Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q2 2016 (← Previous) (Next →)

Filing Date: Aug 15, 2016

Total Value ($000): $290,486 (95.8% shares, 4.2% debt)

Holdings (33)

— CALATLANTIC GROUP INC 11.1%

Value ($000) $32,150 Shares 875,775 Est. Cost $37.92 Unrealized —

— LYON WILLIAM HOMES 8.3%

Value ($000) $24,234 Shares 1,503,362 Est. Cost $20.71 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 6.6%

Value ($000) $19,265 Shares 558,743 Est. Cost $36.49 Unrealized —

— WCI CMNTYS INC 6.4%

Value ($000) $18,517 Shares 1,095,665 Est. Cost $22.62 Unrealized —

LGIH LGI HOMES INC 5.8%

Value ($000) $16,730 Shares 523,803 Est. Cost $20.50 Unrealized +35.2%

— GREAT AJAX CORP 5.3%

Value ($000) $15,400 Shares 1,110,281 Est. Cost $13.49 Unrealized —

PHM PULTE GROUP INC 5.1%

Value ($000) $14,941 Shares 766,594 Est. Cost $16.80 Unrealized -1.7%

DHI D R HORTON INC 4.9%

Value ($000) $14,128 Shares 448,803 Est. Cost $22.45 Unrealized +22.2%

TOL TOLL BROTHERS INC 4.7%

Value ($000) $13,697 Shares 509,000 Est. Cost $28.01 Unrealized +0.3%

LEN LENNAR CORP 4.7%

Value ($000) $13,548 Shares 293,891 Est. Cost $39.52 Unrealized +0.9%

— NEW HOME CO INC 4.6%

Value ($000) $13,290 Shares 1,393,122 Est. Cost $14.40 Unrealized —

C CITIGROUP INC 4.4%

Value ($000) $12,875 Shares 303,731 Est. Cost $36.41 Unrealized -9.1%

CSTE CAESARSTONE LTD 4.1%

Value ($000) $11,952 Shares 343,844 Est. Cost $34.01 Unrealized +0.5%

— NORBORD INC 4.0%

Value ($000) $11,617 Shares 594,264 Est. Cost $19.90 Unrealized —

PENN PENN NATL GAMING INC 3.5%

Value ($000) $10,076 Shares 722,287 Est. Cost $13.38 Unrealized +17.0%

ALLY ALLY FINL INC 3.4%

Value ($000) $9,994 Shares 585,446 Est. Cost $13.18 Unrealized +0.2%

MCRI MONARCH CASINO & RESORT INC 3.1%

Value ($000) $9,129 Shares 415,539 Est. Cost $17.51 Unrealized +17.2%

— M/I HOMES INC 1.9%

Value ($000) $5,454 Shares 5,430,000 Est. Cost $1.18 Unrealized —

GM GENERAL MTRS CO 1.5%

Value ($000) $4,374 Shares 154,542 Est. Cost $25.54 Unrealized -2.9%

— MEDIA GEN INC NEW 1.4%

Value ($000) $4,126 Shares 240,000 Est. Cost $16.31 Unrealized —

MHO M/I HOMES INC 1.4%

Value ($000) $4,005 Shares 212,690 Est. Cost $18.85 Unrealized 0.0%

— TOLL BROS FIN CORP 1.0%

Value ($000) $2,936 Shares 3,000,000 Est. Cost $1.06 Unrealized —

— STANDARD PAC CORP NEW 0.9%

Value ($000) $2,688 Shares 2,500,000 Est. Cost $1.05 Unrealized —

— EVERI HLDGS INC 0.4%

Value ($000) $1,265 Shares 1,100,000 Est. Cost $1.15 Unrealized —

— MERITAGE HOMES CORP 0.4%

Value ($000) $1,193 Shares 1,200,000 Est. Cost $1.07 Unrealized —

IWM ISHARES TR 0.3%

Value ($000) $955 Shares 300,000 Est. Cost — Unrealized —

— HARMONY MERGER CORP 0.3%

Value ($000) $900 Shares 90,000 Est. Cost $8.18 Unrealized —

ITB ISHARES TR 0.2%

Value ($000) $500 Shares 1,000,000 Est. Cost — Unrealized —

WYNN WYNN RESORTS LTD 0.1%

Value ($000) $383 Shares 26,100 Est. Cost — Unrealized —

— HARMONY MERGER CORP 0.0%

Value ($000) $144 Shares 720,000 Est. Cost $0.22 Unrealized —

TLT ISHARES TR 0.0%

Value ($000) $14 Shares 1,375,000 Est. Cost — Unrealized —

— WEATHERFORD INTL PLC 0.0%

Value ($000) $4 Shares 34,400 Est. Cost — Unrealized —

— HARMONY MERGER CORP 0.0%

Value ($000) $2 Shares 180,000 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CALATLANTIC GROUP INC	875,775	$32,150	11.1%	$37.92	—	COM	128195104
—	LYON WILLIAM HOMES	1,503,362	$24,234	8.3%	$20.71	—	CL A NEW	552074700
GLPI	GAMING & LEISURE PPTYS INC	558,743	$19,265	6.6%	$36.49	—	COM	36467J108
—	WCI CMNTYS INC	1,095,665	$18,517	6.4%	$22.62	—	COM PAR $0.01	92923C807
LGIH	LGI HOMES INC	523,803	$16,730	5.8%	$20.50	+35.2%	COM	50187T106
—	GREAT AJAX CORP	1,110,281	$15,400	5.3%	$13.49	—	COM	38983D300
PHM	PULTE GROUP INC	766,594	$14,941	5.1%	$16.80	-1.7%	COM	745867101
DHI	D R HORTON INC	448,803	$14,128	4.9%	$22.45	+22.2%	COM	23331A109
TOL	TOLL BROTHERS INC	509,000	$13,697	4.7%	$28.01	+0.3%	COM	889478103
LEN	LENNAR CORP	293,891	$13,548	4.7%	$39.52	+0.9%	CL A	526057104
—	NEW HOME CO INC	1,393,122	$13,290	4.6%	$14.40	—	COM	645370107
C	CITIGROUP INC	303,731	$12,875	4.4%	$36.41	-9.1%	COM	172967424
CSTE	CAESARSTONE LTD	343,844	$11,952	4.1%	$34.01	+0.5%	ORD SHS	M20598104
—	NORBORD INC	594,264	$11,617	4.0%	$19.90	—	COM NEW	65548P403
PENN	PENN NATL GAMING INC	722,287	$10,076	3.5%	$13.38	+17.0%	COM	707569109
ALLY	ALLY FINL INC	585,446	$9,994	3.4%	$13.18	+0.2%	COM	02005N100
MCRI	MONARCH CASINO & RESORT INC	415,539	$9,129	3.1%	$17.51	+17.2%	COM	609027107
—	M/I HOMES INC	5,430,000	$5,454	1.9%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
GM	GENERAL MTRS CO	154,542	$4,374	1.5%	$25.54	-2.9%	COM	37045V100
—	MEDIA GEN INC NEW	240,000	$4,126	1.4%	$16.31	—	COM	58441K100
MHO	M/I HOMES INC	212,690	$4,005	1.4%	$18.85	0.0%	COM	55305B101
—	TOLL BROS FIN CORP	3,000,000	$2,936	1.0%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
—	STANDARD PAC CORP NEW	2,500,000	$2,688	0.9%	$1.05	—	NOTE 1.250% 8/0	85375CBC4
—	EVERI HLDGS INC	1,100,000	$1,265	0.4%	$1.15	—	COM	30034T103
—	MERITAGE HOMES CORP	1,200,000	$1,193	0.4%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
IWM	ISHARES TR	300,000	$955	0.3%	—	—	Put	464287655
—	HARMONY MERGER CORP	90,000	$900	0.3%	$8.18	—	UNIT 99/99/9999	413247206
ITB	ISHARES TR	1,000,000	$500	0.2%	—	—	Put	464288752
WYNN	WYNN RESORTS LTD	26,100	$383	0.1%	—	—	Call	983134107
—	HARMONY MERGER CORP	720,000	$144	0.0%	$0.22	—	*W EXP 01/01/202	413247123
TLT	ISHARES TR	1,375,000	$14	0.0%	—	—	Put	464287432
—	WEATHERFORD INTL PLC	34,400	$4	0.0%	—	—	Call	G48833100
—	HARMONY MERGER CORP	180,000	$2	0.0%	$0.01	—	COM	413247107