Covalent Partners LLC

Key Holdings (positions and significance)

• Cinemark Holdings Inc.: $2.44M (17.74%). Largest single holding and recently increased by 13.0% (+$113.88K). A material position — any valuation move here will meaningfully impact portfolio returns.
• Patrick Industries Inc.: $2.43M (17.70%). Nearly equal to Cinemark and together they form ~35.4% of assets. Large single-stock exposure.
• EPR Properties (two reported entries): $1.40M + $0.6312M = $2.0312M (14.78% combined). Reported as two line items but economically sum to a material 14.8% stake, making EPR the third largest economic exposure.
• UFP Industries Inc.: $1.73M (12.59%). New in this quarter and a meaningful mid-sized position.
• California Resources Corp (CRC, Energy): $1.01M (7.34%). The largest explicitly classified Energy holding.

Collectively these five economic exposures equal approximately $9.64M (70.2% of the portfolio). The remaining ten positions are much smaller individually (each under ~7.2% of the portfolio). Note two idiosyncrasies: an extremely small market value position in ECARX ($4.5K) despite 75k shares reported — this calls for verification — and EPR being reported twice (economically additive).