Pentwater Capital Management LP 4

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.