Q1 2026 · 13F-HR
EMG Holdings, L.P.holdings as filed
Filed 2026-05-19 · accession 0001478394-26-000004
$396.6M
Reported value
27
Positions
2026-03-31
Period end
The Brief · EMG Holdings, L.P. · Q1 2026
AI · grounded in 13F
EMG Holdings, L.P. exited its position in DHI for a reduction of $14.4M. The fund established new positions in BKLN for $17.2M and RITM for $12.3M. Other activity included new entries into DX and KBH, while the fund closed out positions in RDN and CVCO.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78462F103 | SPY | STATE STR SPDR S&P 500 ETF T | $240.6M | 60.7% | 370,000 | CALL | SOLE |
| 78462F103 | SPY | STATE STR SPDR S&P 500 ETF T | $26.0M | 6.56% | 40,000 | PUT | SOLE |
| 464287655 | IWM | ISHARES TR | $24.8M | 6.25% | 100,000 | PUT | SOLE |
| 46138G508 | BKLN | INVESCO EXCH TRADED FD TR II | $17.2M | 4.35% | 844,400 | PUT | SOLE |
| 28852N109 | EFC | ELLINGTON FINANCIAL INC | $11.4M | 2.87% | 961,018 | Common | SOLE |
| 64828T201 | RITM | RITHM CAPITAL CORP | $9.5M | 2.39% | 1,000,000 | CALL | SOLE |
| 55272X607 | MFA | MFA FINL INC | $6.1M | 1.54% | 638,478 | Common | SOLE |
| 55305B101 | MHO | M/I HOMES INC | $5.8M | 1.47% | 47,700 | Common | SOLE |
| 70932M107 | PFSI | PENNYMAC FINL SVCS INC NEW | $5.7M | 1.45% | 65,727 | Common | SOLE |
| 133131102 | CPT | CAMDEN PPTY TR | $5.4M | 1.36% | 55,176 | Common | SOLE |
| 464288752 | ITB | ISHARES TR | $4.5M | 1.14% | 50,000 | CALL | SOLE |
| 26817Q886 | DX | DYNEX CAP INC | $4.4M | 1.11% | 345,000 | Common | SOLE |
| 59522J103 | MAA | MID-AMER APT CMNTYS INC | $4.2M | 1.07% | 34,800 | Common | SOLE |
| 48666K109 | KBH | KB HOME | $4.0M | 1.01% | 77,657 | Common | SOLE |
| 34964C106 | FBIN | FORTUNE BRANDS INNOVATIONS I | $3.9M | 0.98% | 100,000 | Common | SOLE |
| G3198U102 | ESNT | ESSENT GROUP LTD | $3.5M | 0.88% | 60,000 | Common | SOLE |
| 78467V608 | SRLN | SSGA ACTIVE ETF TR | $3.4M | 0.86% | 85,300 | PUT | SOLE |
| 156504300 | CCS | CENTURY COMMUNITIES INC | $3.2M | 0.81% | 56,285 | Common | SOLE |
| 64828T201 | RITM | RITHM CAPITAL CORP | $2.8M | 0.72% | 300,000 | Common | SOLE |
| 339750101 | FND | FLOOR & DECOR HLDGS INC | $2.0M | 0.51% | 40,000 | Common | SOLE |
| 20464U100 | COMP | COMPASS INC | $1.9M | 0.47% | 256,987 | Common | SOLE |
| 62944T105 | NVR | NVR INC | $1.8M | 0.45% | 273 | Common | SOLE |
| 20464U100 | COMP | COMPASS INC | $1.5M | 0.37% | 200,000 | CALL | SOLE |
| 47103U753 | JBBB | JANUS DETROIT STR TR | $932,100 | 0.24% | 20,000 | PUT | SOLE |
| 288578107 | EARN | ELLINGTON CREDIT COMPANY | $660,451 | 0.17% | 149,086 | Common | SOLE |
| 68376D104 | OPRT | OPORTUN FINL CORP | $641,583 | 0.16% | 139,172 | Common | SOLE |
| 277802500 | BLNE | BEELINE HOLDINGS INC | $460,085 | 0.12% | 195,781 | 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.