Covenant Logistics is a mid-sized trucking and logistics company based in Chattanooga, Tennessee. Covenant moves full truckloads of freight across the continental U.S. and operates four segments: Expedited, Dedicated, Managed Freight, and Warehousing. Expedited (~30% of freight revenue) uses two-person driver teams to move time-sensitive freight over non-routine routes, enabling continuous operation and tight delivery windows. Key customers include LTL carriers, parcel forwarders, 3PLs, and the U.S. Department of Defense. Dedicated (~33% of freight revenue) operates under multi-year contracts where customers outsource their private fleets to Covenant on defined routes. Covenant has been growing its Dedicated business into specialized niches like poultry feed and live haul transport, which carry better margins than commoditized dry van freight. Managed Freight (~27% of freight revenue) is an asset-light segment offering freight brokerage and transportation management services. Warehousing (~9%) handles outsourced warehouse operations, leasing space on terms tied to customer contracts. Covenant also holds a 49% equity stake in Transport Enterprise Leasing, a tractor and trailer leasing and used equipment reseller, which contributes meaningful equity income. Covenant's core strategy is to reduce exposure to commoditized freight by growing specialized Dedicated niches, expanding contracted logistics services, and pursuing tuck-in acquisitions in high-service niches like government freight and agricultural transport.