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Covalent Partners LLC

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13F filer, CIK 1531611, CONCORD, MA

Covalent Partners LLC reported $17,553,030 across 16 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 80.56% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001531611-26-000004

Period
2026-03-31
Reported value
$17.6M
Holdings
16
Top 10 weight
80.56%
New
4
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BLCOnew+65,000$1.03M
BXnew+7,000$805K
MSFTnew+2,000$740K
ECBKadded+17,000$284K
GCBCadded+6,000$134K

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
CNKreduced-59,500-$1.7M
UFPIreduced-4,000-$368K
PENNreduced-20,000-$301K

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 2026

Share positions as resolved from 13F-HR 0001531611-26-000004, largest first. % of portfolio is the value over $14,205,030, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GCBCGREENE CNTY BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 45,671 shares; 2025Q4: 63,000 shares; 2026Q1: 69,000 shares 69,000$1.55M10.89%+6,000Timeline
PENNPENN ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,000 shares; 2025Q4: 110,000 shares; 2026Q1: 90,000 shares 90,000$1.35M9.52%-20,000Timeline
CRCCALIFORNIA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: 18,974 shares; 2024Q3: 18,974 shares; 2024Q4: 18,974 shares; 2025Q1: 18,974 shares; 2025Q2: 18,974 shares; 2025Q3: 18,974 shares; 2025Q4: 18,974 shares; 2026Q1: 18,974 shares 18,974$1.31M9.25%0Timeline
UFPIUFP INDUSTRIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 18,500 shares; 2025Q4: 16,000 shares; 2026Q1: 12,000 shares 12,000$1.11M7.78%-4,000Timeline
BLCOBAUSCH PLUS LOMB CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 65,000 shares 65,000$1.03M7.28%newTimeline
SRBKSR BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 40,260 shares; 2025Q4: 60,000 shares; 2026Q1: 60,000 shares 60,000$1.01M7.13%0Timeline
MCSMARCUS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 80,000 shares; 2025Q1: 109,000 shares; 2025Q2: 167,000 shares; 2025Q3: 167,000 shares; 2025Q4: 50,000 shares; 2026Q1: 50,000 shares 50,000$858K6.04%0Timeline
ECBKECB BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 33,000 shares; 2026Q1: 50,000 shares 50,000$836K5.89%+17,000Timeline
BXBLACKSTONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 7,000 shares 7,000$805K5.67%newTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 2,000 shares 2,000$740K5.21%newTimeline
CNKCINEMARK HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: 135,000 shares; 2024Q3: 85,000 shares; 2024Q4: 70,000 shares; 2025Q1: 122,000 shares; 2025Q2: 77,000 shares; 2025Q3: 87,000 shares; 2025Q4: 84,500 shares; 2026Q1: 25,000 shares 25,000$713K5.02%-59,500Timeline
ECXWWECARX HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: 75,000 shares; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares; 2026Q1: 75,000 shares 75,000$3.9K0.03%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 SHSput13,500$3.35M-32,000

Principal amounts

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

SecurityTypeAmountValueChange
LIVE NATION ENTERTAINMENT INLIVE NATION ENTERTAINMENT IN NOTE 3.125% 1/1principal1,000,000$1.52Mnew
PATRICK INDS INCPATRICK INDS INC NOTE 1.750%12/0principal500,000$865K0
CALLAWAY GOLF COCALLAWAY GOLF CO NOTE 2.750% 5/0principal500,000$500K-500,000

How Q1 2026 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 0001531611-26-000004 base2026-05-15acceptance time not in the bulk data set