Knighthead Capital Management, LLC — 13F Holdings & Portfolio
CIK 1512397 · latest 13F-HR filed 2026-08-14
Knighthead Capital Management, LLC manages $1.18B in 13F-reported U.S. long-equity assets across 10 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are HTZ (34.99%), SPY (31.72%), HYG (10.19%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 2 new positions and exited 1; 0 existing positions rose in reported value and 2 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$1.18B
Long-equity book
Holdings
10
Distinct positions
Period
2026-06-30
Filed 2026-08-14
Q/Q Activity
+2 / −1 / ↑0 / ↓2
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated May 7, 2026.
Assets Under Management
$18.99B
Discretionary
$18.89B
Employees
58
Accounts
50
Address
320 PARK AVENUE
28TH FLOOR
NEW YORK, NY 10022
28TH FLOOR
NEW YORK, NY 10022
Phone
(212) 356-2900
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| COHEN, ARA, DAVID Control | MANAGING MEMBER since May 2008 | 10–25% | Individual |
| FRIEDBERG, MICHAEL, LAWRENCE Control | CHIEF FINANCIAL OFFICER since Jan 2013 | Less than 5% | Individual |
| SHANNAHAN, ANDREW, DAVID Control | MANAGING MEMBER since Jan 2025 | 10–25% | Individual |
| TORRADO, LAURA, LYNN Control | GENERAL COUNSEL/CHIEF COMPLIANCE OFFICER since Jun 2008 | Less than 5% | Individual |
| WAGNER, THOMAS, ALLEN Control | MANAGING MEMBER since May 2008 | 25–50% | Individual |
| ZIRKIN, ADAM, ROSS Control | MANAGING MEMBER since Jan 2025 | 5–10% | Individual |
| ARA COHEN FAMILY LLC | MEMBER since May 2009 | 5–10% | Domestic Entity |
| PHP DE 1 LP | MEMBER since Jan 2024 | 10–25% | Domestic Entity |
| ARA COHEN 2005 FAMILY TRUST Control Indirect owner via ARA COHEN FAMILY LLC | OWNER since Jun 2005 | 50–75% | Domestic Entity |
| COHEN, ARA, DAVID Control Indirect owner via ARA COHEN FAMILY LLC | MEMBER since Jun 2005 | 25–50% | Individual |
| COHEN, NICOLE, L Control Indirect owner via ARA COHEN 2005 FAMILY TRUST | TRUSTEE since Dec 2018 | General partner, trustee or manager | Individual |
| G-PETERSHILL LP Control Indirect owner via PETERSHILL PARTNERS, INC. | SHAREHOLDER since Dec 2025 | 75% or more | Foreign Entity |
| PETERSHILL PARTNERS LIMITED Control Indirect owner via G-PETERSHILL LP | PARTNER since Dec 2025 | 75% or more | Foreign Entity |
| PETERSHILL PARTNERS, INC. Control Indirect owner via PHP DE 1 LP | PARTNER since Jan 2024 | 75% or more | Domestic Entity |
| PH PE IM AGGREGATOR LP Indirect owner via PETERSHILL PARTNERS LIMITED | PARTNER since Jun 2024 | 25–50% | Foreign Entity |
Ownership & leadership changes · 14 filings with changes since Feb 10, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 31, 2026 filing
- No longer listedPETERSHILL PARTNERS PLC · SHAREHOLDER · 75% or more · indirect via PETERSHILL PARTNERS, INC. · control person · listed since Sep 2021
- AddedG-PETERSHILL LP · SHAREHOLDER · 75% or more · indirect via PETERSHILL PARTNERS, INC. · control person
- AddedPETERSHILL PARTNERS LIMITED · PARTNER · 75% or more · indirect via G-PETERSHILL LP · control person
- AddedPH PE IM AGGREGATOR LP · PARTNER · 25–50% · indirect via PETERSHILL PARTNERS LIMITED
Sep 16, 2025 filing
- ChangedSHANNAHAN, ANDREW, DAVID · title MEMBER → MANAGING MEMBER; now a control person
- ChangedWAGNER, THOMAS, ALLEN · ownership 10–25% → 25–50%
- ChangedZIRKIN, ADAM, ROSS · title MEMBER → MANAGING MEMBER; now a control person
Mar 31, 2025 filing
- No longer listedHOPKINS, KRISPEN, L · TRUSTEE · Less than 5% · control person · listed since Aug 2016
- No longer listedTHE THOMAS A. WAGNER III CHILDREN'S TRUST III · MEMBER · Less than 5% · listed since Aug 2016
- No longer listedWAGNER, CYNTHIA, ANN · TRUSTEE · Less than 5% · control person · listed since Aug 2016
- AddedZIRKIN, ADAM, ROSS · MEMBER · 5–10%
- ChangedCOHEN, ARA, DAVID · ownership 25–50% → 10–25%
- ChangedWAGNER, THOMAS, ALLEN · ownership 25–50% → 10–25%
Mar 28, 2024 filing
- No longer listedPETERSHILL PARTNERS, INC. · MEMBER · 10–25% · listed since Sep 2021
- AddedPETERSHILL PARTNERS, INC. · PARTNER · 75% or more · indirect via PHP DE 1 LP · control person
- AddedPHP DE 1 LP · MEMBER · 10–25%
- ChangedPETERSHILL PARTNERS PLC · indirect via PETERSHILL PARTNERS, INC.: title SOLE MEMBER → SHAREHOLDER
Apr 5, 2023 filing
- No longer listedHOPKINS, KRISPEN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person · listed since Aug 2016
- No longer listedWAGNER, CYNTHIA, ANN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person · listed since Aug 2016
- AddedHOPKINS, KRISPEN, L · TRUSTEE · Less than 5% · control person
- AddedWAGNER, CYNTHIA, ANN · TRUSTEE · Less than 5% · control person
Mar 29, 2023 filing
- No longer listedDELTA EPSILON DELAWARE, INC. · MEMBER · 10–25% · listed since Sep 2021
- No longer listedMASSARO, EDWARD, PATRICK · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jan 2010
- No longer listedPETERSHILL PARTNERS PLC · SOLE MEMBER · 75% or more · indirect via DELTA EPSILON DELAWARE, INC. · control person · listed since Sep 2021
- AddedPETERSHILL PARTNERS PLC · SOLE MEMBER · 75% or more · indirect via PETERSHILL PARTNERS, INC. · control person
- AddedPETERSHILL PARTNERS, INC. · MEMBER · 10–25%
- Listed againHOPKINS, KRISPEN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person
- Listed againWAGNER, CYNTHIA, ANN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person
Mar 29, 2022 filing
- No longer listedACCESS TRUST · SOLE MEMBER · 75% or more · indirect via PH II ADVISORS, LLC · control person · listed since Jun 2018
- No longer listedAVALON TRUST & CORPORATE SERVICES LTD. · TRUSTEE · General partner, trustee or manager · indirect via ACCESS TRUST · control person · listed since Jun 2018
- No longer listedBjuro, Susan · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person · listed since Jun 2018
- No longer listedGALLOWAY, ANDREW, DANIEL JAMES · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person · listed since Jun 2018
- No longer listedKOUFAX OFFSHORE IM HOLDINGS CORP. · MEMBER · 5–10% · listed since Sep 2014
- No longer listedKOUFAX US IM HOLDINGS LTD. · MEMBER · 10–25% · listed since Jan 2014
- No longer listedLINK, GREGORY, JAMES · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person · listed since Jun 2018
- No longer listedPETERSHILL II LP · SOLE OWNER · 75% or more · indirect via KOUFAX US IM HOLDINGS LTD. · control person · listed since Oct 2013
- No longer listedPH II ADVISORS, LLC · SOLE OWNER · 75% or more · indirect via KOUFAX OFFSHORE IM HOLDINGS CORP. · control person · listed since Jun 2018
- No longer listedPH II ADVISORS, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP · control person · listed since Jun 2018
- No longer listedWoodford, Ralph · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person · listed since Jun 2018
- AddedDELTA EPSILON DELAWARE, INC. · MEMBER · 10–25%
- AddedPETERSHILL PARTNERS PLC · SOLE MEMBER · 75% or more · indirect via DELTA EPSILON DELAWARE, INC. · control person
Mar 22, 2021 filing
- Listed againTHE THOMAS A. WAGNER III CHILDREN'S TRUST III · MEMBER · Less than 5%
Mar 27, 2019 filing
- No longer listedCOHEN, CALMAN · TRUSTEE · General partner, trustee or manager · indirect via ARA COHEN 2005 FAMILY TRUST · control person · listed since Jun 2005
- No longer listedGOLDMAN SACHS PH II ADVISORS, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP AND PETERSHILL II OFFSHORE LP · control person · listed since Mar 2015
- No longer listedGSAM GEN-PAR, L.L.C. · SOLE MEMBER · 75% or more · indirect via GOLDMAN SACHS PH II ADVISORS LLC · control person · listed since Mar 2015
- No longer listedGSAM HOLDINGS, LLC · SOLE MEMBER · 75% or more · indirect via GSAM GEN-PAR, L.L.C. · control person · listed since Feb 2016
- No longer listedHOPKINS, KRISPEN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person · listed since Aug 2016
- No longer listedTHE GOLDMAN SACHS GROUP, INC. · SOLE OWNER · 75% or more · indirect via GSAM HOLDINGS, LLC · control person · listed since Feb 2016
- No longer listedTHE THOMAS A. WAGNER III CHILDREN'S TRUST III · MEMBER · 5–10% · listed since Aug 2016
- No longer listedWAGNER, CYNTHIA, ANN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person · listed since Aug 2016
- AddedACCESS TRUST · SOLE MEMBER · 75% or more · indirect via PH II ADVISORS, LLC · control person
- AddedAVALON TRUST & CORPORATE SERVICES LTD. · TRUSTEE · General partner, trustee or manager · indirect via ACCESS TRUST · control person
- AddedBjuro, Susan · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person
- AddedCOHEN, NICOLE, L · TRUSTEE · General partner, trustee or manager · indirect via ARA COHEN 2005 FAMILY TRUST · control person
- AddedGALLOWAY, ANDREW, DANIEL JAMES · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person
- AddedLINK, GREGORY, JAMES · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person
- AddedPH II ADVISORS, LLC · SOLE OWNER · 75% or more · indirect via KOUFAX OFFSHORE IM HOLDINGS CORP. · control person
- AddedPH II ADVISORS, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP · control person
- AddedSHANNAHAN, ANDREW, DAVID · MEMBER · 10–25%
- AddedWoodford, Ralph · OWNER · 25–50% · indirect via AVALON TRUST & CORPORATE SERVICES LTD. · control person
- ChangedARA COHEN FAMILY LLC · ownership 10–25% → 5–10%
Mar 30, 2017 filing
- No longer listedKNIGHTHEAD GRAT I · MEMBER · 5–10% · listed since May 2008
- No longer listedTHE GOLDMAN SACHS GROUP, INC. · MAJORITY OWNER · 75% or more · indirect via GSAM GEN-PAR, L.L.C. · control person · listed since Jan 2014
- No longer listedWAGNER, THOMAS, A · GRANTOR · 75% or more · indirect via KNIGHTHEAD GRAT I · control person · listed since May 2008
- AddedGSAM HOLDINGS, LLC · SOLE MEMBER · 75% or more · indirect via GSAM GEN-PAR, L.L.C. · control person
- AddedHOPKINS, KRISPEN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person
- AddedTHE GOLDMAN SACHS GROUP, INC. · SOLE OWNER · 75% or more · indirect via GSAM HOLDINGS, LLC · control person
- AddedTHE THOMAS A. WAGNER III CHILDREN'S TRUST III · MEMBER · 5–10%
- AddedWAGNER, CYNTHIA, ANN · TRUSTEE · General partner, trustee or manager · indirect via THE THOMAS A. WAGNER III CHILDREN'S TRUST III · control person
- ChangedCOHEN, CALMAN · indirect via ARA COHEN 2005 FAMILY TRUST: ownership 50–75% → General partner, trustee or manager
Older changes (5 more filings)
Sep 17, 2015 filing
- No longer listedGSAM GEN-PAR, L.L.C. · SOLE MEMBER · 75% or more · indirect via PETERSHILL II ADVISORS L.L.C. · control person · listed since Oct 2013
- No longer listedPETERSHILL II ADVISORS L.L.C. · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP AND PETERSHILL II OFFSHORE LP · control person · listed since Oct 2013
- No longer listedPETERSHILL II OFFSHORE LP · SOLE OWNER · 75% or more · indirect via KOUFAX OFFSHORE IM HOLDINGS CORP. · control person · listed since Oct 2013
- AddedGOLDMAN SACHS PH II ADVISORS, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP AND PETERSHILL II OFFSHORE LP · control person
- AddedGSAM GEN-PAR, L.L.C. · SOLE MEMBER · 75% or more · indirect via GOLDMAN SACHS PH II ADVISORS LLC · control person
- ChangedCOHEN, ARA, DAVID · ownership 50–75% → 25–50%
- ChangedWAGNER, THOMAS, ALLEN · ownership 50–75% → 25–50%
Mar 17, 2015 filing
- No longer listedPETERSHILL II ADVISORS L.L.C. · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP · control person · listed since Oct 2013
- AddedKOUFAX OFFSHORE IM HOLDINGS CORP. · MEMBER · 5–10%
- AddedPETERSHILL II ADVISORS L.L.C. · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP AND PETERSHILL II OFFSHORE LP · control person
- AddedPETERSHILL II OFFSHORE LP · SOLE OWNER · 75% or more · indirect via KOUFAX OFFSHORE IM HOLDINGS CORP. · control person
Mar 3, 2014 filing
- AddedGSAM GEN-PAR, L.L.C. · SOLE MEMBER · 75% or more · indirect via PETERSHILL II ADVISORS L.L.C. · control person
- AddedKOUFAX US IM HOLDINGS LTD. · MEMBER · 10–25%
- AddedPETERSHILL II ADVISORS L.L.C. · GENERAL PARTNER · General partner, trustee or manager · indirect via PETERSHILL II LP · control person
- AddedPETERSHILL II LP · SOLE OWNER · 75% or more · indirect via KOUFAX US IM HOLDINGS LTD. · control person
- AddedTHE GOLDMAN SACHS GROUP, INC. · MAJORITY OWNER · 75% or more · indirect via GSAM GEN-PAR, L.L.C. · control person
Mar 21, 2013 filing
- AddedFRIEDBERG, MICHAEL, LAWRENCE · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Feb 10, 2012 filing (earliest on record)
- ListedARA COHEN 2005 FAMILY TRUST · OWNER · 50–75% · indirect via ARA COHEN FAMILY LLC · control person
- ListedARA COHEN FAMILY LLC · MEMBER · 10–25%
- ListedCOHEN, ARA, DAVID · MANAGING MEMBER · 50–75% · control person
- ListedCOHEN, ARA, DAVID · MEMBER · 25–50% · indirect via ARA COHEN FAMILY LLC · control person
- ListedCOHEN, CALMAN · TRUSTEE · 50–75% · indirect via ARA COHEN 2005 FAMILY TRUST · control person
- ListedKNIGHTHEAD GRAT I · MEMBER · 5–10%
- ListedMASSARO, EDWARD, PATRICK · CHIEF OPERATING OFFICER · Less than 5% · control person
- ListedTORRADO, LAURA, LYNN · GENERAL COUNSEL/CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedWAGNER, THOMAS, A · GRANTOR · 75% or more · indirect via KNIGHTHEAD GRAT I · control person
- ListedWAGNER, THOMAS, ALLEN · MANAGING MEMBER · 50–75% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Knighthead Capital Management, LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | HERTZ GLOBAL HLDGS INC | HTZ | 42806J700 | $411.9M | 34.99% | 181,455,469 | SH |
| 2 | STATE STREET SPDR S&P 500 ETF T Put | SPY | 78462F103 | $373.4M | 31.72% | 500,000 | SH |
| 3 | ISHARES TR Put | HYG | 464288513 | $120.0M | 10.19% | 1,500,000 | SH |
| 4 | WHEELS UP EXPERIENCE INC | UP | 96328L304 | $115.8M | 9.84% | 12,908,460 | SH |
| 5 | ECHOSTAR CORP Call | ECHO | 278768106 | $48.2M | 4.10% | 475,000 | SH |
| 6 | ECHOSTAR CORP Put | ECHO | 278768106 | $38.1M | 3.23% | 375,000 | SH |
| 7 | SPORTRADAR GROUP AG Call | SRAD | H8088L103 | $29.9M | 2.54% | 2,000,000 | SH |
| 8 | TELEPHONE & DATA SYS INC | TDS | 879433829 | $16.5M | 1.40% | 445,695 | SH |
| 9 | AZUL S A | AZUL | 05501U601 | $16.0M | 1.36% | 1,773,734 | SH |
| 10 | TELEPHONE & DATA SYS INC Call | TDS | 879433829 | $7.4M | 0.63% | 200,000 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $1.18B | 10 | 0001012975-26-000784 |
| 2026-03-31 | 2026-05-15 | $1.52B | 6 | 0001012975-26-000450 |
| 2025-12-31 | 2026-02-17 | $0 | 0 | 0001012975-26-000167 |
| 2025-09-30 | 2025-11-14 | $0 | 0 | 0001012975-25-000778 |
Filer Information
Address
320 PARK AVENUE28TH FLOOR
NEW YORK, NY 10022
Phone
(212) 356-2914
Filing Manager
Knighthead Capital Management, LLC
NEW YORK, NY
Signatory
Thomas Wagner
Managing Member