Water Island Capital LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Water Island Capital LLC reported 60 stock positions worth $760.3 million. Its top holding was Chart Industries (GTLS) at 5.1% of the portfolio, followed by Cyberark Software Ltd./Israel (CYBR, 5.1%) and Norfolk Southern (NSC, 4.9%). Compared with Q3 2025, it opened 42 new positions, sold out of 39, added to 9 and reduced 9. The biggest buy was a new position in Exact Sciences (EXAS) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001222765
- Portfolio Value
- $760.3M (Q4 2025)
- SEC Filing
- 0001222765-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 60 stocks · $760.3M
| GTLS Chart Industries Inc. | 5.11% | 188,325 | $38.8M | Add +48.1% |
| CYBR Cyberark Software Ltd./Israel | 5.08% | 86,648 | $38.7M | Add +1.0% |
| NSC Norfolk Southern Corp. | 4.90% | 129,043 | $37.3M | Add +2.6% |
| EA Electronic Arts Inc. | 4.86% | 180,838 | $37.0M | Add +104.1% |
| EXAS Exact Sciences Corp. | 4.68% | 350,009 | $35.5M | New |
| HOLX Hologic Inc. | 4.58% | 467,742 | $34.8M | New |
| CMA Comerica Inc. | 4.55% | 398,037 | $34.6M | New |
| TXNM TXNM Energy Inc. | 4.46% | 576,411 | $33.9M | Add +27.9% |
| CDTX Cidara Therapeutics Inc. | 4.38% | 150,708 | $33.3M | New |
| WBD Warner Bros Discovery Inc. | 4.32% | 1,139,634 | $32.8M | New |
| JHG Janus Henderson Group PLC | 4.05% | 647,485 | $30.8M | New |
| AVDL Avadel Pharmaceuticals Ltd. | 3.08% | 1,087,117 | $23.4M | New |
| SEE Sealed Air Corp. | 3.05% | 559,237 | $23.2M | New |
| TGNA Tegna Inc. | 3.01% | 1,179,885 | $22.9M | Reduce -3.6% |
| AHL Aspen Insurance Holdings Class A | 2.79% | 572,685 | $21.2M | Reduce -7.7% |
| CWAN Clearwater Analytics HDS-A | 2.78% | 875,632 | $21.1M | New |
| SNV Synovus Financial Corp. | 2.66% | 403,650 | $20.2M | Reduce -4.2% |
| CFLT Confluent Inc. Class A | 2.55% | 640,113 | $19.4M | New |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 2.52% | 298,440 | $19.2M | Reduce -0.7% |
| DBRG Digitalbridge Group Inc. | 1.87% | 929,000 | $14.3M | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 1.69% | 985,069 | $12.8M | New |
| CADE Cadence Bank | 1.68% | 297,603 | $12.7M | New |
| HI Hillenbrand Inc. | 1.66% | 399,006 | $12.7M | New |
| PLYM Plymouth Industrial REIT Inc. | 1.61% | 559,215 | $12.2M | New |
| RNAM Avidity Biosciences Inc. | 1.60% | 168,385 | $12.1M | New |
| KVUE Kenvue Inc. | 1.57% | 690,191 | $11.9M | New |
| CSGS CSG Systems Intl Inc. | 1.52% | 150,720 | $11.6M | New |
| FOLD Amicus Therapeutics Inc. | 1.32% | 706,617 | $10.1M | New |
| DVAX Dynavax Technologies Corp. | 1.23% | 610,261 | $9.4M | New |
| QRVO Qorvo Inc. | 1.22% | 109,521 | $9.3M | New |
| FRGE Forge Global Holdings Inc. | 1.16% | 197,075 | $8.8M | New |
| ATXS Astria Therapeutics Inc. | 1.06% | 615,790 | $8.1M | New |
| SEMR Semrush Holdings Inc. Class A | 0.98% | 628,602 | $7.5M | New |
| AXTA Axalta Coating Systems Ltd. | 0.87% | 205,722 | $6.6M | New |
| HOUS Anywhere Real Estate Inc. | 0.83% | 444,821 | $6.3M | Reduce -2.6% |
| ALEX Alexander & Baldwin Inc. | 0.71% | 263,012 | $5.4M | New |
| EB Eventbrite Inc. Class A | 0.58% | 987,653 | $4.4M | New |
| DAY Dayforce Inc. | 0.43% | 47,453 | $3.3M | Reduce -74.2% |
| THS Treehouse Foods Inc. | 0.31% | 99,421 | $2.3M | New |
| NGD New Gold Inc. | 0.26% | 226,878 | $2.0M | New |
| REVG Rev Group Inc. | 0.25% | 31,261 | $1.9M | New |
| BHF Brighthouse Financial Inc. | 0.25% | 28,841 | $1.9M | New |
| STAA Staar Surgical Co. | 0.21% | 67,862 | $1.6M | Reduce -89.7% |
| WTRG Essential Utilities Inc. | 0.18% | 36,646 | $1.4M | New |
| CTLP Cantaloupe Inc. | 0.18% | 131,794 | $1.4M | Reduce -18.1% |
| IMXI International Money Express | 0.18% | 88,476 | $1.4M | Add +2.7% |
| DENN Denny's Corp. | 0.17% | 213,445 | $1.3M | New |
| PRA Proassurance Corp. | 0.15% | 46,992 | $1.1M | Reduce -77.7% |
| NWE Northwestern Energy Group Inc. | 0.12% | 14,307 | $923K | Add +0.0% |
| MOFG Midwestone Financial Group I | 0.11% | 21,980 | $846K | New |
| UDMY Udemy Inc. | 0.10% | 135,922 | $795K | New |
| ZEUS Olympic Steel Inc. | 0.09% | 16,293 | $697K | New |
| SHCO Soho House & Co. Inc. | 0.08% | 70,756 | $634K | Add +8.0% |
| CIO City Office REIT Inc. | 0.06% | 61,498 | $430K | Add +13.2% |
| DHIL Diamond Hill Investment Grp | 0.06% | 2,482 | $421K | New |
| HTBK Heritage Commerce Corp. | 0.05% | 33,924 | $407K | New |
| FFWM First Foundation Inc. | 0.05% | 65,919 | $406K | New |
| TRUE Truecar Inc. | 0.05% | 173,620 | $392K | New |
| FSFG First Savings Financial Grp | 0.04% | 8,788 | $280K | New |
| DKS Dick's Sporting Goods Inc. | 0.03% | 1,100 | $218K | New |
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T calls ($17.0M), CIDARA THERAPEUTICS INC puts ($17.0M), TECK RESOURCES LTD puts ($14.0M), AVIDITY BIOSCIENCES INC puts ($12.2M), KENVUE INC puts ($12.0M), HILLENBRAND INC puts ($10.0M), AMICUS THERAPEUTICS INC calls ($6.4M), HOLOGIC INC puts ($4.5M), KIMBERLY-CLARK CORP calls ($4.3M), WARNER BROS DISCOVERY INC puts ($2.7M), AXALTA COATING SYS LTD puts ($2.2M), CORE SCIENTIFIC INC NEW calls ($2.1M), and 4 more.
Other holdings (15): bonds, preferreds, convertibles and warrants · $58.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 5,000,000 | $6.0M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $5.7M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 80,000 | $5.5M | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 5,501,530 | $5.1M | Add +120.1% |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 5,000,000 | $4.9M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 5,000,000 | $4.7M | 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 |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 3,500,000 | $3.4M | New |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 3,000,000 | $3.2M | No change |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 3,071,000 | $3.0M | No change |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 3,000,000 | $2.8M | New |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 2,500,000 | $2.5M | New |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 2,000,000 | $2.0M | No change |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 2,000,000 | $1.3M | No change |
Total filed on the 13F, all lines: $818.6M.
Portfolio Sells Q3 2025 → Q4 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −4.83 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −4.47 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −4.45 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −4.26 |
| VRNT Verint Systems Inc. | Sold out | 0.00% | −3.80 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −3.59 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −3.52 |
| MLNK Meridianlink Inc. | Sold out | 0.00% | −2.89 |
| SPNS Sapiens International Corp. | Sold out | 0.00% | −2.82 |
| STAA Staar Surgical Co. | Reduce -89.7% | 0.21% | −2.55 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −2.33 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −2.20 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −1.88 |
| MGRC McGrath Rentcorp | Sold out | 0.00% | −1.82 |
| PRO Pros Holdings Inc. | Sold out | 0.00% | −1.76 |
| IAS Integral Ad Science Holding | Sold out | 0.00% | −1.70 |
| DAY Dayforce Inc. | Reduce -74.2% | 0.43% | −1.54 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −1.44 |
| MRUS Merus NV | Sold out | 0.00% | −1.41 |
| WOW Wideopenwest Inc. | Sold out | 0.00% | −1.25 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −1.21 |
| PGRE Paramount Group Inc. | Sold out | 0.00% | −0.98 |
| TGNA Tegna Inc. | Reduce -3.6% | 3.01% | −0.87 |
| AHL Aspen Insurance Holdings Class A | Reduce -7.7% | 2.79% | −0.75 |
| CVAC Curevac NV | Sold out | 0.00% | −0.64 |
| PRA Proassurance Corp. | Reduce -77.7% | 0.15% | −0.64 |
| SNV Synovus Financial Corp. | Reduce -4.2% | 2.66% | −0.57 |
| AL Sumisho Air Lease Corp. | Reduce -0.7% | 2.52% | −0.46 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.42 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −0.38 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −0.35 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.27 |
| SCS Steelcase Inc. Class A | Sold out | 0.00% | −0.25 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −0.21 |
| MAC COPPER LTD | Sold out | 0.00% | −0.20 |
| AMWD American Woodmark Corp. | Sold out | 0.00% | −0.19 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.15 |
| MRC MRC Global Inc. | Sold out | 0.00% | −0.13 |
| CCRN Cross Country Healthcare Inc. | Sold out | 0.00% | −0.10 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.09 |
| BRY Berry Corp. | Sold out | 0.00% | −0.08 |
| CTLP Cantaloupe Inc. | Reduce -18.1% | 0.18% | −0.08 |
| PVBC Provident Bancorp Inc. | Sold out | 0.00% | −0.08 |
| CCRD Corecard Corp. | Sold out | 0.00% | −0.07 |
| HONE Harborone Bancorp Inc. | Sold out | 0.00% | −0.05 |
| AURA Aura Biosciences Inc. | Sold out | 0.00% | −0.01 |
| PACB Pacific Biosciences of Calif | Sold out | 0.00% | −0.01 |
| HOUS Anywhere Real Estate Inc. | Reduce -2.6% | 0.83% | +0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| EXAS Exact Sciences Corp. | New | 4.68% | +4.68 |
| HOLX Hologic Inc. | New | 4.58% | +4.58 |
| CMA Comerica Inc. | New | 4.55% | +4.55 |
| CDTX Cidara Therapeutics Inc. | New | 4.38% | +4.38 |
| WBD Warner Bros Discovery Inc. | New | 4.32% | +4.32 |
| JHG Janus Henderson Group PLC | New | 4.05% | +4.05 |
| AVDL Avadel Pharmaceuticals Ltd. | New | 3.08% | +3.08 |
| SEE Sealed Air Corp. | New | 3.05% | +3.05 |
| CWAN Clearwater Analytics HDS-A | New | 2.78% | +2.78 |
| CFLT Confluent Inc. Class A | New | 2.55% | +2.55 |
| EA Electronic Arts Inc. | Add +104.1% | 4.86% | +2.07 |
| DBRG Digitalbridge Group Inc. | New | 1.87% | +1.87 |
| JAMF Jamf Holding Corp. | New | 1.69% | +1.69 |
| CADE Cadence Bank | New | 1.68% | +1.68 |
| HI Hillenbrand Inc. | New | 1.66% | +1.66 |
| PLYM Plymouth Industrial REIT Inc. | New | 1.61% | +1.61 |
| RNAM Avidity Biosciences Inc. | New | 1.60% | +1.60 |
| KVUE Kenvue Inc. | New | 1.57% | +1.57 |
| CSGS CSG Systems Intl Inc. | New | 1.52% | +1.52 |
| FOLD Amicus Therapeutics Inc. | New | 1.32% | +1.32 |
| DVAX Dynavax Technologies Corp. | New | 1.23% | +1.23 |
| QRVO Qorvo Inc. | New | 1.22% | +1.22 |
| FRGE Forge Global Holdings Inc. | New | 1.16% | +1.16 |
| GTLS Chart Industries Inc. | Add +48.1% | 5.11% | +1.14 |
| ATXS Astria Therapeutics Inc. | New | 1.06% | +1.06 |
| SEMR Semrush Holdings Inc. Class A | New | 0.98% | +0.98 |
| AXTA Axalta Coating Systems Ltd. | New | 0.87% | +0.87 |
| ALEX Alexander & Baldwin Inc. | New | 0.71% | +0.71 |
| EB Eventbrite Inc. Class A | New | 0.58% | +0.58 |
| TXNM TXNM Energy Inc. | Add +27.9% | 4.46% | +0.49 |
| THS Treehouse Foods Inc. | New | 0.31% | +0.31 |
| NGD New Gold Inc. | New | 0.26% | +0.26 |
| REVG Rev Group Inc. | New | 0.25% | +0.25 |
| BHF Brighthouse Financial Inc. | New | 0.25% | +0.25 |
| WTRG Essential Utilities Inc. | New | 0.18% | +0.18 |
| DENN Denny's Corp. | New | 0.17% | +0.17 |
| MOFG Midwestone Financial Group I | New | 0.11% | +0.11 |
| UDMY Udemy Inc. | New | 0.10% | +0.10 |
| ZEUS Olympic Steel Inc. | New | 0.09% | +0.09 |
| DHIL Diamond Hill Investment Grp | New | 0.06% | +0.06 |
| HTBK Heritage Commerce Corp. | New | 0.05% | +0.05 |
| FFWM First Foundation Inc. | New | 0.05% | +0.05 |
| TRUE Truecar Inc. | New | 0.05% | +0.05 |
| FSFG First Savings Financial Grp | New | 0.04% | +0.04 |
| DKS Dick's Sporting Goods Inc. | New | 0.03% | +0.03 |
| CIO City Office REIT Inc. | Add +13.2% | 0.06% | −0.00 |
| SHCO Soho House & Co. Inc. | Add +8.0% | 0.08% | −0.01 |
| IMXI International Money Express | Add +2.7% | 0.18% | −0.01 |
| NWE Northwestern Energy Group Inc. | Add +0.0% | 0.12% | −0.01 |
| NSC Norfolk Southern Corp. | Add +2.6% | 4.90% | −0.99 |
Options Activity Q3 2025 → Q4 2025
| SYNOVUS FINL CORP | put | Sold out | 421,500 | $20.7Mbefore exit |
| CORE SCIENTIFIC INC NEW | put | Sold out | 1,042,000 | $18.7Mbefore exit |
| STATE STR SPDR S&P 500 ETF T | call | New | 25,000 | $17.0M |
| CIDARA THERAPEUTICS INC | put | New | 76,900 | $17.0M |
| TECK RESOURCES LTD | put | Add +39.4% | 292,100 | $14.0M |
| AVIDITY BIOSCIENCES INC | put | New | 168,700 | $12.2M |
| KENVUE INC | put | New | 695,000 | $12.0M |
| HILLENBRAND INC | put | New | 315,000 | $10.0M |
| MERUS N V | put | Sold out | 96,000 | $9.0Mbefore exit |
| VERONA PHARMA PLC | put | Sold out | 84,100 | $9.0Mbefore exit |
| KELLANOVA | call | Sold out | 108,800 | $8.9Mbefore exit |
| 89BIO INC | call | Sold out | 493,500 | $7.3Mbefore exit |
| AMICUS THERAPEUTICS INC | call | New | 451,000 | $6.4M |
| COMPASS INC | call | Sold out | 655,600 | $5.3Mbefore exit |
| HOLOGIC INC | put | New | 60,600 | $4.5M |
| KIMBERLY-CLARK CORP | call | New | 42,200 | $4.3M |
| WARNER BROS DISCOVERY INC | put | New | 94,900 | $2.7M |
| AXALTA COATING SYS LTD | put | New | 67,100 | $2.2M |
| CORE SCIENTIFIC INC NEW | call | New | 143,800 | $2.1M |
| KENVUE INC | call | New | 118,400 | $2.0M |
| LIVE NATION ENTERTAINMENT IN | call | Sold out | 7,500 | $1.2Mbefore exit |
| REALOGY HLDGS CORP | put | Reduce -84.4% | 71,100 | $1.0M |
| REALOGY HLDGS CORP | call | New | 71,100 | $1.0M |
| METSERA INC | put | Sold out | 18,700 | $979Kbefore exit |
| JANUS HENDERSON GROUP PLC | put | New | 12,000 | $571K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 5,000,000 | $6.1Mbefore exit |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | New | 5,000,000 | $6.0M |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | Add +120.1% | 5,501,530 | $5.1M |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | New | 5,000,000 | $4.9M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Sold out | 4,500,000 | $4.3Mbefore exit |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | New | 3,500,000 | $3.4M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Sold out | 3,500,000 | $3.2Mbefore exit |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | Sold out | 3,000,000 | $2.9Mbefore exit |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | New | 3,000,000 | $2.8M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | New | 2,500,000 | $2.5M |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | Sold out | 1,591,000 | $1.6Mbefore exit |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | Sold out | 1,000,000 | $1.0Mbefore 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 2024Amended | 57 | $899.0M | AMED, HES, AXONICS INC, HCP, ACI |
| Q1 2024Amended | 41 | $858.9M | PXD, HES, AMED, EVBG, AXONICS INC |