Covalent Partners LLC Hedge Fund

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $22,632 (91.9% shares, 8.1% debt)

Holdings (12)

New Positions (1)

Value ($000) $574 Shares 33,000 Est. Cost $16.60 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ECBK	ECB BANCORP INC	33,000	$574	2.5%	$16.60	0.0%	COM	26828M106

Increased Positions (4)

IWM ISHARES TR 49.5%

Value ($000) $11,200 (+85.2%) Shares 45,500 (+82.0%) Est. Cost — Unrealized —

GCBC GREENE CNTY BANCORP INC 6.2%

Value ($000) $1,400 (+35.7%) Shares 63,000 (+37.9%) Est. Cost $23.42 Unrealized -3.7%

SRBK SR BANCORP INC 4.2%

Value ($000) $944 (+55.5%) Shares 60,000 (+49.0%) Est. Cost $15.30 Unrealized —

PENN PENN ENTERTAINMENT INC 7.2%

Value ($000) $1,623 (+12.3%) Shares 110,000 (+46.7%) Est. Cost $17.75 Unrealized -12.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	45,500 (+82.0%)	$11,200 (+85.2%)	49.5%	—	—	PUT	464287655
GCBC	GREENE CNTY BANCORP INC	63,000 (+37.9%)	$1,400 (+35.7%)	6.2%	$23.42	-3.7%	COM	394357107
SRBK	SR BANCORP INC	60,000 (+49.0%)	$944 (+55.5%)	4.2%	$15.30	—	COM	85227J106
PENN	PENN ENTERTAINMENT INC	110,000 (+46.7%)	$1,623 (+12.3%)	7.2%	$17.75	-12.1%	COM	707569109

Exited Positions (7)

ROCK GIBRALTAR INDS INC 7.5%

Value ($000) $1,696 Shares 27,000 Est. Cost $62.56 Unrealized -8.4%

— EPR PPTYS 6.2%

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

— SPHERE ENTERTAINMENT CO 4.2%

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

CZR CAESARS ENTERTAINMENT INC NE 3.0%

Value ($000) $676 Shares 25,000 Est. Cost $27.09 Unrealized -17.0%

— EPR PPTYS 2.8%

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

REGN REGENERON PHARMACEUTICALS 2.0%

Value ($000) $450 Shares 800 Est. Cost $564.28 Unrealized +20.3%

AMC AMC ENTMT HLDGS INC 1.9%

Value ($000) $435 Shares 150,000 Est. Cost $3.17 Unrealized -24.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROCK	GIBRALTAR INDS INC	27,000	$1,696	7.5%	$62.56	-8.4%	—	374689107
—	EPR PPTYS	55,000	$1,399	6.2%	$20.80	—	—	26884U208
—	SPHERE ENTERTAINMENT CO	500,000	$945	4.2%	$1.36	—	—	55826TAB8
CZR	CAESARS ENTERTAINMENT INC NE	25,000	$676	3.0%	$27.09	-17.0%	—	12769G100
—	EPR PPTYS	20,000	$631	2.8%	$27.23	—	—	26884U307
REGN	REGENERON PHARMACEUTICALS	800	$450	2.0%	$564.28	+20.3%	—	75886F107
AMC	AMC ENTMT HLDGS INC	150,000	$435	1.9%	$3.17	-24.7%	—	00165C302

Decreased Positions (4)

MCS MARCUS CORP DEL 3.4%

Value ($000) $776 (-70.1%) Shares 50,000 (-70.1%) Est. Cost $18.72 Unrealized -20.6%

— PATRICK INDS INC 3.7%

Value ($000) $849 (-65.1%) Shares 500,000 (-66.7%) Est. Cost $1.40 Unrealized —

CNK CINEMARK HLDGS INC 8.7%

Value ($000) $1,964 (-19.4%) Shares 84,500 (-2.9%) Est. Cost $21.76 Unrealized +20.6%

UFPI UFP INDUSTRIES INC 6.4%

Value ($000) $1,457 (-15.8%) Shares 16,000 (-13.5%) Est. Cost $100.97 Unrealized -9.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MCS	MARCUS CORP DEL	50,000 (-70.1%)	$776 (-70.1%)	3.4%	$18.72	-20.6%	COM	566330106
—	PATRICK INDS INC	500,000 (-66.7%)	$849 (-65.1%)	3.7%	$1.40	—	NOTE 1.750%12/0	703343AG8
CNK	CINEMARK HLDGS INC	84,500 (-2.9%)	$1,964 (-19.4%)	8.7%	$21.76	+20.6%	COM	17243V102
UFPI	UFP INDUSTRIES INC	16,000 (-13.5%)	$1,457 (-15.8%)	6.4%	$100.97	-9.3%	COM	90278Q108

Unchanged Positions (3)

CRC CALIFORNIA RES CORP 3.7%

Value ($000) $848 Shares 18,974 Est. Cost $16.48 Unrealized +186.3%

— TOPGOLF CALLAWAY BRANDS CORP 4.4%

Value ($000) $994 Shares 1,000,000 Est. Cost $0.97 Unrealized —

ECXWW ECARX HOLDINGS INC 0.0%

Value ($000) $3 Shares 75,000 Est. Cost $0.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRC	CALIFORNIA RES CORP	18,974	$848	3.7%	$16.48	+186.3%	COM STOCK	13057Q305
—	TOPGOLF CALLAWAY BRANDS CORP	1,000,000	$994	4.4%	$0.97	—	NOTE 2.750% 5/0	131193AE4
ECXWW	ECARX HOLDINGS INC	75,000	$3	0.0%	$0.10	—	*W EXP 99/99/999	G29201111