Pentwater funds boost Avis Budget (CAR) stake via in-the-money option exercises
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Funds advised by Pentwater Capital Management LP exercised call options on Avis Budget Group common stock, acquiring additional shares through in-the-money derivative exercises. The transactions, reported jointly by Pentwater Capital Management LP and Matthew Halbower, relate to securities held by certain Pentwater Funds, which they manage.
The filings show exercises of call options into 65,000 shares at $80.00 per share and 676,100 shares at $85.00 per share, all held indirectly. The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest, while the Pentwater Funds remain significant holders of Avis Budget Group stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
7,411 shares exercised/converted
Mixed
5 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| X | Call Option (right to buy) | 6,550 | $0.00 | -- |
| X | Call Option (right to buy) | 650 | $0.00 | -- |
| X | Call Option (right to buy) | 211 | $0.00 | -- |
| X | Common Stock, par value $0.01 per share ("Common Stock") | 676,100 | $85.00 | $57.47M |
| X | Common Stock | 65,000 | $80.00 | $5.20M |
Holdings After Transaction:
Call Option (right to buy) — 0 shares (Indirect, See footnote);
Common Stock, par value $0.01 per share ("Common Stock") — 7,759,100 shares (Indirect, See footnote);
Common Stock — 7,824,100 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.
Key Figures
Shares acquired at $80: 65,000 shares at $80.00
Shares acquired at $85: 676,100 shares at $85.00
Post-transaction holdings: 7,759,100 shares
+3 more
6 metrics
Shares acquired at $80
65,000 shares at $80.00
Common Stock acquired through call option exercise on 2026-04-21
Shares acquired at $85
676,100 shares at $85.00
Common Stock acquired through call option exercise on 2026-04-21
Post-transaction holdings
7,759,100 shares
Common Stock held indirectly following one reported transaction line
Call options exercised at $80
650 contracts, $80.00 strike
Call Option (right to buy) with 65,000 underlying shares
Call options exercised at $85
6,761 contracts, $85.00 strike
Call Options with 676,100 underlying common shares exercised
Exercise transactions
3 derivative exercises
Transaction summary counts in-the-money option exercises
Key Terms
in-the-money derivative security, Call Option (right to buy, ten percent owner, pecuniary interest, +1 more
5 terms
in-the-money derivative security financial
"transaction_code_description: Exercise of in-the-money or at-the-money derivative security"
Call Option (right to buy financial
"security_title: Call Option (right to buy)"
ten percent owner regulatory
"is_ten_percent_owner: 1"
pecuniary interest financial
"disclaims beneficial ownership ... except to the extent of its or his pecuniary interest"
Section 16 regulatory
"beneficial owner of such securities for purposes of Section 16"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
FAQ
Who is listed as the reporting person in this Avis Budget (CAR) Form 4?
Pentwater Capital Management LP and Matthew Halbower are the reporting persons. They filed with respect to securities held by certain Pentwater Funds they advise, and they each disclaim beneficial ownership except to the extent of any pecuniary interest in those securities.
Are these Avis Budget (CAR) transactions open-market buys or option exercises?
The transactions are reported as in-the-money derivative exercises, not open-market purchases. Call options with exercise prices of $80.00 and $85.00 per share were exercised, resulting in additional common stock for the Pentwater Funds rather than direct market trading activity.
Do Pentwater and Matthew Halbower claim full beneficial ownership of these Avis Budget (CAR) shares?
No. They expressly disclaim beneficial ownership except for any pecuniary interest. The securities are held by certain Pentwater Funds for which Pentwater Capital Management LP serves as investment adviser, and the Form 4 states the report is not an admission of beneficial ownership under Section 16.