Covalent Partners LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Covalent Partners LLC reported 6 stock positions worth $6.4 million. Its top holding was Cinemark (CNK) at 45.6% of the portfolio, followed by Vivid Seats (20.2%) and California Resources (CRC, 15.8%). Compared with Q1 2024, it opened 1 new position, sold out of 5 and added to 3. The biggest buy was Cinemark (CNK, shares +8%) and the biggest sale an exit from Permian Resources Class A (PR).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$6.4M (Q2 2024)
SEC Filing
0001531611-24-000003 ↗ filed Aug 14, 2024

Holdings Value

0$5.0M$10.0M$15.0M Q1 2024: $7.8M Q1 2024 Q2 2024: $6.4M $6.4M Q2 2024 Q3 2024: $8.0M Q3 2024 Q4 2024: $8.3M Q4 2024 Q1 2025: $6.9M Q1 2025 Q2 2025: $7.5M Q2 2025 Q3 2025: $14.1M Q3 2025 Q4 2025: $9.6M Q4 2025 Q1 2026: $11.3M Q1 2026

Holdings 6 stocks · $6.4M
CNK Cinemark Holdings Inc. 45.61% 135,000 $2.9M Add +8.0%
VIVID SEATS INC 20.22% 225,000 $1.3M Add +125.0%
CRC California Resources Corp. 15.78% 18,974 $1.0M No change
NE Noble Corp. PLC 11.81% 16,931 $756K Add +278.4%
ALTG Alta Equipment Group Inc. 6.28% 50,000 $402K New
THCH TH International Ltd./Cayman 0.31% 26,208 $20K No change
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
SecurityClassShares / PrincipalValueChange
PETIQ INC (PETQ 4 06/01/26) NOTE 4.000% 6/0 · principal 1,000,000$1.1MNo change
EVTWF Vertical Aerospace Ltd. -CW26 *W EXP 12/16/202 164,100$6KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$3KNo change
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 22,500$522No change

Total filed on the 13F, all lines: $7.5M.

Portfolio Sells Q1 2024 → Q2 2024
PR Permian Resources Corp. Class A Sold out 0.00% −22.68
BOOM DMC Global Inc. Sold out 0.00% −18.02
PDEX Pro-Dex Inc. Sold out 0.00% −3.18
SRFM Surf Air Mobility Inc. Com New Sold out 0.00% −2.71
NINEQ Nine Energy Service Inc. Sold out 0.00% −0.29

Portfolio Buys Q1 2024 → Q2 2024
CNK Cinemark Holdings Inc. Add +8.0% 45.61% +16.76
VIVID SEATS INC Add +125.0% 20.22% +12.52
NE Noble Corp. PLC Add +278.4% 11.81% +9.03
ALTG Alta Equipment Group Inc. New 6.28% +6.28

Notes & Other Activity Q1 2024 → Q2 2024
NCL CORPORATION LTD (NCLH 5.375 08/01/25) NOTE 5.375% 8/0 · principal Sold out 3,000,000 $3.9Mbefore exit
NE.WS Noble Corp. PLC-28 *W EXP 02/04/202 Sold out 6,228 $185Kbefore exit
NOBLE CORP PLC-28 *W EXP 02/04/202 Sold out 6,228 $158Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 11$11.3MGCBC, PENN, CRC, UFPI, BLCO
Q4 2025 8$9.6MCNK, PENN, UFPI, GCBC, SRBK
Q3 2025 11$14.1MMCS, CNK, UFPI, ROCK, PENN
Q2 2025 4$7.5MMCS, CNK, AMC, CRC
Q1 2025 7$6.9MCNK, MCS, CRC, VIVID SEATS INC, NE
Q4 2024 9$8.3MCNK, MCS, VIVID SEATS INC, CRC, LGIH
Q3 2024Amended 6$8.0MLGIH, CNK, VIVID SEATS INC, CRC, NE
Q2 2024 6$6.4MCNK, VIVID SEATS INC, CRC, NE, ALTG
Q1 2024 10$7.8MCNK, PR, BOOM, CRC, VIVID SEATS INC