MFN Partners Management, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), MFN Partners Management, LP reported 9 stock positions worth $4.6 billion. Its top holding was Xpo (XPO) at 33.6% of the portfolio, followed by Talen Energy (TLN, 24.3%) and Pennymac Financial Services (PFSI, 12.9%). Compared with Q3 2025, it opened 1 new position and reduced 1. The biggest buy was a new position in Rice Acquisition Corp. 3-A (KRSP) and the biggest sale Qxo (QXO, shares −21%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001732811
Portfolio Value
$4.6B (Q4 2025)
SEC Filing
0000904454-26-000091 ↗ filed Feb 12, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $4.9B Q3 2024 Q4 2024: $4.9B Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $4.6B Q2 2025 Q3 2025: $4.8B Q3 2025 Q4 2025: $4.6B $4.6B Q4 2025 Q1 2026: $4.5B Q1 2026 Q2 2026: $4.8B Q2 2026

Holdings 9 stocks · $4.6B
XPO Xpo Inc. 33.60% 11,425,369 $1.6B No change
TLN Talen Energy Corp. 24.33% 3,000,000 $1.1B No change
PFSI Pennymac Financial Services 12.93% 4,531,792 $597.5M No change
QXO Qxo Inc. 12.64% 30,277,326 $584.0M Reduce -20.9%
RXO Rxo Inc. 7.54% 27,577,666 $348.6M No change
CNX CNX Resources Corp. 6.64% 8,350,000 $307.0M No change
BHC Bausch Health Cos Inc. 0.90% 6,000,000 $41.7M No change
IE Ivanhoe Electric Inc. / US 0.88% 2,553,191 $40.8M No change
KRSP Rice Acquisition Corp. 3-A 0.53% 2,400,000 $24.6M New
Other holdings (2): bonds, preferreds, convertibles and warrants · $110.0M (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 5,690,600$109.6MNo change
KRSP.WS Rice Acquisition Corp. 3 *W EXP 99/99/999 400,000$320KNew

Total filed on the 13F, all lines: $4.7B.

Portfolio Sells Q3 2025 → Q4 2025
QXO Qxo Inc. Reduce -20.9% 12.64% −2.53

Portfolio Buys Q3 2025 → Q4 2025
KRSP Rice Acquisition Corp. 3-A New 0.53% +0.53

Notes & Other Activity Q3 2025 → Q4 2025
KRSP.WS Rice Acquisition Corp. 3 *W EXP 99/99/999 New 400,000 $320K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$4.8BXPO, TLN, RXO, QXO, PFSI
Q1 2026 8$4.5BXPO, TLN, QXO, RXO, PFSI
Q4 2025Amended 9$4.6BXPO, TLN, PFSI, QXO, RXO
Q3 2025 8$4.8BXPO, TLN, QXO, PFSI, RXO
Q2 2025 8$4.6BXPO, QXO, TLN, PFSI, RXO
Q1 2025 9$4.1BXPO, QXO, TLN, RXO, PFSI
Q4 2024 10$4.9BXPO, QXO, RXO, TLN, CNX
Q3 2024 11$4.9BXPO, QXO, RXO, TLN, PFSI
Q2 2024 9$2.7BXPO, RXO, PFSI, HCA, LAD
Q1 2024 9$3.3BXPO, LAD, PFSI, RXO, HCA