Pentwater funds (NASDAQ: CAR) boost Avis Budget stake via option exercises
Rhea-AI Filing Summary
Pentwater Capital-managed funds increased their indirect stake in Avis Budget Group through derivative exercises. On 2026-03-20, the funds exercised a series of in-the-money put options to acquire multiple blocks of Common Stock, including 1,236,300 shares at $110 per share and additional tranches at $120, $125, $130 and $110. Following these acquisitions, the reported indirect holdings rose to 7,108,300 shares of Common Stock. Over the same period, several short call option positions with strike prices between $150 and $310 per share expired, removing those derivative obligations. All positions are held by Pentwater Funds advised by Pentwater Capital Management LP, and both Pentwater and Matthew Halbower disclaim beneficial ownership beyond any pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Pentwater funds exercised derivatives to deepen equity exposure, while short calls expired.
The reporting shows Pentwater-managed funds using in-the-money put options on Avis Budget Group to acquire sizeable blocks of Common Stock at strike prices from $110 to $130. This converts derivative exposure into direct equity while leaving no remaining derivatives in this filing.
Simultaneously, multiple short call option positions with strike prices from $150 to $310 expired, eliminating those obligations. The net effect is a cleaner, larger indirect common stock position of 7,108,300 shares, with no open-market buying or selling disclosed.
The filing is made by Pentwater Capital Management LP and Matthew Halbower for funds they advise, and they expressly disclaim beneficial ownership beyond any pecuniary interest. The economic and voting impact ultimately depends on the Pentwater Funds’ broader portfolio context, which is outside this disclosure.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| X | Put Option (obligation to buy) | 12,363 | $0.00 | -- |
| X | Put Option (obligation to buy) | 3,766 | $0.00 | -- |
| X | Put Option (obligation to buy) | 538 | $0.00 | -- |
| X | Put Option (obligation to buy) | 43 | $0.00 | -- |
| X | Put Option (right to sell) | 600 | $0.00 | -- |
| E | Call Option (obligation to sell) | 600 | $0.00 | -- |
| E | Call Option (obligation to sell) | 11,138 | $0.00 | -- |
| E | Call Option (obligation to sell) | 1,000 | $0.00 | -- |
| E | Call Option (obligation to sell) | 12,303 | $0.00 | -- |
| E | Call Option (obligation to sell) | 6,150 | $0.00 | -- |
| E | Call Option (obligation to sell) | 8,350 | $0.00 | -- |
| E | Call Option (obligation to sell) | 3,700 | $0.00 | -- |
| E | Call Option (obligation to sell) | 100 | $0.00 | -- |
| X | Common Stock, par value $0.01 per share ("Common Stock") | 1,236,300 | $110.00 | $135.99M |
| X | Common Stock | 376,600 | $120.00 | $45.19M |
| X | Common Stock | 53,800 | $125.00 | $6.72M |
| X | Common Stock | 4,300 | $130.00 | $559K |
| X | Common Stock | 60,000 | $110.00 | $6.60M |
Footnotes (1)
- 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. Exercisable at any time.
