Pentwater Capital Management LP - 20 Feb 2026 Form 3 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Role
10%+ Owner
Signature
Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer
Issuer symbol
CAR
Transactions as of
20 Feb 2026
Net transactions value
$0
Form type
3
Filing time
24 Feb 2026, 21:37:08 UTC
Next filing
27 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Pentwater Capital Management LP 10%+ Owner 1001 10TH AVENUE SOUTH, SUITE 216, NAPLES Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer 24 Feb 2026 0001425851

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding CAR Common Stock, par value $0.01 per share ("Common Stock") 3,562,100 20 Feb 2026 See footnote F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding CAR Put Option (right to sell) 20 Feb 2026 Common Stock 60,000 $110.00 See footnote F1, F2
holding CAR Put Option (obligation to buy) 20 Feb 2026 Common Stock 1,744,800 $110.00 See footnote F1, F2
holding CAR Put Option (obligation to buy) 20 Feb 2026 Common Stock 436,700 $120.00 See footnote F1, F2
holding CAR Put Option (obligation to buy) 20 Feb 2026 Common Stock 679,300 $125.00 See footnote F1, F2
holding CAR Put Option (obligation to buy) 20 Feb 2026 Common Stock 255,000 $130.00 See footnote F1, F2
holding CAR Put Option (obligation to buy) 20 Feb 2026 Common Stock 5,400 $150.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 60,000 $150.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 1,113,800 $150.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 100,000 $240.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 1,230,300 $260.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 615,000 $270.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 835,000 $280.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 370,000 $290.00 See footnote F1, F2
holding CAR Call Option (obligation to sell) 20 Feb 2026 Common Stock 10,000 $310.00 See footnote F1, F2
holding CAR Cash-Settled Total Return Swap 20 Feb 2026 Common Stock 1,700,000 See footnote F1, F2, F3, F9
holding CAR Cash-Settled Total Return Swaps 20 Feb 2026 Common Stock 1,833,910 See footnote F1, F2, F4, F9
holding CAR Cash-Settled Total Return Swaps 20 Feb 2026 Common Stock 11,775 See footnote F1, F2, F5, F9
holding CAR Cash-Settled Total Return Swaps 20 Feb 2026 Common Stock 200 See footnote F1, F2, F6, F9
holding CAR Cash-Settled Total Return Swaps 20 Feb 2026 Common Stock 4,926,815 See footnote F1, F2, F7, F9
holding CAR Cash-Settled Total Return Swaps 20 Feb 2026 Common Stock 1,625,773 See footnote F1, F2, F8, F9
holding CAR Cash-Settled Total Return Swaps 20 Feb 2026 Common Stock 24,227 See footnote F1, F2, F8, F9
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This Form 3 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 3 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.
F3 The Pentwater Funds previously entered into certain cash-settled total return swap agreements with an unaffiliated third-party financial institution with reference prices ranging from $86.3952 to $160.438267.
F4 The Pentwater Funds previously entered into certain cash-settled total return swap agreements with an unaffiliated third-party financial institution with reference prices ranging from $69.6485 to $167.5098.
F5 The Pentwater Funds previously entered into certain cash-settled total return swap agreements with an unaffiliated third-party financial institution with reference prices ranging from $118.05 to $161.2783.
F6 The Pentwater Funds previously entered into certain cash-settled total return swap agreements with an unaffiliated third-party financial institution with a reference price of $121.2708.
F7 The Pentwater Funds previously entered into certain cash-settled total return swap agreements with an unaffiliated third-party financial institution with reference prices ranging from $57.0355 to $203.88.
F8 The Pentwater Funds previously entered into certain cash-settled total return swap agreements with an unaffiliated third-party financial institution with reference prices ranging from $59.48 to $155.4712.
F9 The swap agreements shall continue until terminated as elected by the parties and currently have an initial reference termination date as set forth in column (2). The swap agreements provide the Pentwater Funds with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the swap agreements (such shares, the "Subject Shares"). The Reporting Persons disclaims beneficial ownership of the Subject Shares except to the extent of its or his pecuniary interest therein, if any.