Covalent Partners LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Covalent Partners LLC reported 11 stock positions worth $11.3 million. Its top holding was Greene County Bancorp (GCBC) at 13.7% of the portfolio, followed by Penn Entertainment (PENN, 12.0%) and California Resources (CRC, 11.6%). Compared with Q4 2025, it opened 3 new positions, added to 2 and reduced 3. The biggest buy was a new position in Bausch + Lomb (BLCO) and the biggest sale Cinemark (CNK, shares −70%).
- Most Recent 13F
- Q1 2026
- Location
- CONCORD, MA
- CIK
- 0001531611
- Portfolio Value
- $11.3M (Q1 2026)
- SEC Filing
- 0001531611-26-000004 ↗ filed May 15, 2026
Holdings Value
Holdings 11 stocks · $11.3M
| GCBC Greene County Bancorp Inc. | 13.66% | 69,000 | $1.5M | Add +9.5% |
| PENN Penn Entertainment Inc. | 11.95% | 90,000 | $1.4M | Reduce -18.2% |
| CRC California Resources Corp. | 11.61% | 18,974 | $1.3M | No change |
| UFPI Ufp Industries Inc. | 9.77% | 12,000 | $1.1M | Reduce -25.0% |
| BLCO Bausch + Lomb Corp. | 9.13% | 65,000 | $1.0M | New |
| SRBK Sr Bancorp Inc. | 8.95% | 60,000 | $1.0M | No change |
| MCS Marcus Corporation | 7.59% | 50,000 | $859K | No change |
| ECBK Ecb Bancorp Inc. | 7.39% | 50,000 | $837K | Add +51.5% |
| BX Blackstone Inc. | 7.11% | 7,000 | $805K | New |
| MSFT Microsoft Corp. | 6.54% | 2,000 | $740K | New |
| CNK Cinemark Holdings Inc. | 6.30% | 25,000 | $713K | Reduce -70.4% |
Options reported separately and not counted above: IWM puts ($3.3M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 1,000,000 | $1.5M | New |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 500,000 | $865K | No change |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 500,000 | $500K | Reduce -50.0% |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 75,000 | $4K | No change |
Total filed on the 13F, all lines: $14.2M.
Portfolio Sells Q4 2025 → Q1 2026
Portfolio Buys Q4 2025 → Q1 2026
Options Activity Q4 2025 → Q1 2026
| IWM iShares Russell 2000 ETF | put | Reduce -70.3% | 13,500 | $3.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | New | 1,000,000 | $1.5M |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | Reduce -50.0% | 500,000 | $500K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 11 | $11.3M | GCBC, PENN, CRC, UFPI, BLCO |
| Q4 2025 | 8 | $9.6M | CNK, PENN, UFPI, GCBC, SRBK |
| Q3 2025 | 11 | $14.1M | MCS, CNK, UFPI, ROCK, PENN |
| Q2 2025 | 4 | $7.5M | MCS, CNK, AMC, CRC |
| Q1 2025 | 7 | $6.9M | CNK, MCS, CRC, VIVID SEATS INC, NE |
| Q4 2024 | 9 | $8.3M | CNK, MCS, VIVID SEATS INC, CRC, LGIH |
| Q3 2024Amended | 6 | $8.0M | LGIH, CNK, VIVID SEATS INC, CRC, NE |
| Q2 2024 | 6 | $6.4M | CNK, VIVID SEATS INC, CRC, NE, ALTG |
| Q1 2024 | 10 | $7.8M | CNK, PR, BOOM, CRC, VIVID SEATS INC |