9AT: STEELHEAD PARTNERS, LLC

other names

Adviser Profile

As of Date	03/13/2024
Adviser Type - Large advisory firm
Number of Employees	12 -7.69%
of those in investment advisory functions	5
Registration	Washington, Terminated, 03/23/2006
Other registrations (1)	SEC, Approved, 01/23/2006

AUM^*	2,627,038,198 32.43%
of that, discretionary	2,627,038,198 32.43%
Private Fund GAV^*	2,622,776,488 0.00%
Avg Account Size	375,291,171 32.43%
SMA’s	Yes
Private Funds	6 4
Contact Info	206 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count6	GAV$2,622,776,488

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 QUANTINNO CAPITAL MANAGEMENT LP	Hedge Fund39.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV39.7m	AUM4.3b	#Funds1
Adviser C.M. CAPITAL ADVISORS, LLC	Hedge Fund430.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.7b	Total Private Fund GAV2.2b	AUM2.2b	#Funds4
Adviser BERKSHIRE ASSET MANAGEMENT, LLC	Hedge Fund5.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.1m	Total Private Fund GAV8.0m	AUM2.3b	#Funds2
Adviser APS ASSET MANAGEMENT PTE LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.5b	#Funds-
Adviser PASSAIC PARTNERS LLC	Hedge Fund65.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV65.1m	AUM1.3b	#Funds1
Adviser POPLAR FOREST CAPITAL LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund96.6m	Total Private Fund GAV96.6m	AUM1.2b	#Funds1
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 AVESTAR CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund30.7m	Total Private Fund GAV30.7m	AUM1.5b	#Funds3
Adviser DGV SOLUTIONS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund519.4m	Total Private Fund GAV519.4m	AUM781.9m	#Funds1
Adviser ACUITAS INVESTMENTS, LLC	Hedge Fund1.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.1m	Total Private Fund GAV5.5m	AUM902.2m	#Funds2

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker84921RAB6	Stock NameSPOT 0 03/15/26	$ Position$121,620,900	% Position6.00%	$ Change13.00%	# Change6.00%
Stck Ticker81141RAG5	Stock NameSEALTD 0 1/4 09/15/26	$ Position$119,939,820	% Position6.00%	$ Change0.00%	# Change0.00%
Stck Ticker55024UAD1	Stock NameLITE 0 1/2 12/15/26	$ Position$91,547,387	% Position5.00%	$ Change48.00%	# Change32.00%
Stck Ticker465741AN6	Stock NameITRI 0 03/15/26	$ Position$83,126,400	% Position4.00%	$ Change22.00%	# Change23.00%
Stck Ticker18915MAC1	Stock NameNET 0 08/15/26	$ Position$76,782,000	% Position4.00%	$ Change-5.00%	# Change-9.00%
Stck Ticker844741BG2	Stock NameLUV 1 1/4 05/01/25	$ Position$82,510,400	% Position4.00%	$ Change23.00%	# Change20.00%
Stck Ticker90353TAJ9	Stock NameUBER 0 12/15/25	$ Position$70,771,400	% Position4.00%	$ Change7.00%	# Change17.00%
Stck Ticker82509LAA5	Stock NameSHOPCN 0 1/8 11/01/25	$ Position$61,225,500	% Position3.00%	$ Change	# Change
Stck Ticker10316TAB0	Stock NameBOX 0 01/15/26	$ Position$53,527,936	% Position3.00%	$ Change63.00%	# Change69.00%
Stck Ticker29786AAN6	Stock NameETSY 0 1/4 06/15/28	$ Position$53,984,073	% Position3.00%	$ Change11.00%	# Change10.00%

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.

Revenue	$1.9 m
Headquarters	333 108th Ave NE Bellevue, Washington 98004, US

STEELHEAD PARTNERS, LLC

Adviser Profile

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