STEELHEAD PARTNERS LLC
Follow13F filer, CIK 1133521, SEATTLE, WA
STEELHEAD PARTNERS LLC reported $1,353,736,039 across 24 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 61.42% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001133521-26-000006
- Period
- 2025-12-31
- Reported value
- $1.35B
- Holdings
- 24
- Top 10 weight
- 61.42%
- New
- 4
- Sold out
- 10
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| VOYGnew | +43,000 | $1.12M |
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 |
|---|---|---|
| HTZexited | -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.
Holdings, Q4 2025
Share positions as resolved from 13F-HR 0001133521-26-000006, largest first. % of portfolio is the value over $1,353,736,039, 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 |
|---|---|---|---|---|
| ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP NOTE 5/0 | principal | 100,000,000 | $120M | +57,500,000 |
| CLOUDFLARE INCCLOUDFLARE INC NOTE 8/1 | principal | 84,000,000 | $98.5M | +34,000,000 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 | principal | 87,500,000 | $86.6M | +17,500,000 |
| ALARM COM HLDGS INCALARM COM HLDGS INC NOTE 2.250% 6/0 | principal | 90,000,000 | $85.9M | +10,000,000 |
| BLACKLINE INCBLACKLINE INC NOTE 1.000% 6/0 | principal | 77,000,000 | $81.6M | 0 |
| DEXCOM INCDEXCOM INC NOTE 0.375% 5/1 | principal | 82,850,000 | $76.4M | 0 |
| NUTANIX INCNUTANIX INC Convertible | principal | 65,000,000 | $73.2M | new |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC NOTE 0.875%12/0 | principal | 55,000,000 | $71.5M | +3,000,000 |
| JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1 | principal | 60,000,000 | $69.6M | +7,500,000 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 | principal | 68,150,000 | $68.6M | +3,150,000 |
| BILL HOLDINGS INCBILL HOLDINGS INC NOTE 4/0 | principal | 73,000,000 | $67.3M | new |
| ADVANCED ENERGY INDSADVANCED ENERGY INDS NOTE 2.500% 9/1 | principal | 40,000,000 | $65.6M | -24,735,000 |
| BOX INCBOX INC NOTE 1/1 | principal | 53,609,000 | $62.7M | 0 |
| CONFLUENT INCCONFLUENT INC NOTE 1/1 | principal | 61,040,000 | $59.5M | +11,040,000 |
| TripAdvisor IncTripAdvisor Inc CONV | principal | 47,901,000 | $47.2M | 0 |
| SEA LTDSEA LTD NOTE 0.250% 9/1 | principal | 45,000,000 | $43.7M | -25,000,000 |
| ITRON INCITRON INC NOTE 1.375% 7/1 | principal | 40,000,000 | $40.5M | +7,000,000 |
| PENGUIN SOLUTIONS INCPENGUIN SOLUTIONS INC NOTE 2.000% 8/1 | principal | 30,000,000 | $30.7M | 0 |
| ETSY INCETSY INC NOTE 0.250% 6/1 | principal | 34,200,000 | $30.6M | -7,800,000 |
| PROGRESS SOFTWARE CORPPROGRESS SOFTWARE CORP NOTE 1.000% 4/1 | principal | 25,000,000 | $24.9M | 0 |
| FIVE9 INCFIVE9 INC CNV | principal | 25,000,000 | $22.6M | +1,500,000 |
| VARONIS SYS INCVARONIS SYS INC NOTE 1.000% 9/1 | principal | 15,000,000 | $14M | -20,000,000 |
| LEMAITRE VASCULAR INCLEMAITRE VASCULAR INC NOTE 2.500% 2/0 | principal | 12,000,000 | $12M | new |
Sold out in Q4 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC | 111,500,000 | $128M | principal |
| ITRON INCITRON INC | 95,000,000 | $101M | principal |
| UBER TECHNOLOGIES INCUBER TECHNOLOGIES INC | 66,847,000 | $81.6M | principal |
| SPOTIFY USA INCSPOTIFY USA INC | 53,000,000 | $72.6M | principal |
| Dropbox IncDropbox Inc | 50,000,000 | $49.5M | principal |
| ON SEMICONDUCTOR CORPON SEMICONDUCTOR CORP | 41,500,000 | $38.5M | principal |
| BRIDGEBIO PHARMA INCBRIDGEBIO PHARMA INC | 30,000,000 | $29.7M | principal |
| ENPHASE ENERGY INCENPHASE ENERGY INC | 30,000,000 | $26M | principal |
| UPWORK INCUPWORK INC | 23,500,000 | $22.8M | principal |
| HTZHERTZ GLOBAL HLDGS INC | 6,773 | $46.1K | shares |
How Q4 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 0001133521-26-000006 | base | 2026-02-13 | acceptance time not in the bulk data set |