In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), EMG Holdings, L.P. reported 15 stock positions worth $60.0 million . Its top holding was Ellington Financial (EFC) at 25.5% of the portfolio, followed by American Homes 4 Rent- A (AMH, 15.1% ) and Invitation Homes (INVH, 14.1% ). Compared with Q1 2026, it opened 6 new positions, sold out of 9, added to 1 and reduced 6. The biggest buy was a new position in American Homes 4 Rent- A (AMH) and the biggest sale an exit from Pennymac Financial Services (PFSI).
Location OLD GREENWICH, CT
CIK 0001478394
Portfolio Value $60.0M (Q2 2026) Holdings 15 stocks · $60.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 EFC Ellington Financial Inc. 1,122,952 $15.3M Add +16.9% AMH American Homes 4 Rent- A 270,000 $9.1M New INVH Invitation Homes Inc. 280,000 $8.5M New PMT Pennymac Mortgage Investment 572,080 $6.5M New CCS Century Communities Inc. 44,061 $3.2M Reduce -21.7% MFA Mfa Financial Inc. 317,127 $3.1M Reduce -50.3% OC Owens Corning 15,000 $2.4M New CPT Camden Property Trust 20,176 $2.3M Reduce -63.4% MHO M/I Homes Inc. 13,343 $2.1M Reduce -72.0% FAF First American Financial 30,000 $2.1M New MAA Mid-America Apartment Comm 14,800 $2.1M Reduce -57.5% RDN Radian Group Inc. 50,000 $1.9M New OPRT Oportun Financial Corp. 139,072 $794K Reduce -0.1% EARN Ellington Credit Co. 149,086 $659K No change BLNE Beeline Holdings Inc. 195,781 $239K No change
Options reported separately and not counted above: SPY puts ($18.7M), BKLN puts ($17.2M), HD calls ($8.8M), PFSI calls ($8.7M), TLT puts ($8.6M), RKT calls ($3.1M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ PFSI Pennymac Financial Services Sold out 0.00% −8.44 DX Dynex Capital Inc. Sold out 0.00% −6.46 KBH KB Home Sold out 0.00% −5.90 FBIN Fortune Brands Innovations I Sold out 0.00% −5.72 ESNT Essent Group Ltd. Sold out 0.00% −5.15 MHO M/I Homes Inc. Reduce -72.0% 3.58% −5.00 RITM Rithm Capital Corp. Sold out 0.00% −4.18 CPT Camden Property Trust Reduce -63.4% 3.85% −4.06 MFA Mfa Financial Inc. Reduce -50.3% 5.12% −3.86 FND Floor & Decor Holdings Inc. Class A Sold out 0.00% −2.98 MAA Mid-America Apartment Comm Reduce -57.5% 3.43% −2.81 COMP Compass Inc. Class A Sold out 0.00% −2.76 NVR NVR Inc. Sold out 0.00% −2.64 OPRT Oportun Financial Corp. Reduce -0.1% 1.32% +0.38 CCS Century Communities Inc. Reduce -21.7% 5.26% +0.52
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ AMH American Homes 4 Rent- A New 15.08% +15.08 INVH Invitation Homes Inc. New 14.10% +14.10 PMT Pennymac Mortgage Investment New 10.75% +10.75 EFC Ellington Financial Inc. Add +16.9% 25.47% +8.75 OC Owens Corning New 3.97% +3.97 FAF First American Financial New 3.43% +3.43 RDN Radian Group Inc. New 3.14% +3.14
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call Sold out 370,000 $240.6Mbefore exit IWM iShares Russell 2000 ETF put Sold out 100,000 $24.8Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Reduce -37.5% 25,000 $18.7M RITM Rithm Capital Corp. call Sold out 1,000,000 $9.5Mbefore exit HD Home Depot Inc. call New 25,000 $8.8M PFSI Pennymac Financial Services call New 100,000 $8.7M TLT iShares 20+ Year Treasury BD put New 100,000 $8.6M ITB iShares U.S. Home Constructi call Sold out 50,000 $4.5Mbefore exit SRLN SS Blackstone Sr Loan ETF put Sold out 85,300 $3.4Mbefore exit RKT Rocket Cos Inc. Class A call New 200,000 $3.1M COMP Compass Inc. Class A call Sold out 200,000 $1.5Mbefore exit JBBB Janus Henderson B-BBB Clo Et put Sold out 20,000 $932Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 15 $60.0M EFC, AMH, INVH, PMT, CCS Q1 2026 18 $68.1M EFC, MFA, MHO, PFSI, CPT Q4 2025 21 $61.6M EFC, MFA, RDN, CPT, FND Q3 2025 17 $92.8M SKY, EFC, ARR, MFA, DX Q2 2025 16 $77.1M EFC, MFA, MHO, UWMC, HYG Q1 2025 17 $82.5M EFC, COOP, MTH, TMHC, PFSI Q4 2024 19 $71.6M EFC, COOP, TMHC, OC, ADAM Q3 2024 19 $69.1M EFC, ADAM, COOP, TMHC, RITHM PPTY TR INC Q2 2024 22 $84.9M EFC, MFA, ADAM, RITHM PPTY TR INC, BZH Q1 2024 18 $91.1M EFC, MFA, NLY, RITHM PPTY TR INC, BZH