Strategic Income Management, LLC

SEATTLE, WA · CIK 1540306 · 13F filing filed 2023-11-13

SEC-registered investment adviser since 2010 · limited liability company

Assets managed$3.1bn
Staff6 · 3 in investment roles
Main clients (by assets)Mutual funds and ETFs 66%, Private funds 14%, Sovereign wealth funds 11%
Websitesim-llc.com
Form ADV · 2026-08-28SEC adviser record

$52.1m reported value -1.8% vs Q2 2023

8positions

100.0%in top 10

5 new 1 added 1 reduced 3 sold out vs Q2 2023

This report includes the holdings of 1 other manager that shares the investment decisions:

Shares in two reports are counted once in each security's totals.

Holdings, Q3 2023

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	EZCORP INC NOTE 2.375% 5/0 · principal EZPW 2.375 05.01.25 · principal	EZPW 2.375 05.01.25	12,000,000	$11.2m21.47%	21.47%	New
2	HOLLY ENERGY PARTNERS L P COM UT LTD PTN HEP	HEP	377,730	$8.3m15.91%	15.91%	Reduced -69.9k	-69,915 -15.6%
3	ANNALY CAPITAL MANAGEMENT IN COM NEW NLY	NLY	435,640	$8.2m15.72%	15.72%	Added +109.4k	+109,381 33.5%
4	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	11,760,000	$7.8m14.90%	14.90%	New
5	SCORPIO TANKERS INC SHS STNG	STNG	132,209	$7.2m13.73%	13.73%	Unchanged
6	MPLX LP COM UNIT REP LTD MPLX	MPLX	134,800	$4.8m9.20%	9.20%	New
7	KNOT OFFSHORE PARTNERS LP COM UNITS KNOP	KNOP	573,880	$3.9m7.52%	7.52%	New
8	TURNING PT BRANDS INC NOTE 2.500% 7/1 · principal TPB 2.5 07.15.24 · principal	TPB 2.5 07.15.24	850,000	$808.5k1.55%	1.55%	New

Security	Ticker	Shares held before	Value then
UPSTART HLDGS INC UPST 0.25 08.15.26	UPST 0.25 08.15.26	25,530,000	$17.4m25.5m shares
EZCORP INC EZPW 2.375 05.01.25	EZPW 2.375 05.01.25	15,000,000	$13.8m15.0m shares
TURNING PT BRANDS INC TPB 2.5 07.15.24	TPB 2.5 07.15.24	850,000	$809.6k850.0k shares