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MFN Partners Management, LP

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13F filer, CIK 1732811, BOSTON, MA

MFN Partners Management, LP reported $4,731,534,957 across 11 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 99.99% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000904454-26-000091

Period
2025-12-31
Reported value
$4.73B
Holdings
11
Top 10 weight
99.99%
New
2
Sold out
0

Part of the filer group MFN Partners Management, LP

  • Farhad Nanji
  • MFN Partners GP, LLC
  • Michael F. DeMichele
  • MFN Partners, LP
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KRSPnew+2,400,000$24.6M
RICE ACQUISITION CORP 3new+400,000$320K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
QXOreduced-7,973,524-$154M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000904454-26-000091, largest first. % of portfolio is the value over $4,731,534,957, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
XPOXPO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,425,369 shares; 2024Q4: 11,425,369 shares; 2025Q1: 11,425,369 shares; 2025Q2: 11,425,369 shares; 2025Q3: 11,425,369 shares; 2025Q4: 11,425,369 shares 11,425,369$1.55B32.82%0Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 3,000,000 shares; 2025Q2: 3,000,000 shares; 2025Q3: 3,000,000 shares; 2025Q4: 3,000,000 shares 3,000,000$1.12B23.77%0Timeline
PFSIPENNYMAC FINL SVCS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,531,792 shares; 2024Q4: 4,531,792 shares; 2025Q1: 4,531,792 shares; 2025Q2: 4,531,792 shares; 2025Q3: 4,531,792 shares; 2025Q4: 4,531,792 shares 4,531,792$597M12.63%0Timeline
QXOQXO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,908,701 shares; 2024Q4: 46,908,701 shares; 2025Q1: 46,908,701 shares; 2025Q2: 46,908,701 shares; 2025Q3: 38,250,850 shares; 2025Q4: 30,277,326 shares 30,277,326$584M12.34%-7,973,524Timeline
RXORXO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,577,666 shares; 2024Q4: 27,577,666 shares; 2025Q1: 27,577,666 shares; 2025Q2: 27,577,666 shares; 2025Q3: 27,577,666 shares; 2025Q4: 27,577,666 shares 27,577,666$349M7.37%02026-10-04, 13D: 32,687,269 shares, 19.3% of the class, 13D filed 2026-10-05 Timeline
CNXCNX RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,000,000 shares; 2024Q4: 15,000,000 shares; 2025Q1: 8,350,000 shares; 2025Q2: 8,350,000 shares; 2025Q3: 8,350,000 shares; 2025Q4: 8,350,000 shares 8,350,000$307M6.49%0Timeline
OXY/WSOCCIDENTAL PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,690,600 shares; 2024Q4: 5,690,600 shares; 2025Q1: 5,690,600 shares; 2025Q2: 5,690,600 shares; 2025Q3: 5,690,600 shares; 2025Q4: 5,690,600 shares 5,690,600$110M2.32%0Timeline
BHCBAUSCH HEALTH COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,000,000 shares; 2024Q4: 6,000,000 shares; 2025Q1: 6,000,000 shares; 2025Q2: 6,000,000 shares; 2025Q3: 6,000,000 shares; 2025Q4: 6,000,000 shares 6,000,000$41.7M0.88%0Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,553,191 shares; 2024Q4: 2,553,191 shares; 2025Q1: 2,553,191 shares; 2025Q2: 2,553,191 shares; 2025Q3: 2,553,191 shares; 2025Q4: 2,553,191 shares 2,553,191$40.8M0.86%0Timeline
KRSPRICE ACQUISITION CORP 3Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,400,000 shares 2,400,000$24.6M0.52%newTimeline
RICE ACQUISITION CORP 3RICE ACQUISITION CORP 3Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 400,000 shares 400,000$320K0.01%new

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000904454-26-000091 base2026-02-12acceptance time not in the bulk data set
13F-HR/A 0000904454-26-000248 addednew holdings2026-05-01acceptance time not in the bulk data set