Key facts
- This page summarizes Pentwater Capital Management LP's Form 4 filing for AVIS BUDGET GROUP, INC. (CAR).
- 13 reported transactions and 9 derivative rows are listed below.
- Accepted by SEC: 24 Feb 2026, 21:40.
Pentwater Capital Management LP - 20 Feb 2026 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)
- Reporting relationship
- 10%+ Owner
- Issuer ticker
- CAR
- Reported as of
- 20 Feb 2026
- Net transaction value
- +$51,182,936
- SEC form
- 4
- Accepted by SEC
- 24 Feb 2026, 21:40:48 UTC
- Next SEC filing
- 27 Feb 2026
- Source filing
- View source filing
- Reporting owner signature
- Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer
Source evidence
Original filing metadata and source links for verification.
4 source fields
Reporting owner
1 detail
Key filing fact
Pentwater Capital Management LP filed Form 4 for AVIS BUDGET GROUP, INC. (CAR) on 24 Feb 2026.
Change
- No earlier filing in this sequence is available for direct comparison.
- Current net transaction value: +$51,182,936.
Research use
- This tells you what this filing adds before you inspect full transaction and derivative tables.
- You can trace every row back to the original SEC filing document.
Evidence
Filed on Form 4
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reporting Owners (1)
CIK 0001425851
Primary reporting owner
Pentwater Capital Management LP
- Relationship
- 10%+ Owner
- Address
- 1001 10TH AVENUE SOUTH, SUITE 216, NAPLES
- Signature
- Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer
- Signature date
- 24 Feb 2026
Reported non-derivative transactions
Shares, units, or other non-derivative securities reported in this filing.
CAR
transaction
Common Stock, par value ("Common Stock")
Purchase
- Transaction value
- $40,060,075
- Shares
- +425,000
- Change %
- +12%
- Price
- $94.26
- Shares after
- 3,987,100
- Date
- 20 Feb 2026
- Ownership
- See footnote
- Footnotes
- F1, F2
CAR
transaction
Common Stock
Exercise of in-the-money or at-the-money derivative security
- Transaction value
- $1,575,000
- Shares
- +12,600
- Change %
- +0.32%
- Price
- $125.00
- Shares after
- 3,999,700
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Footnotes
- F1
CAR
transaction
Common Stock
Exercise of in-the-money or at-the-money derivative security
- Transaction value
- $8,775,000
- Shares
- +67,500
- Change %
- +1.7%
- Price
- $130.00
- Shares after
- 4,067,200
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Footnotes
- F1
CAR
transaction
Common Stock
Exercise of in-the-money or at-the-money derivative security
- Transaction value
- $765,000
- Shares
- +5,100
- Change %
- +0.13%
- Price
- $150.00
- Shares after
- 4,072,300
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Footnotes
- F1
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
CAR
transaction
Derivative
Call Option (right to buy)
Purchase
- Transaction value
- $3,081
- Shares
- +347
- Change %
- Price
- $8.88*
- Shares after
- 347
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 34,700
- Exercise price
- $85.00
- Footnotes
- F1, F3
CAR
transaction
Derivative
Put Option (obligation to buy)
Sale
- Transaction value
- $2,040
- Shares
- -347
- Change %
- -50%
- Price
- $5.88*
- Shares after
- 347
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 34,700
- Exercise price
- $85.00
- Footnotes
- F1, F3
CAR
transaction
Derivative
Put Option (obligation to buy)
Exercise of in-the-money or at-the-money derivative security
- Transaction value
- $0
- Shares
- -126
- Change %
- -1.9%
- Price
- $0.000000
- Shares after
- 6,667
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 12,600
- Exercise price
- $125.00
- Footnotes
- F1, F3
CAR
transaction
Derivative
Put Option (obligation to buy)
Exercise of in-the-money or at-the-money derivative security
- Transaction value
- $0
- Shares
- -675
- Change %
- -26%
- Price
- $0.000000
- Shares after
- 1,875
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 67,500
- Exercise price
- $130.00
- Footnotes
- F1, F3
CAR
transaction
Derivative
Put Option (obligation to buy)
Exercise of in-the-money or at-the-money derivative security
- Transaction value
- $0
- Shares
- -51
- Change %
- -94%
- Price
- $0.000000
- Shares after
- 3
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 5,100
- Exercise price
- $150.00
- Footnotes
- F1, F3
CAR
transaction
Derivative
Cash-Settled Total Return Swaps
Other
- Transaction value
- Shares
- +55,000
- Change %
- +3%
- Price
- Shares after
- 1,888,910
- Date
- 23 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 55,000
- Exercise price
- $87.53
- Footnotes
- F1, F3, F4
CAR
transaction
Derivative
Cash-Settled Total Return Swaps
Other
- Transaction value
- Shares
- -200
- Change %
- -100%
- Price
- Shares after
- 0
- Date
- 24 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 200
- Exercise price
- $121.27
- Footnotes
- F1, F3, F5
CAR
transaction
Derivative
Call Option (right to buy)
Purchase
- Transaction value
- $13,186
- Shares
- +650
- Change %
- Price
- $20.29
- Shares after
- 650
- Date
- 24 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 65,000
- Exercise price
- $80.00
- Footnotes
- F1, F3
CAR
transaction
Derivative
Put Option (obligation to buy)
Sale
- Transaction value
- $6,366
- Shares
- -650
- Change %
- -50%
- Price
- $9.79*
- Shares after
- 650
- Date
- 24 Feb 2026
- Ownership
- See footnote
- Underlying class
- Common Stock
- Underlying amount
- 65,000
- Exercise price
- $80.00
- Footnotes
- F1, F3
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 5 footnotes
Footnote 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.
Footnote F2
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $92.9355 to $95.1190, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.
Footnote F3
Exercisable at any time.
Footnote F4
The Pentwater Funds increased their position in cash-settled total return swap agreements. 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.
Footnote F5
The Pentwater Funds settled their position in a certain cash-settled total return swap agreement pursuant to its terms at a settlement price of $86.33.