STEELHEAD PARTNERS LLC — 13F Holdings & Portfolio
CIK 1133521 · latest 13F-HR filed 2026-05-13
STEELHEAD PARTNERS LLC manages $1.39B in 13F-reported U.S. long-equity assets across 24 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are BBIO (9.10%), ON (9.06%), UBER (8.69%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 7 new positions, exited 7, added to 5, and trimmed 9.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$1.39B
Long-equity book
24
Distinct positions
2026-03-31
Filed 2026-05-13
+7 / −7 / ↑5 / ↓9
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- UBER 0 7/8 12/01/28$49.3M +69.0%
- AEIS 2 1/2 09/15/28$31.9M +48.5%
- VRNS 1 09/15/29$21.0M +150.3%
- ON 0 05/01/27$6.5M +5.5%
- LMAT 2 1/2 02/01/30$1.5M +12.9%
Top Trims
- BL 1 06/01/29-$55.2M -67.7%
- BILL 0 04/01/30-$37.4M -55.6%
- AKAM 0 3/8 09/01/27-$22.2M -32.3%
- NET 0 08/15/26-$16.3M -16.6%
- FIVN 1 03/15/29-$14.7M -65.3%
New Positions
- BBIO 2 1/2 03/15/27$126.6M
- LCII 3 03/01/30$83.2M
- ALNY 1 09/15/27$77.1M
- WK 1 1/4 08/15/28$53.9M
- IRTC 1 1/2 09/01/29$39.7M
Exited Positions
- JAZZ INVESTMENTS I LTD$69.6M
- BOX INC$62.7M
- CONFLUENT INC$59.5M
- TRIPADVISOR INC$47.2M
- SEA LTD$43.7M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | BBIO 2 1/2 03/15/27 | BBIO | 10806XAB8 | $126.6M | 9.10% | 70,000,000 | PRN |
| 2 | ON 0 05/01/27 | ON | 682189AS4 | $126.1M | 9.06% | 97,703,000 | PRN |
| 3 | UBER 0 7/8 12/01/28 | UBER | 90353TAM2 | $120.8M | 8.69% | 100,000,000 | PRN |
| 4 | AEIS 2 1/2 09/15/28 | AEIS | 007973AE0 | $97.5M | 7.01% | 40,500,000 | PRN |
| 5 | AKAM 1 1/8 02/15/29 | AKAM | 00971TAN1 | $88.0M | 6.33% | 77,000,000 | PRN |
| 6 | LCII 3 03/01/30 | LCII | 501812AD3 | $83.2M | 5.98% | 69,000,000 | PRN |
| 7 | ALRM 2 1/4 06/01/29 | ALRM | 011642AD7 | $83.2M | 5.98% | 90,000,000 | PRN |
| 8 | NET 0 08/15/26 | NET | 18915MAC1 | $82.2M | 5.91% | 70,000,000 | PRN |
| 9 | ALNY 1 09/15/27 | ALNY | 02043QAB3 | $77.1M | 5.54% | 60,000,000 | PRN |
| 10 | DXCM 0 3/8 05/15/28 | DXCM | 252131AM9 | $76.6M | 5.50% | 82,850,000 | PRN |
| 11 | NTNX 0 1/4 10/01/27 | NTNX | 67059NAH1 | $66.4M | 4.77% | 65,000,000 | PRN |
| 12 | WK 1 1/4 08/15/28 | WK | 98139AAD7 | $53.9M | 3.88% | 57,500,000 | PRN |
| 13 | AKAM 0 3/8 09/01/27 | AKAM | 00971TAL5 | $46.5M | 3.34% | 40,000,000 | PRN |
| 14 | IRTC 1 1/2 09/01/29 | IRTC | 450056AB2 | $39.7M | 2.85% | 36,122,000 | PRN |
| 15 | ITRI 1 3/8 07/15/30 | ITRO | 465741AQ9 | $35.4M | 2.54% | 35,000,000 | PRN |
| 16 | VRNS 1 09/15/29 | VRNS | 922280AD4 | $34.9M | 2.51% | 40,000,000 | PRN |
| 17 | POST 2 1/2 08/15/27 | POST | 737446AT1 | $31.6M | 2.27% | 29,214,000 | PRN |
| 18 | BILL 0 04/01/30 | BILL | 090043AF7 | $29.9M | 2.15% | 33,500,000 | PRN |
| 19 | BL 1 06/01/29 | BL | 09239BAF6 | $26.3M | 1.89% | 28,000,000 | PRN |
| 20 | PENG 2 08/15/30 | PENG | 83205YAE4 | $23.1M | 1.66% | 23,000,000 | PRN |
| 21 | HALO 0 1/4 03/01/27 | HALO | 40637HAD1 | $19.8M | 1.43% | 19,053,000 | PRN |
| 22 | LMAT 2 1/2 02/01/30 | LMAT | 525558AB8 | $13.5M | 0.97% | 12,000,000 | PRN |
| 23 | FIVN 1 03/15/29 | FIVN | 338307AF8 | $7.8M | 0.56% | 9,000,000 | PRN |
| 24 | VOYAGER TECHNOLOGIES INC | VOYG | 92892B103 | $1.0M | 0.07% | 43,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-13 | $1.39B | 24 | 0001133521-26-000011 |
| 2025-12-31 | 2026-02-13 | $1.35B | 24 | 0001133521-26-000006 |
| 2025-09-30 | 2025-11-14 | $1.67B | 30 | 0001133521-25-000013 |