EMG Holdings, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), EMG Holdings, L.P. reported 21 stock positions worth $61.6 million. Its top holding was Ellington Financial (EFC) at 21.2% of the portfolio, followed by Mfa Financial (MFA, 10.9%) and Radian (RDN, 7.0%). Compared with Q3 2025, it opened 11 new positions, sold out of 7, added to 2 and reduced 5. The biggest buy was a new position in Radian (RDN) and the biggest sale an exit from Armour Residential REIT (ARR).

Most Recent 13F
Q2 2026
Location
OLD GREENWICH, CT
CIK
0001478394
Portfolio Value
$61.6M (Q4 2025)
SEC Filing
0001478394-26-000001 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $61.6M $61.6M Q4 2025 Q1 2026: $68.1M Q1 2026 Q2 2026: $60.0M Q2 2026

Holdings 21 stocks · $61.6M
EFC Ellington Financial Inc. 21.18% 961,018 $13.1M No change
MFA Mfa Financial Inc. 10.87% 719,478 $6.7M Reduce -32.3%
RDN Radian Group Inc. 7.01% 120,000 $4.3M New
CPT Camden Property Trust 6.91% 38,700 $4.3M New
FND Floor & Decor Holdings Inc. Class A 5.75% 58,137 $3.5M New
MHO M/I Homes Inc. 5.72% 27,529 $3.5M Add +54.6%
MAA Mid-America Apartment Comm 5.59% 24,800 $3.4M New
CVCO Cavco Industries Inc. 4.84% 5,043 $3.0M New
MAS Masco Corp. 4.63% 45,000 $2.9M New
OC Owens Corning 4.52% 24,893 $2.8M New
SKY Champion Homes Inc. 4.37% 31,829 $2.7M Reduce -81.3%
PFSI Pennymac Financial Services 4.28% 20,000 $2.6M Reduce -61.6%
TREX Trex Company Inc. 3.42% 60,000 $2.1M New
NVR NVR Inc. 2.96% 250 $1.8M New
TMHC Taylor Morrison Home Corp. 2.87% 30,000 $1.8M Reduce -62.5%
CCS Century Communities Inc. 1.33% 13,821 $820K New
EARN Ellington Credit Co. 1.28% 149,086 $786K No change
OPRT Oportun Financial Corp. 1.19% 139,172 $736K No change
LEGH Legacy Housing Corp. 0.56% 17,524 $342K New
BLNE Beeline Holdings Inc. 0.55% 195,781 $337K Add +0.0%
MBC Masterbrand Inc. 0.19% 10,566 $117K Reduce -93.6%

Options reported separately and not counted above: IWM puts ($24.6M), SPY puts ($20.5M), DHI puts ($14.4M), ITB puts ($9.6M), SRLN puts ($3.5M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)
SecurityClassShares / PrincipalValueChange
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 1,000,000$1.0MNo change

Total filed on the 13F, all lines: $62.6M.

Portfolio Sells Q3 2025 → Q4 2025
ARR Armour Residential REIT Inc. Sold out 0.00% −11.51
SKY Champion Homes Inc. Reduce -81.3% 4.37% −9.62
DX Dynex Capital Inc. Sold out 0.00% −9.22
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −7.31
COMP Compass Inc. Class A Sold out 0.00% −3.99
UWMC Uwm Holdings Corp. Sold out 0.00% −3.71
SGI Somnigroup International Inc. Sold out 0.00% −3.18
TMHC Taylor Morrison Home Corp. Reduce -62.5% 2.87% −2.83
LOW Lowe's Cos Inc. Sold out 0.00% −2.71
PFSI Pennymac Financial Services Reduce -61.6% 4.28% −2.68
MBC Masterbrand Inc. Reduce -93.6% 0.19% −2.15
MFA Mfa Financial Inc. Reduce -32.3% 10.87% +0.35

Portfolio Buys Q3 2025 → Q4 2025
RDN Radian Group Inc. New 7.01% +7.01
CPT Camden Property Trust New 6.91% +6.91
FND Floor & Decor Holdings Inc. Class A New 5.75% +5.75
MAA Mid-America Apartment Comm New 5.59% +5.59
CVCO Cavco Industries Inc. New 4.84% +4.84
MAS Masco Corp. New 4.63% +4.63
OC Owens Corning New 4.52% +4.52
TREX Trex Company Inc. New 3.42% +3.42
NVR NVR Inc. New 2.96% +2.96
MHO M/I Homes Inc. Add +54.6% 5.72% +2.94
CCS Century Communities Inc. New 1.33% +1.33
LEGH Legacy Housing Corp. New 0.56% +0.56
BLNE Beeline Holdings Inc. Add +0.0% 0.55% −0.29

Options Activity Q3 2025 → Q4 2025
XLF SS Financial Select Sector put Sold out 500,000 $26.9Mbefore exit
IWM iShares Russell 2000 ETF put Reduce -41.2% 100,000 $24.6M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -70.0% 30,000 $20.5M
CCL Carnival Corp. put Sold out 580,000 $16.8Mbefore exit
DHI D.R. Horton Inc. put New 100,000 $14.4M
ITB iShares U.S. Home Constructi put New 100,000 $9.6M
SKY Champion Homes Inc. call Sold out 100,000 $7.6Mbefore exit
ARR Armour Residential REIT Inc. call Sold out 500,000 $7.5Mbefore exit
AAL American Airlines Group Inc. put Sold out 400,000 $4.5Mbefore exit
SRLN SS Blackstone Sr Loan ETF put New 85,300 $3.5M
INVH Invitation Homes Inc. call Sold out 44,800 $1.3Mbefore exit

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