# Covalent Partners LLC

> Institutional holdings reported to the SEC as of Q1 2026 on Form 13F. CIK 1531611. Source: https://holderbook.com/funds/1531611-covalent-partners-llc/

- Reported value: $17.6M
- Positions: 16
- Weight of the ten largest: 79.5%
- Filed: 2026-05-15

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $3.3M | 0 | 19.1% | 3 |
| GREENE CNTY BANCORP INC | [GCBC](https://holderbook.com/stocks/GCBC/) | $1.5M | 69,000 | 8.8% | 3 |
| LIVE NATION ENTERTAINMENT IN | - | $1.5M | 1,000,000 | 8.7% | 1 |
| PENN ENTERTAINMENT INC | [PENN](https://holderbook.com/stocks/PENN/) | $1.4M | 90,000 | 7.7% | 3 |
| CALIFORNIA RES CORP | [CRC](https://holderbook.com/stocks/CRC/) | $1.3M | 18,974 | 7.5% | 22 |
| UFP INDUSTRIES INC | [UFPI](https://holderbook.com/stocks/UFPI/) | $1.1M | 12,000 | 6.3% | 3 |
| BAUSCH PLUS LOMB CORP | [BLCO](https://holderbook.com/stocks/BLCO/) | $1.0M | 65,000 | 5.9% | 1 |
| SR BANCORP INC | [SRBK](https://holderbook.com/stocks/SRBK/) | $1.0M | 60,000 | 5.8% | 3 |
| PATRICK INDS INC | - | $865.2K | 500,000 | 4.9% | 5 |
| MARCUS CORP DEL | [MCS](https://holderbook.com/stocks/MCS/) | $858.5K | 50,000 | 4.9% | 6 |
| ECB BANCORP INC | [ECBK](https://holderbook.com/stocks/ECBK/) | $836.5K | 50,000 | 4.8% | 2 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $804.9K | 7,000 | 4.6% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $740.3K | 2,000 | 4.2% | 1 |
| CINEMARK HLDGS INC | [CNK](https://holderbook.com/stocks/CNK/) | $713.0K | 25,000 | 4.1% | 11 |
| CALLAWAY GOLF CO | - | $499.5K | 500,000 | 2.8% | 5 |
| ECARX HOLDINGS INC | [ECXWW](https://holderbook.com/stocks/ECXWW/) | $3.9K | 75,000 | 0.0% | 14 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2026 | +11.5% | -4.6% | +16.1% | 84% |
| Q4 2025 | -10.2% | +2.4% | -12.6% | 79% |
| Q3 2025 | -3.0% | +7.8% | -10.8% | 73% |
| Q2 2025 | +7.8% | +10.5% | -2.7% | 72% |
| Q1 2025 | -13.5% | -4.6% | -9.0% | 75% |
| Q4 2024 | -1.6% | +2.1% | -3.7% | 68% |
| Q3 2024 | +2.4% | +5.4% | -3.0% | 86% |
| Q2 2024 | -3.7% | +4.0% | -7.7% | 62% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2026 | $17.6M | 16 |
| Q4 2025 | $22.6M | 12 |
| Q3 2025 | $26.6M | 18 |
| Q2 2025 | $41.6M | 11 |
| Q1 2025 | $20.2M | 15 |
| Q4 2024 | $27.3M | 17 |
| Q3 2024 | $11.8M | 11 |
| Q2 2024 | $7.5M | 10 |
| Q1 2024 | $13.1M | 17 |
| Q4 2023 | $22.9M | 23 |
| Q3 2023 | $31.3M | 25 |
| Q2 2023 | $27.6M | 25 |