Pentwater Capital shifts Avis Budget Group (CAR) options and stock exposure

Q: What options did Pentwater trade on Avis Budget Group (CAR) in late February 2026?

Pentwater-managed funds bought 1,550 call options and sold 1,550 put options on Avis Budget Group. Call purchases were priced around $20.57–$22.22 per option, while put sales were around $10.15–$10.71 per option during February 25–27, 2026.

Q: Who actually holds the Avis Budget Group (CAR) securities reported by Pentwater?

The securities are held by Pentwater Funds for which Pentwater Capital Management LP acts as investment adviser. The filing states each reporting person disclaims beneficial ownership except for any pecuniary interest they may have in those securities.

Q: Are Pentwater’s Avis Budget Group (CAR) transactions direct or indirect holdings?

All reported holdings are indirect , coded as "I" for indirect ownership. They are held by certain Pentwater Funds advised by Pentwater Capital Management LP, with each reporting person disclaiming ownership beyond any pecuniary interest described in the footnote.

Filing Impact

(Neutral)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Pentwater Capital Management LP, a 10% owner of Avis Budget Group, reported a series of options and stock transactions carried out for Pentwater-managed funds. On February 25 and 27, 2026, the funds bought 1,550 call options and sold 1,550 put options on Avis Budget Group, with prices around $20–$22 per call and $10–$11 per put. On February 26, 2026, they exercised put options to acquire 200 shares of common stock at $150 per share, increasing indirect common stock holdings to 4,072,500 shares. The filing notes these securities are held by Pentwater funds advised by Pentwater Capital, and each reporting person disclaims beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

2 shares exercised/converted

Mixed 6 txns

Insider Pentwater Capital Management LP

Role 10% Owner

Bought 1,550 shs ($34K)

Sold 1,550 shs ($16K)

Type	Security	Shares	Price	Value
Purchase	Call Option (right to buy)	1,200	$22.2233	$27K
Sale	Put Option (obligation to buy)	1,200	$10.146	$12K
X	Put Option (obligation to buy)	2	$0.00	--
X	Common Stock, par value $0.01 per share ("Common Stock")	200	$150.00	$30K
Purchase	Call Option (right to buy)	350	$20.5682	$7K
Sale	Put Option (obligation to buy)	350	$10.7082	$4K

Holdings After Transaction: Call Option (right to buy) — 1,550 shares (Indirect, See footnote); Put Option (obligation to buy) — 1,550 shares (Indirect, See footnote); Common Stock, par value $0.01 per share ("Common Stock") — 4,072,500 shares (Indirect, See footnote)

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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/27/2026 - 09:30 PM

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

34102

(City)

(State)

(Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01 per share ("Common Stock")	02/26/2026		X		200	A	$150	4,072,500	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Call Option (right to buy)	$85	02/25/2026		P		350		⁽²⁾	09/18/2026	Common Stock	35,000	$20.5682	350	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$85	02/25/2026		S			350	⁽²⁾	09/18/2026	Common Stock	35,000	$10.7082	350	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$150	02/26/2026		X			2	⁽²⁾	03/20/2026	Common Stock	200	$0	1	I	See footnote⁽¹⁾
Call Option (right to buy)	$85	02/27/2026		P		1,200		⁽²⁾	09/18/2026	Common Stock	120,000	$22.2233	1,550	I	See footnote⁽¹⁾
Put Option (obligation to buy)	$85	02/27/2026		S			1,200	⁽²⁾	09/18/2026	Common Stock	120,000	$10.146	1,550	I	See footnote⁽¹⁾

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	02/27/2026
	/s/ Matthew Halbower	02/27/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Pentwater report in Avis Budget Group (CAR)?

Pentwater reported call option purchases, put option sales, and a put option exercise for Avis Budget Group. The exercise delivered 200 common shares at $150 each, and options trades totaled 1,550 call and 1,550 put option contracts.

How many Avis Budget Group (CAR) shares are indirectly held after these Pentwater trades?

After the reported transactions, Pentwater-managed funds indirectly held 4,072,500 shares of Avis Budget Group common stock. This figure reflects common shares following the February 26, 2026 put option exercise described in the Form 4 filing data.

What options did Pentwater trade on Avis Budget Group (CAR) in late February 2026?

Pentwater-managed funds bought 1,550 call options and sold 1,550 put options on Avis Budget Group. Call purchases were priced around $20.57–$22.22 per option, while put sales were around $10.15–$10.71 per option during February 25–27, 2026.

Who actually holds the Avis Budget Group (CAR) securities reported by Pentwater?

The securities are held by Pentwater Funds for which Pentwater Capital Management LP acts as investment adviser. The filing states each reporting person disclaims beneficial ownership except for any pecuniary interest they may have in those securities.

Did Pentwater acquire additional Avis Budget Group (CAR) common stock through derivatives?

Yes. On February 26, 2026, Pentwater-managed funds exercised put options and acquired 200 shares of Avis Budget Group common stock at an exercise price of $150 per share, increasing the reported indirect common stock position.

Are Pentwater’s Avis Budget Group (CAR) transactions direct or indirect holdings?

All reported holdings are indirect, coded as "I" for indirect ownership. They are held by certain Pentwater Funds advised by Pentwater Capital Management LP, with each reporting person disclaiming ownership beyond any pecuniary interest described in the footnote.