Pentwater Capital Management LP 4
4 · AVIS BUDGET GROUP, INC. · Filed Mar 20, 2026
Research Summary
AI-generated summary of this filing
Avis Budget (CAR): Pentwater Capital (10% Owner) Exercises Options
What Happened
Pentwater Capital Management LP (reporting as a 10% owner) exercised multiple in‑the‑money derivatives on March 18–19, 2026, resulting in the acquisition of 1,032,900 Avis Budget (CAR) shares for aggregate cash of approximately $121,907,500. Major exercises include 508,500 shares at $110 ($55,935,000), 371,700 at $125 ($46,462,500), 102,400 at $130 ($13,312,000), 32,400 at $125 ($4,050,000), 13,800 at $120 ($1,656,000) and 4,100 at $120 ($492,000). The filing also shows several derivative dispositions reported at $0 consideration (10,329 shares total) and a very small open‑market purchase (211 shares for $5,225) and sale (211 shares for $2,597).
Key Details
- Transaction dates: March 18–19, 2026; Form 4 filed March 20, 2026.
- Exercise strikes/prices & values (selected): 508,500 @ $110 = $55,935,000; 371,700 @ $125 = $46,462,500; 102,400 @ $130 = $13,312,000; 32,400 @ $125 = $4,050,000; 13,800 @ $120 = $1,656,000; 4,100 @ $120 = $492,000. Total cash paid ≈ $121.9M.
- Small open‑market trades: bought 211 shares @ $24.76 ($5,225) and sold 211 shares @ $12.31 ($2,597).
- Derivative dispositions at $0: 10,329 shares reported disposed with $0 consideration.
- Shares owned after transaction: not provided in the data shown.
- Footnotes: PCM and Matthew Halbower filed together; PCM is adviser to Pentwater Funds and disclaims beneficial ownership except to extent of pecuniary interest (F1). Reported derivatives were exercisable at any time (F2).
Context
These are option/derivative exercises by a 10% institutional owner (investment adviser managing funds), not an individual executive. Exercises required cash payment equal to the strike × shares (i.e., a large cash outlay). The filing lists some derivative dispositions at $0 and tiny open‑market trades; Form 4s sometimes reflect share withholding, surrender, or administrative transactions but the filing does not explain the $0 dispositions. The Form 4 was filed March 20, within the normal two‑business‑day window after the March 18–19 activity.
Insider Transaction Report
- Exercise of In-Money
Common Stock, par value $0.01 per share ("Common Stock")
[F1]2026-03-18$120.00/sh+4,100$492,000→ 4,408,500 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-18$125.00/sh+32,400$4,050,000→ 4,440,900 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-19$110.00/sh+508,500$55,935,000→ 4,949,400 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-19$120.00/sh+13,800$1,656,000→ 4,963,200 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-19$125.00/sh+371,700$46,462,500→ 5,334,900 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-19$130.00/sh+102,400$13,312,000→ 5,437,300 total(indirect: See footnote) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-18−41→ 3,904 total(indirect: See footnote)Exercise: $120.00Exp: 2026-03-20→ Common Stock (4,100 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-18−324→ 4,255 total(indirect: See footnote)Exercise: $125.00Exp: 2026-03-20→ Common Stock (32,400 underlying) - Purchase
Call Option (right to buy)
[F2][F1]2026-03-19$24.76/sh+211$5,225→ 211 total(indirect: See footnote)Exercise: $85.00Exp: 2026-11-20→ Common Stock (21,100 underlying) - Sale
Put Option (obligation to buy)
[F2][F1]2026-03-19$12.31/sh−211$2,597→ 211 total(indirect: See footnote)Exercise: $85.00Exp: 2026-11-20→ Common Stock (21,100 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-19−5,085→ 12,363 total(indirect: See footnote)Exercise: $110.00Exp: 2026-03-20→ Common Stock (508,500 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-19−138→ 3,766 total(indirect: See footnote)Exercise: $120.00Exp: 2026-03-20→ Common Stock (13,800 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-19−3,717→ 538 total(indirect: See footnote)Exercise: $125.00Exp: 2026-03-20→ Common Stock (371,700 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-19−1,024→ 43 total(indirect: See footnote)Exercise: $130.00Exp: 2026-03-20→ Common Stock (102,400 underlying)
Footnotes (2)
- [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.
- [F2]Exercisable at any time.