Steelhead Partners LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Steelhead Partners LLC reported 1 stock position worth $46 thousand. Its top holding was Hertz Global (HTZ) at 100.0% of the portfolio. Compared with Q2 2025, it opened 1 new position and sold out of 1. The biggest buy was a new position in Hertz Global (HTZ) and the biggest sale an exit from Mirion Technologies (MIR).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0001133521
- Portfolio Value
- $46K (Q3 2025)
- SEC Filing
- 0001133521-25-000013 ↗ filed Nov 14, 2025
Holdings Value
Holdings 1 stocks · $46K
| HTZ Hertz Global Hldgs Inc. | 100.00% | 6,773 | $46K | New |
Other holdings (29): bonds, preferreds, convertibles and warrants · $1.7B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 111,500,000 | $128.0M | Add +71.5% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 95,000,000 | $100.7M | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 64,735,000 | $89.7M | Add +4.4% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 66,847,000 | $81.6M | Reduce -4.5% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 77,000,000 | $80.0M | Add +10.0% |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 80,000,000 | $76.9M | Add +6.0% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 52,000,000 | $76.5M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 82,850,000 | $75.6M | Add +3.8% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 53,000,000 | $72.6M | Reduce -54.1% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 70,000,000 | $67.3M | Reduce -8.6% |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | 53,609,000 | $66.9M | Add +17.5% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 70,000,000 | $65.9M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 65,000,000 | $62.3M | No change |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 50,000,000 | $62.1M | Add +4.6% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 52,500,000 | $55.8M | Reduce -11.9% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 50,000,000 | $49.5M | Reduce -9.1% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 42,500,000 | $48.4M | New |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 50,000,000 | $47.3M | Reduce -4.8% |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 47,901,000 | $46.8M | Add +1.7% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 41,500,000 | $38.5M | Add +3.8% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 33,000,000 | $37.9M | No change |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 35,000,000 | $37.9M | New |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 42,000,000 | $37.3M | No change |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 30,000,000 | $35.8M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 30,000,000 | $29.7M | Add +114.3% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 30,000,000 | $26.0M | Reduce -54.0% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 25,000,000 | $25.0M | Reduce -20.6% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 23,500,000 | $22.8M | Reduce -41.3% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 23,500,000 | $20.8M | Add +27.0% |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q2 2025 → Q3 2025
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −100.00 |
Portfolio Buys Q2 2025 → Q3 2025
| HTZ Hertz Global Hldgs Inc. | New | 100.00% | +100.00 |
Notes & Other Activity Q2 2025 → Q3 2025
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | Add +71.5% | 111,500,000 | $128.0M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Add +4.4% | 64,735,000 | $89.7M |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | Sold out | 73,000,000 | $85.8Mbefore exit |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Sold out | 65,000,000 | $84.6Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -4.5% | 66,847,000 | $81.6M |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | Add +10.0% | 77,000,000 | $80.0M |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | Add +6.0% | 80,000,000 | $76.9M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +3.8% | 82,850,000 | $75.6M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -54.1% | 53,000,000 | $72.6M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Reduce -8.6% | 70,000,000 | $67.3M |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | Add +17.5% | 53,609,000 | $66.9M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Add +4.6% | 50,000,000 | $62.1M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -11.9% | 52,500,000 | $55.8M |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Sold out | 54,001,000 | $51.6Mbefore exit |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Reduce -9.1% | 50,000,000 | $49.5M |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | Sold out | 50,000,000 | $49.0Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | New | 42,500,000 | $48.4M |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Reduce -4.8% | 50,000,000 | $47.3M |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | Add +1.7% | 47,901,000 | $46.8M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +3.8% | 41,500,000 | $38.5M |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | New | 35,000,000 | $37.9M |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | New | 30,000,000 | $35.8M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 35,000,000 | $35.6Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +114.3% | 30,000,000 | $29.7M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Sold out | 18,000,000 | $27.7Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Reduce -54.0% | 30,000,000 | $26.0M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | Reduce -20.6% | 25,000,000 | $25.0M |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Reduce -41.3% | 23,500,000 | $22.8M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Add +27.0% | 23,500,000 | $20.8M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Sold out | 20,000,000 | $20.7Mbefore exit |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Sold out | 14,341,000 | $14.0Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Sold out | 10,000,000 | $13.1Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.