Institutional Manager · CIK 0001531611
Covalent Partners LLC
CONCORD, MA · File #028-14764
Latest AUM
$22.6M
Positions
12
Top-10 Concentration
97.4%
Filings
10
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | ISHARES TR | 464287655 | +20,500 | +$5.0M | +$105,000 |
| REDUCE | MARCUS CORP DEL | MCS | -117,000 | -$1.8M | $0 |
| REDUCE | PATRICK INDS INC | 703343AG8 | -1,000,000 | -$1.7M | +$114,000 |
| EXITED | GIBRALTAR INDS INC | 374689107 | -27,000 | -$1.7M | $0 |
| EXITED | EPR PPTYS | 26884U208 | -55,000 | -$1.4M | $0 |
| EXITED | SPHERE ENTERTAINMENT CO | 55826TAB8 | -500,000 | -$945,000 | $0 |
| EXITED | CAESARS ENTERTAINMENT INC NE | 12769G100 | -25,000 | -$675,625 | $0 |
| EXITED | EPR PPTYS | 26884U307 | -20,000 | -$631,200 | $0 |
| NEW | ECB BANCORP INC | ECBK | +33,000 | +$573,870 | $0 |
| ADD | PENN ENTERTAINMENT INC | PENN | +35,000 | +$516,250 | -$338,250 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202512 pos · $22.6M
- 13F HOLDINGS REPORTQ/E Sep 202518 pos · $26.6M
- 13F HOLDINGS REPORTQ/E Jun 202511 pos · $41.6M
- 13F HOLDINGS REPORTQ/E Mar 202515 pos · $20.2M
- 13F HOLDINGS REPORTQ/E Dec 202417 pos · $27.3M
- 13F HOLDINGS REPORT (Amended)Q/E Sep 202411 pos · $11.8M
- 13F HOLDINGS REPORTQ/E Sep 202411 pos · $11.8M
- 13F HOLDINGS REPORTQ/E Jun 202410 pos · $7.5M
- 13F HOLDINGS REPORTQ/E Mar 202417 pos · $13.1M
- 13F HOLDINGS REPORTQ/E Dec 202325 pos · $31.3M
Top 12 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | ISHARES TR | 464287655 | 45,500 | $11.2M | 49.49% |
| 2 | CINEMARK HLDGS INC | CNK | 84,500 | $2.0M | 8.68% |
| 3 | PENN ENTERTAINMENT INC | PENN | 110,000 | $1.6M | 7.17% |
| 4 | UFP INDUSTRIES INC | UFPI | 16,000 | $1.5M | 6.44% |
| 5 | GREENE CNTY BANCORP INC | 394357107 | 63,000 | $1.4M | 6.19% |
| 6 | TOPGOLF CALLAWAY BRANDS CORP | 131193AE4 | 1,000,000 | $993,800 | 4.39% |
| 7 | SR BANCORP INC | SRBK | 60,000 | $944,400 | 4.17% |
| 8 | PATRICK INDS INC | 703343AG8 | 500,000 | $848,500 | 3.75% |
| 9 | CALIFORNIA RES CORP | CRC | 18,974 | $848,328 | 3.75% |
| 10 | MARCUS CORP DEL | MCS | 50,000 | $775,500 | 3.43% |
| 11 | ECB BANCORP INC | ECBK | 33,000 | $573,870 | 2.54% |
| 12 | ECARX HOLDINGS INC | ECXWW | 75,000 | $3,383 | 0.01% |