Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q1 2025 (← Previous) (Next →)

Filing Date: May 15, 2025

Total Value ($000): $20,213 (81.8% shares, 18.2% debt)

Holdings (15)

IWM ISHARES TR 19.7%

Value ($000) $3,990 Shares 20,000 Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 15.2%

Value ($000) $3,077 Shares 5,500 Est. Cost — Unrealized —

CNK CINEMARK HLDGS INC 15.0%

Value ($000) $3,037 Shares 122,000 Est. Cost $21.01 Unrealized +31.0%

— PATRICK INDS INC 10.4%

Value ($000) $2,097 Shares 1,500,000 Est. Cost $1.40 Unrealized —

— EPR PPTYS 9.8%

Value ($000) $1,975 Shares 85,562 Est. Cost $20.80 Unrealized —

MCS MARCUS CORP DEL 9.0%

Value ($000) $1,819 Shares 109,000 Est. Cost $19.70 Unrealized -1.9%

— TOPGOLF CALLAWAY BRANDS CORP 4.8%

Value ($000) $971 Shares 1,000,000 Est. Cost $0.97 Unrealized —

CRC CALIFORNIA RES CORP 4.1%

Value ($000) $834 Shares 18,974 Est. Cost $16.48 Unrealized +178.8%

— SPHERE ENTERTAINMENT CO 3.0%

Value ($000) $602 Shares 500,000 Est. Cost $1.36 Unrealized —

— EPR PPTYS 3.0%

Value ($000) $600 Shares 20,000 Est. Cost $27.23 Unrealized —

— VIVID SEATS INC 2.6%

Value ($000) $518 Shares 175,000 Est. Cost $4.99 Unrealized —

NE NOBLE CORP PLC 2.0%

Value ($000) $401 Shares 16,931 Est. Cost $39.02 Unrealized -31.4%

AMC AMC ENTMT HLDGS INC 1.3%

Value ($000) $273 Shares 95,000 Est. Cost $3.98 Unrealized -17.6%

THCH TH INTERNATIONAL LIMITED 0.1%

Value ($000) $15 Shares 5,241 Est. Cost $3.13 Unrealized 0.0%

ECXWW ECARX HOLDINGS INC 0.0%

Value ($000) $5 Shares 75,000 Est. Cost $0.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	20,000	$3,990	19.7%	—	—	Put	464287655
SPY	SPDR S&P 500 ETF TR	5,500	$3,077	15.2%	—	—	Put	78462F103
CNK	CINEMARK HLDGS INC	122,000	$3,037	15.0%	$21.01	+31.0%	COM	17243V102
—	PATRICK INDS INC	1,500,000	$2,097	10.4%	$1.40	—	NOTE 1.750%12/0	703343AG8
—	EPR PPTYS	85,562	$1,975	9.8%	$20.80	—	PFD C CV 5.75%	26884U208
MCS	MARCUS CORP DEL	109,000	$1,819	9.0%	$19.70	-1.9%	COM	566330106
—	TOPGOLF CALLAWAY BRANDS CORP	1,000,000	$971	4.8%	$0.97	—	NOTE 2.750% 5/0	131193AE4
CRC	CALIFORNIA RES CORP	18,974	$834	4.1%	$16.48	+178.8%	COM STOCK	13057Q305
—	SPHERE ENTERTAINMENT CO	500,000	$602	3.0%	$1.36	—	NOTE 3.500%12/0	55826TAB8
—	EPR PPTYS	20,000	$600	3.0%	$27.23	—	CONV PFD 9% SR E	26884U307
—	VIVID SEATS INC	175,000	$518	2.6%	$4.99	—	COM CL A	92854T100
NE	NOBLE CORP PLC	16,931	$401	2.0%	$39.02	-31.4%	ORD SHS A	G65431127
AMC	AMC ENTMT HLDGS INC	95,000	$273	1.3%	$3.98	-17.6%	CL A NEW	00165C302
THCH	TH INTERNATIONAL LIMITED	5,241	$15	0.1%	$3.13	0.0%	SHS NEW	G8656L130
ECXWW	ECARX HOLDINGS INC	75,000	$5	0.0%	$0.10	—	*W EXP 99/99/999	G29201111