13F Insight
DOSSIER · 13F-HR · Q1 2026

STEELHEAD PARTNERS LLC

$1.4B in tracked AUM across 24 positions as of Q1 2026.

SP
CIK 0001133521 · last filed Mar 31, 2026
Total AUM
$1.4B
as of Q1 2026
Holdings
24
—
positions
Whale Score
72
72
strong
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Steelhead Partners LLC SEC 13F Filing
1. Portfolio Overview

Steelhead Partners LLC reported a significant decrease in portfolio value during the quarter ending September 30, 2025, dropping 16.1% from approximately $1.99 billion to $1.67 billion. This contraction in AUM is likely attributable to a combination of asset reallocation, principal repayments, and potential market depreciation of the underlying fixed-income securities. The portfolio remains highly concen...

The most striking characteristic of this portfolio is its structure: it is almost entirely composed of corporate bonds and convertible notes. The naming convention of the holdings (e.g., "HALO 0 1/4 03/01/27") indicates a deep focus on fixed income, specifically zero-coupon or low-coupon convertible securities and corporate bonds. This suggests the firm employs a credit-focused or arbitrage strategy rather than a traditional long-only equity strategy. The "Unknown" sector classification dominating the allocation confirms that the standard sector tagging used for equities does not capture the credit nature of these assets.

2. Key Holdings

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
BBIO 2.5 03/15/27
BBIO 2 1/2 03/15/27
$127M70.0M9.1%02
ON 0 05/01/27
ON 0 05/01/27
$126M97.7M9.1%03
90353TAM2
UBER 0 7/8 12/01/28
$121M100.0M8.7%04
AEIS 2.5 09/15/28
AEIS 2 1/2 09/15/28
$98M40.5M7.0%05
AKAM 1.125 02/15/29
AKAM 1 1/8 02/15/29
$88M77.0M6.3%06
LCII 3 03/01/30
LCII 3 03/01/30
$83M69.0M6.0%07
ALRM 2.25 06/01/29
ALRM 2 1/4 06/01/29
$83M90.0M6.0%08
NET 0 08/15/26
NET 0 08/15/26
$82M70.0M5.9%09
ALNY 1 09/15/27
ALNY 1 09/15/27
$77M60.0M5.5%10
DXCM 0.375 05/15/28
DXCM 0 3/8 05/15/28
$77M82.8M5.5%

Filing history

2026Q1Mar 31
$1.4B▲ 2.8%
24 positionsView →2025Q4Dec 31
$1.4B▼ 18.7%
24 positionsView →2025Q3Sep 30
$1.7B▼ 16.1%
30 positionsView →2025Q2Jun 30
$2.0B▲ 14.5%
36 positionsLocked2025Q1Mar 31
$1.7B▼ 12.7%
31 positionsLocked2024Q4Dec 31
$2.0B▲ 2.3%
45 positionsLocked2024Q3Sep 30
$1.9B▲ 0.9%
49 positionsLocked2024Q2Jun 30
$1.9B▲ 1.2%
48 positionsLocked2024Q1Mar 31
$1.9B▼ 1.2%
46 positionsLocked2023Q4Dec 31
$1.9B▲ 12.9%
49 positionsLocked2023Q3Sep 30
$1.7B▲ 8.2%
49 positionsLocked2023Q2Jun 30
$1.6B▲ 2.7%
46 positionsLocked
Showing 12 of 93