Knighthead Capital Management, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Knighthead Capital Management, LLC reported 9 stock positions worth $1.9 billion. Its top holding was Wheels Up Experience (UP) at 32.5% of the portfolio, followed by Hertz Global (HTZ, 31.1%) and SS SPDR S&P 500 ETF Trust-US (SPY, 14.9%). Compared with Q2 2024, it opened 5 new positions. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512397
Portfolio Value
$1.9B (Q3 2024)
SEC Filing
0001012975-24-000484 ↗ filed Nov 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 Q2 2024 Q3 2024: $1.9B $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 9 stocks · $1.9B
UP Wheels Up Experience Inc. 32.49% 258,125,944 $624.8M No change
HTZ Hertz Global Hldgs Inc. 31.14% 181,455,474 $598.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 14.92% 500,000 $286.9M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 12.53% 3,000,000 $240.9M New
IWM iShares Russell 2000 ETF 5.74% 500,000 $110.4M New
GB Global Blue Group Holding AG 2.64% 9,286,969 $50.8M No change
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) 0.31% 6,500,000 $6.0M New
ECHO Echostar Corp. Class A 0.14% 105,000 $2.6M New
ATIP Ati Physical Therapy Inc. 0.08% 258,600 $1.6M No change

Portfolio Sells Q2 2024 → Q3 2024
None this quarter.

Portfolio Buys Q2 2024 → Q3 2024
SPY SS SPDR S&P 500 ETF Trust-US New 14.92% +14.92
HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 12.53% +12.53
IWM iShares Russell 2000 ETF New 5.74% +5.74
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) New 0.31% +0.31
ECHO Echostar Corp. Class A New 0.14% +0.14

Options Activity Q2 2024 → Q3 2024
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,000,000 $544.2Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 1,000,000 $202.9Mbefore exit
TLT iShares 20+ Year Treasury BD call Sold out 1,000,000 $91.8Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 1,000,000 $77.1Mbefore exit

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

Notes & Other Activity Q2 2024 → Q3 2024
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal Sold out 6,500,000 $5.8Mbefore exit

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