Pentwater Capital Management LP's Form 4 filing
Avis Budget Group, Inc.CAR · filed Feb 24, 2026
- Accession no.
- 0000902664-26-001278
- Filed
- Feb 24, 2026
- Trade date
- Feb 20-24, 2026
- Filing delay
- 4 days
- Rule 10b5-1 plan
- Not checked
This filing lists 4 non-derivative transactions and 9 derivative transactions. Open-market purchases total $40.1M. It was filed 4 days after the trade.
Reporting owners
A Form 4 can have several reporting owners, such as a person and a fund they control. Trade tables show the first one.
| Owner | Relationship to the company |
|---|---|
| Pentwater Capital Management LPCIK 0001425851 | 10% Owner |
Non-derivative securities (Table I)
Acquisitions and disposals of common stock and similar shares, one row per line on the filing.
| Trade date | Security | Transaction | Shares | Price | Value | Shares after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| Feb 20, 2026 | Common Stock, par value ("Common Stock") | PPurchaseAcquired | +425,000 | $94.26F2 | +$40,060,500 | 3,987,100 | Indirect | |
| Feb 23, 2026 | Common Stock | XIn-the-money exerciseAcquired | +12,600 | $125.00 | +$1,575,000 | 3,999,700 | Indirect | |
| Feb 23, 2026 | Common Stock | XIn-the-money exerciseAcquired | +67,500 | $130.00 | +$8,775,000 | 4,067,200 | Indirect | |
| Feb 23, 2026 | Common Stock | XIn-the-money exerciseAcquired | +5,100 | $150.00 | +$765,000 | 4,072,300 | Indirect |
Derivative securities (Table II)
Options, warrants, restricted stock units and similar. Shares are the underlying shares; price and value are for the derivative itself, and the holding after is in derivative units.
| Trade date | Security | Transaction | Underlying shares | Unit price | Value | Held after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| Feb 23, 2026 | Common Stock | PPurchaseAcquired | +34,700 | $8.88 | +$3,081.36 | 347 | Indirect | |
| Feb 23, 2026 | Common Stock | SSaleDisposed | −34,700 | $5.88 | −$2,040.36 | 347 | Indirect | |
| Feb 23, 2026 | Common Stock | XIn-the-money exerciseDisposed | −12,600 | $0.00 | $0 | 6,667 | Indirect | |
| Feb 23, 2026 | Common Stock | XIn-the-money exerciseDisposed | −67,500 | $0.00 | $0 | 1,875 | Indirect | |
| Feb 23, 2026 | Common Stock | XIn-the-money exerciseDisposed | −5,100 | $0.00 | $0 | 3 | Indirect | |
| Feb 23, 2026 | Common Stock | JOtherAcquired | +55,000 | –F4 | – | 1,888,910 | Indirect | |
| Feb 24, 2026 | Common Stock | JOtherDisposed | −200 | –F5 | – | 0 | Indirect | |
| Feb 24, 2026 | Common Stock | PPurchaseAcquired | +65,000 | $20.29 | +$13,188.5 | 650 | Indirect | |
| Feb 24, 2026 | Common Stock | SSaleDisposed | −65,000 | $9.79 | −$6,363.5 | 650 | Indirect |
Footnotes and remarks
Livermore keeps the footnotes that transaction prices refer to, all footnotes of amendments (Form 4/A) and the filing's remarks. Other footnotes, such as how indirect holdings are held or the details of a trading plan, are only in the original on SEC EDGAR.
- 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.
Referenced by the price of 1 transaction in Table I.
- 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.
Referenced by the price of 1 transaction in Table II.
- 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.
Referenced by the price of 1 transaction in Table II.