Sessa Capital IM, L.P.

NEW YORK, NY · CIK 1595849 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2014 · limited partnership

Assets managed$7.5bn
Staff13 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds3 (3 hedge) · $7.5bn gross assets
Websitesessacapital.com
Form ADV · 2026-03-31SEC adviser record

Legal entitySESSA CAPITAL IM, L.P. (US)

$5.8bn reported value +10.0% vs Q1 2026

26positions

86.6%in top 10

1 new 9 added 2 reduced 6 sold out vs Q1 2026

Options: 0 call positions (— notional), 4 put positions ($197.6m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	HUMANA INC COM HUM	HUM	3,727,740	$1.5bn25.61%	25.61%	Unchanged
2	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	30,165,805	$804.2m13.91%	13.91%	Reduced -1.8m	-1,800,000 -5.6%
3	KIMBERLY-CLARK CORP COM KMB	KMB	5,212,035	$572.1m9.89%	9.89%	Added +780.8k	+780,766 17.6%
4	SOTERA HEALTH CO COM SHC	SHC	27,050,000	$480.1m8.30%	8.30%	Added +4.0m	+4,000,000 17.4%
5	PG&E CORP COM PCG	PCG	24,578,101	$413.4m7.15%	7.15%	Unchanged
6	ALLY FINL INC COM ALLY	ALLY	8,488,098	$390.0m6.75%	6.75%	Unchanged
7	CAPITAL ONE FINL CORP COM COF	COF	1,558,233	$312.6m5.41%	5.41%	Unchanged
8	ILLUMINA INC COM ILMN	ILMN	1,118,374	$196.6m3.40%	3.40%	Reduced -2.2m	-2,157,475 -65.9%
9	TELEFLEX INCORPORATED COM TFX	TFX	1,526,228	$193.5m3.35%	3.35%	Unchanged
10	MAGNUM ICE CREAM CO NV ORD SHS MICC	MICC	9,589,219	$166.9m2.89%	2.89%	Added +4.8m	+4,816,409 100.9%
11	GRAIL INC COM GRAL	GRAL	2,037,518	$139.1m2.41%	2.41%	Added +318.2k	+318,204 18.5%
12	AXALTA COATING SYS LTD COM AXTA	AXTA	3,539,329	$121.1m2.09%	2.09%	Added +1.3m	+1,316,000 59.2%
13	COUPANG INC CL A CPNG	CPNG	5,190,000	$90.2m1.56%	1.56%	Unchanged
14	FORTREA HLDGS INC COMMON STOCK FTRE	FTRE	4,593,550	$79.9m1.38%	1.38%	Unchanged
15	TANDEM DIABETES CARE INC COM NEW TNDM	TNDM	5,100,000	$77.0m1.33%	1.33%	Added +369.2k	+369,243 7.8%
16	ASA GOLD AND PRECIOUS MTLS L SHS ASA	ASA	1,050,000	$54.6m0.94%	0.94%	Unchanged
17	ROKU INC COM CL A ROKU	ROKU	350,000	$48.3m0.84%	0.84%	Unchanged
18	LEXICON PHARMACEUTICALS INC COM NEW LXRX	LXRX	18,960,836	$45.5m0.79%	0.79%	Added +1.0m	+1,047,875 5.8%
19	MINIMED GROUP INC COM MMED	MMED	2,000,000	$29.9m0.52%	0.52%	Unchanged
20	COMCAST CORP NEW CL A CMCSA	CMCSA	1,048,600	$25.7m0.45%	0.45%	New
21	SENSEONICS HLDGS INC COM SENS	SENS	4,437,532	$25.2m0.44%	0.44%	Added +2.7m	+2,671,439 151.3%
22	ATRIUM THERAPEUTICS INC COM RNA	RNA	1,500,000	$20.2m0.35%	0.35%	Added +948.6k	+948,609 172.0%
23	SAB BIOTHERAPEUTICS INC COM NEW SABS	SABS	2,198,457	$8.6m0.15%	0.15%	Unchanged
24	BALLYS CORPORATION COMMON STOCK BALY	BALY	447,799	$6.1m0.11%	0.11%	Unchanged
25	FLAGSTAR FINANCIAL INC COM NEW FLG	FLG	32,119	$479.9k0.01%	0.01%	Unchanged
26	BRAEMAR HOTELS & RESORTS INC COM BHR	BHR	25,951	$56.1k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AIR PRODS & CHEMS INC APD	APD	1,185,672	$344.4m1.2m shares
SOLSTICE ADVANCED MATLS INC SOLS	SOLS	2,809,319	$214.0m2.8m shares
FTAI AVIATION LTD FTAI	FTAI	400,000	$98.0m400.0k shares
PERFORMANCE FOOD GROUP CO PFGC	PFGC	281,466	$24.1m281.5k shares
US FOODS HLDG CORP USFD	USFD	110,704	$10.2m110.7k shares
OSCAR HEALTH INC OSCR	OSCR	500,000	$5.7m500.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
MICROSTRATEGY INC MSTR · Put	MSTR	Put	1,150,000	$100.0m1.1m shares	Added
TESLA INC TSLA · Put	TSLA	Put	200,000	$84.1m200.0k shares	Unchanged
DUOLINGO INC DUOL · Put	DUOL	Put	100,000	$11.5m100.0k shares	Unchanged
ROBINHOOD MKTS INC HOOD · Put	HOOD	Put	20,000	$2.0m20.0k shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SENSEONICS HLDGS INC SENS · 13G · filed 2026-08-14	SENS	9.9%≈ $32.7m	new	13G	2026-08-14
SOTERA HEALTH CO SHC · 13G · filed 2026-08-14	SHC	9.5%≈ $480.1m		13G	2026-08-14
ATRIUM THERAPEUTICS INC RNA · 13G · filed 2026-08-14	RNA	8.8%≈ $20.2m	new	13G	2026-08-14