COVALENT PARTNERS LLC

Filed: 8/14/2023ACC: 0001531611-23-000003

📋 What this filing means

COVALENT PARTNERS LLC filed this quarterly 13F‑HR report disclosing 25 equity positions with a total reported market value of $27.62M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$27.62M

Total AUM (reported)

8.29M

Total Shares

Allocation by class

NOTE 4.500% 4/1$6.62M24.0%

NOTE 5.375% 8/0$5.48M19.8%

UNIT$4.22M15.3%

COM NEW$3.96M14.3%

COM$3.74M13.5%

CLASS A COM$1.10M4.0%

COM STOCK$859.3K3.1%

Portfolio Concentration

Top 3$16.32M59.1%

4–10$9.42M34.1%

11–25$1.88M6.8%

Top 3 weight

59.1%

Top 10 weight

93.2%

Voting Authority Distribution

Total shares with voting rights: 8.29M

Sole

Full voting authority

8.29M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole25

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings25

Rows:

COPA HOLDINGS SA

SOLE

NOTE 4.500% 4/1

Shares3M

TypePRN

Market value$6.62M

23.98%

Sole

Shared

0.00

None

0.00

NCL CORP LTD

SOLE

NOTE 5.375% 8/0

Shares4M

TypePRN

Market value$5.48M

19.84%

Sole

Shared

0.00

None

0.00

ISHARES TR 7-10 YR TRSY BD

SOLE

UNIT

Shares43.64K

TypeSH

Market value$4.22M

15.26%

Sole

43.64K

Shared

0.00

None

0.00

DELTA AIR LINES INC DEL

SOLE

COM NEW

Shares64.50K

TypeSH

Market value$3.07M

11.10%

Sole

64.50K

Shared

0.00

None

0.00

SOUTHWEST AIRLS CO

SOLE

COM

Shares70K

TypeSH

Market value$2.53M

9.18%

Sole

70K

Shared

0.00

None

0.00

PERMIAN RESOURCES CORP

SOLE

CLASS A COM

Shares100K

TypeSH

Market value$1.10M

3.97%

Sole

100K

Shared

0.00

None

0.00

CALIFORNIA RES CORP

SOLE

COM STOCK

Shares18.97K

TypeSH

Market value$859.3K

3.11%

Sole

18.97K

Shared

0.00

None

0.00

BALLYS CORPORATION

SOLE

COM

Shares45K

TypeSH

Market value$700.2K

2.54%

Sole

45K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

ORD SHS A

Shares16K

TypeSH

Market value$661.0K

2.39%

Sole

16K

Shared

0.00

None

0.00

CARROLS RESTAURANT GROUP INC

SOLE

COM

Shares100K

TypeSH

Market value$504.0K

1.82%

Sole

100K

Shared

0.00

None

0.00

GOOD TIMES RESTAURANTS INC

SOLE

COM NEW

Shares146.92K

TypeSH

Market value$499.5K

1.81%

Sole

146.92K

Shared

0.00

None

0.00

PRO-DEX INC COLO

SOLE

COM NEW

Shares20.42K

TypeSH

Market value$390.0K

1.41%

Sole

20.42K

Shared

0.00

None

0.00

ROIVANT SCIENCES LTD

SOLE

*W EXP 09/30/202

Shares100K

TypeSH

Market value$248.0K

0.90%

Sole

100K

Shared

0.00

None

0.00

BAUSCH PLUS LOMB CORP

SOLE

COMMON SHARES

Shares12.20K

TypeSH

Market value$244.9K

0.89%

Sole

12.20K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

*W EXP 02/04/202 ADDED

Shares6.23K

TypeSH

Market value$169.6K

0.61%

Sole

6.23K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

*W EXP 02/04/202 ADDED

Shares6.23K

TypeSH

Market value$155.5K

0.56%

Sole

6.23K

Shared

0.00

None

0.00

TH INTERNATIONAL LIMITED

SOLE

ORDINARY SHARES

Shares26.21K

TypeSH

Market value$75.2K

0.27%

Sole

26.21K

Shared

0.00

None

0.00

CIPHER MINING INC

SOLE

*W EXP 10/22/202

Shares100K

TypeSH

Market value$50.0K

0.18%

Sole

100K

Shared

0.00

None

0.00

VERTICAL AEROSPACE LTD

SOLE

*W EXP 09/15/202

Shares164.10K

TypeSH

Market value$29.5K

0.11%

Sole

164.10K

Shared

0.00

None

0.00

CHURCHILL CAPITAL CORP VI

SOLE

*W EXP 02/17/202

Shares40K

TypeSH

Market value$7.2K

0.03%

Sole

40K

Shared

0.00

None

0.00

ECARX HOLDINGS INC

SOLE

*W EXP 12/20/202

Shares75K

TypeSH

Market value$5.6K

0.02%

Sole

75K

Shared

0.00

None

0.00

FAZE HOLDINGS INC

SOLE

*W EXP 03/01/202

Shares65K

TypeSH

Market value$1.5K

<0.01%

Sole

65K

Shared

0.00

None

0.00

LUMIRADX LTD

SOLE

*W EXP 09/28/202

Shares27.50K

TypeSH

Market value$822.00

<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$788.00

<0.01%

Sole

22.50K

Shared

0.00

None

0.00

EDIFY ACQUISITION CORP

SOLE

*W EXP 11/25/202

Shares15K

TypeSH

Market value$488.00

<0.01%

Sole

15K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
COPA HOLDINGS SASOLE	NOTE 4.500% 4/1	3M	PRN	$6.62M 23.98%	3M
NCL CORP LTDSOLE	NOTE 5.375% 8/0	4M	PRN	$5.48M 19.84%	4M
ISHARES TR 7-10 YR TRSY BDSOLE	UNIT	43.64K	SH	$4.22M 15.26%	43.64K
DELTA AIR LINES INC DELSOLE	COM NEW	64.50K	SH	$3.07M 11.10%	64.50K
SOUTHWEST AIRLS COSOLE	COM	70K	SH	$2.53M 9.18%	70K
PERMIAN RESOURCES CORPSOLE	CLASS A COM	100K	SH	$1.10M 3.97%	100K
CALIFORNIA RES CORPSOLE	COM STOCK	18.97K	SH	$859.3K 3.11%	18.97K
BALLYS CORPORATIONSOLE	COM	45K	SH	$700.2K 2.54%	45K
NOBLE CORP PLCSOLE	ORD SHS A	16K	SH	$661.0K 2.39%	16K
CARROLS RESTAURANT GROUP INCSOLE	COM	100K	SH	$504.0K 1.82%	100K
GOOD TIMES RESTAURANTS INCSOLE	COM NEW	146.92K	SH	$499.5K 1.81%	146.92K
PRO-DEX INC COLOSOLE	COM NEW	20.42K	SH	$390.0K 1.41%	20.42K
ROIVANT SCIENCES LTDSOLE	*W EXP 09/30/202	100K	SH	$248.0K 0.90%	100K
BAUSCH PLUS LOMB CORPSOLE	COMMON SHARES	12.20K	SH	$244.9K 0.89%	12.20K
NOBLE CORP PLCSOLE	*W EXP 02/04/202 ADDED	6.23K	SH	$169.6K 0.61%	6.23K
NOBLE CORP PLCSOLE	*W EXP 02/04/202 ADDED	6.23K	SH	$155.5K 0.56%	6.23K
TH INTERNATIONAL LIMITEDSOLE	ORDINARY SHARES	26.21K	SH	$75.2K 0.27%	26.21K
CIPHER MINING INCSOLE	*W EXP 10/22/202	100K	SH	$50.0K 0.18%	100K
VERTICAL AEROSPACE LTDSOLE	*W EXP 09/15/202	164.10K	SH	$29.5K 0.11%	164.10K
CHURCHILL CAPITAL CORP VISOLE	*W EXP 02/17/202	40K	SH	$7.2K 0.03%	40K
ECARX HOLDINGS INCSOLE	*W EXP 12/20/202	75K	SH	$5.6K 0.02%	75K
FAZE HOLDINGS INCSOLE	*W EXP 03/01/202	65K	SH	$1.5K <0.01%	65K
LUMIRADX LTDSOLE	*W EXP 09/28/202	27.50K	SH	$822.00 <0.01%	27.50K
ALTENERGY ACQUISITION CORPSOLE	*W EXP 10/29/202	22.50K	SH	$788.00 <0.01%	22.50K
EDIFY ACQUISITION CORPSOLE	*W EXP 11/25/202	15K	SH	$488.00 <0.01%	15K