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Covalent Partners LLC

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13F filer, CIK 1531611, CONCORD, MA

Covalent Partners LLC reported $20,213,014 across 15 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 97.78% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001531611-25-000002

Period
2025-03-31
Reported value
$20.2M
Holdings
15
Top 10 weight
97.78%
New
5
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CNKadded+52,000$1.29M
MCSadded+29,000$484K
AMCadded+35,000$100K
THCHnew+5,241$15.4K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
LGIHexited-8,200-$733K
EPRexited-12,500-$554K
Vivid Seats Increduced-125,000-$370K
EPR PPTYSreduced-10,000-$231K
TH INTERNATIONAL LIMITEDexited-26,208-$18.6K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001531611-25-000002, largest first. % of portfolio is the value over $13,146,569, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CNKCINEMARK HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 135,000 shares; 2024Q3: 85,000 shares; 2024Q4: 70,000 shares; 2025Q1: 122,000 shares 122,000$3.04M23.1%+52,000Timeline
EPR PPTYSEPR PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 95,562 shares; 2025Q1: 85,562 shares 85,562$1.97M15.02%-10,000
MCSMARCUS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 80,000 shares; 2025Q1: 109,000 shares 109,000$1.82M13.84%+29,000Timeline
CRCCALIFORNIA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 18,974 shares; 2024Q3: 18,974 shares; 2024Q4: 18,974 shares; 2025Q1: 18,974 shares 18,974$834K6.35%0Timeline
EPR PPTYSEPR PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares 20,000$600K4.57%0
Vivid Seats IncVivid Seats IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 225,000 shares; 2024Q3: 375,000 shares; 2024Q4: 300,000 shares; 2025Q1: 175,000 shares 175,000$518K3.94%-125,000
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 16,931 shares; 2024Q3: 16,931 shares; 2024Q4: 16,931 shares; 2025Q1: 16,931 shares 16,931$401K3.05%0Timeline
AMCAMC ENTMT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 60,000 shares; 2025Q1: 95,000 shares 95,000$273K2.07%+35,000Timeline
THCHTH INTERNATIONAL LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 5,241 shares 5,241$15.4K0.12%newTimeline
ECXWWECARX HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 75,000 shares; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares 75,000$4.5K0.03%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
IWMISHARES TR SHSput20,000$3.99Mnew
SPYSTATE STR SPDR S&P 500 ETF T SHSput5,500$3.08Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
PATRICK INDS INCPATRICK INDS INC NOTE 1.750%12/0principal1,500,000$2.1Mnew
CALLAWAY GOLF COCALLAWAY GOLF CO NOTE 2.750% 5/0principal1,000,000$971Knew
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO Convertibleprincipal500,000$602K0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
IWMISHARES TR55,000$12.2Mcall
INTEGER HLDGS CORPINTEGER HLDGS CORP1,000,000$1.6Mprincipal
LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN1,000,000$1.23Mprincipal
ALTGALTA EQUIPMENT GROUP INC120,000$785Kput
LGIHLGI HOMES INC8,200$733Kshares
EPREPR PPTYS12,500$554Kshares
TH INTERNATIONAL LIMITEDTH INTERNATIONAL LIMITED26,208$18.6Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001531611-25-000002 base2025-05-15acceptance time not in the bulk data set