SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Covalent Partners LLC

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

Reported Value
$42M
Q2 2025
Positions
11
Filings on Record
30
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Covalent Partners LLC reported $42M in U.S.-listed holdings across 11 positions for Q2 2025.

Its largest position, MCS, represents 6.8% of the portfolio.

Compared with Q1 2025, the fund opened 1 new position and exited 5.

Portfolio Metrics

Turnover
+28.2%
vs prior filed quarter
Largest Position
+6.8%
Marcus
New / Exited
1 / 5
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: 65.9%Common Stock: 18.1%US DOMESTIC: 9.4%PUBLIC: 6.7%Other: 0.0%
  • ETP · 65.9% · $27M
  • Common Stock · 18.1% · $8M
  • US DOMESTIC · 9.4% · $4M
  • PUBLIC · 6.7% · $3M
  • Other · 0.0% · $4,448

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRNEW+340.0K340.0K+$27M$27M
AMC ENTMT HLDGS INCADDED+391.0K486.0K+$1M$2M
IWMISHARES TRSOLD OUT−20.0K0−$4M$0
SPYSPDR S&P 500 ETF TRSOLD OUT−5.5K0−$3M$0
VIVID SEATS INCSOLD OUT−175.0K0−$518,000$0
NENOBLE CORP PLCSOLD OUT−16.9K0−$401,265$0
TH INTERNATIONAL LIMITEDSOLD OUT−5.2K0−$15,356$0
MCSMARCUS CORP DELADDED+58.0K167.0K+$996,410$3M

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

Holdings — Q2 2025

9 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MCSMARCUS CORP DELhistory →COM6.77%$3M167.0K
2EPR PPTYSPFD C CV 5.75% · CONV PFD 9% SR E6.65%$3M105.6K
3CNKCINEMARK HLDGS INChistory →COM5.59%$2M77.0K
4PATRICK INDS INCNOTE 1.750%12/05.34%$2M1.50M
5AMC ENTMT HLDGS INCCL A NEW3.62%$2M486.0K
6TOPGOLF CALLAWAY BRANDS CORPNOTE 2.750% 5/02.33%$971,0001.00M
7CRCCALIFORNIA RES CORPhistory →COM STOCK2.08%$866,54319.0K
8SPHERE ENTERTAINMENT CONOTE 3.500%12/01.68%$700,750500.0K
9ECARX HOLDINGS INC*W EXP 99/99/9990.01%$4,44875.0K

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 ↗.