EMG Holdings, L.P.

Name: EMG Holdings, L.P. 13F holdings, Q4 2024
Creator: EMG Holdings, L.P.
Published: 2025-02-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), EMG Holdings, L.P. reported 19 stock positions worth $71.6 million. Its top holding was Ellington Financial (EFC) at 15.7% of the portfolio, followed by Mr Cooper (COOP, 11.7%) and Taylor Morrison Home (TMHC, 8.5%). Compared with Q3 2024, it opened 8 new positions, sold out of 8, added to 4 and reduced 4. The biggest buy was a new position in Owens Corning (OC) and the biggest sale an exit from Meritage Homes (MTH).

Most Recent 13F: Q2 2026
Location: OLD GREENWICH, CT
CIK: 0001478394
Portfolio Value: $71.6M (Q4 2024)
SEC Filing: 0001085146-25-001092 ↗ filed Feb 12, 2025

Holdings Value

Holdings 19 stocks · $71.6M


EFC Ellington Financial Inc.	15.70%	927,141	$11.2M	No change
COOP Mr Cooper Group Inc.	11.74%	87,512	$8.4M	Add +11.8%
TMHC Taylor Morrison Home Corp.	8.48%	99,173	$6.1M	Add +6.6%
OC Owens Corning	6.42%	27,000	$4.6M	New
ADAM Adamas Trust Inc.	6.15%	726,121	$4.4M	Reduce -45.7%
FAF First American Financial	6.10%	69,982	$4.4M	New
ESNT Essent Group Ltd.	5.08%	66,773	$3.6M	New
RITHM PPTY TR INC	4.76%	1,147,287	$3.4M	Reduce -40.9%
TOL Toll Brothers Inc.	4.05%	23,000	$2.9M	New
MBC Masterbrand Inc.	4.00%	196,082	$2.9M	New
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC	3.96%	50,000	$2.8M	New
ARHS Arhaus Inc.	3.87%	294,719	$2.8M	Add +489.4%
UWMC Uwm Holdings Corp.	3.63%	442,448	$2.6M	New
RKT Rocket Cos Inc. Class A	3.47%	220,748	$2.5M	Add +170.9%
OPRT Oportun Financial Corp.	3.38%	623,223	$2.4M	Reduce -12.4%
MFA Mfa Financial Inc.	3.10%	218,100	$2.2M	Reduce -52.3%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	3.05%	27,776	$2.2M	No change
IVR Invesco Mortgage Capital	1.70%	150,817	$1.2M	New
EARN Ellington Credit Co.	1.38%	149,086	$987K	No change

Options reported separately and not counted above: SPY puts ($44.0M), NCLH puts ($21.9M), CCL puts ($14.5M), AAL puts ($7.0M), ECHO puts ($6.9M), TOL calls ($1.6M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $980K (not counted above)

Security	Class	Shares / Principal	Value	Change
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	1,000,000	$980K	No change

Total filed on the 13F, all lines: $72.6M.

Portfolio Sells Q3 2024 → Q4 2024


MTH Meritage Homes Corp.	Sold out	0.00%	−6.99
PFSI Pennymac Financial Services	Sold out	0.00%	−6.37
ADAM Adamas Trust Inc.	Reduce -45.7%	6.15%	−6.10
MFA Mfa Financial Inc.	Reduce -52.3%	3.10%	−5.32
RITHM PPTY TR INC	Reduce -40.9%	4.76%	−4.59
MAS Masco Corp.	Sold out	0.00%	−3.64
BECN Beacon Roofing Supply Inc.	Sold out	0.00%	−3.17
AGNT Agnt Inc.	Sold out	0.00%	−0.74
MITT TPG Mortgage Investment Trus	Sold out	0.00%	−0.52
FOR Forestar Group Inc.	Sold out	0.00%	−0.42
RWT Redwood Trust Inc.	Sold out	0.00%	−0.16
OPRT Oportun Financial Corp.	Reduce -12.4%	3.38%	+0.48

Portfolio Buys Q3 2024 → Q4 2024


OC Owens Corning	New	6.42%	+6.42
FAF First American Financial	New	6.10%	+6.10
ESNT Essent Group Ltd.	New	5.08%	+5.08
TOL Toll Brothers Inc.	New	4.05%	+4.05
MBC Masterbrand Inc.	New	4.00%	+4.00
SGI Somnigroup International Inc.	New	3.96%	+3.96
UWMC Uwm Holdings Corp.	New	3.63%	+3.63
ARHS Arhaus Inc.	Add +489.4%	3.87%	+2.98
IVR Invesco Mortgage Capital	New	1.70%	+1.70
COOP Mr Cooper Group Inc.	Add +11.8%	11.74%	+1.30
RKT Rocket Cos Inc. Class A	Add +170.9%	3.47%	+1.21
TMHC Taylor Morrison Home Corp.	Add +6.6%	8.48%	−0.98

Options Activity Q3 2024 → Q4 2024


SPY SS SPDR S&P 500 ETF Trust-US	put	Add +21.9%	75,000	$44.0M
HD Home Depot Inc.	put	Sold out	75,000	$30.4Mbefore exit
IWM iShares Russell 2000 ETF	put	Sold out	55,000	$12.1Mbefore exit
TOL Toll Brothers Inc.	call	New	12,500	$1.6M
ENVA Enova International Inc.	put	Sold out	10,000	$838Kbefore exit

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

Notes & Other Activity Q3 2024 → Q4 2024


VROOM INC (VRM 0.75 07/01/26)	NOTE 0.750% 7/0 · principal	Sold out	2,500,000	$1.3Mbefore exit
PENNYMAC CORP (PMT 5.5 11/01/24)	NOTE 5.500%11/0 · principal	Sold out	500,000	$499Kbefore 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