# EDGAR Filing Document

**Accession Number:** 0001222765
**File Stem:** 0001222765-25-000021
**Filing Date:** 2025-11
**Character Count:** 12462
**Document Hash:** 1bd8addb20420c80526ff44ab1939f58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001222765-25-000021.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001222765-25-000021

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251485294

**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:** 09-30-2025

**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  11-14-2025<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:** 84

**Form 13F Information Table Value Total:** $793313130

      (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 |
| 89BIO INC | Equity Call | 282559903 |  | 7254450 | 493500 | SH | Call | SOLE |  | 493500 | 0 | 0 |
| AIR LEASE CORP | Equity | 00912X302 |  | 19138092 | 300677 | SH |  | SOLE |  | 300677 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | Convertible Bond | 00971TAL5 |  | 4305609 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| AMERICAN WOODMARK CORPORATIO | Equity | 030506109 |  | 1224111 | 18336 | SH |  | SOLE |  | 18336 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | Equity | 75605Y106 |  | 4835394 | 456600 | SH |  | SOLE |  | 456600 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | Equity Put | 75605Y956 |  | 4835394 | 456600 | SH | Put | SOLE |  | 456600 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS LTD | Equity | G05384501 |  | 22769340 | 620249 | SH |  | SOLE |  | 620249 | 0 | 0 |
| AURA BIOSCIENCES INC | Equity | 05153U107 |  | 64099 | 10372 | SH |  | SOLE |  | 10372 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | Equity | 05368X102 |  | 28684527 | 2882867 | SH |  | SOLE |  | 2882867 | 0 | 0 |
| BENTLEY SYS INC | Convertible Bond | 08265TAD1 |  | 4712135 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| BERRY CORP | Equity | 08579X101 |  | 540461 | 142979 | SH |  | SOLE |  | 142979 | 0 | 0 |
| BLACKLINE INC | Convertible Bond | 09239BAD1 |  | 2991154 | 3071000 | PRN |  | SOLE |  | 3071000 | 0 | 0 |
| BOEING CO | Convertible Preferred Stock | 097023204 |  | 5565600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| CANTALOUPE INC | Equity | 138103106 |  | 1700787 | 160907 | SH |  | SOLE |  | 160907 | 0 | 0 |
| CHART INDS INC | Equity | 16115Q308 |  | 25453276 | 127171 | SH |  | SOLE |  | 127171 | 0 | 0 |
| CITY OFFICE REIT INC | Equity | 178587101 |  | 378046 | 54317 | SH |  | SOLE |  | 54317 | 0 | 0 |
| COMPASS INC | Equity Call | 20464U900 |  | 5264468 | 655600 | SH | Call | SOLE |  | 655600 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | Equity | 21874A106 |  | 14090901 | 785446 | SH |  | SOLE |  | 785446 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | Equity Put | 21874A956 |  | 18693480 | 1042000 | SH | Put | SOLE |  | 1042000 | 0 | 0 |
| CORECARD CORPORATION | Equity | 45816D100 |  | 446737 | 16595 | SH |  | SOLE |  | 16595 | 0 | 0 |
| CROSS CTRY HEALTHCARE INC | Equity | 227483104 |  | 609137 | 42897 | SH |  | SOLE |  | 42897 | 0 | 0 |
| CUREVAC N V | Equity | N2451R105 |  | 4107924 | 762138 | SH |  | SOLE |  | 762138 | 0 | 0 |
| CYBERARK SOFTWARE LTD | Equity | M2682V108 |  | 41453787 | 85799 | SH |  | SOLE |  | 85799 | 0 | 0 |
| DAYFORCE INC | Equity | 15677J108 |  | 12656539 | 183721 | SH |  | SOLE |  | 183721 | 0 | 0 |
| DEXCOM INC | Convertible Bond | 252131AM9 |  | 3195172 | 3500000 | PRN |  | SOLE |  | 3500000 | 0 | 0 |
| ELECTRONIC ARTS INC | Equity | 285512109 |  | 17868604 | 88590 | SH |  | SOLE |  | 88590 | 0 | 0 |
| EVOLENT HEALTH INC | Convertible Bond | 30050BAH4 |  | 1624139 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| FUBOTV INC | Convertible Bond | 35953DAB0 |  | 1577576 | 1591000 | PRN |  | SOLE |  | 1591000 | 0 | 0 |
| GLADSTONE CAP CORP | Convertible Bond | 376535AG5 |  | 1984383 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | Convertible Bond | 40637HAD1 |  | 3431854 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| HANESBRANDS INC | Equity | 410345102 |  | 14924216 | 2264676 | SH |  | SOLE |  | 2264676 | 0 | 0 |
| HARBORONE BANCORP INC NEW | Equity | 41165Y100 |  | 305510 | 22464 | SH |  | SOLE |  | 22464 | 0 | 0 |
| INFORMATICA INC | Equity | 45674M101 |  | 28556014 | 1149598 | SH |  | SOLE |  | 1149598 | 0 | 0 |
| INTEGRAL AD SCIENCE HLDNG CO | Equity | 45828L108 |  | 10893698 | 1071160 | SH |  | SOLE |  | 1071160 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | Equity | 46005L101 |  | 1203865 | 86175 | SH |  | SOLE |  | 86175 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | Equity | 460690100 |  | 1761233 | 63104 | SH |  | SOLE |  | 63104 | 0 | 0 |
| KELLANOVA | Equity Call | 487836908 |  | 8923776 | 108800 | SH | Call | SOLE |  | 108800 | 0 | 0 |
| LIBERTY BROADBAND CORP | Equity | 530307305 |  | 2275367 | 35810 | SH |  | SOLE |  | 35810 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | Equity Call | 538034909 |  | 1225500 | 7500 | SH | Call | SOLE |  | 7500 | 0 | 0 |
| MAC COPPER LIMITED | Equity | G60409110 |  | 1260731 | 103254 | SH |  | SOLE |  | 103254 | 0 | 0 |
| MCGRATH RENTCORP | Equity | 580589109 |  | 11648325 | 99363 | SH |  | SOLE |  | 99363 | 0 | 0 |
| MERIDIANLINK INC | Equity | 58985J105 |  | 18539564 | 930234 | SH |  | SOLE |  | 930234 | 0 | 0 |
| MERUS N V | Equity | N5749R100 |  | 9038400 | 96000 | SH |  | SOLE |  | 96000 | 0 | 0 |
| Merus NV | Equity Put | N5749R950 |  | 9038400 | 96000 | SH | Put | SOLE |  | 96000 | 0 | 0 |
| METSERA INC | Equity | 59267L107 |  | 980141 | 18730 | SH |  | SOLE |  | 18730 | 0 | 0 |
| METSERA INC | Equity Put | 59267L957 |  | 978571 | 18700 | SH | Put | SOLE |  | 18700 | 0 | 0 |
| MRC GLOBAL INC | Equity | 55345K103 |  | 845084 | 58605 | SH |  | SOLE |  | 58605 | 0 | 0 |
| NORFOLK SOUTHN CORP | Equity | 655844108 |  | 37791278 | 125799 | SH |  | SOLE |  | 125799 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | Equity | 668074305 |  | 838299 | 14303 | SH |  | SOLE |  | 14303 | 0 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | Equity | 69404D108 |  | 45765 | 35754 | SH |  | SOLE |  | 35754 | 0 | 0 |
| PARAMOUNT GROUP INC | REIT | 69924R108 |  | 6271324 | 958918 | SH |  | SOLE |  | 958918 | 0 | 0 |
| PERFORMANT HEALTHCARE INC | Equity | 71377E105 |  | 562528 | 72772 | SH |  | SOLE |  | 72772 | 0 | 0 |
| POTBELLY CORP | Equity | 73754Y100 |  | 23031060 | 1351588 | SH |  | SOLE |  | 1351588 | 0 | 0 |
| PREMIER INC | Equity | 74051N102 |  | 7740076 | 278420 | SH |  | SOLE |  | 278420 | 0 | 0 |
| PROASSURANCE CORP | Equity | 74267C106 |  | 5048959 | 210461 | SH |  | SOLE |  | 210461 | 0 | 0 |
| PROS HOLDINGS INC | Equity | 74346Y103 |  | 11283222 | 492502 | SH |  | SOLE |  | 492502 | 0 | 0 |
| PROVIDENT BANCORP INC | Equity | 74383L105 |  | 504733 | 40282 | SH |  | SOLE |  | 40282 | 0 | 0 |
| RAPID7 INC | Convertible Bond | 753422AF1 |  | 2336238 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| REDFIN CORP | Convertible Bond | 75737FAE8 |  | 4166938 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| REDWOOD TRUST INC | Convertible Bond | 758075AF2 |  | 1023104 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| SANDSTORM GOLD LTD | Equity | 80013R206 |  | 2681847 | 214205 | SH |  | SOLE |  | 214205 | 0 | 0 |
| SAPIENS INTL CORP N V | Equity | G7T16G103 |  | 18121662 | 421434 | SH |  | SOLE |  | 421434 | 0 | 0 |
| SOHO HOUSE  CO INC | Equity | 586001109 |  | 580047 | 65542 | SH |  | SOLE |  | 65542 | 0 | 0 |
| SPOTIFY USA INC | Convertible Bond | 84921RAB6 |  | 6832500 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| STAAR SURGICAL CO | Equity | 852312305 |  | 17688977 | 658317 | SH |  | SOLE |  | 658317 | 0 | 0 |
| STEELCASE INC | Equity | 858155203 |  | 1632366 | 94905 | SH |  | SOLE |  | 94905 | 0 | 0 |
| SYNOVUS FINL CORP | Equity | 87161C501 |  | 20687220 | 421500 | SH |  | SOLE |  | 421500 | 0 | 0 |
| SYNOVUS FINL CORP | Equity Put | 87161C951 |  | 20687220 | 421500 | SH | Put | SOLE |  | 421500 | 0 | 0 |
| TECK RESOURCES LTD | Equity | 878742204 |  | 9212511 | 209900 | SH |  | SOLE |  | 209900 | 0 | 0 |
| TECK RESOURCES LTD | Equity Put | 878742954 |  | 9199344 | 209600 | SH | Put | SOLE |  | 209600 | 0 | 0 |
| TEGNA INC | Equity | 87901J105 |  | 24873918 | 1223508 | SH |  | SOLE |  | 1223508 | 0 | 0 |
| TOURMALINE BIO INC | Equity | 89157D105 |  | 2437799 | 50968 | SH |  | SOLE |  | 50968 | 0 | 0 |
| TXNM ENERGY INC | Equity | 69349H107 |  | 25484824 | 450660 | SH |  | SOLE |  | 450660 | 0 | 0 |
| TXNM ENERGY INC | Convertible Bond | 69349HAF4 |  | 3969576 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| UBER TECHNOLOGIES INC | Convertible Bond | 90353TAJ9 |  | 6090000 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| VERINT SYS INC | Equity | 92343X100 |  | 24360082 | 1202967 | SH |  | SOLE |  | 1202967 | 0 | 0 |
| VERINT SYSTEMS INC | Convertible Bond | 92343XAC4 |  | 2935938 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| VERITEX HLDGS INC | Equity | 923451108 |  | 27350353 | 815698 | SH |  | SOLE |  | 815698 | 0 | 0 |
| VERONA PHARMA PLC | Equity | 925050106 |  | 30965322 | 290182 | SH |  | SOLE |  | 290182 | 0 | 0 |
| VERONA PHARMA PLC | Equity Put | 925050956 |  | 8974311 | 84100 | SH | Put | SOLE |  | 84100 | 0 | 0 |
| VIMEO INC | Equity | 92719V100 |  | 12058551 | 1555942 | SH |  | SOLE |  | 1555942 | 0 | 0 |
| WIDEOPENWEST INC | Equity | 96758W101 |  | 8040178 | 1558174 | SH |  | SOLE |  | 1558174 | 0 | 0 |
| WNS HLDGS LTD | Equity | G98196101 |  | 22579123 | 296042 | SH |  | SOLE |  | 296042 | 0 | 0 |
| ZIMVIE INC | Equity | 98888T107 |  | 1370366 | 72353 | SH |  | SOLE |  | 72353 | 0 | 0 |

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