STEELHEAD PARTNERS LLC

SEATTLE, WA · CIK 1133521 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$2.5bn
Staff12 · 6 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $2.5bn gross assets
Websitesteelhead.com
Form ADV · 2026-03-31SEC adviser record

Legal entitySTEELHEAD PARTNERS, LLC (US)

Kindhedge funds, futures
Others nearbySeattle, WA

As an employer

Offices in1 country
Private fundshedge 2

$1.4bn reported value +0.8% vs Q1 2026

25positions

64.5%in top 10

8 new 10 added 2 reduced 7 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal	UBER 0.875 12.01.28 2028	120,000,000	$143.9m10.26%	10.26%	Added +20.0m	+20,000,000 20.0%
2	BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 · principal BBIO 2.5 03.15.27 · principal	BBIO 2.5 03.15.27	70,000,000	$124.8m8.90%	8.90%	Unchanged
3	AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal	AKAM 0.375 09.01.27	100,000,000	$120.2m8.57%	8.57%	Added +60.0m	+60,000,000 150.0%
4	ALARM COM HLDGS INC NOTE 2.250% 6/0 · principal ALRM 2.25 06.01.29 · principal	ALRM 2.25 06.01.29	90,000,000	$85.5m6.10%	6.10%	Unchanged
5	LCI INDS NOTE 3.000% 3/0 · principal LCII 3 03.01.30 · principal	LCII 3 03.01.30	70,500,000	$79.1m5.64%	5.64%	Added +1.5m	+1,500,000 2.2%
6	ALNYLAM PHARMACEUTICALS INC NOTE 1.000% 9/1 · principal ALNY 1 09.15.27 · principal	ALNY 1 09.15.27	65,000,000	$78.2m5.57%	5.57%	Added +5.0m	+5,000,000 8.3%
7	DEXCOM INC NOTE 0.375% 5/1 · principal DXCM 0.375 05.15.28 · principal	DXCM 0.375 05.15.28	82,850,000	$77.5m5.53%	5.53%	Unchanged
8	NUTANIX INC NOTE 0.250%10/0 · principal NTNX 0.25 10.01.27 · principal	NTNX 0.25 10.01.27	65,000,000	$73.5m5.24%	5.24%	Unchanged
9	CLOUDFLARE INC NOTE 8/1 · principal NET 0 08.15.26 · principal	NET 0 08.15.26	50,000,000	$64.4m4.60%	4.60%	Reduced -20.0m	-20,000,000 -28.6%
10	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	59,140,000	$57.6m4.10%	4.10%	Added +19.1m	+19,140,000 47.9%
11	WORKIVA INC NOTE 1.250% 8/1 · principal WK 1.25 08.15.28 · principal	WK 1.25 08.15.28	61,000,000	$57.3m4.09%	4.09%	Added +3.5m	+3,500,000 6.1%
12	ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 · principal ON 0.5 03.01.29 · principal	ON 0.5 03.01.29	40,226,000	$48.6m3.46%	3.46%	New
13	BILL HOLDINGS INC NOTE 4/0 · principal BILL 0 04.01.30 · principal	BILL 0 04.01.30	50,000,000	$43.3m3.09%	3.09%	Added +16.5m	+16,500,000 49.2%
14	DATADOG INC NOTE 12/0 · principal DDOG 0 12.01.29 · principal	DDOG 0 12.01.29	30,000,000	$42.6m3.04%	3.04%	New
15	IRHYTHM TECHNOLOGIES INC NOTE 1.500% 9/0 · principal IRTC 1.5 09.01.29 · principal	IRTC 1.5 09.01.29	38,122,000	$42.1m3.00%	3.00%	Added +2.0m	+2,000,000 5.5%
16	POST HLDGS INC NOTE 2.500% 8/1 · principal POST 2.5 08.15.27 · principal	POST 2.5 08.15.27	38,014,000	$39.5m2.81%	2.81%	Added +8.8m	+8,800,000 30.1%
17	HALOZYME THERAPEUTICS INC NOTE 0.250% 3/0 · principal HALO 0.25 03.01.27 · principal	HALO 0.25 03.01.27	35,000,000	$39.1m2.79%	2.79%	Added +15.9m	+15,947,000 83.7%
18	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	35,000,000	$34.4m2.45%	2.45%	New
19	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.27 · principal	SNOW 0 10.01.27	20,000,000	$33.3m2.37%	2.37%	New
20	PENGUIN SOLUTIONS INC NOTE 2.000% 8/1 · principal PENG 2 08.15.30 · principal	PENG 2 08.15.30	10,000,000	$28.4m2.02%	2.02%	Reduced -13.0m	-13,000,000 -56.5%
21	BLACKLINE INC NOTE 1.000% 6/0 · principal BL 1 06.01.29 · principal	BL 1 06.01.29	28,000,000	$25.8m1.84%	1.84%	Unchanged
22	DIGITALOCEAN HLDGS INC NOTE 12/0 · principal DOCN 0 12.01.26 · principal	DOCN 0 12.01.26	20,427,000	$23.1m1.65%	1.65%	New
23	ADVANCED ENERGY INDS COM AEIS	AEIS	55,174	$20.6m1.47%	1.47%	New
24	TRAVERE THERAPEUTICS INC NOTE 0.500% 5/1 · principal TVTX 0.5 05.15.32 · principal	TVTX 0.5 05.15.32	15,000,000	$17.7m1.26%	1.26%	New
25	NEOGENOMICS INC COM NEW NEO	NEO	129,200	$1.9m0.13%	0.13%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ON SEMICONDUCTOR CORP ON 0 05.01.27	ON 0 05.01.27	97,703,000	$126.1m97.7m shares
ADVANCED ENERGY INDS AEIS 2.5 09.15.28	AEIS 2.5 09.15.28	40,500,000	$97.5m40.5m shares
AKAMAI TECHNOLOGIES INC AKAM 1.125 02.15.29	AKAM 1.125 02.15.29	77,000,000	$88.0m77.0m shares
ITRON INC ITRI 1.375 07.15.30	ITRI 1.375 07.15.30	35,000,000	$35.4m35.0m shares
LEMAITRE VASCULAR INC LMAT 2.5 02.01.30	LMAT 2.5 02.01.30	12,000,000	$13.5m12.0m shares
FIVE9 INC FIVN 1 03.15.29	FIVN 1 03.15.29	9,000,000	$7.8m9.0m shares
VOYAGER TECHNOLOGIES INC VOYG	VOYG	43,000	$1.0m43.0k shares