Knighthead Capital Management, LLC

Name: Knighthead Capital Management, LLC 13F holdings, Q1 2024
Creator: Knighthead Capital Management, LLC
Published: 2024-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Knighthead Capital Management, LLC reported 4 stock positions worth $2.2 billion. Its top holding was Hertz Global (HTZ) at 64.2% of the portfolio, followed by Wheels Up Experience (UP, 33.5%) and Global Blue (GB, 2.2%). Its holdings were unchanged from Q4 2023.

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001512397
Portfolio Value: $2.2B (Q1 2024)
SEC Filing: 0001012975-24-000219 ↗ filed May 15, 2024

Holdings Value

Holdings 4 stocks · $2.2B


HTZ Hertz Global Hldgs Inc.	64.24%	181,455,469	$1.4B	No change
UP Wheels Up Experience Inc.	33.50%	258,169,208	$740.9M	No change
GB Global Blue Group Holding AG	2.20%	9,286,969	$48.7M	No change
ATIP Ati Physical Therapy Inc.	0.07%	258,600	$1.4M	No change

Options reported separately and not counted above: SPY puts ($261.5M), IWM puts ($105.2M), HYG puts ($77.7M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $5.5M (not counted above)

Security	Class	Shares / Principal	Value	Change
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26)	NOTE 4.500% 6/0 · principal	6,500,000	$5.5M	No change

Total filed on the 13F, all lines: $2.2B.

Portfolio Sells Q4 2023 → Q1 2024


None this quarter.

Portfolio Buys Q4 2023 → Q1 2024


None this quarter.

Options Activity Q4 2023 → Q1 2024


SPY SS SPDR S&P 500 ETF Trust-US	put	Reduce -50.0%	500,000	$261.5M
IWM iShares Russell 2000 ETF	call	Sold out	1,000,000	$200.7Mbefore exit
IWM iShares Russell 2000 ETF	put	Reduce -50.0%	500,000	$105.2M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	New	1,000,000	$77.7M

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

Notes & Other Activity Q4 2023 → Q1 2024


DISH NETWORK CORP (DISH 3.375 08/15/26)	NOTE 3.375% 8/1 · principal	Sold out	10,000,000	$5.3Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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