WATER ISLAND CAPITAL LLC Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$927.6M
Holdings
91
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (91 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | GTLSChart Industries Inc | 188,325 | $38.8M | 4.19% | |
| 2 | CYBRCyberArk Software Ltd | 86,648 | $38.6M | 4.17% | |
| 3 | NSCNorfolk Southern Corp | 129,043 | $37.3M | 4.02% | |
| 4 | EAElectronic Arts Inc | 180,838 | $37.0M | 3.98% | |
| 5 | EXASExact Sciences Corp | 350,009 | $35.5M | 3.83% | |
| 6 | HOLXHologic Inc | 467,742 | $34.8M | 3.76% | |
| 7 | CMAComerica Inc | 398,037 | $34.6M | 3.73% | |
| 8 | TXNMTXNM Energy Inc | 576,411 | $33.9M | 3.66% | |
| 9 | CDTXCidara Therapeutics Inc | 150,708 | $33.3M | 3.59% | |
| 10 | WBDWarner Bros Discovery Inc | 1,139,634 | $32.8M | 3.54% | |
| 11 | JHGJanus Henderson Group PLC | 647,485 | $30.8M | 3.32% | |
| 12 | AVDLAvadel Pharmaceuticals PLC | 1,087,117 | $23.4M | 2.53% | |
| 13 | SEESealed Air Corp | 559,237 | $23.2M | 2.50% | |
| 14 | TGNATEGNA Inc | 1,179,885 | $22.9M | 2.47% | |
| 15 | AHLAspen Insurance Holdings Ltd | 572,685 | $21.2M | 2.29% | |
| 16 | CWANClearwater Analytics Holdings | 875,632 | $21.1M | 2.28% | |
| 17 | SYU1Synovus Financial Corp | 403,650 | $20.2M | 2.18% | |
| 18 | CFLTConfluent Inc | 640,113 | $19.4M | 2.09% | |
| 19 | ALAir Lease Corp | 298,440 | $19.2M | 2.07% | |
| 20 | STTState Street SPDR S&P 500 ETF | 25,000 | $17.0M | 1.84% | Call |
| 21 | —Cidara Therapeutics Inc | 76,900 | $17.0M | 1.83% | Put |
| 22 | DBRGDigitalBridge Group Inc | 929,000 | $14.3M | 1.54% | |
| 23 | TECKTeck Resources Ltd | 292,100 | $14.0M | 1.51% | Put |
| 24 | JAMFJamf Holding Corp | 985,069 | $12.8M | 1.38% | |
| 25 | CADECadence Bank | 297,603 | $12.7M | 1.37% | |
| 26 | HIHillenbrand Inc | 399,006 | $12.7M | 1.36% | |
| 27 | PLYMPlymouth Industrial REIT Inc | 559,215 | $12.2M | 1.32% | |
| 28 | RNAAvidity Biosciences Inc | 168,700 | $12.2M | 1.31% | Put |
| 29 | RNAAvidity Biosciences Inc | 168,385 | $12.1M | 1.31% | |
| 30 | KVUEKenvue Inc | 695,000 | $12.0M | 1.29% | Put |
| 31 | KVUEKenvue Inc | 690,191 | $11.9M | 1.28% | |
| 32 | CSGSCSG Systems International Inc | 150,720 | $11.6M | 1.25% | |
| 33 | AM6Amicus Therapeutics Inc | 706,617 | $10.1M | 1.08% | |
| 34 | —Hillenbrand Inc | 315,000 | $10.0M | 1.08% | Put |
| 35 | DVAXDynavax Technologies Corp | 610,261 | $9.4M | 1.01% | |
| 36 | QRVOQorvo Inc | 109,521 | $9.3M | 1.00% | |
| 37 | FRGEForge Global Holdings Inc | 197,075 | $8.8M | 0.95% | |
| 38 | CATBUSDAstria Therapeutics Inc | 615,790 | $8.1M | 0.87% | |
| 39 | SEMRSEMrush Holdings Inc | 628,602 | $7.5M | 0.81% | |
| 40 | AXTAAxalta Coating Systems Ltd | 205,722 | $6.6M | 0.72% | |
| 41 | FOLDAmicus Therapeutics Inc | 451,000 | $6.4M | 0.69% | Call |
| 42 | HOUSAnywhere Real Estate Inc | 444,821 | $6.3M | 0.68% | |
| 43 | CSGS 3.875 09/15/28CSG SYSTEMS INTERNATIONA | 5,000,000 | $6.0M | 0.64% | |
| 44 | SPOT 0 03/15/26SPOTIFY USA INC | 5,000,000 | $5.7M | 0.61% | |
| 45 | BA 6 10/15/27BOEING CO/THE | 80,000 | $5.5M | 0.60% | |
| 46 | ALEXAlexander & Baldwin Inc | 263,012 | $5.4M | 0.59% | |
| 47 | RPD 0.25 03/15/27RAPID7 INC | 5,501,530 | $5.1M | 0.55% | |
| 48 | CFLT 0 01/15/27CONFLUENT INC | 5,000,000 | $4.9M | 0.52% | |
| 49 | BSY 0.375 07/01/27BENTLEY SYSTEMS | 5,000,000 | $4.7M | 0.51% | |
| 50 | HOLXHologic Inc | 60,600 | $4.5M | 0.49% | Put |
| 51 | EBEventbrite Inc | 987,653 | $4.4M | 0.47% | |
| 52 | KMBKimberly-Clark Corp | 42,200 | $4.3M | 0.46% | Call |
| 53 | RDFN 0.5 04/01/27REDFIN CORP | 4,500,000 | $4.2M | 0.45% | |
| 54 | TXNM 5.75 06/01/54TXNM ENERGY INC | 3,000,000 | $4.0M | 0.44% | |
| 55 | NTNX 0.5 12/15/29NUTANIX INC | 3,500,000 | $3.4M | 0.36% | |
| 56 | DAYDayforce Inc | 47,453 | $3.3M | 0.35% | |
| 57 | HALO 0.25 03/01/27HALOZYME THERAPEUTICS IN | 3,000,000 | $3.2M | 0.35% | |
| 58 | BL 0 03/15/26BLACKLINE INC | 3,071,000 | $3.0M | 0.33% | |
| 59 | VRNS 1 09/15/29VARONIS SYSTEM INC | 3,000,000 | $2.8M | 0.30% | |
| 60 | WBDWarner Bros Discovery Inc | 94,900 | $2.7M | 0.29% | Put |
| 61 | ITRI 0 03/15/26ITRON INC | 2,500,000 | $2.5M | 0.27% | |
| 62 | THSTreeHouse Foods Inc | 99,421 | $2.3M | 0.25% | |
| 63 | AXTAAxalta Coating Systems Ltd | 67,100 | $2.2M | 0.23% | Put |
| 64 | CORZCore Scientific Inc | 143,800 | $2.1M | 0.23% | Call |
| 65 | KVUEKenvue Inc | 118,400 | $2.0M | 0.22% | Call |
| 66 | GLAD 5.875 10/01/30GLADSTONE CAPITAL CORP | 2,000,000 | $2.0M | 0.21% | |
| 67 | NGDNew Gold Inc | 226,878 | $2.0M | 0.21% | |
| 68 | 1RGREV Group Inc | 31,261 | $1.9M | 0.20% | |
| 69 | BHFBrighthouse Financial Inc | 28,841 | $1.9M | 0.20% | |
| 70 | STAASTAAR Surgical Co | 67,862 | $1.6M | 0.17% | |
| 71 | WTRGEssential Utilities Inc | 36,646 | $1.4M | 0.15% | |
| 72 | CTLPCantaloupe Inc | 131,794 | $1.4M | 0.15% | |
| 73 | IMXIInternational Money Express In | 88,476 | $1.4M | 0.15% | |
| 74 | EVH 3.5 12/01/29EVOLENT HEALTH INC | 2,000,000 | $1.3M | 0.14% | |
| 75 | DENNDenny's Corp | 213,445 | $1.3M | 0.14% | |
| 76 | PRAProAssurance Corp | 46,992 | $1.1M | 0.12% | |
| 77 | —Anywhere Real Estate Inc | 71,100 | $1.0M | 0.11% | Put |
| 78 | —Anywhere Real Estate Inc | 71,100 | $1.0M | 0.11% | Call |
| 79 | NWENorthwestern Energy Group Inc | 14,307 | $923K | 0.10% | |
| 80 | MOFGMidWestOne Financial Group Inc | 21,980 | $846K | 0.09% | |
| 81 | UDMYUdemy Inc | 135,922 | $795K | 0.09% | |
| 82 | ZEUSOlympic Steel Inc | 16,293 | $697K | 0.08% | |
| 83 | 75ZSoho House & Co Inc | 70,756 | $633K | 0.07% | |
| 84 | JHGJanus Henderson Group PLC | 12,000 | $570K | 0.06% | Put |
| 85 | CIOCity Office REIT Inc | 61,498 | $429K | 0.05% | |
| 86 | DHILDiamond Hill Investment Group | 2,482 | $420K | 0.05% | |
| 87 | HTBKHeritage Commerce Corp | 33,924 | $407K | 0.04% | |
| 88 | FFWMFirst Foundation Inc | 65,919 | $406K | 0.04% | |
| 89 | 5TCTrueCar Inc | 173,620 | $392K | 0.04% | |
| 90 | FSFGFirst Savings Financial Group | 8,788 | $279K | 0.03% | |
| 91 | DKSDick's Sporting Goods Inc | 1,100 | $217K | 0.02% |