Knighthead Capital Management, LLC

NEW YORK, NY · CIK 1512397 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$19.0bn
Staff58 · 29 in investment roles
Main clients (by assets)Private funds 74%, Insurers 26%
Private funds12 (2 hedge) · $14.0bn gross assets
Form ADV · 2026-05-07SEC adviser record

Legal entityKNIGHTHEAD CAPITAL MANAGEMENT, LLC (US)

Kindhedge funds, private equity, futures
Others nearbyNew York, NY, Greenwich, CT, West Palm Beach, FL

As an employer

Offices in1 country
Private fundsprivate equity 10, hedge 2

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
New York, NY (main office)United States	United States	about 19
Greenwich, CTUnited States	United States	7
West Palm Beach, FLUnited States	United States	3

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$560.1m reported value -43.3% vs Q1 2026

4positions

100.0%in top 10

2 new 0 added 0 reduced 1 sold out vs Q1 2026

Options: 3 call positions ($85.6m notional), 3 put positions ($531.4m notional) – listed below, not included above.

This report includes the holdings of 8 other managers that share the investment decisions:

Certares Management LLC – reports through this filing
Certares Opportunities LLC – reports through this filing
Cohen Ara – reports through this filing
FARMER COLIN MICHAEL – reports through this filing
Knighthead GP, LLC – reports through this filing
Knighthead Opportunities Capital Management, LLC – reports through this filing
OHara Michael Gregory – reports through this filing
Wagner Thomas – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change
1	HERTZ GLOBAL HLDGS INC COM NEW HTZ	HTZ	181,455,469	$411.9m73.54%	73.54%	Unchanged
2	WHEELS UP EXPERIENCE INC COM CL A UP	UP	12,908,460	$115.8m20.67%	20.67%	New
3	TELEPHONE & DATA SYS INC COM NEW TDS	TDS	445,695	$16.5m2.94%	2.94%	Unchanged
4	AZUL S A SPONSORED ADS AZUL	AZUL	1,773,734	$16.0m2.85%	2.85%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WHEELS UP EXPERIENCE INC		258,169,208	$133.3m258.2m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	500,000	$373.4m500.0k shares	New
ISHARES TR HYG · Put	HYG	Put	1,500,000	$120.0m1.5m shares	Reduced
ECHOSTAR CORP ECHO · Call	ECHO	Call	475,000	$48.2m475.0k shares	New
ECHOSTAR CORP ECHO · Put	ECHO	Put	375,000	$38.1m375.0k shares	New
SPORTRADAR GROUP AG SRAD · Call	SRAD	Call	2,000,000	$29.9m2.0m shares	New
TELEPHONE & DATA SYS INC TDS · Call	TDS	Call	200,000	$7.4m200.0k shares	New