Covalent Partners LLC
CIK 1531611 · View on SEC EDGAR ↗
- Portfolio value
- $17.6M
- Positions
- 16
- As of
- March 31, 2026 Data as of Q1 2026
Portfolio value QoQ: -22.4% 13F does not disclose cash
- Top 10 holdings weight
- 79.50%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 15
- Effective number of positions
- 11.4
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: 2.0 quarters Tracked Q4 2024–Q1 2026 · 45.7% still held
- New positions
- 4
- Increased
- 2
- Decreased
- 5
- Closed
- 6
Put-notional exposure: 19.1% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
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 Greene County Bancorp, Inc. - Common Stock | $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 PENN Entertainment, Inc. - Common Stock | $1,352,700 | 7.71% | 90,000 | $-269,800 | Down ×1 | ||
| CRC California Resources Corporation Common Stock | $1,313,380 | 7.48% | 18,974 | $465,052 | |||
| UFPI UFP Industries, Inc. - Common Stock | $1,105,440 | 6.30% | 12,000 | $-351,360 | Down ×2 | ||
| BLCO Bausch + Lomb Corporation Common Shares | $1,033,500 | 5.89% | 65,000 | Up ×1 | |||
| SRBK SR Bancorp, Inc. - Common stock | $1,012,800 | 5.77% | 60,000 | $68,400 | |||
| Unknown issuer (CUSIP: 703343AG8) | $865,250 | 4.93% | 500,000 | $16,750 | |||
| MCS Marcus Corporation (The) Common Stock | $858,500 | 4.89% | 50,000 | $83,000 | |||
| ECBK ECB Bancorp, Inc. - Common Stock | $836,500 | 4.77% | 50,000 | $262,630 | Up ×1 | ||
| BX Blackstone Inc. Common Stock | $804,930 | 4.59% | 7,000 | Up ×1 | |||
| MSFT Microsoft Corporation - Common Stock | $740,340 | 4.22% | 2,000 | Up ×1 | |||
| CNK Cinemark Holdings Inc Cinemark Holdings, Inc. Common Stock | $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 ECARX Holdings Inc. - Warrants | $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 | No longer tracked |
| IWM | June 30, 2025 | 20,000 | $3,989,800 | No longer tracked |
| SPY | June 30, 2025 | 5,500 | $3,076,645 | No longer tracked |
| ROCK | Dec. 31, 2025 | 27,000 | $1,695,600 | -2.1% |
| EPRPRC | Dec. 31, 2025 | 55,000 | $1,398,650 | No longer tracked |
| ALTG | March 31, 2025 | 120,000 | $784,800 | 45.2% |
| LGIH | March 31, 2025 | 8,200 | $733,080 | -9.8% |
| CZR | Dec. 31, 2025 | 25,000 | $675,625 | 26.8% |
| EPRPRE | Dec. 31, 2025 | 20,000 | $631,200 | No longer tracked |
| EPR | March 31, 2025 | 12,500 | $553,500 | 15.6% |
| SEATXXXX | June 30, 2025 | 175,000 | $518,000 | No longer tracked |
| REGN | Dec. 31, 2025 | 800 | $449,816 | 8.9% |
| AMC | Dec. 31, 2025 | 150,000 | $435,000 | 58.7% |
| NE | June 30, 2025 | 16,931 | $401,265 | 73.4% |
| THCH | June 30, 2025 | 5,241 | $15,356 | -53.1% |