Pentwater funds (CAR) log heavy Avis Budget Group share sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pentwater Capital Management LP and Matthew Halbower reported extensive selling activity in Avis Budget Group, Inc. through affiliated investment funds. On behalf of these Pentwater Funds, they recorded 60 open-market sale transactions, combining sales of common stock with trades in call options that reference Avis common shares.
The common stock sales include multiple large blocks, such as 386,294 shares at $588.35 per share and 387,730 shares at $620.50 per share, executed indirectly through funds like Pentwater Merger Arbitrage Master Fund Ltd. Additional sizeable sales were made via Crown Managed Accounts SPC, Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., Oceana Master Fund Ltd., and LMA SPC.
Footnotes state that Pentwater and Mr. Halbower disclaim beneficial ownership beyond any pecuniary interest. They also note that certain sales by specific funds are "matchable" under Section 16(b), and the Reporting Persons have agreed to voluntarily disgorge to Avis Budget Group any short-swing profits realized from those matchable transactions.
Positive
- None.
Negative
- None.
Insights
Pentwater-related funds executed sizeable Avis share and option sales, with some trades triggering voluntary short-swing profit disgorgement.
The filing shows Pentwater Capital Management LP and Matthew Halbower as Reporting Persons for numerous indirect transactions made by several Pentwater-managed funds. All 60 transactions are coded as open-market sales, spanning both common stock and call options tied to Avis Budget Group common shares.
Large blocks of common stock were sold through entities such as Pentwater Merger Arbitrage Master Fund Ltd., including 386,294 shares at $588.35 per share and 387,730 shares at $620.50 per share. These are material single-day trades for the funds involved, though the filing does not aggregate their total Avis exposure across all vehicles.
Footnotes explain that certain sales by Pentwater Equity Opportunities Master Fund Ltd., Crown Managed Accounts SPC, and Pentwater Merger Arbitrage Master Fund Ltd. are "matchable" under Section 16(b). The Reporting Persons state they are in discussion with Avis Budget Group and have agreed to voluntarily disgorge any short-swing profits from these matchable transactions, framing this as a compliance response rather than disputing the Section 16(b) implications.
Insider Trade Summary
Net Seller: 1,643,913 shares ($1,018,010,565)
Net Sell
60 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
1,643,913 shs ($1.02B)
| 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 |
Holdings After Transaction:
Call Option (obligation to sell) — 5 shares (Indirect, Oceana Master Fund Ltd.);
Common Stock, par value $0.01 per share ("Common Stock") — 7,765,571 shares (Indirect, Oceana Master Fund Ltd.);
Common Stock — 7,758,882 shares (Indirect, Pentwater Credit Master Fund Ltd.)
Footnotes (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"), 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 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 person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Trades by Oceana Master Fund Ltd., none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because Oceana Master Fund Ltd. has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Credit Master Fund Ltd., none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because Pentwater Credit Master Fund Ltd. has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio, none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because LMA SPC for and on behalf of the MAP 98 Segregated Portfolio has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Equity Opportunities Master Fund Ltd., of which sales of 20,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Pentwater Equity Opportunities Master Fund Ltd.'s deemed purchases of (i) 10,000 shares of Common Stock on March 4, 2026, and (ii) 10,000 shares of Common Stock on March 6, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio, of which sales of 25,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio's deemed purchase of 25,000 shares of Common Stock on March 4, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Merger Arbitrage Master Fund Ltd., of which sales of 49,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Pentwater Merger Arbitrage Master Fund Ltd.'s deemed purchases of (i) 30,000 shares of Common Stock on March 6, 2026, and (ii) 19,000 shares of Common Stock on March 9, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Exercisable at any time.
Key Figures
Sale transactions: 60 transactions
Derivative transactions: 30 derivative entries
Large common stock block: 386,294 shares at $588.35
+4 more
7 metrics
Sale transactions
60 transactions
Open-market sales reported in Form 4 transactionSummary
Derivative transactions
30 derivative entries
Call option sale transactions coded as derivative
Large common stock block
386,294 shares at $588.35
Common Stock sale by Pentwater Merger Arbitrage Master Fund Ltd.
Second large common stock block
387,730 shares at $620.50
Common Stock sale by Pentwater Merger Arbitrage Master Fund Ltd.
Additional sizeable block
252,323 shares at $648.56
Common Stock sale by Pentwater Merger Arbitrage Master Fund Ltd.
Call option strike example
$260.00 strike
Call Option (obligation to sell) with $260.00 exercise price expiring May 8, 2026
Call option underlying size
3,200 underlying shares
Underlying Common Stock for certain call option entries
Key Terms
Call Option (obligation to sell), short-swing profits, Section 16(b), matchable transaction, +2 more
6 terms
Call Option (obligation to sell) financial
"security_title: "Call Option (obligation to sell)" on multiple derivative entries"
short-swing profits regulatory
"have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions"
Section 16(b) regulatory
"matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended"
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.
matchable transaction regulatory
"none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934"
pecuniary interest financial
"disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest"
beneficial ownership regulatory
"this report shall not be deemed to be an admission that such person is the beneficial owner of such securities"
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
Which Avis Budget Group securities were sold by the Pentwater funds in this Form 4?
The filing lists sales of Common Stock and trades in Call Options (obligation to sell) referencing Avis common shares. Common stock sales include large blocks, while the derivative entries detail contract counts, strike prices, and expiration dates for the call options held by the funds.
How large were some of the common stock sales by Pentwater funds in CAR?
Individual blocks were substantial, including 386,294 shares of common stock at $588.35 per share and 387,730 shares at $620.50 per share. These trades were executed indirectly through Pentwater Merger Arbitrage Master Fund Ltd., reflecting significant single-day selling activity in Avis Budget Group shares.
Do Pentwater Capital Management LP and Matthew Halbower claim full beneficial ownership of these CAR shares?
No. A footnote states that Pentwater Capital Management LP, Matthew Halbower, and related entities disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest. The securities are held by specified Pentwater Funds for which Pentwater serves as investment adviser.
What does the Form 4 say about short-swing profits under Section 16(b) for CAR trades?
Footnotes explain that certain sales by Pentwater Equity Opportunities Master Fund Ltd., Crown Managed Accounts SPC, and Pentwater Merger Arbitrage Master Fund Ltd. are matchable under Section 16(b). The Reporting Persons have agreed to voluntarily disgorge to Avis Budget Group any short-swing profits realized from those matchable transactions.
Are the CAR transactions in this Form 4 direct or indirect holdings for Pentwater and Matthew Halbower?
All reported trades use ownership code "I" for indirect and identify funds such as Oceana Master Fund Ltd. and Pentwater Credit Master Fund Ltd. as holders. Pentwater and Matthew Halbower report these as indirect positions via funds they advise rather than direct personal holdings of Avis Budget Group shares.