Covalent Partners LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Covalent Partners LLC reported 7 stock positions worth $6.9 million. Its top holding was Cinemark (CNK) at 44.0% of the portfolio, followed by Marcus (MCS, 26.4%) and California Resources (CRC, 12.1%). Compared with Q4 2024, it sold out of 2, added to 3 and reduced 1. The biggest buy was Cinemark (CNK, shares +74%) and the biggest sale Vivid Seats (shares −42%).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$6.9M (Q1 2025)
SEC Filing
0001531611-25-000002 ↗ filed May 15, 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 Q4 2024 Q1 2025: $6.9M $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 7 stocks · $6.9M
CNK Cinemark Holdings Inc. 44.03% 122,000 $3.0M Add +74.3%
MCS Marcus Corporation 26.38% 109,000 $1.8M Add +36.3%
CRC California Resources Corp. 12.10% 18,974 $834K No change
VIVID SEATS INC 7.51% 175,000 $518K Reduce -41.7%
NE Noble Corp. PLC 5.82% 16,931 $401K No change
AMC AMC Entertainment HLDS Class A 3.95% 95,000 $273K Add +58.3%
THCH TH International Ltd./Cayman 0.22% 5,241 $15K No change

Options reported separately and not counted above: IWM puts ($4.0M), SPY puts ($3.1M).

Other holdings (6): bonds, preferreds, convertibles and warrants · $6.2M (not counted above)
SecurityClassShares / PrincipalValueChange
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 1,500,000$2.1MNew
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 85,562$2.0MReduce -10.5%
CALLAWAY GOLF CO (CALY 2.75 05/01/26) NOTE 2.750% 5/0 · principal 1,000,000$971KNew
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 500,000$602KNo change
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 20,000$600KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$5KNo change

Total filed on the 13F, all lines: $13.1M.

Portfolio Sells Q4 2024 → Q1 2025
VIVID SEATS INC Reduce -41.7% 7.51% −9.15
LGIH Lgi Homes Inc. Sold out 0.00% −8.79
EPR Epr Properties Sold out 0.00% −6.64

Portfolio Buys Q4 2024 → Q1 2025
CNK Cinemark Holdings Inc. Add +74.3% 44.03% +18.02
MCS Marcus Corporation Add +36.3% 26.38% +5.75
AMC AMC Entertainment HLDS Class A Add +58.3% 3.95% +1.09

Options Activity Q4 2024 → Q1 2025
IWM iShares Russell 2000 ETF call Sold out 55,000 $12.2Mbefore exit
IWM iShares Russell 2000 ETF put New 20,000 $4.0M
SPY SS SPDR S&P 500 ETF Trust-US put New 5,500 $3.1M
ALTG Alta Equipment Group Inc. put Sold out 120,000 $785Kbefore 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 2024 → Q1 2025
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal New 1,500,000 $2.1M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -10.5% 85,562 $2.0M
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal Sold out 1,000,000 $1.6Mbefore exit
LIVE NATION ENTERTAINMEN (LYV 2 02/15/25) NOTE 2.000% 2/1 · principal Sold out 1,000,000 $1.2Mbefore exit
CALLAWAY GOLF CO (CALY 2.75 05/01/26) NOTE 2.750% 5/0 · principal New 1,000,000 $971K

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