In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), EMG Holdings, L.P. reported 18 stock positions worth $91.1 million . Its top holding was Ellington Financial (EFC) at 12.0% of the portfolio, followed by Mfa Financial (MFA, 11.7% ) and Annaly Capital Management (NLY, 10.0% ). Compared with Q4 2023, it opened 7 new positions, sold out of 15, added to 5 and reduced 2. The biggest buy was a new position in Annaly Capital Management (NLY) and the biggest sale an exit from Owens Corning (OC).
Location OLD GREENWICH, CT
CIK 0001478394
Portfolio Value $91.1M (Q1 2024) Holdings 18 stocks · $91.1M 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 Q4 2023 EFC Ellington Financial Inc. 927,141 $10.9M No change MFA Mfa Financial Inc. 933,611 $10.7M Add +1.7% NLY Annaly Capital Management Inc. 462,085 $9.1M New RITHM PPTY TR INC filed as GREAT AJAX CORP 1,940,649 $7.4M No change BZH Beazer Homes USA Inc. 219,141 $7.2M Add +53.3% Z Zillow Group Inc. Class C 138,547 $6.8M New MTH Meritage Homes Corp. 35,766 $6.3M Add +103.0% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 72,758 $5.7M Add +20.6% OPRT Oportun Financial Corp. 2,209,900 $5.4M Reduce -11.0% AMWD American Woodmark Corp. 46,320 $4.7M New BLDR Builders Firstsource Inc. 22,500 $4.7M New ADAM Adamas Trust Inc. 588,879 $4.2M Add +5.9% PFSI Pennymac Financial Services 31,081 $2.8M New COOP Mr Cooper Group Inc. 23,042 $1.8M Reduce -56.0% TALO Talos Energy Inc. 93,107 $1.3M New EARN Ellington Credit Co. 149,086 $1.0M No change LEN Lennar Corp. Class A 5,000 $860K New MITT TPG Mortgage Investment Trus 47,846 $293K No change
Options reported separately and not counted above: HYG puts ($316.4M), SPY puts ($28.8M), IWM puts ($23.1M), NCLH puts ($17.8M), CCL puts ($9.5M), Z calls ($7.6M), AAL puts ($6.1M), HD puts ($5.8M), SOFI puts ($4.9M), AMC puts ($4.9M), KSS puts ($4.4M), ECHO puts ($4.3M), and 4 more.
Other holdings (3): bonds, preferreds, convertibles and warrants · $4.4M (not counted above) Total filed on the 13F, all lines: $95.4M.
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ OC Owens Corning Sold out 0.00% −4.99 UDR Udr Inc. Sold out 0.00% −4.66 ARHS Arhaus Inc. Sold out 0.00% −4.47 FAF First American Financial Sold out 0.00% −4.26 FNF Fidelity National Financial Sold out 0.00% −4.16 ORC Orchid Island Capital Inc. Sold out 0.00% −4.08 COMP Compass Inc. Class A Sold out 0.00% −4.08 RKT Rocket Cos Inc. Class A Sold out 0.00% −3.91 OPRT Oportun Financial Corp. Reduce -11.0% 5.90% −3.19 BHC Bausch Health Cos Inc. Sold out 0.00% −2.48 GSAT Globalstar Inc. Sold out 0.00% −1.94 COOP Mr Cooper Group Inc. Reduce -56.0% 1.97% −1.22 SWK Stanley Black & Decker Inc. Sold out 0.00% −0.66 SMRT Smartrent Inc. Sold out 0.00% −0.35 BSLKW Golden Arrow Merger Corp. Sold out 0.00% −0.01 AILWQ Arrowroot Acquisition Corp. Sold out 0.00% −0.00 DHC ACQUISITION CORP Sold out 0.00% −0.00
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ NLY Annaly Capital Management Inc. New 9.99% +9.99 Z Zillow Group Inc. Class C New 7.42% +7.42 AMWD American Woodmark Corp. New 5.17% +5.17 BLDR Builders Firstsource Inc. New 5.15% +5.15 MTH Meritage Homes Corp. Add +103.0% 6.89% +4.02 BZH Beazer Homes USA Inc. Add +53.3% 7.89% +3.37 PFSI Pennymac Financial Services New 3.11% +3.11 MFA Mfa Financial Inc. Add +1.7% 11.70% +2.01 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +20.6% 6.21% +1.84 TALO Talos Energy Inc. New 1.42% +1.42 LEN Lennar Corp. Class A New 0.94% +0.94 ADAM Adamas Trust Inc. Add +5.9% 4.66% +0.22
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +32.6% 4,070,600 $316.4M BKLN Invesco Senior Loan ETF put Sold out 1,743,100 $36.9Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Add +37.5% 55,000 $28.8M IWM iShares Russell 2000 ETF put Reduce -35.3% 109,900 $23.1M NCLH Norwegian Cruise Line Holdin put Reduce -50.9% 850,000 $17.8M COIN Coinbase Global Inc. Class A put Sold out 70,000 $12.2Mbefore exit FNF Fidelity National Financial call Sold out 200,000 $10.2Mbefore exit M Macy's Inc. put Sold out 470,000 $9.5Mbefore exit Z Zillow Group Inc. Class C call New 155,000 $7.6M HD Home Depot Inc. put Reduce -62.5% 15,000 $5.8M ABNB Airbnb Inc. Class A put Sold out 41,000 $5.6Mbefore exit AMC AMC Entertainment HLDS Class A put Reduce -59.7% 1,310,000 $4.9M KSS Kohls Corp. put Reduce -59.2% 150,000 $4.4M MAS Masco Corp. put Reduce -75.0% 50,000 $3.9M XLF SS Financial Select Sector put Sold out 100,000 $3.8Mbefore exit LEN Lennar Corp. Class A put New 12,000 $2.1M DHI D.R. Horton Inc. put New 12,000 $2.0M COMP Compass Inc. Class A call Sold out 500,000 $1.9Mbefore exit AMC AMC Entertainment HLDS Class A call Sold out 300,000 $1.8Mbefore exit ENVA Enova International Inc. call Sold out 4,000 $221Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ VROOM INC (VRM 0.75 07/01/26) NOTE 0.750% 7/0 · principal Reduce -20.8% 5,700,000 $2.9M NCL CORPORATION LTD (NCLH 2.5 02/15/27) NOTE 2.500% 2/1 · principal Sold out 2,500,000 $2.3Mbefore exit AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Sold out 2,000,000 $1.8Mbefore exit SLMWF Slam Corp.-A -CW27 *W EXP 99/99/999 Sold out 19,999 $4Kbefore exit AEON BIOPHARMA INC *W EXP 07/21/202 Sold out 24,999 $2Kbefore exit KRNLW Kernel Group HLDG -A -CW27 *W EXP 99/99/999 Sold out 75,000 $2Kbefore exit RMGWF RMG Acquisition Class A -CW27 *W EXP 99/99/999 Sold out 10,000 $775before exit BLUAW Blueriver Acquisit A -CW26 *W EXP 01/04/202 Sold out 18,332 $728before exit QUADRO ACQUISITION ONE CORP *W EXP 06/30/202 Sold out 41,032 $722before exit TWLVW Twelve Seas Inv II A -CW28 *W EXP 03/02/202 Sold out 16,666 $625before exit JWSWF Jaws Mustang Acq C -CW26 *W EXP 01/30/202 Sold out 12,499 $496before exit SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 Sold out 24,999 $485before exit SLACW Social Leverage Acq A -CW27 *W EXP 02/17/202 Sold out 12,499 $421before exit CSTWF Constellation Acq A -CW27 *W EXP 01/29/202 Sold out 13,333 $253before exit MVLAW Pathfinder Acq Class A -CW27 *W EXP 02/10/202 Sold out 14,837 $220before exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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