Managers / Q1 2026
Covalent Partners LLC
CIK 0001531611 · 30 MONUMENT SQUARE, SUITE 250, CONCORD, MA, 01742 · 617-658-5508
Summary
Covalent Partners LLC reported $18M in U.S.-listed holdings across 16 positions for Q1 2026.
Its largest position, GCBC, represents 8.8% of the portfolio.
Compared with Q4 2025, the fund opened 4 new positions and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 64.5% · $11M
- ETP · 19.1% · $3M
- US DOMESTIC · 16.4% · $3M
- Other · 0.0% · $3,900
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| LIVE NATION ENTERTAINMENT IN | NEW | +1.00M | 1.00M | +$2M | $2M |
| BLCOBAUSCH PLUS LOMB CORP | NEW | +65.0K | 65.0K | +$1M | $1M |
| BXBLACKSTONE INC | NEW | +7.0K | 7.0K | +$804,930 | $804,930 |
| MSFTMICROSOFT CORP | NEW | +2.0K | 2.0K | +$740,340 | $740,340 |
| CNKCINEMARK HLDGS INC | TRIMMED | −59.5K | 25.0K | −$1M | $713,000 |
| IWMISHARES TR | TRIMMED | −32.0K | 13.5K | −$8M | $3M |
| ECBKECB BANCORP INC | ADDED | +17.0K | 50.0K | +$262,630 | $836,500 |
| CALLAWAY GOLF CO | TRIMMED | −500.0K | 500.0K | −$494,300 | $499,500 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GCBCGREENE CNTY BANCORP INChistory → | COM | 8.81% | $2M | 69.0K |
| 2 | LIVE NATION ENTERTAINMENT IN | NOTE 3.125% 1/1 | 8.65% | $2M | 1.00M |
| 3 | PENNPENN ENTERTAINMENT INChistory → | COM | 7.71% | $1M | 90.0K |
| 4 | CRCCALIFORNIA RES CORPhistory → | COM STOCK | 7.48% | $1M | 19.0K |
| 5 | UFPIUFP INDUSTRIES INChistory → | COM | 6.30% | $1M | 12.0K |
| 6 | BLCOBAUSCH PLUS LOMB CORPhistory → | COMMON SHARES | 5.89% | $1M | 65.0K |
| 7 | SRBKSR BANCORP INChistory → | COM | 5.77% | $1M | 60.0K |
| 8 | PATRICK INDS INC | NOTE 1.750%12/0 | 4.93% | $865,250 | 500.0K |
| 9 | MCSMARCUS CORP DELhistory → | COM | 4.89% | $858,500 | 50.0K |
| 10 | ECBKECB BANCORP INChistory → | COM | 4.77% | $836,500 | 50.0K |
| 11 | BXBLACKSTONE INChistory → | COM | 4.59% | $804,930 | 7.0K |
| 12 | MSFTMICROSOFT CORPhistory → | COM | 4.22% | $740,340 | 2.0K |
| 13 | CNKCINEMARK HLDGS INChistory → | COM | 4.06% | $713,000 | 25.0K |
| 14 | CALLAWAY GOLF CO | NOTE 2.750% 5/0 | 2.85% | $499,500 | 500.0K |
| 15 | ECARX HOLDINGS INC | *W EXP 99/99/999 | 0.02% | $3,900 | 75.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $18M | 16 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $23M | 12 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $27M | 18 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $42M | 11 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $20M | 15 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $27M | 17 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $12M | 11 | Nov 15, 2024 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2024 | $7M | 10 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $13M | 17 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $23M | 24 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $31M | 25 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $28M | 25 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $45M | 27 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $88M | 33 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $70M | 48 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $80M | 49 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $118M | 59 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $118M | 64 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $60M | 54 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $114M | 59 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $57M | 47 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $36M | 22 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $23M | 16 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $15M | 16 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $24M | 24 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $35M | 18 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $36M | 16 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $52M | 24 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $52M | 20 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $62M | 25 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.