Bruce Berkowitz - Fairholme Capital Management 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the Fairholme Capital Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q4 2025, the filing reported:

New Buys - CF Industries Holdings, Inc., Natural Resource Partners LP Li, Progressive Corporation (The), Target Corporation

Increases - None reported

Reductions - Berkshire Hathaway Inc. New, St. Joe Company (The), Bank OZK, W.R. Berkley Corporation

Complete Exits - Core Natural Resources

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-425	-0.9%	$24.13M	48,012
Q4 2025	CEIX Core Natural Resources	Core Natural Resources	Sell - Position Exit	-5,000	-100.0%	$0.00	-
Q4 2025	CF CF Industries Holdings, Inc.	CF Industries Holdings, Inc.	Buy - Position Entry	+54,700	-	$4.23M	54,700
Q4 2025	JOE St. Joe Company (The)	St. Joe Company (The)	Sell	-155,900	-0.8%	$1.15B	19,422,467
Q4 2025	NRP Natural Resource Partners LP Li	Natural Resource Partners LP Li	Buy - Position Entry	+12,000	-	$1.25M	12,000
Q4 2025	OZK Bank OZK	Bank OZK	Sell	-2,000	-0.2%	$42.05M	913,652
Q4 2025	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy - Position Entry	+25,600	-	$5.83M	25,600
Q4 2025	TGT Target Corporation	Target Corporation	Buy - Position Entry	+23,000	-	$2.25M	23,000
Q4 2025	WRB W.R. Berkley Corporation	W.R. Berkley Corporation	Sell	-1,300	-0.5%	$18.24M	260,150