13F HOLDINGS REPORT
WATER ISLAND CAPITAL LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001222765-26-000003
Total Value
$927.6M
Positions
91
Other Managers
0
Confidential Omitted
No
Holdings (91)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Chart Industries Inc | 16115Q308 | 188,325 | $38.8M | 4.19% |
| 2 | CyberArk Software Ltd | M2682V108 | 86,648 | $38.7M | 4.17% |
| 3 | Norfolk Southern Corp | 655844108 | 129,043 | $37.3M | 4.02% |
| 4 | Electronic Arts Inc | EA | 180,838 | $37.0M | 3.98% |
| 5 | Exact Sciences Corp | 30063P105 | 350,009 | $35.5M | 3.83% |
| 6 | Hologic Inc | HOLX | 467,742 | $34.8M | 3.76% |
| 7 | Comerica Inc | 200340107 | 398,037 | $34.6M | 3.73% |
| 8 | TXNM Energy Inc | TXNM | 576,411 | $33.9M | 3.66% |
| 9 | Cidara Therapeutics Inc | 171757206 | 150,708 | $33.3M | 3.59% |
| 10 | Warner Bros Discovery Inc | WBD | 1,139,634 | $32.8M | 3.54% |
| 11 | Janus Henderson Group PLC | JHG | 647,485 | $30.8M | 3.32% |
| 12 | Avadel Pharmaceuticals PLC | G29687103 | 1,087,117 | $23.4M | 2.53% |
| 13 | Sealed Air Corp | SE | 559,237 | $23.2M | 2.50% |
| 14 | TEGNA Inc | 87901J105 | 1,179,885 | $22.9M | 2.47% |
| 15 | Aspen Insurance Holdings Ltd | AHL-PF | 572,685 | $21.2M | 2.29% |
| 16 | Clearwater Analytics Holdings | CWAN | 875,632 | $21.1M | 2.28% |
| 17 | Synovus Financial Corp | 87161C501 | 403,650 | $20.2M | 2.18% |
| 18 | Confluent Inc | 20717M103 | 640,113 | $19.4M | 2.09% |
| 19 | Air Lease Corp | AIIR | 298,440 | $19.2M | 2.07% |
| 20 | State Street SPDR S&P 500 ETF | SPY | 25,000 | $17.0M | 1.84% |
| 21 | Cidara Therapeutics Inc | 171757956 | 76,900 | $17.0M | 1.83% |
| 22 | DigitalBridge Group Inc | DBRG-PJ | 929,000 | $14.3M | 1.54% |
| 23 | Teck Resources Ltd | TCKRF | 292,100 | $14.0M | 1.51% |
| 24 | Jamf Holding Corp | 47074L105 | 985,069 | $12.8M | 1.38% |
| 25 | Cadence Bank | 12740C103 | 297,603 | $12.7M | 1.37% |
| 26 | Hillenbrand Inc | 431571108 | 399,006 | $12.7M | 1.36% |
| 27 | Plymouth Industrial REIT Inc | 729640102 | 559,215 | $12.2M | 1.32% |
| 28 | Avidity Biosciences Inc | 05370A958 | 168,700 | $12.2M | 1.31% |
| 29 | Avidity Biosciences Inc | 05370A108 | 168,385 | $12.1M | 1.31% |
| 30 | Kenvue Inc | KVUE | 695,000 | $12.0M | 1.29% |
| 31 | Kenvue Inc | KVUE | 690,191 | $11.9M | 1.28% |
| 32 | CSG Systems International Inc | 126349109 | 150,720 | $11.6M | 1.25% |
| 33 | Amicus Therapeutics Inc | FOLD | 706,617 | $10.1M | 1.08% |
| 34 | Hillenbrand Inc | 431571958 | 315,000 | $10.0M | 1.08% |
| 35 | Dynavax Technologies Corp | 268158201 | 610,261 | $9.4M | 1.01% |
| 36 | Qorvo Inc | QRVO | 109,521 | $9.3M | 1.00% |
| 37 | Forge Global Holdings Inc | 34629L202 | 197,075 | $8.8M | 0.95% |
| 38 | Astria Therapeutics Inc | 04635X102 | 615,790 | $8.1M | 0.87% |
| 39 | SEMrush Holdings Inc | SEMR | 628,602 | $7.5M | 0.81% |
| 40 | Axalta Coating Systems Ltd | AXTA | 205,722 | $6.6M | 0.72% |
| 41 | Amicus Therapeutics Inc | FOLD | 451,000 | $6.4M | 0.69% |
| 42 | Anywhere Real Estate Inc | 75605Y106 | 444,821 | $6.3M | 0.68% |
| 43 | CSG SYSTEMS INTERNATIONA | 126349AH2 | 5,000,000 | $6.0M | 0.64% |
| 44 | SPOTIFY USA INC | 84921RAB6 | 5,000,000 | $5.7M | 0.61% |
| 45 | BOEING CO/THE | BA-PA | 80,000 | $5.5M | 0.60% |
| 46 | Alexander & Baldwin Inc | 014491104 | 263,012 | $5.4M | 0.59% |
| 47 | RAPID7 INC | RPD | 5,501,530 | $5.1M | 0.55% |
| 48 | CONFLUENT INC | 20717MAB9 | 5,000,000 | $4.9M | 0.52% |
| 49 | BENTLEY SYSTEMS | BSY | 5,000,000 | $4.7M | 0.51% |
| 50 | Hologic Inc | HOLX | 60,600 | $4.5M | 0.49% |
| 51 | Eventbrite Inc | EVEX-WT | 987,653 | $4.4M | 0.47% |
| 52 | Kimberly-Clark Corp | KMB | 42,200 | $4.3M | 0.46% |
| 53 | REDFIN CORP | 75737FAE8 | 4,500,000 | $4.2M | 0.45% |
| 54 | TXNM ENERGY INC | TXNM | 3,000,000 | $4.0M | 0.44% |
| 55 | NUTANIX INC | NTNX | 3,500,000 | $3.4M | 0.36% |
| 56 | Dayforce Inc | 15677J108 | 47,453 | $3.3M | 0.35% |
| 57 | HALOZYME THERAPEUTICS IN | HALO | 3,000,000 | $3.2M | 0.35% |
| 58 | BLACKLINE INC | BL | 3,071,000 | $3.0M | 0.33% |
| 59 | VARONIS SYSTEM INC | VRNS | 3,000,000 | $2.8M | 0.30% |
| 60 | Warner Bros Discovery Inc | WBD | 94,900 | $2.7M | 0.29% |
| 61 | ITRON INC | ITRI | 2,500,000 | $2.5M | 0.27% |
| 62 | TreeHouse Foods Inc | 89469A104 | 99,421 | $2.3M | 0.25% |
| 63 | Axalta Coating Systems Ltd | AXTA | 67,100 | $2.2M | 0.23% |
| 64 | Core Scientific Inc | 21874A906 | 143,800 | $2.1M | 0.23% |
| 65 | Kenvue Inc | KVUE | 118,400 | $2.0M | 0.22% |
| 66 | GLADSTONE CAPITAL CORP | GLAD | 2,000,000 | $2.0M | 0.21% |
| 67 | New Gold Inc | 644535106 | 226,878 | $2.0M | 0.21% |
| 68 | REV Group Inc | 749527107 | 31,261 | $1.9M | 0.20% |
| 69 | Brighthouse Financial Inc | 10922N103 | 28,841 | $1.9M | 0.20% |
| 70 | STAAR Surgical Co | STAA | 67,862 | $1.6M | 0.17% |
| 71 | Essential Utilities Inc | 29670G102 | 36,646 | $1.4M | 0.15% |
| 72 | Cantaloupe Inc | CTLPP | 131,794 | $1.4M | 0.15% |
| 73 | International Money Express In | INTR | 88,476 | $1.4M | 0.15% |
| 74 | EVOLENT HEALTH INC | EVH | 2,000,000 | $1.3M | 0.15% |
| 75 | Denny's Corp | 24869P104 | 213,445 | $1.3M | 0.14% |
| 76 | ProAssurance Corp | PRA | 46,992 | $1.1M | 0.12% |
| 77 | Anywhere Real Estate Inc | 75605Y956 | 71,100 | $1.0M | 0.11% |
| 78 | Anywhere Real Estate Inc | 75605Y906 | 71,100 | $1.0M | 0.11% |
| 79 | Northwestern Energy Group Inc | NWE | 14,307 | $923,374 | 0.10% |
| 80 | MidWestOne Financial Group Inc | 598511103 | 21,980 | $846,230 | 0.09% |
| 81 | Udemy Inc | UDMY | 135,922 | $795,144 | 0.09% |
| 82 | Olympic Steel Inc | 68162K106 | 16,293 | $697,096 | 0.08% |
| 83 | Soho House & Co Inc | 586001109 | 70,756 | $633,974 | 0.07% |
| 84 | Janus Henderson Group PLC | JHG | 12,000 | $570,840 | 0.06% |
| 85 | City Office REIT Inc | CHCO | 61,498 | $429,871 | 0.05% |
| 86 | Diamond Hill Investment Group | 25264R207 | 2,482 | $420,699 | 0.05% |
| 87 | Heritage Commerce Corp | HTBK | 33,924 | $407,427 | 0.04% |
| 88 | First Foundation Inc | 32026V104 | 65,919 | $406,061 | 0.04% |
| 89 | TrueCar Inc | 89785L107 | 173,620 | $392,381 | 0.04% |
| 90 | First Savings Financial Group | 33621E109 | 8,788 | $279,986 | 0.03% |
| 91 | Dick's Sporting Goods Inc | 253393102 | 1,100 | $217,767 | 0.02% |