SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Covalent Partners LLC

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

Reported Value
$23M
Q4 2025
Positions
12
Filings on Record
31
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Covalent Partners LLC reported $23M in U.S.-listed holdings across 12 positions for Q4 2025.

Its largest position, CNK, represents 8.7% of the portfolio.

Compared with Q3 2025, the fund opened 1 new position and exited 7.

Portfolio Metrics

Turnover
+26.9%
vs prior filed quarter
Top-10 Concentration
+50.5%
share of reported value
Largest Position
+8.7%
Cinemark
New / Exited
1 / 7
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: 49.5%Common Stock: 42.4%US DOMESTIC: 8.1%Other: 0.0%
  • ETP · 49.5% · $11M
  • Common Stock · 42.4% · $10M
  • US DOMESTIC · 8.1% · $2M
  • Other · 0.0% · $3,383

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ECBKECB BANCORP INCNEW+33.0K33.0K+$573,870$573,870
ROCKGIBRALTAR INDS INCSOLD OUT−27.0K0−$2M$0
EPR PPTYSSOLD OUT−55.0K0−$1M$0
SPHERE ENTERTAINMENT COSOLD OUT−500.0K0−$945,000$0
CZRCAESARS ENTERTAINMENT INC NESOLD OUT−25.0K0−$675,625$0
EPR PPTYSSOLD OUT−20.0K0−$631,200$0
REGNREGENERON PHARMACEUTICALSSOLD OUT−8000−$449,816$0
AMC ENTMT HLDGS INCSOLD OUT−150.0K0−$435,000$0

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

Holdings — Q4 2025

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CNKCINEMARK HLDGS INChistory →COM8.68%$2M84.5K
2PENNPENN ENTERTAINMENT INChistory →COM7.17%$2M110.0K
3UFPIUFP INDUSTRIES INChistory →COM6.44%$1M16.0K
4GCBCGREENE CNTY BANCORP INChistory →COM6.19%$1M63.0K
5TOPGOLF CALLAWAY BRANDS CORPNOTE 2.750% 5/04.39%$993,8001.00M
6SRBKSR BANCORP INChistory →COM4.17%$944,40060.0K
7PATRICK INDS INCNOTE 1.750%12/03.75%$848,500500.0K
8CRCCALIFORNIA RES CORPhistory →COM STOCK3.75%$848,32819.0K
9MCSMARCUS CORP DELhistory →COM3.43%$775,50050.0K
10ECBKECB BANCORP INChistory →COM2.54%$573,87033.0K
11ECARX HOLDINGS INC*W EXP 99/99/9990.01%$3,38375.0K

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 ↗.