Covalent Partners LLC

Q4 2025 13F-HR Holdings

Location
Concord, MA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
12
Total value ($000)
$22,632
Net value change ($000)
-3,918 (-14.8%)
New positions
1
Sold out positions
6
Turnover %
61.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ECBK 574 NEW
GCBC 368 35.7%
SRBK 336 55.3%
PENN 178 12.3%
Top Reduces (Value $000, Stocks/ETFs)
MCS -1,814 -70.0%
ROCK -1,696 -100.0%
EPR -1,399 -100.0%
CZR -676 -100.0%
EPR -631 -100.0%
CNK -474 -19.4%
REGN -450 -100.0%
AMC -435 -100.0%
UFPI -273 -15.8%
CRC -161 -16.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 11,200 (49.5% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type