Sessa Capital IM, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sessa Capital IM, L.P. reported 27 stock positions worth $4.0 billion. Its top holding was Warner Bros Discovery (WBD) at 24.8% of the portfolio, followed by Humana (HUM, 14.5%) and Illumina (ILMN, 11.2%). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 5 and reduced 1. The biggest buy was Sotera Health (SHC, shares +57%) and the biggest sale Illumina (ILMN, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001595849
- Portfolio Value
- $4.0B (Q3 2025)
- SEC Filing
- 0001398344-25-020983 ↗ filed Nov 14, 2025
Holdings Value
Holdings 27 stocks · $4.0B
| WBD Warner Bros Discovery Inc. | 24.84% | 50,624,148 | $988.7M | No change |
| HUM Humana Inc. | 14.47% | 2,212,867 | $575.7M | Add +4.2% |
| ILMN Illumina Inc. | 11.18% | 4,686,779 | $445.1M | Reduce -0.8% |
| COF Capital One Financial Corp. | 9.67% | 1,810,233 | $384.8M | No change |
| PCG P G & E Corp. | 9.31% | 24,578,101 | $370.6M | No change |
| APD Air Products & Chemicals Inc. | 6.11% | 891,802 | $243.2M | Add +35.3% |
| ALLY Ally Financial Inc. | 4.61% | 4,682,126 | $183.5M | No change |
| SHC Sotera Health Co. | 3.92% | 9,919,619 | $156.0M | Add +57.4% |
| THS Treehouse Foods Inc. | 2.13% | 4,200,000 | $84.9M | No change |
| FTAI Ftai Aviation Ltd. | 1.68% | 400,000 | $66.7M | No change |
| ZBRA Zebra Technologies Corp. Class A | 1.55% | 206,984 | $61.5M | No change |
| KDP Keurig Dr Pepper Inc. | 1.54% | 2,400,000 | $61.2M | New |
| TNDM Tandem Diabetes Care Inc. | 1.53% | 5,000,000 | $60.7M | No change |
| USFD US Foods Holding Corp. | 1.50% | 781,295 | $59.9M | Add +95.3% |
| ASA ASA Gold and Precious Metals | 1.21% | 1,050,000 | $48.1M | No change |
| GRAL Grail Inc. | 1.17% | 786,144 | $46.5M | No change |
| ROKU Roku Inc. | 0.88% | 350,000 | $35.0M | No change |
| FTRE Fortrea Holdings Inc. | 0.84% | 3,993,550 | $33.6M | No change |
| PFGC Performance Food Group Co. | 0.78% | 298,147 | $31.0M | New |
| MRNA Moderna Inc. | 0.48% | 743,081 | $19.2M | No change |
| OSCR Oscar Health Inc. Class A | 0.24% | 500,000 | $9.5M | No change |
| SABS Sab Biotherapeutics Inc. | 0.11% | 2,198,457 | $4.4M | Add +379.5% |
| T AT&T Inc. | 0.10% | 143,886 | $4.1M | No change |
| LXRX Lexicon Pharmaceuticals Inc. | 0.10% | 3,000,000 | $4.0M | No change |
| BALY Bally's Corp. | 0.03% | 95,827 | $1.1M | No change |
| FLG Flagstar Bank NA | 0.01% | 32,119 | $371K | No change |
| BHR Braemar Hotels & Resorts Inc. | 0.00% | 25,951 | $71K | No change |
Options reported separately and not counted above: HUM calls ($135.7M), DUOL puts ($99.8M), RHI calls ($10.2M).
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| SHC Sotera Health Co. | Add +57.4% | 3.92% | +1.79 |
| KDP Keurig Dr Pepper Inc. | New | 1.54% | +1.54 |
| PFGC Performance Food Group Co. | New | 0.78% | +0.78 |
| USFD US Foods Holding Corp. | Add +95.3% | 1.50% | +0.57 |
| APD Air Products & Chemicals Inc. | Add +35.3% | 6.11% | +0.46 |
| SABS Sab Biotherapeutics Inc. | Add +379.5% | 0.11% | +0.09 |
| HUM Humana Inc. | Add +4.2% | 14.47% | −1.33 |
Options Activity Q2 2025 → Q3 2025
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $5.8B | HUM, WBD, KMB, SHC, PCG |
| Q1 2026 | 31 | $5.3B | WBD, HUM, PCG, KMB, ILMN |
| Q4 2025 | 27 | $5.0B | WBD, HUM, ILMN, PCG, COF |
| Q3 2025 | 27 | $4.0B | WBD, HUM, ILMN, COF, PCG |
| Q2 2025 | 28 | $3.3B | WBD, HUM, ILMN, COF, PCG |
| Q1 2025 | 29 | $2.4B | PCG, WBD, DFS, ABT, CCK |
| Q4 2024 | 25 | $2.6B | ABT, DFS, WBD, CCK, HUM |
| Q3 2024 | 28 | $2.6B | ABT, DFS, CCK, WBD, EQH |
| Q2 2024 | 27 | $2.6B | K, DFS, ABT, CCK, EQH |
| Q1 2024 | 27 | $2.6B | K, DFS, FTRE, EQH, ALLY |