SCHEDULE: Pentwater Capital Discloses 9.1% Stake in Surgery Partners

Pentwater Capital Management LP and Matthew Halbower have disclosed a 9.1% beneficial ownership stake in Surgery Partners, Inc., totaling 11,681,000 shares.

Summary

• Pentwater Capital Management LP and Matthew Halbower collectively reported beneficial ownership of 11,681,000 shares of Surgery Partners, Inc. Common Stock.
• This ownership represents 9.1% of the company's outstanding Common Stock.
• The percentage is calculated based on 128,209,410 shares outstanding as of July 29, 2025, as reported in the company's Form 10-Q for the quarter ended June 30, 2025.
• The reporting persons share both voting and dispositive power over all 11,681,000 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer, except for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as a significant stake by an institutional investor can be viewed as a vote of confidence in the company, although the filing itself is purely factual and not an endorsement.

Positives

• A significant institutional investor, Pentwater Capital Management, has taken a substantial 9.1% stake in Surgery Partners, which can signal confidence in the company's long-term prospects.

Negatives

• NA

Risks

• NA

Future Outlook

This filing does not contain forward-looking statements or guidance from Surgery Partners, Inc. It is a disclosure of beneficial ownership by an external entity.

Management Comments

• Pentwater Capital Management LP and Matthew Halbower certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

The disclosure of a significant stake by an investment manager like Pentwater Capital Management in a healthcare services provider such as Surgery Partners indicates continued institutional interest in the sector. This type of filing does not provide specific industry trend analysis but reflects investment activity within the healthcare industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may positively influence investor confidence and perception of the company's value.
• Management: Increased institutional ownership could lead to greater scrutiny or engagement from the new significant shareholder regarding strategic direction or corporate governance.

Key Dates

Keywords

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