In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), EMG Holdings, L.P. reported 17 stock positions worth $82.5 million . Its top holding was Ellington Financial (EFC) at 14.9% of the portfolio, followed by Mr Cooper (COOP, 14.1% ) and Meritage Homes (MTH, 12.2% ). Compared with Q4 2024, it opened 4 new positions, sold out of 6, added to 6 and reduced 4. The biggest buy was a new position in Meritage Homes (MTH) and the biggest sale an exit from Adamas Trust (ADAM).
Location OLD GREENWICH, CT
CIK 0001478394
Portfolio Value $82.5M (Q1 2025) Holdings 17 stocks · $82.5M 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 2024 EFC Ellington Financial Inc. 927,141 $12.3M No change COOP Mr Cooper Group Inc. 96,896 $11.6M Add +10.7% MTH Meritage Homes Corp. 141,977 $10.1M New TMHC Taylor Morrison Home Corp. 165,000 $9.9M Add +66.4% PFSI Pennymac Financial Services 64,580 $6.5M New MFA Mfa Financial Inc. 608,054 $6.2M Add +178.8% SGI Somnigroup International Inc. 98,000 $5.9M Add +96.0% FAF First American Financial 85,000 $5.6M Add +21.5% OC Owens Corning 31,359 $4.5M Add +16.1% RKT Rocket Cos Inc. Class A 200,000 $2.4M Reduce -9.4% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 27,776 $2.2M No change TOL Toll Brothers Inc. 19,971 $2.1M Reduce -13.2% EARN Ellington Credit Co. 149,086 $807K No change OPRT Oportun Financial Corp. 139,172 $764K Reduce -77.7% RITHM PPTY TR INC 263,635 $757K Reduce -77.0% LGIH Lgi Homes Inc. 8,852 $588K New BLNE Beeline Holdings Inc. 195,780 $360K New
Options reported separately and not counted above: LQD puts ($42.4M), LOW puts ($23.3M), XLF puts ($14.9M), AGNC puts ($14.4M), CCL puts ($11.3M), HD puts ($11.0M), AAL puts ($4.2M), SPY puts ($2.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $991K (not counted above) Total filed on the 13F, all lines: $83.5M.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ ADAM Adamas Trust Inc. Sold out 0.00% −6.15 ESNT Essent Group Ltd. Sold out 0.00% −5.08 MBC Masterbrand Inc. Sold out 0.00% −4.00 ARHS Arhaus Inc. Sold out 0.00% −3.87 RITHM PPTY TR INC Reduce -77.0% 0.92% −3.84 UWMC Uwm Holdings Corp. Sold out 0.00% −3.63 OPRT Oportun Financial Corp. Reduce -77.7% 0.93% −2.45 IVR Invesco Mortgage Capital Sold out 0.00% −1.70 TOL Toll Brothers Inc. Reduce -13.2% 2.56% −1.49 RKT Rocket Cos Inc. Class A Reduce -9.4% 2.93% −0.54
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ MTH Meritage Homes Corp. New 12.20% +12.20 PFSI Pennymac Financial Services New 7.84% +7.84 MFA Mfa Financial Inc. Add +178.8% 7.56% +4.46 TMHC Taylor Morrison Home Corp. Add +66.4% 12.01% +3.53 SGI Somnigroup International Inc. Add +96.0% 7.12% +3.16 COOP Mr Cooper Group Inc. Add +10.7% 14.05% +2.32 LGIH Lgi Homes Inc. New 0.71% +0.71 FAF First American Financial Add +21.5% 6.76% +0.66 BLNE Beeline Holdings Inc. New 0.44% +0.44 OC Owens Corning Add +16.1% 5.43% −0.99
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ LQD Ishr Ibx Usd Invgd CB ETF-Ui put New 390,000 $42.4M LOW Lowe's Cos Inc. put New 100,000 $23.3M NCLH Norwegian Cruise Line Holdin put Sold out 850,000 $21.9Mbefore exit XLF SS Financial Select Sector put New 300,000 $14.9M AGNC AGNC Investment Corp. put New 1,500,000 $14.4M HD Home Depot Inc. put New 30,000 $11.0M ECHO Echostar Corp. Class A put Sold out 300,000 $6.9Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Reduce -93.3% 5,000 $2.8M TOL Toll Brothers Inc. call Sold out 12,500 $1.6Mbefore 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