SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Covalent Partners LLC

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

Reported Value
$20M
Q1 2025
Positions
15
Filings on Record
31
2019–present window
Filed
May 15, 2025
original filing

Summary

Covalent Partners LLC reported $20M in U.S.-listed holdings across 15 positions for Q1 2025.

Its largest position, CNK, represents 15.0% of the portfolio.

Compared with Q4 2024, the fund opened 4 new positions and exited 6.

Portfolio Metrics

Turnover
+30.4%
vs prior filed quarter
Top-10 Concentration
+64.9%
share of reported value
Largest Position
+15.0%
Cinemark
New / Exited
4 / 6
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
Q4 ’18: $62MQ4 ’18Q1 ’19: $52MQ2 ’19: $52MQ3 ’19: $36MQ4 ’19: $35MQ4 ’19Q1 ’20: $24MQ2 ’20: $15MQ3 ’20: $23MQ4 ’20: $36MQ4 ’20Q1 ’21: $57MQ2 ’21: $114MQ3 ’21: $60MQ4 ’21: $118MQ4 ’21Q1 ’22: $118MQ2 ’22: $80MQ3 ’22: $70MQ4 ’22: $88MQ4 ’22Q1 ’23: $45MQ2 ’23: $28MQ3 ’23: $31MQ4 ’23: $23MQ4 ’23Q1 ’24: $13MQ2 ’24: $7MQ3 ’24: $12MQ4 ’24: $27MQ4 ’24Q1 ’25: $20MQ2 ’25: $42MQ3 ’25: $27MQ4 ’25: $23MQ4 ’25Q1 ’26: $18Mfilingsflow.com

Portfolio Composition

By security type
ETP: 35.0%Common Stock: 31.5%US DOMESTIC: 18.2%PUBLIC: 12.7%Other: 2.7%
  • ETP · 35.0% · $7M
  • Common Stock · 31.5% · $6M
  • US DOMESTIC · 18.2% · $4M
  • PUBLIC · 12.7% · $3M
  • Other · 2.7% · $537,856

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYSPDR S&P 500 ETF TRNEW+5.5K5.5K+$3M$3M
PATRICK INDS INCNEW+1.50M1.50M+$2M$2M
TOPGOLF CALLAWAY BRANDS CORPNEW+1.00M1.00M+$971,000$971,000
TH INTERNATIONAL LIMITEDNEW+5.2K5.2K+$15,356$15,356
INTEGER HLDGS CORPSOLD OUT−1.00M0−$2M$0
LIVE NATION ENTERTAINMENT INSOLD OUT−1.00M0−$1M$0
ALTGALTA EQUIPMENT GROUP INCSOLD OUT−120.0K0−$784,800$0
LGIHLGI HOMES INCSOLD OUT−8.2K0−$733,080$0

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

Holdings — Q1 2025

12 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CNKCINEMARK HLDGS INChistory →COM15.02%$3M122.0K
2EPR PPTYSPFD C CV 5.75% · CONV PFD 9% SR E12.74%$3M105.6K
3PATRICK INDS INCNOTE 1.750%12/010.37%$2M1.50M
4MCSMARCUS CORP DELhistory →COM9.00%$2M109.0K
5TOPGOLF CALLAWAY BRANDS CORPNOTE 2.750% 5/04.80%$971,0001.00M
6CRCCALIFORNIA RES CORPhistory →COM STOCK4.13%$834,28719.0K
7SPHERE ENTERTAINMENT CONOTE 3.500%12/02.98%$601,750500.0K
8VIVID SEATS INCCOM CL A2.56%$518,000175.0K
9NENOBLE CORP PLChistory →ORD SHS A1.99%$401,26516.9K
10AMC ENTMT HLDGS INCCL A NEW1.35%$272,65095.0K
11TH INTERNATIONAL LIMITEDSHS NEW0.08%$15,3565.2K
12ECARX HOLDINGS INC*W EXP 99/99/9990.02%$4,50075.0K

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 ↗
Q4 2018$62M25Feb 14, 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 ↗.