# EDGAR Filing Document

**Accession Number:** 0001222765
**File Stem:** 0001222765-26-000003
**Filing Date:** 2026-2
**Character Count:** 13349
**Document Hash:** f64744526dfa9cd5c42203f078c8f880
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001222765-26-000003.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001222765-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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:** 26641137

**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:** 12-31-2025

**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  02-17-2026<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:** 91

**Form 13F Information Table Value Total:** $927601491

      (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 |
| Air Lease Corp | Equity | 00912X302 |  | 19168801 | 298440 | SH |  | SOLE |  | 298440 | 0 | 0 |
| Alexander  Baldwin Inc | Equity | 014491104 |  | 5428568 | 263012 | SH |  | SOLE |  | 263012 | 0 | 0 |
| Amicus Therapeutics Inc | Equity | 03152W109 |  | 10062225 | 706617 | SH |  | SOLE |  | 706617 | 0 | 0 |
| Anywhere Real Estate Inc | Equity | 75605Y106 |  | 6298665 | 444821 | SH |  | SOLE |  | 444821 | 0 | 0 |
| Aspen Insurance Holdings Ltd | Equity | G05384501 |  | 21246613 | 572685 | SH |  | SOLE |  | 572685 | 0 | 0 |
| Astria Therapeutics Inc | Equity | 04635X102 |  | 8060691 | 615790 | SH |  | SOLE |  | 615790 | 0 | 0 |
| Avadel Pharmaceuticals PLC | Equity | G29687103 |  | 23427370 | 1087117 | SH |  | SOLE |  | 1087117 | 0 | 0 |
| Avidity Biosciences Inc | Equity | 05370A108 |  | 12145611 | 168385 | SH |  | SOLE |  | 168385 | 0 | 0 |
| Axalta Coating Systems Ltd | Equity | G0750C108 |  | 6646878 | 205722 | SH |  | SOLE |  | 205722 | 0 | 0 |
| Axalta Coating Systems Ltd | Equity Put | G0750C958 |  | 2168001 | 67100 | SH | Put | SOLE |  | 67100 | 0 | 0 |
| BLACKLINE INC | Convertible Bond | 09239BAD1 |  | 3034148 | 3071000 | PRN |  | SOLE |  | 3071000 | 0 | 0 |
| BOEING CO/THE | Convertible Preferred Stock | 097023204 |  | 5524800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| Brighthouse Financial Inc | Equity | 10922N103 |  | 1868608 | 28841 | SH |  | SOLE |  | 28841 | 0 | 0 |
| BENTLEY SYSTEMS | Convertible Bond | 08265TAD1 |  | 4711875 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| Cadence Bank | Equity | 12740C103 |  | 12749313 | 297603 | SH |  | SOLE |  | 297603 | 0 | 0 |
| Cantaloupe Inc | Equity | 138103106 |  | 1399652 | 131794 | SH |  | SOLE |  | 131794 | 0 | 0 |
| Cidara Therapeutics Inc | Equity Put | 171757956 |  | 16986441 | 76900 | SH | Put | SOLE |  | 76900 | 0 | 0 |
| CONFLUENT INC | Convertible Bond | 20717MAB9 |  | 4855000 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| Chart Industries Inc | Equity | 16115Q308 |  | 38838264 | 188325 | SH |  | SOLE |  | 188325 | 0 | 0 |
| Cidara Therapeutics Inc | Equity | 171757206 |  | 33289890 | 150708 | SH |  | SOLE |  | 150708 | 0 | 0 |
| City Office REIT Inc | Equity | 178587101 |  | 429871 | 61498 | SH |  | SOLE |  | 61498 | 0 | 0 |
| Clearwater Analytics Holdings | Equity | 185123106 |  | 21120243 | 875632 | SH |  | SOLE |  | 875632 | 0 | 0 |
| Comerica Inc | Equity | 200340107 |  | 34601356 | 398037 | SH |  | SOLE |  | 398037 | 0 | 0 |
| Confluent Inc | Equity | 20717M103 |  | 19357018 | 640113 | SH |  | SOLE |  | 640113 | 0 | 0 |
| Core Scientific Inc | Equity Call | 21874A906 |  | 2093728 | 143800 | SH | Call | SOLE |  | 143800 | 0 | 0 |
| CSG Systems International Inc | Equity | 126349109 |  | 11558717 | 150720 | SH |  | SOLE |  | 150720 | 0 | 0 |
| CSG SYSTEMS INTERNATIONA | Convertible Bond | 126349AH2 |  | 5967049 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| CyberArk Software Ltd | Equity | M2682V108 |  | 38650206 | 86648 | SH |  | SOLE |  | 86648 | 0 | 0 |
| Dayforce Inc | Equity | 15677J108 |  | 3281849 | 47453 | SH |  | SOLE |  | 47453 | 0 | 0 |
| Denny's Corp | Equity | 24869P104 |  | 1327628 | 213445 | SH |  | SOLE |  | 213445 | 0 | 0 |
| Diamond Hill Investment Group | Equity | 25264R207 |  | 420699 | 2482 | SH |  | SOLE |  | 2482 | 0 | 0 |
| Dick's Sporting Goods Inc | Equity | 253393102 |  | 217767 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| DigitalBridge Group Inc | Equity | 25401T603 |  | 14250859 | 929000 | SH |  | SOLE |  | 929000 | 0 | 0 |
| Dynavax Technologies Corp | Equity | 268158201 |  | 9385814 | 610261 | SH |  | SOLE |  | 610261 | 0 | 0 |
| Electronic Arts Inc | Equity | 285512109 |  | 36950629 | 180838 | SH |  | SOLE |  | 180838 | 0 | 0 |
| Essential Utilities Inc | Equity | 29670G102 |  | 1405741 | 36646 | SH |  | SOLE |  | 36646 | 0 | 0 |
| Eventbrite Inc | Equity | 29975E109 |  | 4395056 | 987653 | SH |  | SOLE |  | 987653 | 0 | 0 |
| EVOLENT HEALTH INC | Convertible Bond | 30050BAH4 |  | 1345833 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| Exact Sciences Corp | Equity | 30063P105 |  | 35546914 | 350009 | SH |  | SOLE |  | 350009 | 0 | 0 |
| First Foundation Inc | Equity | 32026V104 |  | 406061 | 65919 | SH |  | SOLE |  | 65919 | 0 | 0 |
| First Savings Financial Group | Equity | 33621E109 |  | 279986 | 8788 | SH |  | SOLE |  | 8788 | 0 | 0 |
| Amicus Therapeutics Inc | Equity Call | 03152W909 |  | 6422240 | 451000 | SH | Call | SOLE |  | 451000 | 0 | 0 |
| Forge Global Holdings Inc | Equity | 34629L202 |  | 8781662 | 197075 | SH |  | SOLE |  | 197075 | 0 | 0 |
| GLADSTONE CAPITAL CORP | Convertible Bond | 376535AG5 |  | 1985577 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| HALOZYME THERAPEUTICS IN | Convertible Bond | 40637HAD1 |  | 3235000 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| Heritage Commerce Corp | Equity | 426927109 |  | 407427 | 33924 | SH |  | SOLE |  | 33924 | 0 | 0 |
| Hillenbrand Inc | Equity Put | 431571958 |  | 9991800 | 315000 | SH | Put | SOLE |  | 315000 | 0 | 0 |
| Hillenbrand Inc | Equity | 431571108 |  | 12656469 | 399006 | SH |  | SOLE |  | 399006 | 0 | 0 |
| Hologic Inc | Equity | 436440101 |  | 34842102 | 467742 | SH |  | SOLE |  | 467742 | 0 | 0 |
| Hologic Inc | Equity Put | 436440951 |  | 4514094 | 60600 | SH | Put | SOLE |  | 60600 | 0 | 0 |
| Anywhere Real Estate Inc | Equity Call | 75605Y906 |  | 1006776 | 71100 | SH | Call | SOLE |  | 71100 | 0 | 0 |
| Anywhere Real Estate Inc | Equity Put | 75605Y956 |  | 1006776 | 71100 | SH | Put | SOLE |  | 71100 | 0 | 0 |
| International Money Express In | Equity | 46005L101 |  | 1358991 | 88476 | SH |  | SOLE |  | 88476 | 0 | 0 |
| ITRON INC | Convertible Bond | 465741AN6 |  | 2472500 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| Jamf Holding Corp | Equity | 47074L105 |  | 12815748 | 985069 | SH |  | SOLE |  | 985069 | 0 | 0 |
| Janus Henderson Group PLC | Equity | G4474Y214 |  | 30800861 | 647485 | SH |  | SOLE |  | 647485 | 0 | 0 |
| Janus Henderson Group PLC | Equity Put | G4474Y954 |  | 570840 | 12000 | SH | Put | SOLE |  | 12000 | 0 | 0 |
| Kenvue Inc | Equity | 49177J102 |  | 11905796 | 690191 | SH |  | SOLE |  | 690191 | 0 | 0 |
| Kimberly-Clark Corp | Equity Call | 494368903 |  | 4257558 | 42200 | SH | Call | SOLE |  | 42200 | 0 | 0 |
| Kenvue Inc | Equity Put | 49177J952 |  | 11988750 | 695000 | SH | Put | SOLE |  | 695000 | 0 | 0 |
| Kenvue Inc | Equity Call | 49177J902 |  | 2042400 | 118400 | SH | Call | SOLE |  | 118400 | 0 | 0 |
| MidWestOne Financial Group Inc | Equity | 598511103 |  | 846230 | 21980 | SH |  | SOLE |  | 21980 | 0 | 0 |
| New Gold Inc | Equity | 644535106 |  | 1976107 | 226878 | SH |  | SOLE |  | 226878 | 0 | 0 |
| Norfolk Southern Corp | Equity | 655844108 |  | 37257294 | 129043 | SH |  | SOLE |  | 129043 | 0 | 0 |
| Northwestern Energy Group Inc | Equity | 668074305 |  | 923374 | 14307 | SH |  | SOLE |  | 14307 | 0 | 0 |
| NUTANIX INC | Convertible Bond | 67059NAK4 |  | 3376528 | 3500000 | PRN |  | SOLE |  | 3500000 | 0 | 0 |
| Olympic Steel Inc | Equity | 68162K106 |  | 697096 | 16293 | SH |  | SOLE |  | 16293 | 0 | 0 |
| Plymouth Industrial REIT Inc | Equity | 729640102 |  | 12235624 | 559215 | SH |  | SOLE |  | 559215 | 0 | 0 |
| ProAssurance Corp | Equity | 74267C106 |  | 1135327 | 46992 | SH |  | SOLE |  | 46992 | 0 | 0 |
| Qorvo Inc | Equity | 74736K101 |  | 9255621 | 109521 | SH |  | SOLE |  | 109521 | 0 | 0 |
| REDFIN CORP | Convertible Bond | 75737FAE8 |  | 4217625 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| REV Group Inc | Equity | 749527107 |  | 1900981 | 31261 | SH |  | SOLE |  | 31261 | 0 | 0 |
| Avidity Biosciences Inc | Equity Put | 05370A958 |  | 12168331 | 168700 | SH | Put | SOLE |  | 168700 | 0 | 0 |
| RAPID7 INC | Convertible Bond | 753422AF1 |  | 5099629 | 5501530 | PRN |  | SOLE |  | 5501530 | 0 | 0 |
| Sealed Air Corp | Equity | 81211K100 |  | 23169189 | 559237 | SH |  | SOLE |  | 559237 | 0 | 0 |
| SEMrush Holdings Inc | Equity | 81686C104 |  | 7474078 | 628602 | SH |  | SOLE |  | 628602 | 0 | 0 |
| Soho House  Co Inc | Equity | 586001109 |  | 633974 | 70756 | SH |  | SOLE |  | 70756 | 0 | 0 |
| SPOTIFY USA INC | Convertible Bond | 84921RAB6 |  | 5675000 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| State Street SPDR S 500 ETF | Equity Call | 78462F903 |  | 17048000 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| STAAR Surgical Co | Equity | 852312305 |  | 1566934 | 67862 | SH |  | SOLE |  | 67862 | 0 | 0 |
| Synovus Financial Corp | Equity | 87161C501 |  | 20202683 | 403650 | SH |  | SOLE |  | 403650 | 0 | 0 |
| Teck Resources Ltd | Equity Put | 878742954 |  | 13988669 | 292100 | SH | Put | SOLE |  | 292100 | 0 | 0 |
| TEGNA Inc | Equity | 87901J105 |  | 22901568 | 1179885 | SH |  | SOLE |  | 1179885 | 0 | 0 |
| TreeHouse Foods Inc | Equity | 89469A104 |  | 2345342 | 99421 | SH |  | SOLE |  | 99421 | 0 | 0 |
| TrueCar Inc | Equity | 89785L107 |  | 392381 | 173620 | SH |  | SOLE |  | 173620 | 0 | 0 |
| TXNM ENERGY INC | Convertible Bond | 69349HAF4 |  | 4038275 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| TXNM Energy Inc | Equity | 69349H107 |  | 33939079 | 576411 | SH |  | SOLE |  | 576411 | 0 | 0 |
| Udemy Inc | Equity | 902685106 |  | 795144 | 135922 | SH |  | SOLE |  | 135922 | 0 | 0 |
| VARONIS SYSTEM INC | Convertible Bond | 922280AD4 |  | 2794333 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| Warner Bros Discovery Inc | Equity | 934423104 |  | 32844252 | 1139634 | SH |  | SOLE |  | 1139634 | 0 | 0 |
| Warner Bros Discovery Inc | Equity Put | 934423954 |  | 2735018 | 94900 | SH | Put | SOLE |  | 94900 | 0 | 0 |

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