SCHEDULE: Pentwater Capital Discloses 5.5% Stake in Surgery Partners

Pentwater Capital Management LP and Matthew Halbower have disclosed a 5.5% beneficial ownership stake in Surgery Partners, Inc. common stock.

Summary

• Pentwater Capital Management LP and Matthew Halbower have jointly filed a Schedule 13G, disclosing beneficial ownership of 7,000,000 shares of Surgery Partners, Inc. Common Stock.
• This ownership represents 5.5% of the outstanding Common Stock of Surgery Partners, Inc.
• The percentage is calculated based on 128,160,075 shares outstanding as of May 5, 2025, as reported in the company's Form 10-Q.
• The shares are held with shared voting and shared dispositive power by both Pentwater Capital Management LP and Matthew Halbower.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Surgery Partners, Inc.

Sentiment

Score: 6

Explanation: The filing indicates a significant passive investment by a reputable investment manager, which is generally a neutral to slightly positive signal as it represents a vote of confidence in the company, without implying any activist intent or negative outlook.

Positives

• A significant 5.5% stake by an institutional investor like Pentwater Capital Management can be viewed as a vote of confidence in Surgery Partners, Inc.

Negatives

• NA

Risks

• The filing itself does not detail specific risks related to Surgery Partners, Inc.'s operations or financial health.
• The primary risk disclosed is the potential for changes in beneficial ownership, which could impact stock price volatility if the stake were to be significantly altered or if the investor's intent were to change from passive to activist.

Future Outlook

The filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Surgery Partners, Inc.'s future performance or outlook.

Industry Context

This Schedule 13G filing indicates a significant passive investment by a hedge fund in a healthcare services company, specifically one operating surgical facilities. Such disclosures are common in the investment landscape, reflecting institutional interest in specific sectors or companies. The healthcare sector, particularly surgical centers, continues to attract investor attention due to demographic trends and evolving healthcare delivery models.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may influence investor perception and potentially stock trading activity.
• Company Management: Awareness of a large passive shareholder may influence strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Keywords

Surgery Partners, Pentwater Capital Management, Matthew Halbower, Healthcare, Surgical Facilities, Investment, Beneficial Ownership, SEC Filing, Common Stock