STEELHEAD PARTNERS LLC
Follow13F filer, CIK 1133521, SEATTLE, WA
STEELHEAD PARTNERS LLC reported $1,985,534,804 across 36 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 45.76% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001133521-25-000012
- Period
- 2025-06-30
- Reported value
- $1.99B
- Holdings
- 36
- Top 10 weight
- 45.76%
- New
- 12
- Sold out
- 7
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| MIRnew | +57,352 | $1.23M |
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.
Largest sells vs the previous quarter
None.
Holdings, Q2 2025
Share positions as resolved from 13F-HR 0001133521-25-000012, largest first. % of portfolio is the value over $1,985,534,804, the sum of the share positions whose value is usable for ratios (method).
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 | 115,500,000 | $175M | -4,000,000 |
| ITRON INCITRON INC NOTE 3/1 | principal | 95,000,000 | $108M | 0 |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 0.500%12/1 | principal | 73,000,000 | $85.8M | -2,000,000 |
| ALNYLAM PHARMACEUTICALS INCALNYLAM PHARMACEUTICALS INC NOTE 1.000% 9/1 | principal | 65,000,000 | $84.6M | +22,000,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 12/1 | principal | 70,000,000 | $83.9M | 0 |
| DEXCOM INCDEXCOM INC NOTE 0.375% 5/1 | principal | 79,850,000 | $75.1M | -150,000 |
| BLACKLINE INCBLACKLINE INC NOTE 1.000% 6/0 | principal | 70,000,000 | $74.5M | new |
| ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1 | principal | 62,000,000 | $74.4M | -6,800,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 0.875%12/0 | principal | 52,000,000 | $74.3M | 0 |
| ALARM COM HLDGS INCALARM COM HLDGS INC NOTE 2.250% 6/0 | principal | 75,500,000 | $73.4M | new |
| SEA LTDSEA LTD NOTE 0.250% 9/1 | principal | 76,549,000 | $72.3M | -54,451,000 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 | principal | 70,000,000 | $66.5M | new |
| HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 | principal | 65,000,000 | $64.7M | new |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 | principal | 65,000,000 | $63.2M | -12,500,000 |
| BOX INCBOX INC NOTE 1/1 | principal | 45,609,000 | $60.9M | +2,417,000 |
| JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1 | principal | 59,600,000 | $60.4M | 0 |
| CLOUDFLARE INCCLOUDFLARE INC NOTE 8/1 | principal | 47,812,000 | $56.7M | -32,188,000 |
| Dropbox IncDropbox Inc Convertible bond | principal | 55,000,000 | $54.5M | -6,000,000 |
| ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0 | principal | 65,200,000 | $53.5M | +2,200,000 |
| PAGERDUTY INCPAGERDUTY INC NOTE 1.500%10/1 | principal | 54,001,000 | $51.6M | +4,000,000 |
| CONFLUENT INCCONFLUENT INC NOTE 1/1 | principal | 52,505,000 | $49M | -7,495,000 |
| FIVERR INTL LTDFIVERR INTL LTD NOTE 11/0 | principal | 50,000,000 | $49M | -3,250,000 |
| TripAdvisor IncTripAdvisor Inc CONV | principal | 47,118,000 | $45.3M | +2,105,000 |
| ITRON INCITRON INC NOTE 1.375% 7/1 | principal | 33,000,000 | $39.3M | new |
| UPWORK INCUPWORK INC NOTE 0.250% 8/1 | principal | 40,000,000 | $37.8M | 0 |
| PROGRESS SOFTWARE CORPPROGRESS SOFTWARE CORP NOTE 1.000% 4/1 | principal | 31,500,000 | $37.5M | -5,000,000 |
| ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 0.500% 3/0 | principal | 40,000,000 | $37.1M | new |
| ETSY INCETSY INC NOTE 0.250% 6/1 | principal | 42,000,000 | $36.1M | -23,492,000 |
| Shopify IncShopify Inc Convertible bond | principal | 35,000,000 | $35.6M | -25,000,000 |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 1.500%12/1 | principal | 18,000,000 | $27.7M | new |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC NOTE 0.500% 6/1 | principal | 20,000,000 | $20.7M | 0 |
| FIVE9 INCFIVE9 INC CNV | principal | 18,500,000 | $16.2M | new |
| MERITAGE HOMES CORPMERITAGE HOMES CORP NOTE 1.750% 5/1 | principal | 14,341,000 | $14M | new |
| BRIDGEBIO PHARMA INCBRIDGEBIO PHARMA INC Convertible | principal | 14,000,000 | $13.1M | new |
| COINBASE GLOBAL INCCOINBASE GLOBAL INC NOTE 0.250% 4/0 | principal | 10,000,000 | $13.1M | new |
Sold out in Q2 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| ALARM COM HLDGS INCALARM COM HLDGS INC | 48,000,000 | $46.2M | principal |
| DEXCOM INCDEXCOM INC | 30,000,000 | $29.2M | principal |
| GUARDANT HEALTH INCGUARDANT HEALTH INC | 28,000,000 | $24.8M | principal |
| NORTHERN OIL & GAS INCNORTHERN OIL & GAS INC | 21,000,000 | $22.2M | principal |
| WINNEBAGO INDS INCWINNEBAGO INDS INC | 20,000,000 | $17.5M | principal |
| CANADIAN SOLAR INCCANADIAN SOLAR INC | 16,500,000 | $16.1M | principal |
| ENPHASE ENERGY INCENPHASE ENERGY INC | 13,000,000 | $12.4M | principal |
How Q2 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 0001133521-25-000012 | base | 2025-08-14 | acceptance time not in the bulk data set |