EMG Holdings, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), EMG Holdings, L.P. reported 17 stock positions worth $92.8 million. Its top holding was Champion Homes (SKY) at 14.0% of the portfolio, followed by Ellington Financial (EFC, 13.4%) and Armour Residential REIT (ARR, 11.5%). Compared with Q2 2025, it opened 7 new positions, sold out of 6, added to 1 and reduced 4. The biggest buy was a new position in Champion Homes (SKY) and the biggest sale an exit from Mr Cooper (COOP).

Most Recent 13F
Q2 2026
Location
OLD GREENWICH, CT
CIK
0001478394
Portfolio Value
$92.8M (Q3 2025)
SEC Filing
0001478394-25-000004 ↗ filed Nov 14, 2025

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 Q3 2024 Q4 2024: $71.6M Q4 2024 Q1 2025: $82.5M Q1 2025 Q2 2025: $77.1M Q2 2025 Q3 2025: $92.8M $92.8M Q3 2025 Q4 2025: $61.6M Q4 2025 Q1 2026: $68.1M Q1 2026 Q2 2026: $60.0M Q2 2026

Holdings 17 stocks · $92.8M
SKY Champion Homes Inc. 13.99% 169,895 $13.0M New
EFC Ellington Financial Inc. 13.45% 961,018 $12.5M No change
ARR Armour Residential REIT Inc. 11.51% 714,416 $10.7M New
MFA Mfa Financial Inc. 10.52% 1,062,035 $9.8M Add +8.4%
DX Dynex Capital Inc. 9.22% 695,711 $8.6M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 7.31% 83,566 $6.8M No change
PFSI Pennymac Financial Services 6.96% 52,132 $6.5M New
TMHC Taylor Morrison Home Corp. 5.69% 80,000 $5.3M Reduce -15.8%
COMP Compass Inc. Class A 3.99% 460,802 $3.7M Reduce -39.5%
UWMC Uwm Holdings Corp. 3.71% 565,589 $3.4M Reduce -68.2%
SGI Somnigroup International Inc. 3.18% 35,000 $3.0M New
MHO M/I Homes Inc. 2.77% 17,810 $2.6M Reduce -73.9%
LOW Lowe's Cos Inc. 2.71% 10,000 $2.5M New
MBC Masterbrand Inc. 2.34% 165,100 $2.2M New
OPRT Oportun Financial Corp. 0.93% 139,172 $859K No change
EARN Ellington Credit Co. 0.88% 149,086 $813K No change
BLNE Beeline Holdings Inc. 0.84% 195,780 $775K No change

Options reported separately and not counted above: SPY puts ($66.6M), IWM puts ($41.1M), XLF puts ($26.9M), CCL puts ($16.8M), SKY calls ($7.6M), ARR calls ($7.5M), AAL puts ($4.5M), INVH calls ($1.3M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $998K (not counted above)
SecurityClassShares / PrincipalValueChange
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 1,000,000$998KNo change

Total filed on the 13F, all lines: $93.8M.

Portfolio Sells Q2 2025 → Q3 2025
COOP Mr Cooper Group Inc. Sold out 0.00% −7.72
MHO M/I Homes Inc. Reduce -73.9% 2.77% −7.16
MTH Meritage Homes Corp. Sold out 0.00% −6.83
UWMC Uwm Holdings Corp. Reduce -68.2% 3.71% −5.83
HD Home Depot Inc. Sold out 0.00% −5.71
MHK Mohawk Industries Inc. Sold out 0.00% −3.40
CCS Century Communities Inc. Sold out 0.00% −2.56
COMP Compass Inc. Class A Reduce -39.5% 3.99% −2.21
TMHC Taylor Morrison Home Corp. Reduce -15.8% 5.69% −1.87
NLY Annaly Capital Management Inc. Sold out 0.00% −0.91

Portfolio Buys Q2 2025 → Q3 2025
SKY Champion Homes Inc. New 13.99% +13.99
ARR Armour Residential REIT Inc. New 11.51% +11.51
DX Dynex Capital Inc. New 9.22% +9.22
PFSI Pennymac Financial Services New 6.96% +6.96
SGI Somnigroup International Inc. New 3.18% +3.18
LOW Lowe's Cos Inc. New 2.71% +2.71
MBC Masterbrand Inc. New 2.34% +2.34
MFA Mfa Financial Inc. Add +8.4% 10.52% −1.50

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 100,000 $66.6M
IWM iShares Russell 2000 ETF put New 170,000 $41.1M
XLF SS Financial Select Sector put Add +150.0% 500,000 $26.9M
NLY Annaly Capital Management Inc. call Sold out 1,000,000 $18.8Mbefore exit
UWMC Uwm Holdings Corp. call Sold out 2,000,000 $8.3Mbefore exit
SKY Champion Homes Inc. call New 100,000 $7.6M
ARR Armour Residential REIT Inc. call New 500,000 $7.5M
INVH Invitation Homes Inc. call New 44,800 $1.3M

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