Q4 2025 · 13F-HR
STEELHEAD PARTNERS LLCholdings as filed
Filed 2026-02-13 · accession 0001133521-26-000006
The Brief · STEELHEAD PARTNERS LLC · Q4 2025
AI · grounded in 13F
STEELHEAD PARTNERS LLC closed its position in [[stock:HALO 0.25 03/01/27]], reducing exposure by $127.98M. The fund also exited positions in [[stock:ITRI 0 03/15/26]] and [[stock:UBER 0 12/15/25]], which decreased holdings by $100.67M and $81.57M respectively. On the buy side, the fund established new positions in [[stock:NTNX 0.25 10/01/27]] for $73.18M and [[stock:BILL 0 04/01/30]] for $67.25M. Additionally, it increased its share count in [[stock:ON 0 05/01/27]] by 135.29%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 682189AS4 | ON 0 05/01/27 | ON SEMICONDUCTOR CORP | $119.5M | 8.83% | 100,000,000 | Common | SOLE |
| 18915MAC1 | NET 0 08/15/26 | CLOUDFLARE INC | $98.5M | 7.28% | 84,000,000 | Common | SOLE |
| 00971TAN1 | AKAM 1.125 02/15/29 | AKAMAI TECHNOLOGIES INC | $86.6M | 6.40% | 87,500,000 | Common | SOLE |
| 011642AD7 | ALRM 2.25 06/01/29 | ALARM COM HLDGS INC | $85.9M | 6.34% | 90,000,000 | Common | SOLE |
| 09239BAF6 | BL 1 06/01/29 | BLACKLINE INC | $81.6M | 6.02% | 77,000,000 | Common | SOLE |
| 252131AM9 | DXCM 0.375 05/15/28 | DEXCOM INC | $76.4M | 5.64% | 82,850,000 | Common | SOLE |
| 67059NAH1 | NTNX 0.25 10/01/27 | NUTANIX INC | $73.2M | 5.41% | 65,000,000 | Common | SOLE |
| 90353TAM2 | UBER 0.875 12/01/28 2028 | UBER TECHNOLOGIES INC | $71.5M | 5.28% | 55,000,000 | Common | SOLE |
| 472145AF8 | JAZZ 2 06/15/26 | JAZZ INVESTMENTS I LTD | $69.6M | 5.14% | 60,000,000 | Common | SOLE |
| 00971TAL5 | AKAM 0.375 09/01/27 | AKAMAI TECHNOLOGIES INC | $68.6M | 5.07% | 68,150,000 | Common | SOLE |
| 090043AF7 | BILL 0 04/01/30 | BILL HOLDINGS INC | $67.3M | 4.97% | 73,000,000 | Common | SOLE |
| 007973AE0 | AEIS 2.5 09/15/28 | ADVANCED ENERGY INDS | $65.6M | 4.85% | 40,000,000 | Common | SOLE |
| 10316TAB0 | BOX 0 01/15/26 | BOX INC | $62.7M | 4.63% | 53,609,000 | Common | SOLE |
| 20717MAB9 | CFLT 0 01/15/27 | CONFLUENT INC | $59.5M | 4.39% | 61,040,000 | Common | SOLE |
| 896945AD4 | TRIP 0.25 04/01/26 | TRIPADVISOR INC | $47.2M | 3.49% | 47,901,000 | Common | SOLE |
| 81141RAG5 | SEALTD 0.25 09/15/26 | SEA LTD | $43.7M | 3.23% | 45,000,000 | Common | SOLE |
| 465741AQ9 | ITRI 1.375 07/15/30 | ITRON INC | $40.5M | 3.00% | 40,000,000 | Common | SOLE |
| 83205YAE4 | PENG 2 08/15/30 | PENGUIN SOLUTIONS INC | $30.7M | 2.27% | 30,000,000 | Common | SOLE |
| 29786AAN6 | ETSY 0.25 06/15/28 | ETSY INC | $30.6M | 2.26% | 34,200,000 | Common | SOLE |
| 743312AB6 | PRGS 1 04/15/26 | PROGRESS SOFTWARE CORP | $24.9M | 1.84% | 25,000,000 | Common | SOLE |
| 338307AF8 | FIVN 1 03/15/29 | FIVE9 INC | $22.6M | 1.67% | 25,000,000 | Common | SOLE |
| 922280AD4 | VRNS 1 09/15/29 | VARONIS SYS INC | $14.0M | 1.03% | 15,000,000 | Common | SOLE |
| 525558AB8 | LMAT 2.5 02/01/30 | LEMAITRE VASCULAR INC | $12.0M | 0.88% | 12,000,000 | Common | SOLE |
| 92892B103 | VOYG | VOYAGER TECHNOLOGIES INC | $1.1M | 0.08% | 43,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.