Form 4 for CAR AVIS BUDGET GROUP, INC.
Accepted 2026-02-24 00:00:00 ET · period of report 2026-02-20 · accession 0000902664-26-001278 · SEC index · Original document
Summary rows
Aggregated the way they appear in lists: one row per insider, transaction code and security table.
| X | Filed | Traded | Ticker | Insider | Title | Type | Price | Qty | Owned | ΔOwn | Value |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DMI | 2026-02-24 | 2026-02-23 | CAR | Pentwater Capital Management LP | 10% | X - OptEx | $130.46 | +85.2K | 4.00M | +2% | +$11.12M |
| DI | 2026-02-24 | 2026-02-20 | CAR | Pentwater Capital Management LP | 10% | P - Purchase | $94.26 | +425.0K | 3.99M | +12% | +$40.06M |
| DMI | 2026-02-24 | 2026-02-23 | CAR | Pentwater Capital Management LP | 10% | X - OptEx | $0.00 | -852 | 6,667 | -11% | $0 |
| DMI | 2026-02-24 | 2026-02-23+ | CAR | Pentwater Capital Management LP | 10% | S - Sale | $8.43 | -997 | 347 | -74% | -$8,404 |
| DMI | 2026-02-24 | 2026-02-23+ | CAR | Pentwater Capital Management LP | 10% | P - Purchase | $16.32 | +997 | 347 | New | +$16.3K |
| DMI | 2026-02-24 | 2026-02-23+ | CAR | Pentwater Capital Management LP | 10% | J - Other | — | +54.8K | 1.89M | +3% | — |
Purchase Sale Sale after option exercise All abbreviations
Every reported transaction
| # | Table | Security | Date | Code | A/D | Shares | Price | Owned after | Own | Exercise / expiry | Underlying | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Common | Common Stock | 2026-02-23 | X | A | 67,500 | $130.00 | 4,067,200 | I See 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. |
| 2 | Common | Common Stock, par value ("Common Stock") | 2026-02-20 | P | A | 425,000 | $94.26 | 3,987,100 | I See 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. (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. |
| 3 | Common | Common Stock | 2026-02-23 | X | A | 5,100 | $150.00 | 4,072,300 | I See 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. |
| 4 | Common | Common Stock | 2026-02-23 | X | A | 12,600 | $125.00 | 3,999,700 | I See 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. |
| 5 | Derivative | Put Option (obligation to buy) | 2026-02-23 | X | D | 51 | $0.00 | 3 | I See footnote | $150.00 · — to 2026-03-20 | 5,100 Common Stock | (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. (F3) Exercisable at any time. |
| 6 | Derivative | Put Option (obligation to buy) | 2026-02-24 | S | D | 650 | $9.79 | 650 | I See footnote | $80.00 · — to 2026-09-18 | 65,000 Common Stock | (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. (F3) Exercisable at any time. |
| 7 | Derivative | Call Option (right to buy) | 2026-02-24 | P | A | 650 | $20.29 | 650 | I See footnote | $80.00 · — to 2026-09-18 | 65,000 Common Stock | (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. (F3) Exercisable at any time. |
| 8 | Derivative | Cash-Settled Total Return Swaps | 2026-02-24 | J | D | 200 | — | 0 | I See footnote | $121.27 · — to 2027-01-25 | 200 Common Stock | (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. (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. (F3) Exercisable at any time. |
| 9 | Derivative | Cash-Settled Total Return Swaps | 2026-02-23 | J | A | 55,000 | — | 1,888,910 | I See footnote | $87.53 · — to 2027-04-15 | 55,000 Common Stock | (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. (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. (F3) Exercisable at any time. |
| 10 | Derivative | Put Option (obligation to buy) | 2026-02-23 | X | D | 675 | $0.00 | 1,875 | I See footnote | $130.00 · — to 2026-03-20 | 67,500 Common Stock | (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. (F3) Exercisable at any time. |
| 11 | Derivative | Put Option (obligation to buy) | 2026-02-23 | X | D | 126 | $0.00 | 6,667 | I See footnote | $125.00 · — to 2026-03-20 | 12,600 Common Stock | (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. (F3) Exercisable at any time. |
| 12 | Derivative | Put Option (obligation to buy) | 2026-02-23 | S | D | 347 | $5.88 | 347 | I See footnote | $85.00 · — to 2026-04-17 | 34,700 Common Stock | (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. (F3) Exercisable at any time. |
| 13 | Derivative | Call Option (right to buy) | 2026-02-23 | P | A | 347 | $8.88 | 347 | I See footnote | $85.00 · — to 2026-04-17 | 34,700 Common Stock | (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. (F3) Exercisable at any time. |