# EDGAR Filing Document

**Accession Number:** 0001222765
**File Stem:** 0001222765-25-000018
**Filing Date:** 2025-8
**Character Count:** 11750
**Document Hash:** a52a6ce10ce99146e86425da0eec28ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001222765-25-000018.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001222765-25-000018

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WATER ISLAND CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001222765

**ORGANIZATION NAME:**
- **EIN:** 134100544
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10693
- **FILM NUMBER:** 251218044

**BUSINESS ADDRESS:**
- **STREET 1:** 104 5TH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 646-727-4463

**MAIL ADDRESS:**
- **STREET 1:** 104 5TH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** WATER ISLAND CAPITAL LLC<br>**Address:** 104 5TH AVENUE<br>9TH FLOOR<br>NEW YORK, NY 10011

**Form 13F File Number:** 028-10693

**CRD Number (if applicable):** 000113358

**SEC File Number (if applicable):** 801-57341

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Philip E. Channen<br>**Title:** Chief Compliance Officer<br>**Phone:** 646-727-4463

**Signature, Place, and Date of Signing:**

Philip E. Channen  New York, NY  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 76

**Form 13F Information Table Value Total:** $701987071

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AKAMAI TECHNOLOGIES INC | Convertible Bond | 00971TAL5 |  | 4363828 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| AMEDISYS INC | Equity | 023436108 |  | 55276880 | 561814 | SH |  | SOLE |  | 561814 | 0 | 0 |
| ANSYS INC | Equity | 03662Q105 |  | 39787957 | 113285 | SH |  | SOLE |  | 113285 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | Equity | 05368X102 |  | 19201459 | 1961334 | SH |  | SOLE |  | 1961334 | 0 | 0 |
| BLACKLINE INC | Convertible Bond | 09239BAD1 |  | 2944475 | 3071000 | PRN |  | SOLE |  | 3071000 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | Equity | 09627Y109 |  | 14949762 | 116631 | SH |  | SOLE |  | 116631 | 0 | 0 |
| BIONTECH SE | Equity Call | 09075V902 |  | 511056 | 4800 | SH | Call | SOLE |  | 4800 | 0 | 0 |
| BOEING CO | Convertible Preferred Stock | 097023204 |  | 5440000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| BRIDGE INVT GROUP HLDGS INC | Equity | 10806B100 |  | 804293 | 80349 | SH |  | SOLE |  | 80349 | 0 | 0 |
| BROOKLINE BANCORP INC DEL | Equity | 11373M107 |  | 887002 | 84076 | SH |  | SOLE |  | 84076 | 0 | 0 |
| BENTLEY SYS INC | Convertible Bond | 08265TAD1 |  | 4724323 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| CANTALOUPE INC | Equity | 138103106 |  | 10384484 | 944903 | SH |  | SOLE |  | 944903 | 0 | 0 |
| COUCHBASE INC | Equity | 22207T101 |  | 8849940 | 363000 | SH |  | SOLE |  | 363000 | 0 | 0 |
| CROSS CTRY HEALTHCARE INC | Equity | 227483104 |  | 774348 | 59337 | SH |  | SOLE |  | 59337 | 0 | 0 |
| CUREVAC N V | Equity | N2451R105 |  | 5196678 | 957031 | SH |  | SOLE |  | 957031 | 0 | 0 |
| CHEVRON CORP NEW | Equity Call | 166764900 |  | 40136157 | 280300 | SH | Call | SOLE |  | 280300 | 0 | 0 |
| DANA INC | Equity Put | 235825955 |  | 428750 | 25000 | SH | Put | SOLE |  | 25000 | 0 | 0 |
| DICKS SPORTING GOODS INC | Equity Call | 253393902 |  | 2512187 | 12700 | SH | Call | SOLE |  | 12700 | 0 | 0 |
| DUN  BRADSTREET HLDGS INC | Equity | 26484T106 |  | 28612938 | 3147738 | SH |  | SOLE |  | 3147738 | 0 | 0 |
| DEXCOM INC | Convertible Bond | 252131AM9 |  | 3284641 | 3500000 | PRN |  | SOLE |  | 3500000 | 0 | 0 |
| E2OPEN PARENT HOLDINGS INC | Equity | 29788T103 |  | 10290582 | 3185939 | SH |  | SOLE |  | 3185939 | 0 | 0 |
| ENSTAR GROUP LIMITED | Equity | G3075P101 |  | 18046723 | 53653 | SH |  | SOLE |  | 53653 | 0 | 0 |
| EVERI HLDGS INC | Equity Put | 30034T953 |  | 598080 | 42000 | SH | Put | SOLE |  | 42000 | 0 | 0 |
| FARO TECHNOLOGIES INC | Equity | 311642102 |  | 16858077 | 383836 | SH |  | SOLE |  | 383836 | 0 | 0 |
| FOOT LOCKER INC | Equity Put | 344849954 |  | 4361000 | 178000 | SH | Put | SOLE |  | 178000 | 0 | 0 |
| FOOT LOCKER INC | Equity | 344849104 |  | 19047182 | 777436 | SH |  | SOLE |  | 777436 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | Equity | 35909D109 |  | 3996101 | 109783 | SH |  | SOLE |  | 109783 | 0 | 0 |
| FUBOTV INC | Convertible Bond | 35953DAB0 |  | 1571411 | 1591000 | PRN |  | SOLE |  | 1591000 | 0 | 0 |
| GLOBAL BLUE GROUP HOLDING AG | Equity | H33700107 |  | 692656 | 92725 | SH |  | SOLE |  | 92725 | 0 | 0 |
| GMS INC | Equity | 36251C103 |  | 9638187 | 88627 | SH |  | SOLE |  | 88627 | 0 | 0 |
| GMS INC | Equity Call | 36251C903 |  | 8841375 | 81300 | SH | Call | SOLE |  | 81300 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | Convertible Bond | 40637HAD1 |  | 2983729 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| HARBORONE BANCORP INC NEW | Equity | 41165Y100 |  | 230283 | 19716 | SH |  | SOLE |  | 19716 | 0 | 0 |
| HERC HLDGS INC | Equity | 42704L104 |  | 343052 | 2605 | SH |  | SOLE |  | 2605 | 0 | 0 |
| HESS CORP | Equity | 42809H107 |  | 36083990 | 260459 | SH |  | SOLE |  | 260459 | 0 | 0 |
| ISHARES TR | Equity Put | 464288953 |  | 4032500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| INFORMATICA INC | Equity Call | 45674M901 |  | 8926710 | 366600 | SH | Call | SOLE |  | 366600 | 0 | 0 |
| INFORMATICA INC | Equity | 45674M101 |  | 19631651 | 806228 | SH |  | SOLE |  | 806228 | 0 | 0 |
| INOZYME PHARMA INC | Equity | 45790W108 |  | 807104 | 201776 | SH |  | SOLE |  | 201776 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | Equity | 460690100 |  | 1673624 | 68367 | SH |  | SOLE |  | 68367 | 0 | 0 |
| JUNIPER NETWORKS INC | Equity | 48203R104 |  | 37093413 | 928961 | SH |  | SOLE |  | 928961 | 0 | 0 |
| KELLANOVA | Equity | 487836108 |  | 4240381 | 53318 | SH |  | SOLE |  | 53318 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | Equity Call | 538034909 |  | 1512800 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| MAC COPPER LIMITED | Equity | G60409110 |  | 806016 | 66668 | SH |  | SOLE |  | 66668 | 0 | 0 |
| MCGRATH RENTCORP | Equity | 580589109 |  | 11506130 | 99225 | SH |  | SOLE |  | 99225 | 0 | 0 |
| PACIFIC PREMIER BANCORP | Equity | 69478X105 |  | 11223022 | 532149 | SH |  | SOLE |  | 532149 | 0 | 0 |
| PARAMOUNT GLOBAL | Equity Put | 92556H956 |  | 2389080 | 185200 | SH | Put | SOLE |  | 185200 | 0 | 0 |
| PARAMOUNT GLOBAL | Equity | 92556H206 |  | 7315874 | 567122 | SH |  | SOLE |  | 567122 | 0 | 0 |
| PROASSURANCE CORP | Equity | 74267C106 |  | 12496114 | 547355 | SH |  | SOLE |  | 547355 | 0 | 0 |
| PROVIDENT BANCORP INC | Equity | 74383L105 |  | 231977 | 18573 | SH |  | SOLE |  | 18573 | 0 | 0 |
| RADIUS RECYCLING INC | Equity | 806882106 |  | 2810752 | 94670 | SH |  | SOLE |  | 94670 | 0 | 0 |
| REDFIN CORP | Convertible Bond | 75737FAE8 |  | 4044758 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| ROCKET COS INC | Equity | 77311W101 |  | 657484 | 46367 | SH |  | SOLE |  | 46367 | 0 | 0 |
| RAPID7 INC | Convertible Bond | 753422AF1 |  | 2320573 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| SURGERY PARTNERS INC | Equity Call | 86881A900 |  | 222300 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| SITIO ROYALTIES CORP | Equity | 82983N108 |  | 6133461 | 333703 | SH |  | SOLE |  | 333703 | 0 | 0 |
| SKECHERS U S A INC | Equity | 830566105 |  | 26916063 | 426562 | SH |  | SOLE |  | 426562 | 0 | 0 |
| SKECHERS U S A INC | Equity Call | 830566905 |  | 8770900 | 139000 | SH | Call | SOLE |  | 139000 | 0 | 0 |
| SKECHERS U S A INC | Equity Put | 830566955 |  | 18052910 | 286100 | SH | Put | SOLE |  | 286100 | 0 | 0 |
| SOUTHERN STS BANCSHARES INC | Equity | 843878307 |  | 262009 | 7204 | SH |  | SOLE |  | 7204 | 0 | 0 |
| SPARTANNASH CO | Equity | 847215100 |  | 8010469 | 302396 | SH |  | SOLE |  | 302396 | 0 | 0 |
| SPOTIFY USA INC | Convertible Bond | 84921RAB6 |  | 7574500 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | Equity | 85205L107 |  | 33058639 | 703525 | SH |  | SOLE |  | 703525 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | Equity Put | 85205L957 |  | 8923401 | 189900 | SH | Put | SOLE |  | 189900 | 0 | 0 |
| TRIUMPH GROUP INC NEW | Equity | 896818101 |  | 5672571 | 220294 | SH |  | SOLE |  | 220294 | 0 | 0 |
| TXNM ENERGY INC | Convertible Bond | 69349HAF4 |  | 3900762 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| TXNM ENERGY INC | Equity | 69349H107 |  | 14786197 | 262539 | SH |  | SOLE |  | 262539 | 0 | 0 |
| UBER TECHNOLOGIES INC | Convertible Bond | 90353TAJ9 |  | 5985000 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| VERVE THERAPEUTICS INC | Equity Put | 92539P951 |  | 3773280 | 336000 | SH | Put | SOLE |  | 336000 | 0 | 0 |
| VERVE THERAPEUTICS INC | Equity | 92539P101 |  | 3768709 | 335593 | SH |  | SOLE |  | 335593 | 0 | 0 |
| VIGIL NEUROSCIENCE INC | Equity | 92673K108 |  | 1650953 | 207667 | SH |  | SOLE |  | 207667 | 0 | 0 |
| VERINT SYSTEMS INC | Convertible Bond | 92343XAC4 |  | 2871063 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | Equity | 931427108 |  | 6809890 | 593196 | SH |  | SOLE |  | 593196 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | Equity Put | 931427958 |  | 9413600 | 820000 | SH | Put | SOLE |  | 820000 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | Equity Call | 931427908 |  | 7396564 | 644300 | SH | Call | SOLE |  | 644300 | 0 | 0 |
| WISDOMTREE INC | Convertible Bond | 97717PAD6 |  | 1660281 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |

---