SEC 13F Intelligence

Managers / Q4 2024 · view latest →

Covalent Partners LLC

CIK 0001531611 · 30 MONUMENT SQUARE, SUITE 250, CONCORD, MA, 01742 · 617-658-5508

Reported Value
$27M
Q4 2024
Positions
17
Filings on Record
30
2019–present window
Filed
Feb 14, 2025
original filing

Summary

Covalent Partners LLC reported $27M in U.S.-listed holdings across 17 positions for Q4 2024.

Its largest position, EPR, represents 11.3% of the portfolio.

Compared with Q3 2024, the fund opened 8 new positions and exited 2.

Portfolio Metrics

Turnover
+16.1%
vs prior filed quarter
Top-10 Concentration
+51.7%
share of reported value
Largest Position
+11.3%
Epr Pptys
New / Exited
8 / 2
positions this quarter

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

13F Reported Value
Q1 ’19: $52MQ1 ’19Q2 ’19: $52MQ3 ’19: $36MQ4 ’19: $35MQ1 ’20: $24MQ1 ’20Q2 ’20: $15MQ3 ’20: $23MQ4 ’20: $36MQ1 ’21: $57MQ1 ’21Q2 ’21: $114MQ3 ’21: $60MQ4 ’21: $118MQ1 ’22: $118MQ1 ’22Q2 ’22: $80MQ3 ’22: $70MQ4 ’22: $88MQ1 ’23: $45MQ1 ’23Q2 ’23: $28MQ3 ’23: $31MQ4 ’23: $23MQ1 ’24: $13MQ1 ’24Q2 ’24: $7MQ3 ’24: $12MQ4 ’24: $27MQ1 ’25: $20MQ1 ’25Q2 ’25: $42MQ3 ’25: $27MQ4 ’25: $23MQ1 ’26: $18MQ1 ’26filingsflow.com

Portfolio Composition

By security type
ETP: 44.5%Common Stock: 26.2%US DOMESTIC: 12.8%PUBLIC: 9.3%Other: 5.2%REIT: 2.0%
  • ETP · 44.5% · $12M
  • Common Stock · 26.2% · $7M
  • US DOMESTIC · 12.8% · $4M
  • PUBLIC · 9.3% · $3M
  • Other · 5.2% · $1M
  • REIT · 2.0% · $553,500

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IWMISHARES TRNEW+55.0K55.0K+$12M$12M
EPR PPTYSNEW+95.6K95.6K+$2M$2M
MCSMARCUS CORP DELNEW+80.0K80.0K+$2M$2M
ALTGALTA EQUIPMENT GROUP INCNEW+120.0K120.0K+$784,800$784,800
SPHERE ENTERTAINMENT CONEW+500.0K500.0K+$681,500$681,500
EPREPR PPTYSNEW+12.5K12.5K+$553,500$553,500
EPR PPTYSNEW+20.0K20.0K+$544,600$544,600
AMC ENTMT HLDGS INCNEW+60.0K60.0K+$238,800$238,800

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2024

13 positions (from 15 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1EPREPR PPTYSPFD C CV 5.75% · COM SH BEN INT · CONV PFD 9% SR E11.30%$3M128.1K
2CNKCINEMARK HLDGS INChistory →COM7.94%$2M70.0K
3MCSMARCUS CORP DELhistory →COM6.30%$2M80.0K
4INTEGER HLDGS CORPNOTE 2.125% 2/15.85%$2M1.00M
5VIVID SEATS INCCOM CL A5.08%$1M300.0K
6LIVE NATION ENTERTAINMENT INNOTE 2.000% 2/14.49%$1M1.00M
7CRCCALIFORNIA RES CORPhistory →COM STOCK3.60%$984,56119.0K
8LGIHLGI HOMES INChistory →COM2.68%$733,0808.2K
9SPHERE ENTERTAINMENT CONOTE 3.500%12/0 ADDED2.49%$681,500500.0K
10NENOBLE CORP PLChistory →ORD SHS A1.95%$531,63316.9K
11AMC ENTMT HLDGS INCCL A NEW0.87%$238,80060.0K
12TH INTERNATIONAL LIMITEDORDINARY SHARES0.07%$18,60826.2K
13ECARX HOLDINGS INC*W EXP 99/99/9990.01%$3,75075.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$18M16May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$23M12Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$27M18Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$42M11Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$20M15May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$27M17Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$12M11Nov 15, 2024RESTATEMENTchanges · EDGAR ↗
Q2 2024$7M10Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$13M17May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$23M24Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$31M25Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$28M25Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$45M27May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$88M33Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$70M48Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$80M49Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$118M59May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$118M64Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$60M54Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$114M59Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$57M47May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$36M22Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$23M16Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$15M16Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$24M24May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$35M18Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$36M16Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$52M24Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$52M20May 15, 201913F-HRchanges · 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 ↗.