Pentwater funds trim Avis Budget Group (NASDAQ: CAR) with 1.85M-share sale
Filing Impact
Filing Sentiment
Form Type
4/A
Rhea-AI Filing Summary
Pentwater Capital Management LP and Matthew Halbower, as reporting persons for various Pentwater funds, reported a series of open-market sales of Avis Budget Group (CAR) common stock. Across April 22–23 2026, the funds sold an aggregate of about 1,852,642 shares.
The common stock sales occurred at prices including $438.74 per share on April 22 2026 and in ranges such as $250.61–$290.38 per share on April 23 2026. In addition, the funds sold multiple call options (obligations to sell) on Avis Budget common stock with strike prices between $220 and $310 per share, collecting option premiums such as $20.06–$30.28 per option and creating obligations on specified numbers of underlying shares.
All positions are reported as indirect holdings by named funds including Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., Oceana Master Fund Ltd., Crown Managed Accounts SPC and LMA SPC. The reporting persons disclaim beneficial ownership beyond their pecuniary interest and state they are in discussions with Avis Budget Group and will voluntarily pay any realized short swing profits to the extent required under Section 16(b).
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 1,852,642 shares ($510,926,456)
Net Sell
59 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
1,852,642 shs ($510.93M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 2 | $24.34 | $48.68 |
| Sale | Call Option (obligation to sell) | 2 | $24.34 | $48.68 |
| Sale | Call Option (obligation to sell) | 14 | $24.34 | $340.76 |
| Sale | Call Option (obligation to sell) | 8 | $24.34 | $194.72 |
| Sale | Call Option (obligation to sell) | 64 | $24.34 | $2K |
| Sale | Call Option (obligation to sell) | 10 | $27.34 | $273.40 |
| Sale | Call Option (obligation to sell) | 2 | $27.34 | $54.68 |
| Sale | Call Option (obligation to sell) | 2 | $27.34 | $54.68 |
| Sale | Call Option (obligation to sell) | 14 | $27.34 | $382.76 |
| Sale | Call Option (obligation to sell) | 8 | $27.34 | $218.72 |
| Sale | Call Option (obligation to sell) | 64 | $27.34 | $2K |
| Sale | Call Option (obligation to sell) | 10 | $26.39 | $263.90 |
| Sale | Call Option (obligation to sell) | 2 | $26.39 | $52.78 |
| Sale | Call Option (obligation to sell) | 2 | $26.39 | $52.78 |
| Sale | Call Option (obligation to sell) | 14 | $26.39 | $369.46 |
| Sale | Call Option (obligation to sell) | 8 | $26.39 | $211.12 |
| Sale | Call Option (obligation to sell) | 64 | $26.39 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $30.28 | $151.40 |
| Sale | Call Option (obligation to sell) | 1 | $30.28 | $30.28 |
| Sale | Call Option (obligation to sell) | 7 | $30.28 | $211.96 |
| Sale | Call Option (obligation to sell) | 4 | $30.28 | $121.12 |
| Sale | Call Option (obligation to sell) | 33 | $30.28 | $999.24 |
| Sale | Call Option (obligation to sell) | 5 | $26.39 | $131.95 |
| Sale | Call Option (obligation to sell) | 1 | $26.39 | $26.39 |
| Sale | Call Option (obligation to sell) | 1 | $26.39 | $26.39 |
| Sale | Call Option (obligation to sell) | 7 | $26.39 | $184.73 |
| Sale | Call Option (obligation to sell) | 4 | $26.39 | $105.56 |
| Sale | Call Option (obligation to sell) | 32 | $26.39 | $844.48 |
| Sale | Call Option (obligation to sell) | 5 | $20.06 | $100.30 |
| Sale | Call Option (obligation to sell) | 1 | $20.06 | $20.06 |
| Sale | Common Stock | 7,602 | $257.31 | $1.96M |
| Sale | Common Stock | 869 | $257.31 | $224K |
| Sale | Common Stock | 145 | $257.31 | $37K |
| Sale | Common Stock | 9,802 | $257.31 | $2.52M |
| Sale | Common Stock | 4,815 | $257.31 | $1.24M |
| Sale | Common Stock | 46,767 | $257.31 | $12.03M |
| Sale | Common Stock | 22,806 | $250.61 | $5.72M |
| Sale | Common Stock | 2,606 | $250.61 | $653K |
| Sale | Common Stock | 436 | $250.61 | $109K |
| Sale | Common Stock | 29,406 | $250.61 | $7.37M |
| Sale | Common Stock | 14,446 | $250.61 | $3.62M |
| Sale | Common Stock | 140,300 | $250.61 | $35.16M |
| Sale | Common Stock | 17,241 | $290.38 | $5.01M |
| Sale | Common Stock | 8,813 | $290.38 | $2.56M |
| Sale | Common Stock | 1,341 | $290.38 | $389K |
| Sale | Common Stock | 99,419 | $290.38 | $28.87M |
| Sale | Common Stock | 48,841 | $290.38 | $14.18M |
| Sale | Common Stock | 474,345 | $290.38 | $137.74M |
| Sale | Common Stock | 6,963 | $278.44 | $1.94M |
| Sale | Common Stock | 1,039 | $278.44 | $289K |
| Sale | Common Stock | 78,563 | $278.44 | $21.88M |
| Sale | Common Stock | 38,596 | $278.44 | $10.75M |
| Sale | Common Stock | 374,839 | $278.44 | $104.37M |
| Sale | Common Stock | 137,058 | $264.60 | $36.27M |
| Sale | Common Stock | 15,664 | $264.60 | $4.14M |
| Sale | Common Stock | 2,627 | $264.60 | $695K |
| Sale | Common Stock | 176,728 | $264.60 | $46.76M |
| Sale | Common Stock | 86,822 | $264.60 | $22.97M |
| Sale | Common Stock | 3,347 | $438.74 | $1.47M |
Holdings After Transaction:
Call Option (obligation to sell) — 2 shares (Indirect, Pentwater Credit Master Fund Ltd.);
Common Stock — 6,169,498 shares (Indirect, Oceana Master Fund Ltd.)
Footnotes (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.
Key Figures
Net shares sold: 1,852,642 shares
Highest stock sale price: $438.74 per share
Common stock sale prices: $250.61–$290.38 per share
+4 more
7 metrics
Net shares sold
1,852,642 shares
Aggregate net sales across all reported transactions
Highest stock sale price
$438.74 per share
Open-market common stock sale on April 22 2026
Common stock sale prices
$250.61–$290.38 per share
Open-market sales on April 23 2026
Call option premiums
$20.06–$30.28 per option
Sale of call options on April 23 2026
Call option strike prices
$220–$310 per share
Underlying Avis Budget Group common stock
Derivative transactions count
30 transactions
Number of derivative entries in transaction summary
Net buy/sell direction
net-sell
Overall direction from transaction summary
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"
Section 16(b) regulatory
"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 ... except to the extent of its or his pecuniary interest"
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.
FAQ
What derivative transactions involving Avis Budget Group (CAR) did the Pentwater funds report?
They reported selling call options described as “Call Option (obligation to sell)” on Avis Budget common stock. These options carried strike prices including $220, $260, $280, $290 and $300–$310 per share, with option premiums reported around $20.06–$30.28 per option contract.
How do Pentwater and Matthew Halbower characterize their ownership in Avis Budget Group (CAR) shares?
They report the positions as indirect holdings of specific Pentwater-managed funds and expressly disclaim beneficial ownership except for any pecuniary interest. The filing states this report should not be deemed an admission of beneficial ownership for Section 16 or any other purpose.
What do the Pentwater reporting persons say about potential short swing profits in Avis Budget Group (CAR)?
They state they are in discussions with Avis Budget Group and, to the extent required under Section 16(b), will voluntarily pay any realized short swing profits. This commitment applies to profits that may be subject to the short-swing profit recovery rules for insiders.