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Knighthead Capital Management

SEC-registered adviser since 2012New York, NYCRD 157483

$19.0B
AUM
50
Clients
See fees
Fee
29
Advisory staff

From Form ADV filed 7 May 2026 · data retrieved 15 October 2026SEC record

Knighthead Capital Management is an investment adviser headquartered in New York, New York, and registered with the SEC since 2012. Its clients include pooled investment vehicles, insurance companies and other clients.

Its services include portfolio management for pooled vehicles and portfolio management for institutions. Fee arrangements include a percentage of assets under management, performance-based fees and other arrangements. Thomas Wagner owns 25% to 50% of Knighthead Capital Management.

Clients

Knighthead Capital Management serves 50 clients, 30 of them pooled investment vehicles. The average client has about $380 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles30 clients74%
  • Insurance companies11 clients26%
  • Other9 clients0%
Show client breakdown
Pooled investment vehicles
Clients
30
Regulatory AUM
$14,125,736,439
Share
74.4%
Avg. per client
$470.9M
Insurance companies
Clients
11
Regulatory AUM
$4,859,714,789
Share
25.6%
Avg. per client
$441.8M
Other
Clients
9
Regulatory AUM
$436,164
Share
0.0%
Avg. per client
$48K

Total

Clients
50
Regulatory AUM
$18,985,887,392
Share
100%
Avg. per client
$379.7M

What it does

Knighthead Capital Management provides portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets, performance-based fees and other arrangements.

Knighthead Capital Management advises 12 private funds.

99.5% of assets ($18.89B across 36 accounts) are managed with discretion; $94.9M across 14 accounts are not. 48% of clients are outside the U.S., and 15 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Funds3%
  • Bonds49%
    • Investment grade corporate bonds42%
    • High-yield corporate bonds7%
  • Cash6%
  • Other41%
    • Direct mortgages and bank loans41%

Filed values cover 99%. The neutral 1% gap has no reported category.

Custodians

Knighthead Capital Management’s client accounts are held mainly at The Northern Trust, with 8% of managed assets, and State Street Bank and Trust, with 6%. Knighthead Capital Management has custody of $15.31B for 40 clients.

Managed account assets by custodian
  • State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $1.08B6%
  • The Northern TrustThe Northern Trust Company · Chicago, IL · $1.59B8%
  • All other custodians$16.32B86%

Ownership and leadership

Thomas Wagner owns 25% to 50% of Knighthead Capital Management.

Who owns the firm
Knighthead Capital Management, LLC· the adviser

  • Thomas Wagner

    Control person · since May 2008

    Owns 25% to 50% of Knighthead Capital Management, LLC

  • Ara Cohen

    Control person · since May 2008

    Owns 10% to 25% of Knighthead Capital Management, LLC

  • Andrew Shannahan

    Control person · since January 2025

    Owns 10% to 25% of Knighthead Capital Management, LLC

  • PHP De 1 LP

    since January 2024

    Owns 10% to 25% of Knighthead Capital Management, LLC

  • Ara Cohen Family LLC

    since May 2009

    Owns 5% to 10% of Knighthead Capital Management, LLC

  • Adam Zirkin

    Control person · since January 2025

    Owns 5% to 10% of Knighthead Capital Management, LLC

Leadership

  • Michael Friedberg
    Chief Financial Officer
  • Laura Torrado
    General Counsel/Chief Compliance Officer
  • Ara Cohen
    Managing Member
  • Andrew Shannahan
    Managing Member
  • Thomas Wagner
    Managing Member
  • Adam Zirkin
    Managing Member

Staff

  • 58 employees
  • 29 in advisory functions

Reported holdings

Knighthead Capital Management’s reported 13F holdings total $1.18B across 10 positions, and the ten largest make up 100.0% of it.

$1.18B
Reported 13F value
10
Positions
100.0%
In the 10 largest
−22.5%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Hertz Global Hldgs Inc.35.0%
  2. State Street SPDR S&P 500 ETF T · TR UnitPut31.7%
  3. iShares TR · Iboxx HI YD ETFPut10.2%
  4. Wheels UP Experience Inc. · Com CL A9.8%
  5. Echostar Corp. · CL ACall4.1%
  6. Echostar Corp. · CL APut3.2%
  7. Sportradar Group AG · Class A Ord ShsCall2.5%
  8. Telephone & Data Sys Inc.1.4%
  9. Azul S A · Sponsored ADS1.4%
  10. Telephone & Data Sys Inc.Call0.6%

Together, the ten largest are 100.0% of reported value.

The 10 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 14 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $1.18B is not its $18.99B in regulatory assets and does not represent any individual client's portfolio.

Fees

Knighthead Capital Management is paid through a percentage of assets under management, performance-based fees and other.

Knighthead Capital Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Knighthead Capital Management has 2 offices, with 3 listed addresses across 3 states.

Listed office addresses by state

New York · 1 listed address

  • 320 Park Avenue, 28th Floor, New YorkHQ

Other business names

Knighthead Capital Management has reported 4 other business names to the SEC.

  • Knighthead Capital Management Sma, LLC (relying Advisor)
  • Knighthead Insurance Capital Management, LP (relying Advisor)
  • Knighthead Opportunities Capital Management, LLC (relying Advisor)
  • Knighthead Realty Capital Management, LLC (relying Adviser)

Registration details

Legal name
Knighthead Capital Management, LLC
Headquarters
320 Park Avenue, 28th Floor, New York, NY 10022
Phone
212-356-2900
Website
knighthead.com
SEC file
801-73337
Structure
Delaware LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Knighthead Capital Management have?

Knighthead Capital Management has 50 clients and manages $19 billion for them, as of May 2026. They include 30 pooled investment vehicles, 11 insurance companies and 9 other clients.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 7 May 2026

What services does Knighthead Capital Management offer?

Knighthead Capital Management provides portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Knighthead Capital Management use?

Knighthead Capital Management’s separately managed account assets are held at The Northern Trust Company (Chicago, IL), with $1,588,988,647 and State Street Bank and Trust Company (Boston, MA), with $1,080,805,796. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 7 May 2026

How many financial advisors does Knighthead Capital Management have?

Knighthead Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 58 employees, and 29 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Knighthead Capital Management invest in?

At the end of its last fiscal year, Knighthead Capital Management’s separately managed accounts held 42% investment grade corporate bonds, 41% direct mortgages and bank loans, 7% high-yield corporate bonds, 6% cash and equivalents and 3% pooled vehicles (private funds and similar). It advises 12 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Knighthead Capital Management?

Knighthead Capital Management is owned through a chain of holding companies by PH Pe Im Aggregator LP. Its direct owners are Thomas Wagner, Ara Cohen, Ara Cohen Family LLC, Andrew Shannahan, PHP De 1 LP and Adam Zirkin, each holding 50% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 7 May 2026

How does Knighthead Capital Management get paid?

Knighthead Capital Management is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 7 May 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 157483.
  3. Form 13F-HR, filed 14 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Knighthead Capital Management, LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.