Sessa Capital IM, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sessa Capital IM, L.P. reported 27 stock positions worth $5.0 billion. Its top holding was Warner Bros Discovery (WBD) at 26.1% of the portfolio, followed by Humana (HUM, 11.8%) and Illumina (ILMN, 8.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 5 and reduced 6. The biggest buy was a new position in Solstice Adv Materials (SOLS) and the biggest sale Illumina (ILMN, shares −27%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001595849
Portfolio Value
$5.0B (Q4 2025)
SEC Filing
0001398344-26-003281 ↗ filed Feb 17, 2026

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 Q2 2025 Q3 2025: $4.0B Q3 2025 Q4 2025: $5.0B $5.0B Q4 2025 Q1 2026: $5.3B Q1 2026 Q2 2026: $5.8B Q2 2026

Holdings 27 stocks · $5.0B
WBD Warner Bros Discovery Inc. 26.10% 45,565,629 $1.3B Reduce -10.0%
HUM Humana Inc. 11.80% 2,318,907 $593.9M Add +4.8%
ILMN Illumina Inc. 8.87% 3,404,059 $446.5M Reduce -27.4%
PCG P G & E Corp. 7.85% 24,578,101 $395.0M No change
COF Capital One Financial Corp. 7.51% 1,558,233 $377.7M Reduce -13.9%
SOLS Solstice Adv Materials Inc. 7.21% 7,468,410 $362.8M New
SHC Sotera Health Co. 7.20% 20,550,000 $362.5M Add +107.2%
APD Air Products & Chemicals Inc. 5.82% 1,185,672 $292.9M Add +33.0%
ALLY Ally Financial Inc. 4.21% 4,682,126 $212.1M No change
TNDM Tandem Diabetes Care Inc. 2.18% 5,000,000 $109.9M No change
FTAI Ftai Aviation Ltd. 1.56% 400,000 $78.7M No change
MICC The Magnum Ice Cream Co. NV 1.50% 4,772,810 $75.6M New
FTRE Fortrea Holdings Inc. 1.37% 3,993,550 $68.9M No change
AXTA Axalta Coating Systems Ltd. 1.28% 1,993,545 $64.4M New
ASA ASA Gold and Precious Metals 1.25% 1,050,000 $62.7M No change
PFGC Performance Food Group Co. 1.05% 586,340 $52.7M Add +96.7%
ROKU Roku Inc. 0.75% 350,000 $38.0M No change
USFD US Foods Holding Corp. 0.67% 445,592 $33.6M Reduce -43.0%
GRAL Grail Inc. 0.62% 364,714 $31.2M Reduce -53.6%
MRNA Moderna Inc. 0.44% 743,081 $21.9M No change
THS Treehouse Foods Inc. 0.22% 468,176 $11.0M Reduce -88.8%
SABS Sab Biotherapeutics Inc. 0.16% 2,198,457 $8.2M No change
BALY Bally's Corp. 0.15% 447,799 $7.4M Add +367.3%
OSCR Oscar Health Inc. Class A 0.14% 500,000 $7.2M No change
LXRX Lexicon Pharmaceuticals Inc. 0.07% 3,000,000 $3.5M No change
FLG Flagstar Bank NA 0.01% 32,119 $404K No change
BHR Braemar Hotels & Resorts Inc. 0.00% 25,951 $74K No change

Options reported separately and not counted above: DUOL puts ($116.5M), HUM calls ($95.2M), MSTR puts ($72.0M), COIN puts ($33.9M).

Portfolio Sells Q3 2025 → Q4 2025
ILMN Illumina Inc. Reduce -27.4% 8.87% −2.31
COF Capital One Financial Corp. Reduce -13.9% 7.51% −2.16
THS Treehouse Foods Inc. Reduce -88.8% 0.22% −1.91
ZBRA Zebra Technologies Corp. Class A Sold out 0.00% −1.55
KDP Keurig Dr Pepper Inc. Sold out 0.00% −1.54
USFD US Foods Holding Corp. Reduce -43.0% 0.67% −0.84
GRAL Grail Inc. Reduce -53.6% 0.62% −0.55
T AT&T Inc. Sold out 0.00% −0.10
WBD Warner Bros Discovery Inc. Reduce -10.0% 26.10% +1.25

Portfolio Buys Q3 2025 → Q4 2025
SOLS Solstice Adv Materials Inc. New 7.21% +7.21
SHC Sotera Health Co. Add +107.2% 7.20% +3.28
MICC The Magnum Ice Cream Co. NV New 1.50% +1.50
AXTA Axalta Coating Systems Ltd. New 1.28% +1.28
PFGC Performance Food Group Co. Add +96.7% 1.05% +0.27
BALY Bally's Corp. Add +367.3% 0.15% +0.12
APD Air Products & Chemicals Inc. Add +33.0% 5.82% −0.29
HUM Humana Inc. Add +4.8% 11.80% −2.66

Options Activity Q3 2025 → Q4 2025
DUOL Duolingo put Add +114.2% 664,000 $116.5M
HUM Humana Inc. call Reduce -28.8% 371,600 $95.2M
MSTR Strategy Inc. put New 474,000 $72.0M
COIN Coinbase Global Inc. Class A put New 150,000 $33.9M
RHI Robert Half Inc. call Sold out 300,000 $10.2Mbefore exit

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