{"url":"https://nivawealth.com/firms/knighthead-capital-management-157483","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/157483","regulatoryAum":18985887392,"crd":"157483","secFileNumber":"801-73337","legalName":"Knighthead Capital Management, LLC","displayName":"Knighthead Capital Management","website":"http://knighthead.com/","linkedinUrl":"https://www.linkedin.com/company/knighthead-capital-llc","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"320 Park Avenue, 28th Floor","city":"New York","state":"NY","stateName":"New York","country":"United States","postalCode":"10022"},"tradeNames":["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":{"secApproved":"27 February 2012","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":58,"advisory":29,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":18890998928,"discretionaryAccounts":36,"nonDiscretionary":94888464,"nonDiscretionaryAccounts":14,"wrapProgram":null,"nonUsClientsPct":48,"nonAumClients":15},"clientTypes":[{"label":"Pooled investment vehicles","clients":30,"regulatoryAum":14125736439},{"label":"Insurance companies","clients":11,"regulatoryAum":4859714789},{"label":"Other","clients":9,"regulatoryAum":436164}],"fees":[],"feeNotes":[],"custodians":[{"name":"State Street Bank and Trust Company","shortName":"State Street Bank and Trust","location":"Boston, MA","smaAssets":1080805796},{"name":"The Northern Trust Company","shortName":"The Northern Trust","location":"Chicago, IL","smaAssets":1588988647}],"custodyNote":"Knighthead Capital Management has custody of $15.31B for 40 clients.","otherCustodians":[],"leadership":[{"name":"Michael Friedberg","title":"Chief Financial Officer","crd":"6174556"},{"name":"Laura Torrado","title":"General Counsel/Chief Compliance Officer","crd":"1404432"},{"name":"Ara Cohen","title":"Managing Member","crd":"5924168"},{"name":"Andrew Shannahan","title":"Managing Member","crd":"7087034"},{"name":"Thomas Wagner","title":"Managing Member","crd":"3255760"},{"name":"Adam Zirkin","title":"Managing Member","crd":"4446000"}],"ownership":[{"label":"Thomas Wagner","detail":"Managing member in the 25% to 50% ownership band and a control person, since May 2008."},{"label":"Ara Cohen","detail":"Managing member in the 10% to 25% ownership band and a control person, since May 2008. Also a member of Ara Cohen Family LLC in the 25% to 50% band and a control person, since June 2005."},{"label":"Ara Cohen Family LLC","detail":"Member in the 5% to 10% ownership band, since May 2009."},{"label":"Andrew Shannahan","detail":"Managing member in the 10% to 25% ownership band and a control person, since January 2025."},{"label":"PHP De 1 LP","detail":"Member in the 10% to 25% ownership band, since January 2024."},{"label":"Adam Zirkin","detail":"Managing member in the 5% to 10% ownership band and a control person, since January 2025."},{"label":"Ara Cohen 2005 Family Trust","detail":"Indirect owner: a owner of Ara Cohen Family LLC in the 50% to 75% band and a control person, since June 2005.","parent":"Ara Cohen Family LLC"},{"label":"Nicole Cohen","detail":"Indirect owner: trustee of Ara Cohen 2005 Family Trust and a control person, since December 2018.","parent":"Ara Cohen 2005 Family Trust"},{"label":"Petershill Partners Limited","detail":"Indirect owner: a partner of G-Petershill LP in the 75% or more band and a control person, since December 2025.","parent":"G-Petershill LP"},{"label":"Petershill Partners, Inc.","detail":"Indirect owner: a partner of PHP De 1 LP in the 75% or more band and a control person, since January 2024.","parent":"PHP De 1 LP"},{"label":"G-Petershill LP","detail":"Indirect owner: a shareholder of Petershill Partners, Inc. in the 75% or more band and a control person, since December 2025.","parent":"Petershill Partners, Inc."},{"label":"PH Pe Im Aggregator LP","detail":"Indirect owner: a partner of Petershill Partners Limited in the 25% to 50% band, since June 2024.","parent":"Petershill Partners Limited"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":2,"privateResidences":0},"listedOfficeAddresses":3,"officesByState":[{"state":"Connecticut","offices":1,"addresses":[{"street":"777 West Putnam Avenue","city":"Greenwich"}]},{"state":"Florida","offices":1,"addresses":[{"street":"105 South Narcissus Avenue","city":"West Palm Beach"}]},{"state":"New York","offices":1,"addresses":[{"street":"320 Park Avenue, 28th Floor","city":"New York","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"212-356-2900","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees","Other"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Investment grade corporate bonds","percent":42},{"label":"Non-investment grade corporate bonds","percent":7},{"label":"Securities issued by pooled investment vehicles (other than registered investment companies)","percent":3},{"label":"Cash and cash equivalents","percent":6},{"label":"Other","percent":41,"detail":"Direct Mortgages and Bank Loans"}],"privateFunds":12},"sources":{"adv1FilingDate":"7 May 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/157483/PDF/157483.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Knighthead Capital Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Knighthead Capital Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Knighthead Capital Management use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Knighthead Capital Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Knighthead Capital Management invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Knighthead Capital Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Knighthead Capital Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/knighthead-capital-management-157483/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1512397/000101297526000784/0001012975-26-000784-index.html","totalValue":1177115923,"positionCount":10,"top10Share":1,"top10":[{"issuer":"HERTZ GLOBAL HLDGS INC","titleOfClass":"COM NEW","cusip":"42806J700","value":411903915,"shares":181455469,"shareType":"SH","priorValue":836509712,"priorShares":181455469},{"issuer":"STATE STREET SPDR S&P 500 ETF T","titleOfClass":"TR UNIT","cusip":"78462F103","value":373385000,"shares":500000,"shareType":"SH","putCall":"Put"},{"issuer":"ISHARES TR","titleOfClass":"IBOXX HI YD ETF","cusip":"464288513","value":119955000,"shares":1500000,"shareType":"SH","putCall":"Put","priorValue":159120000,"priorShares":2000000},{"issuer":"WHEELS UP EXPERIENCE INC","titleOfClass":"COM CL A","cusip":"96328L304","value":115788881,"shares":12908460,"shareType":"SH"},{"issuer":"ECHOSTAR CORP","titleOfClass":"CL A","cusip":"278768106","value":48212500,"shares":475000,"shareType":"SH","putCall":"Call"},{"issuer":"ECHOSTAR CORP","titleOfClass":"CL A","cusip":"278768106","value":38062500,"shares":375000,"shareType":"SH","putCall":"Put"},{"issuer":"SPORTRADAR GROUP AG","titleOfClass":"CLASS A ORD SHS","cusip":"H8088L103","value":29940000,"shares":2000000,"shareType":"SH","putCall":"Call"},{"issuer":"TELEPHONE & DATA SYS INC","titleOfClass":"COM NEW","cusip":"879433829","value":16495172,"shares":445695,"shareType":"SH","priorValue":18763760,"priorShares":445695},{"issuer":"AZUL S A","titleOfClass":"SPONSORED ADS","cusip":"05501U601","value":15954955,"shares":1773734,"shareType":"SH"},{"issuer":"TELEPHONE & DATA SYS INC","titleOfClass":"COM NEW","cusip":"879433829","value":7418000,"shares":200000,"shareType":"SH","putCall":"Call"}],"positionsListed":10,"positions":[{"issuer":"HERTZ GLOBAL HLDGS INC","titleOfClass":"COM NEW","cusip":"42806J700","value":411903915,"shares":181455469,"shareType":"SH","priorValue":836509712,"priorShares":181455469},{"issuer":"STATE STREET SPDR S&P 500 ETF T","titleOfClass":"TR UNIT","cusip":"78462F103","value":373385000,"shares":500000,"shareType":"SH","putCall":"Put"},{"issuer":"ISHARES TR","titleOfClass":"IBOXX HI YD ETF","cusip":"464288513","value":119955000,"shares":1500000,"shareType":"SH","putCall":"Put","priorValue":159120000,"priorShares":2000000},{"issuer":"WHEELS UP EXPERIENCE INC","titleOfClass":"COM CL A","cusip":"96328L304","value":115788881,"shares":12908460,"shareType":"SH"},{"issuer":"ECHOSTAR CORP","titleOfClass":"CL A","cusip":"278768106","value":48212500,"shares":475000,"shareType":"SH","putCall":"Call"},{"issuer":"ECHOSTAR CORP","titleOfClass":"CL A","cusip":"278768106","value":38062500,"shares":375000,"shareType":"SH","putCall":"Put"},{"issuer":"SPORTRADAR GROUP AG","titleOfClass":"CLASS A ORD SHS","cusip":"H8088L103","value":29940000,"shares":2000000,"shareType":"SH","putCall":"Call"},{"issuer":"TELEPHONE & DATA SYS INC","titleOfClass":"COM NEW","cusip":"879433829","value":16495172,"shares":445695,"shareType":"SH","priorValue":18763760,"priorShares":445695},{"issuer":"AZUL S A","titleOfClass":"SPONSORED ADS","cusip":"05501U601","value":15954955,"shares":1773734,"shareType":"SH"},{"issuer":"TELEPHONE & DATA SYS INC","titleOfClass":"COM NEW","cusip":"879433829","value":7418000,"shares":200000,"shareType":"SH","putCall":"Call"}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}