Covalent Partners LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Covalent Partners LLC reported 11 stock positions worth $14.1 million. Its top holding was Marcus (MCS) at 18.4% of the portfolio, followed by Cinemark (CNK, 17.3%) and Ufp Industries (UFPI, 12.3%). Compared with Q2 2025, it opened 7 new positions, added to 1 and reduced 1. The biggest buy was a new position in Ufp Industries (UFPI) and the biggest sale AMC Entertainment HLDS Class A (AMC, shares −69%).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$14.1M (Q3 2025)
SEC Filing
0001531611-25-000005 ↗ filed Nov 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 Q2 2025 Q3 2025: $14.1M $14.1M Q3 2025 Q4 2025: $9.6M Q4 2025 Q1 2026: $11.3M Q1 2026

Holdings 11 stocks · $14.1M
MCS Marcus Corporation 18.36% 167,000 $2.6M No change
CNK Cinemark Holdings Inc. 17.28% 87,000 $2.4M Add +13.0%
UFPI Ufp Industries Inc. 12.26% 18,500 $1.7M New
ROCK Gibraltar Industries Inc. 12.02% 27,000 $1.7M New
PENN Penn Entertainment Inc. 10.24% 75,000 $1.4M New
GCBC Greene County Bancorp Inc. 7.32% 45,671 $1.0M New
CRC California Resources Corp. 7.15% 18,974 $1.0M No change
CZR Caesars Entertainment Inc. 4.79% 25,000 $676K New
SRBK Sr Bancorp Inc. 4.31% 40,260 $608K New
REGN Regeneron Pharmaceuticals 3.19% 800 $450K New
AMC AMC Entertainment HLDS Class A 3.08% 150,000 $435K Reduce -69.1%

Options reported separately and not counted above: IWM puts ($6.0M).

Other holdings (6): bonds, preferreds, convertibles and warrants · $6.4M (not counted above)
SecurityClassShares / PrincipalValueChange
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 1,500,000$2.4MNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 55,000$1.4MReduce -35.7%
CALLAWAY GOLF CO (CALY 2.75 05/01/26) NOTE 2.750% 5/0 · principal 1,000,000$984KNo change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 500,000$945KNo change
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 20,000$631KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$5KNo change

Total filed on the 13F, all lines: $20.5M.

Portfolio Sells Q2 2025 → Q3 2025
AMC AMC Entertainment HLDS Class A Reduce -69.1% 3.08% −16.97

Portfolio Buys Q2 2025 → Q3 2025
UFPI Ufp Industries Inc. New 12.26% +12.26
ROCK Gibraltar Industries Inc. New 12.02% +12.02
PENN Penn Entertainment Inc. New 10.24% +10.24
GCBC Greene County Bancorp Inc. New 7.32% +7.32
CZR Caesars Entertainment Inc. New 4.79% +4.79
SRBK Sr Bancorp Inc. New 4.31% +4.31
REGN Regeneron Pharmaceuticals New 3.19% +3.19
CNK Cinemark Holdings Inc. Add +13.0% 17.28% −13.65

Options Activity Q2 2025 → Q3 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 340,000 $27.4Mbefore exit
IWM iShares Russell 2000 ETF put New 25,000 $6.0M

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

Notes & Other Activity Q2 2025 → Q3 2025
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -35.7% 55,000 $1.4M

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