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Livermore
Livermore
ZHEN

Covalent Partners LLC

SEC CIK
0001531611
Latest filing
May 15, 2026

The latest 13F from Covalent Partners LLC covers Q1 2026 (filed May 15, 2026): 15 long positions worth $14.2M. The top 10 holdings make up 80.6% of the portfolio, and the largest is Greene County Bancorp Inc (GCBC) at 10.9%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2026

Share counts compared with Q4 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
4
Est. +$4.10M
Added
2
Est. +$418.9K
Reduced
3
Est. −$2.37M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. GCBCGreene County Bancorp Inc
    10.9%$1.55MHistory
  2. Live Nation Entertainment IN538034BA6
    10.7%$1.52M
  3. PENNPENN Entertainment, Inc.
    9.5%$1.35MHistory
  4. CRCCalifornia Resources Corp
    9.2%$1.31MHistory
  5. UFPIUfp Industries Inc
    7.8%$1.11MHistory

Share of portfolio

Top 5 holdings and the other 10 positions, by share of portfolio value

  1. GCBC10.9%
  2. Live Nation Entertainment IN10.7%
  3. PENN9.5%
  4. CRC9.2%
  5. UFPI7.8%
  6. Other 10 positions51.9%

Biggest buys

New and added positions, by estimated amount bought

  1. Live Nation Entertainment IN538034BA6
    +$1.52MNew
  2. BLCOBausch & Lomb Corp
    +$1.03MNewHistory
  3. BXBlackstone Inc.
    +$804.9KNewHistory
  4. MSFTMicrosoft Corp
    +$740.3KNewHistory
  5. ECBKECB Bancorp, Inc.
    +$284.4KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Live Nation Entertainment IN538034BA6
    +10.69 pp0.0% → 10.7%
  2. BLCOBausch & Lomb Corp
    +7.28 pp0.0% → 7.3%History
  3. BXBlackstone Inc.
    +5.67 pp0.0% → 5.7%History
  4. MSFTMicrosoft Corp
    +5.21 pp0.0% → 5.2%History
  5. ECBKECB Bancorp, Inc.
    +0.87 pp5.0% → 5.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CNKCinemark Holdings, Inc.
    −$1.70MReducedHistory
  2. UFPIUfp Industries Inc
    −$368.5KReducedHistory
  3. PENNPENN Entertainment, Inc.
    −$300.6KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. CNKCinemark Holdings, Inc.
    −12.16 pp17.2% → 5.0%History
  2. UFPIUfp Industries Inc
    −4.96 pp12.7% → 7.8%History
  3. PENNPENN Entertainment, Inc.
    −4.67 pp14.2% → 9.5%History

Metrics

13F metrics for Q1 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$14.2M
+$2.77M (+24.3%) vs. prior quarter
Positions
15
+4 vs. prior quarter
Top 10 concentration
80.6%
Top 10 as share of value
Turnover
18.5%
Q1 2026, one quarter
Average holding period
4.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $67.2M (Q4 2021)

Q1 2021: $54.5MQ2 2021: $54.2MQ3 2021: $51.6MQ4 2021: $67.2MQ1 2022: $59.6MQ2 2022: $29.4MQ3 2022: $27.8MQ4 2022: $22.0MQ1 2023: $25.5MQ2 2023: $27.6MQ3 2023: $19.1MQ4 2023: $18.3MQ1 2024: $13.1MQ2 2024: $7.47MQ3 2024: $11.8MQ4 2024: $14.4MQ1 2025: $13.1MQ2 2025: $14.2MQ3 2025: $20.5MQ4 2025: $11.4MQ1 2026: $14.2M
Q1 2021Q1 2026
13F filings of Covalent Partners LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2026May 15, 202615$14.2MGCBCLive Nation Entertainment INPENNvs. Q4 2025SEC
Q4 2025Feb 17, 202611$11.4MCNKPENNUFPIvs. Q3 2025SEC
Q3 2025Nov 14, 202517$20.5MMCSCNKPatkvs. Q2 2025SEC
Q2 2025Aug 14, 202510$14.2MMCSCNKPatkvs. Q1 2025SEC
Q1 2025May 15, 202513$13.1MCNKPatkEPR.PCvs. Q4 2024SEC
Q4 2024Feb 14, 202515$14.4MCNKEPR.PCMCSvs. Q3 2024SEC
Q3 2024Nov 15, 2024Amended11$11.8MLGIHCNKLive Nation Entertainment INvs. Q2 2024SEC
Q2 2024Aug 14, 202410$7.47MCNKSEATPetIQ, Inc.vs. Q1 2024SEC
Q1 2024May 15, 202417$13.1MNCL Corp LtdCNKPRvs. Q4 2023SEC
Q4 2023Feb 14, 202423$18.3MNCL Corp LtdiShares TriShares Russell 2000 ETFvs. Q3 2023SEC
Q3 2023Nov 14, 202324$19.1MNCL Corp LtdiShares TrNine Energy Service, Inc.vs. Q2 2023SEC
Q2 2023Aug 14, 202325$27.6MCopa Holdings SANCL Corp LtdiShares Trvs. Q1 2023SEC
Q1 2023May 15, 202326$25.5MCopa Holdings SAiShares TrNCL Corp Ltdvs. Q4 2022SEC
Q4 2022Feb 14, 202329$22.0MCopa Holdings SANCL Corp LtdSouthwest Airls Covs. Q3 2022SEC
Q3 2022Nov 14, 202244$27.8MCopa Holdings SANCL Corp LtdDALvs. Q2 2022SEC
Q2 2022Aug 15, 202244$29.4MCopa Holdings SANCL Corp LtdDALvs. Q1 2022SEC
Q1 2022May 16, 202255$59.6MCopa Holdings SADALNCL Corp Ltdvs. Q4 2021SEC
Q4 2021Feb 14, 202259$67.2MUFPICopa Holdings SADALvs. Q3 2021SEC
Q3 2021Nov 15, 202152$51.6MUFPIDHIDALvs. Q2 2021SEC
Q2 2021Aug 16, 202155$54.2MUFPIDHICCLvs. Q1 2021SEC
Q1 2021May 17, 202142$54.5MQ2 Hldgs IncUFPICCL–SEC