In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Water Island Capital LLC reported 57 stock positions worth $641.5 million . Its top holding was Cyberark Software Ltd./Israel (CYBR) at 6.5% of the portfolio, followed by Norfolk Southern (NSC, 5.9% ) and Verona Pharma (VRNA, 4.8% ). Compared with Q2 2025, it opened 45 new positions, sold out of 32, added to 7 and reduced 5. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Amedisys (AMED).
Location NEW YORK, NY
CIK 0001222765
Portfolio Value $641.5M (Q3 2025) Holdings 57 stocks · $641.5M 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 Q2 2025 CYBR Cyberark Software Ltd./Israel 85,799 $41.5M New NSC Norfolk Southern Corp. 125,799 $37.8M New VRNA Verona Pharma Ltd. 290,182 $31.0M New AVDX Avidxchange Holdings Inc. 2,882,867 $28.7M Add +47.0% INFA Informatica Inc. Class A 1,149,598 $28.6M Add +42.6% VBTX Veritex Holdings Inc. 815,698 $27.4M New TXNM TXNM Energy Inc. 450,660 $25.5M Add +71.7% GTLS Chart Industries Inc. 127,171 $25.5M New TGNA Tegna Inc. 1,223,508 $24.9M New VRNT Verint Systems Inc. 1,202,967 $24.4M New PBPB Potbelly Corp. 1,351,588 $23.0M New AHL Aspen Insurance Holdings Class A 620,249 $22.8M New WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 296,042 $22.6M New SNV Synovus Financial Corp. 421,500 $20.7M New AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 300,677 $19.1M New MLNK Meridianlink Inc. 930,234 $18.5M New SPNS Sapiens International Corp. 421,434 $18.1M New EA Electronic Arts Inc. 88,590 $17.9M New STAA Staar Surgical Co. 658,317 $17.7M New HBI Hanesbrands Inc. 2,264,676 $14.9M New CORZ Core Scientific Inc. 785,446 $14.1M New DAY Dayforce Inc. 183,721 $12.7M New VMEO Vimeo Inc. 1,555,942 $12.1M New MGRC McGrath Rentcorp 99,363 $11.6M Add +0.1% PRO Pros Holdings Inc. 492,502 $11.3M New IAS Integral Ad Science Holding 1,071,160 $10.9M New TECK Teck Resources Ltd.-CLS B 209,900 $9.2M New MRUS Merus NV 96,000 $9.0M New WOW Wideopenwest Inc. 1,558,174 $8.0M New PREMIER INC-CLASS A 278,420 $7.7M New PGRE Paramount Group Inc. 958,918 $6.3M New PRA Proassurance Corp. 210,461 $5.0M Reduce -61.5% HOUS Anywhere Real Estate Inc. 456,600 $4.8M New CVAC Curevac NV 762,138 $4.1M Reduce -20.4% SAND Sandstorm Gold Ltd. 214,205 $2.7M New TRML Tourmaline Bio Inc. 50,968 $2.4M New LBRDK Liberty Broadband-C 35,810 $2.3M New IPG Interpublic Group of Cos Inc. 63,104 $1.8M Reduce -7.7% CTLP Cantaloupe Inc. 160,907 $1.7M Reduce -83.0% SCS Steelcase Inc. Class A 94,905 $1.6M New ZIMV Zimvie Inc. 72,353 $1.4M New MAC COPPER LTD 103,254 $1.3M Add +54.9% AMWD American Woodmark Corp. 18,336 $1.2M New IMXI International Money Express 86,175 $1.2M New MTSR Metsera Inc. 18,730 $980K New MRC MRC Global Inc. 58,605 $845K New NWE Northwestern Energy Group Inc. 14,303 $838K New CCRN Cross Country Healthcare Inc. 42,897 $609K Reduce -27.7% SHCO Soho House & Co. Inc. 65,542 $580K New PHLT Performant Healthcare Inc. 72,772 $563K New BRY Berry Corp. 142,979 $540K New PVBC Provident Bancorp Inc. 40,282 $505K Add +116.9% CCRD Corecard Corp. 16,595 $447K New CIO City Office REIT Inc. 54,317 $378K New HONE Harborone Bancorp Inc. 22,464 $306K Add +13.9% AURA Aura Biosciences Inc. 10,372 $64K New PACB Pacific Biosciences of Calif 35,754 $46K New
Options reported separately and not counted above: SYNOVUS FINL CORP puts ($20.7M), CORE SCIENTIFIC INC NEW puts ($18.7M), TECK RESOURCES LTD puts ($9.2M), MERUS N V puts ($9.0M), VERONA PHARMA PLC puts ($9.0M), KELLANOVA calls ($8.9M), 89BIO INC calls ($7.3M), COMPASS INC calls ($5.3M), REALOGY HLDGS CORP puts ($4.8M), LIVE NATION ENTERTAINMENT IN calls ($1.2M), METSERA INC puts ($979K).
Other holdings (16): bonds, preferreds, convertibles and warrants · $56.7M (not counted above) Security Class Shares / Principal Value Change SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 5,000,000 $6.8M No change UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 5,000,000 $6.1M No change BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 80,000 $5.6M 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 $4.3M No change REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 4,500,000 $4.2M No change TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 3,000,000 $4.0M No change HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 3,000,000 $3.4M No change DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 3,500,000 $3.2M No change BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 3,071,000 $3.0M 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 GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) NOTE 5.875%10/0 · principal 2,000,000 $2.0M New EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal 2,000,000 $1.6M New FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 1,591,000 $1.6M No change REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 1,000,000 $1.0M New
Total filed on the 13F, all lines: $698.2M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ AMED Amedisys Inc. Sold out 0.00% −10.68 ANSS Ansys Inc. Sold out 0.00% −7.69 JNPR Juniper Networks Inc. Sold out 0.00% −7.17 HES Hess Corp. Sold out 0.00% −6.97 SWTX Springworks Therapeutics Inc. Sold out 0.00% −6.39 DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −5.53 SKX Skechers USA Inc. Class A Sold out 0.00% −5.20 FL Foot Locker Inc. Sold out 0.00% −3.68 ESGR Enstar Group Ltd. Sold out 0.00% −3.49 FARO Faro Technologies Inc. Sold out 0.00% −3.26 BPMC Blueprint Medicines Corp. Sold out 0.00% −2.89 PPBI Pacific Premier Bancorp Inc. Sold out 0.00% −2.17 ETWO E2OPEN Parent Holdings Inc. Sold out 0.00% −1.99 GMS GMS Inc. Sold out 0.00% −1.86 CTLP Cantaloupe Inc. Reduce -83.0% 0.27% −1.74 BASE Couchbase Inc. Sold out 0.00% −1.71 PRA Proassurance Corp. Reduce -61.5% 0.79% −1.63 SPTN Spartannash Co. Sold out 0.00% −1.55 PARAA Paramount Global Class B Sold out 0.00% −1.41 WBA Walgreens Boots Alliance Inc. Sold out 0.00% −1.32 STR Sitio Royalties Corp. Class A Sold out 0.00% −1.19 TGI Triumph Group Inc. Sold out 0.00% −1.10 K Kellanova Sold out 0.00% −0.82 FYBR Frontier Communications Pare Sold out 0.00% −0.77 VERV Verve Therapeutics Inc. Sold out 0.00% −0.73 RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.54 CVAC Curevac NV Reduce -20.4% 0.64% −0.36 VIGL Vigil Neuroscience Inc. Sold out 0.00% −0.32 BROOKLINE BANCORP INC Sold out 0.00% −0.17 INZY Inozyme Pharma Inc. Sold out 0.00% −0.16 BRDG Bridge Investment Grp HDS-A Sold out 0.00% −0.16 GB Global Blue Group Holding AG Sold out 0.00% −0.13 RKT Rocket Cos Inc. Class A Sold out 0.00% −0.13 HRI Herc Holdings Inc. Sold out 0.00% −0.07 CCRN Cross Country Healthcare Inc. Reduce -27.7% 0.10% −0.05 SSBK Southern States Bancshares Sold out 0.00% −0.05 IPG Interpublic Group of Cos Inc. Reduce -7.7% 0.27% −0.05
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CYBR Cyberark Software Ltd./Israel New 6.46% +6.46 NSC Norfolk Southern Corp. New 5.89% +5.89 VRNA Verona Pharma Ltd. New 4.83% +4.83 VBTX Veritex Holdings Inc. New 4.26% +4.26 GTLS Chart Industries Inc. New 3.97% +3.97 TGNA Tegna Inc. New 3.88% +3.88 VRNT Verint Systems Inc. New 3.80% +3.80 PBPB Potbelly Corp. New 3.59% +3.59 AHL Aspen Insurance Holdings Class A New 3.55% +3.55 WNS WNS Holdings Ltd. New 3.52% +3.52 SNV Synovus Financial Corp. New 3.22% +3.22 AL Sumisho Air Lease Corp. New 2.98% +2.98 MLNK Meridianlink Inc. New 2.89% +2.89 SPNS Sapiens International Corp. New 2.82% +2.82 EA Electronic Arts Inc. New 2.79% +2.79 STAA Staar Surgical Co. New 2.76% +2.76 HBI Hanesbrands Inc. New 2.33% +2.33 CORZ Core Scientific Inc. New 2.20% +2.20 DAY Dayforce Inc. New 1.97% +1.97 VMEO Vimeo Inc. New 1.88% +1.88 PRO Pros Holdings Inc. New 1.76% +1.76 IAS Integral Ad Science Holding New 1.70% +1.70 TECK Teck Resources Ltd.-CLS B New 1.44% +1.44 MRUS Merus NV New 1.41% +1.41 WOW Wideopenwest Inc. New 1.25% +1.25 PREMIER INC-CLASS A New 1.21% +1.21 TXNM TXNM Energy Inc. Add +71.7% 3.97% +1.12 PGRE Paramount Group Inc. New 0.98% +0.98 AVDX Avidxchange Holdings Inc. Add +47.0% 4.47% +0.76 HOUS Anywhere Real Estate Inc. New 0.75% +0.75 INFA Informatica Inc. Class A Add +42.6% 4.45% +0.66 SAND Sandstorm Gold Ltd. New 0.42% +0.42 TRML Tourmaline Bio Inc. New 0.38% +0.38 LBRDK Liberty Broadband-C New 0.35% +0.35 SCS Steelcase Inc. Class A New 0.25% +0.25 ZIMV Zimvie Inc. New 0.21% +0.21 AMWD American Woodmark Corp. New 0.19% +0.19 IMXI International Money Express New 0.19% +0.19 MTSR Metsera Inc. New 0.15% +0.15 MRC MRC Global Inc. New 0.13% +0.13 NWE Northwestern Energy Group Inc. New 0.13% +0.13 SHCO Soho House & Co. Inc. New 0.09% +0.09 PHLT Performant Healthcare Inc. New 0.09% +0.09 BRY Berry Corp. New 0.08% +0.08 CCRD Corecard Corp. New 0.07% +0.07 CIO City Office REIT Inc. New 0.06% +0.06 MAC COPPER LTD Add +54.9% 0.20% +0.04 PVBC Provident Bancorp Inc. Add +116.9% 0.08% +0.03 AURA Aura Biosciences Inc. New 0.01% +0.01 PACB Pacific Biosciences of Calif New 0.01% +0.01
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ CHEVRON CORPORATION call Sold out 280,300 $40.1Mbefore exit SYNOVUS FINL CORP put New 421,500 $20.7M CORE SCIENTIFIC INC NEW put New 1,042,000 $18.7M SKECHERS U S A INC put Sold out 286,100 $18.1Mbefore exit WALGREENS BOOTS ALLIANCE INC put Sold out 820,000 $9.4Mbefore exit TECK RESOURCES LTD put New 209,600 $9.2M MERUS N V put New 96,000 $9.0M VERONA PHARMA PLC put New 84,100 $9.0M INFORMATICA INC call Sold out 366,600 $8.9Mbefore exit KELLANOVA call New 108,800 $8.9M SPRINGWORKS THERAPEUTICS INC put Sold out 189,900 $8.9Mbefore exit GMS INC call Sold out 81,300 $8.8Mbefore exit SKECHERS U S A INC call Sold out 139,000 $8.8Mbefore exit WALGREENS BOOTS ALLIANCE INC call Sold out 644,300 $7.4Mbefore exit 89BIO INC call New 493,500 $7.3M COMPASS INC call New 655,600 $5.3M REALOGY HLDGS CORP put New 456,600 $4.8M FOOT LOCKER INC put Sold out 178,000 $4.4Mbefore exit ISHARES TR put Sold out 50,000 $4.0Mbefore exit VERVE THERAPEUTICS INC put Sold out 336,000 $3.8Mbefore exit DICKS SPORTING GOODS INC call Sold out 12,700 $2.5Mbefore exit PARAMOUNT GLOBAL put Sold out 185,200 $2.4Mbefore exit LIVE NATION ENTERTAINMENT IN call Reduce -25.0% 7,500 $1.2M METSERA INC put New 18,700 $979K EVERI HLDGS INC put Sold out 42,000 $598Kbefore exit BIONTECH SE call Sold out 4,800 $511Kbefore exit DANA HOLDING CORP put Sold out 25,000 $429Kbefore exit SURGERY PARTNERS INC call Sold out 10,000 $222Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 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