Pentwater Capital boosts complex options and share position in Avis Budget Group (CAR)

Rhea-AI Filing Summary

Pentwater Capital Management LP, reporting as a 10% owner of Avis Budget Group, Inc., reported a series of option trades and exercises conducted for funds it advises. A footnote states Pentwater and its principal disclaim beneficial ownership beyond any pecuniary interest.

On March 6 and 9, Pentwater‑managed funds bought 2,500 call options and sold 2,500 put options on Avis Budget common stock in open‑market transactions. They also exercised in‑the‑money put options, acquiring 600 shares of common stock at exercise prices of $125, $130, and $150 per share.

Following these indirect transactions through the Pentwater Funds, reported indirect holdings of Avis Budget common stock were 4,073,100 shares.

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

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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 FL 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)
03/05/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share ("Common Stock")	03/05/2026		X		300	A	$130	4,072,800	I	See footnote(1)
Common Stock	03/06/2026		X		200	A	$125	4,073,000	I	See footnote(1)
Common Stock	03/06/2026		X		100	A	$150	4,073,100	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)	$130	03/05/2026		X			3	(2)	03/20/2026	Common Stock	300	$0	1,872	I	See footnote(1)
Call Option (right to buy)	$85	03/06/2026		P		1,460		(2)	09/18/2026	Common Stock	146,000	$22.8122	5,510	I	See footnote(1)
Put Option (obligation to buy)	$85	03/06/2026		S			1,460	(2)	09/18/2026	Common Stock	146,000	$10.3353	5,510	I	See footnote(1)
Put Option (obligation to buy)	$125	03/06/2026		X			2	(2)	03/20/2026	Common Stock	200	$0	6,665	I	See footnote(1)
Put Option (obligation to buy)	$150	03/06/2026		X			1	(2)	03/20/2026	Common Stock	100	$0	0	I	See footnote(1)
Call Option (right to buy)	$85	03/09/2026		P		1,040		(2)	09/18/2026	Common Stock	104,000	$21.415	6,550	I	See footnote(1)
Put Option (obligation to buy)	$85	03/09/2026		S			1,040	(2)	09/18/2026	Common Stock	104,000	$10.9579	6,550	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	03/09/2026
	/s/ Matthew Halbower	03/09/2026
	** Signature of Reporting Person	Date
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FAQ

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

Pentwater Capital Management LP reported mixed derivative activity in Avis Budget Group. Funds it advises bought 2,500 call options, sold 2,500 put options, and exercised in-the-money puts to receive 600 common shares, ending with 4,073,100 indirectly held shares reported.

Did Pentwater buy or sell Avis Budget Group (CAR) options in this Form 4?

Pentwater-managed funds both bought and sold options on Avis Budget Group stock. They purchased 2,500 call options and sold 2,500 put options in open-market transactions, alongside exercising several put options that were in the money to receive additional common shares.

How many Avis Budget Group (CAR) shares were acquired through option exercises?

The Pentwater Funds acquired 600 Avis Budget common shares via exercises. These came from exercising in-the-money derivative positions, recorded as 300, 200, and 100-share transactions at exercise prices of $130, $125, and $150 per share, respectively.

What is Pentwater’s reported indirect ownership in Avis Budget Group (CAR)?

The Form 4 reports 4,073,100 Avis Budget common shares held indirectly. These shares are held by investment funds advised by Pentwater Capital Management LP, with the reporting persons disclaiming beneficial ownership beyond any pecuniary interest described in the filing’s footnote.

How does the Form 4 describe Pentwater’s beneficial ownership in CAR shares?

The filing states Pentwater and its principal disclaim beneficial ownership. The securities are held by certain Pentwater Funds, and the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest, clarifying the economic, rather than purely personal, nature of the stake.