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Covalent Partners LLC

Q4 2025 · Filed 2026-02-17
Market Value
$8.1B
-24.9%
Holdings
13
+1
New Purchases
1
Added To
3
Closed
5
Reduced
3
Top 10 Concentration
100.0%
Turnover
46.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CRC 10.43% 0.01% +10.42% $848M
GCBC 17.23% 9.54% +7.69% $1.4B
ECBK 7.06% 0.00% +7.06% $574M
PENN 19.96% 13.35% +6.61% $1.6B
SRBK 11.62% 5.61% +6.00% $944M
CNK 24.15% 22.52% +1.63% $2.0B
UFPI 0.02% 0.02% +0.00% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MCS 9.54% 23.93% -14.39% $776M
EPR-PC 0.00% 12.92% -12.92% $0
CZR 0.00% 6.24% -6.24% $0
EPR-PE 0.00% 5.83% -5.83% $0
ROCK 0.00% 0.02% -0.02% $0
REGN 0.00% 0.00% -0.00% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 1 $0 0.0%
Mid Cap 7 $4.4B 54.6%
Small Cap 3 $2.2B 26.8%
Micro Cap 2 $1.5B 18.7%

Portfolio Analytics

Avg Market Cap
$7.2B
Median Market Cap
$2.3B
Avg P/E
30.2
Median P/E
16.8
Avg Dividend Yield
0.02%
Avg Beta
0.94
# Stocks
13
# ETFs / Funds
0

Top Holdings (13 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CNK 24.15% 84,500 $2.0B $23,240.00 -$474M -2,500 -2.9%
2 PENN 19.96% 110,000 $1.6B $14,750.00 $178M +35,000 +46.7%
3 GCBC 17.23% 63,000 $1.4B $22,230.00 $368M +17,329 +37.9%
4 SRBK 11.62% 60,000 $944M $15,740.00 $337M +19,740 +49.0%
5 CRC 10.43% 18,974 $848M $44,710.02 $847M
6 MCS 9.54% 50,000 $776M $15,510.00 -$1.8B -117,000 -70.1%
7 ECBK 7.06% 33,000 $574M $17,390.00 +33,000 NEW
8 UFPI 0.02% 16,000 $1M $91.05 -$273K -2,500 -13.5%
9 CZR —% -$676M -25,000 -100.0% SOLD
10 ROCK —% -$2M -27,000 -100.0% SOLD
11 EPR-PE —% -$631M -20,000 -100.0% SOLD
12 REGN —% -$450K -800 -100.0% SOLD
13 EPR-PC —% -$1.4B -55,000 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 1 Puts $11M Put Value

Top Puts

SymbolSharesValueStatus
IWM 45,500 $11M

New Positions

SymbolValue% Port
ECBK $574M 7.06%

Sold Out Positions

SymbolValue% Port
CZR —%
REGN —%
ROCK —%
EPR-PE —%
EPR-PC —%
View SEC EDGAR Filings for Covalent Partners LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms