# Steelhead Partners, LLC

> Steelhead Partners, LLC is an SEC-registered investment advisory firm in Seattle, WA, registered since 2006, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 116569
- Filed as: STEELHEAD PARTNERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Seattle, WA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/116569
- AdvisorCensus page: https://advisorcensus.com/firm/steelhead-partners-llc-seattle-wa-116569

## Quick answers

**How is Steelhead Partners, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Steelhead Partners, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is Steelhead Partners, LLC located?**
Steelhead Partners, LLC's principal office is in Seattle, WA, according to its Form ADV.

**Is Steelhead Partners, LLC registered with the SEC or a state?**
Steelhead Partners, LLC is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 116569.

**How much does Steelhead Partners, LLC manage?**
Steelhead Partners, LLC reports $2,510,413,432 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Steelhead Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for Steelhead Partners, LLC: Regulatory assets under management: $2,566,307,267 in the October 2021 data and $2,510,413,432 in the October 2026 data, down 2%. Total employees: 13 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Steelhead Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Which custodians does Steelhead Partners, LLC use?**
Steelhead Partners, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon as a custodian holding 10% or more of its separately managed account assets.

**Does Steelhead Partners, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/116569

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- The Bank of New York Mellon

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $2,510,413,432
- Discretionary: $2,510,413,432
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $2,507,792,610 |
| Corporations or other businesses not listed above | Fewer than 5 | $2,620,822 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2006 (20 years)
- Employees: 12 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- steelhead.com
- LinkedIn @steelhead-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,566,307,267 | 13 | March 22, 2021 |
| October 2022 | $2,433,828,536 | 13 | March 29, 2022 |
| October 2023 | $1,983,686,043 | 13 | March 21, 2023 |
| October 2024 | $2,627,038,198 | 12 | March 13, 2024 |
| October 2025 | $2,577,314,722 | 14 | March 18, 2025 |
| October 2026 | $2,510,413,432 | 12 | March 31, 2026 |

Regulatory assets under management: $2,566,307,267 in the October 2021 data and $2,510,413,432 in the October 2026 data, down 2%.
Total employees: 13 in October 2021 and 12 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Steelhead Partners, LLC (CRD 116569): Form ADV filing data as of October 2026.