In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), EMG Holdings, L.P. reported 16 stock positions worth $77.1 million . Its top holding was Ellington Financial (EFC) at 16.1% of the portfolio, followed by Mfa Financial (MFA, 12.0% ) and M/I Homes (MHO, 9.9% ). Compared with Q1 2025, it opened 7 new positions, sold out of 8, added to 3 and reduced 3. The biggest buy was a new position in M/I Homes (MHO) and the biggest sale an exit from Pennymac Financial Services (PFSI).
Location OLD GREENWICH, CT
CIK 0001478394
Portfolio Value $77.1M (Q2 2025) Holdings 16 stocks · $77.1M 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 Q1 2025 EFC Ellington Financial Inc. 961,018 $12.4M Add +3.6% MFA Mfa Financial Inc. 979,969 $9.3M Add +61.2% MHO M/I Homes Inc. 68,301 $7.7M New UWMC Uwm Holdings Corp. 1,777,370 $7.4M New HYG Ishr Ibx Usd Hiyld CB ETF-Ui 83,566 $6.7M Add +200.9% COOP Mr Cooper Group Inc. 39,896 $6.0M Reduce -58.8% TMHC Taylor Morrison Home Corp. 95,000 $5.8M Reduce -42.4% MTH Meritage Homes Corp. 78,600 $5.3M Reduce -44.6% COMP Compass Inc. Class A 761,393 $4.8M New HD Home Depot Inc. 12,000 $4.4M New MHK Mohawk Industries Inc. 25,000 $2.6M New CCS Century Communities Inc. 35,000 $2.0M New OPRT Oportun Financial Corp. 139,172 $996K No change EARN Ellington Credit Co. 149,086 $857K No change NLY Annaly Capital Management Inc. 37,452 $705K New BLNE Beeline Holdings Inc. 195,780 $290K No change
Options reported separately and not counted above: NLY calls ($18.8M), CCL puts ($16.3M), XLF puts ($10.5M), UWMC calls ($8.3M), AAL puts ($4.5M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $993K (not counted above) Total filed on the 13F, all lines: $78.1M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ PFSI Pennymac Financial Services Sold out 0.00% −7.84 SGI Somnigroup International Inc. Sold out 0.00% −7.12 FAF First American Financial Sold out 0.00% −6.76 COOP Mr Cooper Group Inc. Reduce -58.8% 7.72% −6.33 OC Owens Corning Sold out 0.00% −5.43 MTH Meritage Homes Corp. Reduce -44.6% 6.83% −5.38 TMHC Taylor Morrison Home Corp. Reduce -42.4% 7.57% −4.45 RKT Rocket Cos Inc. Class A Sold out 0.00% −2.93 TOL Toll Brothers Inc. Sold out 0.00% −2.56 RITHM PPTY TR INC Sold out 0.00% −0.92 LGIH Lgi Homes Inc. Sold out 0.00% −0.71
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ MHO M/I Homes Inc. New 9.93% +9.93 UWMC Uwm Holdings Corp. New 9.54% +9.54 COMP Compass Inc. Class A New 6.20% +6.20 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +200.9% 8.74% +6.08 HD Home Depot Inc. New 5.71% +5.71 MFA Mfa Financial Inc. Add +61.2% 12.02% +4.46 MHK Mohawk Industries Inc. New 3.40% +3.40 CCS Century Communities Inc. New 2.56% +2.56 EFC Ellington Financial Inc. Add +3.6% 16.10% +1.19 NLY Annaly Capital Management Inc. New 0.91% +0.91
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ LQD Ishr Ibx Usd Invgd CB ETF-Ui put Sold out 390,000 $42.4Mbefore exit LOW Lowe's Cos Inc. put Sold out 100,000 $23.3Mbefore exit NLY Annaly Capital Management Inc. call New 1,000,000 $18.8M AGNC AGNC Investment Corp. put Sold out 1,500,000 $14.4Mbefore exit HD Home Depot Inc. put Sold out 30,000 $11.0Mbefore exit XLF SS Financial Select Sector put Reduce -33.3% 200,000 $10.5M UWMC Uwm Holdings Corp. call New 2,000,000 $8.3M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 5,000 $2.8Mbefore 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