Pentwater-managed funds sell Avis Budget Group (CAR) call options
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pentwater Capital Management LP, on behalf of several investment funds, reported open-market sales of 307 call option contracts tied to AVIS BUDGET GROUP, INC. common stock on April 23, 2026. The options were sold at prices between $10.21 and $46.96 per contract, with exercise prices from $250 to $300 per share and expirations on April 24, 2026 and June 18, 2026.
The trades were executed through entities including Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Crown Managed Accounts SPC and others. Footnotes state that certain sales are “matchable” against earlier deemed purchases under Section 16(b), and the reporting persons have agreed to voluntarily disgorge any short-swing profits from those transactions to the issuer.
Positive
- None.
Negative
- None.
Insights
Pentwater-managed funds sold CAR call options and will disgorge any Section 16(b) short-swing profits.
The filing shows funds advised by Pentwater Capital Management LP selling 307 call option contracts linked to AVIS BUDGET GROUP, INC. common stock. These are derivative sales (code S) at prices from $10.21 to $46.96 per contract, with strike prices between $250 and $300 per share and expirations on April 24, 2026 and June 18, 2026.
All positions are reported as indirectly held through named funds such as Pentwater Merger Arbitrage Master Fund Ltd. and Crown Managed Accounts SPC. A footnote explains that PCM and Matthew Halbower file on behalf of these funds and disclaim beneficial ownership except for any pecuniary interest, which attributes trading primarily to the funds rather than to Mr. Halbower personally.
Several footnotes describe “matchable” sales under Section 16(b), including sales of 20,000, 25,000 and 49,000 shares matched against prior deemed purchases. The reporting persons state they are in discussions with the issuer and have agreed to voluntarily disgorge short-swing profits from these matchable trades, indicating cooperation with statutory recovery mechanisms. Overall, this appears as active derivatives portfolio management by large holders, with the economic impact depending on the scale of their broader position not detailed here.
Insider Trade Summary
Net Seller: 307 shares ($8,472)
Net Sell
30 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
307 shs ($8K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 7 | $17.22 | $120.54 |
| Sale | Call Option (obligation to sell) | 4 | $17.22 | $68.88 |
| Sale | Call Option (obligation to sell) | 32 | $17.22 | $551.04 |
| Sale | Call Option (obligation to sell) | 10 | $10.21 | $102.10 |
| Sale | Call Option (obligation to sell) | 2 | $10.21 | $20.42 |
| Sale | Call Option (obligation to sell) | 2 | $10.21 | $20.42 |
| Sale | Call Option (obligation to sell) | 14 | $10.21 | $142.94 |
| Sale | Call Option (obligation to sell) | 8 | $10.21 | $81.68 |
| Sale | Call Option (obligation to sell) | 64 | $10.21 | $653.44 |
| Sale | Call Option (obligation to sell) | 5 | $46.96 | $234.80 |
| Sale | Call Option (obligation to sell) | 1 | $46.96 | $46.96 |
| Sale | Call Option (obligation to sell) | 1 | $46.96 | $46.96 |
| Sale | Call Option (obligation to sell) | 7 | $46.96 | $328.72 |
| Sale | Call Option (obligation to sell) | 4 | $46.96 | $187.84 |
| Sale | Call Option (obligation to sell) | 32 | $46.96 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $42.67 | $213.35 |
| Sale | Call Option (obligation to sell) | 1 | $42.67 | $42.67 |
| Sale | Call Option (obligation to sell) | 7 | $42.67 | $298.69 |
| Sale | Call Option (obligation to sell) | 4 | $42.67 | $170.68 |
| Sale | Call Option (obligation to sell) | 33 | $42.67 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $36.53 | $182.65 |
| Sale | Call Option (obligation to sell) | 1 | $36.53 | $36.53 |
| Sale | Call Option (obligation to sell) | 1 | $36.53 | $36.53 |
| Sale | Call Option (obligation to sell) | 7 | $36.53 | $255.71 |
| Sale | Call Option (obligation to sell) | 4 | $36.53 | $146.12 |
| Sale | Call Option (obligation to sell) | 32 | $36.53 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $28.75 | $143.75 |
| Sale | Call Option (obligation to sell) | 1 | $28.75 | $28.75 |
| Sale | Call Option (obligation to sell) | 1 | $28.75 | $28.75 |
| Sale | Call Option (obligation to sell) | 7 | $28.75 | $201.25 |
Holdings After Transaction:
Call Option (obligation to sell) — 7 shares (Indirect, Pentwater Equity Opportunities 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
Call options sold: 307 call option contracts
Sale prices per option: $10.21–$46.96 per contract
Strike prices: $250–$300 per share
+5 more
8 metrics
Call options sold
307 call option contracts
Net derivative sales on Avis Budget Group reported for April 23, 2026
Sale prices per option
$10.21–$46.96 per contract
Prices for open-market call option sales on April 23, 2026
Strike prices
$250–$300 per share
Exercise prices of sold call options on Avis Budget Group stock
Earliest option expiration
April 24, 2026
Expiration date for certain sold call options
Latest option expiration
June 18, 2026
Expiration date for other sold call options
Matchable sales – Pentwater Equity Opportunities
20,000 shares
Shares whose sales are matchable against earlier purchases under Section 16(b)
Matchable sales – Crown Managed Accounts SPC
25,000 shares
Sales matched to a 25,000-share deemed purchase on March 4, 2026
Matchable sales – Pentwater Merger Arbitrage
49,000 shares
Sales matched to deemed purchases on March 6 and March 9, 2026
Key Terms
Call Option (obligation to sell), short-swing profits, Section 16(b) of the Securities Exchange Act of 1934, matchable transaction, +2 more
6 terms
Call Option (obligation to sell) financial
"security_title: "Call Option (obligation to sell)""
short-swing profits financial
"have agreed to voluntarily disgorge to the Issuer any short-swing profits realized"
Section 16(b) of the Securities Exchange Act of 1934 regulatory
"for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended"
matchable transaction regulatory
"none of which are a matchable transaction for purposes of Section 16"
pecuniary interest financial
"disclaims beneficial ownership in the securities reported except to the extent of its or his pecuniary interest"
beneficial ownership regulatory
"disclaims beneficial ownership in the securities reported on this Form 4"
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
What did Pentwater Capital Management report in its Form 4 for Avis Budget Group (CAR)?
Pentwater Capital Management, on behalf of several funds, reported selling 307 call option contracts tied to Avis Budget Group common stock. The options were sold in open-market transactions with varying strike prices and expirations, reflecting derivatives activity rather than direct common stock trades.
Were the Avis Budget Group (CAR) transactions common stock or derivatives?
All reported transactions involve derivatives, specifically "Call Option (obligation to sell)" positions on Avis Budget Group common stock. Each contract references a set number of underlying shares, with no direct purchases or sales of common shares disclosed in this data excerpt.
How many call option contracts on Avis Budget Group (CAR) did the Pentwater funds sell?
The transaction summary shows a net sale of 307 call option contracts referencing Avis Budget Group common stock. These contracts were sold across multiple related funds in separate line-item trades, all recorded on April 23, 2026, as derivative transactions.
What does the Form 4 say about short-swing profits for Avis Budget Group (CAR) trades?
Footnotes state that some sales, covering 20,000, 25,000 and 49,000 shares, are matchable against earlier deemed purchases under Section 16(b). The reporting persons have agreed to voluntarily disgorge any short-swing profits from these matchable transactions back to the issuer.
Who actually executed the Avis Budget Group (CAR) option trades reported by Pentwater?
The trades were executed by funds such as Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Crown Managed Accounts SPC, Oceana Master Fund Ltd. and others. Pentwater Capital Management and Matthew Halbower file on their behalf and disclaim beneficial ownership beyond any pecuniary interest.