Avis Budget Group (CAR) holder Pentwater funds net-sell 1.64M shares
Rhea-AI Filing Summary
Pentwater-managed funds reported significant open-market sales of Avis Budget Group common stock and related call options. On April 22, 2026, various funds advised by Pentwater Capital Management sold an aggregate of 1,643,913 shares of Common Stock at prices ranging from $438.74 to $702.24 per share, leaving combined indirect holdings of about 7.8 million shares across the funds noted in the filing.
On April 23, 2026, the same fund complex recorded multiple sales of Call Options (obligation to sell) on Avis Budget common stock, with exercise prices between $260.00 and $320.00 and expirations in early May 2026. All positions are held indirectly by entities such as Pentwater Merger Arbitrage Master Fund Ltd., Oceana Master Fund Ltd., and others, not by Pentwater Capital Management LP or Matthew Halbower personally.
The footnotes state that Pentwater Capital Management LP and Matthew Halbower each disclaim beneficial ownership except to the extent of any pecuniary interest. They also note that the reporting persons are in discussions with Avis Budget Group and, if required under Section 16(b), will voluntarily pay any realized short swing profits, and that this amended Form 4 restates prior footnotes.
Positive
- None.
Negative
- None.
Insights
Pentwater-advised funds disclosed a large net sale and short-swing profit undertakings.
The filing shows Pentwater-advised funds as substantial holders of Avis Budget Group indirectly selling 1,643,913 common shares plus related call options. All transactions are open-market sales, and the derivative records indicate obligations to sell stock at high strike prices between $260 and $320.
Post-transaction, the funds still report about 7.8 million shares held indirectly, so this is a partial trim rather than an exit. The absence of remaining derivatives in the derivative summary suggests the visible option activity here was fully transacted rather than establishing a new options overhang.
The footnote that Pentwater Capital Management LP and Matthew Halbower will voluntarily pay any realized short swing profits if required under Section 16(b) is notable. It ties these trades to ongoing discussions with the issuer but does not, by itself, indicate any regulatory finding. The overall information is important for tracking a large shareholder’s position but does not, on its own, change the fundamental business outlook for Avis Budget Group.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 5 | $31.47 | $157.35 |
| Sale | Call Option (obligation to sell) | 1 | $31.47 | $31.47 |
| Sale | Call Option (obligation to sell) | 1 | $31.47 | $31.47 |
| Sale | Call Option (obligation to sell) | 7 | $31.47 | $220.29 |
| Sale | Call Option (obligation to sell) | 4 | $31.47 | $125.88 |
| Sale | Call Option (obligation to sell) | 32 | $31.47 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $31.18 | $155.90 |
| Sale | Call Option (obligation to sell) | 1 | $31.18 | $31.18 |
| Sale | Call Option (obligation to sell) | 1 | $31.18 | $31.18 |
| Sale | Call Option (obligation to sell) | 7 | $31.18 | $218.26 |
| Sale | Call Option (obligation to sell) | 4 | $31.18 | $124.72 |
| Sale | Call Option (obligation to sell) | 32 | $31.18 | $997.76 |
| Sale | Call Option (obligation to sell) | 5 | $31.06 | $155.30 |
| Sale | Call Option (obligation to sell) | 1 | $31.06 | $31.06 |
| Sale | Call Option (obligation to sell) | 7 | $31.06 | $217.42 |
| Sale | Call Option (obligation to sell) | 4 | $31.06 | $124.24 |
| Sale | Call Option (obligation to sell) | 33 | $31.06 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $27.24 | $136.20 |
| Sale | Call Option (obligation to sell) | 1 | $27.24 | $27.24 |
| Sale | Call Option (obligation to sell) | 1 | $27.24 | $27.24 |
| Sale | Call Option (obligation to sell) | 7 | $27.24 | $190.68 |
| Sale | Call Option (obligation to sell) | 4 | $27.24 | $108.96 |
| Sale | Call Option (obligation to sell) | 32 | $27.24 | $871.68 |
| Sale | Call Option (obligation to sell) | 5 | $22.53 | $112.65 |
| Sale | Call Option (obligation to sell) | 1 | $22.53 | $22.53 |
| Sale | Call Option (obligation to sell) | 1 | $22.53 | $22.53 |
| Sale | Call Option (obligation to sell) | 7 | $22.53 | $157.71 |
| Sale | Call Option (obligation to sell) | 4 | $22.53 | $90.12 |
| Sale | Call Option (obligation to sell) | 32 | $22.53 | $720.96 |
| Sale | Call Option (obligation to sell) | 10 | $24.34 | $243.40 |
| Sale | Common Stock, par value $0.01 per share ("Common Stock") | 58,529 | $702.24 | $41.10M |
| Sale | Common Stock | 6,689 | $702.24 | $4.70M |
| Sale | Common Stock | 9,782 | $702.24 | $6.87M |
| Sale | Common Stock | 42,774 | $648.56 | $27.74M |
| Sale | Common Stock | 4,888 | $648.56 | $3.17M |
| Sale | Common Stock | 7,149 | $648.56 | $4.64M |
| Sale | Common Stock | 52,885 | $648.56 | $34.30M |
| Sale | Common Stock | 25,981 | $648.56 | $16.85M |
| Sale | Common Stock | 252,323 | $648.56 | $163.65M |
| Sale | Common Stock | 2,216 | $620.79 | $1.38M |
| Sale | Common Stock | 253 | $620.79 | $157K |
| Sale | Common Stock | 371 | $620.79 | $230K |
| Sale | Common Stock | 2,740 | $620.79 | $1.70M |
| Sale | Common Stock | 1,346 | $620.79 | $836K |
| Sale | Common Stock | 13,074 | $620.79 | $8.12M |
| Sale | Common Stock | 65,730 | $620.50 | $40.79M |
| Sale | Common Stock | 7,515 | $620.50 | $4.66M |
| Sale | Common Stock | 1,830 | $620.50 | $1.14M |
| Sale | Common Stock | 81,269 | $620.50 | $50.43M |
| Sale | Common Stock | 39,926 | $620.50 | $24.77M |
| Sale | Common Stock | 387,730 | $620.50 | $240.59M |
| Sale | Common Stock | 62,790 | $588.35 | $36.94M |
| Sale | Common Stock | 7,176 | $588.35 | $4.22M |
| Sale | Common Stock | 80,964 | $588.35 | $47.64M |
| Sale | Common Stock | 39,776 | $588.35 | $23.40M |
| Sale | Common Stock | 386,294 | $588.35 | $227.28M |
| Sale | Common Stock | 544 | $438.74 | $239K |
| Sale | Common Stock | 62 | $438.74 | $27K |
| Sale | Common Stock | 702 | $438.74 | $308K |
| Sale | Common Stock | 345 | $438.74 | $151K |
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
Key Terms
Call Option (obligation to sell) financial
Section 16(b) regulatory
short swing profits financial
ten percent owner regulatory
investment adviser financial
indirect ownership financial
