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Knighthead Capital Management, LLC

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13F filer, CIK 1512397, NEW YORK, NY

Knighthead Capital Management, LLC reported $1,385,284,433 across 6 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001012975-26-000167

Period
2025-12-31
Reported value
$1.39B
Holdings
6
Top 10 weight
100%
New
1
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
TDSadded+344,061$14.1M
ECHOadded+31$3.37K

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

None.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001012975-26-000167, largest first. % of portfolio is the value over $1,136,864,433, 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; 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; 2025Q4: 181,455,469 shares 181,455,469$933M82.04%0Timeline
UPWHEELS UP EXPERIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 258,169,208 shares 258,169,208$169M14.9%0Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 171,939 shares; 2025Q4: 516,000 shares 516,000$21.2M1.86%+344,061Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 105,000 shares; 2024Q4: 125,000 shares; 2025Q1: 125,000 shares; 2025Q2: 125,000 shares; 2025Q3: 125,000 shares; 2025Q4: 125,031 shares 125,031$13.6M1.2%+31Timeline

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
HYGISHARES TR IBOXX HI YD ETFput2,000,000$161M0
TLTISHARES TR 20 YR TR BD ETFput1,000,000$87.2Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
IWMISHARES TR2,000,000$484Mput
EFAISHARES TR2,000,000$187Mput

How Q4 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 0001012975-26-000167 base2026-02-17acceptance time not in the bulk data set