MFN Partners Management, LP

BOSTON, MA · CIK 1732811 · 13F filing filed 2026-02-12

SEC-registered investment adviser since 2018 · limited partnership

$4.7bn reported value -4.4% vs Q3 2025

11positions

100.0%in top 10

2 new 0 added 1 reduced 0 sold out vs Q3 2025

Holdings, Q4 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	XPO INC COM XPO	XPO	11,425,369	$1.6bn32.82%	32.82%	Unchanged
2	TALEN ENERGY CORP COM TLN	TLN	3,000,000	$1.1bn23.77%	23.77%	Unchanged
3	PENNYMAC FINL SVCS INC NEW COM PFSI	PFSI	4,531,792	$597.5m12.63%	12.63%	Unchanged
4	QXO INC COM NEW QXO	QXO	30,277,326	$584.0m12.34%	12.34%	Reduced -8.0m	-7,973,524 -20.9%
5	RXO INC COMMON STOCK RXO	RXO	27,577,666	$348.6m7.37%	7.37%	Unchanged
6	CNX RES CORP COM CNX	CNX	8,350,000	$307.0m6.49%	6.49%	Unchanged
7	OCCIDENTAL PETE CORP *W EXP 08/03/202 OXY.WS	OXY.WS	5,690,600	$109.6m2.32%	2.32%	Unchanged
8	BAUSCH HEALTH COS INC COM BHC	BHC	6,000,000	$41.7m0.88%	0.88%	Unchanged
9	IVANHOE ELECTRIC INC COM IE	IE	2,553,191	$40.8m0.86%	0.86%	Unchanged
10	RICE ACQUISITION CORP 3 ORD SHS CL A KRSP	KRSP	2,400,000	$24.6m0.52%	0.52%	New
11	RICE ACQUISITION CORP 3 *W EXP 99/99/999 KRSP.WS	KRSP.WS	400,000	$320.0k0.01%	0.01%	New