Pentwater Capital Management LP 4
4 · AVIS BUDGET GROUP, INC. · Filed Feb 27, 2026
Research Summary
AI-generated summary of this filing
Avis Budget (CAR) 10% Owner Pentwater Exercises Options, Trades Shares
What Happened
Pentwater Capital Management LP (a reported 10% owner; filing also names Matthew Halbower) exercised in‑the‑money derivative rights to acquire 200 Avis Budget (CAR) shares on 2026-02-26 for $150.00 per share (total cash paid $30,000). The filing also shows multiple open‑market derivative transactions: on 2026-02-25 it bought 350 derivative units at $20.57 (total $7,199) and sold 350 at $10.71 (total $3,748); on 2026-02-27 it bought 1,200 at $22.22 (total $26,668) and sold 1,200 at $10.15 (total $12,175). There is an additional small 2‑share disposition on 2026-02-26 reported at $0.00. The primary headline action was the exercise of options (acquisition) for 200 shares.
Key Details
- Transaction dates: Feb 25–27, 2026. Form filed 2026-02-27 (appears timely for these transactions).
- Major amounts: 200 shares exercised at $150.00 = $30,000; purchases of 1,200 derivative units at $22.22 = $26,668; other buys/sells were smaller (see above).
- Codes: X = exercise of derivative (option); P = open‑market purchase; S = open‑market sale. All listed derivative trades were reported as derivative transactions.
- Shares owned after transaction: not specified in the data you provided/this summary.
- Footnotes: F1 notes the Form 4 is filed by Pentwater Capital Management LP and Matthew Halbower and disclaims direct beneficial ownership except to the extent of pecuniary interest; F2 notes the derivative was exercisable at any time.
Context
- Pentwater is a 10% institutional owner, not a company executive—this is institutional trading activity rather than an executive insider trade.
- The filing shows an actual option exercise for 200 shares (a purchase/acquisition). There is no explicit indication in the provided filing that those 200 shares were immediately sold.
- The 2‑share $0.00 disposition is not explained in the filing; such small zero‑dollar entries sometimes reflect settlement or transfer mechanics related to exercises but the report does not specify.
This summary is factual and based on the reported Form 4 entries; it does not infer motivation behind the trades.
Insider Transaction Report
- Exercise of In-Money
Common Stock, par value $0.01 per share ("Common Stock")
[F1]2026-02-26$150.00/sh+200$30,000→ 4,072,500 total(indirect: See footnote) - Purchase
Call Option (right to buy)
[F2][F1]2026-02-25$20.57/sh+350$7,199→ 350 total(indirect: See footnote)Exercise: $85.00Exp: 2026-09-18→ Common Stock (35,000 underlying) - Sale
Put Option (obligation to buy)
[F2][F1]2026-02-25$10.71/sh−350$3,748→ 350 total(indirect: See footnote)Exercise: $85.00Exp: 2026-09-18→ Common Stock (35,000 underlying) - Exercise of In-Money
Put Option (obligation to buy)
[F2][F1]2026-02-26−2→ 1 total(indirect: See footnote)Exercise: $150.00Exp: 2026-03-20→ Common Stock (200 underlying) - Purchase
Call Option (right to buy)
[F2][F1]2026-02-27$22.22/sh+1,200$26,668→ 1,550 total(indirect: See footnote)Exercise: $85.00Exp: 2026-09-18→ Common Stock (120,000 underlying) - Sale
Put Option (obligation to buy)
[F2][F1]2026-02-27$10.15/sh−1,200$12,175→ 1,550 total(indirect: See footnote)Exercise: $85.00Exp: 2026-09-18→ Common Stock (120,000 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.