Covalent Partners LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Covalent Partners LLC reported 8 stock positions worth $9.6 million. Its top holding was Cinemark (CNK) at 20.5% of the portfolio, followed by Penn Entertainment (PENN, 16.9%) and Ufp Industries (UFPI, 15.2%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 3 and reduced 3. The biggest buy was Greene County Bancorp (GCBC, shares +38%) and the biggest sale an exit from Gibraltar Industries (ROCK).

Most Recent 13F
Q1 2026
Location
CONCORD, MA
CIK
0001531611
Portfolio Value
$9.6M (Q4 2025)
SEC Filing
0001531611-26-000003 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $9.6M $9.6M Q4 2025 Q1 2026: $11.3M Q1 2026

Holdings 8 stocks · $9.6M
CNK Cinemark Holdings Inc. 20.49% 84,500 $2.0M Reduce -2.9%
PENN Penn Entertainment Inc. 16.93% 110,000 $1.6M Add +46.7%
UFPI Ufp Industries Inc. 15.20% 16,000 $1.5M Reduce -13.5%
GCBC Greene County Bancorp Inc. 14.61% 63,000 $1.4M Add +37.9%
SRBK Sr Bancorp Inc. 9.85% 60,000 $944K Add +49.0%
CRC California Resources Corp. 8.85% 18,974 $848K No change
MCS Marcus Corporation 8.09% 50,000 $776K Reduce -70.1%
ECBK Ecb Bancorp Inc. 5.99% 33,000 $574K New

Options reported separately and not counted above: IWM puts ($11.2M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $1.8M (not counted above)
SecurityClassShares / PrincipalValueChange
CALLAWAY GOLF CO (CALY 2.75 05/01/26) NOTE 2.750% 5/0 · principal 1,000,000$994KNo change
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 500,000$849KReduce -66.7%
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 75,000$3KNo change

Total filed on the 13F, all lines: $11.4M.

Portfolio Sells Q3 2025 → Q4 2025
ROCK Gibraltar Industries Inc. Sold out 0.00% −12.02
MCS Marcus Corporation Reduce -70.1% 8.09% −10.27
CZR Caesars Entertainment Inc. Sold out 0.00% −4.79
REGN Regeneron Pharmaceuticals Sold out 0.00% −3.19
AMC AMC Entertainment HLDS Class A Sold out 0.00% −3.08
UFPI Ufp Industries Inc. Reduce -13.5% 15.20% +2.94
CNK Cinemark Holdings Inc. Reduce -2.9% 20.49% +3.21

Portfolio Buys Q3 2025 → Q4 2025
GCBC Greene County Bancorp Inc. Add +37.9% 14.61% +7.29
PENN Penn Entertainment Inc. Add +46.7% 16.93% +6.69
ECBK Ecb Bancorp Inc. New 5.99% +5.99
SRBK Sr Bancorp Inc. Add +49.0% 9.85% +5.55

Options Activity Q3 2025 → Q4 2025
IWM iShares Russell 2000 ETF put Add +82.0% 45,500 $11.2M

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

Notes & Other Activity Q3 2025 → Q4 2025
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Sold out 55,000 $1.4Mbefore exit
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal Sold out 500,000 $945Kbefore exit
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal Reduce -66.7% 500,000 $849K
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E Sold out 20,000 $631Kbefore 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