Sessa Capital IM, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Sessa Capital IM, L.P. reported 29 stock positions worth $2.4 billion. Its top holding was P G & E (PCG) at 13.3% of the portfolio, followed by Warner Bros Discovery (WBD, 13.1%) and Discover Financial Services (DFS, 12.5%). Compared with Q4 2024, it opened 6 new positions, sold out of 2, added to 3 and reduced 6. The biggest buy was a new position in P G & E (PCG) and the biggest sale Abbott Laboratories (ABT, shares −55%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001595849
Portfolio Value
$2.4B (Q1 2025)
SEC Filing
0001398344-25-009631 ↗ filed May 15, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $2.6B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $2.6B Q3 2024 Q4 2024: $2.6B Q4 2024 Q1 2025: $2.4B $2.4B Q1 2025 Q2 2025: $3.3B Q2 2025 Q3 2025: $4.0B Q3 2025 Q4 2025: $5.0B Q4 2025 Q1 2026: $5.3B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 29 stocks · $2.4B
PCG P G & E Corp. 13.26% 18,683,566 $321.0M New
WBD Warner Bros Discovery Inc. 13.10% 29,555,277 $317.1M Add +4.0%
DFS Discover Financial Services 12.53% 1,776,132 $303.2M No change
ABT Abbott Laboratories 9.90% 1,806,988 $239.7M Reduce -54.9%
CCK Crown Holdings Inc. 7.41% 2,008,693 $179.3M Reduce -34.0%
ALLY Ally Financial Inc. 7.05% 4,682,126 $170.8M No change
GTX Garrett Motion Inc. 4.94% 14,289,203 $119.6M No change
THS Treehouse Foods Inc. 4.70% 4,200,000 $113.8M Add +29.5%
HUM Humana Inc. 4.16% 380,356 $100.6M Reduce -54.0%
TNDM Tandem Diabetes Care Inc. 3.54% 4,466,307 $85.6M New
T AT&T Inc. 3.41% 2,916,191 $82.5M Reduce -20.5%
SHC Sotera Health Co. 3.04% 6,300,597 $73.5M No change
GRAL Grail Inc. 2.02% 1,918,276 $49.0M Reduce -36.1%
FTAI Ftai Aviation Ltd. 1.83% 400,000 $44.4M New
FTRE Fortrea Holdings Inc. 1.46% 4,693,550 $35.4M Reduce -29.5%
ASA ASA Gold and Precious Metals 1.31% 1,050,000 $31.6M Add +56.3%
GPC Genuine Parts Co. 1.24% 252,308 $30.1M No change
USFD US Foods Holding Corp. 1.08% 400,000 $26.2M No change
ROKU Roku Inc. 1.02% 350,000 $24.7M No change
BMEZ BlackRock HLTH Sci TRM TR II 0.89% 1,444,110 $21.5M No change
MRNA Moderna Inc. 0.87% 743,081 $21.1M New
CRWV Coreweave Inc. Class A 0.57% 370,000 $13.7M New
BTX BlackRock Tech & Priv Eqty 0.52% 2,015,096 $12.6M No change
BALY Bally's Corp. 0.05% 95,827 $1.2M No change
HR Healthcare Realty Trust Inc. 0.04% 55,124 $932K New
SABS Sab Biotherapeutics Inc. 0.03% 458,457 $624K No change
ULS Ul Solutions Inc. Class A 0.02% 10,000 $564K No change
FLG Flagstar Bank NA 0.02% 32,119 $373K No change
BHR Braemar Hotels & Resorts Inc. 0.00% 25,951 $65K No change

Options reported separately and not counted above: HUM calls ($138.0M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $4.1M (not counted above)
SecurityClassShares / PrincipalValueChange
XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) NOTE 8.000% 7/1 · principal 2,174,000$4.1MNew

Total filed on the 13F, all lines: $2.4B.

Portfolio Sells Q4 2024 → Q1 2025
ABT Abbott Laboratories Reduce -54.9% 9.90% −7.78
EQH Equitable Holdings Inc. Sold out 0.00% −4.70
HUM Humana Inc. Reduce -54.0% 4.16% −4.04
FTRE Fortrea Holdings Inc. Reduce -29.5% 1.46% −3.38
CCK Crown Holdings Inc. Reduce -34.0% 7.41% −2.41
UHS Universal Health Services-B Sold out 0.00% −0.94
GRAL Grail Inc. Reduce -36.1% 2.02% −0.07
T AT&T Inc. Reduce -20.5% 3.41% +0.15

Portfolio Buys Q4 2024 → Q1 2025
PCG P G & E Corp. New 13.26% +13.26
TNDM Tandem Diabetes Care Inc. New 3.54% +3.54
FTAI Ftai Aviation Ltd. New 1.83% +1.83
WBD Warner Bros Discovery Inc. Add +4.0% 13.10% +1.38
MRNA Moderna Inc. New 0.87% +0.87
ASA ASA Gold and Precious Metals Add +56.3% 1.31% +0.78
CRWV Coreweave Inc. Class A New 0.57% +0.57
THS Treehouse Foods Inc. Add +29.5% 4.70% +0.26
HR Healthcare Realty Trust Inc. New 0.04% +0.04

Options Activity Q4 2024 → Q1 2025
HUM Humana Inc. call Reduce -27.7% 521,600 $138.0M
ACHC Acadia Healthcare Co. Inc. call Sold out 750,000 $29.7Mbefore exit
UHS Universal Health Services-B call Sold out 77,600 $13.9Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) NOTE 8.000% 7/1 · principal New 2,174,000 $4.1M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 26$5.8BHUM, WBD, KMB, SHC, PCG
Q1 2026 31$5.3BWBD, HUM, PCG, KMB, ILMN
Q4 2025 27$5.0BWBD, HUM, ILMN, PCG, COF
Q3 2025 27$4.0BWBD, HUM, ILMN, COF, PCG
Q2 2025 28$3.3BWBD, HUM, ILMN, COF, PCG
Q1 2025 29$2.4BPCG, WBD, DFS, ABT, CCK
Q4 2024 25$2.6BABT, DFS, WBD, CCK, HUM
Q3 2024 28$2.6BABT, DFS, CCK, WBD, EQH
Q2 2024 27$2.6BK, DFS, ABT, CCK, EQH
Q1 2024 27$2.6BK, DFS, FTRE, EQH, ALLY