Pentwater Capital (CAR) funds exercise put options to add 43,400 AVIS shares

Rhea-AI Filing Summary

Pentwater Capital Management LP–advised funds increased their exposure to AVIS BUDGET GROUP, INC. through option exercises. On 2026-03-16, these funds exercised put options on Common Stock, acquiring 41,100 shares at $120.0000 per share and 2,300 shares at $125.0000 per share.

The reporting persons, Pentwater Capital Management LP and Matthew Halbower, state that the securities are held by certain Pentwater Funds and each disclaims beneficial ownership except for any pecuniary interest. Following these transactions, the indirect Common Stock position reported is 4,404,400 shares, indicating a relatively small incremental increase from the exercises.

Insights

Equity derivatives and insider transactions analyst

Funds advised by Pentwater exercised CAR put options to acquire shares, a routine position adjustment.

Funds advised by Pentwater Capital Management LP exercised in-the-money put options on AVIS BUDGET GROUP, INC. (CAR) on 2026-03-16. The exercises converted derivative exposure into 43,400 Common shares at strike prices of $120.0000 and $125.0000.

These are derivative exercises (code X), not open‑market purchases or sales. The reported Common Stock holdings rose to 4,404,400 shares held indirectly through Pentwater Funds, so the new shares represent a small fraction of the overall position.

The filing clarifies that Pentwater Capital Management LP and Matthew Halbower disclaim beneficial ownership except for any pecuniary interest. With no remaining derivatives listed in the derivative summary, this appears to complete the exercised positions and looks like a routine portfolio management step rather than a thesis‑changing move.

Insider Trade Summary

434 shares exercised/converted

Mixed 4 txns

Insider Pentwater Capital Management LP, Halbower Matthew

Role 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
X	Put Option (obligation to buy)	411	$0.00	--
X	Put Option (obligation to buy)	23	$0.00	--
X	Common Stock, par value $0.01 per share ("Common Stock")	41,100	$120.00	$4.93M
X	Common Stock	2,300	$125.00	$288K

Holdings After Transaction: Put Option (obligation to buy) — 3,945 shares (Indirect, See footnote); Common Stock, par value $0.01 per share ("Common Stock") — 4,402,100 shares (Indirect, See footnote); Common Stock — 4,404,400 shares (Indirect, See footnote)

Footnotes (1)

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.

Form 4 Insider Transactions: What Each Field Means →

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 FLORIDA 34102

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share ("Common Stock")	03/16/2026		X		41,100	A	$120	4,402,100	I	See footnote(1)
Common Stock	03/16/2026		X		2,300	A	$125	4,404,400	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put Option (obligation to buy)	$120	03/16/2026		X			411	(2)	03/20/2026	Common Stock	41,100	$0	3,945	I	See footnote(1)
Put Option (obligation to buy)	$125	03/16/2026		X			23	(2)	03/20/2026	Common Stock	2,300	$0	4,579	I	See footnote(1)

1. Name and Address of Reporting Person^*

Pentwater Capital Management LP

(Last) (First) (Middle)

1001 10TH AVENUE SOUTH

SUITE 216

(Street)

NAPLES FLORIDA 34102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Halbower Matthew

(Last) (First) (Middle)

1001 10TH AVENUE SOUTH, SUITE 216

(Street)

NAPLES FLORIDA 34102

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

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	03/19/2026
	/s/ Matthew Halbower	03/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Pentwater-related funds do in the latest AVIS BUDGET GROUP (CAR) Form 4?

Funds advised by Pentwater Capital Management LP exercised in-the-money put options to acquire AVIS BUDGET GROUP (CAR) shares. On March 16, 2026, they converted derivative positions into 43,400 Common Stock shares via option exercises, rather than through open-market buying or selling.

How many AVIS BUDGET GROUP (CAR) shares were acquired through option exercises?

The Pentwater-advised funds acquired 43,400 AVIS BUDGET GROUP (CAR) shares via option exercises. They exercised options for 41,100 shares at $120.0000 per share and 2,300 shares at $125.0000 per share, increasing the reported indirect Common Stock holdings to 4,404,400 shares.

Were the AVIS BUDGET GROUP (CAR) transactions open-market buys or option exercises?

The transactions were option exercises, not open-market purchases or sales of AVIS BUDGET GROUP (CAR) stock. The Form 4 uses transaction code X, indicating exercise of in-the-money derivative securities, converting put options into Common Stock positions held indirectly by Pentwater-advised funds.

Who are the reporting persons in this AVIS BUDGET GROUP (CAR) Form 4?

The reporting persons are Pentwater Capital Management LP and Matthew Halbower. The filing explains that securities are held by certain Pentwater Funds advised by Pentwater Capital Management LP, and each reporting person disclaims beneficial ownership except for any pecuniary interest in those AVIS BUDGET GROUP, INC. securities.

What is the total AVIS BUDGET GROUP (CAR) position reported after these transactions?

After the option exercises, the reported indirect AVIS BUDGET GROUP (CAR) holdings total 4,404,400 Common Stock shares. This reflects adding 43,400 shares from exercising in-the-money put options on March 16, 2026, as disclosed in the Form 4 transaction detail.

Do Pentwater Capital Management LP and Matthew Halbower claim full beneficial ownership of these AVIS BUDGET GROUP (CAR) shares?

No, the reporting persons expressly disclaim full beneficial ownership of the AVIS BUDGET GROUP (CAR) shares. They state that securities are held by certain Pentwater Funds and they disclaim beneficial ownership except to the extent of any pecuniary interest, consistent with standard Section 16 disclosure language.