In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), EMG Holdings, L.P. reported 22 stock positions worth $84.9 million . Its top holding was Ellington Financial (EFC) at 13.2% of the portfolio, followed by Mfa Financial (MFA, 9.5% ) and Adamas Trust (ADAM, 8.3% ). Compared with Q1 2024, it opened 9 new positions, sold out of 5, added to 4 and reduced 5. The biggest buy was a new position in Taylor Morrison Home (TMHC) and the biggest sale an exit from Annaly Capital Management (NLY).
Location OLD GREENWICH, CT
CIK 0001478394
Portfolio Value $84.9M (Q2 2024) Holdings 22 stocks · $84.9M 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 2024 EFC Ellington Financial Inc. 927,141 $11.2M No change MFA Mfa Financial Inc. 757,693 $8.1M Reduce -18.8% ADAM Adamas Trust Inc. 1,199,850 $7.0M Add +103.8% RITHM PPTY TR INC filed as GREAT AJAX CORP 1,940,649 $6.9M No change BZH Beazer Homes USA Inc. 247,349 $6.8M Add +12.9% TMHC Taylor Morrison Home Corp. 110,000 $6.1M New PFSI Pennymac Financial Services 64,451 $6.1M Add +107.4% HD Home Depot Inc. 15,750 $5.4M New DX Dynex Capital Inc. 396,832 $4.7M New TOL Toll Brothers Inc. 25,000 $2.9M New RDN Radian Group Inc. 75,465 $2.3M New COOP Mr Cooper Group Inc. 28,042 $2.3M Add +21.7% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 27,776 $2.1M Reduce -61.8% MTG Mgic Investment Corp. 98,765 $2.1M New OPRT Oportun Financial Corp. 711,631 $2.1M Reduce -67.8% MTH Meritage Homes Corp. 10,961 $1.8M Reduce -69.3% AZEK The Azek Co. Inc. 40,911 $1.7M New ESNT Essent Group Ltd. 30,000 $1.7M New AMWD American Woodmark Corp. 15,945 $1.3M Reduce -65.6% EARN Ellington Credit Co. 149,086 $1.0M No change FOR Forestar Group Inc. 28,487 $911K New MITT TPG Mortgage Investment Trus 47,846 $318K No change
Options reported separately and not counted above: SPY puts ($27.2M), IWM puts ($26.4M), NCLH puts ($16.0M), HYG puts ($14.3M), CCL puts ($10.9M), ECHO puts ($5.3M), TREX calls ($5.2M), AGNC puts ($4.8M), AAL puts ($4.5M), ENVA puts ($623K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $3.4M (not counted above) Total filed on the 13F, all lines: $88.3M.
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ NLY Annaly Capital Management Inc. Sold out 0.00% −9.99 Z Zillow Group Inc. Class C Sold out 0.00% −7.42 BLDR Builders Firstsource Inc. Sold out 0.00% −5.15 MTH Meritage Homes Corp. Reduce -69.3% 2.09% −4.80 AMWD American Woodmark Corp. Reduce -65.6% 1.48% −3.69 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -61.8% 2.52% −3.69 OPRT Oportun Financial Corp. Reduce -67.8% 2.43% −3.47 MFA Mfa Financial Inc. Reduce -18.8% 9.50% −2.20 TALO Talos Energy Inc. Sold out 0.00% −1.42 LEN Lennar Corp. Class A Sold out 0.00% −0.94
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ TMHC Taylor Morrison Home Corp. New 7.18% +7.18 HD Home Depot Inc. New 6.39% +6.39 DX Dynex Capital Inc. New 5.58% +5.58 PFSI Pennymac Financial Services Add +107.4% 7.18% +4.07 ADAM Adamas Trust Inc. Add +103.8% 8.25% +3.60 TOL Toll Brothers Inc. New 3.39% +3.39 RDN Radian Group Inc. New 2.76% +2.76 MTG Mgic Investment Corp. New 2.51% +2.51 AZEK The Azek Co. Inc. New 2.03% +2.03 ESNT Essent Group Ltd. New 1.99% +1.99 FOR Forestar Group Inc. New 1.07% +1.07 COOP Mr Cooper Group Inc. Add +21.7% 2.68% +0.71 BZH Beazer Homes USA Inc. Add +12.9% 8.01% +0.11
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -9.1% 50,000 $27.2M IWM iShares Russell 2000 ETF put Add +18.2% 129,900 $26.4M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -95.4% 185,500 $14.3M Z Zillow Group Inc. Class C call Sold out 155,000 $7.6Mbefore exit HD Home Depot Inc. put Sold out 15,000 $5.8Mbefore exit TREX Trex Company Inc. call New 70,000 $5.2M SOFI Sofi Technologies Inc. put Sold out 668,000 $4.9Mbefore exit AMC AMC Entertainment HLDS Class A put Sold out 1,310,000 $4.9Mbefore exit AGNC AGNC Investment Corp. put New 500,000 $4.8M KSS Kohls Corp. put Sold out 150,000 $4.4Mbefore exit MAS Masco Corp. put Sold out 50,000 $3.9Mbefore exit LEN Lennar Corp. Class A put Sold out 12,000 $2.1Mbefore exit DHI D.R. Horton Inc. put Sold out 12,000 $2.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024 Security Class Change vs Q1 2024 Shares / Principal Value ▼ VROOM INC (VRM 0.75 07/01/26) NOTE 0.750% 7/0 · principal Reduce -35.1% 3,700,000 $2.0M
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