STEELHEAD PARTNERS LLC

Filed: 8/14/2025ACC: 0001133521-25-000012

📋 What this filing means

STEELHEAD PARTNERS LLC filed this quarterly 13F‑HR report disclosing 36 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)

1.83B

Total Shares

Allocation by class

NOTE 3/1$282.71M14.2%

NOTE 1/1$109.93M5.5%

NOTE 3/0$107.93M5.4%

NOTE 0.500%12/1$85.76M4.3%

NOTE 1.000% 9/1$84.64M4.3%

NOTE 12/1$83.92M4.2%

NOTE 0.375% 5/1$75.07M3.8%

Portfolio Concentration

Top 3$368.47M18.6%

4–10$540.18M27.2%

11–25$824.61M41.5%

Rest$252.28M12.7%

Top 3 weight

18.6%

Top 10 weight

45.8%

Voting Authority Distribution

Total shares with voting rights: 1.83B

Sole

Full voting authority

1.83B

% 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)

Sole36

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings36

Rows:

SPOT 0 03/15/26

SOLE

NOTE 3/1

Shares115.50M

TypePRN

Market value$175.04M

8.82%

Sole

115.50M

Shared

0.00

None

0.00

ITRI 0 03/15/26

SOLE

NOTE 3/1

Shares95M

TypePRN

Market value$107.67M

5.42%

Sole

95M

Shared

0.00

None

0.00

LITE 0 1/2 12/15/26

SOLE

NOTE 0.500%12/1

Shares73M

TypePRN

Market value$85.76M

4.32%

Sole

73M

Shared

0.00

None

0.00

ALNY 1 09/15/27

SOLE

NOTE 1.000% 9/1

Shares65M

TypePRN

Market value$84.64M

4.26%

Sole

65M

Shared

0.00

None

0.00

UBER 0 12/15/25

SOLE

NOTE 12/1

Shares70M

TypePRN

Market value$83.92M

4.23%

Sole

70M

Shared

0.00

None

0.00

DXCM 0 3/8 05/15/28

SOLE

NOTE 0.375% 5/1

Shares79.85M

TypePRN

Market value$75.07M

3.78%

Sole

79.85M

Shared

0.00

None

0.00

BL 1 06/01/29

SOLE

NOTE 1.000% 6/0

Shares70M

TypePRN

Market value$74.46M

3.75%

Sole

70M

Shared

0.00

None

0.00

AEIS 2 1/2 09/15/28

SOLE

NOTE 2.500% 9/1

Shares62M

TypePRN

Market value$74.39M

3.75%

Sole

62M

Shared

0.00

None

0.00

UBER 0 7/8 12/01/28

SOLE

NOTE 0.875%12/0

Shares52M

TypePRN

Market value$74.26M

3.74%

Sole

52M

Shared

0.00

None

0.00

ALRM 2 1/4 06/01/29

SOLE

NOTE 2.250% 6/0

Shares75.50M

TypePRN

Market value$73.43M

3.70%

Sole

75.50M

Shared

0.00

None

0.00

SEALTD 0 1/4 09/15/26

SOLE

NOTE 0.250% 9/1

Shares76.55M

TypePRN

Market value$72.31M

3.64%

Sole

76.55M

Shared

0.00

None

0.00

AKAM 1 1/8 02/15/29

SOLE

NOTE 1.125% 2/1

Shares70M

TypePRN

Market value$66.46M

3.35%

Sole

70M

Shared

0.00

None

0.00

HALO 0 1/4 03/01/27

SOLE

NOTE 0.250% 3/0

Shares65M

TypePRN

Market value$64.73M

3.26%

Sole

65M

Shared

0.00

None

0.00

AKAM 0 3/8 09/01/27

SOLE

NOTE 0.375% 9/0

Shares65M

TypePRN

Market value$63.20M

3.18%

Sole

65M

Shared

0.00

None

0.00

BOX 0 01/15/26

SOLE

NOTE 1/1

Shares45.61M

TypePRN

Market value$60.94M

3.07%

Sole

45.61M

Shared

0.00

None

0.00

JAZZ 2 06/15/26

SOLE

NOTE 2.000% 6/1

Shares59.60M

TypePRN

Market value$60.39M

3.04%

Sole

59.60M

Shared

0.00

None

0.00

NET 0 08/15/26

SOLE

NOTE 8/1

Shares47.81M

TypePRN

Market value$56.65M

2.85%

Sole

47.81M

Shared

0.00

None

0.00

DBX 0 03/01/26

SOLE

NOTE 3/0

Shares55M

TypePRN

Market value$54.45M

2.74%

Sole

55M

Shared

0.00

None

0.00

ENPH 0 03/01/28

SOLE

NOTE 3/0

Shares65.20M

TypePRN

Market value$53.47M

2.69%

Sole

65.20M

Shared

0.00

None

0.00

PD 1 1/2 10/15/28

SOLE

NOTE 1.500%10/1

Shares54M

TypePRN

Market value$51.60M

2.60%

Sole

54M

Shared

0.00

None

0.00

CFLT 0 01/15/27

SOLE

NOTE 1/1

Shares52.51M

TypePRN

Market value$48.99M

2.47%

Sole

52.51M

Shared

0.00

None

0.00

FVRR 0 11/01/25

SOLE

NOTE 11/0

Shares50M

TypePRN

Market value$48.98M

2.47%

Sole

50M

Shared

0.00

None

0.00

TRIP 0 1/4 04/01/26

SOLE

NOTE 0.250% 4/0

Shares47.12M

TypePRN

Market value$45.34M

2.28%

Sole

47.12M

Shared

0.00

None

0.00

ITRI 1 3/8 07/15/30

SOLE

NOTE 1.375% 7/1

Shares33M

TypePRN

Market value$39.34M

1.98%

Sole

33M

Shared

0.00

None

0.00

UPWK 0 1/4 08/15/26

SOLE

NOTE 0.250% 8/1

Shares40M

TypePRN

Market value$37.77M

1.90%

Sole

40M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPOT 0 03/15/26SOLE	NOTE 3/1	115.50M	PRN	$175.04M 8.82%	115.50M
ITRI 0 03/15/26SOLE	NOTE 3/1	95M	PRN	$107.67M 5.42%	95M
LITE 0 1/2 12/15/26SOLE	NOTE 0.500%12/1	73M	PRN	$85.76M 4.32%	73M
ALNY 1 09/15/27SOLE	NOTE 1.000% 9/1	65M	PRN	$84.64M 4.26%	65M
UBER 0 12/15/25SOLE	NOTE 12/1	70M	PRN	$83.92M 4.23%	70M
DXCM 0 3/8 05/15/28SOLE	NOTE 0.375% 5/1	79.85M	PRN	$75.07M 3.78%	79.85M
BL 1 06/01/29SOLE	NOTE 1.000% 6/0	70M	PRN	$74.46M 3.75%	70M
AEIS 2 1/2 09/15/28SOLE	NOTE 2.500% 9/1	62M	PRN	$74.39M 3.75%	62M
UBER 0 7/8 12/01/28SOLE	NOTE 0.875%12/0	52M	PRN	$74.26M 3.74%	52M
ALRM 2 1/4 06/01/29SOLE	NOTE 2.250% 6/0	75.50M	PRN	$73.43M 3.70%	75.50M
SEALTD 0 1/4 09/15/26SOLE	NOTE 0.250% 9/1	76.55M	PRN	$72.31M 3.64%	76.55M
AKAM 1 1/8 02/15/29SOLE	NOTE 1.125% 2/1	70M	PRN	$66.46M 3.35%	70M
HALO 0 1/4 03/01/27SOLE	NOTE 0.250% 3/0	65M	PRN	$64.73M 3.26%	65M
AKAM 0 3/8 09/01/27SOLE	NOTE 0.375% 9/0	65M	PRN	$63.20M 3.18%	65M
BOX 0 01/15/26SOLE	NOTE 1/1	45.61M	PRN	$60.94M 3.07%	45.61M
JAZZ 2 06/15/26SOLE	NOTE 2.000% 6/1	59.60M	PRN	$60.39M 3.04%	59.60M
NET 0 08/15/26SOLE	NOTE 8/1	47.81M	PRN	$56.65M 2.85%	47.81M
DBX 0 03/01/26SOLE	NOTE 3/0	55M	PRN	$54.45M 2.74%	55M
ENPH 0 03/01/28SOLE	NOTE 3/0	65.20M	PRN	$53.47M 2.69%	65.20M
PD 1 1/2 10/15/28SOLE	NOTE 1.500%10/1	54M	PRN	$51.60M 2.60%	54M
CFLT 0 01/15/27SOLE	NOTE 1/1	52.51M	PRN	$48.99M 2.47%	52.51M
FVRR 0 11/01/25SOLE	NOTE 11/0	50M	PRN	$48.98M 2.47%	50M
TRIP 0 1/4 04/01/26SOLE	NOTE 0.250% 4/0	47.12M	PRN	$45.34M 2.28%	47.12M
ITRI 1 3/8 07/15/30SOLE	NOTE 1.375% 7/1	33M	PRN	$39.34M 1.98%	33M
UPWK 0 1/4 08/15/26SOLE	NOTE 0.250% 8/1	40M	PRN	$37.77M 1.90%	40M

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