Sessa Capital IM, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Sessa Capital IM, L.P. reported 28 stock positions worth $3.3 billion. Its top holding was Warner Bros Discovery (WBD) at 17.6% of the portfolio, followed by Humana (HUM, 15.8%) and Illumina (ILMN, 13.7%). Compared with Q1 2025, it opened 6 new positions, sold out of 7, added to 4 and reduced 4. The biggest buy was a new position in Illumina (ILMN) and the biggest sale an exit from Discover Financial Services (DFS).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001595849
Portfolio Value
$3.3B (Q2 2025)
SEC Filing
0001398344-25-015268 ↗ filed Aug 13, 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 Q1 2025 Q2 2025: $3.3B $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 28 stocks · $3.3B
WBD Warner Bros Discovery Inc. 17.65% 50,624,148 $580.2M Add +71.3%
HUM Humana Inc. 15.80% 2,123,965 $519.3M Add +458.4%
ILMN Illumina Inc. 13.71% 4,722,874 $450.6M New
COF Capital One Financial Corp. 11.72% 1,810,233 $385.1M New
PCG P G & E Corp. 10.42% 24,578,101 $342.6M Add +31.6%
APD Air Products & Chemicals Inc. 5.65% 659,000 $185.9M New
ALLY Ally Financial Inc. 5.55% 4,682,126 $182.4M No change
TNDM Tandem Diabetes Care Inc. 2.84% 5,000,000 $93.2M Add +11.9%
THS Treehouse Foods Inc. 2.48% 4,200,000 $81.6M No change
SHC Sotera Health Co. 2.13% 6,300,597 $70.1M No change
ZBRA Zebra Technologies Corp. Class A 1.94% 206,984 $63.8M New
FTAI Ftai Aviation Ltd. 1.40% 400,000 $46.0M No change
GTX Garrett Motion Inc. 1.39% 4,348,770 $45.7M Reduce -69.6%
GRAL Grail Inc. 1.23% 786,144 $40.4M Reduce -59.0%
ASA ASA Gold and Precious Metals 1.01% 1,050,000 $33.1M No change
USFD US Foods Holding Corp. 0.94% 400,000 $30.8M No change
ROKU Roku Inc. 0.94% 350,000 $30.8M No change
GPC Genuine Parts Co. 0.93% 252,308 $30.6M No change
MRNA Moderna Inc. 0.62% 743,081 $20.5M No change
FTRE Fortrea Holdings Inc. 0.60% 3,993,550 $19.7M Reduce -14.9%
BTX BlackRock Tech & Priv Eqty 0.45% 2,015,096 $14.8M No change
OSCR Oscar Health Inc. Class A 0.33% 500,000 $10.7M New
T AT&T Inc. 0.13% 143,886 $4.2M Reduce -95.1%
LXRX Lexicon Pharmaceuticals Inc. 0.09% 3,000,000 $2.8M New
BALY Bally's Corp. 0.03% 95,827 $918K No change
SABS Sab Biotherapeutics Inc. 0.02% 458,457 $805K No change
FLG Flagstar Bank NA 0.01% 32,119 $340K No change
BHR Braemar Hotels & Resorts Inc. 0.00% 25,951 $64K No change

Options reported separately and not counted above: HUM calls ($127.5M).

Portfolio Sells Q1 2025 → Q2 2025
DFS Discover Financial Services Sold out 0.00% −12.53
ABT Abbott Laboratories Sold out 0.00% −9.90
CCK Crown Holdings Inc. Sold out 0.00% −7.41
GTX Garrett Motion Inc. Reduce -69.6% 1.39% −3.55
T AT&T Inc. Reduce -95.1% 0.13% −3.28
BMEZ BlackRock HLTH Sci TRM TR II Sold out 0.00% −0.89
FTRE Fortrea Holdings Inc. Reduce -14.9% 0.60% −0.86
GRAL Grail Inc. Reduce -59.0% 1.23% −0.79
CRWV Coreweave Inc. Class A Sold out 0.00% −0.57
HR Healthcare Realty Trust Inc. Sold out 0.00% −0.04
ULS Ul Solutions Inc. Class A Sold out 0.00% −0.02

Portfolio Buys Q1 2025 → Q2 2025
ILMN Illumina Inc. New 13.71% +13.71
COF Capital One Financial Corp. New 11.72% +11.72
HUM Humana Inc. Add +458.4% 15.80% +11.64
APD Air Products & Chemicals Inc. New 5.65% +5.65
WBD Warner Bros Discovery Inc. Add +71.3% 17.65% +4.55
ZBRA Zebra Technologies Corp. Class A New 1.94% +1.94
OSCR Oscar Health Inc. Class A New 0.33% +0.33
LXRX Lexicon Pharmaceuticals Inc. New 0.09% +0.09
TNDM Tandem Diabetes Care Inc. Add +11.9% 2.84% −0.70
PCG P G & E Corp. Add +31.6% 10.42% −2.84

Notes & Other Activity Q1 2025 → Q2 2025
XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) NOTE 8.000% 7/1 · principal Sold out 2,174,000 $4.1Mbefore exit

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