Large Avis Budget (CAR) insider sale by Pentwater-managed funds
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pentwater-managed funds reported significant insider sales of Avis Budget Group, Inc. common stock. On April 22–23, 2026, funds advised by Pentwater Capital Management LP executed open-market sales totaling 1,852,642 shares of common stock, with reported sale prices including $250.61, $257.31, $264.60, $278.44, $290.38, and $438.74 per share.
The filing attributes transactions to entities such as Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., Oceana Master Fund Ltd., Crown Managed Accounts SPC, and LMA SPC. Post-transaction, one cited fund, Pentwater Merger Arbitrage Master Fund Ltd., is shown holding 6,177,100 shares of common stock.
The funds also sold multiple call options (obligations to sell) on Avis Budget common stock, with exercise prices including $220, $260, $280, $290, and $300–$310 per share. Footnotes state that certain sales are “matchable” short-swing transactions under Section 16(b) and that the reporting persons have agreed to voluntarily disgorge any short-swing profits from those trades to the issuer.
Positive
- None.
Negative
- None.
Insights
Pentwater-managed funds reported a large net sale and related short-swing profit disgorgement.
Funds advised by Pentwater Capital Management LP reported net open-market sales of 1,852,642 Avis Budget common shares across 59 transactions. All are coded as sale, and holdings remain sizable, with one fund shown at 6,177,100 shares after these trades.
The filing also lists numerous sales of call options (obligations to sell) with exercise prices between $220 and $310 per share and expirations on April 24, 2026 and May 8, 2026. This mix of stock and options suggests active position management rather than a single liquidity event.
Footnotes highlight that specific sales are “matchable” against earlier deemed purchases under Section 16(b), and the reporting persons have agreed to voluntarily disgorge any short-swing profits to Avis Budget Group. That commitment frames the Section 16(b) issue as being addressed within the disclosed transactions.
Insider Trade Summary
Net Seller: 1,852,642 shares ($510,926,456)
Net Sell
59 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
1,852,642 shs ($510.93M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 2 | $24.34 | $48.68 |
| Sale | Call Option (obligation to sell) | 2 | $24.34 | $48.68 |
| Sale | Call Option (obligation to sell) | 14 | $24.34 | $340.76 |
| Sale | Call Option (obligation to sell) | 8 | $24.34 | $194.72 |
| Sale | Call Option (obligation to sell) | 64 | $24.34 | $2K |
| Sale | Call Option (obligation to sell) | 10 | $27.34 | $273.40 |
| Sale | Call Option (obligation to sell) | 2 | $27.34 | $54.68 |
| Sale | Call Option (obligation to sell) | 2 | $27.34 | $54.68 |
| Sale | Call Option (obligation to sell) | 14 | $27.34 | $382.76 |
| Sale | Call Option (obligation to sell) | 8 | $27.34 | $218.72 |
| Sale | Call Option (obligation to sell) | 64 | $27.34 | $2K |
| Sale | Call Option (obligation to sell) | 10 | $26.39 | $263.90 |
| Sale | Call Option (obligation to sell) | 2 | $26.39 | $52.78 |
| Sale | Call Option (obligation to sell) | 2 | $26.39 | $52.78 |
| Sale | Call Option (obligation to sell) | 14 | $26.39 | $369.46 |
| Sale | Call Option (obligation to sell) | 8 | $26.39 | $211.12 |
| Sale | Call Option (obligation to sell) | 64 | $26.39 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $30.28 | $151.40 |
| Sale | Call Option (obligation to sell) | 1 | $30.28 | $30.28 |
| Sale | Call Option (obligation to sell) | 7 | $30.28 | $211.96 |
| Sale | Call Option (obligation to sell) | 4 | $30.28 | $121.12 |
| Sale | Call Option (obligation to sell) | 33 | $30.28 | $999.24 |
| Sale | Call Option (obligation to sell) | 5 | $26.39 | $131.95 |
| Sale | Call Option (obligation to sell) | 1 | $26.39 | $26.39 |
| Sale | Call Option (obligation to sell) | 1 | $26.39 | $26.39 |
| Sale | Call Option (obligation to sell) | 7 | $26.39 | $184.73 |
| Sale | Call Option (obligation to sell) | 4 | $26.39 | $105.56 |
| Sale | Call Option (obligation to sell) | 32 | $26.39 | $844.48 |
| Sale | Call Option (obligation to sell) | 5 | $20.06 | $100.30 |
| Sale | Call Option (obligation to sell) | 1 | $20.06 | $20.06 |
| Sale | Common Stock | 7,602 | $257.31 | $1.96M |
| Sale | Common Stock | 869 | $257.31 | $224K |
| Sale | Common Stock | 145 | $257.31 | $37K |
| Sale | Common Stock | 9,802 | $257.31 | $2.52M |
| Sale | Common Stock | 4,815 | $257.31 | $1.24M |
| Sale | Common Stock | 46,767 | $257.31 | $12.03M |
| Sale | Common Stock | 22,806 | $250.61 | $5.72M |
| Sale | Common Stock | 2,606 | $250.61 | $653K |
| Sale | Common Stock | 436 | $250.61 | $109K |
| Sale | Common Stock | 29,406 | $250.61 | $7.37M |
| Sale | Common Stock | 14,446 | $250.61 | $3.62M |
| Sale | Common Stock | 140,300 | $250.61 | $35.16M |
| Sale | Common Stock | 17,241 | $290.38 | $5.01M |
| Sale | Common Stock | 8,813 | $290.38 | $2.56M |
| Sale | Common Stock | 1,341 | $290.38 | $389K |
| Sale | Common Stock | 99,419 | $290.38 | $28.87M |
| Sale | Common Stock | 48,841 | $290.38 | $14.18M |
| Sale | Common Stock | 474,345 | $290.38 | $137.74M |
| Sale | Common Stock | 6,963 | $278.44 | $1.94M |
| Sale | Common Stock | 1,039 | $278.44 | $289K |
| Sale | Common Stock | 78,563 | $278.44 | $21.88M |
| Sale | Common Stock | 38,596 | $278.44 | $10.75M |
| Sale | Common Stock | 374,839 | $278.44 | $104.37M |
| Sale | Common Stock | 137,058 | $264.60 | $36.27M |
| Sale | Common Stock | 15,664 | $264.60 | $4.14M |
| Sale | Common Stock | 2,627 | $264.60 | $695K |
| Sale | Common Stock | 176,728 | $264.60 | $46.76M |
| Sale | Common Stock | 86,822 | $264.60 | $22.97M |
| Sale | Common Stock | 3,347 | $438.74 | $1.47M |
Holdings After Transaction:
Call Option (obligation to sell) — 2 shares (Indirect, Pentwater Credit Master Fund Ltd.);
Common Stock — 6,169,498 shares (Indirect, Oceana Master Fund Ltd.)
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
Shares sold: 1,852,642 shares
Highest common stock sale price: $438.74 per share
Common stock sale prices: $250.61–$290.38 per share
+3 more
6 metrics
Shares sold
1,852,642 shares
Total Avis Budget common stock sold across 59 transactions
Highest common stock sale price
$438.74 per share
Open-market sale price on April 22, 2026
Common stock sale prices
$250.61–$290.38 per share
Representative prices for April 23, 2026 sales
Post-transaction holding (one fund)
6,177,100 shares
Avis Budget common shares held by Pentwater Merger Arbitrage Master Fund Ltd.
Call option exercise prices
$220–$310 per share
Exercise prices for call options (obligation to sell) on common stock
Matchable short-swing sales (one fund)
49,000 shares
Sales by Pentwater Merger Arbitrage Master Fund Ltd. identified as matchable under Section 16(b)
Key Terms
short-swing profits, Section 16(b), matchable transaction, call option (obligation to sell), +2 more
6 terms
short-swing profits regulatory
"have agreed to voluntarily disgorge to the Issuer any short-swing profits realized"
Section 16(b) regulatory
"for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended"
A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.
matchable transaction regulatory
"none of which are a matchable transaction for purposes of Section 16"
call option (obligation to sell) financial
"security_title": "Call Option (obligation to sell)""
pecuniary interest financial
"disclaims beneficial ownership ... except to the extent of its or his pecuniary interest"
investment adviser financial
"to which PCM serves as investment adviser"
An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
FAQ
What insider activity did Pentwater Capital report for Avis Budget Group (CAR)?
Funds advised by Pentwater Capital Management LP reported multiple open-market sales of Avis Budget Group common stock and related call options on April 22–23, 2026, across 59 transactions, while maintaining multi-million-share positions in at least one fund after the trades.
What derivative transactions involving Avis Budget Group did Pentwater funds report?
Pentwater-managed funds reported selling call options described as obligations to sell Avis Budget common stock. These options carry exercise prices such as $220, $260, $280, $290, $300, and $310 per share, with expirations on April 24, 2026 and May 8, 2026, across several affiliated funds.
What does the Form 4 say about short-swing profits for Pentwater’s CAR trades?
Footnotes state that specified sales by certain Pentwater-managed funds are “matchable” under Section 16(b) against earlier deemed purchases. The reporting persons have agreed to voluntarily disgorge to Avis Budget Group any short-swing profits realized from those matchable transactions, according to the disclosure.
How are Matthew Halbower and Pentwater Capital described in relation to these CAR trades?
The Form 4 identifies Pentwater Capital Management LP as investment adviser to the reporting funds and notes Matthew Halbower’s control relationship. It states that each reporting person disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest.