EMG Holdings, L.P.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), EMG Holdings, L.P. reported 19 stock positions worth $69.1 million. Its top holding was Ellington Financial (EFC) at 17.3% of the portfolio, followed by Adamas Trust (ADAM, 12.2%) and Mr Cooper (COOP, 10.4%). Compared with Q2 2024, it opened 6 new positions, sold out of 9, added to 3 and reduced 4. The biggest buy was Mr Cooper (COOP, shares +179%) and the biggest sale an exit from Beazer Homes USA (BZH).

Most Recent 13F
Q2 2026
Location
OLD GREENWICH, CT
CIK
0001478394
Portfolio Value
$69.1M (Q3 2024)
SEC Filing
0001085146-24-005510 ↗ filed Nov 12, 2024

Holdings Value

0$20.0M$40.0M$60.0M$80.0M$100.0M Q1 2024: $91.1M Q1 2024 Q2 2024: $84.9M Q2 2024 Q3 2024: $69.1M $69.1M Q3 2024 Q4 2024: $71.6M Q4 2024 Q1 2025: $82.5M Q1 2025 Q2 2025: $77.1M Q2 2025 Q3 2025: $92.8M Q3 2025 Q4 2025: $61.6M Q4 2025 Q1 2026: $68.1M Q1 2026 Q2 2026: $60.0M Q2 2026

Holdings 19 stocks · $69.1M
EFC Ellington Financial Inc. 17.29% 927,141 $12.0M No change
ADAM Adamas Trust Inc. 12.25% 1,337,092 $8.5M Add +11.4%
COOP Mr Cooper Group Inc. 10.44% 78,242 $7.2M Add +179.0%
TMHC Taylor Morrison Home Corp. 9.45% 93,000 $6.5M Reduce -15.4%
RITHM PPTY TR INC filed as GREAT AJAX CORP 9.35% 1,940,649 $6.5M No change
MFA Mfa Financial Inc. 8.42% 457,445 $5.8M Reduce -39.6%
MTH Meritage Homes Corp. 6.99% 23,560 $4.8M Add +114.9%
PFSI Pennymac Financial Services 6.37% 38,649 $4.4M Reduce -40.0%
MAS Masco Corp. 3.64% 30,000 $2.5M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 3.23% 27,776 $2.2M No change
BECN Beacon Roofing Supply Inc. 3.17% 25,327 $2.2M New
OPRT Oportun Financial Corp. 2.89% 711,631 $2.0M No change
RKT Rocket Cos Inc. Class A 2.26% 81,496 $1.6M New
EARN Ellington Credit Co. 1.51% 149,086 $1.0M No change
ARHS Arhaus Inc. 0.89% 50,000 $616K New
AGNT Agnt Inc. filed as EXP WORLD HLDGS INC 0.74% 36,521 $515K New
MITT TPG Mortgage Investment Trus 0.52% 47,846 $359K No change
FOR Forestar Group Inc. 0.42% 9,008 $292K Reduce -68.4%
RWT Redwood Trust Inc. 0.16% 13,946 $108K New

Options reported separately and not counted above: SPY puts ($35.3M), HD puts ($30.4M), NCLH puts ($17.4M), IWM puts ($12.1M), CCL puts ($10.7M), ECHO puts ($7.4M), AAL puts ($4.5M), ENVA puts ($838K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
SecurityClassShares / PrincipalValueChange
VROOM INC (VRM 0.75 07/01/26) NOTE 0.750% 7/0 · principal 2,500,000$1.3MReduce -32.4%
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 1,000,000$974KNo change
PENNYMAC CORP (PMT 5.5 11/01/24) NOTE 5.500%11/0 · principal 500,000$499KNo change

Total filed on the 13F, all lines: $71.9M.

Portfolio Sells Q2 2024 → Q3 2024
BZH Beazer Homes USA Inc. Sold out 0.00% −8.01
HD Home Depot Inc. Sold out 0.00% −6.39
DX Dynex Capital Inc. Sold out 0.00% −5.58
TOL Toll Brothers Inc. Sold out 0.00% −3.39
RDN Radian Group Inc. Sold out 0.00% −2.76
MTG Mgic Investment Corp. Sold out 0.00% −2.51
AZEK The Azek Co. Inc. Sold out 0.00% −2.03
ESNT Essent Group Ltd. Sold out 0.00% −1.99
AMWD American Woodmark Corp. Sold out 0.00% −1.48
MFA Mfa Financial Inc. Reduce -39.6% 8.42% −1.08
PFSI Pennymac Financial Services Reduce -40.0% 6.37% −0.81
FOR Forestar Group Inc. Reduce -68.4% 0.42% −0.65
TMHC Taylor Morrison Home Corp. Reduce -15.4% 9.45% +2.27

Portfolio Buys Q2 2024 → Q3 2024
COOP Mr Cooper Group Inc. Add +179.0% 10.44% +7.75
MTH Meritage Homes Corp. Add +114.9% 6.99% +4.90
ADAM Adamas Trust Inc. Add +11.4% 12.25% +3.99
MAS Masco Corp. New 3.64% +3.64
BECN Beacon Roofing Supply Inc. New 3.17% +3.17
RKT Rocket Cos Inc. Class A New 2.26% +2.26
ARHS Arhaus Inc. New 0.89% +0.89
AGNT Agnt Inc. New 0.74% +0.74
RWT Redwood Trust Inc. New 0.16% +0.16

Options Activity Q2 2024 → Q3 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +23.0% 61,500 $35.3M
HD Home Depot Inc. put New 75,000 $30.4M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 185,500 $14.3Mbefore exit
IWM iShares Russell 2000 ETF put Reduce -57.7% 55,000 $12.1M
TREX Trex Company Inc. call Sold out 70,000 $5.2Mbefore exit
AGNC AGNC Investment Corp. put Sold out 500,000 $4.8Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2024 → Q3 2024
VROOM INC (VRM 0.75 07/01/26) NOTE 0.750% 7/0 · principal Reduce -32.4% 2,500,000 $1.3M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$60.0MEFC, AMH, INVH, PMT, CCS
Q1 2026 18$68.1MEFC, MFA, MHO, PFSI, CPT
Q4 2025 21$61.6MEFC, MFA, RDN, CPT, FND
Q3 2025 17$92.8MSKY, EFC, ARR, MFA, DX
Q2 2025 16$77.1MEFC, MFA, MHO, UWMC, HYG
Q1 2025 17$82.5MEFC, COOP, MTH, TMHC, PFSI
Q4 2024 19$71.6MEFC, COOP, TMHC, OC, ADAM
Q3 2024 19$69.1MEFC, ADAM, COOP, TMHC, RITHM PPTY TR INC
Q2 2024 22$84.9MEFC, MFA, ADAM, RITHM PPTY TR INC, BZH
Q1 2024 18$91.1MEFC, MFA, NLY, RITHM PPTY TR INC, BZH