Covalent Partners LLC
Follow13F filer, CIK 1531611, CONCORD, MA
Covalent Partners LLC reported $22,631,631 across 12 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 99.97% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001531611-26-000003
- Period
- 2025-12-31
- Reported value
- $22.6M
- Holdings
- 12
- Top 10 weight
- 99.97%
- New
- 1
- Sold out
- 7
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| ECBKnew | +33,000 | $574K |
| PENNadded | +35,000 | $516K |
| GCBCadded | +17,329 | $385K |
| SRBKadded | +19,740 | $311K |
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 |
|---|---|---|
| MCSreduced | -117,000 | -$1.81M |
| ROCKexited | -27,000 | -$1.7M |
| EPR PPTYSexited | -55,000 | -$1.4M |
| CZRexited | -25,000 | -$676K |
| EPR PPTYSexited | -20,000 | -$631K |
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, Q4 2025
Share positions as resolved from 13F-HR 0001531611-26-000003, largest first. % of portfolio is the value over $11,431,351, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| CNKCINEMARK HLDGS INC | 84,500 | $1.96M | 17.18% | -2,500 | Timeline | ||
| PENNPENN ENTERTAINMENT INC | 110,000 | $1.62M | 14.19% | +35,000 | Timeline | ||
| UFPIUFP INDUSTRIES INC | 16,000 | $1.46M | 12.74% | -2,500 | Timeline | ||
| GCBCGREENE CNTY BANCORP INC | 63,000 | $1.4M | 12.25% | +17,329 | Timeline | ||
| SRBKSR BANCORP INC | 60,000 | $944K | 8.26% | +19,740 | Timeline | ||
| CRCCALIFORNIA RES CORP | 18,974 | $848K | 7.42% | 0 | Timeline | ||
| MCSMARCUS CORP DEL | 50,000 | $776K | 6.78% | -117,000 | Timeline | ||
| ECBKECB BANCORP INC | 33,000 | $574K | 5.02% | new | Timeline | ||
| ECXWWECARX HOLDINGS INC | 75,000 | $3.38K | 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 |
|---|---|---|---|---|
| IWMISHARES TR SHS | put | 45,500 | $11.2M | +20,500 |
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 |
|---|---|---|---|---|
| CALLAWAY GOLF COCALLAWAY GOLF CO NOTE 2.750% 5/0 | principal | 1,000,000 | $994K | 0 |
| PATRICK INDS INCPATRICK INDS INC NOTE 1.750%12/0 | principal | 500,000 | $848K | -1,000,000 |
Sold out in Q4 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| ROCKGIBRALTAR INDS INC | 27,000 | $1.7M | shares |
| EPR PPTYSEPR PPTYS | 55,000 | $1.4M | shares |
| SPHERE ENTERTAINMENT COSPHERE ENTERTAINMENT CO | 500,000 | $945K | principal |
| CZRCAESARS ENTERTAINMENT INC NE | 25,000 | $676K | shares |
| EPR PPTYSEPR PPTYS | 20,000 | $631K | shares |
| REGNREGENERON PHARMACEUTICALS | 800 | $450K | shares |
| AMCAMC ENTMT HLDGS INC | 150,000 | $435K | shares |
How Q4 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 0001531611-26-000003 | base | 2026-02-17 | acceptance time not in the bulk data set |