Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $26,550 (83.6% shares, 16.4% debt)

Holdings (18)

IWM ISHARES TR 22.8%

Value ($000) $6,049 Shares 25,000 Est. Cost — Unrealized —

MCS MARCUS CORP DEL 9.8%

Value ($000) $2,590 Shares 167,000 Est. Cost $18.72 Unrealized -14.3%

CNK CINEMARK HLDGS INC 9.2%

Value ($000) $2,438 Shares 87,000 Est. Cost $21.76 Unrealized +26.3%

— PATRICK INDS INC 9.2%

Value ($000) $2,432 Shares 1,500,000 Est. Cost $1.40 Unrealized —

UFPI UFP INDUSTRIES INC 6.5%

Value ($000) $1,730 Shares 18,500 Est. Cost $100.97 Unrealized 0.0%

ROCK GIBRALTAR INDS INC 6.4%

Value ($000) $1,696 Shares 27,000 Est. Cost $62.56 Unrealized 0.0%

PENN PENN ENTERTAINMENT INC 5.4%

Value ($000) $1,445 Shares 75,000 Est. Cost $18.76 Unrealized 0.0%

— EPR PPTYS 5.3%

Value ($000) $1,399 Shares 55,000 Est. Cost $20.80 Unrealized —

GCBC GREENE CNTY BANCORP INC 3.9%

Value ($000) $1,032 Shares 45,671 Est. Cost $23.75 Unrealized 0.0%

CRC CALIFORNIA RES CORP 3.8%

Value ($000) $1,009 Shares 18,974 Est. Cost $16.48 Unrealized +200.1%

— TOPGOLF CALLAWAY BRANDS CORP 3.7%

Value ($000) $984 Shares 1,000,000 Est. Cost $0.97 Unrealized —

— SPHERE ENTERTAINMENT CO 3.6%

Value ($000) $945 Shares 500,000 Est. Cost $1.36 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 2.5%

Value ($000) $676 Shares 25,000 Est. Cost $27.09 Unrealized 0.0%

— EPR PPTYS 2.4%

Value ($000) $631 Shares 20,000 Est. Cost $27.23 Unrealized —

SRBK SR BANCORP INC 2.3%

Value ($000) $608 Shares 40,260 Est. Cost $15.09 Unrealized —

REGN REGENERON PHARMACEUTICALS 1.7%

Value ($000) $450 Shares 800 Est. Cost $564.28 Unrealized 0.0%

AMC AMC ENTMT HLDGS INC 1.6%

Value ($000) $435 Shares 150,000 Est. Cost $3.17 Unrealized -6.3%

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	25,000	$6,049	22.8%	—	—	Put	464287655
MCS	MARCUS CORP DEL	167,000	$2,590	9.8%	$18.72	-14.3%	COM	566330106
CNK	CINEMARK HLDGS INC	87,000	$2,438	9.2%	$21.76	+26.3%	COM	17243V102
—	PATRICK INDS INC	1,500,000	$2,432	9.2%	$1.40	—	NOTE 1.750%12/0	703343AG8
UFPI	UFP INDUSTRIES INC	18,500	$1,730	6.5%	$100.97	0.0%	COM	90278Q108
ROCK	GIBRALTAR INDS INC	27,000	$1,696	6.4%	$62.56	0.0%	COM	374689107
PENN	PENN ENTERTAINMENT INC	75,000	$1,445	5.4%	$18.76	0.0%	COM	707569109
—	EPR PPTYS	55,000	$1,399	5.3%	$20.80	—	PFD C CV 5.75%	26884U208
GCBC	GREENE CNTY BANCORP INC	45,671	$1,032	3.9%	$23.75	0.0%	COM	394357107
CRC	CALIFORNIA RES CORP	18,974	$1,009	3.8%	$16.48	+200.1%	COM STOCK	13057Q305
—	TOPGOLF CALLAWAY BRANDS CORP	1,000,000	$984	3.7%	$0.97	—	NOTE 2.750% 5/0	131193AE4
—	SPHERE ENTERTAINMENT CO	500,000	$945	3.6%	$1.36	—	NOTE 3.500%12/0	55826TAB8
CZR	CAESARS ENTERTAINMENT INC NE	25,000	$676	2.5%	$27.09	0.0%	COM	12769G100
—	EPR PPTYS	20,000	$631	2.4%	$27.23	—	CONV PFD 9% SR E	26884U307
SRBK	SR BANCORP INC	40,260	$608	2.3%	$15.09	—	COM	85227J106
REGN	REGENERON PHARMACEUTICALS	800	$450	1.7%	$564.28	0.0%	COM	75886F107
AMC	AMC ENTMT HLDGS INC	150,000	$435	1.6%	$3.17	-6.3%	CL A NEW	00165C302
ECXWW	ECARX HOLDINGS INC	75,000	$5	0.0%	$0.10	—	*W EXP 99/99/999	G29201111