STEELHEAD PARTNERS LLC

Filed: 5/15/2025ACC: 0001133521-25-000009

📋 What this filing means

STEELHEAD PARTNERS LLC filed this quarterly 13F‑HR report disclosing 31 equity positions with a total reported market value of $1.73B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.73B

Total AUM (reported)

1.73B

Total Shares

Allocation by class

NOTE 3/1$240.39M13.9%

NOTE 1/1$155.47M9.0%

NOTE 3/0$126.17M7.3%

NOTE 0.250% 9/1$122.66M7.1%

NOTE 8/1$80.43M4.6%

NOTE 0.500%12/1$77.71M4.5%

NOTE 0.375% 9/0$75.62M4.4%

Portfolio Concentration

Top 3$363.05M20.9%

4–10$513.35M29.6%

11–25$746.80M43.1%

Rest$111.34M6.4%

Top 3 weight

20.9%

Top 10 weight

50.5%

Voting Authority Distribution

Total shares with voting rights: 1.73B

Sole

Full voting authority

1.73B

% 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)

Sole31

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings31

Rows:

SPOT 0 03/15/26

SOLE

NOTE 3/1

Shares119.50M

TypePRN

Market value$142.65M

8.22%

Sole

119.50M

Shared

0.00

None

0.00

SEALTD 0 1/4 09/15/26

SOLE

NOTE 0.250% 9/1

Shares131M

TypePRN

Market value$122.66M

7.07%

Sole

131M

Shared

0.00

None

0.00

ITRI 0 03/15/26

SOLE

NOTE 3/1

Shares95M

TypePRN

Market value$97.74M

5.64%

Sole

95M

Shared

0.00

None

0.00

NET 0 08/15/26

SOLE

NOTE 8/1

Shares80M

TypePRN

Market value$80.43M

4.64%

Sole

80M

Shared

0.00

None

0.00

LITE 0 1/2 12/15/26

SOLE

NOTE 0.500%12/1

Shares75M

TypePRN

Market value$77.71M

4.48%

Sole

75M

Shared

0.00

None

0.00

AKAM 0 3/8 09/01/27

SOLE

NOTE 0.375% 9/0

Shares77.50M

TypePRN

Market value$75.62M

4.36%

Sole

77.50M

Shared

0.00

None

0.00

UBER 0 12/15/25

SOLE

NOTE 12/1

Shares70M

TypePRN

Market value$74.34M

4.29%

Sole

70M

Shared

0.00

None

0.00

DXCM 0 3/8 05/15/28

SOLE

NOTE 0.375% 5/1

Shares80M

TypePRN

Market value$71.29M

4.11%

Sole

80M

Shared

0.00

None

0.00

AEIS 2 1/2 09/15/28

SOLE

NOTE 2.500% 9/1

Shares68.80M

TypePRN

Market value$70.74M

4.08%

Sole

68.80M

Shared

0.00

None

0.00

UBER 0 7/8 12/01/28

SOLE

NOTE 0.875%12/0

Shares52M

TypePRN

Market value$63.23M

3.65%

Sole

52M

Shared

0.00

None

0.00

JAZZ 2 06/15/26

SOLE

NOTE 2.000% 6/1

Shares59.60M

TypePRN

Market value$61.76M

3.56%

Sole

59.60M

Shared

0.00

None

0.00

SHOPCN 0 1/8 11/01/25

SOLE

NOTE 0.125%11/0

Shares60M

TypePRN

Market value$60.19M

3.47%

Sole

60M

Shared

0.00

None

0.00

DBX 0 03/01/26

SOLE

NOTE 3/0

Shares61M

TypePRN

Market value$60.17M

3.47%

Sole

61M

Shared

0.00

None

0.00

ETSY 0 1/4 06/15/28

SOLE

NOTE 0.250% 6/1

Shares65.49M

TypePRN

Market value$55.69M

3.21%

Sole

65.49M

Shared

0.00

None

0.00

CFLT 0 01/15/27

SOLE

NOTE 1/1

Shares60M

TypePRN

Market value$55.56M

3.20%

Sole

60M

Shared

0.00

None

0.00

BOX 0 01/15/26

SOLE

NOTE 1/1

Shares43.19M

TypePRN

Market value$53.73M

3.10%

Sole

43.19M

Shared

0.00

None

0.00

ENPH 0 03/01/28

SOLE

NOTE 3/0

Shares63M

TypePRN

Market value$53.63M

3.09%

Sole

63M

Shared

0.00

None

0.00

FVRR 0 11/01/25

SOLE

NOTE 11/0

Shares53.25M

TypePRN

Market value$51.70M

2.98%

Sole

53.25M

Shared

0.00

None

0.00

PD 1 1/2 10/15/28

SOLE

NOTE 1.500%10/1

Shares50M

TypePRN

Market value$49.67M

2.86%

Sole

50M

Shared

0.00

None

0.00

ALNY 1 09/15/27

SOLE

NOTE 1.000% 9/1

Shares43M

TypePRN

Market value$49.63M

2.86%

Sole

43M

Shared

0.00

None

0.00

ALRM 0 01/15/26

SOLE

NOTE 1/1

Shares48M

TypePRN

Market value$46.17M

2.66%

Sole

48M

Shared

0.00

None

0.00

TRIP 0 1/4 04/01/26

SOLE

NOTE 0.250% 4/0

Shares45.01M

TypePRN

Market value$43.18M

2.49%

Sole

45.01M

Shared

0.00

None

0.00

PRGS 1 04/15/26

SOLE

NOTE 1.000% 4/1

Shares36.50M

TypePRN

Market value$39.07M

2.25%

Sole

36.50M

Shared

0.00

None

0.00

UPWK 0 1/4 08/15/26

SOLE

NOTE 0.250% 8/1

Shares40M

TypePRN

Market value$37.41M

2.16%

Sole

40M

Shared

0.00

None

0.00

DXCM 0 1/4 11/15/25

SOLE

NOTE 0.250%11/1

Shares30M

TypePRN

Market value$29.23M

1.68%

Sole

30M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPOT 0 03/15/26SOLE	NOTE 3/1	119.50M	PRN	$142.65M 8.22%	119.50M
SEALTD 0 1/4 09/15/26SOLE	NOTE 0.250% 9/1	131M	PRN	$122.66M 7.07%	131M
ITRI 0 03/15/26SOLE	NOTE 3/1	95M	PRN	$97.74M 5.64%	95M
NET 0 08/15/26SOLE	NOTE 8/1	80M	PRN	$80.43M 4.64%	80M
LITE 0 1/2 12/15/26SOLE	NOTE 0.500%12/1	75M	PRN	$77.71M 4.48%	75M
AKAM 0 3/8 09/01/27SOLE	NOTE 0.375% 9/0	77.50M	PRN	$75.62M 4.36%	77.50M
UBER 0 12/15/25SOLE	NOTE 12/1	70M	PRN	$74.34M 4.29%	70M
DXCM 0 3/8 05/15/28SOLE	NOTE 0.375% 5/1	80M	PRN	$71.29M 4.11%	80M
AEIS 2 1/2 09/15/28SOLE	NOTE 2.500% 9/1	68.80M	PRN	$70.74M 4.08%	68.80M
UBER 0 7/8 12/01/28SOLE	NOTE 0.875%12/0	52M	PRN	$63.23M 3.65%	52M
JAZZ 2 06/15/26SOLE	NOTE 2.000% 6/1	59.60M	PRN	$61.76M 3.56%	59.60M
SHOPCN 0 1/8 11/01/25SOLE	NOTE 0.125%11/0	60M	PRN	$60.19M 3.47%	60M
DBX 0 03/01/26SOLE	NOTE 3/0	61M	PRN	$60.17M 3.47%	61M
ETSY 0 1/4 06/15/28SOLE	NOTE 0.250% 6/1	65.49M	PRN	$55.69M 3.21%	65.49M
CFLT 0 01/15/27SOLE	NOTE 1/1	60M	PRN	$55.56M 3.20%	60M
BOX 0 01/15/26SOLE	NOTE 1/1	43.19M	PRN	$53.73M 3.10%	43.19M
ENPH 0 03/01/28SOLE	NOTE 3/0	63M	PRN	$53.63M 3.09%	63M
FVRR 0 11/01/25SOLE	NOTE 11/0	53.25M	PRN	$51.70M 2.98%	53.25M
PD 1 1/2 10/15/28SOLE	NOTE 1.500%10/1	50M	PRN	$49.67M 2.86%	50M
ALNY 1 09/15/27SOLE	NOTE 1.000% 9/1	43M	PRN	$49.63M 2.86%	43M
ALRM 0 01/15/26SOLE	NOTE 1/1	48M	PRN	$46.17M 2.66%	48M
TRIP 0 1/4 04/01/26SOLE	NOTE 0.250% 4/0	45.01M	PRN	$43.18M 2.49%	45.01M
PRGS 1 04/15/26SOLE	NOTE 1.000% 4/1	36.50M	PRN	$39.07M 2.25%	36.50M
UPWK 0 1/4 08/15/26SOLE	NOTE 0.250% 8/1	40M	PRN	$37.41M 2.16%	40M
DXCM 0 1/4 11/15/25SOLE	NOTE 0.250%11/1	30M	PRN	$29.23M 1.68%	30M

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