Pentwater funds boost Avis Budget stake via option exercises

Pentwater-managed funds reported substantial option exercises and share acquisitions in Avis Budget Group, Inc. (CAR).

Rhea-AI Filing Summary

Pentwater-managed funds reported substantial option exercises and share acquisitions in Avis Budget Group, Inc. (CAR). On March 18–19, funds advised by Pentwater Capital Management LP exercised multiple put option positions on CAR, acquiring blocks of common stock at strike prices of $110, $120, $125 and $130 per share through in-the-money derivative exercises.

The funds also bought 211 call options with an $85 strike at an average price of $24.7626 per option and sold 211 put options with an $85 strike at an average price of $12.3082, both expiring on November 20, 2026.

Following these transactions, entities managed by Pentwater indirectly held 5,437,300 shares of CAR common stock. Pentwater and Matthew Halbower each disclaim beneficial ownership beyond any pecuniary interest.

Insights

Equity derivatives and insider-trading analyst

Pentwater funds exercised sizable CAR put positions and increased indirect common share exposure.

The reporting shows funds advised by Pentwater Capital Management LP converting in-the-money put options on AVIS BUDGET GROUP (CAR) into common stock at strikes between $110 and $130. These exercises shift exposure from derivatives into outright share ownership.

Alongside the exercises, the funds bought call options and sold an equal number of put options with an $85 strike expiring on November 20, 2026, creating an additional options position around that level. After all reported moves, the Pentwater-managed entities indirectly hold 5,437,300 CAR shares, indicating a large continuing position.

The Form 4 states that Pentwater and Matthew Halbower each disclaim beneficial ownership beyond any pecuniary interest, so these transactions are best understood as activity in hedge funds they advise rather than personal trading. There is no reference to a Rule 10b5‑1 trading plan in the text provided.

Insider Trade Summary

10,329 shares exercised/converted

Exercise 14 txns

Insider Pentwater Capital Management LP, Halbower Matthew

Role 10% Owner | 10% Owner

Bought 211 shs ($5K)

Sold 211 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Call Option (right to buy)	211	$24.7626	$5K
Sale	Put Option (obligation to buy)	211	$12.3082	$3K
In-the-Money Exercise	Put Option (obligation to buy)	5,085	$0.00	$0.00
In-the-Money Exercise	Put Option (obligation to buy)	138	$0.00	$0.00
In-the-Money Exercise	Put Option (obligation to buy)	3,717	$0.00	$0.00
In-the-Money Exercise	Put Option (obligation to buy)	1,024	$0.00	$0.00
In-the-Money Exercise	Common Stock	508,500	$110.00	$55.94M
In-the-Money Exercise	Common Stock	13,800	$120.00	$1.66M
In-the-Money Exercise	Common Stock	371,700	$125.00	$46.46M
In-the-Money Exercise	Common Stock	102,400	$130.00	$13.31M
In-the-Money Exercise	Put Option (obligation to buy)	41	$0.00	$0.00
In-the-Money Exercise	Put Option (obligation to buy)	324	$0.00	$0.00
In-the-Money Exercise	Common Stock, par value $0.01 per share ("Common Stock")	4,100	$120.00	$492K
In-the-Money Exercise	Common Stock	32,400	$125.00	$4.05M

Holdings After Transaction: Call Option (right to buy) — 211 contracts (Indirect, See footnote); Put Option (obligation to buy) — 16,921 contracts (Indirect, See footnote); Common Stock, par value $0.01 per share ("Common Stock") — 4,408,500 shares (Indirect, See footnote); Common Stock — 5,437,300 shares (Indirect, See footnote)

Footnotes (2)

1. F1. This Form 4 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") 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 on this Form 4 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 Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
2. F2. Exercisable at any time.

FAQ

What did Pentwater Capital-related funds do in this Avis Budget (CAR) Form 4?

Funds advised by Pentwater Capital Management LP exercised in-the-money put options and acquired CAR common shares. They also bought call options and sold put options with an $85 strike, reshaping their exposure while keeping a large indirect equity position.

How many Avis Budget (CAR) shares do Pentwater-managed entities hold after these transactions?

After the reported transactions, Pentwater-managed entities indirectly hold 5,437,300 CAR common shares. This figure comes from the post-transaction ownership line in the Form 4 and reflects the position attributed to funds advised by Pentwater Capital Management LP.

What types of derivatives on Avis Budget (CAR) were involved in the Pentwater Form 4?

The filing shows exercises of put options and new positions in both call and put options on CAR. The exercised puts had strikes of $110, $120, $125, and $130, while the new call and put options share an $85 strike and expire November 20, 2026.

Who is actually trading Avis Budget (CAR) securities in this Pentwater Form 4?

The securities are held by certain funds advised by Pentwater Capital Management LP. The Form 4 explains that Pentwater and Matthew Halbower file as reporting persons but each disclaims beneficial ownership beyond any pecuniary interest in those fund-held positions.

Does this Avis Budget (CAR) Form 4 show open-market buying or selling by Pentwater funds?

The filing records one open-market purchase of call options and one open-market sale of put options on CAR. It also details several in-the-money put option exercises that resulted in the funds receiving blocks of Avis Budget common stock.

Were the Pentwater trades in Avis Budget (CAR) part of a Rule 10b5-1 plan?

The provided Form 4 excerpt does not state that these trades were executed under a Rule 10b5-1 plan. The key disclosure focuses instead on derivative exercises, option purchases and sales, and the resulting indirect CAR share holdings.

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Accepted by SEC EDGAR 03/20/2026 - 09:30 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED 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

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)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share ("Common Stock")	03/18/2026		X		4,100	A	$120	4,408,500	I	See footnote(1)
Common Stock	03/18/2026		X		32,400	A	$125	4,440,900	I	See footnote(1)
Common Stock	03/19/2026		X		508,500	A	$110	4,949,400	I	See footnote(1)
Common Stock	03/19/2026		X		13,800	A	$120	4,963,200	I	See footnote(1)
Common Stock	03/19/2026		X		371,700	A	$125	5,334,900	I	See footnote(1)
Common Stock	03/19/2026		X		102,400	A	$130	5,437,300	I	See footnote(1)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put Option (obligation to buy)	$120	03/18/2026		X			41	(2)	03/20/2026	Common Stock	4,100	$0	3,904	I	See footnote(1)
Put Option (obligation to buy)	$125	03/18/2026		X			324	(2)	03/20/2026	Common Stock	32,400	$0	4,255	I	See footnote(1)
Call Option (right to buy)	$85	03/19/2026		P		211		(2)	11/20/2026	Common Stock	21,100	$24.7626	211	I	See footnote(1)
Put Option (obligation to buy)	$85	03/19/2026		S			211	(2)	11/20/2026	Common Stock	21,100	$12.3082	211	I	See footnote(1)
Put Option (obligation to buy)	$110	03/19/2026		X			5,085	(2)	03/20/2026	Common Stock	508,500	$0	12,363	I	See footnote(1)
Put Option (obligation to buy)	$120	03/19/2026		X			138	(2)	03/20/2026	Common Stock	13,800	$0	3,766	I	See footnote(1)
Put Option (obligation to buy)	$125	03/19/2026		X			3,717	(2)	03/20/2026	Common Stock	371,700	$0	538	I	See footnote(1)
Put Option (obligation to buy)	$130	03/19/2026		X			1,024	(2)	03/20/2026	Common Stock	102,400	$0	43	I	See footnote(1)

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

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Halbower Matthew

(Last) (First) (Middle)

1001 10TH AVENUE SOUTH

SUITE 316

(Street)

NAPLES FLORIDA 34102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 4 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") 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 on this Form 4 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 Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. Exercisable at any time.

	/s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer	03/20/2026
	/s/ Matthew Halbower	03/20/2026
	** Signature of Reporting Person	Date
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)