Knighthead Capital Management, LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Knighthead Capital Management, LLC reported 4 stock positions worth $560.1 million . Its top holding was Hertz Global (HTZ) at 73.5% of the portfolio, followed by Wheels Up Experience (UP, 20.7% ) and Telephone and Data Systems (TDS, 2.9% ). Compared with Q1 2026, it opened 2 new positions and sold out of 1. The biggest buy was a new position in Wheels Up Experience (UP) and the biggest sale an exit from Wheels Up Experience (UP).
Location NEW YORK, NY
CIK 0001512397
Portfolio Value $560.1M (Q2 2026) Holdings 4 stocks · $560.1M 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 Q1 2026 HTZ Hertz Global Hldgs Inc. 181,455,469 $411.9M No change UP Wheels Up Experience Inc. 12,908,460 $115.8M New TDS Telephone and Data Systems 445,695 $16.5M No change AZUL Azul SA-Spon ADR 1,773,734 $16.0M New
Options reported separately and not counted above: SPY puts ($373.4M), HYG puts ($120.0M), ECHO calls ($48.2M), ECHO puts ($38.1M), SRAD calls ($29.9M), TDS calls ($7.4M).
Portfolio Sells Q1 2026 → Q2 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 Q1 2026 % Of Portfolio Change To Portfolio ▲ UP Wheels Up Experience Inc. Sold out 0.00% −13.49
Portfolio Buys Q1 2026 → Q2 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 Q1 2026 % Of Portfolio Change To Portfolio ▼ UP Wheels Up Experience Inc. New 20.67% +20.67 AZUL Azul SA-Spon ADR New 2.85% +2.85
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 500,000 $373.4M IWM iShares Russell 2000 ETF put Sold out 1,500,000 $372.0Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -25.0% 1,500,000 $120.0M ECHO Echostar Corp. Class A call New 475,000 $48.2M ECHO Echostar Corp. Class A put New 375,000 $38.1M SRAD Sportradar Group AG-A call New 2,000,000 $29.9M TDS Telephone and Data Systems call New 200,000 $7.4M
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 4 $560.1M HTZ, UP, TDS, AZUL Q1 2026 3 $988.6M HTZ, UP, TDS Q4 2025 4 $1.1B HTZ, UP, TDS, ECHO Q3 2025 4 $1.7B HTZ, UP, ECHO, TDS Q2 2025 4 $1.6B HTZ, UP, GB, ECHO Q1 2025 4 $1.0B HTZ, UP, GB, ECHO Q4 2024 4 $1.2B HTZ, UP, GB, ECHO Q3 2024 9 $1.9B UP, HTZ, SPY, HYG, IWM Q2 2024 4 $1.2B HTZ, UP, GB, ATIP Q1 2024 4 $2.2B HTZ, UP, GB, ATIP