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 32.34%
Avg Account Size	375,291,171 32.43%
SMA’s	Yes
Private Funds	2
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	Count2	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	#Funds2
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 Fund3.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund16.3m	Total Private Fund GAV19.6m	AUM1.1b	#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 Ticker81141RAG5	Stock NameSEA LTD	$ Position$115,044,600	% Position6.00%	$ Change2.00%	# Change0.00%
Stck Ticker252131AK3	Stock NameDEXCOM INC	$ Position$91,159,783	% Position5.00%	$ Change32.00%	# Change45.00%
Stck Ticker18915MAC1	Stock NameCLOUDFLARE INC	$ Position$86,958,178	% Position5.00%	$ Change-3.00%	# Change0.00%
Stck Ticker803607AD2	Stock NameSAREPTA THERAPEUTICS INC	$ Position$70,964,575	% Position4.00%	$ Change87.00%	# Change70.00%
Stck Ticker84921RAB6	Stock NameSPOTIFY USA INC	$ Position$81,048,775	% Position4.00%	$ Change-20.00%	# Change-23.00%
Stck Ticker922417AJ9	Stock NameVEECO INSTRS INC DEL	$ Position$60,582,725	% Position3.00%	$ Change	# Change
Stck Ticker90353TAJ9	Stock NameUBER TECHNOLOGIES INC	$ Position$64,383,000	% Position3.00%	$ Change31.00%	# Change37.00%
Stck Ticker896945AD4	Stock NameTRIPADVISOR INC	$ Position$56,002,823	% Position3.00%	$ Change-3.00%	# Change0.00%
Stck Ticker462222AF7	Stock NameIONIS PHARMACEUTICALS INC	$ Position$55,166,500	% Position3.00%	$ Change	# Change
Stck Ticker462222AD2	Stock NameIONIS PHARMACEUTICALS INC	$ Position$51,534,750	% Position3.00%	$ Change-3.00%	# Change-7.00%

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.

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STEELHEAD PARTNERS, LLC

Adviser Profile

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