Institutional
STEELHEAD PARTNERS LLC
CIK 0001133521
$1.39B
Reported AUM
24
Positions
Q1 2026
Period
2026-05-13
Filed
The Brief · STEELHEAD PARTNERS LLC · Q1 2026
AI · grounded in 13F
STEELHEAD PARTNERS LLC established a new position in [[stock:BBIO 2.5 03/15/27]] worth $126.6M. The fund also opened new positions in [[stock:LCII 3 03/01/30]] for $83.2M and [[stock:ALNY 1 09/15/27]] for $77.1M. On the sell side, the fund closed its positions in [[stock:JAZZ 2 06/15/26]] and [[stock:BOX 0 01/15/26]], reducing exposure by $69.6M and $62.7M respectively.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BBIO 2.5 03/15/27 | BBIO 2 1/2 03/15/27 | — | — | — | — | $126.6M | 9.10% | +70,000,000 | NEW |
| 2 | ON 0 05/01/27 | ON 0 05/01/27 | — | — | — | — | $126.1M | 9.06% | −2,297,000 | −2.3% |
| 3 | UBER 0.875 12/01/28 2028 | UBER 0 7/8 12/01/28 | — | — | — | — | $120.8M | 8.69% | +45,000,000 | +81.8% |
| 4 | AEIS 2.5 09/15/28 | AEIS 2 1/2 09/15/28 | — | — | — | — | $97.5M | 7.01% | +500,000 | +1.3% |
| 5 | AKAM 1.125 02/15/29 | AKAM 1 1/8 02/15/29 | — | — | — | — | $88.0M | 6.33% | −10,500,000 | −12.0% |
| 6 | LCII 3 03/01/30 | LCII 3 03/01/30 | — | — | — | — | $83.2M | 5.98% | +69,000,000 | NEW |
| 7 | ALRM 2.25 06/01/29 | ALRM 2 1/4 06/01/29 | — | — | — | — | $83.2M | 5.98% | — | HELD |
| 8 | NET 0 08/15/26 | NET 0 08/15/26 | — | — | — | — | $82.2M | 5.91% | −14,000,000 | −16.7% |
| 9 | ALNY 1 09/15/27 | ALNY 1 09/15/27 | — | — | — | — | $77.1M | 5.54% | +60,000,000 | NEW |
| 10 | DXCM 0.375 05/15/28 | DXCM 0 3/8 05/15/28 | — | — | — | — | $76.6M | 5.50% | — | HELD |
| 11 | NTNX 0.25 10/01/27 | NTNX 0 1/4 10/01/27 | — | — | — | — | $66.4M | 4.77% | — | HELD |
| 12 | WK 1.25 08/15/28 | WK 1 1/4 08/15/28 | — | — | — | — | $53.9M | 3.88% | +57,500,000 | NEW |
| 13 | AKAM 0.375 09/01/27 | AKAM 0 3/8 09/01/27 | — | — | — | — | $46.5M | 3.34% | −28,150,000 | −41.3% |
| 14 | IRTC 1.5 09/01/29 | IRTC 1 1/2 09/01/29 | — | — | — | — | $39.7M | 2.85% | +36,122,000 | NEW |
| 15 | ITRI 1.375 07/15/30 | ITRI 1 3/8 07/15/30 | — | — | — | — | $35.4M | 2.54% | −5,000,000 | −12.5% |
| 16 | VRNS 1 09/15/29 | VRNS 1 09/15/29 | — | — | — | — | $34.9M | 2.51% | +25,000,000 | +166.7% |
| 17 | POST 2.5 08/15/27 | POST 2 1/2 08/15/27 | — | — | — | — | $31.6M | 2.27% | +29,214,000 | NEW |
| 18 | BILL 0 04/01/30 | BILL 0 04/01/30 | — | — | — | — | $29.9M | 2.15% | −39,500,000 | −54.1% |
| 19 | BL 1 06/01/29 | BL 1 06/01/29 | — | — | — | — | $26.3M | 1.89% | −49,000,000 | −63.6% |
| 20 | PENG 2 08/15/30 | PENG 2 08/15/30 | — | — | — | — | $23.1M | 1.66% | −7,000,000 | −23.3% |
| 21 | HALO 0.25 03/01/27 | HALO 0 1/4 03/01/27 | — | — | — | — | $19.8M | 1.43% | +19,053,000 | NEW |
| 22 | LMAT 2.5 02/01/30 | LMAT 2 1/2 02/01/30 | — | — | — | — | $13.5M | 0.97% | — | HELD |
| 23 | FIVN 1 03/15/29 | FIVN 1 03/15/29 | — | — | — | — | $7.8M | 0.56% | −16,000,000 | −64.0% |
| 24 | VOYG | VOYAGER TECHNOLOGIES INC | $41.55 | -12.89% | -23.58% | 3.82% | $1.0M | 0.07% | — | HELD |
| 25 | JAZZ 2 06/15/26 | JAZZ INVESTMENTS I LTD | — | — | — | — | — | — | −60,000,000 | EXITED |
| 26 | BOX 0 01/15/26 | BOX INC | — | — | — | — | — | — | −53,609,000 | EXITED |
| 27 | CFLT 0 01/15/27 | CONFLUENT INC | — | — | — | — | — | — | −61,040,000 | EXITED |
| 28 | TRIP 0.25 04/01/26 | TRIPADVISOR INC | — | — | — | — | — | — | −47,901,000 | EXITED |
| 29 | SEALTD 0.25 09/15/26 | SEA LTD | — | — | — | — | — | — | −45,000,000 | EXITED |
| 30 | ETSY 0.25 06/15/28 | ETSY INC | — | — | — | — | — | — | −34,200,000 | EXITED |
| 31 | PRGS 1 04/15/26 | PROGRESS SOFTWARE CORP | — | — | — | — | — | — | −25,000,000 | EXITED |
Source: SEC EDGAR · accession 0001133521-26-000011. 13F discloses long positions only — shorts, foreign equities, and options are excluded.