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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 $4,225,309,782 across 30 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 87.93% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-020983

Period
2025-09-30
Reported value
$4.23B
Holdings
30
Top 10 weight
87.93%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
APDadded+232,802$63.5M
KDPnew+2,400,000$61.2M
SHCadded+3,619,022$56.9M
PFGCnew+298,147$31M
USFDadded+381,295$29.2M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
GTXexited-4,348,770-$45.7M
GPCexited-252,308-$30.6M
BTXexited-2,015,096-$14.8M
ILMNreduced-36,095-$3.43M

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, Q3 2025

Share positions as resolved from 13F-HR 0001398344-25-020983, largest first. % of portfolio is the value over $3,979,640,710, 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; 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; 2025Q3: 50,624,148 shares 50,624,148$989M24.84%0Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 827,619 shares; 2025Q1: 380,356 shares; 2025Q2: 2,123,965 shares; 2025Q3: 2,212,867 shares 2,212,867$576M14.47%+88,902Timeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,722,874 shares; 2025Q3: 4,686,779 shares 4,686,779$445M11.18%-36,095Timeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,810,233 shares; 2025Q3: 1,810,233 shares 1,810,233$385M9.67%0Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,683,566 shares; 2025Q2: 24,578,101 shares; 2025Q3: 24,578,101 shares 24,578,101$371M9.31%0Timeline
APDAIR PRODUCTS AND CHEMICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 659,000 shares; 2025Q3: 891,802 shares 891,802$243M6.11%+232,802Timeline
ALLYALLY FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,682,126 shares 4,682,126$184M4.61%0Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 9,919,619 shares 9,919,619$156M3.92%+3,619,022Timeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,200,000 shares 4,200,000$84.9M2.13%0Timeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares 400,000$66.7M1.68%0Timeline
ZBRAZEBRA TECHNOLOGIES CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 206,984 shares; 2025Q3: 206,984 shares 206,984$61.5M1.55%0Timeline
KDPKEURIG DR PEPPER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,400,000 shares 2,400,000$61.2M1.54%newTimeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,466,307 shares; 2025Q2: 5,000,000 shares; 2025Q3: 5,000,000 shares 5,000,000$60.7M1.53%0Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 781,295 shares 781,295$59.9M1.5%+381,295Timeline
ASAASA GOLD AND PRECIOUS MTLS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 550,000 shares; 2024Q4: 671,673 shares; 2025Q1: 1,050,000 shares; 2025Q2: 1,050,000 shares; 2025Q3: 1,050,000 shares 1,050,000$48.1M1.21%0Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 786,144 shares 786,144$46.5M1.17%0Timeline
ROKUROKU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 350,000 shares; 2025Q2: 350,000 shares; 2025Q3: 350,000 shares 350,000$35M0.88%0Timeline
FTREFORTREA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,993,550 shares 3,993,550$33.6M0.84%0Timeline
PFGCPERFORMANCE FOOD GROUP COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 298,147 shares 298,147$31M0.78%newTimeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 743,081 shares; 2025Q2: 743,081 shares; 2025Q3: 743,081 shares 743,081$19.2M0.48%0Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares 500,000$9.46M0.24%0Timeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 458,457 shares; 2024Q4: 458,457 shares; 2025Q1: 458,457 shares; 2025Q2: 458,457 shares; 2025Q3: 2,198,457 shares 2,198,457$4.42M0.11%+1,740,000Timeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 143,886 shares 143,886$4.06M0.1%0Timeline
LXRXLEXICON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,000,000 shares; 2025Q3: 3,000,000 shares 3,000,000$4.05M0.1%0Timeline
BALYBALLYS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 95,827 shares; 2025Q1: 95,827 shares; 2025Q2: 95,827 shares; 2025Q3: 95,827 shares 95,827$1.06M0.03%0Timeline
FLGFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,119 shares; 2024Q4: 32,119 shares; 2025Q1: 32,119 shares; 2025Q2: 32,119 shares; 2025Q3: 32,119 shares 32,119$371K0.01%0Timeline
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,951 shares; 2024Q4: 25,951 shares; 2025Q1: 25,951 shares; 2025Q2: 25,951 shares; 2025Q3: 25,951 shares 25,951$70.8K<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$136M0
DUOLDUOLINGO INC Stockput310,000$99.8Mnew
RHIROBERT HALF INC. Stockcall300,000$10.2Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
GTXGARRETT MOTION INC4,348,770$45.7Mshares
GPCGENUINE PARTS CO252,308$30.6Mshares
BTXBLACKROCK TECH AND PRIVATE E2,015,096$14.8Mshares

How Q3 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 0001398344-25-020983 base2025-11-14acceptance time not in the bulk data set