Pentwater Capital trades options in Avis Budget Group

Pentwater Capital Management LP, a 10% owner of Avis Budget Group, Inc., reported indirect trading in call and put options tied to the company’s stock through investment funds it advises.

Rhea-AI Filing Summary

Pentwater Capital Management LP, a 10% owner of Avis Budget Group, Inc., reported indirect trading in call and put options tied to the company’s stock through investment funds it advises. The positions are held by Pentwater Funds, and Pentwater and Matthew Halbower each disclaim beneficial ownership except for any pecuniary interest.

On March 3, the funds bought 2,000 call options at about $21.24 per option and sold 2,000 put options at about $10.95 per option in open-market transactions. On March 4, they bought another 500 call options at about $23.02 per option and sold 500 put options at about $9.77 per option. The options are exercisable at any time, and all positions are reported as indirect ownership.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Pentwater Capital Management LP

Role 10% Owner

Bought 2,500 shs ($54K)

Sold 2,500 shs ($27K)

Type	Security	Shares	Price	Value
Purchase	Call Option (right to buy)	500	$23.0214	$12K
Sale	Put Option (obligation to buy)	500	$9.7736	$5K
Purchase	Call Option (right to buy)	2,000	$21.2412	$42K
Sale	Put Option (obligation to buy)	2,000	$10.9483	$22K

Holdings After Transaction: Call Option (right to buy) — 7,600 contracts (Indirect, See footnote); Put Option (obligation to buy) — 7,600 contracts (Indirect, See footnote)

Footnotes (2)

1. F1. 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. F2. Exercisable at any time.

FAQ

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

Pentwater Capital reported indirect trading in Avis Budget Group options. Funds it advises bought 2,500 call options and sold 2,500 put options in open-market transactions over March 3–4, reflecting options-based positioning rather than direct common share trades.

Who actually holds the Avis Budget Group options reported by Pentwater Capital?

The options are held by certain Pentwater Funds to which Pentwater Capital Management LP serves as investment adviser. Pentwater and Matthew Halbower each disclaim beneficial ownership of these securities except to the extent of any pecuniary interest they may have in the funds.

What types of derivative securities were traded in this Avis Budget Group Form 4?

The filing shows trades in call and put options tied to Avis Budget Group stock. The funds bought call options, giving a right to buy, and sold put options, an obligation to buy, in open-market transactions that are exercisable at any time under the disclosed terms.

Were the Avis Budget Group option trades by Pentwater Capital direct or indirect ownership?

All positions are reported as indirect ownership. The trades relate to options held by Pentwater Funds, not directly by Pentwater Capital or Matthew Halbower, and the reporting persons disclaim beneficial ownership other than any economic interest they may have in those funds.

Does this Avis Budget Group Form 4 change Pentwater Capital’s overall option position?

After the reported trades, the Form 4 shows 4,050 option securities indirectly owned. The transactions involved buying and selling equal numbers of call and put options, resulting in neutral net option contract movement while updating the composition of the funds’ derivative exposure.

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Accepted by SEC EDGAR 03/05/2026 - 09:30 PM Learn about SEC filing dates

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 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)
03/03/2026

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

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
Call Option (right to buy)	$85	03/03/2026		P		2,000		(2)	09/18/2026	Common Stock, par value $0.01 per share ("Common Stock")	200,000	$21.2412	3,550	I	See footnote(1)
Put Option (obligation to buy)	$85	03/03/2026		S			2,000	(2)	09/18/2026	Common Stock	200,000	$10.9483	3,550	I	See footnote(1)
Call Option (right to buy)	$85	03/04/2026		P		500		(2)	09/18/2026	Common Stock	50,000	$23.0214	4,050	I	See footnote(1)
Put Option (obligation to buy)	$85	03/04/2026		S			500	(2)	09/18/2026	Common Stock	50,000	$9.7736	4,050	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	03/05/2026
	/s/ Matthew Halbower	03/05/2026
	** 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).
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