# Knighthead Capital Management, LLC

> Knighthead Capital Management, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 7, 2026.

- CRD: 157483
- Filed as: KNIGHTHEAD CAPITAL MANAGEMENT, LLC
- Also doing business as: 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: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: May 7, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157483
- AdvisorCensus page: https://advisorcensus.com/firm/knighthead-capital-management-llc-new-york-ny-157483

## Quick answers

**How is Knighthead Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Knighthead Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Knighthead Capital Management, LLC located?**
Knighthead Capital Management, LLC's principal office is in New York, NY, according to its Form ADV; the June 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Knighthead Capital Management, LLC registered with the SEC or a state?**
Knighthead Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157483.

**How much does Knighthead Capital Management, LLC manage?**
Knighthead Capital Management, LLC reports $18,985,887,392 in regulatory assets under management in its Form ADV filing dated May 7, 2026 (100% discretionary).

**How have Knighthead Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Knighthead Capital Management, LLC: Regulatory assets under management: $7,263,101,634 in the October 2021 data and $18,985,887,392 in the October 2026 data, up 161%. Total employees: 29 in October 2021 and 58 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Knighthead Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (30); insurance companies (11); other (9).

**Which custodians does Knighthead Capital Management, LLC use?**
Knighthead Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Knighthead Capital Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/157483

**What changed in Knighthead Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 22 to 29. Regulatory assets under management went from $15,881,260,834 to $18,985,887,392 (+20%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- State Street Bank and Trust Company
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $18,985,887,392
- Discretionary: $18,890,998,928
- Non-discretionary: $94,888,464

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 30 | $14,125,736,439 |
| Insurance companies | 11 | $4,859,714,789 |
| Other | 9 | $436,164 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 58 total, 29 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, FL, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Greenwich, CT
- West Palm Beach, FL

### Websites listed on Form ADV (Item 1.I)
- knighthead.com
- knightheadfunding.com
- LinkedIn @knighthead-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $7,263,101,634 | 29 | March 22, 2021 |
| October 2022 | $15,239,272,651 | 32 | May 2, 2022 |
| October 2023 | $13,393,383,573 | 36 | April 28, 2023 |
| October 2024 | $16,132,238,634 | 49 | May 2, 2024 |
| October 2025 | $15,881,260,834 | 50 | May 8, 2025 |
| October 2026 | $18,985,887,392 | 58 | May 7, 2026 |

Regulatory assets under management: $7,263,101,634 in the October 2021 data and $18,985,887,392 in the October 2026 data, up 161%.
Total employees: 29 in October 2021 and 58 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 22 to 29.
- Regulatory assets under management went from $15,881,260,834 to $18,985,887,392 (+20%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Knighthead Capital Management, LLC (CRD 157483): Form ADV filing data as of October 2026.