MFN Partners Management, LP Diversified Active

CIK: 0001732811 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $4,706,615 (100.0% shares, 0.0% debt)

Holdings (9)

Decreased Positions (1)

QXO QXO INC 12.4%

Value ($000) $584,050 (-19.9%) Shares 30,277,326 (-20.8%) Est. Cost $29.17 Unrealized -34.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QXO	QXO INC	30,277,326 (-20.8%)	$584,050 (-19.9%)	12.4%	$29.17	-34.3%	COM NEW	82846H405

Unchanged Positions (8)

TLN TALEN ENERGY CORP 23.9%

Value ($000) $1,124,520 Shares 3,000,000 Est. Cost $138.87 Unrealized +179.9%

XPO XPO INC 33.0%

Value ($000) $1,552,822 Shares 11,425,369 Est. Cost $37.86 Unrealized +259.8%

RXO RXO INC 7.4%

Value ($000) $348,582 Shares 27,577,666 Est. Cost $22.21 Unrealized -33.6%

CNX CNX RES CORP 6.5%

Value ($000) $307,030 Shares 8,350,000 Est. Cost $26.93 Unrealized +33.0%

PFSI PENNYMAC FINL SVCS INC NEW 12.7%

Value ($000) $597,471 Shares 4,531,792 Est. Cost $58.13 Unrealized +118.2%

OXY/WS OCCIDENTAL PETE CORP 2.3%

Value ($000) $109,641 Shares 5,690,600 Est. Cost $4.73 Unrealized —

IE IVANHOE ELECTRIC INC 0.9%

Value ($000) $40,800 Shares 2,553,191 Est. Cost $9.74 Unrealized +47.0%

BHC BAUSCH HEALTH COS INC 0.9%

Value ($000) $41,700 Shares 6,000,000 Est. Cost $6.95 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLN	TALEN ENERGY CORP	3,000,000	$1,124,520	23.9%	$138.87	+179.9%	COM	87422Q109
XPO	XPO INC	11,425,369	$1,552,822	33.0%	$37.86	+259.8%	COM	983793100
RXO	RXO INC	27,577,666	$348,582	7.4%	$22.21	-33.6%	COMMON STOCK	74982T103
CNX	CNX RES CORP	8,350,000	$307,030	6.5%	$26.93	+33.0%	COM	12653C108
PFSI	PENNYMAC FINL SVCS INC NEW	4,531,792	$597,471	12.7%	$58.13	+118.2%	COM	70932M107
OXY/WS	OCCIDENTAL PETE CORP	5,690,600	$109,641	2.3%	$4.73	—	*W EXP 08/03/2027	674599162
IE	IVANHOE ELECTRIC INC	2,553,191	$40,800	0.9%	$9.74	+47.0%	COM	46578C108
BHC	BAUSCH HEALTH COS INC	6,000,000	$41,700	0.9%	$6.95	-5.3%	COM	071734107