EMG Holdings, L.P. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D R HORTON INC	100,000	$14,403	10.6%	—	—	PUT	23331A109
ITB	ISHARES TR	100,000	$9,630	7.1%	—	—	PUT	464288752
RDN	RADIAN GROUP INC	120,000	$4,319	3.2%	$34.76	0.0%	COM	750236101
CPT	CAMDEN PPTY TR	38,700	$4,260	3.1%	$103.14	0.0%	SH BEN INT	133131102
FND	FLOOR & DECOR HLDGS INC	58,137	$3,540	2.6%	$64.82	0.0%	CL A	339750101
SRLN	SSGA ACTIVE ETF TR	85,300	$3,520	2.6%	—	—	PUT	78467V608
MAA	MID-AMER APT CMNTYS INC	24,800	$3,445	2.5%	$133.00	0.0%	COM	59522J103
CVCO	CAVCO INDS INC DEL	5,043	$2,979	2.2%	$566.58	0.0%	COM	149568107
MAS	MASCO CORP	45,000	$2,856	2.1%	$64.75	0.0%	COM	574599106
OC	OWENS CORNING NEW	24,893	$2,786	2.1%	$117.36	0.0%	COM	690742101
TREX	TREX CO INC	60,000	$2,105	1.6%	$40.45	0.0%	COM	89531P105
NVR	NVR INC	250	$1,823	1.3%	$7476.40	0.0%	COM	62944T105
CCS	CENTURY CMNTYS INC	13,821	$820	0.6%	$60.69	0.0%	COM	156504300
LEGH	LEGACY HOUSING CORP	17,524	$342	0.3%	$21.42	0.0%	COM	52472M101

Increased Positions (1)

MHO M/I HOMES INC 2.6%

Value ($000) $3,522 (+36.9%) Shares 27,529 (+54.6%) Est. Cost $116.93 Unrealized +13.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MHO	M/I HOMES INC	27,529 (+54.6%)	$3,522 (+36.9%)	2.6%	$116.93	+13.0%	COM	55305B101

Exited Positions (13)

XLF SELECT SECTOR SPDR TR 19.9%

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

CCL CARNIVAL CORP 12.4%

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

ARR ARMOUR RESIDENTIAL REIT INC 7.9%

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

DX DYNEX CAP INC 6.3%

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

SKY CHAMPION HOMES INC 5.6%

Value ($000) $7,637 Shares 100,000 Est. Cost $70.62 Unrealized +11.6%

ARR ARMOUR RESIDENTIAL REIT INC 5.5%

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

HYG ISHARES TR 5.0%

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

AAL AMERICAN AIRLS GROUP INC 3.3%

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

COMP COMPASS INC 2.7%

Value ($000) $3,700 Shares 460,802 Est. Cost $6.85 Unrealized +33.2%

UWMC UWM HOLDINGS CORPORATION 2.5%

Value ($000) $3,444 Shares 565,589 Est. Cost $4.40 Unrealized +22.4%

SGI SOMNIGROUP INTERNATIONAL INC 2.2%

Value ($000) $2,952 Shares 35,000 Est. Cost $78.80 Unrealized +10.9%

LOW LOWES COS INC 1.9%

Value ($000) $2,513 Shares 10,000 Est. Cost $244.20 Unrealized -1.8%

INVH INVITATION HOMES INC 1.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLF	SELECT SECTOR SPDR TR	500,000	$26,935	19.9%	—	—	PUT	81369Y605
CCL	CARNIVAL CORP	580,000	$16,768	12.4%	—	—	PUT	143658300
ARR	ARMOUR RESIDENTIAL REIT INC	714,416	$10,673	7.9%	$14.94	—	—	042315705
DX	DYNEX CAP INC	695,711	$8,550	6.3%	$12.29	—	—	26817Q886
SKY	CHAMPION HOMES INC	100,000	$7,637	5.6%	$70.62	+11.6%	CALL	830830105
ARR	ARMOUR RESIDENTIAL REIT INC	500,000	$7,470	5.5%	$14.94	—	CALL	042315705
HYG	ISHARES TR	83,566	$6,785	5.0%	$78.42	—	—	464288513
AAL	AMERICAN AIRLS GROUP INC	400,000	$4,496	3.3%	—	—	PUT	02376R102
COMP	COMPASS INC	460,802	$3,700	2.7%	$6.85	+33.2%	—	20464U100
UWMC	UWM HOLDINGS CORPORATION	565,589	$3,444	2.5%	$4.40	+22.4%	—	91823B109
SGI	SOMNIGROUP INTERNATIONAL INC	35,000	$2,952	2.2%	$78.80	+10.9%	—	88023U101
LOW	LOWES COS INC	10,000	$2,513	1.9%	$244.20	-1.8%	—	548661107
INVH	INVITATION HOMES INC	44,800	$1,314	1.0%	—	—	CALL	46187W107

Decreased Positions (7)

SPY SPDR S&P 500 ETF TR 15.1%

Value ($000) $20,458 (-69.3%) Shares 30,000 (-70.0%) Est. Cost — Unrealized —

IWM ISHARES TR 18.2%

Value ($000) $24,616 (-40.2%) Shares 100,000 (-41.2%) Est. Cost — Unrealized —

SKY CHAMPION HOMES INC 2.0%

Value ($000) $2,690 (-79.3%) Shares 31,829 (-81.3%) Est. Cost $70.62 Unrealized +11.6%

PFSI PENNYMAC FINL SVCS INC NEW 1.9%

Value ($000) $2,637 (-59.2%) Shares 20,000 (-61.6%) Est. Cost $107.45 Unrealized +18.0%

TMHC TAYLOR MORRISON HOME CORP 1.3%

Value ($000) $1,766 (-66.6%) Shares 30,000 (-62.5%) Est. Cost $59.60 Unrealized +2.6%

MFA MFA FINL INC 5.0%

Value ($000) $6,698 (-31.4%) Shares 719,478 (-32.3%) Est. Cost $9.76 Unrealized —

MBC MASTERBRAND INC 0.1%

Value ($000) $117 (-94.6%) Shares 10,566 (-93.6%) Est. Cost $12.36 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	30,000 (-70.0%)	$20,458 (-69.3%)	15.1%	—	—	PUT	78462F103
IWM	ISHARES TR	100,000 (-41.2%)	$24,616 (-40.2%)	18.2%	—	—	PUT	464287655
SKY	CHAMPION HOMES INC	31,829 (-81.3%)	$2,690 (-79.3%)	2.0%	$70.62	+11.6%	COM	830830105
PFSI	PENNYMAC FINL SVCS INC NEW	20,000 (-61.6%)	$2,637 (-59.2%)	1.9%	$107.45	+18.0%	COM	70932M107
TMHC	TAYLOR MORRISON HOME CORP	30,000 (-62.5%)	$1,766 (-66.6%)	1.3%	$59.60	+2.6%	COM	87724P106
MFA	MFA FINL INC	719,478 (-32.3%)	$6,698 (-31.4%)	5.0%	$9.76	—	COM	55272X607
MBC	MASTERBRAND INC	10,566 (-93.6%)	$117 (-94.6%)	0.1%	$12.36	-5.3%	COMMON STOCK	57638P104

Unchanged Positions (5)

EFC ELLINGTON FINANCIAL INC 9.6%

Value ($000) $13,051 Shares 961,018 Est. Cost $18.06 Unrealized —

BLNE BEELINE HOLDINGS INC 0.2%

Value ($000) $337 Shares 195,781 Est. Cost $6.47 Unrealized -62.5%

OPRT OPORTUN FINL CORP 0.5%

Value ($000) $736 Shares 139,172 Est. Cost $5.53 Unrealized -4.6%

EARN ELLINGTON CREDIT COMPANY 0.6%

Value ($000) $786 Shares 149,086 Est. Cost $11.37 Unrealized —

— PENNYMAC CORP 0.7%

Value ($000) $1,004 Shares 1,000,000 Est. Cost $0.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFC	ELLINGTON FINANCIAL INC	961,018	$13,051	9.6%	$18.06	—	COM	28852N109
BLNE	BEELINE HOLDINGS INC	195,781	$337	0.2%	$6.47	-62.5%	COM NEW	277802500
OPRT	OPORTUN FINL CORP	139,172	$736	0.5%	$5.53	-4.6%	COM	68376D104
EARN	ELLINGTON CREDIT COMPANY	149,086	$786	0.6%	$11.37	—	COM SHS BEN INT	288578107
—	PENNYMAC CORP	1,000,000	$1,004	0.7%	$0.96	—	NOTE 5.500% 3/1	70932AAF0