STEELHEAD PARTNERS LLC

Filed: 11/14/2025ACC: 0001133521-25-000013

📋 What this filing means

STEELHEAD PARTNERS LLC filed this quarterly 13F‑HR report disclosing 30 equity positions with a total reported market value of $1.67B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.67B

Total AUM (reported)

1.55B

Total Shares

Allocation by class

NOTE 3/1$173.28M10.4%

NOTE 0.250% 3/0$127.98M7.7%

NOTE 1/1$114.20M6.9%

NOTE 2.500% 9/1$89.70M5.4%

NOTE 12/1$81.57M4.9%

NOTE 1.000% 6/0$79.99M4.8%

NOTE 2.250% 6/0$76.91M4.6%

Portfolio Concentration

Top 3$318.35M19.1%

4–10$530.54M31.9%

11–25$722.11M43.4%

Rest$94.67M5.7%

Top 3 weight

19.1%

Top 10 weight

51.0%

Voting Authority Distribution

Total shares with voting rights: 1.55B

Sole

Full voting authority

1.55B

% 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)

Sole30

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings30

Rows:

HALO 0 1/4 03/01/27

SOLE

NOTE 0.250% 3/0

Shares111.50M

TypePRN

Market value$127.98M

7.68%

Sole

111.50M

Shared

0.00

None

0.00

ITRI 0 03/15/26

SOLE

NOTE 3/1

Shares95M

TypePRN

Market value$100.67M

6.04%

Sole

95M

Shared

0.00

None

0.00

AEIS 2 1/2 09/15/28

SOLE

NOTE 2.500% 9/1

Shares64.73M

TypePRN

Market value$89.70M

5.39%

Sole

64.73M

Shared

0.00

None

0.00

UBER 0 12/15/25

SOLE

NOTE 12/1

Shares66.85M

TypePRN

Market value$81.57M

4.90%

Sole

66.85M

Shared

0.00

None

0.00

BL 1 06/01/29

SOLE

NOTE 1.000% 6/0

Shares77M

TypePRN

Market value$79.99M

4.80%

Sole

77M

Shared

0.00

None

0.00

ALRM 2 1/4 06/01/29

SOLE

NOTE 2.250% 6/0

Shares80M

TypePRN

Market value$76.91M

4.62%

Sole

80M

Shared

0.00

None

0.00

UBER 0 7/8 12/01/28

SOLE

NOTE 0.875%12/0

Shares52M

TypePRN

Market value$76.54M

4.60%

Sole

52M

Shared

0.00

None

0.00

DXCM 0 3/8 05/15/28

SOLE

NOTE 0.375% 5/1

Shares82.85M

TypePRN

Market value$75.60M

4.54%

Sole

82.85M

Shared

0.00

None

0.00

SPOT 0 03/15/26

SOLE

NOTE 3/1

Shares53M

TypePRN

Market value$72.61M

4.36%

Sole

53M

Shared

0.00

None

0.00

SEALTD 0 1/4 09/15/26

SOLE

NOTE 0.250% 9/1

Shares70M

TypePRN

Market value$67.33M

4.04%

Sole

70M

Shared

0.00

None

0.00

BOX 0 01/15/26

SOLE

NOTE 1/1

Shares53.61M

TypePRN

Market value$66.95M

4.02%

Sole

53.61M

Shared

0.00

None

0.00

AKAM 1 1/8 02/15/29

SOLE

NOTE 1.125% 2/1

Shares70M

TypePRN

Market value$65.86M

3.95%

Sole

70M

Shared

0.00

None

0.00

AKAM 0 3/8 09/01/27

SOLE

NOTE 0.375% 9/0

Shares65M

TypePRN

Market value$62.34M

3.74%

Sole

65M

Shared

0.00

None

0.00

NET 0 08/15/26

SOLE

NOTE 8/1

Shares50M

TypePRN

Market value$62.11M

3.73%

Sole

50M

Shared

0.00

None

0.00

JAZZ 2 06/15/26

SOLE

NOTE 2.000% 6/1

Shares52.50M

TypePRN

Market value$55.77M

3.35%

Sole

52.50M

Shared

0.00

None

0.00

DBX 0 03/01/26

SOLE

NOTE 3/0

Shares50M

TypePRN

Market value$49.46M

2.97%

Sole

50M

Shared

0.00

None

0.00

ON 0 05/01/27

SOLE

NOTE 5/0

Shares42.50M

TypePRN

Market value$48.43M

2.91%

Sole

42.50M

Shared

0.00

None

0.00

CFLT 0 01/15/27

SOLE

NOTE 1/1

Shares50M

TypePRN

Market value$47.26M

2.84%

Sole

50M

Shared

0.00

None

0.00

TRIP 0 1/4 04/01/26

SOLE

NOTE 0.250% 4/0

Shares47.90M

TypePRN

Market value$46.78M

2.81%

Sole

47.90M

Shared

0.00

None

0.00

ON 0 1/2 03/01/29

SOLE

NOTE 0.500% 3/0

Shares41.50M

TypePRN

Market value$38.55M

2.31%

Sole

41.50M

Shared

0.00

None

0.00

ITRI 1 3/8 07/15/30

SOLE

NOTE 1.375% 7/1

Shares33M

TypePRN

Market value$37.94M

2.28%

Sole

33M

Shared

0.00

None

0.00

VRNS 1 09/15/29

SOLE

NOTE 1.000% 9/1

Shares35M

TypePRN

Market value$37.90M

2.28%

Sole

35M

Shared

0.00

None

0.00

ETSY 0 1/4 06/15/28

SOLE

NOTE 0.250% 6/1

Shares42M

TypePRN

Market value$37.35M

2.24%

Sole

42M

Shared

0.00

None

0.00

SGH 2 08/15/30

SOLE

NOTE 2.000% 8/1

Shares30M

TypePRN

Market value$35.77M

2.15%

Sole

30M

Shared

0.00

None

0.00

BBIO 2 1/4 02/01/29

SOLE

NOTE 2.250% 2/0

Shares30M

TypePRN

Market value$29.65M

1.78%

Sole

30M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
HALO 0 1/4 03/01/27SOLE	NOTE 0.250% 3/0	111.50M	PRN	$127.98M 7.68%	111.50M
ITRI 0 03/15/26SOLE	NOTE 3/1	95M	PRN	$100.67M 6.04%	95M
AEIS 2 1/2 09/15/28SOLE	NOTE 2.500% 9/1	64.73M	PRN	$89.70M 5.39%	64.73M
UBER 0 12/15/25SOLE	NOTE 12/1	66.85M	PRN	$81.57M 4.90%	66.85M
BL 1 06/01/29SOLE	NOTE 1.000% 6/0	77M	PRN	$79.99M 4.80%	77M
ALRM 2 1/4 06/01/29SOLE	NOTE 2.250% 6/0	80M	PRN	$76.91M 4.62%	80M
UBER 0 7/8 12/01/28SOLE	NOTE 0.875%12/0	52M	PRN	$76.54M 4.60%	52M
DXCM 0 3/8 05/15/28SOLE	NOTE 0.375% 5/1	82.85M	PRN	$75.60M 4.54%	82.85M
SPOT 0 03/15/26SOLE	NOTE 3/1	53M	PRN	$72.61M 4.36%	53M
SEALTD 0 1/4 09/15/26SOLE	NOTE 0.250% 9/1	70M	PRN	$67.33M 4.04%	70M
BOX 0 01/15/26SOLE	NOTE 1/1	53.61M	PRN	$66.95M 4.02%	53.61M
AKAM 1 1/8 02/15/29SOLE	NOTE 1.125% 2/1	70M	PRN	$65.86M 3.95%	70M
AKAM 0 3/8 09/01/27SOLE	NOTE 0.375% 9/0	65M	PRN	$62.34M 3.74%	65M
NET 0 08/15/26SOLE	NOTE 8/1	50M	PRN	$62.11M 3.73%	50M
JAZZ 2 06/15/26SOLE	NOTE 2.000% 6/1	52.50M	PRN	$55.77M 3.35%	52.50M
DBX 0 03/01/26SOLE	NOTE 3/0	50M	PRN	$49.46M 2.97%	50M
ON 0 05/01/27SOLE	NOTE 5/0	42.50M	PRN	$48.43M 2.91%	42.50M
CFLT 0 01/15/27SOLE	NOTE 1/1	50M	PRN	$47.26M 2.84%	50M
TRIP 0 1/4 04/01/26SOLE	NOTE 0.250% 4/0	47.90M	PRN	$46.78M 2.81%	47.90M
ON 0 1/2 03/01/29SOLE	NOTE 0.500% 3/0	41.50M	PRN	$38.55M 2.31%	41.50M
ITRI 1 3/8 07/15/30SOLE	NOTE 1.375% 7/1	33M	PRN	$37.94M 2.28%	33M
VRNS 1 09/15/29SOLE	NOTE 1.000% 9/1	35M	PRN	$37.90M 2.28%	35M
ETSY 0 1/4 06/15/28SOLE	NOTE 0.250% 6/1	42M	PRN	$37.35M 2.24%	42M
SGH 2 08/15/30SOLE	NOTE 2.000% 8/1	30M	PRN	$35.77M 2.15%	30M
BBIO 2 1/4 02/01/29SOLE	NOTE 2.250% 2/0	30M	PRN	$29.65M 1.78%	30M

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