Knighthead Capital Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Knighthead Capital Management, LLC reported 4 stock positions worth $1.2 billion. Its top holding was Hertz Global (HTZ) at 57.4% of the portfolio, followed by Wheels Up Experience (UP, 36.8%) and Global Blue (GB, 5.6%). Compared with Q3 2024, it sold out of 5, added to 2 and reduced 1. The biggest buy was Wheels Up Experience (UP, shares +0%) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512397
Portfolio Value
$1.2B (Q4 2024)
SEC Filing
0001012975-25-000102 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $1.2B $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. 57.38% 181,455,469 $664.1M Reduce 0.0%
UP Wheels Up Experience Inc. 36.81% 258,169,208 $426.0M Add +0.0%
GB Global Blue Group Holding AG 5.56% 9,286,969 $64.4M No change
ECHO Echostar Corp. Class A 0.25% 125,000 $2.9M Add +19.1%

Options reported separately and not counted above: IWM puts ($331.4M), HYG puts ($314.6M), SPY puts ($293.0M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $5.9M (not counted above)
SecurityClassShares / PrincipalValueChange
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal 6,500,000$5.9MNew

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

Portfolio Sells Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −14.92
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −12.53
IWM iShares Russell 2000 ETF Sold out 0.00% −5.74
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) Sold out 0.00% −0.31
ATIP Ati Physical Therapy Inc. Sold out 0.00% −0.08
HTZ Hertz Global Hldgs Inc. Reduce 0.0% 57.38% +26.24

Portfolio Buys Q3 2024 → Q4 2024
UP Wheels Up Experience Inc. Add +0.0% 36.81% +4.31
ECHO Echostar Corp. Class A Add +19.1% 0.25% +0.11

Options Activity Q3 2024 → Q4 2024
IWM iShares Russell 2000 ETF put New 1,500,000 $331.4M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 4,000,000 $314.6M
SPY SS SPDR S&P 500 ETF Trust-US put New 500,000 $293.0M

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

Notes & Other Activity Q3 2024 → Q4 2024
BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) NOTE 4.500% 6/0 · principal New 6,500,000 $5.9M

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