Covalent Partners LLC
Portfolio value QoQ: -22.4% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q1 2026: 22.48% Est. buys $4,516,640 · sells $10,801,520
Median holding: 3.0 quarters Tracked Q1 2025–Q1 2026 · 57.1% still held
Put-notional exposure: 19.1% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
Sector breakdown
Full portfolio 16 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| IWM | $3,348,000 | 19.07% | 13,500 | Put option | $-7,852,280 | Down ×1 | |
| GCBC | $1,546,290 | 8.81% | 69,000 | $145,800 | Up ×2 | ||
| Unknown issuer (CUSIP: 538034BA6) | $1,519,000 | 8.65% | 1,000,000 | Up ×1 | |||
| PENN | $1,352,700 | 7.71% | 90,000 | $-269,800 | Down ×1 | ||
| CRC | $1,313,380 | 7.48% | 18,974 | $465,052 | |||
| UFPI | $1,105,440 | 6.30% | 12,000 | $-351,360 | Down ×2 | ||
| BLCO | $1,033,500 | 5.89% | 65,000 | Up ×1 | |||
| SRBK | $1,012,800 | 5.77% | 60,000 | $68,400 | |||
| Unknown issuer (CUSIP: 703343AG8) | $865,250 | 4.93% | 500,000 | $16,750 | |||
| MCS | $858,500 | 4.89% | 50,000 | $83,000 | |||
| ECBK | $836,500 | 4.77% | 50,000 | $262,630 | Up ×1 | ||
| BX | $804,930 | 4.59% | 7,000 | Up ×1 | |||
| MSFT | $740,340 | 4.22% | 2,000 | Up ×1 | |||
| CNK | $713,000 | 4.06% | 25,000 | $-1,250,780 | Down ×2 | ||
| Unknown issuer (CUSIP: 131193AE4) | $499,500 | 2.85% | 500,000 | $-494,300 | Down ×1 | ||
| ECXWW | $3,900 | 0.02% | 75,000 | $517 | |||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| HYG | Sept. 30, 2025 | 340,000 | $27,421,000 | |
| IWM | June 30, 2025 | 20,000 | $3,989,800 | 30.7% |
| SPY | June 30, 2025 | 5,500 | $3,076,645 | No longer tracked |
| ROCK | Dec. 31, 2025 | 27,000 | $1,695,600 | -18.8% |
| EPRPRC | Dec. 31, 2025 | 55,000 | $1,398,650 | No longer tracked |
| CZR | Dec. 31, 2025 | 25,000 | $675,625 | 26.8% |
| EPRPRE | Dec. 31, 2025 | 20,000 | $631,200 | No longer tracked |
| SEAT | June 30, 2025 | 175,000 | $518,000 | -89.6% |
| REGN | Dec. 31, 2025 | 800 | $449,816 | -4.8% |
| AMC | Dec. 31, 2025 | 150,000 | $435,000 | 77.6% |
| NE | June 30, 2025 | 16,931 | $401,265 | 53.3% |
| THCH | June 30, 2025 | 5,241 | $15,356 | -60.9% |