Knighthead Capital Management, LLC

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Knighthead Capital Management, LLC maintained a portfolio of 8 distinct positions. The most significant new addition to the portfolio was ISHARES TR, which now represents 6.29% of the total fund value. Conversely, Knighthead Capital Management, LLC completely exited their position in ISHARES TR.
PCA Score Concentration Risk
Risk ENB
Total Positions
8
Quarter
2025 Q4
Top Holding
HTZ (67.3%)
Top 10 Concentration
100.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-8 of 8
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
HTZ
HERTZ GLOBAL HL...
Industrials 67.33% 48.23% #1
Prev: #1
7.0 no change no change
P
S
181,455,469 $932,681,111 2013 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
UP
WHEELS UP EXPER...
Industrials 12.23% 18.57% #2 1
Prev: #3
6.5 no change no change
P
S
258,169,208 $169,436,452 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
HYG
ISHARES TR
PUT
PUT Option 11.64% 6.35% #3 2
Prev: #5
6.0 no change no change
P
S
2,000,000 $161,260,000 2015 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
TLT
ISHARES TR
PUT
PUT Option 6.29% #4
Prev: #—
6.5 1,000,000 no change
NEW
1,000,000 $87,160,000 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
TDS
TELEPHONE & DAT...
Communication Services 1.53% 0.26% #5 2
Prev: #7
4.1 344,061 200.1%
P
S
516,000 $21,156,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SATS
ECHOSTAR CORP
Communication Services 0.98% 0.37% #6
Prev: #6
0.9 31 0.0%
P
S
125,031 $13,590,870 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
IWM
ISHARES TR
PUT
PUT Option 0.00% 18.92%
Sold All 😨
(Was: #2)
0.0 -2,000,000 -100.0%
CLOSED
$— 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
EFA
ISHARES TR
PUT
PUT Option 0.00% 7.30%
Sold All 😨
(Was: #4)
0.0 -2,000,000 -100.0%
CLOSED
$— 2022 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-8 of 8 holdings

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