Q4 2025 · 13F-HR
WATER ISLAND CAPITAL LLCholdings as filed
Filed 2026-02-17 · accession 0001222765-26-000003
$927.6M
Reported value
91
Positions
2025-12-31
Period end
The Brief · WATER ISLAND CAPITAL LLC · Q4 2025
AI · grounded in 13F
Water Island Capital LLC established a new position in Exact Sciences Corp EXK worth $35.5M. The fund also opened new stakes in Hologic Inc HO1 for $34.8M and Comerica Inc CMA for $34.6M. On the sell side, the fund closed its entire position in Verona Pharma PLC VRNA, reducing exposure by $30.9M. These moves were part of a broader portfolio shift involving 72 additions and 64 reductions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 16115Q308 | GTLS | Chart Industries Inc | $38.8M | 4.19% | 188,325 | Common | SOLE |
| M2682V108 | CYBR | CyberArk Software Ltd | $38.7M | 4.17% | 86,648 | Common | SOLE |
| 655844108 | NSC | Norfolk Southern Corp | $37.3M | 4.02% | 129,043 | Common | SOLE |
| 285512109 | EA | Electronic Arts Inc | $37.0M | 3.98% | 180,838 | Common | SOLE |
| 30063P105 | EXK | Exact Sciences Corp | $35.5M | 3.83% | 350,009 | Common | SOLE |
| 436440101 | HO1 | Hologic Inc | $34.8M | 3.76% | 467,742 | Common | SOLE |
| 200340107 | CMA | Comerica Inc | $34.6M | 3.73% | 398,037 | Common | SOLE |
| 69349H107 | TXNM | TXNM Energy Inc | $33.9M | 3.66% | 576,411 | Common | SOLE |
| 171757206 | CDTX | Cidara Therapeutics Inc | $33.3M | 3.59% | 150,708 | Common | SOLE |
| 934423104 | WBD | Warner Bros Discovery Inc | $32.8M | 3.54% | 1,139,634 | Common | SOLE |
| G4474Y214 | JHG | Janus Henderson Group PLC | $30.8M | 3.32% | 647,485 | Common | SOLE |
| G29687103 | AVDL | Avadel Pharmaceuticals PLC | $23.4M | 2.53% | 1,087,117 | Common | SOLE |
| 81211K100 | SDA | Sealed Air Corp | $23.2M | 2.50% | 559,237 | Common | SOLE |
| 87901J105 | TGNA | TEGNA Inc | $22.9M | 2.47% | 1,179,885 | Common | SOLE |
| G05384501 | 8ZV | Aspen Insurance Holdings Ltd | $21.2M | 2.29% | 572,685 | Common | SOLE |
| 185123106 | CWAN | Clearwater Analytics Holdings | $21.1M | 2.28% | 875,632 | Common | SOLE |
| 87161C501 | SYU1 | Synovus Financial Corp | $20.2M | 2.18% | 403,650 | Common | SOLE |
| 20717M103 | 8QR | Confluent Inc | $19.4M | 2.09% | 640,113 | Common | SOLE |
| 00912X302 | AL | Air Lease Corp | $19.2M | 2.07% | 298,440 | Common | SOLE |
| 78462F903 | SPY | State Street SPDR S&P 500 ETF | $17.0M | 1.84% | 25,000 | CALL | SOLE |
| 171757956 | CDTX | Cidara Therapeutics Inc | $17.0M | 1.83% | 76,900 | PUT | SOLE |
| 25401T603 | DBRG | DigitalBridge Group Inc | $14.3M | 1.54% | 929,000 | Common | SOLE |
| 878742954 | TECK | Teck Resources Ltd | $14.0M | 1.51% | 292,100 | PUT | SOLE |
| 47074L105 | JAMF | Jamf Holding Corp | $12.8M | 1.38% | 985,069 | Common | SOLE |
| 12740C103 | CADE | Cadence Bank | $12.7M | 1.37% | 297,603 | Common | SOLE |
| 431571108 | 9HI | Hillenbrand Inc | $12.7M | 1.36% | 399,006 | Common | SOLE |
| 729640102 | PLYM | Plymouth Industrial REIT Inc | $12.2M | 1.32% | 559,215 | Common | SOLE |
| 05370A958 | — | Avidity Biosciences Inc | $12.2M | 1.31% | 168,700 | PUT | SOLE |
| 05370A108 | RNAGBP | Avidity Biosciences Inc | $12.1M | 1.31% | 168,385 | Common | SOLE |
| 49177J952 | KVUE | Kenvue Inc | $12.0M | 1.29% | 695,000 | PUT | SOLE |
| 49177J102 | KVUE | Kenvue Inc | $11.9M | 1.28% | 690,191 | Common | SOLE |
| 126349109 | CSN | CSG Systems International Inc | $11.6M | 1.25% | 150,720 | Common | SOLE |
| 03152W109 | AM6 | Amicus Therapeutics Inc | $10.1M | 1.08% | 706,617 | Common | SOLE |
| 431571958 | — | Hillenbrand Inc | $10.0M | 1.08% | 315,000 | PUT | SOLE |
| 268158201 | DVAX | Dynavax Technologies Corp | $9.4M | 1.01% | 610,261 | Common | SOLE |
| 74736K101 | QRVO | Qorvo Inc | $9.3M | 1.00% | 109,521 | Common | SOLE |
| 34629L202 | FRGE | Forge Global Holdings Inc | $8.8M | 0.95% | 197,075 | Common | SOLE |
| 04635X102 | CATBUSD | Astria Therapeutics Inc | $8.1M | 0.87% | 615,790 | Common | SOLE |
| 81686C104 | 628 | SEMrush Holdings Inc | $7.5M | 0.81% | 628,602 | Common | SOLE |
| G0750C108 | AXTA | Axalta Coating Systems Ltd | $6.6M | 0.72% | 205,722 | Common | SOLE |
| 03152W909 | — | Amicus Therapeutics Inc | $6.4M | 0.69% | 451,000 | CALL | SOLE |
| 75605Y106 | — | Anywhere Real Estate Inc | $6.3M | 0.68% | 444,821 | Common | SOLE |
| 126349AH2 | CSGS 3.875 09/15/28 | CSG SYSTEMS INTERNATIONA | $6.0M | 0.64% | 5,000,000 | Common | SOLE |
| 84921RAB6 | SPOT 0 03/15/26 | SPOTIFY USA INC | $5.7M | 0.61% | 5,000,000 | Common | SOLE |
| 097023204 | BA 6 10/15/27 | BOEING CO/THE | $5.5M | 0.60% | 80,000 | Common | SOLE |
| 014491104 | ALEX | Alexander & Baldwin Inc | $5.4M | 0.59% | 263,012 | Common | SOLE |
| 753422AF1 | RPD 0.25 03/15/27 | RAPID7 INC | $5.1M | 0.55% | 5,501,530 | Common | SOLE |
| 20717MAB9 | CFLT 0 01/15/27 | CONFLUENT INC | $4.9M | 0.52% | 5,000,000 | Common | SOLE |
| 08265TAD1 | BSY 0.375 07/01/27 | BENTLEY SYSTEMS | $4.7M | 0.51% | 5,000,000 | Common | SOLE |
| 436440951 | HOLX | Hologic Inc | $4.5M | 0.49% | 60,600 | PUT | SOLE |
| 29975E109 | EB4 | Eventbrite Inc | $4.4M | 0.47% | 987,653 | Common | SOLE |
| 494368903 | KMB | Kimberly-Clark Corp | $4.3M | 0.46% | 42,200 | CALL | SOLE |
| 75737FAE8 | RDFN 0.5 04/01/27 | REDFIN CORP | $4.2M | 0.45% | 4,500,000 | Common | SOLE |
| 69349HAF4 | TXNM 5.75 06/01/54 | TXNM ENERGY INC | $4.0M | 0.44% | 3,000,000 | Common | SOLE |
| 67059NAK4 | NTNX 0.5 12/15/29 | NUTANIX INC | $3.4M | 0.36% | 3,500,000 | Common | SOLE |
| 15677J108 | DAY | Dayforce Inc | $3.3M | 0.35% | 47,453 | Common | SOLE |
| 40637HAD1 | HALO 0.25 03/01/27 | HALOZYME THERAPEUTICS IN | $3.2M | 0.35% | 3,000,000 | Common | SOLE |
| 09239BAD1 | BL 0 03/15/26 | BLACKLINE INC | $3.0M | 0.33% | 3,071,000 | Common | SOLE |
| 922280AD4 | VRNS 1 09/15/29 | VARONIS SYSTEM INC | $2.8M | 0.30% | 3,000,000 | Common | SOLE |
| 934423954 | WBD | Warner Bros Discovery Inc | $2.7M | 0.29% | 94,900 | PUT | SOLE |
| 465741AN6 | ITRI 0 03/15/26 | ITRON INC | $2.5M | 0.27% | 2,500,000 | Common | SOLE |
| 89469A104 | THS | TreeHouse Foods Inc | $2.3M | 0.25% | 99,421 | Common | SOLE |
| G0750C958 | AXTA | Axalta Coating Systems Ltd | $2.2M | 0.23% | 67,100 | PUT | SOLE |
| 21874A906 | CORZ | Core Scientific Inc | $2.1M | 0.23% | 143,800 | CALL | SOLE |
| 49177J902 | KVUE | Kenvue Inc | $2.0M | 0.22% | 118,400 | CALL | SOLE |
| 376535AG5 | GLAD 5.875 10/01/30 | GLADSTONE CAPITAL CORP | $2.0M | 0.21% | 2,000,000 | Common | SOLE |
| 644535106 | NGDN | New Gold Inc | $2.0M | 0.21% | 226,878 | Common | SOLE |
| 749527107 | 1RG | REV Group Inc | $1.9M | 0.20% | 31,261 | Common | SOLE |
| 10922N103 | BHF | Brighthouse Financial Inc | $1.9M | 0.20% | 28,841 | Common | SOLE |
| 852312305 | STAA | STAAR Surgical Co | $1.6M | 0.17% | 67,862 | Common | SOLE |
| 29670G102 | WTRG | Essential Utilities Inc | $1.4M | 0.15% | 36,646 | Common | SOLE |
| 138103106 | UTE0 | Cantaloupe Inc | $1.4M | 0.15% | 131,794 | Common | SOLE |
| 46005L101 | IMXI | International Money Express In | $1.4M | 0.15% | 88,476 | Common | SOLE |
| 30050BAH4 | EVH 3.5 12/01/29 | EVOLENT HEALTH INC | $1.3M | 0.15% | 2,000,000 | Common | SOLE |
| 24869P104 | DENN | Denny's Corp | $1.3M | 0.14% | 213,445 | Common | SOLE |
| 74267C106 | PRA | ProAssurance Corp | $1.1M | 0.12% | 46,992 | Common | SOLE |
| 75605Y906 | — | Anywhere Real Estate Inc | $1.0M | 0.11% | 71,100 | CALL | SOLE |
| 75605Y956 | — | Anywhere Real Estate Inc | $1.0M | 0.11% | 71,100 | PUT | SOLE |
| 668074305 | NWE | Northwestern Energy Group Inc | $923,374 | 0.10% | 14,307 | Common | SOLE |
| 598511103 | MOFG | MidWestOne Financial Group Inc | $846,230 | 0.09% | 21,980 | Common | SOLE |
| 902685106 | 7WH | Udemy Inc | $795,144 | 0.09% | 135,922 | Common | SOLE |
| 68162K106 | ZEUS | Olympic Steel Inc | $697,096 | 0.08% | 16,293 | Common | SOLE |
| 586001109 | 75Z | Soho House & Co Inc | $633,974 | 0.07% | 70,756 | Common | SOLE |
| G4474Y954 | JHG | Janus Henderson Group PLC | $570,840 | 0.06% | 12,000 | PUT | SOLE |
| 178587101 | CIO | City Office REIT Inc | $429,871 | 0.05% | 61,498 | Common | SOLE |
| 25264R207 | BVE | Diamond Hill Investment Group | $420,699 | 0.05% | 2,482 | Common | SOLE |
| 426927109 | XHC | Heritage Commerce Corp | $407,427 | 0.04% | 33,924 | Common | SOLE |
| 32026V104 | FFWM | First Foundation Inc | $406,061 | 0.04% | 65,919 | Common | SOLE |
| 89785L107 | 5TC | TrueCar Inc | $392,381 | 0.04% | 173,620 | Common | SOLE |
| 33621E109 | FSFG | First Savings Financial Group | $279,986 | 0.03% | 8,788 | Common | SOLE |
| 253393102 | DKS | Dick's Sporting Goods Inc | $217,767 | 0.02% | 1,100 | 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.