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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.
Pentwater Capital Management LP, on behalf of several investment funds, reported open-market sales of 307 call option contracts tied to AVIS BUDGET GROUP, INC. common stock on April 23, 2026. The options were sold at prices between $10.21 and $46.96 per contract, with exercise prices from $250 to $300 per share and expirations on April 24, 2026 and June 18, 2026.
The trades were executed through entities including Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Crown Managed Accounts SPC and others. Footnotes state that certain sales are “matchable” against earlier deemed purchases under Section 16(b), and the reporting persons have agreed to voluntarily disgorge any short-swing profits from those transactions to the issuer.
Pentwater-advised funds reported net selling activity in Avis Budget Group, Inc. common stock. On April 23, 2026, Pentwater-managed entities sold 843,201 shares of Common Stock at an average price of about $264.60 per share, leaving 3,485,000 shares held indirectly. The filing also shows numerous sales of listed call options (obligations to sell) on Avis shares with strike prices between $220 and $270 and expirations on April 24, 2026. The reporting persons disclaim beneficial ownership beyond any pecuniary interest. Certain sales by specific Pentwater funds are identified as “matchable” under Section 16(b), and the reporting persons have agreed to voluntarily disgorge any related short-swing profits to Avis Budget Group.
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.
Pentwater Capital Management LP and Matthew Halbower reported extensive selling activity in Avis Budget Group, Inc. through affiliated investment funds. On behalf of these Pentwater Funds, they recorded 60 open-market sale transactions, combining sales of common stock with trades in call options that reference Avis common shares.
The common stock sales include multiple large blocks, such as 386,294 shares at $588.35 per share and 387,730 shares at $620.50 per share, executed indirectly through funds like Pentwater Merger Arbitrage Master Fund Ltd. Additional sizeable sales were made via Crown Managed Accounts SPC, Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., Oceana Master Fund Ltd., and LMA SPC.
Footnotes state that Pentwater and Mr. Halbower disclaim beneficial ownership beyond any pecuniary interest. They also note that certain sales by specific funds are "matchable" under Section 16(b), and the Reporting Persons have agreed to voluntarily disgorge to Avis Budget Group any short-swing profits realized from those matchable transactions.
Funds advised by Pentwater Capital Management LP exercised call options on Avis Budget Group common stock, acquiring additional shares through in-the-money derivative exercises. The transactions, reported jointly by Pentwater Capital Management LP and Matthew Halbower, relate to securities held by certain Pentwater Funds, which they manage.
The filings show exercises of call options into 65,000 shares at $80.00 per share and 676,100 shares at $85.00 per share, all held indirectly. The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest, while the Pentwater Funds remain significant holders of Avis Budget Group stock.
Pentwater Capital Management LP, as investment adviser to certain funds, reported an in-the-money option exercise related to Avis Budget Group, Inc. common stock. The funds exercised call options tied to 34,700 shares of common stock at an exercise price of $85.00 per share and now indirectly hold 7,083,000 shares after the transaction. A corresponding short put option position on the same underlying shares expired on the same date. The filing notes that Pentwater and Matthew Halbower each disclaim beneficial ownership beyond any pecuniary interest.
Avis Budget Group: Pentwater Capital reports a 22.2% beneficial stake. Pentwater Capital Management and Matthew Halbower report beneficial ownership of 7,824,100 shares, representing 22.2% of 35,324,685 shares outstanding as of March 25, 2026. The reported position includes 775,800 shares issuable upon exercise of call options. The filing is an amendment to a Schedule 13G/A and reflects ownership disclosures by the Investment Manager and Mr. Halbower.
Avis Budget Group is asking shareholders to vote at its virtual 2026 annual meeting on May 20, 2026, at 11:00 a.m. Eastern Time. Holders of Common Stock as of March 25, 2026 may attend online and vote.
Shareholders will elect six directors, ratify the auditor, cast an advisory vote on 2025 executive pay and consider a shareholder proposal on majority voting and meeting adjournment. The Board recommends voting for all director nominees, for the auditor and executive compensation, and against the governance-related shareholder proposal.
In 2025 the company generated approximately $11.7 billion in revenue but reported a net loss of $995 million, driven in part by $518 million of impairment and related charges tied to certain U.S. electric vehicle rental assets. Adjusted EBITDA was $748 million. Despite the loss, the year-end share price of $128.32 produced total shareholder return of 59% for 2025 and 271% over five years. Below-target 2025 annual incentives and unearned performance units link named executive officer pay to these results, while the compensation committee also granted additional performance-based equity and introduced supplemental performance units to support leadership transitions.
Avis Budget Group entered into an Equity Distribution Agreement that allows it to sell up to 5,000,000 shares of its common stock from time to time through or to a syndicate of sales agents in at-the-market offerings under an existing shelf registration.
Sales can be made on the Nasdaq Global Select Market, through market makers, or in negotiated transactions, with commissions to the agents capped at 2.00% of the gross sales price per share. The company may also sell shares to the agents acting as principals under separate terms agreements and can suspend the program at any time. Avis Budget expects to use any net proceeds for general corporate purposes.