# Knighthead Capital Management, LLC: Form 13F holdings

An institutional investment manager in NEW YORK, NY. SEC CIK 1512397.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $1.18bn
- Positions: 10 (10 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1512397/000101297526000784/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [HERTZ GLOBAL HLDGS INC (HTZ)](/companies/htz.md) | COM NEW | $411.9m | 35.0% | 181,455,469 |  | Unchanged |
| [STATE STREET SPDR S&P 500 ETF T (SPY)](/companies/spy.md) | TR UNIT | $373.4m | 31.7% | 500,000 | Put | New +500,000 |
| ISHARES TR | IBOXX HI YD ETF | $120.0m | 10.2% | 1,500,000 | Put | Reduced −500,000 |
| [WHEELS UP EXPERIENCE INC (UP)](/companies/up.md) | COM CL A | $115.8m | 9.8% | 12,908,460 |  | New +12,908,460 |
| [ECHOSTAR CORP (ECHO)](/companies/echo.md) | CL A | $48.2m | 4.1% | 475,000 | Call | New +475,000 |
| [ECHOSTAR CORP (ECHO)](/companies/echo.md) | CL A | $38.1m | 3.2% | 375,000 | Put | New +375,000 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | $29.9m | 2.5% | 2,000,000 | Call | New +2,000,000 |
| [TELEPHONE & DATA SYS INC (TDS)](/companies/tds.md) | COM NEW | $16.5m | 1.4% | 445,695 |  | Unchanged |
| [AZUL S A (AZUL)](/companies/azul.md) | SPONSORED ADS | $16.0m | 1.4% | 1,773,734 |  | New +1,773,734 |
| [TELEPHONE & DATA SYS INC (TDS)](/companies/tds.md) | COM NEW | $7.4m | 0.6% | 200,000 | Call | New +200,000 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| ISHARES TR | RUSSELL 2000 ETF | $0 | 0.0% | 0 | Put | Sold out −1,500,000 |
| WHEELS UP EXPERIENCE INC | COM CL A | $0 | 0.0% | 0 |  | Sold out −258,169,208 |

Source: SEC EDGAR, Form 13F-HR, accession 0001012975-26-000784. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.