Knighthead Capital Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Knighthead Capital Management, LLC reported 4 stock positions worth $1.6 billion. Its top holding was Hertz Global (HTZ) at 78.0% of the portfolio, followed by Wheels Up Experience (UP, 17.4%) and Global Blue (GB, 4.4%). Its holdings were unchanged from Q1 2025.

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512397
Portfolio Value
$1.6B (Q2 2025)
SEC Filing
0001012975-25-000452 ↗ filed Aug 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 Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.6B $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 · $1.6B
HTZ Hertz Global Hldgs Inc. 78.02% 181,455,469 $1.2B No change
UP Wheels Up Experience Inc. 17.39% 258,169,208 $276.2M No change
GB Global Blue Group Holding AG 4.37% 9,286,969 $69.4M No change
ECHO Echostar Corp. Class A 0.22% 125,000 $3.5M No change

Options reported separately and not counted above: IWM puts ($215.8M), HYG puts ($161.3M), TLT calls ($88.3M).

Portfolio Sells Q1 2025 → Q2 2025
None this quarter.

Portfolio Buys Q1 2025 → Q2 2025
None this quarter.

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 500,000 $279.7Mbefore exit
IWM iShares Russell 2000 ETF put Add +100.0% 1,000,000 $215.8M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -33.3% 2,000,000 $161.3M
TLT iShares 20+ Year Treasury BD call New 1,000,000 $88.3M
DAL Delta Air Lines Inc. call Sold out 800,000 $34.9Mbefore exit

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