SEC 13F Intelligence

Managers / Q1 2026

Covalent Partners LLC

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

Reported Value
$18M
Q1 2026
Positions
16
Filings on Record
31
2019–present window
Filed
May 15, 2026
original filing

Summary

Covalent Partners LLC reported $18M in U.S.-listed holdings across 16 positions for Q1 2026.

Its largest position, GCBC, represents 8.8% of the portfolio.

Compared with Q4 2025, the fund opened 4 new positions and exited 0.

Portfolio Metrics

Turnover
+25.6%
vs prior filed quarter
Top-10 Concentration
+65.2%
share of reported value
Largest Position
+8.8%
Greene Cnty Bancorp

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
Common Stock: 64.5%ETP: 19.1%US DOMESTIC: 16.4%Other: 0.0%
  • Common Stock · 64.5% · $11M
  • ETP · 19.1% · $3M
  • US DOMESTIC · 16.4% · $3M
  • Other · 0.0% · $3,900

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LIVE NATION ENTERTAINMENT INNEW+1.00M1.00M+$2M$2M
BLCOBAUSCH PLUS LOMB CORPNEW+65.0K65.0K+$1M$1M
BXBLACKSTONE INCNEW+7.0K7.0K+$804,930$804,930
MSFTMICROSOFT CORPNEW+2.0K2.0K+$740,340$740,340
CNKCINEMARK HLDGS INCTRIMMED−59.5K25.0K−$1M$713,000
IWMISHARES TRTRIMMED−32.0K13.5K−$8M$3M
ECBKECB BANCORP INCADDED+17.0K50.0K+$262,630$836,500
CALLAWAY GOLF COTRIMMED−500.0K500.0K−$494,300$499,500

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

Holdings — Q1 2026

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GCBCGREENE CNTY BANCORP INChistory →COM8.81%$2M69.0K
2LIVE NATION ENTERTAINMENT INNOTE 3.125% 1/18.65%$2M1.00M
3PENNPENN ENTERTAINMENT INChistory →COM7.71%$1M90.0K
4CRCCALIFORNIA RES CORPhistory →COM STOCK7.48%$1M19.0K
5UFPIUFP INDUSTRIES INChistory →COM6.30%$1M12.0K
6BLCOBAUSCH PLUS LOMB CORPhistory →COMMON SHARES5.89%$1M65.0K
7SRBKSR BANCORP INChistory →COM5.77%$1M60.0K
8PATRICK INDS INCNOTE 1.750%12/04.93%$865,250500.0K
9MCSMARCUS CORP DELhistory →COM4.89%$858,50050.0K
10ECBKECB BANCORP INChistory →COM4.77%$836,50050.0K
11BXBLACKSTONE INChistory →COM4.59%$804,9307.0K
12MSFTMICROSOFT CORPhistory →COM4.22%$740,3402.0K
13CNKCINEMARK HLDGS INChistory →COM4.06%$713,00025.0K
14CALLAWAY GOLF CONOTE 2.750% 5/02.85%$499,500500.0K
15ECARX HOLDINGS INC*W EXP 99/99/9990.02%$3,90075.0K

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 ↗.