STEELHEAD PARTNERS LLC
Follow13F filer, CIK 1133521, SEATTLE, WA
STEELHEAD PARTNERS LLC reported $1,665,673,587 across 30 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 50.96% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001133521-25-000013
- Period
- 2025-09-30
- Reported value
- $1.67B
- Holdings
- 30
- Top 10 weight
- 50.96%
- New
- 4
- Sold out
- 10
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| HTZnew | +6,773 | $46.1K |
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
| Security | Shares change | Approx. value |
|---|---|---|
| MIRexited | -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.
Holdings, Q3 2025
Share positions as resolved from 13F-HR 0001133521-25-000013, largest first. % of portfolio is the value over $1,665,673,587, 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 |
|---|---|---|---|---|
| HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 | principal | 111,500,000 | $128M | +46,500,000 |
| ITRON INCITRON INC NOTE 3/1 | principal | 95,000,000 | $101M | 0 |
| ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1 | principal | 64,735,000 | $89.7M | +2,735,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 12/1 | principal | 66,847,000 | $81.6M | -3,153,000 |
| BLACKLINE INCBLACKLINE INC NOTE 1.000% 6/0 | principal | 77,000,000 | $80M | +7,000,000 |
| ALARM COM HLDGS INCALARM COM HLDGS INC NOTE 2.250% 6/0 | principal | 80,000,000 | $76.9M | +4,500,000 |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 0.875%12/0 | principal | 52,000,000 | $76.5M | 0 |
| DEXCOM INCDEXCOM INC NOTE 0.375% 5/1 | principal | 82,850,000 | $75.6M | +3,000,000 |
| SPOTIFY USA INCSPOTIFY USA INC NOTE 3/1 | principal | 53,000,000 | $72.6M | -62,500,000 |
| SEA LTDSEA LTD NOTE 0.250% 9/1 | principal | 70,000,000 | $67.3M | -6,549,000 |
| BOX INCBOX INC NOTE 1/1 | principal | 53,609,000 | $66.9M | +8,000,000 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 | principal | 70,000,000 | $65.9M | 0 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 | principal | 65,000,000 | $62.3M | 0 |
| CLOUDFLARE INCCLOUDFLARE INC NOTE 8/1 | principal | 50,000,000 | $62.1M | +2,188,000 |
| JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1 | principal | 52,500,000 | $55.8M | -7,100,000 |
| Dropbox IncDropbox Inc Convertible bond | principal | 50,000,000 | $49.5M | -5,000,000 |
| ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 5/0 | principal | 42,500,000 | $48.4M | new |
| CONFLUENT INCCONFLUENT INC NOTE 1/1 | principal | 50,000,000 | $47.3M | -2,505,000 |
| TripAdvisor IncTripAdvisor Inc CONV | principal | 47,901,000 | $46.8M | +783,000 |
| ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 0.500% 3/0 | principal | 41,500,000 | $38.5M | +1,500,000 |
| ITRON INCITRON INC NOTE 1.375% 7/1 | principal | 33,000,000 | $37.9M | 0 |
| VARONIS SYS INCVARONIS SYS INC NOTE 1.000% 9/1 | principal | 35,000,000 | $37.9M | new |
| ETSY INCETSY INC NOTE 0.250% 6/1 | principal | 42,000,000 | $37.3M | 0 |
| PENGUIN SOLUTIONS INCPENGUIN SOLUTIONS INC NOTE 2.000% 8/1 | principal | 30,000,000 | $35.8M | new |
| BRIDGEBIO PHARMA INCBRIDGEBIO PHARMA INC Convertible | principal | 30,000,000 | $29.7M | +16,000,000 |
| ENPHASE ENERGY INCENPHASE ENERGY INC NOTE 3/0 | principal | 30,000,000 | $26M | -35,200,000 |
| PROGRESS SOFTWARE CORPPROGRESS SOFTWARE CORP NOTE 1.000% 4/1 | principal | 25,000,000 | $25M | -6,500,000 |
| UPWORK INCUPWORK INC NOTE 0.250% 8/1 | principal | 23,500,000 | $22.8M | -16,500,000 |
| FIVE9 INCFIVE9 INC CNV | principal | 23,500,000 | $20.8M | +5,000,000 |
Sold out in Q3 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC | 73,000,000 | $85.8M | principal |
| ALNYLAM PHARMACEUTICALS INCALNYLAM PHARMACEUTICALS INC | 65,000,000 | $84.6M | principal |
| PAGERDUTY INCPAGERDUTY INC | 54,001,000 | $51.6M | principal |
| FIVERR INTL LTDFIVERR INTL LTD | 50,000,000 | $49M | principal |
| Shopify IncShopify Inc | 35,000,000 | $35.6M | principal |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC | 18,000,000 | $27.7M | principal |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC | 20,000,000 | $20.7M | principal |
| MERITAGE HOMES CORPMERITAGE HOMES CORP | 14,341,000 | $14M | principal |
| COINBASE GLOBAL INCCOINBASE GLOBAL INC | 10,000,000 | $13.1M | principal |
| MIRMIRION TECHNOLOGIES INC | 57,352 | $1.23M | shares |
How Q3 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 0001133521-25-000013 | base | 2025-11-14 | acceptance time not in the bulk data set |