Pentwater funds sell CAR call options expiring 2026
Pentwater-managed funds reported open-market sales of call options referencing Avis Budget Group, Inc. (CAR) common stock.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Pentwater-managed funds reported open-market sales of call options referencing Avis Budget Group, Inc. (CAR) common stock. The options, held indirectly through entities such as Pentwater Merger Arbitrage Master Fund Ltd., Crown Managed Accounts SPC and others, cover various strike prices between $340 and $400 per share and expire on May 15, 2026. Pentwater Capital Management LP and Matthew Halbower disclaim beneficial ownership except for any pecuniary interest. Footnotes state that certain sales are matchable with prior purchases for Section 16(b) purposes and that any short-swing profits from those matchable transactions will be voluntarily disgorged to the issuer.
Insider Trade Summary
Net Seller: 444 shares
Net Sell
21 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
10% Owner | 10% Owner
Sold
444 shs ($10K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 1 | $24.08 | $24.08 |
| Sale | Call Option (obligation to sell) | 7 | $24.08 | $168.56 |
| Sale | Call Option (obligation to sell) | 4 | $24.08 | $96.32 |
| Sale | Call Option (obligation to sell) | 32 | $24.08 | $770.56 |
| Sale | Call Option (obligation to sell) | 5 | $21.33 | $106.65 |
| Sale | Call Option (obligation to sell) | 1 | $21.33 | $21.33 |
| Sale | Call Option (obligation to sell) | 7 | $21.33 | $149.31 |
| Sale | Call Option (obligation to sell) | 4 | $21.33 | $85.32 |
| Sale | Call Option (obligation to sell) | 33 | $21.33 | $703.89 |
| Sale | Call Option (obligation to sell) | 5 | $19.68 | $98.40 |
| Sale | Call Option (obligation to sell) | 1 | $19.68 | $19.68 |
| Sale | Call Option (obligation to sell) | 1 | $19.68 | $19.68 |
| Sale | Call Option (obligation to sell) | 7 | $19.68 | $137.76 |
| Sale | Call Option (obligation to sell) | 4 | $19.68 | $78.72 |
| Sale | Call Option (obligation to sell) | 32 | $19.68 | $629.76 |
| Sale | Call Option (obligation to sell) | 30 | $22.54 | $676.20 |
| Sale | Call Option (obligation to sell) | 6 | $22.54 | $135.24 |
| Sale | Call Option (obligation to sell) | 5 | $22.54 | $112.70 |
| Sale | Call Option (obligation to sell) | 42 | $22.54 | $946.68 |
| Sale | Call Option (obligation to sell) | 24 | $22.54 | $540.96 |
| Sale | Call Option (obligation to sell) | 193 | $22.54 | $4K |
Holdings After Transaction:
Call Option (obligation to sell) — 7 contracts (Indirect, LMA SPC for and on behalf of the MAP 98 Segregated Portfolio);
Call Option (obligation to sell) — 63 contracts (Indirect, Pentwater Equity Opportunities Master Fund Ltd.);
Call Option (obligation to sell) — 36 contracts (Indirect, Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio);
Call Option (obligation to sell) — 290 contracts (Indirect, Pentwater Merger Arbitrage Master Fund Ltd.);
Call Option (obligation to sell) — 40 contracts (Indirect, Oceana Master Fund Ltd.);
Call Option (obligation to sell) — 8 contracts (Indirect, Pentwater Credit Master Fund Ltd.)
Footnotes (8)
- 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"), 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.
- F2. 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.
- F3. 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.
- F4. 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.
- F5. 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.
- F6. 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.
- F7. 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.
- F8. Exercisable at any time.
Key Figures
Call options sold: 444 contracts
Example option sale price: $22.54 per contract
Example option sale price: $19.68 per contract
+5 more
8 metrics
Call options sold
444 contracts
Total derivative sales across Pentwater-related funds on CAR
Example option sale price
$22.54 per contract
193 call options linked to 19,300 CAR shares via Pentwater Merger Arbitrage Master Fund Ltd.
Example option sale price
$19.68 per contract
32 call options linked to 3,200 CAR shares via Pentwater Merger Arbitrage Master Fund Ltd.
Example option sale price
$21.33 per contract
33 call options linked to 3,300 CAR shares via Pentwater Merger Arbitrage Master Fund Ltd.
Example option sale price
$24.08 per contract
32 call options linked to 3,200 CAR shares via Pentwater Merger Arbitrage Master Fund Ltd.
Strike price range
$340–$400 per share
Exercise prices for the reported CAR call options
Matchable sales Pentwater Equity Opportunities
20,000 shares
Sales noted as matchable against purchases on March 4 and March 6, 2026
Matchable sales Crown Managed Accounts
25,000 shares
Sales matchable against a purchase on March 4, 2026 for Section 16(b) purposes
Key Terms
Call Option (obligation to sell), Section 16(b), short-swing profits, beneficial ownership, +2 more
6 terms
Call Option (obligation to sell) financial
"security_title: Call Option (obligation to sell)"
Section 16(b) regulatory
"sales of 20,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act"
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.
short-swing profits regulatory
"have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions"
beneficial ownership financial
"disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest"
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.
matchable transaction regulatory
"none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act"
pecuniary interest financial
"except to the extent of its or his pecuniary interest, if any, therein"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Who is responsible for the Avis Budget Group (CAR) Form 4 transactions?
The Form 4 is filed by Pentwater Capital Management LP and Matthew Halbower regarding trades by several Pentwater-managed funds. They note that these entities hold the options and they disclaim beneficial ownership except for any pecuniary interest in the reported securities.
What type of derivatives were traded in the Avis Budget Group (CAR) Form 4?
The filing reports sales of call options described as an “obligation to sell” Avis Budget Group common stock. Each option contract references underlying common shares, with strikes ranging from $340 to $400 and a common expiration date of May 15, 2026.
What does the Avis Budget Group (CAR) Form 4 say about short-swing profits?
Footnotes explain that some sales are matchable with prior purchases under Section 16(b) of the Exchange Act. The reporting persons state they are discussing this with the issuer and have agreed to voluntarily disgorge any short-swing profits from those matchable trades.
Which funds executed the Avis Budget Group (CAR) option trades?
The trades involve several vehicles, including Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., Oceana Master Fund Ltd., and Crown Managed Accounts SPC acting for the Crown/PW Segregated Portfolio.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accepted by SEC EDGAR
Learn about SEC filing dates