STEELHEAD PARTNERS LLC 13F: Quarter-over-Quarter Portfolio Changes
STEELHEAD PARTNERS LLC reported a disclosed portfolio value of approximately $1.4 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 2.8% quarter on quarter. Over the quarter, the fund initiated 7 new positions, bought more shares in 3 holdings, trimmed 9 holdings, and exited 7 positions.
STEELHEAD PARTNERS LLC's top buy was a new stake in Bbio 2 1/2 03/15/27 (BBIO 2.5 03/15/27) , equal to 9.1% of the disclosed portfolio. Its top sell was Jazz Investments I LTD (JAZZ 2 06/15/26) . The fund exited the position completely after it had accounted for 5.1% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| BBIO 2 1/2 03/15/27 | BBIO 2.5 03/15/27 | 9.1% | — |
| LCII 3 03/01/30 | LCII 3 03/01/30 | 6.0% | — |
| ALNY 1 09/15/27 | ALNY 1 09/15/27 | 5.5% | — |
| WK 1 1/4 08/15/28 | WK 1.25 08/15/28 | 3.9% | — |
| IRTC 1 1/2 09/01/29 | IRTC 1.5 09/01/29 | 2.9% | — |
| POST 2 1/2 08/15/27 | POST 2.5 08/15/27 | 2.3% | — |
| HALO 0 1/4 03/01/27 | HALO 0.25 03/01/27 | 1.4% | — |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| VRNS 1 09/15/29 | VRNS 1 09/15/29 | +1.5% | +166.7% | — |
| UBER 0 7/8 12/01/28 | UBER 0.875 12/01/28 2028 | +3.4% | +81.8% | — |
| AEIS 2 1/2 09/15/28 | AEIS 2.5 09/15/28 | +2.2% | +1.2% | — |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| FIVE9 INC | FIVN 1 03/15/29 | -1.1% | 64.0% | — |
| BL 1 06/01/29 | BL 1 06/01/29 | -4.1% | 63.6% | — |
| BILL 0 04/01/30 | BILL 0 04/01/30 | -2.8% | 54.1% | — |
| AKAM 0 3/8 09/01/27 | AKAM 0.375 09/01/27 | -1.7% | 41.3% | — |
| PENG 2 08/15/30 | PENG 2 08/15/30 | -0.6% | 23.3% | — |
| NET 0 08/15/26 | NET 0 08/15/26 | -1.4% | 16.7% | — |
| ITRI 1 3/8 07/15/30 | ITRI 1.375 07/15/30 | -0.5% | 12.5% | — |
| AKAM 1 1/8 02/15/29 | AKAM 1.125 02/15/29 | -0.1% | 12.0% | — |
| ON 0 05/01/27 | ON 0 05/01/27 | 0.2% | 2.3% | — |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| JAZZ INVESTMENTS I LTD | JAZZ 2 06/15/26 | 5.1% |
| BOX INC | BOX 0 01/15/26 | 4.6% |
| CONFLUENT INC | CFLT 0 01/15/27 | 4.4% |
| TRIPADVISOR INC | TRIP 0.25 04/01/26 | 3.5% |
| SEA LTD | SEALTD 0.25 09/15/26 | 3.2% |
| ETSY INC | ETSY 0.25 06/15/28 | 2.3% |
| PROGRESS SOFTWARE CORP | PRGS 1 04/15/26 | 1.8% |
Net Portfolio Value ChangeQ1 2026
- $1.4BPrior quarter
- $1.4BCurrent quarter
- +$0.0BNet delta
- +2.8%% change
Methodology & FAQ
How STEELHEAD PARTNERS LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for STEELHEAD PARTNERS LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did STEELHEAD PARTNERS LLC buy in Q1 2026?
In Q1 2026, STEELHEAD PARTNERS LLC initiated 7 new positions (BBIO 2 1/2 03/15/27 (BBIO 2.5 03/15/27), LCII 3 03/01/30 (LCII 3 03/01/30), ALNY 1 09/15/27 (ALNY 1 09/15/27), WK 1 1/4 08/15/28 (WK 1.25 08/15/28), IRTC 1 1/2 09/01/29 (IRTC 1.5 09/01/29), POST 2 1/2 08/15/27 (POST 2.5 08/15/27), HALO 0 1/4 03/01/27 (HALO 0.25 03/01/27)); bought more shares of VRNS 1 09/15/29 (VRNS 1 09/15/29), UBER 0 7/8 12/01/28 (UBER 0.875 12/01/28 2028), AEIS 2 1/2 09/15/28 (AEIS 2.5 09/15/28).
What stocks did STEELHEAD PARTNERS LLC sell in Q1 2026?
In Q1 2026, STEELHEAD PARTNERS LLC fully sold 7 positions (JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26), BOX INC (BOX 0 01/15/26), CONFLUENT INC (CFLT 0 01/15/27), TRIPADVISOR INC (TRIP 0.25 04/01/26), SEA LTD (SEALTD 0.25 09/15/26), ETSY INC (ETSY 0.25 06/15/28), PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)); reduced holdings in FIVE9 INC (FIVN 1 03/15/29), BL 1 06/01/29 (BL 1 06/01/29), BILL 0 04/01/30 (BILL 0 04/01/30), AKAM 0 3/8 09/01/27 (AKAM 0.375 09/01/27), PENG 2 08/15/30 (PENG 2 08/15/30) — the largest 5 of 9 reductions.
Which positions did STEELHEAD PARTNERS LLC initiate in Q1 2026?
STEELHEAD PARTNERS LLC established 7 new positions in Q1 2026: BBIO 2 1/2 03/15/27 (BBIO 2.5 03/15/27, 9.1%), LCII 3 03/01/30 (LCII 3 03/01/30, 6.0%), ALNY 1 09/15/27 (ALNY 1 09/15/27, 5.5%), WK 1 1/4 08/15/28 (WK 1.25 08/15/28, 3.9%), IRTC 1 1/2 09/01/29 (IRTC 1.5 09/01/29, 2.9%), POST 2 1/2 08/15/27 (POST 2.5 08/15/27, 2.3%), HALO 0 1/4 03/01/27 (HALO 0.25 03/01/27, 1.4%).
Which existing positions saw the largest allocation increases for STEELHEAD PARTNERS LLC in Q1 2026?
Of 3 existing positions with share-count increases in Q1 2026, the largest were: VRNS 1 09/15/29 (VRNS 1 09/15/29, +1.5% weight, +166.7% shares), UBER 0 7/8 12/01/28 (UBER 0.875 12/01/28 2028, +3.4% weight, +81.8% shares), AEIS 2 1/2 09/15/28 (AEIS 2.5 09/15/28, +2.2% weight, +1.2% shares).
Which positions did STEELHEAD PARTNERS LLC fully exit in Q1 2026?
STEELHEAD PARTNERS LLC fully exited 7 positions in Q1 2026: JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26, last-reported weight 5.1%), BOX INC (BOX 0 01/15/26, last-reported weight 4.6%), CONFLUENT INC (CFLT 0 01/15/27, last-reported weight 4.4%), TRIPADVISOR INC (TRIP 0.25 04/01/26, last-reported weight 3.5%), SEA LTD (SEALTD 0.25 09/15/26, last-reported weight 3.2%), ETSY INC (ETSY 0.25 06/15/28, last-reported weight 2.3%), PROGRESS SOFTWARE CORP (PRGS 1 04/15/26, last-reported weight 1.8%).
Which existing positions saw the largest allocation reductions for STEELHEAD PARTNERS LLC in Q1 2026?
Of 9 existing positions with share-count reductions in Q1 2026, the largest were: FIVE9 INC (FIVN 1 03/15/29, -1.1% weight, -64.0% shares), BL 1 06/01/29 (BL 1 06/01/29, -4.1% weight, -63.6% shares), BILL 0 04/01/30 (BILL 0 04/01/30, -2.8% weight, -54.1% shares), AKAM 0 3/8 09/01/27 (AKAM 0.375 09/01/27, -1.7% weight, -41.3% shares), PENG 2 08/15/30 (PENG 2 08/15/30, -0.6% weight, -23.3% shares), NET 0 08/15/26 (NET 0 08/15/26, -1.4% weight, -16.7% shares), ITRI 1 3/8 07/15/30 (ITRI 1.375 07/15/30, -0.5% weight, -12.5% shares), AKAM 1 1/8 02/15/29 (AKAM 1.125 02/15/29, -0.1% weight, -12.0% shares), ON 0 05/01/27 (ON 0 05/01/27, 0.2% weight, -2.3% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.