STEELHEAD PARTNERS LLC

Filed: 2/13/2026ACC: 0001133521-26-000006

📋 What this filing means

STEELHEAD PARTNERS LLC filed this quarterly 13F‑HR report disclosing 24 equity positions with a total reported market value of $1.35B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.35B

Total AUM (reported)

1.27B

Total Shares

Allocation by class

NOTE 1/1$122.12M9.0%

NOTE 5/0$119.54M8.8%

NOTE 8/1$98.52M7.3%

NOTE 1.125% 2/1$86.61M6.4%

NOTE 2.250% 6/0$85.88M6.3%

NOTE 1.000% 6/0$81.56M6.0%

NOTE 0.375% 5/1$76.39M5.6%

Portfolio Concentration

Top 3$304.67M22.5%

4–10$526.73M38.9%

11–25$522.34M38.6%

Top 3 weight

22.5%

Top 10 weight

61.4%

Voting Authority Distribution

Total shares with voting rights: 1.27B

Sole

Full voting authority

1.27B

% 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)

Sole24

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings24

Rows:

ON SEMICONDUCTOR CORP

SOLE

NOTE 5/0

Shares100M

TypePRN

Market value$119.54M

8.83%

Sole

100M

Shared

0.00

None

0.00

CLOUDFLARE INC

SOLE

NOTE 8/1

Shares84M

TypePRN

Market value$98.52M

7.28%

Sole

84M

Shared

0.00

None

0.00

AKAMAI TECHNOLOGIES INC

SOLE

NOTE 1.125% 2/1

Shares87.50M

TypePRN

Market value$86.61M

6.40%

Sole

87.50M

Shared

0.00

None

0.00

ALARM COM HLDGS INC

SOLE

NOTE 2.250% 6/0

Shares90M

TypePRN

Market value$85.88M

6.34%

Sole

90M

Shared

0.00

None

0.00

BLACKLINE INC

SOLE

NOTE 1.000% 6/0

Shares77M

TypePRN

Market value$81.56M

6.02%

Sole

77M

Shared

0.00

None

0.00

DEXCOM INC

SOLE

NOTE 0.375% 5/1

Shares82.85M

TypePRN

Market value$76.39M

5.64%

Sole

82.85M

Shared

0.00

None

0.00

NUTANIX INC

SOLE

NOTE 0.250%10/0

Shares65M

TypePRN

Market value$73.18M

5.41%

Sole

65M

Shared

0.00

None

0.00

UBER TECHNOLOGIES INC

SOLE

NOTE 0.875%12/0

Shares55M

TypePRN

Market value$71.50M

5.28%

Sole

55M

Shared

0.00

None

0.00

JAZZ INVESTMENTS I LTD

SOLE

NOTE 2.000% 6/1

Shares60M

TypePRN

Market value$69.60M

5.14%

Sole

60M

Shared

0.00

None

0.00

AKAMAI TECHNOLOGIES INC

SOLE

NOTE 0.375% 9/0

Shares68.15M

TypePRN

Market value$68.61M

5.07%

Sole

68.15M

Shared

0.00

None

0.00

BILL HOLDINGS INC

SOLE

NOTE 4/0 ADDED

Shares73M

TypePRN

Market value$67.25M

4.97%

Sole

73M

Shared

0.00

None

0.00

ADVANCED ENERGY INDS

SOLE

NOTE 2.500% 9/1

Shares40M

TypePRN

Market value$65.65M

4.85%

Sole

40M

Shared

0.00

None

0.00

BOX INC

SOLE

NOTE 1/1

Shares53.61M

TypePRN

Market value$62.66M

4.63%

Sole

53.61M

Shared

0.00

None

0.00

CONFLUENT INC

SOLE

NOTE 1/1

Shares61.04M

TypePRN

Market value$59.46M

4.39%

Sole

61.04M

Shared

0.00

None

0.00

TRIPADVISOR INC

SOLE

NOTE 0.250% 4/0

Shares47.90M

TypePRN

Market value$47.23M

3.49%

Sole

47.90M

Shared

0.00

None

0.00

SEA LTD

SOLE

NOTE 0.250% 9/1

Shares45M

TypePRN

Market value$43.71M

3.23%

Sole

45M

Shared

0.00

None

0.00

ITRON INC

SOLE

NOTE 1.375% 7/1

Shares40M

TypePRN

Market value$40.55M

3.00%

Sole

40M

Shared

0.00

None

0.00

PENGUIN SOLUTIONS INC

SOLE

NOTE 2.000% 8/1

Shares30M

TypePRN

Market value$30.75M

2.27%

Sole

30M

Shared

0.00

None

0.00

ETSY INC

SOLE

NOTE 0.250% 6/1

Shares34.20M

TypePRN

Market value$30.59M

2.26%

Sole

34.20M

Shared

0.00

None

0.00

PROGRESS SOFTWARE CORP

SOLE

NOTE 1.000% 4/1

Shares25M

TypePRN

Market value$24.89M

1.84%

Sole

25M

Shared

0.00

None

0.00

FIVE9 INC

SOLE

NOTE 1.000% 3/1

Shares25M

TypePRN

Market value$22.55M

1.67%

Sole

25M

Shared

0.00

None

0.00

VARONIS SYS INC

SOLE

NOTE 1.000% 9/1

Shares15M

TypePRN

Market value$13.96M

1.03%

Sole

15M

Shared

0.00

None

0.00

LEMAITRE VASCULAR INC

SOLE

NOTE 2.500% 2/0 ADDED

Shares12M

TypePRN

Market value$11.98M

0.88%

Sole

12M

Shared

0.00

None

0.00

VOYAGER TECHNOLOGIES INC

SOLE

COM CL A

Shares43K

TypeSH

Market value$1.12M

0.08%

Sole

43K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
ON SEMICONDUCTOR CORPSOLE	NOTE 5/0	100M	PRN	$119.54M 8.83%	100M
CLOUDFLARE INCSOLE	NOTE 8/1	84M	PRN	$98.52M 7.28%	84M
AKAMAI TECHNOLOGIES INCSOLE	NOTE 1.125% 2/1	87.50M	PRN	$86.61M 6.40%	87.50M
ALARM COM HLDGS INCSOLE	NOTE 2.250% 6/0	90M	PRN	$85.88M 6.34%	90M
BLACKLINE INCSOLE	NOTE 1.000% 6/0	77M	PRN	$81.56M 6.02%	77M
DEXCOM INCSOLE	NOTE 0.375% 5/1	82.85M	PRN	$76.39M 5.64%	82.85M
NUTANIX INCSOLE	NOTE 0.250%10/0	65M	PRN	$73.18M 5.41%	65M
UBER TECHNOLOGIES INCSOLE	NOTE 0.875%12/0	55M	PRN	$71.50M 5.28%	55M
JAZZ INVESTMENTS I LTDSOLE	NOTE 2.000% 6/1	60M	PRN	$69.60M 5.14%	60M
AKAMAI TECHNOLOGIES INCSOLE	NOTE 0.375% 9/0	68.15M	PRN	$68.61M 5.07%	68.15M
BILL HOLDINGS INCSOLE	NOTE 4/0 ADDED	73M	PRN	$67.25M 4.97%	73M
ADVANCED ENERGY INDSSOLE	NOTE 2.500% 9/1	40M	PRN	$65.65M 4.85%	40M
BOX INCSOLE	NOTE 1/1	53.61M	PRN	$62.66M 4.63%	53.61M
CONFLUENT INCSOLE	NOTE 1/1	61.04M	PRN	$59.46M 4.39%	61.04M
TRIPADVISOR INCSOLE	NOTE 0.250% 4/0	47.90M	PRN	$47.23M 3.49%	47.90M
SEA LTDSOLE	NOTE 0.250% 9/1	45M	PRN	$43.71M 3.23%	45M
ITRON INCSOLE	NOTE 1.375% 7/1	40M	PRN	$40.55M 3.00%	40M
PENGUIN SOLUTIONS INCSOLE	NOTE 2.000% 8/1	30M	PRN	$30.75M 2.27%	30M
ETSY INCSOLE	NOTE 0.250% 6/1	34.20M	PRN	$30.59M 2.26%	34.20M
PROGRESS SOFTWARE CORPSOLE	NOTE 1.000% 4/1	25M	PRN	$24.89M 1.84%	25M
FIVE9 INCSOLE	NOTE 1.000% 3/1	25M	PRN	$22.55M 1.67%	25M
VARONIS SYS INCSOLE	NOTE 1.000% 9/1	15M	PRN	$13.96M 1.03%	15M
LEMAITRE VASCULAR INCSOLE	NOTE 2.500% 2/0 ADDED	12M	PRN	$11.98M 0.88%	12M
VOYAGER TECHNOLOGIES INCSOLE	COM CL A	43K	SH	$1.12M 0.08%	43K