Covalent Partners LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Covalent Partners LLC reported 9 stock positions worth $8.3 million. Its top holding was Cinemark (CNK) at 26.0% of the portfolio, followed by Marcus (MCS, 20.6%) and Vivid Seats (16.7%). Compared with Q3 2024, it opened 3 new positions and reduced 3. The biggest buy was a new position in Marcus (MCS) and the biggest sale Lgi Homes (LGIH, shares −63%).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$8.3M (Q4 2024)
SEC Filing
0001531611-25-000001 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $8.3M $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 9 stocks · $8.3M
CNK Cinemark Holdings Inc. 26.01% 70,000 $2.2M Reduce -17.6%
MCS Marcus Corporation 20.63% 80,000 $1.7M New
VIVID SEATS INC 16.66% 300,000 $1.4M Reduce -20.0%
CRC California Resources Corp. 11.81% 18,974 $985K No change
LGIH Lgi Homes Inc. 8.79% 8,200 $733K Reduce -63.4%
EPR Epr Properties filed as EPR PPTYS 6.64% 12,500 $554K New
NE Noble Corp. PLC 6.38% 16,931 $532K No change
AMC AMC Entertainment HLDS Class A 2.86% 60,000 $239K New
THCH TH International Ltd./Cayman 0.22% 26,208 $19K No change

Options reported separately and not counted above: IWM calls ($12.2M), ALTG puts ($785K).

Other holdings (6): bonds, preferreds, convertibles and warrants · $6.0M (not counted above)
SecurityClassShares / PrincipalValueChange
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 95,562$2.0MNew
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 1,000,000$1.6MNo change
LIVE NATION ENTERTAINMEN (LYV 2 02/15/25) NOTE 2.000% 2/1 · principal 1,000,000$1.2MReduce -50.0%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 500,000$682KNew
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 20,000$545KNew
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$4KNo change

Total filed on the 13F, all lines: $14.4M.

Portfolio Sells Q3 2024 → Q4 2024
LGIH Lgi Homes Inc. Reduce -63.4% 8.79% −24.24
CNK Cinemark Holdings Inc. Reduce -17.6% 26.01% −3.43
VIVID SEATS INC Reduce -20.0% 16.66% −0.60

Portfolio Buys Q3 2024 → Q4 2024
MCS Marcus Corporation New 20.63% +20.63
EPR Epr Properties New 6.64% +6.64
AMC AMC Entertainment HLDS Class A New 2.86% +2.86

Options Activity Q3 2024 → Q4 2024
IWM iShares Russell 2000 ETF call New 55,000 $12.2M
ALTG Alta Equipment Group Inc. put New 120,000 $785K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% New 95,562 $2.0M
LIVE NATION ENTERTAINMEN (LYV 2 02/15/25) NOTE 2.000% 2/1 · principal Reduce -50.0% 1,000,000 $1.2M
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal New 500,000 $682K
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E New 20,000 $545K
EVTWF Vertical Aerospace Ltd. -CW26 *W EXP 12/16/202 Sold out 164,100 $3Kbefore exit
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 Sold out 22,500 $252before 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