In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Covalent Partners LLC reported 10 stock positions worth $7.8 million . Its top holding was Cinemark (CNK) at 28.8% of the portfolio, followed by Permian Resources Class A (PR, 22.7% ) and DMC Global (BOOM, 18.0% ). Compared with Q4 2023, it opened 2 new positions, sold out of 6, added to 2 and reduced 1. The biggest buy was Cinemark (CNK, shares +108% ) and the biggest sale an exit from Ishr Ibx Usd Hiyld CB ETF-Ui (HYG).
Location CONCORD, MA
CIK 0001531611
Portfolio Value $7.8M (Q1 2024) Holdings 10 stocks · $7.8M Holdings quarter Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 CNK Cinemark Holdings Inc. 125,000 $2.2M Add +108.3% PR Permian Resources Corp. Class A 100,000 $1.8M No change BOOM DMC Global Inc. 72,000 $1.4M New CRC California Resources Corp. 18,974 $1.0M No change VIVID SEATS INC 100,000 $599K New PDEX Pro-Dex Inc. 14,053 $247K Reduce -10.2% NE Noble Corp. PLC 4,475 $217K No change SRFM Surf Air Mobility Inc. Com New 250,000 $211K Add +66.7% THCH TH International Ltd./Cayman 26,208 $30K No change NINEQ Nine Energy Service Inc. 10,000 $22K No change
Other holdings (7): bonds, preferreds, convertibles and warrants · $5.3M (not counted above) Security Class Shares / Principal Value Change NCL CORPORATION LTD (NCLH 5.375 08/01/25) NOTE 5.375% 8/0 · principal 3,000,000 $3.9M Reduce -25.0% PETIQ INC (PETQ 4 06/01/26) NOTE 4.000% 6/0 · principal 1,000,000 $992K New NE.WS Noble Corp. PLC-28 *W EXP 02/04/202 6,228 $185K No change NOBLE CORP PLC-28 *W EXP 02/04/202 6,228 $158K No change EVTWF Vertical Aerospace Ltd. -CW26 *W EXP 12/16/202 164,100 $13K No change ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000 $2K No change AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 22,500 $1K No change
Total filed on the 13F, all lines: $13.1M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −32.66 IWM iShares Russell 2000 ETF Sold out 0.00% −17.84 DAL Delta Air Lines Inc. Sold out 0.00% −12.89 GTIM Good Times Restaurants Inc. Sold out 0.00% −1.82 BLCO Bausch + Lomb Corp. Sold out 0.00% −1.63 CIFR Cipher Digital Inc. Sold out 0.00% −1.61 PDEX Pro-Dex Inc. Reduce -10.2% 3.18% +1.03
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ CNK Cinemark Holdings Inc. Add +108.3% 28.84% +22.24 BOOM DMC Global Inc. New 18.02% +18.02 VIVID SEATS INC New 7.69% +7.69 SRFM Surf Air Mobility Inc. Com New Add +66.7% 2.71% +0.89
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 23,000 $4.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 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 2024 Amended 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