Sessa Capital IM, L.P. Diversified Active

CIK: 0001595849 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $5,349,561 (100.0% shares, 0.0% debt)

Holdings (31)

New Positions (5)

SOLS SOLSTICE ADVANCED MATLS INC 6.8%

Value ($000) $362,815 Shares 7,468,410 Est. Cost $47.08 Unrealized 0.0%

MICC MAGNUM ICE CREAM CO NV 1.4%

Value ($000) $75,649 Shares 4,772,810 Est. Cost $15.68 Unrealized 0.0%

MSTR STRATEGY INC 1.3%

Value ($000) $72,024 Shares 474,000 Est. Cost — Unrealized —

AXTA AXALTA COATING SYS LTD 1.2%

Value ($000) $64,411 Shares 1,993,545 Est. Cost $29.34 Unrealized 0.0%

COIN COINBASE GLOBAL INC 0.6%

Value ($000) $33,921 Shares 150,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOLS	SOLSTICE ADVANCED MATLS INC	7,468,410	$362,815	6.8%	$47.08	0.0%	COM SHS	83443Q103
MICC	MAGNUM ICE CREAM CO NV	4,772,810	$75,649	1.4%	$15.68	0.0%	ORD SHS	N5505D105
MSTR	STRATEGY INC	474,000	$72,024	1.3%	—	—	PUT	594972408
AXTA	AXALTA COATING SYS LTD	1,993,545	$64,411	1.2%	$29.34	0.0%	COM	G0750C108
COIN	COINBASE GLOBAL INC	150,000	$33,921	0.6%	—	—	PUT	19260Q107

Increased Positions (6)

SHC SOTERA HEALTH CO 6.8%

Value ($000) $362,502 (+132.3%) Shares 20,550,000 (+107.2%) Est. Cost $15.51 Unrealized +6.6%

APD AIR PRODS & CHEMS INC 5.5%

Value ($000) $292,885 (+20.4%) Shares 1,185,672 (+33.0%) Est. Cost $267.46 Unrealized -5.9%

PFGC PERFORMANCE FOOD GROUP CO 1.0%

Value ($000) $52,724 (+70.0%) Shares 586,340 (+96.7%) Est. Cost $98.37 Unrealized -1.8%

HUM HUMANA INC 11.1%

Value ($000) $593,942 (+3.2%) Shares 2,318,907 (+4.8%) Est. Cost $250.71 Unrealized +4.2%

DUOL DUOLINGO INC 2.2%

Value ($000) $116,532 (+16.8%) Shares 664,000 (+114.2%) Est. Cost — Unrealized —

BALY BALLYS CORPORATION 0.1%

Value ($000) $7,398 (+595.5%) Shares 447,799 (+367.3%) Est. Cost $16.54 Unrealized -1.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHC	SOTERA HEALTH CO	20,550,000 (+107.2%)	$362,502 (+132.3%)	6.8%	$15.51	+6.6%	COM	83601L102
APD	AIR PRODS & CHEMS INC	1,185,672 (+33.0%)	$292,885 (+20.4%)	5.5%	$267.46	-5.9%	COM	009158106
PFGC	PERFORMANCE FOOD GROUP CO	586,340 (+96.7%)	$52,724 (+70.0%)	1.0%	$98.37	-1.8%	COM	71377A103
HUM	HUMANA INC	2,318,907 (+4.8%)	$593,942 (+3.2%)	11.1%	$250.71	+4.2%	COM	444859102
DUOL	DUOLINGO INC	664,000 (+114.2%)	$116,532 (+16.8%)	2.2%	—	—	PUT	26603R106
BALY	BALLYS CORPORATION	447,799 (+367.3%)	$7,398 (+595.5%)	0.1%	$16.54	-1.2%	COMMON STOCK	05875B304

Exited Positions (4)

ZBRA ZEBRA TECHNOLOGIES CORPORATI 1.1%

Value ($000) $61,507 Shares 206,984 Est. Cost $271.51 Unrealized -1.5%

KDP KEURIG DR PEPPER INC 1.1%

Value ($000) $61,224 Shares 2,400,000 Est. Cost $30.82 Unrealized -11.6%

RHI ROBERT HALF INC. 0.2%

Value ($000) $10,194 Shares 300,000 Est. Cost — Unrealized —

T AT&T INC 0.1%

Value ($000) $4,063 Shares 143,886 Est. Cost $15.30 Unrealized +65.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZBRA	ZEBRA TECHNOLOGIES CORPORATI	206,984	$61,507	1.1%	$271.51	-1.5%	—	989207105
KDP	KEURIG DR PEPPER INC	2,400,000	$61,224	1.1%	$30.82	-11.6%	—	49271V100
RHI	ROBERT HALF INC.	300,000	$10,194	0.2%	—	—	CALL	770323103
T	AT&T INC	143,886	$4,063	0.1%	$15.30	+65.3%	—	00206R102

Decreased Positions (7)

WBD WARNER BROS DISCOVERY INC 24.5%

Value ($000) $1,313,201 (+32.8%) Shares 45,565,629 (-10.0%) Est. Cost $12.07 Unrealized +93.7%

— TREEHOUSE FOODS INC 0.2%

Value ($000) $11,044 (-87.0%) Shares 468,176 (-88.9%) Est. Cost $34.63 Unrealized —

HUM HUMANA INC 1.8%

Value ($000) $95,178 (-29.9%) Shares 371,600 (-28.8%) Est. Cost $250.71 Unrealized +4.2%

USFD US FOODS HLDG CORP 0.6%

Value ($000) $33,562 (-43.9%) Shares 445,592 (-43.0%) Est. Cost $56.43 Unrealized +33.1%

GRAL GRAIL INC 0.6%

Value ($000) $31,216 (-32.8%) Shares 364,714 (-53.6%) Est. Cost $16.03 Unrealized +439.1%

COF CAPITAL ONE FINL CORP 7.1%

Value ($000) $377,653 (-1.9%) Shares 1,558,233 (-13.9%) Est. Cost $185.05 Unrealized +20.1%

ILMN ILLUMINA INC 8.3%

Value ($000) $446,476 (+0.3%) Shares 3,404,059 (-27.4%) Est. Cost $81.16 Unrealized +44.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	45,565,629 (-10.0%)	$1,313,201 (+32.8%)	24.5%	$12.07	+93.7%	COM SER A	934423104
—	TREEHOUSE FOODS INC	468,176 (-88.9%)	$11,044 (-87.0%)	0.2%	$34.63	—	COM	89469A104
HUM	HUMANA INC	371,600 (-28.8%)	$95,178 (-29.9%)	1.8%	$250.71	+4.2%	CALL	444859102
USFD	US FOODS HLDG CORP	445,592 (-43.0%)	$33,562 (-43.9%)	0.6%	$56.43	+33.1%	COM	912008109
GRAL	GRAIL INC	364,714 (-53.6%)	$31,216 (-32.8%)	0.6%	$16.03	+439.1%	COM	384747101
COF	CAPITAL ONE FINL CORP	1,558,233 (-13.9%)	$377,653 (-1.9%)	7.1%	$185.05	+20.1%	COM	14040H105
ILMN	ILLUMINA INC	3,404,059 (-27.4%)	$446,476 (+0.3%)	8.3%	$81.16	+44.7%	COM	452327109

Unchanged Positions (13)

TNDM TANDEM DIABETES CARE INC 2.1%

Value ($000) $109,900 Shares 5,000,000 Est. Cost $28.25 Unrealized -36.1%

FTRE FORTREA HLDGS INC 1.3%

Value ($000) $68,889 Shares 3,993,550 Est. Cost $29.69 Unrealized -58.4%

ALLY ALLY FINL INC 4.0%

Value ($000) $212,053 Shares 4,682,126 Est. Cost $25.44 Unrealized +60.4%

PCG PG&E CORP 7.4%

Value ($000) $394,970 Shares 24,578,101 Est. Cost $16.38 Unrealized -2.8%

— ASA GOLD AND PRECIOUS MTLS L 1.2%

Value ($000) $62,654 Shares 1,050,000 Est. Cost $21.25 Unrealized —

FTAI FTAI AVIATION LTD 1.5%

Value ($000) $78,740 Shares 400,000 Est. Cost $117.07 Unrealized +45.4%

SABS SAB BIOTHERAPEUTICS INC 0.2%

Value ($000) $8,222 Shares 2,198,457 Est. Cost $2.94 Unrealized +12.0%

ROKU ROKU INC 0.7%

Value ($000) $37,972 Shares 350,000 Est. Cost $77.80 Unrealized +30.4%

MRNA MODERNA INC 0.4%

Value ($000) $21,913 Shares 743,081 Est. Cost $35.49 Unrealized -23.4%

OSCR OSCAR HEALTH INC 0.1%

Value ($000) $7,185 Shares 500,000 Est. Cost $14.87 Unrealized +16.4%

LXRX LEXICON PHARMACEUTICALS INC 0.1%

Value ($000) $3,450 Shares 3,000,000 Est. Cost $0.65 Unrealized +112.0%

FLG FLAGSTAR BANK NATIONAL ASSOC 0.0%

Value ($000) $404 Shares 32,119 Est. Cost $10.59 Unrealized +12.9%

BHR BRAEMAR HOTELS & RESORTS INC 0.0%

Value ($000) $74 Shares 25,951 Est. Cost $11.42 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TNDM	TANDEM DIABETES CARE INC	5,000,000	$109,900	2.1%	$28.25	-36.1%	COM NEW	875372203
FTRE	FORTREA HLDGS INC	3,993,550	$68,889	1.3%	$29.69	-58.4%	COMMON STOCK	34965K107
ALLY	ALLY FINL INC	4,682,126	$212,053	4.0%	$25.44	+60.4%	COM	02005N100
PCG	PG&E CORP	24,578,101	$394,970	7.4%	$16.38	-2.8%	COM	69331C108
—	ASA GOLD AND PRECIOUS MTLS L	1,050,000	$62,654	1.2%	$21.25	—	SHS	G3156P103
FTAI	FTAI AVIATION LTD	400,000	$78,740	1.5%	$117.07	+45.4%	SHS	G3730V105
SABS	SAB BIOTHERAPEUTICS INC	2,198,457	$8,222	0.2%	$2.94	+12.0%	COM NEW	78397T202
ROKU	ROKU INC	350,000	$37,972	0.7%	$77.80	+30.4%	COM CL A	77543R102
MRNA	MODERNA INC	743,081	$21,913	0.4%	$35.49	-23.4%	COM	60770K107
OSCR	OSCAR HEALTH INC	500,000	$7,185	0.1%	$14.87	+16.4%	CL A	687793109
LXRX	LEXICON PHARMACEUTICALS INC	3,000,000	$3,450	0.1%	$0.65	+112.0%	COM NEW	528872302
FLG	FLAGSTAR BANK NATIONAL ASSOC	32,119	$404	0.0%	$10.59	+12.9%	COM NEW	649445400
BHR	BRAEMAR HOTELS & RESORTS INC	25,951	$74	0.0%	$11.42	—	COM	10482B101