STEELHEAD PARTNERS LLC
Follow13F filer, CIK 1133521, SEATTLE, WA
STEELHEAD PARTNERS LLC reported $1,734,543,758 across 31 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 50.53% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001133521-25-000009
- Period
- 2025-03-31
- Reported value
- $1.73B
- Holdings
- 31
- Top 10 weight
- 50.53%
- New
- 2
- Sold out
- 16
Largest buys vs the previous quarter
None.
Largest sells vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| IRENexited | -232,018 | -$2.28M |
Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.
Holdings, Q1 2025
Share positions as resolved from 13F-HR 0001133521-25-000009, largest first. % of portfolio is the value over $1,734,543,758, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|
Principal amounts
Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| SPOTIFY USA INCSPOTIFY USA INC NOTE 3/1 | principal | 119,500,000 | $143M | +5,500,000 |
| SEA LTDSEA LTD NOTE 0.250% 9/1 | principal | 131,000,000 | $123M | -1,000,000 |
| ITRON INCITRON INC NOTE 3/1 | principal | 95,000,000 | $97.7M | +15,000,000 |
| CLOUDFLARE INCCLOUDFLARE INC NOTE 8/1 | principal | 80,000,000 | $80.4M | 0 |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 0.500%12/1 | principal | 75,000,000 | $77.7M | -8,078,000 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 | principal | 77,500,000 | $75.6M | +29,500,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 12/1 | principal | 70,000,000 | $74.3M | 0 |
| DEXCOM INCDEXCOM INC NOTE 0.375% 5/1 | principal | 80,000,000 | $71.3M | +39,000,000 |
| ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1 | principal | 68,800,000 | $70.7M | +53,800,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 0.875%12/0 | principal | 52,000,000 | $63.2M | +9,000,000 |
| JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1 | principal | 59,600,000 | $61.8M | +9,965,000 |
| Shopify IncShopify Inc Convertible bond | principal | 60,000,000 | $60.2M | 0 |
| Dropbox IncDropbox Inc Convertible bond | principal | 61,000,000 | $60.2M | -9,000,000 |
| ETSY INCETSY INC NOTE 0.250% 6/1 | principal | 65,492,000 | $55.7M | 0 |
| CONFLUENT INCCONFLUENT INC NOTE 1/1 | principal | 60,000,000 | $55.6M | 0 |
| BOX INCBOX INC NOTE 1/1 | principal | 43,192,000 | $53.7M | +1,000,000 |
| ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0 | principal | 63,000,000 | $53.6M | +4,000,000 |
| FIVERR INTL LTDFIVERR INTL LTD NOTE 11/0 | principal | 53,250,000 | $51.7M | -750,000 |
| PAGERDUTY INCPAGERDUTY INC NOTE 1.500%10/1 | principal | 50,001,000 | $49.7M | +28,001,000 |
| ALNYLAM PHARMACEUTICALS INCALNYLAM PHARMACEUTICALS INC NOTE 1.000% 9/1 | principal | 43,000,000 | $49.6M | +36,500,000 |
| ALARM COM HLDGS INCALARM COM HLDGS INC NOTE 1/1 | principal | 48,000,000 | $46.2M | -6,000,000 |
| TripAdvisor IncTripAdvisor Inc CONV | principal | 45,013,000 | $43.2M | +10,013,000 |
| PROGRESS SOFTWARE CORPPROGRESS SOFTWARE CORP NOTE 1.000% 4/1 | principal | 36,500,000 | $39.1M | +6,500,000 |
| UPWORK INCUPWORK INC NOTE 0.250% 8/1 | principal | 40,000,000 | $37.4M | 0 |
| DEXCOM INCDEXCOM INC NOTE 0.250%11/1 | principal | 30,000,000 | $29.2M | -20,000,000 |
| GUARDANT HEALTH INCGUARDANT HEALTH INC NOTE 11/1 | principal | 28,000,000 | $24.8M | -12,129,000 |
| NORTHERN OIL & GAS INCNORTHERN OIL & GAS INC NOTE 3.625% 4/1 | principal | 21,000,000 | $22.2M | new |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 0.500% 6/1 | principal | 20,000,000 | $18.5M | -17,146,000 |
| WINNEBAGO INDS INCWINNEBAGO INDS INC NOTE 3.250% 1/1 | principal | 20,000,000 | $17.5M | new |
| CANADIAN SOLAR INCCANADIAN SOLAR INC NOTE 2.500%10/0 | principal | 16,500,000 | $16.1M | 0 |
| ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0 | principal | 13,000,000 | $12.4M | -14,500,000 |
Sold out in Q1 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| SOUTHWEST AIRLS COSOUTHWEST AIRLS CO | 80,000,000 | $82.5M | principal |
| IONIS PHARMACEUTICALS INCIONIS PHARMACEUTICALS INC | 50,000,000 | $48.4M | principal |
| GREENBRIER COS INCGREENBRIER COS INC | 35,692,000 | $43.2M | principal |
| BLOCK INCBLOCK INC | 42,000,000 | $39.1M | principal |
| IONIS PHARMACEUTICALS INCIONIS PHARMACEUTICALS INC | 38,000,000 | $37.6M | principal |
| SOLAREDGE TECHNOLOGIES INCSOLAREDGE TECHNOLOGIES INC | 38,000,000 | $35.6M | principal |
| PEGASYSTEMS INCPEGASYSTEMS INC | 34,496,000 | $34.2M | principal |
| NOVOCURE LTDNOVOCURE LTD | 34,500,000 | $32.9M | principal |
| LYFT INCLYFT INC | 30,520,000 | $30.1M | principal |
| NICE LTDNICE LTD | 28,097,000 | $27M | principal |
| NEW MTN FIN CORPNEW MTN FIN CORP | 18,500,000 | $18.6M | principal |
| EXACT SCIENCES CORPEXACT SCIENCES CORP | 18,000,000 | $15.9M | principal |
| AIRBNB INC CLASS AAIRBNB INC CLASS A | 15,000,000 | $14.1M | principal |
| ZSCALER INCZSCALER INC | 10,651,000 | $13.2M | principal |
| CAPITAL SOUTHWEST CORPCAPITAL SOUTHWEST CORP | 13,000,000 | $12.7M | principal |
| IRENIREN LIMITED | 232,018 | $2.28M | shares |
How Q1 2025 was built
Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001133521-25-000009 | base | 2025-05-15 | acceptance time not in the bulk data set |