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Knighthead Capital Management, LLC

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13F filer, CIK 1512397, NEW YORK, NY

Knighthead Capital Management, LLC reported $2,558,180,812 across 7 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001012975-25-000778

Period
2025-09-30
Reported value
$2.56B
Holdings
7
Top 10 weight
100%
New
2
Sold out
2

Part of the filer group Knighthead Capital Management, LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TDSnew+171,939$6.75M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
GLOBAL BLUE GROUP HOLDING A…exited-9,286,969-$69.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001012975-25-000778, largest first. % of portfolio is the value over $1,725,140,812, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 181,455,474 shares; 2024Q4: 181,455,469 shares; 2025Q1: 181,455,469 shares; 2025Q2: 181,455,469 shares; 2025Q3: 181,455,469 shares 181,455,469$1.23B71.52%0Timeline
UPWHEELS UP EXPERIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 258,125,944 shares; 2024Q4: 258,169,208 shares; 2025Q1: 258,169,208 shares; 2025Q2: 258,169,208 shares; 2025Q3: 258,169,208 shares 258,169,208$475M27.53%0Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 105,000 shares; 2024Q4: 125,000 shares; 2025Q1: 125,000 shares; 2025Q2: 125,000 shares; 2025Q3: 125,000 shares 125,000$9.54M0.55%0Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 171,939 shares 171,939$6.75M0.39%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
IWMISHARES TR SHSput2,000,000$484M+1,000,000
EFAISHARES TR MSCI EAFE ETFput2,000,000$187Mnew
HYGISHARES TR IBOXX HI YD ETFput2,000,000$162M0

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TLTISHARES TR1,000,000$88.2Mcall
GLOBAL BLUE GROUP HOLDING A…GLOBAL BLUE GROUP HOLDING AG ORD …9,286,969$69.4Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001012975-25-000778 base2025-11-14acceptance time not in the bulk data set