Q4 2025 · 13F-HR
EMG Holdings, L.P.holdings as filed
Filed 2026-02-17 · accession 0001478394-26-000001
$135.2M
Reported value
27
Positions
2025-12-31
Period end
The Brief · EMG Holdings, L.P. · Q4 2025
AI · grounded in 13F
EMG Holdings, L.P. closed its position in XLF, reducing exposure by $26.9M. The fund also exited positions in ARR and CCL1EUR, totaling $18.1M and $16.8M respectively. To offset these sales, the fund established new positions in DHI for $14.4M and ITB for $9.6M. Additional new entries include RDN and CPT.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 464287655 | IWM | ISHARES TR | $24.6M | 18.2% | 100,000 | PUT | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $20.5M | 15.1% | 30,000 | PUT | SOLE |
| 23331A109 | DHI | D R HORTON INC | $14.4M | 10.6% | 100,000 | PUT | SOLE |
| 28852N109 | EFC | ELLINGTON FINANCIAL INC | $13.1M | 9.65% | 961,018 | Common | SOLE |
| 464288752 | ITB | ISHARES TR | $9.6M | 7.12% | 100,000 | PUT | SOLE |
| 55272X607 | MFA | MFA FINL INC | $6.7M | 4.95% | 719,478 | Common | SOLE |
| 750236101 | RDN | RADIAN GROUP INC | $4.3M | 3.19% | 120,000 | Common | SOLE |
| 133131102 | CPT | CAMDEN PPTY TR | $4.3M | 3.15% | 38,700 | Common | SOLE |
| 339750101 | FND | FLOOR & DECOR HLDGS INC | $3.5M | 2.62% | 58,137 | Common | SOLE |
| 55305B101 | MHO | M/I HOMES INC | $3.5M | 2.60% | 27,529 | Common | SOLE |
| 78467V608 | SRLN | SSGA ACTIVE ETF TR | $3.5M | 2.60% | 85,300 | PUT | SOLE |
| 59522J103 | MAA | MID-AMER APT CMNTYS INC | $3.4M | 2.55% | 24,800 | Common | SOLE |
| 149568107 | CVCO | CAVCO INDS INC DEL | $3.0M | 2.20% | 5,043 | Common | SOLE |
| 574599106 | MAS | MASCO CORP | $2.9M | 2.11% | 45,000 | Common | SOLE |
| 690742101 | OC | OWENS CORNING NEW | $2.8M | 2.06% | 24,893 | Common | SOLE |
| 830830105 | SKY | CHAMPION HOMES INC | $2.7M | 1.99% | 31,829 | Common | SOLE |
| 70932M107 | PFSI | PENNYMAC FINL SVCS INC NEW | $2.6M | 1.95% | 20,000 | Common | SOLE |
| 89531P105 | TREX | TREX CO INC | $2.1M | 1.56% | 60,000 | Common | SOLE |
| 62944T105 | NVR | NVR INC | $1.8M | 1.35% | 250 | Common | SOLE |
| 87724P106 | TMHC | TAYLOR MORRISON HOME CORP | $1.8M | 1.31% | 30,000 | Common | SOLE |
| 70932AAF0 | PMT 5.5 03/15/26 | PENNYMAC CORP | $1.0M | 0.74% | 1,000,000 | Common | SOLE |
| 156504300 | CCS | CENTURY CMNTYS INC | $820,276 | 0.61% | 13,821 | Common | SOLE |
| 288578107 | EARN | ELLINGTON CREDIT COMPANY | $785,683 | 0.58% | 149,086 | Common | SOLE |
| 68376D104 | OPRT | OPORTUN FINL CORP | $736,220 | 0.54% | 139,172 | Common | SOLE |
| 52472M101 | LEGH | LEGACY HOUSING CORP | $342,068 | 0.25% | 17,524 | Common | SOLE |
| 277802500 | BLNE | BEELINE HOLDINGS INC | $336,743 | 0.25% | 195,781 | Common | SOLE |
| 57638P104 | MBC | MASTERBRAND INC | $116,649 | 0.09% | 10,566 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.