# EDGAR Filing Document

**Accession Number:** 0001222765
**File Stem:** 0001222765-26-000007
**Filing Date:** 2026-5
**Character Count:** 13936
**Document Hash:** f03c5eb0652ba1ace7e5a5bff6ea47cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001222765-26-000007.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001222765-26-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 26986852

**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:** 03-31-2026

**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  05-15-2026<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:** 98

**Form 13F Information Table Value Total:** $895644676

      (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 |
| AES CORP | Equity | 00130H105 |  | 2618387 | 185833 | SH |  | SOLE |  | 185833 | 0 | 0 |
| ALASKA AIR GROUP INC | Equity | 011659109 |  | 377547 | 10265 | SH |  | SOLE |  | 10265 | 0 | 0 |
| ALLIED GOLD CORP | Equity | 01921D204 |  | 2255310 | 72785 | SH |  | SOLE |  | 72785 | 0 | 0 |
| AMICUS THERAPEUTIC | Equity | 03152W109 |  | 1504794 | 104066 | SH |  | SOLE |  | 104066 | 0 | 0 |
| AMNEAL PHARMACEUTICALS INC | Equity | 03168L105 |  | 850212 | 68400 | SH |  | SOLE |  | 68400 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | Equity | 03753U106 |  | 4847715 | 120500 | SH |  | SOLE |  | 120500 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | Equity Put | 03753U956 |  | 4847715 | 120500 | SH | Put | SOLE |  | 120500 | 0 | 0 |
| ARCELLX INC | Equity | 03940C100 |  | 21059022 | 183409 | SH |  | SOLE |  | 183409 | 0 | 0 |
| AXALTA COATING SYS LTD | Equity | G0750C108 |  | 5731185 | 206902 | SH |  | SOLE |  | 206902 | 0 | 0 |
| AXALTA COATING SYS LTD | Equity Put | G0750C958 |  | 5401500 | 195000 | SH | Put | SOLE |  | 195000 | 0 | 0 |
| BANCO SANTANDER SA | Equity Call | 05964H905 |  | 7689576 | 681700 | SH | Call | SOLE |  | 681700 | 0 | 0 |
| BENTLEY SYS INC | Convertible Bond | 08265TAD1 |  | 4747188 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| BLUE FOUNDRY BANCORP | Equity | 09549B104 |  | 472112 | 35658 | SH |  | SOLE |  | 35658 | 0 | 0 |
| BOEING CO | Equity | 097023105 |  | 1439783 | 7234 | SH |  | SOLE |  | 7234 | 0 | 0 |
| BRIGHTHOUSE FINL INC | Equity | 10922N103 |  | 2005381 | 33490 | SH |  | SOLE |  | 33490 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | Equity | 12769G100 |  | 779685 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| CALAVO GROWERS INC | Equity | 128246105 |  | 524079 | 20321 | SH |  | SOLE |  | 20321 | 0 | 0 |
| CANTALOUPE INC | Equity | 138103106 |  | 1166042 | 107867 | SH |  | SOLE |  | 107867 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | Equity | 152309100 |  | 1628520 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | Equity Put | 152309950 |  | 1628520 | 41000 | SH | Put | SOLE |  | 41000 | 0 | 0 |
| CHART INDS INC | Equity | 16115Q308 |  | 39269891 | 189939 | SH |  | SOLE |  | 189939 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | Equity | 18453H106 |  | 1134085 | 478517 | SH |  | SOLE |  | 478517 | 0 | 0 |
| CLEARWATER ANALYTICS HLDGS I | Equity | 185123106 |  | 2591780 | 109589 | SH |  | SOLE |  | 109589 | 0 | 0 |
| COTERRA ENERGY INC | Equity | 127097103 |  | 959041 | 27292 | SH |  | SOLE |  | 27292 | 0 | 0 |
| CSG SYS INTL INC | Convertible Bond | 126349AH2 |  | 6091111 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| CSG SYS INTL INC | Equity | 126349109 |  | 1616627 | 20223 | SH |  | SOLE |  | 20223 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | Equity | 23954D109 |  | 20244656 | 944247 | SH |  | SOLE |  | 944247 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | Equity Put | 23954D959 |  | 18003168 | 839700 | SH | Put | SOLE |  | 839700 | 0 | 0 |
| DIAMOND HILL INVT GROUP INC | Equity | 25264R207 |  | 434036 | 2522 | SH |  | SOLE |  | 2522 | 0 | 0 |
| DICKS SPORTING GOODS INC | Equity | 253393102 |  | 1060455 | 5348 | SH |  | SOLE |  | 5348 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | Equity | 25401T603 |  | 20031366 | 1299051 | SH |  | SOLE |  | 1299051 | 0 | 0 |
| ECHOSTAR CORP | Equity | 278768106 |  | 468280 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ELECTRONIC ARTS INC | Equity | 285512109 |  | 50944667 | 249888 | SH |  | SOLE |  | 249888 | 0 | 0 |
| ELECTRONIC ARTS INC | Equity Put | 285512959 |  | 30539726 | 149800 | SH | Put | SOLE |  | 149800 | 0 | 0 |
| ENHABIT INC | Equity | 29332G102 |  | 13873170 | 984611 | SH |  | SOLE |  | 984611 | 0 | 0 |
| LAUDER ESTEE COS INC | Equity | 518439104 |  | 538275 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| FIRST FNDTN INC | Equity | 32026V104 |  | 398681 | 67573 | SH |  | SOLE |  | 67573 | 0 | 0 |
| FLUSHING FINL CORP | Equity | 343873105 |  | 463273 | 30161 | SH |  | SOLE |  | 30161 | 0 | 0 |
| GLADSTONE CAP CORP | Convertible Bond | 376535AG5 |  | 967746 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| GREAT LAKES DREDGE  DOCK CO | Equity | 390607109 |  | 21480860 | 1263580 | SH |  | SOLE |  | 1263580 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | Convertible Bond | 40637HAD1 |  | 3111250 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| HERITAGE COMM CORP | Equity | 426927109 |  | 474140 | 37992 | SH |  | SOLE |  | 37992 | 0 | 0 |
| HOLOGIC INC | Equity | 436440101 |  | 42333801 | 560045 | SH |  | SOLE |  | 560045 | 0 | 0 |
| IHS HOLDING LIMITED | Equity | G4701H109 |  | 1132571 | 137615 | SH |  | SOLE |  | 137615 | 0 | 0 |
| INTERNATIONAL MONEY EXPRESS | Equity | 46005L101 |  | 523328 | 33122 | SH |  | SOLE |  | 33122 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | Equity | G4474Y214 |  | 47377369 | 922277 | SH |  | SOLE |  | 922277 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | Equity Put | G4474Y954 |  | 7926391 | 154300 | SH | Put | SOLE |  | 154300 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | Equity | 489398107 |  | 8933555 | 825652 | SH |  | SOLE |  | 825652 | 0 | 0 |
| KENVUE INC | Equity | 49177J102 |  | 12078345 | 700600 | SH |  | SOLE |  | 700600 | 0 | 0 |
| KENVUE INC | Equity Put | 49177J952 |  | 12078344 | 700600 | SH | Put | SOLE |  | 700600 | 0 | 0 |
| MASIMO CORP | Equity | 574795100 |  | 34541821 | 194197 | SH |  | SOLE |  | 194197 | 0 | 0 |
| MISTER CAR WASH INC | Equity | 60646V105 |  | 1090819 | 156502 | SH |  | SOLE |  | 156502 | 0 | 0 |
| NATHANS FAMOUS INC | Equity | 632347100 |  | 503046 | 4994 | SH |  | SOLE |  | 4994 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES | Equity | 637870106 |  | 21746694 | 576224 | SH |  | SOLE |  | 576224 | 0 | 0 |
| NCR ATLEOS CORPORATION | Equity | 63001N106 |  | 1696962 | 38939 | SH |  | SOLE |  | 38939 | 0 | 0 |
| NORFOLK SOUTHN CORP | Equity | 655844108 |  | 38472637 | 134051 | SH |  | SOLE |  | 134051 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | Equity | 668074305 |  | 912478 | 13838 | SH |  | SOLE |  | 13838 | 0 | 0 |
| NUTANIX INC | Convertible Bond | 67059NAK4 |  | 4514886 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| ON24 INC | Equity | 68339B104 |  | 488948 | 60364 | SH |  | SOLE |  | 60364 | 0 | 0 |
| ONESTREAM INC | Equity | 68278B107 |  | 2186880 | 91120 | SH |  | SOLE |  | 91120 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | Equity | 69404D108 |  | 359093 | 272040 | SH |  | SOLE |  | 272040 | 0 | 0 |
| PAYPAL HLDGS INC | Equity | 70450Y103 |  | 231759 | 5124 | SH |  | SOLE |  | 5124 | 0 | 0 |
| PEAKSTONE REALTY TRUST | Equity | 39818P799 |  | 10519849 | 503583 | SH |  | SOLE |  | 503583 | 0 | 0 |
| PENN ENTERTAINMENT INC | Equity | 707569109 |  | 526050 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| PENUMBRA INC | Equity | 70975L107 |  | 39435596 | 120095 | SH |  | SOLE |  | 120095 | 0 | 0 |
| PROASSURANCE CORP | Equity | 74267C106 |  | 1263266 | 51103 | SH |  | SOLE |  | 51103 | 0 | 0 |
| RAPID7 INC | Convertible Bond | 753422AF1 |  | 4863227 | 5501530 | PRN |  | SOLE |  | 5501530 | 0 | 0 |
| REDFIN CORP | Convertible Bond | 75737FAE8 |  | 4304250 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| SEALED AIR CORP NEW | Equity | 81211K100 |  | 2357785 | 56071 | SH |  | SOLE |  | 56071 | 0 | 0 |
| SELECT MED HLDGS CORP | Equity | 81619Q105 |  | 1685477 | 103467 | SH |  | SOLE |  | 103467 | 0 | 0 |
| SEMRUSH HLDGS INC | Equity | 81686C104 |  | 1598432 | 133872 | SH |  | SOLE |  | 133872 | 0 | 0 |
| SILICON LABORATORIES INC | Equity | 826919102 |  | 12159499 | 58417 | SH |  | SOLE |  | 58417 | 0 | 0 |
| SILICON LABORATORIES INC | Equity Put | 826919952 |  | 9907940 | 47600 | SH | Put | SOLE |  | 47600 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | Equity | 83089J108 |  | 946632 | 34536 | SH |  | SOLE |  | 34536 | 0 | 0 |
| STELLAR BANCORP INC | Equity | 858927106 |  | 15787367 | 431231 | SH |  | SOLE |  | 431231 | 0 | 0 |
| AIR LEASE CORP | Equity | 00912X302 |  | 4749127 | 73131 | SH |  | SOLE |  | 73131 | 0 | 0 |
| SUN CTRY AIRLS HLDGS INC | Equity | 866683105 |  | 1633151 | 98859 | SH |  | SOLE |  | 98859 | 0 | 0 |
| SUNOPTA INC | Equity | 8676EP108 |  | 1273411 | 196514 | SH |  | SOLE |  | 196514 | 0 | 0 |
| TALKSPACE INC | Equity | 87427V103 |  | 1118618 | 216158 | SH |  | SOLE |  | 216158 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | Equity | 880881107 |  | 9937720 | 188500 | SH |  | SOLE |  | 188500 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | Equity Put | 880881957 |  | 9937720 | 188500 | SH | Put | SOLE |  | 188500 | 0 | 0 |
| THERMON GROUP HLDGS INC | Equity | 88362T103 |  | 1662545 | 32987 | SH |  | SOLE |  | 32987 | 0 | 0 |
| TRI POINTE HOMES INC | Equity | 87265H109 |  | 25064430 | 536367 | SH |  | SOLE |  | 536367 | 0 | 0 |
| TXNM ENERGY INC | Equity | 69349H107 |  | 39452726 | 674867 | SH |  | SOLE |  | 674867 | 0 | 0 |
| TXNM ENERGY INC | Convertible Bond | 69349HAF4 |  | 8098750 | 6000000 | PRN |  | SOLE |  | 6000000 | 0 | 0 |
| UDEMY INC | Equity | 902685106 |  | 643728 | 139335 | SH |  | SOLE |  | 139335 | 0 | 0 |
| UNIFIRST CORP MASS | Equity | 904708104 |  | 6476681 | 25743 | SH |  | SOLE |  | 25743 | 0 | 0 |
| UNITED AIRLS HLDGS INC | Equity | 910047109 |  | 460350 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| UNITED PARCEL SVCS INC | Equity | 911312106 |  | 247918 | 2520 | SH |  | SOLE |  | 2520 | 0 | 0 |
| VARONIS SYS INC | Convertible Bond | 922280AD4 |  | 2614696 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| VERIS RESIDENTIAL INC | Equity | 554489104 |  | 11272750 | 597390 | SH |  | SOLE |  | 597390 | 0 | 0 |
| VICTORY CAP HLDGS INC DEL | Equity | 92645B103 |  | 335258 | 5120 | SH |  | SOLE |  | 5120 | 0 | 0 |
| VIKING THERAPEUTICS INC | Equity | 92686J106 |  | 334511 | 10280 | SH |  | SOLE |  | 10280 | 0 | 0 |
| WARNER BROS DISCOVERY INC | Equity | 934423104 |  | 44403369 | 1617020 | SH |  | SOLE |  | 1617020 | 0 | 0 |
| WARNER BROS DISCOVERY INC | Equity Put | 934423954 |  | 28819270 | 1049500 | SH | Put | SOLE |  | 1049500 | 0 | 0 |
| WEBSTER FINL CORP | Equity | 947890109 |  | 28866433 | 415823 | SH |  | SOLE |  | 415823 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | Equity | M9T951109 |  | 8742930 | 331800 | SH |  | SOLE |  | 331800 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | Equity Put | M9T951959 |  | 8742930 | 331800 | SH | Put | SOLE |  | 331800 | 0 | 0 |

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