EMG Holdings, L.P. Hedge Fund

Location: Old Greenwich, CT

CIK: 0001478394 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $135M (99.3% shares, 0.7% debt)

Holdings (27)

IWM ISHARES TR 18.2%

Value $24.62M Shares 100,000 Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 15.1%

Value $20.46M Shares 30,000 Est. Cost — Unrealized —

DHI D R HORTON INC 10.6%

Value $14.4M Shares 100,000 Est. Cost — Unrealized —

EFC ELLINGTON FINANCIAL INC 9.6%

Value $13.05M Shares 961,018 Est. Cost $18.06 Unrealized —

ITB ISHARES TR 7.1%

Value $9.63M Shares 100,000 Est. Cost — Unrealized —

MFA MFA FINL INC 5.0%

Value $6.698M Shares 719,478 Est. Cost $9.76 Unrealized —

RDN RADIAN GROUP INC 3.2%

Value $4.319M Shares 120,000 Est. Cost $34.76 Unrealized 0.0%

CPT CAMDEN PPTY TR 3.1%

Value $4.26M Shares 38,700 Est. Cost $103.14 Unrealized 0.0%

FND FLOOR & DECOR HLDGS INC 2.6%

Value $3.54M Shares 58,137 Est. Cost $64.82 Unrealized 0.0%

MHO M/I HOMES INC 2.6%

Value $3.522M Shares 27,529 Est. Cost $116.93 Unrealized +13.0%

SRLN SSGA ACTIVE ETF TR 2.6%

Value $3.52M Shares 85,300 Est. Cost — Unrealized —

MAA MID-AMER APT CMNTYS INC 2.5%

Value $3.445M Shares 24,800 Est. Cost $133.00 Unrealized 0.0%

CVCO CAVCO INDS INC DEL 2.2%

Value $2.979M Shares 5,043 Est. Cost $566.58 Unrealized 0.0%

MAS MASCO CORP 2.1%

Value $2.856M Shares 45,000 Est. Cost $64.75 Unrealized 0.0%

OC OWENS CORNING NEW 2.1%

Value $2.786M Shares 24,893 Est. Cost $117.36 Unrealized 0.0%

SKY CHAMPION HOMES INC 2.0%

Value $2.69M Shares 31,829 Est. Cost $70.62 Unrealized +11.6%

PFSI PENNYMAC FINL SVCS INC NEW 1.9%

Value $2.637M Shares 20,000 Est. Cost $107.45 Unrealized +18.0%

TREX TREX CO INC 1.6%

Value $2.105M Shares 60,000 Est. Cost $40.45 Unrealized 0.0%

NVR NVR INC 1.3%

Value $1.823M Shares 250 Est. Cost $7476.40 Unrealized 0.0%

TMHC TAYLOR MORRISON HOME CORP 1.3%

Value $1.766M Shares 30,000 Est. Cost $59.60 Unrealized +2.6%

— PENNYMAC CORP 0.7%

Value $1.004M Shares 1,000,000 Est. Cost $0.96 Unrealized —

CCS CENTURY CMNTYS INC 0.6%

Value $820K Shares 13,821 Est. Cost $60.69 Unrealized 0.0%

EARN ELLINGTON CREDIT COMPANY 0.6%

Value $786K Shares 149,086 Est. Cost $11.37 Unrealized —

OPRT OPORTUN FINL CORP 0.5%

Value $736K Shares 139,172 Est. Cost $5.53 Unrealized -4.6%

LEGH LEGACY HOUSING CORP 0.3%

Value $342K Shares 17,524 Est. Cost $21.42 Unrealized 0.0%

BLNE BEELINE HOLDINGS INC 0.2%

Value $337K Shares 195,781 Est. Cost $6.47 Unrealized -62.5%

MBC MASTERBRAND INC 0.1%

Value $117K Shares 10,566 Est. Cost $12.36 Unrealized -5.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	100,000	$24.62M	18.2%	—	—	Put	464287655
SPY	SPDR S&P 500 ETF TR	30,000	$20.46M	15.1%	—	—	Put	78462F103
DHI	D R HORTON INC	100,000	$14.4M	10.6%	—	—	Put	23331A109
EFC	ELLINGTON FINANCIAL INC	961,018	$13.05M	9.6%	$18.06	—	COM	28852N109
ITB	ISHARES TR	100,000	$9.63M	7.1%	—	—	Put	464288752
MFA	MFA FINL INC	719,478	$6.698M	5.0%	$9.76	—	COM	55272X607
RDN	RADIAN GROUP INC	120,000	$4.319M	3.2%	$34.76	0.0%	COM	750236101
CPT	CAMDEN PPTY TR	38,700	$4.26M	3.1%	$103.14	0.0%	SH BEN INT	133131102
FND	FLOOR & DECOR HLDGS INC	58,137	$3.54M	2.6%	$64.82	0.0%	CL A	339750101
MHO	M/I HOMES INC	27,529	$3.522M	2.6%	$116.93	+13.0%	COM	55305B101
SRLN	SSGA ACTIVE ETF TR	85,300	$3.52M	2.6%	—	—	Put	78467V608
MAA	MID-AMER APT CMNTYS INC	24,800	$3.445M	2.5%	$133.00	0.0%	COM	59522J103
CVCO	CAVCO INDS INC DEL	5,043	$2.979M	2.2%	$566.58	0.0%	COM	149568107
MAS	MASCO CORP	45,000	$2.856M	2.1%	$64.75	0.0%	COM	574599106
OC	OWENS CORNING NEW	24,893	$2.786M	2.1%	$117.36	0.0%	COM	690742101
SKY	CHAMPION HOMES INC	31,829	$2.69M	2.0%	$70.62	+11.6%	COM	830830105
PFSI	PENNYMAC FINL SVCS INC NEW	20,000	$2.637M	1.9%	$107.45	+18.0%	COM	70932M107
TREX	TREX CO INC	60,000	$2.105M	1.6%	$40.45	0.0%	COM	89531P105
NVR	NVR INC	250	$1.823M	1.3%	$7476.40	0.0%	COM	62944T105
TMHC	TAYLOR MORRISON HOME CORP	30,000	$1.766M	1.3%	$59.60	+2.6%	COM	87724P106
—	PENNYMAC CORP	1,000,000	$1.004M	0.7%	$0.96	—	NOTE 5.500% 3/1	70932AAF0
CCS	CENTURY CMNTYS INC	13,821	$820K	0.6%	$60.69	0.0%	COM	156504300
EARN	ELLINGTON CREDIT COMPANY	149,086	$786K	0.6%	$11.37	—	COM SHS BEN INT	288578107
OPRT	OPORTUN FINL CORP	139,172	$736K	0.5%	$5.53	-4.6%	COM	68376D104
LEGH	LEGACY HOUSING CORP	17,524	$342K	0.3%	$21.42	0.0%	COM	52472M101
BLNE	BEELINE HOLDINGS INC	195,781	$337K	0.2%	$6.47	-62.5%	COM NEW	277802500
MBC	MASTERBRAND INC	10,566	$117K	0.1%	$12.36	-5.3%	COMMON STOCK	57638P104