COVALENT PARTNERS LLC

Filed: 2/14/2024ACC: 0001531611-24-000001

📋 What this filing means

COVALENT PARTNERS LLC filed this quarterly 13F‑HR report disclosing 23 equity positions with a total reported market value of $22.90M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$22.90M

Total AUM (reported)

5.05M

Total Shares

Allocation by class

UNIT$11.08M48.4%

NOTE 5.375% 8/0$5.13M22.4%

COM NEW$2.16M9.4%

CLASS A COM$1.36M5.9%

COM$1.31M5.7%

COM STOCK$1.04M4.5%

*W EXP 02/04/202$344.4K1.5%

Portfolio Concentration

Top 3$16.21M70.8%

4–10$5.63M24.6%

11–25$1.06M4.6%

Top 3 weight

70.8%

Top 10 weight

95.4%

Voting Authority Distribution

Total shares with voting rights: 5.05M

Sole

Full voting authority

5.03M

% of voting shares99.5%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

23K

% of voting shares0.5%

Investment Discretion (by position count)

Sole23

Shared0

Other0

Dominant voting typeSole · 99.5% of voting shares

Institutional Holdings23

Rows:

ISHARES TR RUSSELL 2000 ETF

SOLE

UNIT

Shares34.38K

TypeSH

Market value$6.90M

30.12%

Sole

11.38K

Shared

0.00

None

23K

NCL CORP LTD

SOLE

NOTE 5.375% 8/0

Shares4M

TypePRN

Market value$5.13M

22.41%

Sole

Shared

0.00

None

0.00

ISHARES TR IBOXX HI YD ETF

SOLE

UNIT

Shares54K

TypeSH

Market value$4.18M

18.25%

Sole

54K

Shared

0.00

None

0.00

DELTA AIR LINES INC DEL

SOLE

COM NEW

Shares41K

TypeSH

Market value$1.65M

7.20%

Sole

41K

Shared

0.00

None

0.00

PERMIAN RESOURCES CORP

SOLE

CLASS A COM

Shares100K

TypeSH

Market value$1.36M

5.94%

Sole

100K

Shared

0.00

None

0.00

CALIFORNIA RES CORP

SOLE

COM STOCK

Shares18.97K

TypeSH

Market value$1.04M

4.53%

Sole

18.97K

Shared

0.00

None

0.00

CINEMARK HLDGS INC

SOLE

COM

Shares60K

TypeSH

Market value$845.4K

3.69%

Sole

60K

Shared

0.00

None

0.00

PRO-DEX INC COLO

SOLE

COM NEW

Shares15.65K

TypeSH

Market value$274.2K

1.20%

Sole

15.65K

Shared

0.00

None

0.00

GOOD TIMES RESTAURANTS INC

SOLE

COM NEW

Shares91.89K

TypeSH

Market value$233.4K

1.02%

Sole

91.89K

Shared

0.00

None

0.00

SURF AIR MOBILITY INC

SOLE

COM

Shares150K

TypeSH

Market value$232.5K

1.02%

Sole

150K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

ORD SHS A

Shares4.47K

TypeSH

Market value$215.5K

0.94%

Sole

4.47K

Shared

0.00

None

0.00

BAUSCH PLUS LOMB CORP

SOLE

COMMON SHARES

Shares12.20K

TypeSH

Market value$208.1K

0.91%

Sole

12.20K

Shared

0.00

None

0.00

CIPHER MINING INC

SOLE

COM

Shares50K

TypeSH

Market value$206.5K

0.90%

Sole

50K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

*W EXP 02/04/202

Shares6.23K

TypeSH

Market value$183.0K

0.80%

Sole

6.23K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

*W EXP 02/04/202

Shares6.23K

TypeSH

Market value$161.4K

0.70%

Sole

6.23K

Shared

0.00

None

0.00

TH INTERNATIONAL LIMITED

SOLE

ORDINARY SHARES

Shares26.21K

TypeSH

Market value$45.9K

0.20%

Sole

26.21K

Shared

0.00

None

0.00

NINE ENERGY SERVICE INC

SOLE

COM

Shares10K

TypeSH

Market value$26.8K

0.12%

Sole

10K

Shared

0.00

None

0.00

VERTICAL AEROSPACE LTD

SOLE

*W EXP 09/15/202

Shares164.10K

TypeSH

Market value$9.3K

0.04%

Sole

164.10K

Shared

0.00

None

0.00

ECARX HOLDINGS INC

SOLE

*W EXP 12/20/202

Shares75K

TypeSH

Market value$2.3K

<0.01%

Sole

75K

Shared

0.00

None

0.00

ALTENERGY ACQUISITION CORP

SOLE

*W EXP 10/29/202

Shares22.50K

TypeSH

Market value$833.00

<0.01%

Sole

22.50K

Shared

0.00

None

0.00

FAZE HOLDINGS INC

SOLE

*W EXP 03/01/202

Shares65K

TypeSH

Market value$280.00

<0.01%

Sole

65K

Shared

0.00

None

0.00

LUMIRADX LTD

SOLE

*W EXP 09/28/202

Shares27.50K

TypeSH

Market value$237.00

<0.01%

Sole

27.50K

Shared

0.00

None

0.00

EDIFY ACQUISITION CORP

SOLE

*W EXP 11/25/202

Shares15K

TypeSH

Market value$216.00

<0.01%

Sole

15K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
ISHARES TR RUSSELL 2000 ETFSOLE	UNIT	34.38K	SH	$6.90M 30.12%	11.38K	23K
NCL CORP LTDSOLE	NOTE 5.375% 8/0	4M	PRN	$5.13M 22.41%	4M	0.00
ISHARES TR IBOXX HI YD ETFSOLE	UNIT	54K	SH	$4.18M 18.25%	54K	0.00
DELTA AIR LINES INC DELSOLE	COM NEW	41K	SH	$1.65M 7.20%	41K	0.00
PERMIAN RESOURCES CORPSOLE	CLASS A COM	100K	SH	$1.36M 5.94%	100K	0.00
CALIFORNIA RES CORPSOLE	COM STOCK	18.97K	SH	$1.04M 4.53%	18.97K	0.00
CINEMARK HLDGS INCSOLE	COM	60K	SH	$845.4K 3.69%	60K	0.00
PRO-DEX INC COLOSOLE	COM NEW	15.65K	SH	$274.2K 1.20%	15.65K	0.00
GOOD TIMES RESTAURANTS INCSOLE	COM NEW	91.89K	SH	$233.4K 1.02%	91.89K	0.00
SURF AIR MOBILITY INCSOLE	COM	150K	SH	$232.5K 1.02%	150K	0.00
NOBLE CORP PLCSOLE	ORD SHS A	4.47K	SH	$215.5K 0.94%	4.47K	0.00
BAUSCH PLUS LOMB CORPSOLE	COMMON SHARES	12.20K	SH	$208.1K 0.91%	12.20K	0.00
CIPHER MINING INCSOLE	COM	50K	SH	$206.5K 0.90%	50K	0.00
NOBLE CORP PLCSOLE	*W EXP 02/04/202	6.23K	SH	$183.0K 0.80%	6.23K	0.00
NOBLE CORP PLCSOLE	*W EXP 02/04/202	6.23K	SH	$161.4K 0.70%	6.23K	0.00
TH INTERNATIONAL LIMITEDSOLE	ORDINARY SHARES	26.21K	SH	$45.9K 0.20%	26.21K	0.00
NINE ENERGY SERVICE INCSOLE	COM	10K	SH	$26.8K 0.12%	10K	0.00
VERTICAL AEROSPACE LTDSOLE	*W EXP 09/15/202	164.10K	SH	$9.3K 0.04%	164.10K	0.00
ECARX HOLDINGS INCSOLE	*W EXP 12/20/202	75K	SH	$2.3K <0.01%	75K	0.00
ALTENERGY ACQUISITION CORPSOLE	*W EXP 10/29/202	22.50K	SH	$833.00 <0.01%	22.50K	0.00
FAZE HOLDINGS INCSOLE	*W EXP 03/01/202	65K	SH	$280.00 <0.01%	65K	0.00
LUMIRADX LTDSOLE	*W EXP 09/28/202	27.50K	SH	$237.00 <0.01%	27.50K	0.00
EDIFY ACQUISITION CORPSOLE	*W EXP 11/25/202	15K	SH	$216.00 <0.01%	15K	0.00