Managers / Q3 2025 · view latest →
Covalent Partners LLC
CIK 0001531611 · 30 MONUMENT SQUARE, SUITE 250, CONCORD, MA, 01742 · 617-658-5508
Summary
Covalent Partners LLC reported $27M in U.S.-listed holdings across 18 positions for Q3 2025.
Its largest position, MCS, represents 9.8% of the portfolio.
Compared with Q2 2025, the fund opened 8 new positions and exited 1.
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 · 53.1% · $14M
- ETP · 22.8% · $6M
- US DOMESTIC · 16.4% · $4M
- PUBLIC · 7.6% · $2M
- Other · 0.0% · $4,500
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| IWMISHARES TR | NEW | +25.0K | 25.0K | +$6M | $6M |
| UFPIUFP INDUSTRIES INC | NEW | +18.5K | 18.5K | +$2M | $2M |
| ROCKGIBRALTAR INDS INC | NEW | +27.0K | 27.0K | +$2M | $2M |
| PENNPENN ENTERTAINMENT INC | NEW | +75.0K | 75.0K | +$1M | $1M |
| GCBCGREENE CNTY BANCORP INC | NEW | +45.7K | 45.7K | +$1M | $1M |
| CZRCAESARS ENTERTAINMENT INC NE | NEW | +25.0K | 25.0K | +$675,625 | $675,625 |
| SRBKSR BANCORP INC | NEW | +40.3K | 40.3K | +$607,523 | $607,523 |
| REGNREGENERON PHARMACEUTICALS | NEW | +800 | 800 | +$449,816 | $449,816 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | MCSMARCUS CORP DELhistory → | COM | 9.76% | $3M | 167.0K |
| 2 | CNKCINEMARK HLDGS INChistory → | COM | 9.18% | $2M | 87.0K |
| 3 | PATRICK INDS INC | NOTE 1.750%12/0 | 9.16% | $2M | 1.50M |
| 4 | EPR PPTYS | PFD C CV 5.75% · CONV PFD 9% SR E | 7.65% | $2M | 75.0K |
| 5 | UFPIUFP INDUSTRIES INChistory → | COM | 6.51% | $2M | 18.5K |
| 6 | ROCKGIBRALTAR INDS INChistory → | COM | 6.39% | $2M | 27.0K |
| 7 | PENNPENN ENTERTAINMENT INChistory → | COM | 5.44% | $1M | 75.0K |
| 8 | GCBCGREENE CNTY BANCORP INChistory → | COM | 3.89% | $1M | 45.7K |
| 9 | CRCCALIFORNIA RES CORPhistory → | COM STOCK | 3.80% | $1M | 19.0K |
| 10 | TOPGOLF CALLAWAY BRANDS CORP | NOTE 2.750% 5/0 | 3.70% | $983,500 | 1.00M |
| 11 | SPHERE ENTERTAINMENT CO | NOTE 3.500%12/0 | 3.56% | $945,000 | 500.0K |
| 12 | CZRCAESARS ENTERTAINMENT INC NEhistory → | COM | 2.54% | $675,625 | 25.0K |
| 13 | SRBKSR BANCORP INChistory → | COM | 2.29% | $607,523 | 40.3K |
| 14 | REGNREGENERON PHARMACEUTICALShistory → | COM | 1.69% | $449,816 | 800 |
| 15 | AMC ENTMT HLDGS INC | CL A NEW | 1.64% | $435,000 | 150.0K |
| 16 | ECARX HOLDINGS INC | *W EXP 99/99/999 | 0.02% | $4,500 | 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 ↗ |
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 ↗.