STOCK TITAN

Pentwater trims Avis Budget Group (NASDAQ: CAR) stake with stock and call option sales

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4/A

Rhea-AI Filing Summary

Pentwater-managed funds reported significant selling in Avis Budget Group on April 23, 2026. Funds advised by Pentwater Capital Management sold 843,201 shares of Avis Budget Group common stock at a price of $264.60 per share in open-market transactions. After these stock sales, the filing shows indirect holdings of 3,485,000 common shares.

The same day, affiliated funds also sold exchange-traded call options described as an obligation to sell Avis common stock, at strike prices ranging from $220.00 to $270.00 per share and expiring on April 24, 2026. The filing attributes trades to specific funds such as Pentwater Merger Arbitrage Master Fund Ltd. and Oceana Master Fund Ltd., with Pentwater and Matthew Halbower disclaiming beneficial ownership beyond any pecuniary interest. The reporting persons note they are in discussions with Avis Budget Group and state they will voluntarily pay any realized short swing profits to the issuer to the extent required under Section 16(b).

Positive

  • None.

Negative

  • None.

Insights

Pentwater-advised funds made large stock sales and wrote short-dated calls in Avis Budget Group.

Funds advised by Pentwater Capital Management LP sold 843,201 Avis Budget Group common shares at $264.60 while still holding 3,485,000 shares indirectly. This indicates a notable but partial reduction of their economic exposure rather than a full exit.

In parallel, several Pentwater-associated funds sold listed call options obligating them to deliver Avis shares at strike prices between $220.00 and $270.00, all expiring on April 24, 2026. These option sales resemble covered-call or overwrite activity tied to their remaining equity holdings, but the filing does not state their broader strategy.

The footnotes clarify that the transactions are attributed to specific funds like Pentwater Merger Arbitrage Master Fund Ltd. and Oceana Master Fund Ltd., with Pentwater and Matthew Halbower disclaiming beneficial ownership except for any pecuniary interest. They also state they are in discussions with Avis Budget Group and intend to remit any realized short swing profits to the issuer as required under Section 16(b). Given the lack of information on overall fund positioning or motives, this filing is best viewed as a sizeable but routine portfolio adjustment rather than a standalone signal on Avis’s fundamentals.

Insider Pentwater Capital Management LP, Halbower Matthew
Role null | null
Sold 843,502 shs ($223.12M)
Type Security Shares Price Value
Sale Call Option (obligation to sell) 1 $20.06 $20.06
Sale Call Option (obligation to sell) 7 $20.06 $140.42
Sale Call Option (obligation to sell) 4 $20.06 $80.24
Sale Call Option (obligation to sell) 32 $20.06 $641.92
Sale Call Option (obligation to sell) 10 $19.97 $199.70
Sale Call Option (obligation to sell) 2 $19.97 $39.94
Sale Call Option (obligation to sell) 2 $19.97 $39.94
Sale Call Option (obligation to sell) 14 $19.97 $279.58
Sale Call Option (obligation to sell) 8 $19.97 $159.76
Sale Call Option (obligation to sell) 64 $19.97 $1K
Sale Call Option (obligation to sell) 5 $22.66 $113.30
Sale Call Option (obligation to sell) 1 $22.66 $22.66
Sale Call Option (obligation to sell) 1 $22.66 $22.66
Sale Call Option (obligation to sell) 7 $22.66 $158.62
Sale Call Option (obligation to sell) 4 $22.66 $90.64
Sale Call Option (obligation to sell) 32 $22.66 $725.12
Sale Call Option (obligation to sell) 5 $19.06 $95.30
Sale Call Option (obligation to sell) 1 $19.06 $19.06
Sale Call Option (obligation to sell) 7 $19.06 $133.42
Sale Call Option (obligation to sell) 4 $19.06 $76.24
Sale Call Option (obligation to sell) 33 $19.06 $628.98
Sale Call Option (obligation to sell) 5 $21.08 $105.40
Sale Call Option (obligation to sell) 1 $21.08 $21.08
Sale Call Option (obligation to sell) 1 $21.08 $21.08
Sale Call Option (obligation to sell) 7 $21.08 $147.56
Sale Call Option (obligation to sell) 4 $21.08 $84.32
Sale Call Option (obligation to sell) 32 $21.08 $674.56
Sale Call Option (obligation to sell) 5 $17.22 $86.10
Sale Call Option (obligation to sell) 1 $17.22 $17.22
Sale Call Option (obligation to sell) 1 $17.22 $17.22
Sale Common Stock 843,201 $264.60 $223.11M
Holdings After Transaction: Call Option (obligation to sell) — 1 shares (Indirect, LMA SPC for and on behalf of the MAP 98 Segregated Portfolio); Common Stock — 3,485,000 shares (Indirect, Pentwater Merger Arbitrage Master Fund Ltd.)
Footnotes (1)
  1. 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. Trades by Oceana Master Fund Ltd. Trades by Pentwater Credit Master Fund Ltd. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio. Trades by Pentwater Equity Opportunities Master Fund Ltd. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio. Trades by Pentwater Merger Arbitrage Master Fund Ltd. Exercisable at any time.
Common shares sold 843,201 shares Open-market sale at $264.60 on April 23, 2026
Sale price per share $264.60 Price for 843,201 common shares sold
Shares held after sale 3,485,000 shares Indirect Avis common stock holdings after transactions
Call option strike price range $220.00–$270.00 Strikes on call options obligating funds to sell shares
Call option expiration April 24, 2026 Expiration date for reported call option positions
Net share change -843,502 shares Net selling across stock and related transactions
Number of sell transactions 31 transactions All coded as sales in transaction summary
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"
Section 16(b) regulatory
"to the extent required pursuant to Section 16(b), will voluntarily pay"
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.
investment adviser financial
"to which PCM serves as investment adviser"
An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
ten percent owner regulatory
"is_ten_percent_owner": 1"
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
X
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Pentwater Capital Management LP

(Last)(First)(Middle)
1001 10TH AVENUE SOUTH
SUITE 216

(Street)
NAPLES FLORIDA 34102

(City)(State)(Zip)

UNITED STATES

(Country)
2. Issuer Name and Ticker or Trading Symbol
AVIS BUDGET GROUP, INC. [ CAR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/22/2026
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)
04/28/2026
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock04/23/2026S843,201D$264.63,485,000IPentwater Merger Arbitrage Master Fund Ltd.(1)(7)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Call Option (obligation to sell)(8)$22004/23/2026S1 (8)04/24/2026Common Stock100$20.061ILMA SPC for and on behalf of the MAP 98 Segregated Portfolio(1)(4)
Call Option (obligation to sell)$22004/23/2026S7 (8)04/24/2026Common Stock700$20.067IPentwater Equity Opportunities Master Fund Ltd.(1)(5)
Call Option (obligation to sell)$22004/23/2026S4 (8)04/24/2026Common Stock400$20.064ICrown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio(1)(6)
Call Option (obligation to sell)$22004/23/2026S32 (8)04/24/2026Common Stock3,200$20.0632IPentwater Merger Arbitrage Master Fund Ltd.(1)(7)
Call Option (obligation to sell)$23004/23/2026S10 (8)04/24/2026Common Stock1,000$19.9710IOceana Master Fund Ltd.(1)(2)
Call Option (obligation to sell)$23004/23/2026S2 (8)04/24/2026Common Stock200$19.972IPentwater Credit Master Fund Ltd.(1)(3)
Call Option (obligation to sell)$23004/23/2026S2 (8)04/24/2026Common Stock200$19.972ILMA SPC for and on behalf of the MAP 98 Segregated Portfolio(1)(4)
Call Option (obligation to sell)$23004/23/2026S14 (8)04/24/2026Common Stock1,400$19.9714IPentwater Equity Opportunities Master Fund Ltd.(1)(5)
Call Option (obligation to sell)$23004/23/2026S8 (8)04/24/2026Common Stock800$19.978ICrown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio(1)(6)
Call Option (obligation to sell)$23004/23/2026S64 (8)04/24/2026Common Stock6,400$19.9764IPentwater Merger Arbitrage Master Fund Ltd.(1)(7)
Call Option (obligation to sell)$24004/23/2026S5 (8)04/24/2026Common Stock500$22.665IOceana Master Fund Ltd.(1)(2)
Call Option (obligation to sell)$24004/23/2026S1 (8)04/24/2026Common Stock100$22.661IPentwater Credit Master Fund Ltd.(1)(3)
Call Option (obligation to sell)$24004/23/2026S1 (8)04/24/2026Common Stock100$22.661ILMA SPC for and on behalf of the MAP 98 Segregated Portfolio(1)(4)
Call Option (obligation to sell)$24004/23/2026S7 (8)04/24/2026Common Stock700$22.667IPentwater Equity Opportunities Master Fund Ltd.(1)(5)
Call Option (obligation to sell)$24004/23/2026S4 (8)04/24/2026Common Stock400$22.664ICrown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio(1)(6)
Call Option (obligation to sell)$24004/23/2026S32 (8)04/24/2026Common Stock3,200$22.6632IPentwater Merger Arbitrage Master Fund Ltd.(1)(7)
Call Option (obligation to sell)$25004/23/2026S5 (8)04/24/2026Common Stock500$19.065IOceana Master Fund Ltd.(1)(2)
Call Option (obligation to sell)$25004/23/2026S1 (8)04/24/2026Common Stock100$19.061IPentwater Credit Master Fund Ltd.(1)(3)
Call Option (obligation to sell)$25004/23/2026S7 (8)04/24/2026Common Stock700$19.067IPentwater Equity Opportunities Master Fund Ltd.(1)(5)
Call Option (obligation to sell)$25004/23/2026S4 (8)04/24/2026Common Stock400$19.064ICrown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio(1)(6)
Call Option (obligation to sell)$25004/23/2026S33 (8)04/24/2026Common Stock3,300$19.0633IPentwater Merger Arbitrage Master Fund Ltd.(1)(7)
Call Option (obligation to sell)$26004/23/2026S5 (8)04/24/2026Common Stock500$21.085IOceana Master Fund Ltd.(1)(2)
Call Option (obligation to sell)$26004/23/2026S1 (8)04/24/2026Common Stock100$21.081IPentwater Credit Master Fund Ltd.(1)(3)
Call Option (obligation to sell)$26004/23/2026S1 (8)04/24/2026Common Stock100$21.081ILMA SPC for and on behalf of the MAP 98 Segregated Portfolio(1)(4)
Call Option (obligation to sell)$26004/23/2026S7 (8)04/24/2026Common Stock700$21.087IPentwater Equity Opportunities Master Fund Ltd.(1)(5)
Call Option (obligation to sell)$26004/23/2026S4 (8)04/24/2026Common Stock400$21.084ICrown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio(1)(6)
Call Option (obligation to sell)$26004/23/2026S32 (8)04/24/2026Common Stock3,200$21.0832IPentwater Merger Arbitrage Master Fund Ltd.(1)(7)
Call Option (obligation to sell)$27004/23/2026S5 (8)04/24/2026Common Stock500$17.225IOceana Master Fund Ltd.(1)(2)
Call Option (obligation to sell)$27004/23/2026S1 (8)04/24/2026Common Stock100$17.221IPentwater Credit Master Fund Ltd.(1)(3)
Call Option (obligation to sell)$27004/23/2026S1 (8)04/24/2026Common Stock100$17.221ILMA SPC for and on behalf of the MAP 98 Segregated Portfolio(1)(4)
1. Name and Address of Reporting Person*
Pentwater Capital Management LP

(Last)(First)(Middle)
1001 10TH AVENUE SOUTH
SUITE 216

(Street)
NAPLES FLORIDA 34102

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Halbower Matthew

(Last)(First)(Middle)
PENTWATER CAPITAL MANAGEMENT LP
1001 10TH AVENUE SOUTH, SUITE 216

(Street)
NAPLES FLORIDA 34102

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. 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.
2. Trades by Oceana Master Fund Ltd.
3. Trades by Pentwater Credit Master Fund Ltd.
4. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio.
5. Trades by Pentwater Equity Opportunities Master Fund Ltd.
6. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio.
7. Trades by Pentwater Merger Arbitrage Master Fund Ltd.
8. Exercisable at any time.
Remarks:
Because of the SEC Form 4 filing limitation of 30 transactions per form, this Form 4 is being split into 6 forms. This is form 3 of 6.
/s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer05/12/2026
/s/ Matthew Halbower05/12/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

Who is identified as the reporting person in the Avis Budget Group (CAR) Form 4/A?

The Form 4/A lists Pentwater Capital Management LP and Matthew Halbower as reporting persons, acting with respect to securities held by certain Pentwater funds. They act as investment adviser or controlling persons, while trades are attributed to the underlying funds holding the positions.

How do Pentwater and Matthew Halbower describe their beneficial ownership of Avis Budget Group (CAR) securities?

They state that each party disclaims beneficial ownership of the reported Avis securities except to the extent of any pecuniary interest. The shares and options are held by specific funds, and the filing clarifies that it should not be deemed an admission of beneficial ownership for Section 16 purposes.