STEELHEAD PARTNERS LLC Diversified Active

CIK: 0001133521 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $1,353,736 (0.1% shares, 99.9% debt)

Holdings (24)

New Positions (4)

— NUTANIX INC 5.4%

Value ($000) $73,184 Shares 65,000,000 Est. Cost $1.13 Unrealized —

— BILL HOLDINGS INC 5.0%

Value ($000) $67,251 Shares 73,000,000 Est. Cost $0.92 Unrealized —

— LEMAITRE VASCULAR INC 0.9%

Value ($000) $11,977 Shares 12,000,000 Est. Cost $1.00 Unrealized —

VOYG VOYAGER TECHNOLOGIES INC 0.1%

Value ($000) $1,124 Shares 43,000 Est. Cost $27.13 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NUTANIX INC	65,000,000	$73,184	5.4%	$1.13	—	NOTE 0.250%10/0	67059NAH1
—	BILL HOLDINGS INC	73,000,000	$67,251	5.0%	$0.92	—	NOTE 4/0 ADDED	090043AF7
—	LEMAITRE VASCULAR INC	12,000,000	$11,977	0.9%	$1.00	—	NOTE 2.500% 2/0 ADDED	525558AB8
VOYG	VOYAGER TECHNOLOGIES INC	43,000	$1,124	0.1%	$27.13	0.0%	COM CL A	92892B103

Increased Positions (10)

— ON SEMICONDUCTOR CORP 8.8%

Value ($000) $119,544 (+146.8%) Shares 100,000,000 (+135.3%) Est. Cost $1.17 Unrealized —

— CLOUDFLARE INC 7.3%

Value ($000) $98,516 (+58.6%) Shares 84,000,000 (+68.0%) Est. Cost $0.99 Unrealized —

— AKAMAI TECHNOLOGIES INC 6.4%

Value ($000) $86,614 (+31.5%) Shares 87,500,000 (+25.0%) Est. Cost $0.96 Unrealized —

— JAZZ INVESTMENTS I LTD 5.1%

Value ($000) $69,601 (+24.8%) Shares 60,000,000 (+14.3%) Est. Cost $1.03 Unrealized —

— CONFLUENT INC 4.4%

Value ($000) $59,461 (+25.8%) Shares 61,040,000 (+22.1%) Est. Cost $0.84 Unrealized —

— ALARM COM HLDGS INC 6.3%

Value ($000) $85,876 (+11.7%) Shares 90,000,000 (+12.5%) Est. Cost $0.97 Unrealized —

— AKAMAI TECHNOLOGIES INC 5.1%

Value ($000) $68,612 (+10.1%) Shares 68,150,000 (+4.8%) Est. Cost $0.99 Unrealized —

— UBER TECHNOLOGIES INC 5.3%

Value ($000) $71,502 (-6.6%) Shares 55,000,000 (+5.8%) Est. Cost $1.13 Unrealized —

— ITRON INC 3.0%

Value ($000) $40,545 (+6.9%) Shares 40,000,000 (+21.2%) Est. Cost $1.16 Unrealized —

— FIVE9 INC 1.7%

Value ($000) $22,555 (+8.4%) Shares 25,000,000 (+6.4%) Est. Cost $0.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ON SEMICONDUCTOR CORP	100,000,000 (+135.3%)	$119,544 (+146.8%)	8.8%	$1.17	—	NOTE 5/0	682189AS4
—	CLOUDFLARE INC	84,000,000 (+68.0%)	$98,516 (+58.6%)	7.3%	$0.99	—	NOTE 8/1	18915MAC1
—	AKAMAI TECHNOLOGIES INC	87,500,000 (+25.0%)	$86,614 (+31.5%)	6.4%	$0.96	—	NOTE 1.125% 2/1	00971TAN1
—	JAZZ INVESTMENTS I LTD	60,000,000 (+14.3%)	$69,601 (+24.8%)	5.1%	$1.03	—	NOTE 2.000% 6/1	472145AF8
—	CONFLUENT INC	61,040,000 (+22.1%)	$59,461 (+25.8%)	4.4%	$0.84	—	NOTE 1/1	20717MAB9
—	ALARM COM HLDGS INC	90,000,000 (+12.5%)	$85,876 (+11.7%)	6.3%	$0.97	—	NOTE 2.250% 6/0	011642AD7
—	AKAMAI TECHNOLOGIES INC	68,150,000 (+4.8%)	$68,612 (+10.1%)	5.1%	$0.99	—	NOTE 0.375% 9/0	00971TAL5
—	UBER TECHNOLOGIES INC	55,000,000 (+5.8%)	$71,502 (-6.6%)	5.3%	$1.13	—	NOTE 0.875%12/0	90353TAM2
—	ITRON INC	40,000,000 (+21.2%)	$40,545 (+6.9%)	3.0%	$1.16	—	NOTE 1.375% 7/1	465741AQ9
—	FIVE9 INC	25,000,000 (+6.4%)	$22,555 (+8.4%)	1.7%	$0.88	—	NOTE 1.000% 3/1	338307AF8

Exited Positions (10)

— HALO 0 1/4 03/01/27 9.5%

Value ($000) $127,976 Shares 111,500,000 Est. Cost $1.06 Unrealized —

— ITRI 0 03/15/26 7.4%

Value ($000) $100,674 Shares 95,000,000 Est. Cost $1.03 Unrealized —

— UBER 0 12/15/25 6.0%

Value ($000) $81,568 Shares 66,847,000 Est. Cost $1.10 Unrealized —

— SPOT 0 03/15/26 5.4%

Value ($000) $72,606 Shares 53,000,000 Est. Cost $0.89 Unrealized —

— DBX 0 03/01/26 3.7%

Value ($000) $49,460 Shares 50,000,000 Est. Cost $0.99 Unrealized —

— ON 0 1/2 03/01/29 2.8%

Value ($000) $38,546 Shares 41,500,000 Est. Cost $0.93 Unrealized —

— BBIO 2 1/4 02/01/29 2.2%

Value ($000) $29,650 Shares 30,000,000 Est. Cost $0.96 Unrealized —

— ENPH 0 03/01/28 1.9%

Value ($000) $26,004 Shares 30,000,000 Est. Cost $0.84 Unrealized —

— UPWK 0 1/4 08/15/26 1.7%

Value ($000) $22,810 Shares 23,500,000 Est. Cost $0.79 Unrealized —

HTZ HERTZ GLOBAL HOLDINGS INC 0.0%

Value ($000) $46 Shares 6,773 Est. Cost $6.42 Unrealized -15.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HALO 0 1/4 03/01/27	111,500,000	$127,976	9.5%	$1.06	—	—	40637HAD1
—	ITRI 0 03/15/26	95,000,000	$100,674	7.4%	$1.03	—	—	465741AN6
—	UBER 0 12/15/25	66,847,000	$81,568	6.0%	$1.10	—	—	90353TAJ9
—	SPOT 0 03/15/26	53,000,000	$72,606	5.4%	$0.89	—	—	84921RAB6
—	DBX 0 03/01/26	50,000,000	$49,460	3.7%	$0.99	—	—	26210CAC8
—	ON 0 1/2 03/01/29	41,500,000	$38,546	2.8%	$0.93	—	—	682189AU9
—	BBIO 2 1/4 02/01/29	30,000,000	$29,650	2.2%	$0.96	—	—	10806XAD4
—	ENPH 0 03/01/28	30,000,000	$26,004	1.9%	$0.84	—	—	29355AAK3
—	UPWK 0 1/4 08/15/26	23,500,000	$22,810	1.7%	$0.79	—	—	91688FAB0
HTZ	HERTZ GLOBAL HOLDINGS INC	6,773	$46	0.0%	$6.42	-15.0%	—	42806J700

Decreased Positions (4)

— ADVANCED ENERGY INDS 4.8%

Value ($000) $65,645 (-26.8%) Shares 40,000,000 (-38.2%) Est. Cost $1.05 Unrealized —

— VARONIS SYS INC 1.0%

Value ($000) $13,964 (-63.2%) Shares 15,000,000 (-57.1%) Est. Cost $1.08 Unrealized —

— SEA LTD 3.2%

Value ($000) $43,706 (-35.1%) Shares 45,000,000 (-35.7%) Est. Cost $0.79 Unrealized —

— ETSY INC 2.3%

Value ($000) $30,587 (-18.1%) Shares 34,200,000 (-18.6%) Est. Cost $0.80 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ADVANCED ENERGY INDS	40,000,000 (-38.2%)	$65,645 (-26.8%)	4.8%	$1.05	—	NOTE 2.500% 9/1	007973AE0
—	VARONIS SYS INC	15,000,000 (-57.1%)	$13,964 (-63.2%)	1.0%	$1.08	—	NOTE 1.000% 9/1	922280AD4
—	SEA LTD	45,000,000 (-35.7%)	$43,706 (-35.1%)	3.2%	$0.79	—	NOTE 0.250% 9/1	81141RAG5
—	ETSY INC	34,200,000 (-18.6%)	$30,587 (-18.1%)	2.3%	$0.80	—	NOTE 0.250% 6/1	29786AAN6

Unchanged Positions (6)

— PENGUIN SOLUTIONS INC 2.3%

Value ($000) $30,749 Shares 30,000,000 Est. Cost $1.19 Unrealized —

— BOX INC 4.6%

Value ($000) $62,656 Shares 53,609,000 Est. Cost $1.21 Unrealized —

— BLACKLINE INC 6.0%

Value ($000) $81,562 Shares 77,000,000 Est. Cost $1.06 Unrealized —

— DEXCOM INC 5.6%

Value ($000) $76,390 Shares 82,850,000 Est. Cost $0.92 Unrealized —

— TRIPADVISOR INC 3.5%

Value ($000) $47,227 Shares 47,901,000 Est. Cost $0.87 Unrealized —

— PROGRESS SOFTWARE CORP 1.8%

Value ($000) $24,888 Shares 25,000,000 Est. Cost $1.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PENGUIN SOLUTIONS INC	30,000,000	$30,749	2.3%	$1.19	—	NOTE 2.000% 8/1	83205YAE4
—	BOX INC	53,609,000	$62,656	4.6%	$1.21	—	NOTE 1/1	10316TAB0
—	BLACKLINE INC	77,000,000	$81,562	6.0%	$1.06	—	NOTE 1.000% 6/0	09239BAF6
—	DEXCOM INC	82,850,000	$76,390	5.6%	$0.92	—	NOTE 0.375% 5/1	252131AM9
—	TRIPADVISOR INC	47,901,000	$47,227	3.5%	$0.87	—	NOTE 0.250% 4/0	896945AD4
—	PROGRESS SOFTWARE CORP	25,000,000	$24,888	1.8%	$1.09	—	NOTE 1.000% 4/1	743312AB6