Steelhead Partners LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Steelhead Partners LLC reported 1 stock position worth $1.1 million. Its top holding was Voyager Technologies Class A (VOYG) at 100.0% of the portfolio. Compared with Q3 2025, it opened 1 new position and sold out of 1. The biggest buy was a new position in Voyager Technologies Class A (VOYG) and the biggest sale an exit from Hertz Global (HTZ).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0001133521
- Portfolio Value
- $1.1M (Q4 2025)
- SEC Filing
- 0001133521-26-000006 ↗ filed Feb 13, 2026
Holdings Value
Holdings 1 stocks · $1.1M
| VOYG Voyager Technologies Inc. Class A | 100.00% | 43,000 | $1.1M | New |
Other holdings (23): bonds, preferreds, convertibles and warrants · $1.4B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 100,000,000 | $119.5M | Add +135.3% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 84,000,000 | $98.5M | Add +68.0% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 87,500,000 | $86.6M | Add +25.0% |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 90,000,000 | $85.9M | Add +12.5% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 77,000,000 | $81.6M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 82,850,000 | $76.4M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 65,000,000 | $73.2M | New |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 55,000,000 | $71.5M | Add +5.8% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 60,000,000 | $69.6M | Add +14.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 68,150,000 | $68.6M | Add +4.8% |
| BILL HOLDINGS INC (BILL 0 04/01/30) | NOTE 4/0 · principal | 73,000,000 | $67.3M | New |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 40,000,000 | $65.6M | Reduce -38.2% |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | 53,609,000 | $62.7M | No change |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 61,040,000 | $59.5M | Add +22.1% |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 47,901,000 | $47.2M | No change |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 45,000,000 | $43.7M | Reduce -35.7% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 40,000,000 | $40.5M | Add +21.2% |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 30,000,000 | $30.7M | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 34,200,000 | $30.6M | Reduce -18.6% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 25,000,000 | $24.9M | No change |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 25,000,000 | $22.6M | Add +6.4% |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 15,000,000 | $14.0M | Reduce -57.1% |
| LEMAITRE VASCULAR INC (LMAT 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 12,000,000 | $12.0M | New |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q3 2025 → Q4 2025
| HTZ Hertz Global Hldgs Inc. | Sold out | 0.00% | −100.00 |
Portfolio Buys Q3 2025 → Q4 2025
| VOYG Voyager Technologies Inc. Class A | New | 100.00% | +100.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | Sold out | 111,500,000 | $128.0Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +135.3% | 100,000,000 | $119.5M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Sold out | 95,000,000 | $100.7Mbefore exit |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Add +68.0% | 84,000,000 | $98.5M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +25.0% | 87,500,000 | $86.6M |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | Add +12.5% | 90,000,000 | $85.9M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 66,847,000 | $81.6Mbefore exit |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | New | 65,000,000 | $73.2M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Sold out | 53,000,000 | $72.6Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +5.8% | 55,000,000 | $71.5M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +14.3% | 60,000,000 | $69.6M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +4.8% | 68,150,000 | $68.6M |
| BILL HOLDINGS INC (BILL 0 04/01/30) | NOTE 4/0 · principal | New | 73,000,000 | $67.3M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -38.2% | 40,000,000 | $65.6M |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Add +22.1% | 61,040,000 | $59.5M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Sold out | 50,000,000 | $49.5Mbefore exit |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Reduce -35.7% | 45,000,000 | $43.7M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Add +21.2% | 40,000,000 | $40.5M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Sold out | 41,500,000 | $38.5Mbefore exit |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Reduce -18.6% | 34,200,000 | $30.6M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Sold out | 30,000,000 | $29.7Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Sold out | 30,000,000 | $26.0Mbefore exit |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Sold out | 23,500,000 | $22.8Mbefore exit |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Add +6.4% | 25,000,000 | $22.6M |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | Reduce -57.1% | 15,000,000 | $14.0M |
| LEMAITRE VASCULAR INC (LMAT 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | New | 12,000,000 | $12.0M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.