In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 19, 2026), EMG Holdings, L.P. reported 18 stock positions worth $68.1 million . Its top holding was Ellington Financial (EFC) at 16.7% of the portfolio, followed by Mfa Financial (MFA, 9.0% ) and M/I Homes (MHO, 8.6% ). Compared with Q4 2025, it opened 6 new positions, sold out of 9, added to 6 and reduced 2. The biggest buy was a new position in Dynex Capital (DX) and the biggest sale an exit from Radian (RDN).
Location OLD GREENWICH, CT
CIK 0001478394
Portfolio Value $68.1M (Q1 2026) Holdings 18 stocks · $68.1M 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 Q4 2025 EFC Ellington Financial Inc. 961,018 $11.4M No change MFA Mfa Financial Inc. 638,478 $6.1M Reduce -11.3% MHO M/I Homes Inc. 47,700 $5.8M Add +73.3% PFSI Pennymac Financial Services 65,727 $5.7M Add +228.6% CPT Camden Property Trust 55,176 $5.4M Add +42.6% DX Dynex Capital Inc. 345,000 $4.4M New MAA Mid-America Apartment Comm 34,800 $4.2M Add +40.3% KBH KB Home 77,657 $4.0M New FBIN Fortune Brands Innovations I 100,000 $3.9M New ESNT Essent Group Ltd. 60,000 $3.5M New CCS Century Communities Inc. 56,285 $3.2M Add +307.2% RITM Rithm Capital Corp. 300,000 $2.8M New FND Floor & Decor Holdings Inc. Class A 40,000 $2.0M Reduce -31.2% COMP Compass Inc. Class A 256,987 $1.9M New NVR NVR Inc. 273 $1.8M Add +9.2% EARN Ellington Credit Co. 149,086 $660K No change OPRT Oportun Financial Corp. 139,172 $642K No change BLNE Beeline Holdings Inc. 195,781 $460K No change
Options reported separately and not counted above: SPY calls ($240.6M), SPY puts ($26.0M), IWM puts ($24.8M), BKLN puts ($17.2M), RITM calls ($9.5M), ITB calls ($4.5M), SRLN puts ($3.4M), COMP calls ($1.5M), JBBB puts ($932K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ RDN Radian Group Inc. Sold out 0.00% −7.01 CVCO Cavco Industries Inc. Sold out 0.00% −4.84 MAS Masco Corp. Sold out 0.00% −4.63 OC Owens Corning Sold out 0.00% −4.52 SKY Champion Homes Inc. Sold out 0.00% −4.37 TREX Trex Company Inc. Sold out 0.00% −3.42 TMHC Taylor Morrison Home Corp. Sold out 0.00% −2.87 FND Floor & Decor Holdings Inc. Class A Reduce -31.2% 2.98% −2.76 MFA Mfa Financial Inc. Reduce -11.3% 8.98% −1.89 LEGH Legacy Housing Corp. Sold out 0.00% −0.56 MBC Masterbrand Inc. Sold out 0.00% −0.19
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ DX Dynex Capital Inc. New 6.46% +6.46 KBH KB Home New 5.90% +5.90 FBIN Fortune Brands Innovations I New 5.72% +5.72 ESNT Essent Group Ltd. New 5.15% +5.15 RITM Rithm Capital Corp. New 4.18% +4.18 PFSI Pennymac Financial Services Add +228.6% 8.44% +4.16 CCS Century Communities Inc. Add +307.2% 4.74% +3.41 MHO M/I Homes Inc. Add +73.3% 8.58% +2.86 COMP Compass Inc. Class A New 2.76% +2.76 CPT Camden Property Trust Add +42.6% 7.91% +1.00 MAA Mid-America Apartment Comm Add +40.3% 6.24% +0.65 NVR NVR Inc. Add +9.2% 2.64% −0.32
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call New 370,000 $240.6M SPY SS SPDR S&P 500 ETF Trust-US put Add +33.3% 40,000 $26.0M BKLN Invesco Senior Loan ETF put New 844,400 $17.2M DHI D.R. Horton Inc. put Sold out 100,000 $14.4Mbefore exit ITB iShares U.S. Home Constructi put Sold out 100,000 $9.6Mbefore exit RITM Rithm Capital Corp. call New 1,000,000 $9.5M ITB iShares U.S. Home Constructi call New 50,000 $4.5M COMP Compass Inc. Class A call New 200,000 $1.5M JBBB Janus Henderson B-BBB Clo Et put New 20,000 $932K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 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