Knighthead Capital Management, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Knighthead Capital Management, LLC reported 4 stock positions worth $1.2 billion. Its top holding was Hertz Global (HTZ) at 54.5% of the portfolio, followed by Wheels Up Experience (UP, 41.5%) and Global Blue (GB, 3.8%). Compared with Q1 2024, it added to 1 and reduced 1. The biggest buy was Hertz Global (HTZ, shares −0%) and the biggest sale Wheels Up Experience (UP, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512397
Portfolio Value
$1.2B (Q2 2024)
SEC Filing
0002004220-24-000005 ↗ filed Aug 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.2B Q1 2024 Q2 2024: $1.2B $1.2B Q2 2024 Q3 2024: $1.9B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.6B Q2 2025 Q3 2025: $1.7B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $988.6M Q1 2026 Q2 2026: $560.1M Q2 2026

Holdings 4 stocks · $1.2B
HTZ Hertz Global Hldgs Inc. 54.54% 181,455,474 $640.5M Add +0.0%
UP Wheels Up Experience Inc. 41.55% 258,125,944 $487.9M Reduce -0.0%
GB Global Blue Group Holding AG 3.81% 9,286,969 $44.8M No change
ATIP Ati Physical Therapy Inc. 0.10% 258,600 $1.2M No change

Options reported separately and not counted above: SPY puts ($544.2M), IWM puts ($202.9M), TLT calls ($91.8M), HYG puts ($77.1M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $5.8M (not counted above)
SecurityClassShares / PrincipalValueChange
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal 6,500,000$5.8MNo change

Total filed on the 13F, all lines: $1.2B.

Portfolio Sells Q1 2024 → Q2 2024
UP Wheels Up Experience Inc. Reduce -0.0% 41.55% +8.05

Portfolio Buys Q1 2024 → Q2 2024
HTZ Hertz Global Hldgs Inc. Add +0.0% 54.54% −9.69

Options Activity Q1 2024 → Q2 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +100.0% 1,000,000 $544.2M
IWM iShares Russell 2000 ETF put Add +100.0% 1,000,000 $202.9M
TLT iShares 20+ Year Treasury BD call New 1,000,000 $91.8M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$560.1MHTZ, UP, TDS, AZUL
Q1 2026 3$988.6MHTZ, UP, TDS
Q4 2025 4$1.1BHTZ, UP, TDS, ECHO
Q3 2025 4$1.7BHTZ, UP, ECHO, TDS
Q2 2025 4$1.6BHTZ, UP, GB, ECHO
Q1 2025 4$1.0BHTZ, UP, GB, ECHO
Q4 2024 4$1.2BHTZ, UP, GB, ECHO
Q3 2024 9$1.9BUP, HTZ, SPY, HYG, IWM
Q2 2024 4$1.2BHTZ, UP, GB, ATIP
Q1 2024 4$2.2BHTZ, UP, GB, ATIP