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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 $3,414,547,293 across 29 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 87.95% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-015268

Period
2025-06-30
Reported value
$3.41B
Holdings
29
Top 10 weight
87.95%
New
6
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ILMNnew+4,722,874$451M
HUMadded+1,743,609$426M
COFnew+1,810,233$385M
WBDadded+21,068,871$241M
APDnew+659,000$186M

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
DISCOVER FINL SVCSexited-1,776,132-$303M
ABTexited-1,806,988-$240M
CCKexited-2,008,693-$179M
GTXreduced-9,940,433-$104M
Treduced-2,772,305-$80.2M

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, Q2 2025

Share positions as resolved from 13F-HR 0001398344-25-015268, largest first. % of portfolio is the value over $3,287,026,525, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,410,428 shares; 2024Q4: 28,410,428 shares; 2025Q1: 29,555,277 shares; 2025Q2: 50,624,148 shares 50,624,148$580M17.65%+21,068,871Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 827,619 shares; 2025Q1: 380,356 shares; 2025Q2: 2,123,965 shares 2,123,965$519M15.8%+1,743,609Timeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,722,874 shares 4,722,874$451M13.71%newTimeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,810,233 shares 1,810,233$385M11.72%newTimeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,683,566 shares; 2025Q2: 24,578,101 shares 24,578,101$343M10.42%+5,894,535Timeline
APDAIR PRODUCTS AND CHEMICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 659,000 shares 659,000$186M5.65%newTimeline
ALLYALLY FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,682,126 shares; 2024Q4: 4,682,126 shares; 2025Q1: 4,682,126 shares; 2025Q2: 4,682,126 shares 4,682,126$182M5.55%0Timeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,466,307 shares; 2025Q2: 5,000,000 shares 5,000,000$93.2M2.84%+533,693Timeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,461,304 shares; 2024Q4: 3,242,483 shares; 2025Q1: 4,200,000 shares; 2025Q2: 4,200,000 shares 4,200,000$81.6M2.48%0Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,300,597 shares; 2024Q4: 6,300,597 shares; 2025Q1: 6,300,597 shares; 2025Q2: 6,300,597 shares 6,300,597$70.1M2.13%0Timeline
ZBRAZEBRA TECHNOLOGIES CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 206,984 shares 206,984$63.8M1.94%newTimeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares 400,000$46M1.4%0Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,289,203 shares; 2024Q4: 14,289,203 shares; 2025Q1: 14,289,203 shares; 2025Q2: 4,348,770 shares 4,348,770$45.7M1.39%-9,940,433Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 1,918,276 shares; 2025Q2: 786,144 shares 786,144$40.4M1.23%-1,132,132Timeline
ASAASA GOLD AND PRECIOUS MTLS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 550,000 shares; 2024Q4: 671,673 shares; 2025Q1: 1,050,000 shares; 2025Q2: 1,050,000 shares 1,050,000$33.1M1.01%0Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares 400,000$30.8M0.94%0Timeline
ROKUROKU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 350,000 shares; 2025Q2: 350,000 shares 350,000$30.8M0.94%0Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 252,308 shares; 2025Q1: 252,308 shares; 2025Q2: 252,308 shares 252,308$30.6M0.93%0Timeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 743,081 shares; 2025Q2: 743,081 shares 743,081$20.5M0.62%0Timeline
FTREFORTREA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,908,044 shares; 2024Q4: 6,658,044 shares; 2025Q1: 4,693,550 shares; 2025Q2: 3,993,550 shares 3,993,550$19.7M0.6%-700,000Timeline
BTXBLACKROCK TECH AND PRIVATE EQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,377,464 shares; 2024Q4: 2,015,096 shares; 2025Q1: 2,015,096 shares; 2025Q2: 2,015,096 shares 2,015,096$14.8M0.45%0Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares 500,000$10.7M0.33%newTimeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,666,191 shares; 2024Q4: 3,666,191 shares; 2025Q1: 2,916,191 shares; 2025Q2: 143,886 shares 143,886$4.16M0.13%-2,772,305Timeline
LXRXLEXICON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,000,000 shares 3,000,000$2.84M0.09%newTimeline
BALYBALLYS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 95,827 shares; 2025Q1: 95,827 shares; 2025Q2: 95,827 shares 95,827$918K0.03%0Timeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 458,457 shares; 2024Q4: 458,457 shares; 2025Q1: 458,457 shares; 2025Q2: 458,457 shares 458,457$805K0.02%0Timeline
FLGFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,119 shares; 2024Q4: 32,119 shares; 2025Q1: 32,119 shares; 2025Q2: 32,119 shares 32,119$340K0.01%0Timeline
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,951 shares; 2024Q4: 25,951 shares; 2025Q1: 25,951 shares; 2025Q2: 25,951 shares 25,951$63.6K<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$128M0

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
DISCOVER FINL SVCSDISCOVER FINL SVCS1,776,132$303Mshares
ABTABBOTT LABORATORIES1,806,988$240Mshares
CCKCROWN HLDGS INC2,008,693$179Mshares
BMEZBLACKROCK HEALTH SCIENCES TE1,444,110$21.5Mshares
CRWVCOREWEAVE INC370,000$13.7Mshares
XERIS BIOPHARMA HOLDINGS INCXERIS BIOPHARMA HOLDINGS INC2,174,000$4.13Mprincipal
HRHEALTHCARE RLTY TR55,124$932Kshares
ULSUL SOLUTIONS INC10,000$564Kshares

How Q2 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 0001398344-25-015268 base2025-08-13acceptance time not in the bulk data set