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Sessa Capital IM, L.P.

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13F filer, CIK 1595849, NEW YORK, NY

Sessa Capital IM, L.P. reported $2,562,759,811 across 31 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 80.45% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-009631

Period
2025-03-31
Reported value
$2.56B
Holdings
31
Top 10 weight
80.45%
New
7
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PCGnew+18,683,566$321M
TNDMnew+4,466,307$85.6M
FTAInew+400,000$44.4M
THSadded+957,517$25.9M
MRNAnew+743,081$21.1M

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
ABTreduced-2,199,735-$292M
EQHexited-2,554,723-$121M
HUMreduced-447,263-$118M
CCKreduced-1,033,681-$92.3M
GRALreduced-1,081,724-$27.6M

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, Q1 2025

Share positions as resolved from 13F-HR 0001398344-25-009631, largest first. % of portfolio is the value over $2,424,744,451, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,683,566 shares 18,683,566$321M13.24%newTimeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,410,428 shares; 2024Q4: 28,410,428 shares; 2025Q1: 29,555,277 shares 29,555,277$317M13.08%+1,144,849Timeline
DISCOVER FINL SVCSDISCOVER FINL SVCSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,457,879 shares; 2024Q4: 1,776,132 shares; 2025Q1: 1,776,132 shares 1,776,132$303M12.5%0
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,749,502 shares; 2024Q4: 4,006,723 shares; 2025Q1: 1,806,988 shares 1,806,988$240M9.89%-2,199,735Timeline
CCKCROWN HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,042,374 shares; 2024Q4: 3,042,374 shares; 2025Q1: 2,008,693 shares 2,008,693$179M7.39%-1,033,681Timeline
ALLYALLY FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,682,126 shares; 2024Q4: 4,682,126 shares; 2025Q1: 4,682,126 shares 4,682,126$171M7.04%0Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,289,203 shares; 2024Q4: 14,289,203 shares; 2025Q1: 14,289,203 shares 14,289,203$120M4.93%0Timeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,461,304 shares; 2024Q4: 3,242,483 shares; 2025Q1: 4,200,000 shares 4,200,000$114M4.69%+957,517Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 827,619 shares; 2025Q1: 380,356 shares 380,356$101M4.15%-447,263Timeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,466,307 shares 4,466,307$85.6M3.53%newTimeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,666,191 shares; 2024Q4: 3,666,191 shares; 2025Q1: 2,916,191 shares 2,916,191$82.5M3.4%-750,000Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,300,597 shares; 2024Q4: 6,300,597 shares; 2025Q1: 6,300,597 shares 6,300,597$73.5M3.03%0Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 1,918,276 shares 1,918,276$49M2.02%-1,081,724Timeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares 400,000$44.4M1.83%newTimeline
FTREFORTREA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,908,044 shares; 2024Q4: 6,658,044 shares; 2025Q1: 4,693,550 shares 4,693,550$35.4M1.46%-1,964,494Timeline
ASAASA GOLD AND PRECIOUS MTLS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 550,000 shares; 2024Q4: 671,673 shares; 2025Q1: 1,050,000 shares 1,050,000$31.6M1.31%+378,327Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 252,308 shares; 2025Q1: 252,308 shares 252,308$30.1M1.24%0Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares 400,000$26.2M1.08%0Timeline
ROKUROKU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 350,000 shares 350,000$24.7M1.02%0Timeline
BMEZBLACKROCK HEALTH SCIENCES TEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,647,590 shares; 2024Q4: 1,444,110 shares; 2025Q1: 1,444,110 shares 1,444,110$21.5M0.89%0Timeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 743,081 shares 743,081$21.1M0.87%newTimeline
CRWVCOREWEAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 370,000 shares 370,000$13.7M0.57%newTimeline
BTXBLACKROCK TECH AND PRIVATE EQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,377,464 shares; 2024Q4: 2,015,096 shares; 2025Q1: 2,015,096 shares 2,015,096$12.6M0.52%0Timeline
BALYBALLYS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 95,827 shares; 2025Q1: 95,827 shares 95,827$1.18M0.05%0Timeline
HRHEALTHCARE RLTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 55,124 shares 55,124$932K0.04%newTimeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 458,457 shares; 2024Q4: 458,457 shares; 2025Q1: 458,457 shares 458,457$624K0.03%0Timeline
ULSUL SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 10,000 shares; 2025Q1: 10,000 shares 10,000$564K0.02%0Timeline
FLGFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,119 shares; 2024Q4: 32,119 shares; 2025Q1: 32,119 shares 32,119$373K0.02%0Timeline
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,951 shares; 2024Q4: 25,951 shares; 2025Q1: 25,951 shares 25,951$64.6K<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
HUMHUMANA INC Stockcall521,600$138M-200,000

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
XERIS BIOPHARMA HOLDINGS INCXERIS BIOPHARMA HOLDINGS INC NOTE 8.000% 7/1principal2,174,000$4.13Mnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
EQHEQUITABLE HLDGS INC2,554,723$121Mshares
ACHCACADIA HEALTHCARE COMPANY IN750,000$29.7Mcall
UHSUNIVERSAL HLTH SVCS INC134,783$24.2Mshares
UHSUNIVERSAL HLTH SVCS INC77,600$13.9Mcall

How Q1 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 0001398344-25-009631 base2025-05-15acceptance time not in the bulk data set