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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 $5,508,093,260 across 36 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 81.68% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-009306

Period
2026-03-31
Reported value
$5.51B
Holdings
36
Top 10 weight
81.68%
New
8
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KMBnew+4,431,269$427M
HUMadded+1,408,833$244M
TFXnew+1,526,228$183M
ALLYadded+3,805,972$149M
CPNGnew+5,190,000$98M

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
WBDreduced-13,599,824-$373M
SOLSreduced-4,659,091-$355M
USFDreduced-334,888-$30.9M
PFGCreduced-304,874-$26.1M
MRNAexited-743,081-$21.9M

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 2026

Share positions as resolved from 13F-HR 0001398344-26-009306, largest first. % of portfolio is the value over $5,256,148,440, 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; 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; 2026Q1: 31,965,805 shares 31,965,805$878M16.7%-13,599,824Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,727,740 shares 3,727,740$646M12.3%+1,408,833Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 24,578,101 shares 24,578,101$432M8.22%0Timeline
KMBKIMBERLY-CLARK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 4,431,269 shares 4,431,269$427M8.13%newTimeline
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,275,849 shares 3,275,849$404M7.68%-128,210Timeline
APDAIR PRODUCTS AND CHEMICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 659,000 shares; 2025Q3: 891,802 shares; 2025Q4: 1,185,672 shares; 2026Q1: 1,185,672 shares 1,185,672$344M6.55%0Timeline
ALLYALLY FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 8,488,098 shares 8,488,098$333M6.34%+3,805,972Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 23,050,000 shares 23,050,000$331M6.29%+2,500,000Timeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,558,233 shares 1,558,233$284M5.41%0Timeline
SOLSSOLSTICE ADVANCED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 7,468,410 shares; 2026Q1: 2,809,319 shares 2,809,319$214M4.07%-4,659,091Timeline
TFXTELEFLEX INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,526,228 shares 1,526,228$183M3.47%newTimeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares; 2025Q4: 400,000 shares; 2026Q1: 400,000 shares 400,000$98M1.86%0Timeline
CPNGCOUPANG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 5,190,000 shares 5,190,000$98M1.86%newTimeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,730,757 shares 4,730,757$90.7M1.73%-269,243Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,719,314 shares 1,719,314$88.9M1.69%+1,354,600Timeline
MICCMAGNUM ICE CREAM CO NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,772,810 shares; 2026Q1: 4,772,810 shares 4,772,810$71.4M1.36%0Timeline
ASAASA GOLD AND PRECIOUS MTLS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,050,000 shares 1,050,000$65.1M1.24%0Timeline
AXTAAXALTA COATING SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,993,545 shares; 2026Q1: 2,223,329 shares 2,223,329$61.6M1.17%+229,784Timeline
FTREFORTREA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,593,550 shares 4,593,550$43.3M0.82%+600,000Timeline
ROKUROKU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 350,000 shares 350,000$33.1M0.63%0Timeline
MMEDMINIMED GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 2,000,000 shares 2,000,000$29.8M0.57%newTimeline
LXRXLEXICON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 17,912,961 shares 17,912,961$27.9M0.53%+14,912,961Timeline
PFGCPERFORMANCE FOOD GROUP COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 298,147 shares; 2025Q4: 586,340 shares; 2026Q1: 281,466 shares 281,466$24.1M0.46%-304,874Timeline
SENSSENSEONICS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,766,093 shares 1,766,093$11.8M0.22%newTimeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 110,704 shares 110,704$10.2M0.19%-334,888Timeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,198,457 shares 2,198,457$8.42M0.16%0Timeline
RNAATRIUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 551,391 shares 551,391$7.37M0.14%newTimeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares; 2026Q1: 500,000 shares 500,000$5.74M0.11%0Timeline
BALYBALLYS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 447,799 shares 447,799$4.32M0.08%0Timeline
FLGFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 32,119 shares 32,119$423K0.01%0Timeline
BHRBRAEMAR HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 25,951 shares 25,951$61.2K<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
COINCOINBASE GLOBAL INC Stockput500,000$87.3M+350,000
HOODROBINHOOD MKTS INC COMput1,105,000$76.6Mnew
TSLATESLA INC COMput200,000$74.3Mnew
DUOLDUOLINGO INC Stockput100,000$9.86M-564,000
MSTRSTRATEGY INC Stockput30,900$3.86M-443,100

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
HUMHUMANA INC371,600$95.2Mcall
MRNAMODERNA INC743,081$21.9Mshares
THSTREEHOUSE FOODS INC468,176$11Mshares

How Q1 2026 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 0001398344-26-009306 base2026-05-15acceptance time not in the bulk data set