In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Water Island Capital LLC reported 49 stock positions worth $526.6 million . Its top holding was Amedisys (AMED) at 9.8% of the portfolio, followed by Hess (HES, 7.9% ) and H&E Equipment Services (HEES, 7.8% ). Compared with Q4 2024, it opened 25 new positions, sold out of 24, added to 7 and reduced 17. The biggest buy was a new position in H&E Equipment Services (HEES) and the biggest sale an exit from Hashicorp Class A (HCP).
Location NEW YORK, NY
CIK 0001222765
Portfolio Value $526.6M (Q1 2025) Holdings 49 stocks · $526.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 AMED Amedisys Inc. 558,414 $51.7M Reduce -7.5% HES Hess Corp. 258,907 $41.4M Reduce -36.8% HEES H&E Equipment Services Inc. 431,648 $40.9M New K Kellanova 491,241 $40.5M Reduce -23.9% EVRI Everi Holdings Inc. 2,499,273 $34.2M Reduce -14.6% BECN Beacon Roofing Supply Inc. 270,509 $33.5M New ANSS Ansys Inc. 103,480 $32.8M Reduce -12.2% JNPR Juniper Networks Inc. 871,961 $31.6M Reduce -8.9% PLYA Playa Hotels & Resorts NV 1,584,486 $21.1M New ESGR Enstar Group Ltd. 57,615 $19.2M Add +30.0% PYCR Paycor HCM Inc. 754,606 $16.9M New TGI Triumph Group Inc. 628,941 $15.9M New DNB Dun & Bradstreet Holdings Inc. 1,436,923 $12.8M New JWN Nordstrom Inc. 514,943 $12.6M Add +35.9% PARAA Paramount Global Class B 1,050,499 $12.6M Reduce -30.5% MGRC McGrath Rentcorp 99,180 $11.0M Reduce -41.7% PRA Proassurance Corp. 442,346 $10.3M New CMRX Chimerix Inc. 1,069,051 $9.1M New RDFN Redfin Corp. 848,500 $7.8M New PDCO Patterson Cos Inc. 221,575 $6.9M Reduce -5.9% ITCI Intra-Cellular Therapies Inc. 45,308 $6.0M New BRDG Bridge Investment Grp HDS-A 509,286 $4.9M New ENFN Enfusion Inc. Class A 424,031 $4.7M New FNA Paragon 28 Inc. 358,000 $4.7M New BERY Berry Global Group Inc. 61,220 $4.3M Reduce -65.3% FYBR Frontier Communications Pare 106,118 $3.8M Reduce -86.0% SWI Solarwinds Corp. 191,572 $3.5M New WBA Walgreens Boots Alliance Inc. 302,120 $3.4M New CCRN Cross Country Healthcare Inc. 226,287 $3.4M Reduce -38.5% LBRDK Liberty Broadband-C 37,634 $3.2M Add +0.9% ATSG Air Transport Services Group 110,519 $2.5M New ALE Allete Inc. 36,155 $2.4M Add +28.4% PTVE Pactiv Evergreen Inc. 126,790 $2.3M Add +108.0% X United States Steel Corp. 53,989 $2.3M Reduce -90.8% ACCD Accolade Inc. 195,155 $1.4M New AMPS Altus Power Inc. 275,084 $1.4M New RDUS Radius Recycling Inc. Class A 46,751 $1.4M New AGS Playags Inc. 98,269 $1.2M Add +8.9% SPR Spirit Aerosystems Hold Class A 31,957 $1.1M Add +305.2% IPG Interpublic Group of Cos Inc. 31,775 $863K Reduce -87.3% LGTY Logility Supply Chain Soluti 53,998 $770K New FBMS First Bancshares Inc. 21,434 $725K Reduce -37.6% NVRO Nevro LLC filed as NEVRO CORP 116,721 $682K New GB Global Blue Group Holding AG 87,461 $644K New BROOKLINE BANCORP INC 53,655 $585K Reduce -11.4% RKT Rocket Cos Inc. Class A 46,367 $560K New SRDX Surmodics Inc. 18,132 $554K New TSVT 2SEVENTY Bio Inc. 104,006 $514K New CHX Championx Corp. 10,800 $322K Reduce -99.0%
Options reported separately and not counted above: CHEVRON CORPORATION calls ($46.9M), UNITED STATES STL CORP NEW calls ($22.5M), H & E EQUIPMENT SERVICES INC puts ($21.9M), STATE STR SPDR S&P 500 ETF T calls ($14.0M), INTRA-CELLULAR THERAPIES INC puts ($11.6M), NORDSTROM INC puts ($9.9M), WALGREENS BOOTS ALLIANCE INC calls ($9.2M), WALGREENS BOOTS ALLIANCE INC puts ($9.2M), AMCOR PLC calls ($9.1M), ROCKET COS INC calls ($8.1M), OMNICOM GROUP INC calls ($6.4M), DESPEGAR COM CORP calls ($5.6M), and 8 more.
Other holdings (15): bonds, preferreds, convertibles and warrants · $50.3M (not counted above) Security Class Shares / Principal Value Change UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 5,000,000 $5.3M No change AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 5,000,000 $5.0M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 80,000 $4.8M No change BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 5,000,000 $4.5M No change INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal 3,500,000 $4.4M No change SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 3,500,000 $4.2M No change HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 3,000,000 $3.2M No change DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 3,500,000 $3.1M New REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 3,500,000 $3.1M New BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,071,000 $2.9M No change VERINT SYSTEMS INC (VRNT 0.25 04/15/26) NOTE 0.250% 4/1 · principal 3,000,000 $2.8M No change RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 2,500,000 $2.3M No change WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal 1,500,000 $1.6M No change FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 1,591,000 $1.5M New ACCOLADE INC (ACCD 0.5 04/01/26) NOTE 0.500% 4/0 · principal 1,550,000 $1.5M New
Total filed on the 13F, all lines: $576.9M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ HCP Hashicorp Inc. Class A Sold out 0.00% −5.76 EDR Endeavor Group Hold Class A Sold out 0.00% −5.52 ACI Albertsons Cos Inc. Class A Sold out 0.00% −4.80 SMAR Smartsheet Inc. Class A Sold out 0.00% −4.08 CHX Championx Corp. Reduce -99.0% 0.06% −3.92 ZUO Zuora Inc. Class A Sold out 0.00% −3.15 ROIC Retail Opportunity Investmen Sold out 0.00% −2.99 FYBR Frontier Communications Pare Reduce -86.0% 0.72% −2.74 CDMO Avid Bioservices Inc. Sold out 0.00% −2.58 SUM Summit Materials Inc. Class A Sold out 0.00% −2.55 X United States Steel Corp. Reduce -90.8% 0.43% −2.19 ALTR Altair Engineering Inc. Class A Sold out 0.00% −2.07 ALTM Arcadium Lithium PLC Sold out 0.00% −1.86 MTTR Matterport Inc. Sold out 0.00% −1.67 BARNES GROUP INC Sold out 0.00% −1.42 IPG Interpublic Group of Cos Inc. Reduce -87.3% 0.16% −0.75 BERY Berry Global Group Inc. Reduce -65.3% 0.81% −0.68 ENLC Enlink Midstream LLC Sold out 0.00% −0.51 MGRC McGrath Rentcorp Reduce -41.7% 2.10% −0.40 ARCH Arch Resources Inc. Sold out 0.00% −0.34 RVNC Revance Therapeutics Inc. Sold out 0.00% −0.29 CCRN Cross Country Healthcare Inc. Reduce -38.5% 0.64% −0.24 HTLF Heartland Financial USA Inc. Sold out 0.00% −0.22 DFS Discover Financial Services Sold out 0.00% −0.19 IBTX Independent Bank Group Inc. Sold out 0.00% −0.15 USAP Universal Stainless & Alloy Sold out 0.00% −0.15 BALY Bally's Corp. Sold out 0.00% −0.08 CTV Innovid Corp. Sold out 0.00% −0.07 CFB Crossfirst Bankshares Inc. Sold out 0.00% −0.06 BCOV Brightcove Sold out 0.00% −0.05 SCWX Secureworks Corp. Class A Sold out 0.00% −0.04 FBMS First Bancshares Inc. Reduce -37.6% 0.14% −0.02 BROOKLINE BANCORP INC Reduce -11.4% 0.11% +0.02 PARAA Paramount Global Class B Reduce -30.5% 2.39% +0.31 PDCO Patterson Cos Inc. Reduce -5.9% 1.31% +0.36 HES Hess Corp. Reduce -36.8% 7.85% +0.71 K Kellanova Reduce -23.9% 7.69% +0.85 ANSS Ansys Inc. Reduce -12.2% 6.22% +1.01 JNPR Juniper Networks Inc. Reduce -8.9% 5.99% +1.29 EVRI Everi Holdings Inc. Reduce -14.6% 6.49% +1.31 AMED Amedisys Inc. Reduce -7.5% 9.82% +2.64
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ HEES H&E Equipment Services Inc. New 7.77% +7.77 BECN Beacon Roofing Supply Inc. New 6.35% +6.35 PLYA Playa Hotels & Resorts NV New 4.01% +4.01 PYCR Paycor HCM Inc. New 3.22% +3.22 TGI Triumph Group Inc. New 3.03% +3.03 DNB Dun & Bradstreet Holdings Inc. New 2.44% +2.44 PRA Proassurance Corp. New 1.96% +1.96 ESGR Enstar Group Ltd. Add +30.0% 3.64% +1.76 CMRX Chimerix Inc. New 1.73% +1.73 RDFN Redfin Corp. New 1.48% +1.48 JWN Nordstrom Inc. Add +35.9% 2.39% +1.19 ITCI Intra-Cellular Therapies Inc. New 1.14% +1.14 BRDG Bridge Investment Grp HDS-A New 0.93% +0.93 ENFN Enfusion Inc. Class A New 0.90% +0.90 FNA Paragon 28 Inc. New 0.89% +0.89 SWI Solarwinds Corp. New 0.67% +0.67 WBA Walgreens Boots Alliance Inc. New 0.64% +0.64 ATSG Air Transport Services Group New 0.47% +0.47 PTVE Pactiv Evergreen Inc. Add +108.0% 0.43% +0.29 ACCD Accolade Inc. New 0.26% +0.26 AMPS Altus Power Inc. New 0.26% +0.26 RDUS Radius Recycling Inc. Class A New 0.26% +0.26 LBRDK Liberty Broadband-C Add +0.9% 0.61% +0.24 ALE Allete Inc. Add +28.4% 0.45% +0.21 SPR Spirit Aerosystems Hold Class A Add +305.2% 0.21% +0.17 LGTY Logility Supply Chain Soluti New 0.15% +0.15 NVRO Nevro LLC New 0.13% +0.13 GB Global Blue Group Holding AG New 0.12% +0.12 RKT Rocket Cos Inc. Class A New 0.11% +0.11 SRDX Surmodics Inc. New 0.11% +0.11 TSVT 2SEVENTY Bio Inc. New 0.10% +0.10 AGS Playags Inc. Add +8.9% 0.23% +0.09
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ CHEVRON CORPORATION call New 280,300 $46.9M SLB LIMITED call Sold out 817,200 $31.3Mbefore exit UNITED STATES STL CORP NEW call New 531,400 $22.5M H & E EQUIPMENT SERVICES INC put New 231,400 $21.9M INTRA-CELLULAR THERAPIES INC put New 87,900 $11.6M NORDSTROM INC put Add +7.0% 405,600 $9.9M WALGREENS BOOTS ALLIANCE INC call New 820,000 $9.2M WALGREENS BOOTS ALLIANCE INC put New 820,000 $9.2M ROCKET COS INC call New 672,500 $8.1M REVANCE THERAPEUTICS INC call Sold out 2,334,200 $7.1Mbefore exit OMNICOM GROUP INC call Reduce -0.4% 76,700 $6.4M COSTAR GROUP INC call Sold out 80,700 $5.8Mbefore exit DESPEGAR COM CORP call Add +37.4% 299,300 $5.6M ISHARES TR put New 50,000 $3.9M HERC HLDGS INC call New 25,800 $3.5M PARAMOUNT GLOBAL put New 185,200 $2.2M PAYCOR HCM INC put New 80,900 $1.8M BOEING CO put Sold out 10,000 $1.8Mbefore exit DIGITALOCEAN HLDGS INC call Sold out 33,000 $1.1Mbefore exit DEXCOM INC call Sold out 12,500 $972Kbefore exit CLEARWATER ANALYTICS HLDGS I put New 31,800 $852K UNITED STATES STL CORP NEW put Sold out 17,700 $602Kbefore exit BAUSCH PLUS LOMB CORP call Reduce -46.8% 16,600 $241K SURGERY PARTNERS INC call Reduce -52.4% 10,000 $238K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) NOTE 12/1 · principal Sold out 14,205,000 $14.1Mbefore exit DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal Sold out 8,500,000 $7.9Mbefore exit DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal Sold out 5,000,000 $4.4Mbefore exit DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal New 3,500,000 $3.1M REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal New 3,500,000 $3.1M RINGCENTRAL INC (RNG 0 03/01/25) NOTE 3/0 · principal Sold out 3,105,000 $3.1Mbefore exit FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal New 1,591,000 $1.5M ACCOLADE INC (ACCD 0.5 04/01/26) NOTE 0.500% 4/0 · principal New 1,550,000 $1.5M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 67 $902.1M TMHC, EA, GTLS, PEN, WBD Q1 2026 77 $710.8M EA, JHG, WBD, HOLX, TXNM Q4 2025 60 $760.3M GTLS, CYBR, NSC, EA, EXAS Q3 2025 57 $641.5M CYBR, NSC, VRNA, AVDX, INFA Q2 2025 44 $517.5M AMED, ANSS, JNPR, HES, SWTX Q1 2025 49 $526.6M AMED, HES, HEES, K, EVRI Q4 2024 48 $762.7M AMED, HES, K, HCP, EDR Q3 2024 56 $914.1M AMED, HES, K, AXONICS INC, SQSP Q2 2024 Amended 57 $899.0M AMED, HES, AXONICS INC, HCP, ACI Q1 2024 Amended 41 $858.9M PXD, HES, AMED, EVBG, AXONICS INC