Pentwater boosts Avis Budget (CAR) stake through in-the-money option exercises
Rhea-AI Filing Summary
Pentwater Capital Management LP, as a ten percent owner of Avis Budget Group, Inc., reported a series of derivative exercises tied to Common Stock on 2026-03-12 and 2026-03-13. Funds advised by Pentwater exercised put options (obligations to buy) and acquired Avis Budget common shares at exercise prices of $120.00, $125.00, and $130.00 per share. Following these in-the-money option exercises, the funds indirectly held 4,361,000 Avis Budget common shares. The filing notes these securities are held by certain Pentwater funds, and both Pentwater and its principal disclaim beneficial ownership beyond their pecuniary interest. No open‑market purchases or sales were reported in this filing, only option exercises that increased the funds’ share position.
Positive
- None.
Negative
- None.
Insights
Pentwater’s funds exercised in-the-money options, increasing their CAR share stake without any reported sales.
The reporting shows Pentwater-advised funds exercising put options on Avis Budget Group (CAR), resulting in acquisitions of common stock at strike prices of $120, $125, and $130. All transactions use code X, indicating derivative exercises rather than open‑market trades.
After these exercises, the funds indirectly held 4,361,000 Avis Budget common shares, according to the most recent total in the filing. The footnotes clarify that securities are held by Pentwater funds, with Pentwater and its principal disclaiming beneficial ownership beyond any pecuniary interest, which frames this as institutional position management rather than personal insider trading.
No sales or tax‑withholding dispositions were reported, and derivativeSummary is empty, indicating no remaining derivative positions are shown in this particular filing. Overall, the activity reflects an increase in equity exposure via option exercises, a routine but sizeable adjustment by a large shareholder entity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| X | Put Option (obligation to buy) | 11 | $0.00 | -- |
| X | Put Option (obligation to buy) | 725 | $0.00 | -- |
| X | Put Option (obligation to buy) | 50 | $0.00 | -- |
| X | Common Stock | 1,100 | $120.00 | $132K |
| X | Common Stock | 72,500 | $125.00 | $9.06M |
| X | Common Stock | 5,000 | $130.00 | $650K |
| X | Put Option (obligation to buy) | 1,093 | $0.00 | -- |
| X | Put Option (obligation to buy) | 755 | $0.00 | -- |
| X | Common Stock, par value $0.01 per share {Common Stock) | 109,300 | $125.00 | $13.66M |
| X | Common Stock | 75,500 | $130.00 | $9.81M |
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") 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. Exercisable at any time.
