Covalent Partners LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Covalent Partners LLC reported 4 stock positions worth $7.5 million. Its top holding was Marcus (MCS) at 37.5% of the portfolio, followed by Cinemark (CNK, 30.9%) and AMC Entertainment HLDS Class A (AMC, 20.1%). Compared with Q1 2025, it sold out of 3, added to 2 and reduced 1. The biggest buy was AMC Entertainment HLDS Class A (AMC, shares +412%) and the biggest sale Cinemark (CNK, shares −37%).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$7.5M (Q2 2025)
SEC Filing
0001531611-25-000004 ↗ filed Aug 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 Q4 2024 Q1 2025: $6.9M Q1 2025 Q2 2025: $7.5M $7.5M Q2 2025 Q3 2025: $14.1M Q3 2025 Q4 2025: $9.6M Q4 2025 Q1 2026: $11.3M Q1 2026

Holdings 4 stocks · $7.5M
MCS Marcus Corporation 37.48% 167,000 $2.8M Add +53.2%
CNK Cinemark Holdings Inc. 30.93% 77,000 $2.3M Reduce -36.9%
AMC AMC Entertainment HLDS Class A 20.05% 486,000 $1.5M Add +411.6%
CRC California Resources Corp. 11.53% 18,974 $867K No change

Options reported separately and not counted above: HYG puts ($27.4M).

Other holdings (6): bonds, preferreds, convertibles and warrants · $6.7M (not counted above)
SecurityClassShares / PrincipalValueChange
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 1,500,000$2.2MNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 85,562$2.1MNo change
CALLAWAY GOLF CO (CALY 2.75 05/01/26) NOTE 2.750% 5/0 · principal 1,000,000$971KNo change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 500,000$701KNo change
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 20,000$624KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$4KNo change

Total filed on the 13F, all lines: $14.2M.

Portfolio Sells Q1 2025 → Q2 2025
CNK Cinemark Holdings Inc. Reduce -36.9% 30.93% −13.09
VIVID SEATS INC Sold out 0.00% −7.51
NE Noble Corp. PLC Sold out 0.00% −5.82
THCH TH International Ltd./Cayman Sold out 0.00% −0.22

Portfolio Buys Q1 2025 → Q2 2025
AMC AMC Entertainment HLDS Class A Add +411.6% 20.05% +16.10
MCS Marcus Corporation Add +53.2% 37.48% +11.10

Options Activity Q1 2025 → Q2 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 340,000 $27.4M
IWM iShares Russell 2000 ETF put Sold out 20,000 $4.0Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 5,500 $3.1Mbefore exit

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