# EDGAR Filing Document

**Accession Number:** 0001222765
**File Stem:** 0001222765-23-000003
**Filing Date:** 2023-2
**Character Count:** 12411
**Document Hash:** d20b2bcda02c75f2754b49b3b5577274
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001222765-23-000003.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001222765-23-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WATER ISLAND CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001222765
- **IRS NUMBER:** 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:** 23627599

**BUSINESS ADDRESS:**
- **STREET 1:** 41 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-584-2367

**MAIL ADDRESS:**
- **STREET 1:** 41 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** 41 Madison Avenue<br>42nd Floor<br>New York, NY 10010

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

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:** Phil Channen<br>**Title:** CCO<br>**Phone:** 646-727-4463

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

Phil Channen  New York, NY  02-14-2023<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:** 86

**Form 13F Information Table Value Total:** $1178201

      (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 |
| ACTIVISION BLIZZARD INC | Equity | 00507V109 |  | 70685 | 923380 | SH |  | SOLE |  | 861186 | 0 | 62194 |
| TEGNA INC | Equity | 87901J105 |  | 70062 | 3306379 | SH |  | SOLE |  | 3103954 | 0 | 202425 |
| FIRST HORIZON CORPORATION | Equity | 320517105 |  | 61985 | 2530015 | SH |  | SOLE |  | 2379424 | 0 | 150591 |
| VMWARE INC | Equity | 928563402 |  | 57463 | 468093 | SH |  | SOLE |  | 437925 | 0 | 30168 |
| STORE CAP CORP | Equity | 862121100 |  | 56927 | 1775643 | SH |  | SOLE |  | 1661245 | 0 | 114398 |
| PNM RES INC | Equity | 69349H107 |  | 56293 | 1153787 | SH |  | SOLE |  | 1068387 | 0 | 85400 |
| SOUTH JERSEY INDS INC | Equity | 838518108 |  | 55341 | 1557579 | SH |  | SOLE |  | 1457994 | 0 | 99585 |
| SIERRA WIRELESS INC | Equity | 826516106 |  | 53451 | 1843762 | SH |  | SOLE |  | 1728639 | 0 | 115123 |
| HORIZON THERAPEUTICS PUB L | Equity | G46188101 |  | 48481 | 426020 | SH |  | SOLE |  | 395949 | 0 | 30071 |
| AEROJET ROCKETDYNE HLDGS INC | Equity | 007800105 |  | 48180 | 861438 | SH |  | SOLE |  | 799693 | 0 | 61745 |
| ATLAS AIR WORLDWIDE HLDGS IN | Equity | 049164205 |  | 43450 | 431050 | SH |  | SOLE |  | 400541 | 0 | 30509 |
| LHC GROUP INC | Equity | 50187A107 |  | 42339 | 261856 | SH |  | SOLE |  | 244048 | 0 | 17808 |
| 1LIFE HEALTHCARE INC | Equity | 68269G107 |  | 39051 | 2336958 | SH |  | SOLE |  | 2179182 | 0 | 157776 |
| SIGNIFY HEALTH INC | Equity | 82671G100 |  | 31288 | 1091689 | SH |  | SOLE |  | 1017150 | 0 | 74539 |
| EVO PMTS INC | Equity | 26927E104 |  | 28588 | 844796 | SH |  | SOLE |  | 784308 | 0 | 60488 |
| SHAW COMMUNICATIONS INC | Equity | 82028K200 |  | 25420 | 883222 | SH |  | SOLE |  | 821476 | 0 | 61746 |
| ALTRA INDL MOTION CORP | Equity | 02208R106 |  | 24597 | 411658 | SH |  | SOLE |  | 384220 | 0 | 27438 |
| RESOLUTE FST PRODS INC | Equity | 76117W109 |  | 24328 | 1126840 | SH |  | SOLE |  | 1050618 | 0 | 76222 |
| ATLAS CORP | Equity | Y0436Q109 |  | 23983 | 1563414 | SH |  | SOLE |  | 1455740 | 0 | 107674 |
| USERTESTING INC | Equity | 91734E101 |  | 23713 | 3157503 | SH |  | SOLE |  | 2962007 | 0 | 195496 |
| MAXAR TECHNOLOGIES INC | Equity | 57778K105 |  | 23700 | 458060 | SH |  | SOLE |  | 427992 | 0 | 30068 |
| MYOVANT SCIENCES LTD | Equity | G637AM102 |  | 23670 | 877979 | SH |  | SOLE |  | 822954 | 0 | 55025 |
| KNOWBE4 INC | Equity | 49926T104 |  | 23656 | 954644 | SH |  | SOLE |  | 891974 | 0 | 62670 |
| ROGERS CORP | Equity | 775133101 |  | 23622 | 197936 | SH |  | SOLE |  | 185600 | 0 | 12336 |
| COUPA SOFTWARE INC | Equity | 22266L106 |  | 23313 | 294472 | SH |  | SOLE |  | 275802 | 0 | 18670 |
| SILICON MOTION TECHNOLOGY CO | Equity | 82706C108 |  | 22810 | 350981 | SH |  | SOLE |  | 327206 | 0 | 23775 |
| VIVINT SMART HOME INC | Equity | 928542109 |  | 22686 | 1906353 | SH |  | SOLE |  | 1775298 | 0 | 131055 |
| IROBOT CORP | Equity | 462726100 |  | 21215 | 440781 | SH |  | SOLE |  | 410187 | 0 | 30594 |
| MOMENTIVE GLOBAL INC | Equity | 60878Y108 |  | 15830 | 2261432 | SH |  | SOLE |  | 2118416 | 0 | 143016 |
| FORGEROCK INC | Equity | 34631B101 |  | 14969 | 657416 | SH |  | SOLE |  | 617616 | 0 | 39800 |
| AVEO PHARMACEUTICALS INC | Equity | 053588307 |  | 10449 | 698915 | SH |  | SOLE |  | 659710 | 0 | 39205 |
| IMAGO BIOSCIENCES INC | Equity | 45250K107 |  | 8395 | 233522 | SH |  | SOLE |  | 223253 | 0 | 10269 |
| BENEFITFOCUS INC | Equity | 08180D106 |  | 8136 | 777804 | SH |  | SOLE |  | 777804 | 0 | 0 |
| BLACK KNIGHT INC | Equity | 09215C105 |  | 6852 | 110966 | SH |  | SOLE |  | 103393 | 0 | 7573 |
| MAGNACHIP SEMICONDUCTOR CORP | Equity | 55933J203 |  | 5758 | 613228 | SH |  | SOLE |  | 572902 | 0 | 40326 |
| APOLLO ENDOSURGERY INC | Equity | 03767D108 |  | 4483 | 449636 | SH |  | SOLE |  | 449636 | 0 | 0 |
| SPOTIFY USA INC | Convertible Bond | 84921RAB6 |  | 2818 | 3500000 | PRN |  | SOLE |  | 3500000 | 0 | 0 |
| KAMAN CORP | Convertible Bond | 483548AF0 |  | 2805 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| RINGCENTRAL INC | Convertible Bond | 76680RAF4 |  | 2666 | 3105000 | PRN |  | SOLE |  | 3105000 | 0 | 0 |
| PARATEK PHARMACEUTICALS INC | Convertible Bond | 699374AB0 |  | 1974 | 2250000 | PRN |  | SOLE |  | 2250000 | 0 | 0 |
| POSHMARK INC | Equity | 73739W104 |  | 1955 | 109328 | SH |  | SOLE |  | 109328 | 0 | 0 |
| COUPA SOFTWARE INC | Convertible Bond | 22266LAC0 |  | 1952 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| MONEYLION INC | Equity | 60938K106 |  | 1928 | 3110114 | SH |  | SOLE |  | 3110114 | 0 | 0 |
| BLOCK INC | Convertible Bond | 852234AF0 |  | 1903 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| MONEYGRAM INTL INC | Equity | 60935Y208 |  | 1649 | 151430 | SH |  | SOLE |  | 151430 | 0 | 0 |
| WISDOMTREE INVESTMENTS | Convertible Bond | 97717PAD6 |  | 1390 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | Equity | 416515104 |  | 1310 | 17272 | SH |  | SOLE |  | 17272 | 0 | 0 |
| COWEN INC | Equity | 223622606 |  | 1283 | 33226 | SH |  | SOLE |  | 33226 | 0 | 0 |
| SPIRIT AIRLS INC | Equity | 848577102 |  | 1197 | 61433 | SH |  | SOLE |  | 61433 | 0 | 0 |
| 1LIFE HEALTHCARE INC | Convertible Bond | 68269GAB3 |  | 964 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| Bluerock Homes Trust Inc | Equity | 09631H100 |  | 823 | 38628 | SH |  | SOLE |  | 38628 | 0 | 0 |
| MOMENTIVE GLOBAL INC | Equity Put | 60878Y958 |  | 691 | 1728000 | SH | Put | SOLE |  | 1618700 | 0 | 109300 |
| PROFESSIONAL HLDG CORP | Equity | 743139107 |  | 620 | 22344 | SH |  | SOLE |  | 22344 | 0 | 0 |
| IAA INC | Equity | 449253103 |  | 606 | 15156 | SH |  | SOLE |  | 15156 | 0 | 0 |
| LAKELAND BANCORP INC | Equity | 511637100 |  | 575 | 32667 | SH |  | SOLE |  | 32667 | 0 | 0 |
| SEASPINE HLDGS CORP | Equity | 81255T108 |  | 468 | 56031 | SH |  | SOLE |  | 56031 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | Equity | 007903107 |  | 340 | 5250 | SH |  | SOLE |  | 5250 | 0 | 0 |
| ZAI LAB LTD | Equity | 98887Q104 |  | 307 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| NVIDIA CORPORATION | Equity | 67066G104 |  | 303 | 2075 | SH |  | SOLE |  | 2075 | 0 | 0 |
| EQT CORP | Equity | 26884L109 |  | 301 | 8900 | SH |  | SOLE |  | 8900 | 0 | 0 |
| FIVE9 INC | Equity | 338307101 |  | 278 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| PAYPAL HLDGS INC | Equity | 70450Y103 |  | 253 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| AURA BIOSCIENCES INC | Equity | 05153U107 |  | 247 | 23500 | SH |  | SOLE |  | 23500 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | Equity | 36262G101 |  | 235 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| FORGEROCK INC | Equity Call | 34631B901 |  | 198 | 660600 | SH | Call | SOLE |  | 609900 | 0 | 50700 |
| CANO HEALTH INC | Equity | 13781Y103 |  | 178 | 130026 | SH |  | SOLE |  | 130026 | 0 | 0 |
| DISH NETWORK CORPORATION | Equity | 25470M109 |  | 177 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | Equity | 69404D108 |  | 139 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| HOWMET AEROSPACE INC | Equity Call | 443201908 |  | 82 | 21000 | SH | Call | SOLE |  | 21000 | 0 | 0 |
| PARATEK PHARMACEUTICALS INC | Equity | 699374302 |  | 71 | 38060 | SH |  | SOLE |  | 38060 | 0 | 0 |
| SOFI TECHNOLOGIES INC | Equity | 83406F102 |  | 58 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| CLEARSIDE BIOMEDICAL INC | Equity | 185063104 |  | 53 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| PAR PAC HOLDINGS INC | Equity Call | 69888T907 |  | 45 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ISOPLEXIS CORP | Equity | 465005106 |  | 34 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| APOLLO ENDOSURGERY INC | Equity Call | 03767D908 |  | 27 | 359000 | SH | Call | SOLE |  | 359000 | 0 | 0 |
| ALLBIRDS INC | Equity | 01675A109 |  | 24 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | Equity Call | 12769G900 |  | 20 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| NORTONLIFELOCK INC | Equity Call | 668771908 |  | 17 | 38500 | SH | Call | SOLE |  | 38500 | 0 | 0 |
| HORIZON THERAPEUTICS PUB L | Equity Put | G46188951 |  | 17 | 46000 | SH | Put | SOLE |  | 42400 | 0 | 3600 |
| MONEYLION INC | Equity | 60938K114 |  | 13 | 313400 | SH |  | SOLE |  | 313400 | 0 | 0 |
| MERIDIAN BIOSCIENCE INC | Equity Call | 589584901 |  | 11 | 150000 | SH | Call | SOLE |  | 138400 | 0 | 11600 |
| UserTesting Inc | Equity Call | 91734E901 |  | 11 | 175900 | SH | Call | SOLE |  | 163600 | 0 | 12300 |
| UNITI GROUP INC | Equity Call | 91325V908 |  | 8 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| XEROX HOLDINGS CORP | Equity Call | 98421M906 |  | 4 | 70000 | SH | Call | SOLE |  | 70000 | 0 | 0 |
| LIGHTNING EMOTORS INC | Equity | 53228T119 |  | 2 | 53913 | SH |  | SOLE |  | 53913 | 0 | 0 |
| SPDR S 500 ETF TR | Equity Call | 78462F903 |  | 2 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |

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