Knighthead Capital Management, LLC

Name: Knighthead Capital Management, LLC 13F holdings, Q1 2025
Creator: Knighthead Capital Management, LLC
Published: 2025-05-15

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Knighthead Capital Management, LLC reported 4 stock positions worth $1.0 billion. Its top holding was Hertz Global (HTZ) at 68.3% of the portfolio, followed by Wheels Up Experience (UP, 24.9%) and Global Blue (GB, 6.5%). Its holdings were unchanged from Q4 2024.

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001512397
Portfolio Value: $1.0B (Q1 2025)
SEC Filing: 0001012975-25-000250 ↗ filed May 15, 2025

Holdings Value

Holdings 4 stocks · $1.0B


HTZ Hertz Global Hldgs Inc.	68.27%	181,455,469	$714.9M	No change
UP Wheels Up Experience Inc.	24.90%	258,169,208	$260.8M	No change
GB Global Blue Group Holding AG	6.53%	9,286,969	$68.4M	No change
ECHO Echostar Corp. Class A	0.31%	125,000	$3.2M	No change

Options reported separately and not counted above: SPY puts ($279.7M), HYG puts ($236.7M), IWM puts ($99.7M), DAL calls ($34.9M).

Portfolio Sells Q4 2024 → Q1 2025


None this quarter.

Portfolio Buys Q4 2024 → Q1 2025


None this quarter.

Options Activity Q4 2024 → Q1 2025


HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Reduce -25.0%	3,000,000	$236.7M
IWM iShares Russell 2000 ETF	put	Reduce -66.7%	500,000	$99.7M
DAL Delta Air Lines Inc.	call	New	800,000	$34.9M

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

Notes & Other Activity Q4 2024 → Q1 2025


BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26)	NOTE 4.500% 6/0 · principal	Sold out	6,500,000	$5.9Mbefore 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