Covalent Partners LLC
Follow13F filer, CIK 1531611, CONCORD, MA
Covalent Partners LLC reported $41,599,749 across 11 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 100% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001531611-25-000004
- Period
- 2025-06-30
- Reported value
- $41.6M
- Holdings
- 11
- Top 10 weight
- 100%
- New
- 1
- Sold out
- 5
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| AMCadded | +391,000 | $1.21M |
| MCSadded | +58,000 | $978K |
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
| Security | Shares change | Approx. value |
|---|---|---|
| CNKreduced | -45,000 | -$1.36M |
| Vivid Seats Incexited | -175,000 | -$518K |
| NEexited | -16,931 | -$401K |
| THCHexited | -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.
Holdings, Q2 2025
Share positions as resolved from 13F-HR 0001531611-25-000004, largest first. % of portfolio is the value over $14,178,749, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| MCSMARCUS CORP DEL | 167,000 | $2.82M | 19.86% | +58,000 | Timeline | ||
| CNKCINEMARK HLDGS INC | 77,000 | $2.32M | 16.39% | -45,000 | Timeline | ||
| EPR PPTYSEPR PPTYS | 85,562 | $2.14M | 15.12% | 0 | |||
| AMCAMC ENTMT HLDGS INC | 486,000 | $1.51M | 10.63% | +391,000 | Timeline | ||
| CRCCALIFORNIA RES CORP | 18,974 | $867K | 6.11% | 0 | Timeline | ||
| EPR PPTYSEPR PPTYS | 20,000 | $624K | 4.4% | 0 | |||
| ECXWWECARX HOLDINGS INC | 75,000 | $4.45K | 0.03% | 0 | Timeline |
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).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| HYGISHARES TR IBOXX HI YD ETF | put | 340,000 | $27.4M | new |
Principal amounts
Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| PATRICK INDS INCPATRICK INDS INC NOTE 1.750%12/0 | principal | 1,500,000 | $2.22M | 0 |
| CALLAWAY GOLF COCALLAWAY GOLF CO NOTE 2.750% 5/0 | principal | 1,000,000 | $971K | 0 |
| SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO Convertible | principal | 500,000 | $701K | 0 |
Sold out in Q2 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| IWMISHARES TR | 20,000 | $3.99M | put |
| SPYSTATE STR SPDR S&P 500 ETF T | 5,500 | $3.08M | put |
| Vivid Seats IncVivid Seats Inc | 175,000 | $518K | shares |
| NENOBLE CORP PLC | 16,931 | $401K | shares |
| THCHTH INTERNATIONAL LIMITED | 5,241 | $15.4K | shares |
How Q2 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).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001531611-25-000004 | base | 2025-08-14 | acceptance time not in the bulk data set |