EMG Holdings, L.P.

OLD GREENWICH, CT · CIK 1478394 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Others nearbyOld Greenwich, CT

$60.0m reported value -11.9% vs Q1 2026

15positions

90.6%in top 10

6 new 1 added 6 reduced 9 sold out vs Q1 2026

Options: 3 call positions ($20.7m notional), 3 put positions ($44.5m notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

ELLINGTON MANAGEMENT GROUP LLC – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ELLINGTON FINANCIAL INC COM EFC	EFC	1,122,952	$15.3m25.47%	25.47%	Added +161.9k	+161,934 16.9%
2	AMERICAN HOMES 4 RENT CL A AMH	AMH	270,000	$9.1m15.08%	15.08%	New
3	INVITATION HOMES INC COM INVH	INVH	280,000	$8.5m14.10%	14.10%	New
4	PENNYMAC MTG INVT TR COM PMT	PMT	572,080	$6.5m10.75%	10.75%	New
5	CENTURY CMNTYS INC COM CCS	CCS	44,061	$3.2m5.26%	5.26%	Reduced -12.2k	-12,224 -21.7%
6	MFA FINL INC COM MFA	MFA	317,127	$3.1m5.12%	5.12%	Reduced -321.4k	-321,351 -50.3%
7	OWENS CORNING NEW COM OC	OC	15,000	$2.4m3.97%	3.97%	New
8	CAMDEN PPTY TR SH BEN INT CPT	CPT	20,176	$2.3m3.85%	3.85%	Reduced -35.0k	-35,000 -63.4%
9	M/I HOMES INC COM MHO	MHO	13,343	$2.1m3.58%	3.58%	Reduced -34.4k	-34,357 -72.0%
10	FIRST AMERN FINL CORP COM FAF	FAF	30,000	$2.1m3.43%	3.43%	New
11	MID-AMER APT CMNTYS INC COM MAA	MAA	14,800	$2.1m3.43%	3.43%	Reduced -20.0k	-20,000 -57.5%
12	RADIAN GROUP INC COM RDN	RDN	50,000	$1.9m3.14%	3.14%	New
13	OPORTUN FINL CORP COM OPRT	OPRT	139,072	$794.1k1.32%	1.32%	Reduced -100	-100 -0.1%
14	ELLINGTON CREDIT COMPANY COM SHS BEN INT EARN	EARN	149,086	$659.0k1.10%	1.10%	Unchanged
15	BEELINE HOLDINGS INC COM NEW BLNE	BLNE	195,781	$238.9k0.40%	0.40%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PENNYMAC FINL SVCS INC NEW PFSI	PFSI	65,727	$5.7m65.7k shares
DYNEX CAP INC DX	DX	345,000	$4.4m345.0k shares
KB HOME KBH	KBH	77,657	$4.0m77.7k shares
FORTUNE BRANDS INNOVATIONS I FBIN	FBIN	100,000	$3.9m100.0k shares
ESSENT GROUP LTD ESNT	ESNT	60,000	$3.5m60.0k shares
RITHM CAPITAL CORP RITM	RITM	300,000	$2.8m300.0k shares
FLOOR & DECOR HLDGS INC FND	FND	40,000	$2.0m40.0k shares
COMPASS INC COMP	COMP	256,987	$1.9m257.0k shares
NVR INC NVR	NVR	273	$1.8m273 shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	25,000	$18.7m25.0k shares	Reduced
INVESCO EXCH TRADED FD TR II BKLN · Put	BKLN	Put	844,400	$17.2m844.4k shares	Unchanged
HOME DEPOT INC HD · Call	HD	Call	25,000	$8.8m25.0k shares	New
PENNYMAC FINL SVCS INC NEW PFSI · Call	PFSI	Call	100,000	$8.7m100.0k shares	New
ISHARES TR TLT · Put	TLT	Put	100,000	$8.6m100.0k shares	New
ROCKET COS INC RKT · Call	RKT	Call	200,000	$3.1m200.0k shares	New