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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 $5,349,560,864 across 31 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 88.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-003281

Period
2025-12-31
Reported value
$5.35B
Holdings
31
Top 10 weight
88.76%
New
5
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SOLSnew+7,468,410$363M
SHCadded+10,630,381$188M
MICCnew+4,772,810$75.6M
APDadded+293,870$72.6M
AXTAnew+1,993,545$64.4M

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
ILMNreduced-1,282,720-$168M
WBDreduced-5,058,519-$146M
THSreduced-3,731,824-$88M
ZBRAexited-206,984-$61.5M
KDPexited-2,400,000-$61.2M

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, Q4 2025

Share positions as resolved from 13F-HR 0001398344-26-003281, largest first. % of portfolio is the value over $5,031,905,656, 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; 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; 2025Q4: 45,565,629 shares 45,565,629$1.31B26.1%-5,058,519Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,318,907 shares 2,318,907$594M11.8%+106,040Timeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,722,874 shares; 2025Q3: 4,686,779 shares; 2025Q4: 3,404,059 shares 3,404,059$446M8.87%-1,282,720Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 24,578,101 shares 24,578,101$395M7.85%0Timeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,810,233 shares; 2025Q3: 1,810,233 shares; 2025Q4: 1,558,233 shares 1,558,233$378M7.51%-252,000Timeline
SOLSSOLSTICE ADVANCED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 7,468,410 shares 7,468,410$363M7.21%newTimeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 20,550,000 shares 20,550,000$363M7.2%+10,630,381Timeline
APDAIR PRODUCTS AND CHEMICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 659,000 shares; 2025Q3: 891,802 shares; 2025Q4: 1,185,672 shares 1,185,672$293M5.82%+293,870Timeline
ALLYALLY FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,682,126 shares 4,682,126$212M4.21%0Timeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,000,000 shares 5,000,000$110M2.18%0Timeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares; 2025Q4: 400,000 shares 400,000$78.7M1.56%0Timeline
MICCMAGNUM ICE CREAM CO NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,772,810 shares 4,772,810$75.6M1.5%newTimeline
FTREFORTREA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,993,550 shares 3,993,550$68.9M1.37%0Timeline
AXTAAXALTA COATING SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,993,545 shares 1,993,545$64.4M1.28%newTimeline
ASAASA GOLD AND PRECIOUS MTLS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,050,000 shares 1,050,000$62.7M1.25%0Timeline
PFGCPERFORMANCE FOOD GROUP COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 298,147 shares; 2025Q4: 586,340 shares 586,340$52.7M1.05%+288,193Timeline
ROKUROKU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 350,000 shares; 2025Q2: 350,000 shares; 2025Q3: 350,000 shares; 2025Q4: 350,000 shares 350,000$38M0.75%0Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 445,592 shares 445,592$33.6M0.67%-335,703Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 364,714 shares 364,714$31.2M0.62%-421,430Timeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 743,081 shares; 2025Q2: 743,081 shares; 2025Q3: 743,081 shares; 2025Q4: 743,081 shares 743,081$21.9M0.44%0Timeline
THSTREEHOUSE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 468,176 shares 468,176$11M0.22%-3,731,824Timeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,198,457 shares 2,198,457$8.22M0.16%0Timeline
BALYBALLYS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 95,827 shares; 2025Q1: 95,827 shares; 2025Q2: 95,827 shares; 2025Q3: 95,827 shares; 2025Q4: 447,799 shares 447,799$7.4M0.15%+351,972Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares 500,000$7.18M0.14%0Timeline
LXRXLEXICON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,000,000 shares; 2025Q3: 3,000,000 shares; 2025Q4: 3,000,000 shares 3,000,000$3.45M0.07%0Timeline
FLGFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,119 shares; 2024Q4: 32,119 shares; 2025Q1: 32,119 shares; 2025Q2: 32,119 shares; 2025Q3: 32,119 shares; 2025Q4: 32,119 shares 32,119$404K0.01%0Timeline
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,951 shares; 2024Q4: 25,951 shares; 2025Q1: 25,951 shares; 2025Q2: 25,951 shares; 2025Q3: 25,951 shares; 2025Q4: 25,951 shares 25,951$74.5K<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
DUOLDUOLINGO INC Stockput664,000$117M+354,000
HUMHUMANA INC Stockcall371,600$95.2M-150,000
MSTRSTRATEGY INC Stockput474,000$72Mnew
COINCOINBASE GLOBAL INC Stockput150,000$33.9Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
ZBRAZEBRA TECHNOLOGIES CORPORATI206,984$61.5Mshares
KDPKEURIG DR PEPPER INC2,400,000$61.2Mshares
RHIROBERT HALF INC.300,000$10.2Mcall
TAT&T INC143,886$4.06Mshares

How Q4 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 0001398344-26-003281 base2026-02-17acceptance time not in the bulk data set