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Covalent Partners LLC

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13F filer, CIK 1531611, CONCORD, MA

Covalent Partners LLC reported $26,550,091 across 18 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 81.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001531611-25-000005

Period
2025-09-30
Reported value
$26.6M
Holdings
18
Top 10 weight
81.71%
New
8
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UFPInew+18,500$1.73M
ROCKnew+27,000$1.7M
PENNnew+75,000$1.44M
GCBCnew+45,671$1.03M
CZRnew+25,000$676K

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
AMCreduced-336,000-$974K
EPR PPTYSreduced-30,562-$777K

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, Q3 2025

Share positions as resolved from 13F-HR 0001531611-25-000005, largest first. % of portfolio is the value over $20,501,091, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MCSMARCUS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 80,000 shares; 2025Q1: 109,000 shares; 2025Q2: 167,000 shares; 2025Q3: 167,000 shares 167,000$2.59M12.63%0Timeline
CNKCINEMARK HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 135,000 shares; 2024Q3: 85,000 shares; 2024Q4: 70,000 shares; 2025Q1: 122,000 shares; 2025Q2: 77,000 shares; 2025Q3: 87,000 shares 87,000$2.44M11.89%+10,000Timeline
UFPIUFP INDUSTRIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 18,500 shares 18,500$1.73M8.44%newTimeline
ROCKGIBRALTAR INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 27,000 shares 27,000$1.7M8.27%newTimeline
PENNPENN ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,000 shares 75,000$1.44M7.05%newTimeline
EPR PPTYSEPR PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 95,562 shares; 2025Q1: 85,562 shares; 2025Q2: 85,562 shares; 2025Q3: 55,000 shares 55,000$1.4M6.82%-30,562
GCBCGREENE CNTY BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 45,671 shares 45,671$1.03M5.03%newTimeline
CRCCALIFORNIA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 18,974 shares; 2024Q3: 18,974 shares; 2024Q4: 18,974 shares; 2025Q1: 18,974 shares; 2025Q2: 18,974 shares; 2025Q3: 18,974 shares 18,974$1.01M4.92%0Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 25,000 shares 25,000$676K3.3%newTimeline
EPR PPTYSEPR PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares 20,000$631K3.08%0
SRBKSR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,260 shares 40,260$608K2.96%newTimeline
REGNREGENERON PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 800 shares 800$450K2.19%newTimeline
AMCAMC ENTMT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 60,000 shares; 2025Q1: 95,000 shares; 2025Q2: 486,000 shares; 2025Q3: 150,000 shares 150,000$435K2.12%-336,000Timeline
ECXWWECARX HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: 75,000 shares; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares 75,000$4.5K0.02%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 SHSput25,000$6.05Mnew

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$2.43M0
CALLAWAY GOLF COCALLAWAY GOLF CO NOTE 2.750% 5/0principal1,000,000$984K0
SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO Convertibleprincipal500,000$945K0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
HYGISHARES TR340,000$27.4Mput

How Q3 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 0001531611-25-000005 base2025-11-14acceptance time not in the bulk data set