Covalent Partners LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 15, 2024), Covalent Partners LLC reported 6 stock positions worth $8.0 million. Its top holding was Lgi Homes (LGIH) at 33.0% of the portfolio, followed by Cinemark (CNK, 29.4%) and Vivid Seats (17.3%). Compared with Q2 2024, it opened 1 new position, sold out of 1, added to 1 and reduced 1. The biggest buy was a new position in Lgi Homes (LGIH) and the biggest sale Cinemark (CNK, shares −37%).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$8.0M (Q3 2024)
SEC Filing
0001531611-24-000005 ↗ filed Nov 15, 2024

Holdings Value

0$5.0M$10.0M$15.0M Q1 2024: $7.8M Q1 2024 Q2 2024: $6.4M Q2 2024 Q3 2024: $8.0M $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 · $8.0M
LGIH Lgi Homes Inc. 33.03% 22,400 $2.7M New
CNK Cinemark Holdings Inc. 29.44% 85,000 $2.4M Reduce -37.0%
VIVID SEATS INC 17.26% 375,000 $1.4M Add +66.7%
CRC California Resources Corp. 12.39% 18,974 $996K No change
NE Noble Corp. PLC 7.61% 16,931 $612K No change
THCH TH International Ltd./Cayman 0.26% 26,208 $21K No change
Other holdings (5): bonds, preferreds, convertibles and warrants · $3.7M (not counted above)
SecurityClassShares / PrincipalValueChange
LIVE NATION ENTERTAINMEN (LYV 2 02/15/25) NOTE 2.000% 2/1 · principal 2,000,000$2.2MNew
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 1,000,000$1.6MNew
EVTWF Vertical Aerospace Ltd. -CW26 *W EXP 12/16/202 164,100$3KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$2KNo change
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 22,500$252No change

Total filed on the 13F, all lines: $11.8M.

Portfolio Sells Q2 2024 → Q3 2024
CNK Cinemark Holdings Inc. Reduce -37.0% 29.44% −16.16
ALTG Alta Equipment Group Inc. Sold out 0.00% −6.28

Portfolio Buys Q2 2024 → Q3 2024
LGIH Lgi Homes Inc. New 33.03% +33.03
VIVID SEATS INC Add +66.7% 17.26% −2.95

Notes & Other Activity Q2 2024 → Q3 2024
LIVE NATION ENTERTAINMEN (LYV 2 02/15/25) NOTE 2.000% 2/1 · principal New 2,000,000 $2.2M
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal New 1,000,000 $1.6M
PETIQ INC (PETQ 4 06/01/26) NOTE 4.000% 6/0 · principal Sold out 1,000,000 $1.1Mbefore 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