Knighthead Capital Management, LLC

Name: Knighthead Capital Management, LLC 13F holdings, Q1 2026
Creator: Knighthead Capital Management, LLC
Published: 2026-05-15

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

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Knighthead Capital Management, LLC reported 3 stock positions worth $988.6 million. Its top holding was Hertz Global (HTZ) at 84.6% of the portfolio, followed by Wheels Up Experience (UP, 13.5%) and Telephone and Data Systems (TDS, 1.9%). Compared with Q4 2025, it sold out of 1 and reduced 1. The biggest sale was an exit from Echostar Class A (ECHO).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001512397
Portfolio Value: $988.6M (Q1 2026)
SEC Filing: 0001012975-26-000450 ↗ filed May 15, 2026

Holdings Value

Holdings 3 stocks · $988.6M


HTZ Hertz Global Hldgs Inc.	84.61%	181,455,469	$836.5M	No change
UP Wheels Up Experience Inc.	13.49%	258,169,208	$133.3M	No change
TDS Telephone and Data Systems	1.90%	445,695	$18.8M	Reduce -13.6%

Options reported separately and not counted above: IWM puts ($372.0M), HYG puts ($159.1M).

Portfolio Sells Q4 2025 → Q1 2026


ECHO Echostar Corp. Class A	Sold out	0.00%	−1.20
TDS Telephone and Data Systems	Reduce -13.6%	1.90%	+0.04

Portfolio Buys Q4 2025 → Q1 2026


None this quarter.

Options Activity Q4 2025 → Q1 2026


IWM iShares Russell 2000 ETF	put	New	1,500,000	$372.0M
TLT iShares 20+ Year Treasury BD	put	Sold out	1,000,000	$87.2Mbefore exit

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