Pentwater Capital Management LP - 20 Mar 2026 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Reporting relationship: 10%+ Owner
Issuer ticker: CAR
Reported as of: 20 Mar 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 24 Mar 2026, 21:35:54 UTC
Prior SEC filing: 20 Mar 2026
Next SEC filing: 21 Apr 2026
Source filing: View source filing
Reporting owner signature: /s/ Pentwater Capital Management LP, By: /s/ MCH PWCM Holdings Inc., General Partner, By: Matthew Halbower, Chief Executive Officer

Key filing fact

Pentwater Capital Management LP filed Form 4 for AVIS BUDGET GROUP, INC. (CAR) on 24 Mar 2026.

Key facts

This page summarizes Pentwater Capital Management LP's Form 4 filing for AVIS BUDGET GROUP, INC. (CAR).
18 reported transactions and 26 derivative rows are listed below.
Accepted by SEC: 24 Mar 2026, 21:35.

Change

Previous filing in this sequence was filed on 20 Mar 2026.
Current net transaction value: $0.

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

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (2)

CIK 0001425851 Primary reporting owner

Pentwater Capital Management LP

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

CIK 0002121021

Halbower Matthew

Relationship: 10%+ Owner
Address: 1001 10TH AVENUE SOUTH, SUITE 216, NAPLES
Signature: /s/ Matthew Halbower
Signature date: 24 Mar 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

CAR transaction

Common Stock, par value $0.01 per share ("Common Stock")

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +1,236,300
Change %: +23%
Price: $110.00^*
Shares after: 6,673,600
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock, par value $0.01 per share ("Common Stock")

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +1,236,300
Change %: +23%
Price: $110.00^*
Shares after: 6,673,600
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +376,600
Change %: +5.6%
Price: $120.00^*
Shares after: 7,050,200
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +376,600
Change %: +5.6%
Price: $120.00^*
Shares after: 7,050,200
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +53,800
Change %: +0.76%
Price: $125.00^*
Shares after: 7,104,000
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +53,800
Change %: +0.76%
Price: $125.00^*
Shares after: 7,104,000
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +4,300
Change %: +0.06%
Price: $130.00^*
Shares after: 7,108,300
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: +4,300
Change %: +0.06%
Price: $130.00^*
Shares after: 7,108,300
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -60,000
Change %: -0.84%
Price: $110.00^*
Shares after: 7,048,300
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

CAR transaction

Common Stock

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -60,000
Change %: -0.84%
Price: $110.00^*
Shares after: 7,048,300
Date: 20 Mar 2026
Ownership: See footnote
Footnotes: F1

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -12,363
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,236,300
Exercise price: $110.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -12,363
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,236,300
Exercise price: $110.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -3,766
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 376,600
Exercise price: $120.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -3,766
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 376,600
Exercise price: $120.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -538
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 53,800
Exercise price: $125.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -538
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 53,800
Exercise price: $125.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -43
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 4,300
Exercise price: $130.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (obligation to buy)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -43
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 4,300
Exercise price: $130.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (right to sell)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -600
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 60,000
Exercise price: $110.00
Footnotes: F1, F2

CAR transaction Derivative

Put Option (right to sell)

Exercise of in-the-money or at-the-money derivative security

Transaction value
Shares: -600
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 60,000
Exercise price: $110.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -600
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 60,000
Exercise price: $150.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -600
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 60,000
Exercise price: $150.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -11,138
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,113,800
Exercise price: $150.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -11,138
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,113,800
Exercise price: $150.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -1,000
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 100,000
Exercise price: $240.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -1,000
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 100,000
Exercise price: $240.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -12,303
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,230,300
Exercise price: $260.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -12,303
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 1,230,300
Exercise price: $260.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -6,150
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 615,000
Exercise price: $270.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -6,150
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 615,000
Exercise price: $270.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -8,350
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 835,000
Exercise price: $280.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -8,350
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 835,000
Exercise price: $280.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -3,700
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 370,000
Exercise price: $290.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -3,700
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 370,000
Exercise price: $290.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -100
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 10,000
Exercise price: $310.00
Footnotes: F1, F2

CAR transaction Derivative

Call Option (obligation to sell)

Expiration of short derivative position

Transaction value
Shares: -100
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 20 Mar 2026
Ownership: See footnote
Underlying class: Common Stock
Underlying amount: 10,000
Exercise price: $310.00
Footnotes: F1, F2

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 2 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

Exercisable at any time.

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