Avis Budget Group (NASDAQ: CAR) holder logs 30 call option sales, plans short-swing disgorgement
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Avis Budget Group large holder Pentwater Capital Management LP, together with principal Matthew Halbower, reported a series of indirect derivative sales tied to Avis Budget common stock. On April 23, 2026, Pentwater‑advised funds completed 30 open‑market sales of call options, representing 792 derivative shares referencing the stock, at option prices ranging from about $24.08 to $51.85 per option.
The call options carry exercise prices between $280 and $340 and expire on May 15, 2026 or June 18, 2026. All positions are held indirectly through named funds such as Pentwater Merger Arbitrage Master Fund Ltd., Oceana Master Fund Ltd., and others. The reporting persons disclaim beneficial ownership except for any pecuniary interest.
Footnotes state that certain sales by specific Pentwater funds are “matchable” against earlier deemed purchases for Section 16(b) purposes. The reporting persons note they are in discussions with Avis Budget Group and have agreed to voluntarily disgorge any short‑swing profits from those matchable transactions to the company.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 792 shares ($33,433)
Net Sell
30 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
792 shs ($33K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 4 | $28.75 | $115.00 |
| Sale | Call Option (obligation to sell) | 32 | $28.75 | $920.00 |
| Sale | Call Option (obligation to sell) | 10 | $34.34 | $343.40 |
| Sale | Call Option (obligation to sell) | 2 | $34.34 | $68.68 |
| Sale | Call Option (obligation to sell) | 2 | $34.34 | $68.68 |
| Sale | Call Option (obligation to sell) | 14 | $34.34 | $480.76 |
| Sale | Call Option (obligation to sell) | 8 | $34.34 | $274.72 |
| Sale | Call Option (obligation to sell) | 64 | $34.34 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $51.85 | $259.25 |
| Sale | Call Option (obligation to sell) | 1 | $51.85 | $51.85 |
| Sale | Call Option (obligation to sell) | 1 | $51.85 | $51.85 |
| Sale | Call Option (obligation to sell) | 7 | $51.85 | $362.95 |
| Sale | Call Option (obligation to sell) | 4 | $51.85 | $207.40 |
| Sale | Call Option (obligation to sell) | 32 | $51.85 | $2K |
| Sale | Call Option (obligation to sell) | 100 | $49.82 | $5K |
| Sale | Call Option (obligation to sell) | 200 | $47.80 | $10K |
| Sale | Call Option (obligation to sell) | 20 | $44.48 | $889.60 |
| Sale | Call Option (obligation to sell) | 4 | $44.48 | $177.92 |
| Sale | Call Option (obligation to sell) | 3 | $44.48 | $133.44 |
| Sale | Call Option (obligation to sell) | 28 | $44.48 | $1K |
| Sale | Call Option (obligation to sell) | 16 | $44.48 | $711.68 |
| Sale | Call Option (obligation to sell) | 129 | $44.48 | $6K |
| Sale | Call Option (obligation to sell) | 10 | $27.89 | $278.90 |
| Sale | Call Option (obligation to sell) | 2 | $27.89 | $55.78 |
| Sale | Call Option (obligation to sell) | 2 | $27.89 | $55.78 |
| Sale | Call Option (obligation to sell) | 14 | $27.89 | $390.46 |
| Sale | Call Option (obligation to sell) | 8 | $27.89 | $223.12 |
| Sale | Call Option (obligation to sell) | 64 | $27.89 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $24.08 | $120.40 |
| Sale | Call Option (obligation to sell) | 1 | $24.08 | $24.08 |
Holdings After Transaction:
Call Option (obligation to sell) — 4 shares (Indirect, Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio)
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
Derivative transactions: 30 call option sales
Derivative shares sold: 792 derivative shares
Lowest option sale price: $24.08 per option
+4 more
7 metrics
Derivative transactions
30 call option sales
Open-market derivative trades on <date>April 23, 2026</date>
Derivative shares sold
792 derivative shares
Aggregate call option positions sold, per transaction summary
Lowest option sale price
$24.08 per option
Call option sale price on <date>April 23, 2026</date>
Highest option sale price
$51.85 per option
Call option sale price on <date>April 23, 2026</date>
Exercise prices range
$280–$340 per share
Call option conversion or exercise prices
First option expiry
May 15, 2026
Call option expiration date
Second option expiry
June 18, 2026
Call option expiration date
Key Terms
Call Option (obligation to sell), Section 16(b) of the Securities Exchange Act of 1934, short-swing profits, matchable transaction, +2 more
6 terms
Call Option (obligation to sell) financial
"security_title is listed as "Call Option (obligation to sell)" for each transaction"
Section 16(b) of the Securities Exchange Act of 1934 regulatory
"sales of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended"
short-swing profits regulatory
"have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions"
matchable transaction regulatory
"none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act"
pecuniary interest financial
"disclaims beneficial ownership in the securities reported ... except to the extent of its or his pecuniary interest"
indirect ownership financial
"ownership_type is "indirect" and nature_of_ownership lists specific funds holding the options"
FAQ
What did Pentwater Capital report in this Avis Budget Group (CAR) Form 4?
Pentwater Capital reported indirect sales of call options linked to Avis Budget Group common stock. On April 23, 2026, Pentwater‑advised funds executed 30 open‑market sales totaling 792 derivative shares, with option exercise prices between $280 and $340 and near‑term expirations.
Who executed the Avis Budget Group (CAR) option trades reported by Pentwater?
The trades were executed by various Pentwater‑advised funds, including Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Oceana Master Fund Ltd., Crown Managed Accounts SPC, and LMA SPC. Pentwater Capital Management LP and Matthew Halbower filed as reporting persons.
What types of securities were sold in this Avis Budget Group (CAR) insider filing?
The filing shows sales of derivative securities labeled “Call Option (obligation to sell)” referencing Avis Budget common stock. These options have exercise prices between $280 and $340 per share and expiration dates on May 15, 2026 and June 18, 2026, with premiums around $24–$52 per option.
What does the Section 16(b) short-swing profit disclosure mean for Avis Budget Group (CAR)?
Footnotes state that some call option sales are “matchable” against prior deemed purchases under Section 16(b) rules. The reporting persons indicate they are discussing this with Avis Budget Group and have agreed to voluntarily disgorge any short‑swing profits from those matchable transactions back to the company.
Do Pentwater Capital and Matthew Halbower claim full ownership of the Avis Budget Group (CAR) securities?
No. The filing explains that Pentwater Capital Management LP and Matthew Halbower report with respect to securities held by certain Pentwater funds, but each disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest in those fund positions.