In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Water Island Capital LLC reported 44 stock positions worth $517.5 million . Its top holding was Amedisys (AMED) at 10.7% of the portfolio, followed by Ansys (ANSS, 7.7% ) and Juniper Networks (JNPR, 7.2% ). Compared with Q1 2025, it opened 24 new positions, sold out of 29, added to 13 and reduced 6. The biggest buy was a new position in Springworks Therapeutics (SWTX) and the biggest sale an exit from H&E Equipment Services (HEES).
Location NEW YORK, NY
CIK 0001222765
Portfolio Value $517.5M (Q2 2025) Holdings 44 stocks · $517.5M 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 Q1 2025 AMED Amedisys Inc. 561,814 $55.3M Add +0.6% ANSS Ansys Inc. 113,285 $39.8M Add +9.5% JNPR Juniper Networks Inc. 928,961 $37.1M Add +6.5% HES Hess Corp. 260,459 $36.1M Add +0.6% SWTX Springworks Therapeutics Inc. 703,525 $33.1M New DNB Dun & Bradstreet Holdings Inc. 3,147,738 $28.6M Add +119.1% SKX Skechers USA Inc. Class A 426,562 $26.9M New INFA Informatica Inc. Class A 806,228 $19.6M New AVDX Avidxchange Holdings Inc. 1,961,334 $19.2M New FL Foot Locker Inc. 777,436 $19.0M New ESGR Enstar Group Ltd. 53,653 $18.0M Reduce -6.9% FARO Faro Technologies Inc. 383,836 $16.9M New BPMC Blueprint Medicines Corp. 116,631 $14.9M New TXNM TXNM Energy Inc. 262,539 $14.8M New PRA Proassurance Corp. 547,355 $12.5M Add +23.7% MGRC McGrath Rentcorp 99,225 $11.5M Add +0.1% PPBI Pacific Premier Bancorp Inc. 532,149 $11.2M New CTLP Cantaloupe Inc. 944,903 $10.4M New ETWO E2OPEN Parent Holdings Inc. 3,185,939 $10.3M New GMS GMS Inc. 88,627 $9.6M New BASE Couchbase Inc. 363,000 $8.8M New SPTN Spartannash Co. 302,396 $8.0M New PARAA Paramount Global Class B 567,122 $7.3M Reduce -46.0% WBA Walgreens Boots Alliance Inc. 593,196 $6.8M Add +96.3% STR Sitio Royalties Corp. Class A 333,703 $6.1M New TGI Triumph Group Inc. 220,294 $5.7M Reduce -65.0% CVAC Curevac NV 957,031 $5.2M New K Kellanova 53,318 $4.2M Reduce -89.2% FYBR Frontier Communications Pare 109,783 $4.0M Add +3.5% VERV Verve Therapeutics Inc. 335,593 $3.8M New RDUS Radius Recycling Inc. Class A 94,670 $2.8M Add +102.5% IPG Interpublic Group of Cos Inc. 68,367 $1.7M Add +115.2% VIGL Vigil Neuroscience Inc. 207,667 $1.7M New BROOKLINE BANCORP INC 84,076 $887K Add +56.7% INZY Inozyme Pharma Inc. 201,776 $807K New MAC COPPER LTD 66,668 $806K New BRDG Bridge Investment Grp HDS-A 80,349 $804K Reduce -84.2% CCRN Cross Country Healthcare Inc. 59,337 $774K Reduce -73.8% GB Global Blue Group Holding AG 92,725 $693K Add +6.0% RKT Rocket Cos Inc. Class A 46,367 $657K No change HRI Herc Holdings Inc. filed as HERC HLDGS INC 2,605 $343K New SSBK Southern States Bancshares 7,204 $262K New PVBC Provident Bancorp Inc. 18,573 $232K New HONE Harborone Bancorp Inc. 19,716 $230K New
Options reported separately and not counted above: CHEVRON CORPORATION calls ($40.1M), SKECHERS U S A INC puts ($18.1M), WALGREENS BOOTS ALLIANCE INC puts ($9.4M), INFORMATICA INC calls ($8.9M), SPRINGWORKS THERAPEUTICS INC puts ($8.9M), GMS INC calls ($8.8M), SKECHERS U S A INC calls ($8.8M), WALGREENS BOOTS ALLIANCE INC calls ($7.4M), FOOT LOCKER INC puts ($4.4M), ISHARES TR puts ($4.0M), VERVE THERAPEUTICS INC puts ($3.8M), DICKS SPORTING GOODS INC calls ($2.5M), and 6 more.
Other holdings (14): bonds, preferreds, convertibles and warrants · $53.7M (not counted above) Security Class Shares / Principal Value Change SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 5,000,000 $7.6M Add +42.9% UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 5,000,000 $6.0M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 80,000 $5.4M No change BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 5,000,000 $4.7M No change AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 4,500,000 $4.4M New REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 4,500,000 $4.0M Add +28.6% TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 3,000,000 $3.9M New DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 3,500,000 $3.3M No change HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 3,000,000 $3.0M No change 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 $2.9M 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 $1.7M No change FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 1,591,000 $1.6M No change
Total filed on the 13F, all lines: $571.2M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ HEES H&E Equipment Services Inc. Sold out 0.00% −7.77 K Kellanova Reduce -89.2% 0.82% −6.88 EVRI Everi Holdings Inc. Sold out 0.00% −6.49 BECN Beacon Roofing Supply Inc. Sold out 0.00% −6.35 PLYA Playa Hotels & Resorts NV Sold out 0.00% −4.01 PYCR Paycor HCM Inc. Sold out 0.00% −3.22 JWN Nordstrom Inc. Sold out 0.00% −2.39 TGI Triumph Group Inc. Reduce -65.0% 1.10% −1.93 CMRX Chimerix Inc. Sold out 0.00% −1.73 RDFN Redfin Corp. Sold out 0.00% −1.48 PDCO Patterson Cos Inc. Sold out 0.00% −1.31 ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −1.14 PARAA Paramount Global Class B Reduce -46.0% 1.41% −0.97 ENFN Enfusion Inc. Class A Sold out 0.00% −0.90 FNA Paragon 28 Inc. Sold out 0.00% −0.89 BERY Berry Global Group Inc. Sold out 0.00% −0.81 BRDG Bridge Investment Grp HDS-A Reduce -84.2% 0.16% −0.77 SWI Solarwinds Corp. Sold out 0.00% −0.67 LBRDK Liberty Broadband-C Sold out 0.00% −0.61 CCRN Cross Country Healthcare Inc. Reduce -73.8% 0.15% −0.49 ATSG Air Transport Services Group Sold out 0.00% −0.47 ALE Allete Inc. Sold out 0.00% −0.45 PTVE Pactiv Evergreen Inc. Sold out 0.00% −0.43 X United States Steel Corp. Sold out 0.00% −0.43 ACCD Accolade Inc. Sold out 0.00% −0.26 AMPS Altus Power Inc. Sold out 0.00% −0.26 AGS Playags Inc. Sold out 0.00% −0.23 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −0.21 ESGR Enstar Group Ltd. Reduce -6.9% 3.49% −0.15 LGTY Logility Supply Chain Soluti Sold out 0.00% −0.15 FBMS First Bancshares Inc. Sold out 0.00% −0.14 NVRO Nevro LLC Sold out 0.00% −0.13 SRDX Surmodics Inc. Sold out 0.00% −0.11 TSVT 2SEVENTY Bio Inc. Sold out 0.00% −0.10 CHX Championx Corp. Sold out 0.00% −0.06
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ SWTX Springworks Therapeutics Inc. New 6.39% +6.39 SKX Skechers USA Inc. Class A New 5.20% +5.20 INFA Informatica Inc. Class A New 3.79% +3.79 AVDX Avidxchange Holdings Inc. New 3.71% +3.71 FL Foot Locker Inc. New 3.68% +3.68 FARO Faro Technologies Inc. New 3.26% +3.26 DNB Dun & Bradstreet Holdings Inc. Add +119.1% 5.53% +3.09 BPMC Blueprint Medicines Corp. New 2.89% +2.89 TXNM TXNM Energy Inc. New 2.86% +2.86 PPBI Pacific Premier Bancorp Inc. New 2.17% +2.17 CTLP Cantaloupe Inc. New 2.01% +2.01 ETWO E2OPEN Parent Holdings Inc. New 1.99% +1.99 GMS GMS Inc. New 1.86% +1.86 BASE Couchbase Inc. New 1.71% +1.71 SPTN Spartannash Co. New 1.55% +1.55 ANSS Ansys Inc. Add +9.5% 7.69% +1.47 STR Sitio Royalties Corp. Class A New 1.19% +1.19 JNPR Juniper Networks Inc. Add +6.5% 7.17% +1.18 CVAC Curevac NV New 1.00% +1.00 AMED Amedisys Inc. Add +0.6% 10.68% +0.86 VERV Verve Therapeutics Inc. New 0.73% +0.73 WBA Walgreens Boots Alliance Inc. Add +96.3% 1.32% +0.68 PRA Proassurance Corp. Add +23.7% 2.41% +0.45 VIGL Vigil Neuroscience Inc. New 0.32% +0.32 RDUS Radius Recycling Inc. Class A Add +102.5% 0.54% +0.29 IPG Interpublic Group of Cos Inc. Add +115.2% 0.32% +0.16 INZY Inozyme Pharma Inc. New 0.16% +0.16 MAC COPPER LTD New 0.16% +0.16 MGRC McGrath Rentcorp Add +0.1% 2.22% +0.13 HRI Herc Holdings Inc. New 0.07% +0.07 BROOKLINE BANCORP INC Add +56.7% 0.17% +0.06 SSBK Southern States Bancshares New 0.05% +0.05 FYBR Frontier Communications Pare Add +3.5% 0.77% +0.05 PVBC Provident Bancorp Inc. New 0.04% +0.04 HONE Harborone Bancorp Inc. New 0.04% +0.04 GB Global Blue Group Holding AG Add +6.0% 0.13% +0.01 HES Hess Corp. Add +0.6% 6.97% −0.88
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ UNITED STATES STL CORP NEW call Sold out 531,400 $22.5Mbefore exit H & E EQUIPMENT SERVICES INC put Sold out 231,400 $21.9Mbefore exit SKECHERS U S A INC put New 286,100 $18.1M STATE STR SPDR S&P 500 ETF T call Sold out 25,000 $14.0Mbefore exit INTRA-CELLULAR THERAPIES INC put Sold out 87,900 $11.6Mbefore exit NORDSTROM INC put Sold out 405,600 $9.9Mbefore exit AMCOR PLC call Sold out 942,500 $9.1Mbefore exit INFORMATICA INC call New 366,600 $8.9M SPRINGWORKS THERAPEUTICS INC put New 189,900 $8.9M GMS INC call New 81,300 $8.8M SKECHERS U S A INC call New 139,000 $8.8M ROCKET COS INC call Sold out 672,500 $8.1Mbefore exit WALGREENS BOOTS ALLIANCE INC call Reduce -21.4% 644,300 $7.4M OMNICOM GROUP INC call Sold out 76,700 $6.4Mbefore exit DESPEGAR COM CORP call Sold out 299,300 $5.6Mbefore exit FOOT LOCKER INC put New 178,000 $4.4M VERVE THERAPEUTICS INC put New 336,000 $3.8M HERC HLDGS INC call Sold out 25,800 $3.5Mbefore exit DICKS SPORTING GOODS INC call New 12,700 $2.5M PAYCOR HCM INC put Sold out 80,900 $1.8Mbefore exit LIVE NATION ENTERTAINMENT IN call New 10,000 $1.5M CLEARWATER ANALYTICS HLDGS I put Sold out 31,800 $852Kbefore exit EVERI HLDGS INC put New 42,000 $598K BIONTECH SE call New 4,800 $511K DANA HOLDING CORP put New 25,000 $429K BAUSCH PLUS LOMB CORP call Sold out 16,600 $241Kbefore exit XEROX HOLDINGS CORP call Sold out 20,000 $97Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Add +42.9% 5,000,000 $7.6M AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal Sold out 5,000,000 $5.0Mbefore exit INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal Sold out 3,500,000 $4.4Mbefore exit AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal New 4,500,000 $4.4M REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal Add +28.6% 4,500,000 $4.0M TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal New 3,000,000 $3.9M ACCOLADE INC (ACCD 0.5 04/01/26) NOTE 0.500% 4/0 · principal Sold out 1,550,000 $1.5Mbefore exit
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