Q3 2025 · 13F-HR
WATER ISLAND CAPITAL LLCholdings as filed
Filed 2025-11-14 · accession 0001222765-25-000021
$793.3M
Reported value
84
Positions
2025-09-30
Period end
The Brief · WATER ISLAND CAPITAL LLC · Q3 2025
AI · grounded in 13F
Water Island Capital LLC established a new position in CyberArk Software Ltd CYBR valued at $41.5M. The fund also initiated new stakes in Norfolk Southern Corp NSC for $37.8M and Verona Pharma PLC VRNA for $31.0M. Additional new positions include AvidXchange Holdings Inc AVDX and Informatica Inc INFA1EUR.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| M2682V108 | CYBR | CYBERARK SOFTWARE LTD | $41.5M | 5.23% | 85,799 | Common | SOLE |
| 655844108 | NSC | NORFOLK SOUTHN CORP | $37.8M | 4.76% | 125,799 | Common | SOLE |
| 925050106 | VRNA | VERONA PHARMA PLC | $31.0M | 3.90% | 290,182 | Common | SOLE |
| 05368X102 | AVDX | AVIDXCHANGE HOLDINGS INC | $28.7M | 3.62% | 2,882,867 | Common | SOLE |
| 45674M101 | INFA1EUR | INFORMATICA INC | $28.6M | 3.60% | 1,149,598 | Common | SOLE |
| 923451108 | VBTX | VERITEX HLDGS INC | $27.4M | 3.45% | 815,698 | Common | SOLE |
| 69349H107 | TXNM | TXNM ENERGY INC | $25.5M | 3.21% | 450,660 | Common | SOLE |
| 16115Q308 | GTLS | CHART INDS INC | $25.5M | 3.21% | 127,171 | Common | SOLE |
| 87901J105 | TGNA | TEGNA INC | $24.9M | 3.14% | 1,223,508 | Common | SOLE |
| 92343X100 | VTY | VERINT SYS INC | $24.4M | 3.07% | 1,202,967 | Common | SOLE |
| 73754Y100 | PTB | POTBELLY CORP | $23.0M | 2.90% | 1,351,588 | Common | SOLE |
| G05384501 | 8ZV | ASPEN INSURANCE HOLDINGS LTD | $22.8M | 2.87% | 620,249 | Common | SOLE |
| G98196101 | W9N0 | WNS HLDGS LTD | $22.6M | 2.85% | 296,042 | Common | SOLE |
| 87161C501 | SYU1 | SYNOVUS FINL CORP | $20.7M | 2.61% | 421,500 | Common | SOLE |
| 87161C951 | — | SYNOVUS FINL CORP | $20.7M | 2.61% | 421,500 | PUT | SOLE |
| 00912X302 | AL | AIR LEASE CORP | $19.1M | 2.41% | 300,677 | Common | SOLE |
| 21874A956 | CORZ | CORE SCIENTIFIC INC NEW | $18.7M | 2.36% | 1,042,000 | PUT | SOLE |
| 58985J105 | — | MERIDIANLINK INC | $18.5M | 2.34% | 930,234 | Common | SOLE |
| G7T16G103 | S3P | SAPIENS INTL CORP N V | $18.1M | 2.28% | 421,434 | Common | SOLE |
| 285512109 | EA | ELECTRONIC ARTS INC | $17.9M | 2.25% | 88,590 | Common | SOLE |
| 852312305 | STAA | STAAR SURGICAL CO | $17.7M | 2.23% | 658,317 | Common | SOLE |
| 410345102 | HN9 | HANESBRANDS INC | $14.9M | 1.88% | 2,264,676 | Common | SOLE |
| 21874A106 | CORZ | CORE SCIENTIFIC INC NEW | $14.1M | 1.78% | 785,446 | Common | SOLE |
| 15677J108 | DAY | DAYFORCE INC | $12.7M | 1.60% | 183,721 | Common | SOLE |
| 92719V100 | VMEO* | VIMEO INC | $12.1M | 1.52% | 1,555,942 | Common | SOLE |
| 580589109 | MGRC | MCGRATH RENTCORP | $11.6M | 1.47% | 99,363 | Common | SOLE |
| 74346Y103 | PRO | PROS HOLDINGS INC | $11.3M | 1.42% | 492,502 | Common | SOLE |
| 45828L108 | IAS | INTEGRAL AD SCIENCE HLDNG CO | $10.9M | 1.37% | 1,071,160 | Common | SOLE |
| 878742204 | TECK | TECK RESOURCES LTD | $9.2M | 1.16% | 209,900 | Common | SOLE |
| 878742954 | TECK | TECK RESOURCES LTD | $9.2M | 1.16% | 209,600 | PUT | SOLE |
| N5749R950 | — | Merus NV | $9.0M | 1.14% | 96,000 | PUT | SOLE |
| N5749R100 | 2GH | MERUS N V | $9.0M | 1.14% | 96,000 | Common | SOLE |
| 925050956 | VRNA | VERONA PHARMA PLC | $9.0M | 1.13% | 84,100 | PUT | SOLE |
| 487836908 | K | KELLANOVA | $8.9M | 1.12% | 108,800 | CALL | SOLE |
| 96758W101 | WOW | WIDEOPENWEST INC | $8.0M | 1.01% | 1,558,174 | Common | SOLE |
| 74051N102 | 2655957D | PREMIER INC | $7.7M | 0.98% | 278,420 | Common | SOLE |
| 282559903 | — | 89BIO INC | $7.3M | 0.91% | 493,500 | CALL | SOLE |
| 84921RAB6 | SPOT 0 03/15/26 | SPOTIFY USA INC | $6.8M | 0.86% | 5,000,000 | Common | SOLE |
| 69924R108 | 6PM | PARAMOUNT GROUP INC | $6.3M | 0.79% | 958,918 | Common | SOLE |
| 90353TAJ9 | UBER 0 12/15/25 | UBER TECHNOLOGIES INC | $6.1M | 0.77% | 5,000,000 | Common | SOLE |
| 097023204 | BA 6 10/15/27 | BOEING CO | $5.6M | 0.70% | 80,000 | Common | SOLE |
| 20464U900 | — | COMPASS INC | $5.3M | 0.66% | 655,600 | CALL | SOLE |
| 74267C106 | PRA | PROASSURANCE CORP | $5.0M | 0.64% | 210,461 | Common | SOLE |
| 75605Y956 | — | ANYWHERE REAL ESTATE INC | $4.8M | 0.61% | 456,600 | PUT | SOLE |
| 75605Y106 | — | ANYWHERE REAL ESTATE INC | $4.8M | 0.61% | 456,600 | Common | SOLE |
| 08265TAD1 | BSY 0.375 07/01/27 | BENTLEY SYS INC | $4.7M | 0.59% | 5,000,000 | Common | SOLE |
| 00971TAL5 | AKAM 0.375 09/01/27 | AKAMAI TECHNOLOGIES INC | $4.3M | 0.54% | 4,500,000 | Common | SOLE |
| 75737FAE8 | RDFN 0.5 04/01/27 | REDFIN CORP | $4.2M | 0.53% | 4,500,000 | Common | SOLE |
| N2451R105 | CVAC | CUREVAC N V | $4.1M | 0.52% | 762,138 | Common | SOLE |
| 69349HAF4 | TXNM 5.75 06/01/54 | TXNM ENERGY INC | $4.0M | 0.50% | 3,000,000 | Common | SOLE |
| 40637HAD1 | HALO 0.25 03/01/27 | HALOZYME THERAPEUTICS INC | $3.4M | 0.43% | 3,000,000 | Common | SOLE |
| 252131AM9 | DXCM 0.375 05/15/28 | DEXCOM INC | $3.2M | 0.40% | 3,500,000 | Common | SOLE |
| 09239BAD1 | BL 0 03/15/26 | BLACKLINE INC | $3.0M | 0.38% | 3,071,000 | Common | SOLE |
| 92343XAC4 | VRNT 0.25 04/15/26 | VERINT SYSTEMS INC | $2.9M | 0.37% | 3,000,000 | Common | SOLE |
| 80013R206 | AYS1 | SANDSTORM GOLD LTD | $2.7M | 0.34% | 214,205 | Common | SOLE |
| 89157D105 | TRML | TOURMALINE BIO INC | $2.4M | 0.31% | 50,968 | Common | SOLE |
| 753422AF1 | RPD 0.25 03/15/27 | RAPID7 INC | $2.3M | 0.29% | 2,500,000 | Common | SOLE |
| 530307305 | LBRDK | LIBERTY BROADBAND CORP | $2.3M | 0.29% | 35,810 | Common | SOLE |
| 376535AG5 | GLAD 5.875 10/01/30 | GLADSTONE CAP CORP | $2.0M | 0.25% | 2,000,000 | Common | SOLE |
| 460690100 | IPG | INTERPUBLIC GROUP COS INC | $1.8M | 0.22% | 63,104 | Common | SOLE |
| 138103106 | UTE0 | CANTALOUPE INC | $1.7M | 0.21% | 160,907 | Common | SOLE |
| 858155203 | GJB | STEELCASE INC | $1.6M | 0.21% | 94,905 | Common | SOLE |
| 30050BAH4 | EVH 3.5 12/01/29 | EVOLENT HEALTH INC | $1.6M | 0.20% | 2,000,000 | Common | SOLE |
| 35953DAB0 | FUBO 3.25 02/15/26 | FUBOTV INC | $1.6M | 0.20% | 1,591,000 | Common | SOLE |
| 98888T107 | ZIMV | ZIMVIE INC | $1.4M | 0.17% | 72,353 | Common | SOLE |
| G60409110 | MTALEUR | MAC COPPER LIMITED | $1.3M | 0.16% | 103,254 | Common | SOLE |
| 538034909 | LYV | LIVE NATION ENTERTAINMENT IN | $1.2M | 0.15% | 7,500 | CALL | SOLE |
| 030506109 | AMWD | AMERICAN WOODMARK CORPORATIO | $1.2M | 0.15% | 18,336 | Common | SOLE |
| 46005L101 | IMXI | INTERNATIONAL MNY EXPRESS IN | $1.2M | 0.15% | 86,175 | Common | SOLE |
| 758075AF2 | RWT 7.75 06/15/27 | REDWOOD TRUST INC | $1.0M | 0.13% | 1,000,000 | Common | SOLE |
| 59267L107 | — | METSERA INC | $980,141 | 0.12% | 18,730 | Common | SOLE |
| 59267L957 | — | METSERA INC | $978,571 | 0.12% | 18,700 | PUT | SOLE |
| 55345K103 | 37M | MRC GLOBAL INC | $845,084 | 0.11% | 58,605 | Common | SOLE |
| 668074305 | NWE | NORTHWESTERN ENERGY GROUP IN | $838,299 | 0.11% | 14,303 | Common | SOLE |
| 227483104 | CCRN | CROSS CTRY HEALTHCARE INC | $609,137 | 0.08% | 42,897 | Common | SOLE |
| 586001109 | 75Z | SOHO HOUSE & CO INC | $580,047 | 0.07% | 65,542 | Common | SOLE |
| 71377E105 | PFMTUSD | PERFORMANT HEALTHCARE INC | $562,528 | 0.07% | 72,772 | Common | SOLE |
| 08579X101 | BRY | BERRY CORP | $540,461 | 0.07% | 142,979 | Common | SOLE |
| 74383L105 | — | PROVIDENT BANCORP INC | $504,733 | 0.06% | 40,282 | Common | SOLE |
| 45816D100 | 35Y | CORECARD CORPORATION | $446,737 | 0.06% | 16,595 | Common | SOLE |
| 178587101 | CIO | CITY OFFICE REIT INC | $378,046 | 0.05% | 54,317 | Common | SOLE |
| 41165Y100 | 1S4 | HARBORONE BANCORP INC NEW | $305,510 | 0.04% | 22,464 | Common | SOLE |
| 05153U107 | AURA | AURA BIOSCIENCES INC | $64,099 | 0.01% | 10,372 | Common | SOLE |
| 69404D108 | PACB | PACIFIC BIOSCIENCES CALIF IN | $45,765 | 0.01% | 35,754 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.