COVALENT PARTNERS LLC

Filed: 5/15/2023ACC: 0001531611-23-000002

📋 What this filing means

COVALENT PARTNERS LLC filed this quarterly 13F‑HR report disclosing 27 equity positions with a total reported market value of $44.78M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$44.78M

Total AUM (reported)

8.90M

Total Shares

Allocation by class

UNIT$23.57M52.6%

NOTE 4.500% 4/1$5.54M12.4%

NOTE 5.375% 8/0$4.31M9.6%

COM NEW$3.48M7.8%

COM$2.95M6.6%

COM CL A$2.02M4.5%

CLASS A COM$1.05M2.3%

Portfolio Concentration

Top 3$29.11M65.0%

4–10$13.47M30.1%

11–25$2.20M4.9%

Rest$1.9K0.0%

Top 3 weight

65.0%

Top 10 weight

95.1%

Voting Authority Distribution

Total shares with voting rights: 8.90M

Sole

Full voting authority

8.85M

% of voting shares99.5%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

47K

% of voting shares0.5%

Investment Discretion (by position count)

Sole27

Shared0

Other0

Dominant voting typeSole · 99.5% of voting shares

Institutional Holdings27

Rows:

SPDR S&P 500 ETF TR

SOLE

UNIT

Shares47K

TypeSH

Market value$19.24M

42.97%

Sole

0.00

Shared

0.00

None

47K

COPA HOLDINGS SA

SOLE

NOTE 4.500% 4/1

Shares3M

TypePRN

Market value$5.54M

12.38%

Sole

Shared

0.00

None

0.00

ISHARES TR 7-10 YR TRSY BD

SOLE

UNIT

Shares43.64K

TypeSH

Market value$4.33M

9.66%

Sole

43.64K

Shared

0.00

None

0.00

NCL CORP LTD

SOLE

NOTE 5.375% 8/0

Shares4M

TypePRN

Market value$4.31M

9.62%

Sole

Shared

0.00

None

0.00

DELTA AIR LINES INC DEL

SOLE

COM NEW

Shares78.50K

TypeSH

Market value$2.74M

6.12%

Sole

78.50K

Shared

0.00

None

0.00

CHURCHILL CAPITAL CORP VI

SOLE

COM CL A

Shares200K

TypeSH

Market value$2.02M

4.52%

Sole

200K

Shared

0.00

None

0.00

SOUTHWEST AIRLS CO

SOLE

COM

Shares60K

TypeSH

Market value$1.95M

4.36%

Sole

60K

Shared

0.00

None

0.00

PERMIAN RESOURCES CORP

SOLE

CLASS A COM

Shares100K

TypeSH

Market value$1.05M

2.34%

Sole

100K

Shared

0.00

None

0.00

CALIFORNIA RES CORP

SOLE

COM STOCK

Shares18.97K

TypeSH

Market value$730.5K

1.63%

Sole

18.97K

Shared

0.00

None

0.00

CARROLS RESTAURANT GROUP INC

SOLE

COM

Shares300K

TypeSH

Market value$669.0K

1.49%

Sole

300K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

ORD SHS A

Shares16K

TypeSH

Market value$631.5K

1.41%

Sole

16K

Shared

0.00

None

0.00

GOOD TIMES RESTAURANTS INC

SOLE

COM NEW

Shares146.92K

TypeSH

Market value$401.1K

0.90%

Sole

146.92K

Shared

0.00

None

0.00

PRO-DEX INC COLO

SOLE

COM NEW

Shares20.42K

TypeSH

Market value$335.1K

0.75%

Sole

20.42K

Shared

0.00

None

0.00

BAUSCH HEALTH COS INC

SOLE

COM

Shares40K

TypeSH

Market value$324.0K

0.72%

Sole

40K

Shared

0.00

None

0.00

BAUSCH PLUS LOMB CORP

SOLE

COMMON SHARES

Shares12.20K

TypeSH

Market value$212.4K

0.47%

Sole

12.20K

Shared

0.00

None

0.00

ROIVANT SCIENCES LTD

SOLE

*W EXP 09/30/202

Shares100K

TypeSH

Market value$146.0K

0.33%

Sole

100K

Shared

0.00

None

0.00

TH INTERNATIONAL LIMITED

SOLE

*W EXP 09/28/202

Shares110K

TypeSH

Market value$53.9K

0.12%

Sole

110K

Shared

0.00

None

0.00

CIPHER MINING INC

SOLE

*W EXP 10/22/202

Shares100K

TypeSH

Market value$34.0K

0.08%

Sole

100K

Shared

0.00

None

0.00

VERTICAL AEROSPACE LTD

SOLE

*W EXP 09/15/202

Shares164.10K

TypeSH

Market value$28.7K

0.06%

Sole

164.10K

Shared

0.00

None

0.00

ECARX HOLDINGS INC

SOLE

*W EXP 12/20/202

Shares75K

TypeSH

Market value$11.3K

0.03%

Sole

75K

Shared

0.00

None

0.00

EVO ACQUISITION CORP

SOLE

*W EXP 01/04/202

Shares50K

TypeSH

Market value$8.0K

0.02%

Sole

50K

Shared

0.00

None

0.00

CHURCHILL CAPITAL CORP VI

SOLE

*W EXP 02/17/202

Shares40K

TypeSH

Market value$4.4K

<0.01%

Sole

40K

Shared

0.00

None

0.00

FAZE HOLDINGS INC

SOLE

*W EXP 03/01/202

Shares65K

TypeSH

Market value$3.5K

<0.01%

Sole

65K

Shared

0.00

None

0.00

LUMIRADX LTD

SOLE

*W EXP 09/28/202

Shares27.50K

TypeSH

Market value$3.2K

<0.01%

Sole

27.50K

Shared

0.00

None

0.00

ALTENERGY ACQUISITION CORP

SOLE

*W EXP 10/29/202

Shares22.50K

TypeSH

Market value$1.8K

<0.01%

Sole

22.50K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SPDR S&P 500 ETF TRSOLE	UNIT	47K	SH	$19.24M 42.97%	0.00	47K
COPA HOLDINGS SASOLE	NOTE 4.500% 4/1	3M	PRN	$5.54M 12.38%	3M	0.00
ISHARES TR 7-10 YR TRSY BDSOLE	UNIT	43.64K	SH	$4.33M 9.66%	43.64K	0.00
NCL CORP LTDSOLE	NOTE 5.375% 8/0	4M	PRN	$4.31M 9.62%	4M	0.00
DELTA AIR LINES INC DELSOLE	COM NEW	78.50K	SH	$2.74M 6.12%	78.50K	0.00
CHURCHILL CAPITAL CORP VISOLE	COM CL A	200K	SH	$2.02M 4.52%	200K	0.00
SOUTHWEST AIRLS COSOLE	COM	60K	SH	$1.95M 4.36%	60K	0.00
PERMIAN RESOURCES CORPSOLE	CLASS A COM	100K	SH	$1.05M 2.34%	100K	0.00
CALIFORNIA RES CORPSOLE	COM STOCK	18.97K	SH	$730.5K 1.63%	18.97K	0.00
CARROLS RESTAURANT GROUP INCSOLE	COM	300K	SH	$669.0K 1.49%	300K	0.00
NOBLE CORP PLCSOLE	ORD SHS A	16K	SH	$631.5K 1.41%	16K	0.00
GOOD TIMES RESTAURANTS INCSOLE	COM NEW	146.92K	SH	$401.1K 0.90%	146.92K	0.00
PRO-DEX INC COLOSOLE	COM NEW	20.42K	SH	$335.1K 0.75%	20.42K	0.00
BAUSCH HEALTH COS INCSOLE	COM	40K	SH	$324.0K 0.72%	40K	0.00
BAUSCH PLUS LOMB CORPSOLE	COMMON SHARES	12.20K	SH	$212.4K 0.47%	12.20K	0.00
ROIVANT SCIENCES LTDSOLE	*W EXP 09/30/202	100K	SH	$146.0K 0.33%	100K	0.00
TH INTERNATIONAL LIMITEDSOLE	*W EXP 09/28/202	110K	SH	$53.9K 0.12%	110K	0.00
CIPHER MINING INCSOLE	*W EXP 10/22/202	100K	SH	$34.0K 0.08%	100K	0.00
VERTICAL AEROSPACE LTDSOLE	*W EXP 09/15/202	164.10K	SH	$28.7K 0.06%	164.10K	0.00
ECARX HOLDINGS INCSOLE	*W EXP 12/20/202	75K	SH	$11.3K 0.03%	75K	0.00
EVO ACQUISITION CORPSOLE	*W EXP 01/04/202	50K	SH	$8.0K 0.02%	50K	0.00
CHURCHILL CAPITAL CORP VISOLE	*W EXP 02/17/202	40K	SH	$4.4K <0.01%	40K	0.00
FAZE HOLDINGS INCSOLE	*W EXP 03/01/202	65K	SH	$3.5K <0.01%	65K	0.00
LUMIRADX LTDSOLE	*W EXP 09/28/202	27.50K	SH	$3.2K <0.01%	27.50K	0.00
ALTENERGY ACQUISITION CORPSOLE	*W EXP 10/29/202	22.50K	SH	$1.8K <0.01%	22.50K	0.00

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