Pentwater Capital Management LP 4
4 · AVIS BUDGET GROUP, INC. · Filed Mar 24, 2026
Research Summary
AI-generated summary of this filing
Avis Budget (CAR) 10% Owner Pentwater Exercises Options
What Happened
- Pentwater Capital Management LP (a 10% owner; filing also names Matthew Halbower) exercised multiple in‑the‑money derivative instruments on March 20, 2026 to acquire 1,671,000 shares of Avis Budget Group (CAR). The exercises were at strike prices of $110 (1,236,300 shares, $135,993,000), $120 (376,600 shares, $45,192,000), $125 (53,800 shares, $6,725,000) and $130 (4,300 shares, $559,000) — total cash paid for exercised options ≈ $188,469,000. Separately, 60,000 of the shares were disposed (sold) at $110 for $6,600,000, and a number of derivative positions (60,651 shares) were reported as disposed/expired at $0. Net increase in beneficially held shares from these reported entries is 1,550,349 shares.
Key Details
- Transaction date (reported period): March 20, 2026; Form 4 filed March 24, 2026 (timely filing).
- Exercise details and cash paid: see strikes above; total exercise cash ≈ $188.47M.
- Shares sold: 60,000 at $110 for $6.6M; other disposals/expirations reported at $0 (derivative adjustments).
- Shares owned after transaction: not specified in the excerpt provided — see the full Form 4 for post‑transaction holdings.
- Footnotes: F1 — filing made by Pentwater Capital Management LP and Matthew Halbower; they report on behalf of Pentwater funds and disclaim beneficial ownership except to the extent of any pecuniary interest. F2 — options reported as "exercisable at any time."
- Timeliness: Filing appears timely (transaction 3/20/2026; Form 4 filed 3/24/2026).
Context
- These were derivative exercises (option conversions) — a purchase/acquisition of common stock by exercising in‑the‑money instruments. A portion of shares was sold (60,000) and several short/derivative positions expired; other zero‑dollar disposals reflect derivative adjustments, not cash sales.
- Pentwater is a large institutional holder (10% owner) and the filing is on behalf of its funds — this is institutional trading, not an executive director trade. The Form 4 footnote clarifies advisory relationships and disclaimers.
Insider Transaction Report
Form 4
Pentwater Capital Management LP
10% Owner
Transactions
- Exercise of In-Money
Common Stock, par value $0.01 per share ("Common Stock")
[F1]2026-03-20$110.00/sh+1,236,300$135,993,000→ 6,673,600 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-20$120.00/sh+376,600$45,192,000→ 7,050,200 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-20$125.00/sh+53,800$6,725,000→ 7,104,000 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-20$130.00/sh+4,300$559,000→ 7,108,300 total(indirect: See footnote) - Exercise of In-Money
Common Stock
[F1]2026-03-20$110.00/sh−60,000$6,600,000→ 7,048,300 total(indirect: See footnote) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-20−12,363→ 0 total(indirect: See footnote)Exercise: $110.00Exp: 2026-03-20→ Common Stock (1,236,300 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-20−3,766→ 0 total(indirect: See footnote)Exercise: $120.00Exp: 2026-03-20→ Common Stock (376,600 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-20−538→ 0 total(indirect: See footnote)Exercise: $125.00Exp: 2026-03-20→ Common Stock (53,800 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-03-20−43→ 0 total(indirect: See footnote)Exercise: $130.00Exp: 2026-03-20→ Common Stock (4,300 underlying) - Exercise of In-Money
Put Option (right to sell)
[F2][F1]2026-03-20−600→ 0 total(indirect: See footnote)Exercise: $110.00Exp: 2026-03-20→ Common Stock (60,000 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−600→ 0 total(indirect: See footnote)Exercise: $150.00Exp: 2026-03-20→ Common Stock (60,000 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−11,138→ 0 total(indirect: See footnote)Exercise: $150.00Exp: 2026-03-20→ Common Stock (1,113,800 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−1,000→ 0 total(indirect: See footnote)Exercise: $240.00Exp: 2026-03-20→ Common Stock (100,000 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−12,303→ 0 total(indirect: See footnote)Exercise: $260.00Exp: 2026-03-20→ Common Stock (1,230,300 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−6,150→ 0 total(indirect: See footnote)Exercise: $270.00Exp: 2026-03-20→ Common Stock (615,000 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−8,350→ 0 total(indirect: See footnote)Exercise: $280.00Exp: 2026-03-20→ Common Stock (835,000 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−3,700→ 0 total(indirect: See footnote)Exercise: $290.00Exp: 2026-03-20→ Common Stock (370,000 underlying) - Expiration
Call Option (obligation to sell)
[F2][F1]2026-03-20−100→ 0 total(indirect: See footnote)Exercise: $310.00Exp: 2026-03-20→ Common Stock (10,000 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.