Pentwater Capital Management LP

Naples, FL · CIK 1425851 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2011 · limited partnership

Assets managed$19.3bn
Staff45 · 20 in investment roles
Main clients (by assets)Private funds 94%, Companies 6%
Private funds7 (7 hedge) · $17.6bn gross assets
Websitepwcm.com
Form ADV · 2026-03-31SEC adviser record

Legal entityPENTWATER CAPITAL MANAGEMENT LP (US)

$12.5bn reported value -11.0% vs Q1 2026

59positions

74.3%in top 10

29 new 10 added 14 reduced 30 sold out vs Q1 2026

Options: 8 call positions ($1.0bn notional), 23 put positions ($2.8bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ELECTRONIC ARTS INC COM EA	EA	13,475,000	$2.8bn22.07%	22.07%	Added +667.5k	+667,500 5.2%
2	BOEING CO COM BA	BA	6,200,000	$1.3bn10.72%	10.72%	Reduced -869.5k	-869,500 -12.3%
3	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	47,576,000	$1.3bn10.13%	10.13%	Reduced -2.7m	-2,669,000 -5.3%
4	KENVUE INC COM KVUE	KVUE	51,130,000	$977.1m7.80%	7.80%	Reduced -870.0k	-870,000 -1.7%
5	NORFOLK SOUTHN CORP COM NSC	NSC	2,775,000	$873.0m6.97%	6.97%	Reduced -445.0k	-445,000 -13.8%
6	ROKU INC COM CL A ROKU	ROKU	4,325,000	$597.5m4.77%	4.77%	New
7	ECHOSTAR CORP CL A ECHO	ECHO	3,860,000	$391.8m3.13%	3.13%	Added +1.5m	+1,500,000 63.6%
8	AVIS BUDGET GROUP COM CAR	CAR	2,513,300	$371.5m2.97%	2.97%	Reduced -4.5m	-4,535,000 -64.3%
9	TXNM ENERGY INC COM TXNM	TXNM	6,487,500	$368.4m2.94%	2.94%	Added +3.7m	+3,687,500 131.7%
10	TECK RESOURCES LTD CL B TECK	TECK	5,960,000	$354.4m2.83%	2.83%	Reduced -1.0m	-1,000,000 -14.4%
11	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	11,465,000	$346.0m2.76%	2.76%	Added +8.8m	+8,815,000 332.6%
12	GEO GROUP INC NEW COM GEO	GEO	10,582,000	$312.7m2.50%	2.50%	Added +1.0m	+1,017,000 10.6%
13	ORGANON & CO COMMON STOCK OGN	OGN	18,100,000	$245.1m1.96%	1.96%	New
14	DOMINION ENERGY INC COM D	D	3,500,000	$239.0m1.91%	1.91%	New
15	DIGITALBRIDGE GROUP INC CL A NEW CL A NEW		12,600,000	$198.8m1.59%	1.59%	Added +850.0k	+850,000 7.2%
16	SURGERY PARTNERS INC COM SGRY	SGRY	11,630,000	$195.4m1.56%	1.56%	Reduced -1.0m	-1,025,000 -8.1%
17	APOGEE THERAPEUTICS INC COM COM		1,425,000	$189.1m1.51%	1.51%	New
18	CARNIVAL CORP LTD COMMON SHARES CCL	CCL	5,705,000	$163.0m1.30%	1.30%	New
19	SILICON LABORATORIES INC COM SLAB	SLAB	741,725	$162.1m1.29%	1.29%	Added +241.7k	+241,725 48.4%
20	NUVALENT INC COM COM		1,175,000	$145.1m1.16%	1.16%	New
21	TENET HEALTHCARE CORP COM NEW THC	THC	765,000	$143.1m1.14%	1.14%	Added +640.0k	+640,000 512.0%
22	PARAMOUNT SKYDANCE CORP COM CL B SKYD	SKYD	12,000,000	$118.3m0.95%	0.95%	Added +7.9m	+7,900,000 192.7%
23	GLOBALSTAR INC COM NEW GSAT	GSAT	1,355,000	$110.1m0.88%	0.88%	New
24	ARCOSA INC COM ACA	ACA	660,000	$95.9m0.77%	0.77%	New
25	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	2,493,644	$82.9m0.66%	0.66%	Unchanged
26	PAYONEER GLOBAL INC COM PAYO	PAYO	9,888,410	$70.4m0.56%	0.56%	New
27	SKYWATER TECHNOLOGY INC COM COM		1,807,000	$62.9m0.50%	0.50%	New
28	HCA HEALTHCARE INC COM HCA	HCA	130,000	$50.7m0.40%	0.40%	Added +55.0k	+55,000 73.3%
29	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	230,000	$39.3m0.31%	0.31%	New
30	BIO-TECHNE CORP COM TECH	TECH	500,000	$35.3m0.28%	0.28%	New
31	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	40,000	$29.9m0.24%	0.24%	Reduced -540.0k	-540,000 -93.1%
32	AXALTA COATING SYS LTD COM AXTA	AXTA	756,762	$25.9m0.21%	0.21%	New
33	MICRON TECHNOLOGY INC COM MU	MU	18,000	$20.8m0.17%	0.17%	New
34	AVANOS MED INC COM AVNS	AVNS	750,000	$18.7m0.15%	0.15%	New
35	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	536,594	$13.7m0.11%	0.11%	Reduced -24.3m	-24,315,406 -97.8%
36	ORACLE CORP COM ORCL	ORCL	90,000	$13.2m0.11%	0.11%	Reduced -65.0k	-65,000 -41.9%
37	SINDA LTD COMMON STOCK SIND	SIND	800,000	$9.6m0.08%	0.08%	New
38	HUMANA INC COM HUM	HUM	19,000	$7.5m0.06%	0.06%	New
39	UNITEDHEALTH GROUP INC COM UNH	UNH	17,758	$7.4m0.06%	0.06%	Reduced -494.2k	-494,242 -96.5%
40	AES CORP COM AES	AES	500,000	$7.3m0.06%	0.06%	Unchanged
41	METALS RTY CO INC COM SHS TMCR	TMCR	919,230	$6.6m0.05%	0.05%	New
42	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	250,000	$6.1m0.05%	0.05%	Unchanged
43	SUNSHINE SILVER MNG & REFNG COMMON STOCK SSMR	SSMR	439,400	$5.8m0.05%	0.05%	New
44	GENEDX HOLDINGS CORP COM CL A WGS	WGS	82,500	$5.7m0.05%	0.05%	New
45	LIBERTY BROADBAND CORP COM SER A LBRDA	LBRDA	170,000	$5.7m0.05%	0.05%	Unchanged
46	AMC ENTMT HLDGS INC CL A NEW AMC	AMC	2,250,000	$4.3m0.03%	0.03%	Reduced -7.1m	-7,120,686 -76.0%
47	FORGENT POWER SOLUTIONS INC COM SHS CL A FPS	FPS	65,000	$3.6m0.03%	0.03%	Reduced -95.0k	-95,000 -59.4%
48	AMERICAN AXLE & MFG HLDGS IN COM DCH	DCH	519,790	$2.8m0.02%	0.02%	Unchanged
49	SYNAPTICS INC COM SYNA	SYNA	20,000	$2.5m0.02%	0.02%	New
50	SEAPORT THERAPEUTICS INC COMMON STOCK SPTX	SPTX	83,000	$1.8m0.01%	0.01%	New
51	CONSTELLATION ENERGY CORP COM CEG	CEG	7,000	$1.7m0.01%	0.01%	New
52	CORECIVIC INC COM CXW	CXW	50,000	$1.5m0.01%	0.01%	Unchanged
53	KARMAN HLDGS INC COMMON STOCK KRMN	KRMN	25,000	$1.2m0.01%	0.01%	New
54	MEDLINE INC COM CL A MDLN	MDLN	30,000	$1.2m0.01%	0.01%	Reduced -20.0k	-20,000 -40.0%
55	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	5,000	$1.1m0.01%	0.01%	New
56	NYXOAH S A SHS NYXH	NYXH	600,000	$1.0m0.01%	0.01%	New
57	EROCK INC CL A COM EROC	EROC	60,000	$870.0k0.01%	0.01%	New
58	TAYLOR MORRISON HOME CORP COM TMHC	TMHC	5,000	$358.7k0.00%	0.00%	New
59	ALLIED GOLD CORP COM NEW AAUC	AAUC	10,000	$237.3k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MASIMO CORP MASI	MASI	3,176,000	$564.9m3.2m shares
HOLOGIC INC HOLX	HOLX	4,500,224	$340.2m4.5m shares
ARCELLX INC ACLX	ACLX	2,870,000	$329.5m2.9m shares
CENTESSA PHARMACEUTICALS PLC		8,170,000	$324.5m8.2m shares
NETFLIX INC NFLX	NFLX	3,088,000	$296.9m3.1m shares
CLEARWATER ANALYTICS HLDGS I		11,385,000	$269.3m11.4m shares
APELLIS PHARMACEUTICALS INC APLS	APLS	5,250,000	$211.2m5.2m shares
AMICUS THERAPEUTICS INC FOLD	FOLD	14,000,000	$202.4m14.0m shares
CARNIVAL CORP		6,060,000	$156.8m6.1m shares
AIR LEASE CORP AL	AL	2,396,825	$155.6m2.4m shares
WEBSTER FINL CORP WBS	WBS	1,866,090	$129.5m1.9m shares
UNITED AIRLS HLDGS INC UAL	UAL	500,000	$46.0m500.0k shares
ONESTREAM INC OS	OS	1,890,000	$45.4m1.9m shares
INVESCO QQQ TR QQQ	QQQ	60,000	$34.6m60.0k shares
PINNACLE FINL PARTNERS INC PNFP	PNFP	300,000	$25.8m300.0k shares
DAY ONE BIOPHARMACEUTICALS I		800,000	$17.2m800.0k shares
STRUCTURE THERAPEUTICS INC GPCR	GPCR	245,000	$11.8m245.0k shares
ATRIUM THERAPEUTICS INC RNA	RNA	602,649	$8.1m602.6k shares
UNITED PARCEL SERVICE INC UPS	UPS	45,000	$4.4m45.0k shares
CANTALOUPE INC USAT	USAT	200,000	$2.2m200.0k shares
PURETECH HEALTH PLC PRTCY	PRTCY	70,000	$1.0m70.0k shares
ATLANTA BRAVES HLDGS INC BATRK	BATRK	20,000	$854.0k20.0k shares
ENTREPRENEURSHARES SERIES TR XOVR	XOVR	46,000	$776.9k46.0k shares
COREWEAVE INC CRWV	CRWV	9,500	$736.0k9.5k shares
FERMI INC FRMI	FRMI	125,000	$730.0k125.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,422,500	$1.1bn1.4m shares	Reduced
BOEING CO BA · Put	BA	Put	3,825,000	$828.0m3.8m shares	Reduced
UNITEDHEALTH GROUP INC UNH · Call	UNH	Call	1,870,000	$777.2m1.9m shares	Reduced
UNITEDHEALTH GROUP INC UNH · Put	UNH	Put	331,700	$137.9m331.7k shares	Reduced
WARNER BROS DISCOVERY INC WBD · Put	WBD	Put	4,821,900	$128.6m4.8m shares	Reduced
SPACE EXPLORATION TECHN CORP SPCX · Put	SPCX	Put	640,000	$109.4m640.0k shares	New
PARAMOUNT SKYDANCE CORP SKYD · Put	SKYD	Put	9,950,000	$98.1m9.9m shares	Added
BOEING CO BA · Call	BA	Call	400,000	$86.6m400.0k shares	Added
MICRON TECHNOLOGY INC MU · Call	MU	Call	74,000	$85.4m74.0k shares	New
CARNIVAL CORP LTD CCL · Put	CCL	Put	2,950,000	$84.3m3.0m shares	New
ECHOSTAR CORP ECHO · Put	ECHO	Put	720,000	$73.1m720.0k shares	Added
MICRON TECHNOLOGY INC MU · Put	MU	Put	59,000	$68.1m59.0k shares	New
HUMANA INC HUM · Call	HUM	Call	100,000	$39.7m100.0k shares	New
CORE SCIENTIFIC INC NEW CORZ · Put	CORZ	Put	1,300,000	$33.3m1.3m shares	Reduced
NORFOLK SOUTHN CORP NSC · Put	NSC	Put	103,300	$32.5m103.3k shares	Unchanged
INVESCO QQQ TR QQQ · Put	QQQ	Put	40,000	$29.5m40.0k shares	Reduced
IONQ INC IONQ · Put	IONQ	Put	526,800	$28.1m526.8k shares	New
TENET HEALTHCARE CORP THC · Put	THC	Put	120,000	$22.4m120.0k shares	New
CORE SCIENTIFIC INC NEW CORZ · Call	CORZ	Call	800,000	$20.5m800.0k shares	Reduced
ISHARES TR EWU · Put	EWU	Put	400,000	$18.5m400.0k shares	Reduced
HCA HEALTHCARE INC HCA · Put	HCA	Put	35,000	$13.6m35.0k shares	New
ISHARES INC EWG · Put	EWG	Put	300,000	$12.4m300.0k shares	Unchanged
ECHOSTAR CORP ECHO · Call	ECHO	Call	120,000	$12.2m120.0k shares	Added
HUMANA INC HUM · Put	HUM	Put	20,000	$7.9m20.0k shares	New
ORACLE CORP ORCL · Put	ORCL	Put	50,000	$7.3m50.0k shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SURGERY PARTNERS INC SGRY · 13G · filed 2026-05-15	SGRY	9.7%≈ $212.6m	+2.0 pts	13G	2026-05-15
VERVE THERAPEUTICS INC 13G · filed 2025-08-14		7.5%	new	13G	2025-08-14
AVIS BUDGET GROUP CAR · 13G · filed 2026-05-07	CAR	7.3%≈ $382.9m	-14.9 pts	13G	2026-05-07
GEO GROUP INC NEW GEO · 13G · filed 2026-05-15	GEO	7.2%≈ $284.1m	new	13G	2026-05-15
ORGANON & CO OGN · 13G · filed 2026-08-14	OGN	6.9%≈ $245.1m	new	13G	2026-08-14
DIGITALBRIDGE GROUP INC 13G · filed 2026-02-17		6.3%≈ $181.5m	new	13G	2026-02-17
BLUEPRINT MEDICINES CORP BPMC · 13G · filed 2025-08-14	BPMC	6.0%	new	13G	2025-08-14
TXNM ENERGY INC TXNM · 13G · filed 2026-08-14	TXNM	5.9%≈ $368.4m	new	13G	2026-08-14
CAESARS ENTERTAINMENT INC NE CZR · 13G · filed 2026-08-14	CZR	5.6%≈ $346.0m	new	13G	2026-08-14
ELECTRONIC ARTS INC EA · 13G · filed 2026-05-15	EA	5.1%≈ $2.6bn	new	13G	2026-05-15

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-04-23	AVIS BUDGET GROUP 10% owner · Pentwater Merger Arbitrage Master Fund Ltd.	CAR	Sold	1,036,251	$289.3m1.0m shares	-18%
2026-04-23	AVIS BUDGET GROUP 10% owner · Pentwater Merger Arbitrage Master Fund Ltd.	CAR	Sold	843,201	$223.1m843.2k shares	-20%
2026-04-23	AVIS BUDGET GROUP 10% owner · Pentwater Equity Opportunities Master Fund Ltd.	CAR	Sold	393,918	$107.4m393.9k shares	-8%
2026-04-23	AVIS BUDGET GROUP 10% owner · Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio	CAR	Sold	193,520	$52.8m193.5k shares	-4%
2026-04-23	AVIS BUDGET GROUP 10% owner · Oceana Master Fund Ltd.	CAR	Sold	184,707	$48.9m184.7k shares	-4%
2026-04-23	AVIS BUDGET GROUP 10% owner · Pentwater Credit Master Fund Ltd.	CAR	Sold	34,915	$9.5m34.9k shares	-1%
2026-04-23	AVIS BUDGET GROUP 10% owner · LMA SPC for and on behalf of the MAP 98 Segregated Portfolio	CAR	Sold	5,588	$1.5m5.6k shares	-<1%
2026-04-22	AVIS BUDGET GROUP 10% owner · Pentwater Merger Arbitrage Master Fund Ltd.	CAR	Sold	3,347	$1.5m3.3k shares	-<1%