Pentwater funds sell CAR call options positions
AVIS BUDGET GROUP, INC.
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Form Type
4/A
Rhea-AI Filing Summary
AVIS BUDGET GROUP, INC. (CAR) reported amended insider activity related to funds managed by Pentwater Capital Management LP. On April 23, 2026, these funds executed 30 open-market sales of call options on CAR common stock, totaling 792 option contracts, at prices ranging from $24.08 to $51.85 per contract.
The options are “call options (obligation to sell)” with exercise prices between $280 and $340 and expiration dates on May 15, 2026 and June 18, 2026. The filing states the reporting persons are in discussions with the issuer and will voluntarily pay any realized short swing profits required under Section 16(b).
Insider Trade Summary
Net Seller: 792 shares
Net Sell
30 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
10% Owner | 10% Owner
Sold
792 shs ($33K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 4 | $28.75 | $115.00 |
| Sale | Call Option (obligation to sell) | 32 | $28.75 | $920.00 |
| Sale | Call Option (obligation to sell) | 10 | $34.34 | $343.40 |
| Sale | Call Option (obligation to sell) | 2 | $34.34 | $68.68 |
| Sale | Call Option (obligation to sell) | 2 | $34.34 | $68.68 |
| Sale | Call Option (obligation to sell) | 14 | $34.34 | $480.76 |
| Sale | Call Option (obligation to sell) | 8 | $34.34 | $274.72 |
| Sale | Call Option (obligation to sell) | 64 | $34.34 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $51.85 | $259.25 |
| Sale | Call Option (obligation to sell) | 1 | $51.85 | $51.85 |
| Sale | Call Option (obligation to sell) | 1 | $51.85 | $51.85 |
| Sale | Call Option (obligation to sell) | 7 | $51.85 | $362.95 |
| Sale | Call Option (obligation to sell) | 4 | $51.85 | $207.40 |
| Sale | Call Option (obligation to sell) | 32 | $51.85 | $2K |
| Sale | Call Option (obligation to sell) | 100 | $49.82 | $5K |
| Sale | Call Option (obligation to sell) | 200 | $47.80 | $10K |
| Sale | Call Option (obligation to sell) | 20 | $44.48 | $889.60 |
| Sale | Call Option (obligation to sell) | 4 | $44.48 | $177.92 |
| Sale | Call Option (obligation to sell) | 3 | $44.48 | $133.44 |
| Sale | Call Option (obligation to sell) | 28 | $44.48 | $1K |
| Sale | Call Option (obligation to sell) | 16 | $44.48 | $711.68 |
| Sale | Call Option (obligation to sell) | 129 | $44.48 | $6K |
| Sale | Call Option (obligation to sell) | 10 | $27.89 | $278.90 |
| Sale | Call Option (obligation to sell) | 2 | $27.89 | $55.78 |
| Sale | Call Option (obligation to sell) | 2 | $27.89 | $55.78 |
| Sale | Call Option (obligation to sell) | 14 | $27.89 | $390.46 |
| Sale | Call Option (obligation to sell) | 8 | $27.89 | $223.12 |
| Sale | Call Option (obligation to sell) | 64 | $27.89 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $24.08 | $120.40 |
| Sale | Call Option (obligation to sell) | 1 | $24.08 | $24.08 |
Holdings After Transaction:
Call Option (obligation to sell) — 40 contracts (Indirect, Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio);
Call Option (obligation to sell) — 321 contracts (Indirect, Pentwater Merger Arbitrage Master Fund Ltd.);
Call Option (obligation to sell) — 50 contracts (Indirect, Oceana Master Fund Ltd.);
Call Option (obligation to sell) — 10 contracts (Indirect, Pentwater Credit Master Fund Ltd.);
Call Option (obligation to sell) — 308 contracts (Indirect, LMA SPC for and on behalf of the MAP 98 Segregated Portfolio);
Call Option (obligation to sell) — 63 contracts (Indirect, Pentwater Equity Opportunities Master Fund Ltd.)
Footnotes (8)
- F1. This Form 4/A is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds"), including the funds named herein, to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. The Reporting Persons are in discussions with the Issuer and, to the extent required pursuant to Section 16(b), will voluntarily pay any realized short swing profits. The Reporting Persons are filing this Form 4/A solely to amend and restate footnotes 2-8 of the Form 4 as follows.
- F2. Trades by Oceana Master Fund Ltd.
- F3. Trades by Pentwater Credit Master Fund Ltd.
- F4. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio.
- F5. Trades by Pentwater Equity Opportunities Master Fund Ltd.
- F6. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio.
- F7. Trades by Pentwater Merger Arbitrage Master Fund Ltd.
- F8. Exercisable at any time.
Key Figures
Derivative transactions: 30 call option sales
Option contracts sold: 792 contracts
Sale price range: $24.08–$51.85 per contract
+3 more
6 metrics
Derivative transactions
30 call option sales
Open-market derivative trades on April 23, 2026
Option contracts sold
792 contracts
Net sell volume from transaction summary
Sale price range
$24.08–$51.85 per contract
Reported transaction prices for call options
Strike price range
$280–$340
Conversion or exercise prices for the call options
Near-term expiration
May 15, 2026
First disclosed option expiration date
Later expiration
June 18, 2026
Second disclosed option expiration date
Key Terms
Call Option (obligation to sell), short swing profits, Section 16(b), pecuniary interest, +1 more
5 terms
Call Option (obligation to sell) financial
"security_title: "Call Option (obligation to sell)""
short swing profits regulatory
"will voluntarily pay any realized short swing profits"
Profits made by corporate insiders when they buy and then sell (or sell and then buy) the company’s stock within a short statutory window—typically six months—are called short swing profits. Regulators allow the company or its shareholders to recover those gains because the rule treats quick insider trades as potentially based on nonpublic information; this matters to investors because it affects corporate governance, transparency, and potential legal or financial claims against the company.
Section 16(b) regulatory
"for purposes of Section 16 or for any other purpose. The Reporting Persons are in discussions with the Issuer and, to the extent required pursuant to Section 16(b)"
A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.
pecuniary interest financial
"disclaims beneficial ownership in the securities reported except to the extent of its or his pecuniary interest"
beneficial ownership regulatory
"disclaims beneficial ownership in the securities reported except to the extent"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What types of derivatives did the Pentwater funds trade in this AVIS BUDGET GROUP (CAR) filing?
The funds traded “Call Option (obligation to sell)” derivatives linked to CAR common stock. These options require the seller to deliver shares if exercised. Each line item specifies the number of option contracts and the corresponding number of underlying CAR common shares per trade.
What prices and strikes are disclosed for the AVIS BUDGET GROUP (CAR) call options?
The call options were sold at prices between $24.08 and $51.85 per contract. The disclosed exercise, or strike, prices range from $280 to $340, defining the price at which the option buyer could require delivery of AVIS BUDGET GROUP common shares.
When do the reported AVIS BUDGET GROUP (CAR) call options expire?
The options in this filing have expiration dates on May 15, 2026 and June 18, 2026. After these dates, the rights under each option lapse. Several series of call options with different strikes share these common expiration dates in mid-2026.
How many AVIS BUDGET GROUP (CAR) option contracts did the Pentwater funds sell?
According to the transaction summary, the funds sold 792 call option contracts on CAR on April 23, 2026. This total reflects 30 separate derivative transactions, all coded as open-market sales, without any offsetting purchases or exercises reported in this amendment.
What does the AVIS BUDGET GROUP (CAR) filing say about short swing profits?
The reporting persons state they are in discussions with AVIS BUDGET GROUP and will voluntarily pay any realized short swing profits required under Section 16(b). Section 16(b) addresses short-term trading profits by insiders, and the statement covers any such profits from these trades.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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