Knighthead Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Knighthead Capital Management, LLC reported 4 stock positions worth $1.7 billion. Its top holding was Hertz Global (HTZ) at 71.5% of the portfolio, followed by Wheels Up Experience (UP, 27.5%) and Echostar Class A (ECHO, 0.6%). Compared with Q2 2025, it opened 1 new position and sold out of 1. The biggest buy was a new position in Telephone and Data Systems (TDS) and the biggest sale an exit from Global Blue (GB).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512397
Portfolio Value
$1.7B (Q3 2025)
SEC Filing
0001012975-25-000778 ↗ filed Nov 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 Q2 2025 Q3 2025: $1.7B $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 · $1.7B
HTZ Hertz Global Hldgs Inc. 71.52% 181,455,469 $1.2B No change
UP Wheels Up Experience Inc. 27.53% 258,169,208 $475.0M No change
ECHO Echostar Corp. Class A 0.55% 125,000 $9.5M No change
TDS Telephone and Data Systems 0.39% 171,939 $6.7M New

Options reported separately and not counted above: IWM puts ($483.9M), EFA puts ($186.7M), HYG puts ($162.4M).

Portfolio Sells Q2 2025 → Q3 2025
GB Global Blue Group Holding AG Sold out 0.00% −4.37

Portfolio Buys Q2 2025 → Q3 2025
TDS Telephone and Data Systems New 0.39% +0.39

Options Activity Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF put Add +100.0% 2,000,000 $483.9M
EFA iShares MSCI Eafe ETF put New 2,000,000 $186.7M
TLT iShares 20+ Year Treasury BD call Sold out 1,000,000 $88.3Mbefore 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