $1.99B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.99B

Total AUM (reported)

2.01B

Total Shares

Allocation by class

NOTE 3/1$218.82M11.0%

NOTE 1/1$158.77M8.0%

NOTE 3/0$143.74M7.2%

NOTE 0.250% 9/1$119.94M6.0%

NOTE 0.500%12/1$91.55M4.6%

NOTE 11/0$84.29M4.2%

NOTE 1.250% 5/0$82.51M4.2%

Portfolio Concentration

Top 3$333.11M16.8%

4–10$497.84M25.0%

11–25$695.12M35.0%

Rest$461.64M23.2%

Top 3 weight

16.8%

Top 10 weight

41.8%

Voting Authority Distribution

Total shares with voting rights: 2.01B

Sole

Full voting authority

2.01B

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole45

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings45

Rows:

SPOT 0 03/15/26

SOLE

NOTE 3/1

Shares114M

TypePRN

Market value$121.62M

6.12%

Sole

114M

Shared

0.00

None

0.00

SEALTD 0 1/4 09/15/26

SOLE

NOTE 0.250% 9/1

Shares132M

TypePRN

Market value$119.94M

6.03%

Sole

132M

Shared

0.00

None

0.00

LITE 0 1/2 12/15/26

SOLE

NOTE 0.500%12/1

Shares83.08M

TypePRN

Market value$91.55M

4.61%

Sole

83.08M

Shared

0.00

None

0.00

ITRI 0 03/15/26

SOLE

NOTE 3/1

Shares80M

TypePRN

Market value$83.13M

4.18%

Sole

80M

Shared

0.00

None

0.00

LUV 1 1/4 05/01/25

SOLE

NOTE 1.250% 5/0

Shares80M

TypePRN

Market value$82.51M

4.15%

Sole

80M

Shared

0.00

None

0.00

NET 0 08/15/26

SOLE

NOTE 8/1

Shares80M

TypePRN

Market value$76.78M

3.86%

Sole

80M

Shared

0.00

None

0.00

UBER 0 12/15/25

SOLE

NOTE 12/1

Shares70M

TypePRN

Market value$70.77M

3.56%

Sole

70M

Shared

0.00

None

0.00

DBX 0 03/01/26

SOLE

NOTE 3/0

Shares70M

TypePRN

Market value$69.41M

3.49%

Sole

70M

Shared

0.00

None

0.00

SHOPCN 0 1/8 11/01/25

SOLE

NOTE 0.125%11/0

Shares60M

TypePRN

Market value$61.23M

3.08%

Sole

60M

Shared

0.00

None

0.00

CFLT 0 01/15/27

SOLE

NOTE 1/1

Shares60M

TypePRN

Market value$54.02M

2.72%

Sole

60M

Shared

0.00

None

0.00

ETSY 0 1/4 06/15/28

SOLE

NOTE 0.250% 6/1

Shares65.49M

TypePRN

Market value$53.98M

2.72%

Sole

65.49M

Shared

0.00

None

0.00

BOX 0 01/15/26

SOLE

NOTE 1/1

Shares42.19M

TypePRN

Market value$53.53M

2.69%

Sole

42.19M

Shared

0.00

None

0.00

FVRR 0 11/01/25

SOLE

NOTE 11/0

Shares54M

TypePRN

Market value$51.34M

2.58%

Sole

54M

Shared

0.00

None

0.00

ALRM 0 01/15/26

SOLE

NOTE 1/1

Shares54M

TypePRN

Market value$51.22M

2.58%

Sole

54M

Shared

0.00

None

0.00

JAZZ 2 06/15/26

SOLE

NOTE 2.000% 6/1

Shares49.63M

TypePRN

Market value$50.36M

2.53%

Sole

49.63M

Shared

0.00

None

0.00

ENPH 0 03/01/28

SOLE

NOTE 3/0

Shares59M

TypePRN

Market value$48.54M

2.44%

Sole

59M

Shared

0.00

None

0.00

IONS 0 04/01/26

SOLE

NOTE 4/0

Shares50M

TypePRN

Market value$48.44M

2.44%

Sole

50M

Shared

0.00

None

0.00

AKAM 0 3/8 09/01/27

SOLE

NOTE 0.375% 9/0

Shares48M

TypePRN

Market value$48.26M

2.43%

Sole

48M

Shared

0.00

None

0.00

DXCM 0 1/4 11/15/25

SOLE

NOTE 0.250%11/1

Shares50M

TypePRN

Market value$48.20M

2.43%

Sole

50M

Shared

0.00

None

0.00

UBER 0 7/8 12/01/28

SOLE

NOTE 0.875%12/0

Shares43M

TypePRN

Market value$47.45M

2.39%

Sole

43M

Shared

0.00

None

0.00

GBX 2 7/8 04/15/28

SOLE

NOTE 2.875% 4/1

Shares35.69M

TypePRN

Market value$43.22M

2.17%

Sole

35.69M

Shared

0.00

None

0.00

SQ 0 05/01/26

SOLE

NOTE 5/0

Shares42M

TypePRN

Market value$39.10M

1.97%

Sole

42M

Shared

0.00

None

0.00

IONS 1 3/4 06/15/28

SOLE

NOTE 1.750% 6/1

Shares38M

TypePRN

Market value$37.63M

1.89%

Sole

38M

Shared

0.00

None

0.00

UPWK 0 1/4 08/15/26

SOLE

NOTE 0.250% 8/1

Shares40M

TypePRN

Market value$36.96M

1.86%

Sole

40M

Shared

0.00

None

0.00

DXCM 0 3/8 05/15/28

SOLE

NOTE 0.375% 5/1

Shares41M

TypePRN

Market value$36.87M

1.86%

Sole

41M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPOT 0 03/15/26SOLE	NOTE 3/1	114M	PRN	$121.62M 6.12%	114M
SEALTD 0 1/4 09/15/26SOLE	NOTE 0.250% 9/1	132M	PRN	$119.94M 6.03%	132M
LITE 0 1/2 12/15/26SOLE	NOTE 0.500%12/1	83.08M	PRN	$91.55M 4.61%	83.08M
ITRI 0 03/15/26SOLE	NOTE 3/1	80M	PRN	$83.13M 4.18%	80M
LUV 1 1/4 05/01/25SOLE	NOTE 1.250% 5/0	80M	PRN	$82.51M 4.15%	80M
NET 0 08/15/26SOLE	NOTE 8/1	80M	PRN	$76.78M 3.86%	80M
UBER 0 12/15/25SOLE	NOTE 12/1	70M	PRN	$70.77M 3.56%	70M
DBX 0 03/01/26SOLE	NOTE 3/0	70M	PRN	$69.41M 3.49%	70M
SHOPCN 0 1/8 11/01/25SOLE	NOTE 0.125%11/0	60M	PRN	$61.23M 3.08%	60M
CFLT 0 01/15/27SOLE	NOTE 1/1	60M	PRN	$54.02M 2.72%	60M
ETSY 0 1/4 06/15/28SOLE	NOTE 0.250% 6/1	65.49M	PRN	$53.98M 2.72%	65.49M
BOX 0 01/15/26SOLE	NOTE 1/1	42.19M	PRN	$53.53M 2.69%	42.19M
FVRR 0 11/01/25SOLE	NOTE 11/0	54M	PRN	$51.34M 2.58%	54M
ALRM 0 01/15/26SOLE	NOTE 1/1	54M	PRN	$51.22M 2.58%	54M
JAZZ 2 06/15/26SOLE	NOTE 2.000% 6/1	49.63M	PRN	$50.36M 2.53%	49.63M
ENPH 0 03/01/28SOLE	NOTE 3/0	59M	PRN	$48.54M 2.44%	59M
IONS 0 04/01/26SOLE	NOTE 4/0	50M	PRN	$48.44M 2.44%	50M
AKAM 0 3/8 09/01/27SOLE	NOTE 0.375% 9/0	48M	PRN	$48.26M 2.43%	48M
DXCM 0 1/4 11/15/25SOLE	NOTE 0.250%11/1	50M	PRN	$48.20M 2.43%	50M
UBER 0 7/8 12/01/28SOLE	NOTE 0.875%12/0	43M	PRN	$47.45M 2.39%	43M
GBX 2 7/8 04/15/28SOLE	NOTE 2.875% 4/1	35.69M	PRN	$43.22M 2.17%	35.69M
SQ 0 05/01/26SOLE	NOTE 5/0	42M	PRN	$39.10M 1.97%	42M
IONS 1 3/4 06/15/28SOLE	NOTE 1.750% 6/1	38M	PRN	$37.63M 1.89%	38M
UPWK 0 1/4 08/15/26SOLE	NOTE 0.250% 8/1	40M	PRN	$36.96M 1.86%	40M
DXCM 0 3/8 05/15/28SOLE	NOTE 0.375% 5/1	41M	PRN	$36.87M 1.86%	41M

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