9AT: STEELHEAD PARTNERS, LLC

other names

STEELHEAD PARTNERS, LLC
STEELHEAD PARTNERS,LLC

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 01/23/2006
Other registrations (1)	Washington, Terminated, 03/23/2006
ADV Location	SEATTLE, WA, United States
Contact Info	206 xxxxxxx
Websites

AUM^*	2,510,413,432 -4%
of that, discretionary	2,510,413,432 -4%
Private Fund GAV^*	2,507,792,610 -3%
Avg Account Size	358,630,490 -4%
SMA’s	Yes
Private Funds	6

Adviser Type

- Large advisory firm

Number of Employees 12

of those in investment advisory functions 6 20%

Client Types

- Pooled investment vehicles
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count6	GAV$2,507,792,610

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser ROSE PARK ADVISORS, LLC	Hedge Fund403.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund143.5m	Other Fund25.5m	Total Private Fund GAV716.0m	AUM629.9m	#Funds11
Adviser DGV SOLUTIONS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund547.6m	Total Private Fund GAV547.6m	AUM944.4m	#Funds2
Adviser AVESTAR CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund20.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund42.0m	Total Private Fund GAV62.0m	AUM2.1b	#Funds4
Adviser INHERENT GROUP, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM186.8m	#Funds-
Adviser QUANTINNO CAPITAL MANAGEMENT LP	Hedge Fund804.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV804.6m	AUM60.9b	#Funds6
Adviser BENNBRIDGE US LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM371.6m	#Funds-
Adviser PASSAIC PARTNERS LLC	Hedge Fund65.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV65.7m	AUM2.2b	#Funds3
Adviser CREIGHTON CAPITAL MANAGEMENT LLC	Hedge Fund77.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV77.5m	AUM224.0m	#Funds2
Adviser BRIDGEPORT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund372.8m	Total Private Fund GAV372.8m	AUM372.8m	#Funds4
Adviser TOWLE & CO	Hedge Fund39.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund46.3m	Total Private Fund GAV85.7m	AUM473.7m	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker10806XAB8	Stock NameBBIO 2 1/2 03/15/27	$ Position$126,632,940	% Position9.00%	$ Change	# Change
Stck Ticker682189AS4	Stock NameON 0 05/01/27	$ Position$126,082,693	% Position9.00%	$ Change5.00%	# Change-2.00%
Stck Ticker90353TAM2	Stock NameUBER 0 7/8 12/01/28	$ Position$120,827,700	% Position9.00%	$ Change69.00%	# Change82.00%
Stck Ticker007973AE0	Stock NameAEIS 2 1/2 09/15/28	$ Position$97,503,750	% Position7.00%	$ Change49.00%	# Change1.00%
Stck Ticker501812AD3	Stock NameLCII 3 03/01/30	$ Position$83,249,949	% Position6.00%	$ Change	# Change
Stck Ticker18915MAC1	Stock NameNET 0 08/15/26	$ Position$82,175,450	% Position6.00%	$ Change-17.00%	# Change-17.00%
Stck Ticker252131AM9	Stock NameDXCM 0 3/8 05/15/28	$ Position$76,563,591	% Position6.00%	$ Change0.00%	# Change0.00%
Stck Ticker00971TAN1	Stock NameAKAM 1 1/8 02/15/29	$ Position$87,993,290	% Position6.00%	$ Change2.00%	# Change-12.00%
Stck Ticker011642AD7	Stock NameALRM 2 1/4 06/01/29	$ Position$83,219,940	% Position6.00%	$ Change-3.00%	# Change0.00%
Stck Ticker02043QAB3	Stock NameALNY 1 09/15/27	$ Position$77,115,420	% Position6.00%	$ Change	# Change

Brochure Summary

Overview

Steelhead was formed as a Delaware limited liability company in 1996 by Members J. Michael Johnston and Brian Klein under its original name, Johnston Klein Capital Management, L.L.C. In March 2019 (with an effective date of January 1, 2019), Scott Schaefer became Managing Member and a principal owner of Steelhead, with 100% voting rights (and a substantial economic interest held through his family trust). Mr. Johnston currently maintains a substantial economic interest and thus remains a principal owner based on this economic interest. Steelhead primarily provides discretionary advisory services to investment limited partnerships, offshore investment funds and other pooled investment vehicles (collectively, the “Funds”), as well as separately managed accounts (“separate accounts”), with the goal of achieving capital appreciation while managing risk. The Funds and the separate accounts are Steelhead’s current clients. Steelhead tailors its advisory services by constructing portfolios that seek to meet the investment objectives, guidelines and other terms of each Fund or separate account

it manages. Steelhead generally manages the Funds and separate accounts by following one of two “core” strategies: a fundamental value strategy or a convertible bond strategy. See “Methods of Analysis, Investment Strategies and Risk of Loss” below for more detail. The Funds may impose limits on or expand the universe of securities or other instruments in which they may invest. Steelhead has complete discretion over investment decisions for the Funds, and investors have no authority to change a Fund’s investment objectives or limitations. Investors have no right to remove or replace Steelhead. A separate account client may impose restrictions or other guidelines with respect to the securities or types of securities that the account may invest in. Steelhead does not participate in wrap fee programs. As of March 1, 2024, Steelhead manages approximately $1,362.9 million of client assets on a discretionary basis. Steelhead does not provide non-discretionary investment advice.

STEELHEAD PARTNERS, LLC

Adviser Profile

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