Two of 147: One New Holder Is 99.3% of the Tracked Hertz Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #150. Hertz announced an $80 million outside investment in its Oro Mobility unit on October 20 and reports third-quarter results on November 5. The June filings show two tracked holders — one new, with 99.3% of the stake — no insider purchase in the record, and a borrow at its series maximum: 115,867,216 shares, 36.69% of the share count.

The Hype

The attention is a carve-out and a calendar date. On October 20, 2026, Hertz announced that Oro Mobility, its fleet platform for rideshare rentals, driver-led fleet management and autonomous vehicle fleets, has secured an $80 million strategic equity investment from a consortium including Cohen Private Ventures and funds affiliated with Certares Opportunities and Knighthead Capital Management. Oro operates approximately 45,000 vehicles, and Hertz retains majority economic ownership. Hertz The mechanics, as summarised from the filing: the joint venture was formed on October 16, 2026; investors paid about $80.9 million for Class A units carrying 50% of the voting rights and roughly 15.9% of the economics; Hertz contributed the Oro assets plus about $60 million in cash and agreed to repurchase about $51.1 million of principal of its 8.000% second-lien notes for about $20.9 million; Oro leases fleet from Hertz at about $13.7 million a month. TipRanks Hertz had already announced third-quarter results for November 5, 2026 at 8:00 a.m. ET, with a call at 9:00 a.m. ET. Business Wire The TrendEdge trending list checked October 21 carried the stock fifth, at $1.92, up 4.3% on volume of 48,194,154 shares (methodology). Our price file, which ends October 2, tells the path in: the stock fell 50.9% in the second quarter, from $4.61 on March 31 to $2.265 on June 30, then closed at $1.76 on October 2 — down 22.3% from June 30 and 65.8% year to date. The filings answer who held it.

The Tape

For Hertz Global Holdings — the one hundred and fiftieth Filing Tape audit — the tape shows a two-holder tracked register — effectively one new holder plus an unchanged stub — a full market that added filers and shares while its reported value fell with the price, an insider record of six sales and no purchases, no congressional row, a 5% register dominated by one joint group printing the same block again and again, and a borrow at its all-series maximum.

Lens 1 — the superinvestors: two holders, and one of them is the register. The collection holds 147 managers (144 at June 30; 3 early filers at September 30, none holding this name). The June 30, 2026 common-stock register is 2 distinct managers holding 15,098,422 shares worth $34,197,926, long only, with no option rows. Bill Ackman - Pershing Square Capital Management holds 14,991,599 shares worth $33,955,972 — 99.3% of the tracked stake — at a 0.17% weight, labelled NEW. The label was tested rather than trusted (methodology): the first-quarter register for this CUSIP holds exactly one row — Coatue's 106,823 shares — leaving no room for a hidden first-quarter holding. Coatue Management holds the other 106,823 shares (0.7%, a 0.0% weight), labelled UNCHANGED, and that label verifies by two pairing methods: Coatue held the identical 106,823 shares at March 31, a change of 0.0%. No holder exited, and both registers reconcile exactly: the total rose from 106,823 to 15,098,422 shares, the gap against the continuing holder's 0.0% being, share for share, the one entrant. The June register implies $2.265, the June 30 close exactly. Separately, and not counted above, two tracked managers hold Hertz warrants under a different CUSIP (methodology). 13F figures are as of June 30, 2026, published up to 45 days later.

Lens 2 — institutions: more filers, 10.16% more shares, and a reported value that fell with the price. At June 30, 2026, 297 institutions reported positions on the name's single common-stock CUSIP, up 26 from 271 at March 31 (+9.59%); 285 are long. Reported shares rose 10.16% to 373,309,466 (+34,436,436 shares), while reported value fell 43.11% to $966,217,005, labelled "reported" because the aggregate includes option rows (methodology). Flow counts agree (289 entered, 263 exited, net +26), and the single-CUSIP aggregate matches the by-ticker total on every field. The value fell while shares rose because the price halved: the June 30 close of $2.265 is 50.9% below March 31's $4.61. One caution: the aggregate implies $2.59 against the $2.265 close, a gap of 14.27% — last quarter it implied $5.01 against a $4.61 close, a gap of 8.72% — so this audit reads this lens by filer and share counts (methodology). At 4.04% of reported institutional shares, the tracked cohort is a sample, not the register.

Lens 3 — insiders: six sales in the record, a purchase in none of it. The parsed Form 4 record holds 63 filings through October 2, 2026. The last 90 days hold 3 filings, with no open-market purchase and no sale-coded row. The last year holds no purchase either, against 1 sale-coded row across 40,919 shares worth $248,345.59, by 1 seller — an officer row. Across the full record: 0 purchases by 0 buyers, against 6 sale-coded rows across 127,060 shares worth $711,051.00, by 2 sellers, all of them officer rows. The sale rows imply $6.07 over one year and $5.60 over the full record, each inside its close range in our price file (methodology).

Lens 4 — Congress: no row anywhere. The combined and House aggregates (as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) each carry no row for this name, and the House member file records no member with a Hertz position line. This lens is blank in a specific sense: no transaction appears in the congressional collections as collected, which is an absence of a row, not a verified count of zero trades (methodology).

Lens 5 — the 5% register: one joint group, one block, printed sixteen times. Our full parse holds 7 SC 13D/G filings — 4 SC 13D family (all amendments) and 3 SC 13G family; 12 reporter names across 28 rows. Every SC 13D filing is the same joint group — CK Amarillo LP, CK Amarillo GP, LLC, Certares Opportunities LLC and Knighthead Capital Management, LLC — and in each, all four reporters print the identical block of 181,455,469 shares. The block's percentage moves while its share count does not: 59.1% as of March 24, 2025 (filed March 26, 2025), 58.1% as of February 26, 2026, and 50.9% in the latest filing (as of August 20, 2026, filed August 24, 2026). Two of the group's names — Certares Opportunities LLC and Knighthead Capital Management, LLC — match investor affiliates named in the October Oro announcement. The remaining prints are passive: TD Securities (USA) LLC at 27,846,268 shares and 8.1% as of March 31, 2026, and Jane Street Group, LLC at 15,802,256 shares and 5.0% as of June 26, 2026 (methodology).

Lens 6 — short interest: the latest settlement is the series maximum. The latest FINRA settlement, September 15, 2026, records 115,867,216 shares sold short at 8.51 days to cover — 36.69% of the share count in our fundamentals file (methodology) — the highest reading in the 117-settlement series. It is up 1.22% from the prior settlement, 21.3% above the June 30, 2026 settlement (95,542,177 shares) and 110.2% above the year-ago settlement (55,125,885 shares). The borrow rose at each of the five settlements after June 30: 95,542,177 (June 30), 97,539,992 (July 15), 103,219,503 (July 31), 110,061,505 (August 14), 114,472,183 (August 31) and 115,867,216 (September 15).

The Gap

The narrative arriving this week is financial engineering with a growth story attached: an $80 million outside cheque into Oro at a structure where Hertz keeps the majority of the economics, second-lien notes retired at about 41 cents per dollar of principal, and a results date two weeks out. The June tape — the most recent complete holdings picture — was taken at the bottom of a quarter in which the price fell 50.9%. In that quarter the tracked register went from one holder to two, and the entrant, Pershing Square with 14,991,599 shares, is 99.3% of it; the continuing holder changed its position by zero shares. The full market moved the same way on shares — up 10.16%, with 26 more filers — while its reported value fell 43.11% with the price. The price fell a further 22.3% by October 2, and over the summer the borrow rose at every settlement to a series maximum of 115,867,216 shares, more than a third of the share count. The insider record holds six sale-coded rows and not one open-market purchase in the data we hold; its last 90 days hold no coded trade of either kind. Congress records nothing. The 5% file holds a joint group whose identical 181,455,469-share block printed 59.1% in March 2025 and 50.9% in August 2026 — the shares never changed; the percentage fell around them. One plausible reading is that the entrant and the record borrow are two sides of the same repricing: one large holder arrived as the price halved, and the borrow built after it.

What Would Change the Picture

Nothing above is a recommendation. These filings would change it:

• 1. The 2026Q3 13F season (filing window closing mid-November 2026). The baseline is 2 June holders with 15,098,422 shares, one of them 99.3%. Whether Pershing Square (14,991,599 shares) holds, adds or exits after its first quarter in the register, whether Coatue (106,823 shares) breaks its unchanged streak, and whether any of the other 145 tracked managers opens a position, would each change this lens.
• 2. A first insider open-market purchase, or a resumption of sales. The record holds 0 purchases across 63 filings, and the last 90 days to October 2 hold no coded row of either kind. A first purchase would break the pattern; sales filed after October 2 would extend it into the results period.
• 3. A first congressional row, in either chamber. The combined, House and Senate aggregates carry no row for this name and the House member file records none. Any purchase or sale in either chamber would populate this blank lens.
• 4. A change in the joint group's block, or a print above 59.1%. The CK Amarillo group's block has printed 181,455,469 shares in every filing since March 2025 while its percentage moved from 59.1% to 50.9%. A filing that changes the share count itself, or any new 13D/G print above 59.1%, would change this lens.
• 5. Short interest above 115,867,216 shares, or below 95,542,177 shares. Above the September 15, 2026 settlement would set a new series maximum; below the June 30, 2026 settlement would unwind the five-settlement build.

Related reading: Three of 147: Two New Holders Are 61.9% of the Tracked American Airlines Stake. Its Insiders Have Never Bought a Share.; Two of 147: One Holder Is 51.3% of the Tracked Braze Stake. Its Insiders Have Never Bought a Share.. Hertz' own page: Hertz (HTZ) on GetCoattail.

Methodology and data notes

• As-of & limits: The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later; Form 4 runs through October 2, 2026; Congress aggregates run through October 3, 2026 (Senate through October 1, 2026); 13D/G through August 24, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Ten limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, this name's common stock carries a single CUSIP (42806J700), and the full-market by-CUSIP row matches the by-ticker aggregate on every field — holders, long holders, shares, reported value, prior holders and prior reported value — so no CUSIP blending question arises for the common stock. Hertz also has warrants outstanding under a separate CUSIP (42806J148, ticker HTZWW), which are not common shares and are counted nowhere in this audit's common-stock lenses: in the tracked collection, Daniel Loeb - Third Point holds 3,970,000 warrant shares and Coatue Management holds 468,814, both labelled UNCHANGED and both verified at identical share counts in the first-quarter register; the full-market by-CUSIP file records 70 holders of 44,986,790 warrant shares with a reported value of $49,724,782, while the by-ticker file carries no HTZWW row at all. Third, the tracked register's change labels are verified, not taken on trust. The continuing holder was verified by two pairing methods — accession-prefix matching and accession identity plus CUSIP-overlap (57 overlapping CUSIPs, uniquely paired) — with its label recomputing exactly (Coatue Management, 0.0% on 106,823 first-quarter shares). Pershing Square's prefix (0001172661) is shared by 27 first-quarter accessions, so the per-manager pairing cannot isolate its filing; the register check closes the question instead — the March 31 pipeline register for this CUSIP holds exactly one row totalling 106,823 shares, Coatue's verified position, so the entrant held no shares in the tracked first-quarter register and its NEW label is genuine as a statement about the share register. The registers then reconcile exactly: the June 30 register holds 15,098,422 shares, equal to the June cohort with no remainder, because none of the three September 30 early filers holds this name. The verified continuing change of 0.0% and the register-to-register change of +14,034.1% therefore differ by design: the difference is the one genuine entrant's 14,991,599 shares. Fourth, the full-market aggregate implies $2.59 against the June 30 close of $2.265 (+14.27%), and implied $5.01 against the March 31 close of $4.61 in the prior quarter (+8.72%): the aggregate is a reported sum that includes option rows, so its implied price need not equal the close — but gaps of this size are why this audit uses filer counts and share counts as this lens's primary measures and reports the value as reported only. Its reported value fell 43.11% in a quarter when its share count rose 10.16% and the close fell 50.9%; the value change is read as a price effect, not an exit. The tracked register, which holds no option rows in this name, implies the close exactly ($2.265 unrounded). Fifth, the insider record contains no purchase in any window, so no implied purchase price exists. The implied sale prices ($6.07 over one year, against a $1.51–$7.81 close range; $5.60 over the full record, against $1.51–$35.06) sit inside their ranges; the 90-day window holds no sale, so no 90-day implied price exists. The site's 90-day insider aggregate (dated October 21, 2026) carries no row for this name at all; the full parse's 90-day window holds 3 filings with no purchase- or sale-coded row, which is consistent with that absence, and this audit cites the full parse as primary. Sixth, the Congress lens is an absence, stated as such: the combined aggregate (as of October 3, 2026), the House aggregate (October 3, 2026), the Senate aggregate (October 1, 2026) and the House member file (politicians_members.json, as of October 3, 2026; window: 2026 House PTR filings, transactions dated on or after April 1, 2026) all carry no row for this name. An absent row means no transaction appears in the collections as collected; it is not a verified zero. Seventh, the 5% register's cross-date share total of 2,985,810,571 is an arithmetic sum of reporter rows across different as-of dates — about 9.46 times the share count — not a current combined stake. Its structure is duplication by construction: one block of 181,455,469 shares, printed by each of four joint reporters in each of four SC 13D/A filings, accounts for 2,903,287,504 of the total (97.2%), and the Jane Street print is a parent total that equals the sum of its two subsidiaries' prints in the same filing. Parsed totals match the aggregates exactly. Eighth, the short-interest series needs no split adjustment: our price file records no split for this name and the series holds no split-flagged row; its two steps of 2x or more both fall in its first month, from a first-settlement base of 4,515,523 shares (2.810x at November 30, 2021; 2.021x at December 15, 2021), no step falls to one-half or less (smallest step 0.543x, January 14, 2022), and one row carries a FINRA revision flag (November 15, 2023). Both series extrema are boundary settlements — the minimum is the first settlement (November 15, 2021) and the maximum is the latest (September 15, 2026) — so this audit makes no "below peak" comparison. The issuer-name field reads "Hertz Global Holdings, Inc Com" at all 117 settlements, on a single market class (NNM) throughout. Ninth, our price file records no split for this name, but two single-day close moves cross the thresholds this audit normally treats as split patterns — April 16, 2025 (from $3.65 to $5.71, 1.564x) and June 24, 2026 (from $5.06 to $3.00, 0.593x) — and are reported as closes as collected, without adjustment or attribution. The share count behind the short-interest percentage is 315,764,523 shares outstanding in our fundamentals file (as of April 30, 2026), against which the latest borrow is 36.69%. The company's fundamentals as collected print fiscal 2025 revenue of $8,504,000,000, a net loss of $747,000,000 and assets of $22,311,000,000 (fiscal year ended December 31, 2025); those figures are reported as collected and are not used in any lens above. Every price statement from our own file is mechanical, a date and a close. The October figures in The Hype — the $1.92 price, the 4.3% rise and the 48,194,154-share volume — are list figures published after our price file ends, and are cited as such, not blended into file-based calculations.
• Market context sources: Hertz Global Holdings press release via Hertz Newsroom, "Hertz-Backed Oro Mobility Secures $80 Million Strategic Equity Investment to Accelerate Independent Growth", published October 20, 2026 (an $80 million strategic equity investment from a consortium including Cohen Private Ventures and funds or accounts affiliated with Certares Opportunities LLC and Knighthead Capital Management, LLC; Oro operates approximately 45,000 vehicles; Hertz will retain majority economic ownership of Oro). TipRanks, "Hertz Forms Oro Mobility Joint Venture, Secures Equity Funding", published October 20, 2026, summarising the current report (joint venture formed October 16, 2026; investors paid about $80.9 million for Class A units representing 50% of voting rights and roughly 15.9% of the economic interest; Hertz contributed Oro-related assets and about $60 million in cash; Hertz agreed to repurchase approximately $51.1 million of principal of its 8.000% exchangeable second-lien notes for around $20.9 million; fleet lease payments of about $13.7 million a month). Hertz Global Holdings via Business Wire, "Hertz Global Holdings, Inc. to Announce Third Quarter 2026 Financial Results on November 5, 2026", published October 5, 2026 (third-quarter 2026 results at 8:00 a.m. ET on Thursday, November 5, 2026, followed by an earnings call at 9:00 a.m. ET; the release text was confirmed via syndicated copies of the same Business Wire release and the Hertz newsroom archive after the original page failed to load). TrendEdge trending list, checked October 21, 2026 (Hertz fifth among trending names, behind covered IREN, covered BRZE, covered AAL and a leveraged ETF, at +4.3% on a price of $1.92 and volume of 48,194,154 shares; below it sat covered CLF, RKT, KEY, WIT and covered GM). Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Hertz is in the GetCoattail stock-page universe: Hertz (HTZ) stock page. Series data: htz_lens_data.csv · htz_short_interest_series.csv. Earlier audits: American Airlines · Braze.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history: v1.0 — October 21, 2026: first publication.