EMG Holdings, L.P. Hedge Fund

CIK: 0001478394 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $266,128 (99.6% shares, 0.4% debt)

Holdings (26)

SPY SPDR S&P 500 ETF TR 25.0%

Value ($000) $66,618 Shares 100,000 Est. Cost — Unrealized —

IWM ISHARES TR 15.5%

Value ($000) $41,133 Shares 170,000 Est. Cost — Unrealized —

XLF SELECT SECTOR SPDR TR 10.1%

Value ($000) $26,935 Shares 500,000 Est. Cost — Unrealized —

CCL CARNIVAL CORP 6.3%

Value ($000) $16,768 Shares 580,000 Est. Cost — Unrealized —

SKY CHAMPION HOMES INC 4.9%

Value ($000) $12,975 Shares 169,895 Est. Cost $70.62 Unrealized 0.0%

EFC ELLINGTON FINANCIAL INC 4.7%

Value ($000) $12,474 Shares 961,018 Est. Cost $18.06 Unrealized —

ARR ARMOUR RESIDENTIAL REIT INC 4.0%

Value ($000) $10,673 Shares 714,416 Est. Cost $14.94 Unrealized —

MFA MFA FINL INC 3.7%

Value ($000) $9,760 Shares 1,062,035 Est. Cost $9.76 Unrealized —

DX DYNEX CAP INC 3.2%

Value ($000) $8,550 Shares 695,711 Est. Cost $12.29 Unrealized —

SKY CHAMPION HOMES INC 2.9%

Value ($000) $7,637 Shares 100,000 Est. Cost $70.62 Unrealized 0.0%

ARR ARMOUR RESIDENTIAL REIT INC 2.8%

Value ($000) $7,470 Shares 500,000 Est. Cost $14.94 Unrealized —

HYG ISHARES TR 2.5%

Value ($000) $6,785 Shares 83,566 Est. Cost $78.42 Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 2.4%

Value ($000) $6,458 Shares 52,132 Est. Cost $107.45 Unrealized 0.0%

TMHC TAYLOR MORRISON HOME CORP 2.0%

Value ($000) $5,281 Shares 80,000 Est. Cost $59.60 Unrealized +10.4%

AAL AMERICAN AIRLS GROUP INC 1.7%

Value ($000) $4,496 Shares 400,000 Est. Cost — Unrealized —

COMP COMPASS INC 1.4%

Value ($000) $3,700 Shares 460,802 Est. Cost $6.85 Unrealized +18.3%

UWMC UWM HOLDINGS CORPORATION 1.3%

Value ($000) $3,444 Shares 565,589 Est. Cost $4.40 Unrealized +19.3%

SGI SOMNIGROUP INTERNATIONAL INC 1.1%

Value ($000) $2,952 Shares 35,000 Est. Cost $78.80 Unrealized 0.0%

MHO M/I HOMES INC 1.0%

Value ($000) $2,572 Shares 17,810 Est. Cost $108.61 Unrealized +24.6%

LOW LOWES COS INC 0.9%

Value ($000) $2,513 Shares 10,000 Est. Cost $244.20 Unrealized 0.0%

MBC MASTERBRAND INC 0.8%

Value ($000) $2,174 Shares 165,100 Est. Cost $12.36 Unrealized 0.0%

INVH INVITATION HOMES INC 0.5%

Value ($000) $1,314 Shares 44,800 Est. Cost — Unrealized —

— PENNYMAC CORP 0.4%

Value ($000) $998 Shares 1,000,000 Est. Cost $0.96 Unrealized —

OPRT OPORTUN FINL CORP 0.3%

Value ($000) $859 Shares 139,172 Est. Cost $5.53 Unrealized +16.6%

EARN ELLINGTON CREDIT COMPANY 0.3%

Value ($000) $813 Shares 149,086 Est. Cost $11.37 Unrealized —

BLNE BEELINE HOLDINGS INC 0.3%

Value ($000) $775 Shares 195,780 Est. Cost $6.47 Unrealized -66.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	100,000	$66,618	25.0%	—	—	Put	78462F103
IWM	ISHARES TR	170,000	$41,133	15.5%	—	—	Put	464287655
XLF	SELECT SECTOR SPDR TR	500,000	$26,935	10.1%	—	—	Put	81369Y605
CCL	CARNIVAL CORP	580,000	$16,768	6.3%	—	—	Put	143658300
SKY	CHAMPION HOMES INC	169,895	$12,975	4.9%	$70.62	0.0%	COM	830830105
EFC	ELLINGTON FINANCIAL INC	961,018	$12,474	4.7%	$18.06	—	COM	28852N109
ARR	ARMOUR RESIDENTIAL REIT INC	714,416	$10,673	4.0%	$14.94	—	COM SHS	042315705
MFA	MFA FINL INC	1,062,035	$9,760	3.7%	$9.76	—	COM	55272X607
DX	DYNEX CAP INC	695,711	$8,550	3.2%	$12.29	—	COM	26817Q886
SKY	CHAMPION HOMES INC	100,000	$7,637	2.9%	$70.62	0.0%	Call	830830105
ARR	ARMOUR RESIDENTIAL REIT INC	500,000	$7,470	2.8%	$14.94	—	Call	042315705
HYG	ISHARES TR	83,566	$6,785	2.5%	$78.42	—	IBOXX HI YD ETF	464288513
PFSI	PENNYMAC FINL SVCS INC NEW	52,132	$6,458	2.4%	$107.45	0.0%	COM	70932M107
TMHC	TAYLOR MORRISON HOME CORP	80,000	$5,281	2.0%	$59.60	+10.4%	COM	87724P106
AAL	AMERICAN AIRLS GROUP INC	400,000	$4,496	1.7%	—	—	Put	02376R102
COMP	COMPASS INC	460,802	$3,700	1.4%	$6.85	+18.3%	CL A	20464U100
UWMC	UWM HOLDINGS CORPORATION	565,589	$3,444	1.3%	$4.40	+19.3%	COM CL A	91823B109
SGI	SOMNIGROUP INTERNATIONAL INC	35,000	$2,952	1.1%	$78.80	0.0%	COM	88023U101
MHO	M/I HOMES INC	17,810	$2,572	1.0%	$108.61	+24.6%	COM	55305B101
LOW	LOWES COS INC	10,000	$2,513	0.9%	$244.20	0.0%	COM	548661107
MBC	MASTERBRAND INC	165,100	$2,174	0.8%	$12.36	0.0%	COMMON STOCK	57638P104
INVH	INVITATION HOMES INC	44,800	$1,314	0.5%	—	—	Call	46187W107
—	PENNYMAC CORP	1,000,000	$998	0.4%	$0.96	—	NOTE 5.500% 3/1	70932AAF0
OPRT	OPORTUN FINL CORP	139,172	$859	0.3%	$5.53	+16.6%	COM	68376D104
EARN	ELLINGTON CREDIT COMPANY	149,086	$813	0.3%	$11.37	—	COM SHS BEN INT	288578107
BLNE	BEELINE HOLDINGS INC	195,780	$775	0.3%	$6.47	-66.0%	COM NEW	277802500