In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Sessa Capital IM, L.P. reported 31 stock positions worth $5.3 billion . Its top holding was Warner Bros Discovery (WBD) at 16.7% of the portfolio, followed by Humana (HUM, 12.3% ) and P G & E (PCG, 8.2% ). Compared with Q4 2025, it opened 6 new positions, sold out of 2, added to 7 and reduced 6. The biggest buy was a new position in Kimberly-Clark (KMB) and the biggest sale Warner Bros Discovery (WBD, shares −30% ).
Location NEW YORK, NY
CIK 0001595849
Portfolio Value $5.3B (Q1 2026) Holdings 31 stocks · $5.3B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 WBD Warner Bros Discovery Inc. 31,965,805 $877.8M Reduce -29.9% HUM Humana Inc. 3,727,740 $646.4M Add +60.8% PCG P G & E Corp. 24,578,101 $431.8M No change KMB Kimberly-Clark Corp. 4,431,269 $427.5M New ILMN Illumina Inc. 3,275,849 $403.8M Reduce -3.8% APD Air Products & Chemicals Inc. 1,185,672 $344.4M No change ALLY Ally Financial Inc. 8,488,098 $333.0M Add +81.3% SHC Sotera Health Co. 23,050,000 $330.5M Add +12.2% COF Capital One Financial Corp. 1,558,233 $284.3M No change SOLS Solstice Adv Materials Inc. 2,809,319 $214.0M Reduce -62.4% TFX Teleflex Inc. 1,526,228 $182.6M New FTAI Ftai Aviation Ltd. 400,000 $98.0M No change CPNG Coupang Inc. 5,190,000 $98.0M New TNDM Tandem Diabetes Care Inc. 4,730,757 $90.7M Reduce -5.4% GRAL Grail Inc. 1,719,314 $88.9M Add +371.4% MICC The Magnum Ice Cream Co. NV 4,772,810 $71.4M No change ASA ASA Gold and Precious Metals 1,050,000 $65.1M No change AXTA Axalta Coating Systems Ltd. 2,223,329 $61.6M Add +11.5% FTRE Fortrea Holdings Inc. 4,593,550 $43.3M Add +15.0% ROKU Roku Inc. 350,000 $33.1M No change MMED Minimed Group Inc. 2,000,000 $29.8M New LXRX Lexicon Pharmaceuticals Inc. 17,912,961 $27.9M Add +497.1% PFGC Performance Food Group Co. 281,466 $24.1M Reduce -52.0% SENS Senseonics Holdings Inc. 1,766,093 $11.8M New USFD US Foods Holding Corp. 110,704 $10.2M Reduce -75.2% SABS Sab Biotherapeutics Inc. 2,198,457 $8.4M No change RNA Atrium Therapeutics Inc. 551,391 $7.4M New OSCR Oscar Health Inc. Class A 500,000 $5.7M No change BALY Bally's Corp. 447,799 $4.3M No change FLG Flagstar Bank NA 32,119 $423K No change BHR Braemar Hotels & Resorts Inc. 25,951 $61K No change
Options reported separately and not counted above: COIN puts ($87.3M), HOOD puts ($76.6M), TSLA puts ($74.3M), DUOL puts ($9.9M), MSTR puts ($3.9M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ WBD Warner Bros Discovery Inc. Reduce -29.9% 16.70% −9.40 SOLS Solstice Adv Materials Inc. Reduce -62.4% 4.07% −3.14 ILMN Illumina Inc. Reduce -3.8% 7.68% −1.19 PFGC Performance Food Group Co. Reduce -52.0% 0.46% −0.59 USFD US Foods Holding Corp. Reduce -75.2% 0.19% −0.47 TNDM Tandem Diabetes Care Inc. Reduce -5.4% 1.73% −0.46 MRNA Moderna Inc. Sold out 0.00% −0.44 THS Treehouse Foods Inc. Sold out 0.00% −0.22
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ KMB Kimberly-Clark Corp. New 8.13% +8.13 TFX Teleflex Inc. New 3.47% +3.47 ALLY Ally Financial Inc. Add +81.3% 6.34% +2.12 CPNG Coupang Inc. New 1.86% +1.86 GRAL Grail Inc. Add +371.4% 1.69% +1.07 MMED Minimed Group Inc. New 0.57% +0.57 HUM Humana Inc. Add +60.8% 12.30% +0.49 LXRX Lexicon Pharmaceuticals Inc. Add +497.1% 0.53% +0.46 SENS Senseonics Holdings Inc. New 0.22% +0.22 RNA Atrium Therapeutics Inc. New 0.14% +0.14 AXTA Axalta Coating Systems Ltd. Add +11.5% 1.17% −0.11 FTRE Fortrea Holdings Inc. Add +15.0% 0.82% −0.55 SHC Sotera Health Co. Add +12.2% 6.29% −0.92
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ HUM Humana Inc. call Sold out 371,600 $95.2Mbefore exit COIN Coinbase Global Inc. Class A put Add +233.3% 500,000 $87.3M HOOD Robinhood Markets Inc. Class A put New 1,105,000 $76.6M TSLA Tesla Inc. put New 200,000 $74.3M DUOL Duolingo put Reduce -84.9% 100,000 $9.9M MSTR Strategy Inc. put Reduce -93.5% 30,900 $3.9M
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