Knighthead Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Knighthead Capital Management, LLC reported 4 stock positions worth $1.1 billion. Its top holding was Hertz Global (HTZ) at 82.0% of the portfolio, followed by Wheels Up Experience (UP, 14.9%) and Telephone and Data Systems (TDS, 1.9%). Compared with Q3 2025, it added to 2. The biggest buy was Telephone and Data Systems (TDS, shares +200%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512397
Portfolio Value
$1.1B (Q4 2025)
SEC Filing
0001012975-26-000167 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $988.6M Q1 2026 Q2 2026: $560.1M Q2 2026

Holdings 4 stocks · $1.1B
HTZ Hertz Global Hldgs Inc. 82.04% 181,455,469 $932.7M No change
UP Wheels Up Experience Inc. 14.90% 258,169,208 $169.4M No change
TDS Telephone and Data Systems 1.86% 516,000 $21.2M Add +200.1%
ECHO Echostar Corp. Class A 1.20% 125,031 $13.6M Add +0.0%

Options reported separately and not counted above: HYG puts ($161.3M), TLT puts ($87.2M).

Portfolio Sells Q3 2025 → Q4 2025
None this quarter.

Portfolio Buys Q3 2025 → Q4 2025
TDS Telephone and Data Systems Add +200.1% 1.86% +1.47
ECHO Echostar Corp. Class A Add +0.0% 1.20% +0.64

Options Activity Q3 2025 → Q4 2025
IWM iShares Russell 2000 ETF put Sold out 2,000,000 $483.9Mbefore exit
EFA iShares MSCI Eafe ETF put Sold out 2,000,000 $186.7Mbefore exit
TLT iShares 20+ Year Treasury BD put New 1,000,000 $87.2M

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