WATER ISLAND CAPITAL LLC

NEW YORK, NY · CIK 1222765 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2000 · limited liability company

Assets managed$1.2bn
Staff26 · 7 in investment roles
Main clients (by assets)Mutual funds and ETFs 98%, Private funds 2%
Websitealtsharesetfs.com
Form ADV · 2026-03-30SEC adviser record

Legal entityWATER ISLAND CAPITAL, LLC (US)

Kindmutual funds, futures
Others nearbyNew York, NY

As an employer

Offices in1 country

US visa salary filings

Filings FY20243
Median salary offered$165,000
Middle half$165,000 – $165,000
Job titles1

Job title	Filings	Median	Range
Software EngineerNew York, NY	3	$165,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Water Island Capital, LLC.

$944.9m reported value +26.0% vs Q1 2026

75positions

48.1%in top 10

35 new 24 added 13 reduced 46 sold out vs Q1 2026

Options: 3 call positions ($47.4m notional), 7 put positions ($82.8m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TAYLOR MORRISON HOME CORP COM TMHC	TMHC	727,492	$52.2m5.52%	5.52%	New
2	ELECTRONIC ARTS INC COM EA	EA	252,932	$51.9m5.49%	5.49%	Added +3.0k	+3,044 1.2%
3	CHART INDS INC COM GTLS	GTLS	237,599	$49.6m5.25%	5.25%	Added +47.7k	+47,660 25.1%
4	PENUMBRA INC COM PEN	PEN	150,456	$47.5m5.03%	5.03%	Added +30.4k	+30,361 25.3%
5	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	1,740,468	$46.4m4.91%	4.91%	Added +123.4k	+123,448 7.6%
6	JANUS HENDERSON GROUP PLC ORD SHS ORD SHS		890,916	$46.3m4.90%	4.90%	Reduced -31.4k	-31,361 -3.4%
7	NORFOLK SOUTHN CORP COM NSC	NSC	146,283	$46.0m4.87%	4.87%	Added +12.2k	+12,232 9.1%
8	TXNM ENERGY INC COM TXNM	TXNM	737,734	$41.9m4.43%	4.43%	Added +62.9k	+62,867 9.3%
9	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	1,313,074	$39.6m4.19%	4.19%	Added +1.3m	+1,283,574 4351.1%
10	WEBSTER FINL CORP COM WBS	WBS	437,210	$33.4m3.54%	3.54%	Added +21.4k	+21,387 5.1%
11	NATIONAL STORAGE AFFILIATES COM SHS BEN IN NSA	NSA	728,454	$32.4m3.43%	3.43%	Added +152.2k	+152,230 26.4%
12	SILICON LABORATORIES INC COM SLAB	SLAB	148,138	$32.4m3.43%	3.43%	Added +89.7k	+89,721 153.6%
13	LIVERAMP HLDGS INC COM RAMP	RAMP	805,327	$30.3m3.21%	3.21%	New
14	CATALYST PHARMACEUTICALS INC COM CPRX	CPRX	933,819	$29.3m3.11%	3.11%	New
15	DOMINION ENERGY INC COM D	D	381,231	$26.0m2.76%	2.76%	New
16	ARCOSA INC COM ACA	ACA	173,589	$25.2m2.67%	2.67%	New
17	BIO-TECHNE CORP COM TECH	TECH	335,727	$23.7m2.51%	2.51%	New
18	WHITESTONE REIT COM COM		1,227,709	$23.3m2.46%	2.46%	New
19	ROKU INC COM CL A ROKU	ROKU	164,890	$22.8m2.41%	2.41%	New
20	TOPBUILD CORP COM BLD	BLD	51,251	$21.8m2.31%	2.31%	New
21	DIGITALBRIDGE GROUP INC CL A NEW CL A NEW		1,376,380	$21.7m2.30%	2.30%	Added +77.3k	+77,329 6.0%
22	AVANOS MED INC COM AVNS	AVNS	799,002	$19.9m2.10%	2.10%	New
23	SILA REALTY TRUST INC COMMON STOCK COMMON STOCK		623,872	$18.9m2.00%	2.00%	New
24	ORGANON & CO COMMON STOCK OGN	OGN	1,374,899	$18.6m1.97%	1.97%	New
25	STELLAR BANCORP INC COM COM		383,227	$15.1m1.59%	1.59%	Reduced -48.0k	-48,004 -11.1%
26	NUVALENT INC COM COM		103,979	$12.8m1.36%	1.36%	New
27	APOGEE THERAPEUTICS INC COM COM		94,900	$12.6m1.33%	1.33%	New
28	XOMA ROYALTY CORPORATION COM NEW XOMA	XOMA	242,000	$10.3m1.09%	1.09%	New
29	TXNM ENERGY INC NOTE 5.750% 6/0 · principal TXNM 5.75 06.01.54 · principal	TXNM 5.75 06.01.54	6,000,000	$7.8m0.83%	0.83%	Unchanged
30	RAPID7 INC NOTE 0.250% 3/1 · principal RPD 0.25 03.15.27 · principal	RPD 0.25 03.15.27	8,501,530	$7.8m0.83%	0.83%	Added +3.0m	+3,000,000 54.5%
31	KENVUE INC COM KVUE	KVUE	402,042	$7.7m0.81%	0.81%	Reduced -298.6k	-298,558 -42.6%
32	VARONIS SYS INC NOTE 1.000% 9/1 · principal VRNS 1 09.15.29 · principal	VRNS 1 09.15.29	5,000,000	$4.9m0.51%	0.51%	Added +2.0m	+2,000,000 66.7%
33	BENTLEY SYS INC NOTE 0.375% 7/0 · principal BSY 0.375 07.01.27 · principal	BSY 0.375 07.01.27	5,000,000	$4.8m0.51%	0.51%	Unchanged
34	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	5,000,000	$4.7m0.50%	0.50%	New
35	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	85,000	$4.3m0.46%	0.46%	New
36	REDFIN CORP NOTE 0.500% 4/0 · principal RDFN 0.5 04.01.27 · principal	RDFN 0.5 04.01.27	4,500,000	$4.3m0.46%	0.46%	Unchanged
37	SNAP INC NOTE 0.500% 5/0 · principal SNAP 0.5 05.01.30 · principal	SNAP 0.5 05.01.30	5,000,000	$4.1m0.43%	0.43%	New
38	AXALTA COATING SYS LTD COM AXTA	AXTA	97,500	$3.3m0.35%	0.35%	Reduced -109.4k	-109,402 -52.9%
39	GLOBALSTAR INC COM NEW GSAT	GSAT	30,668	$2.5m0.26%	0.26%	New
40	AES CORP COM AES	AES	167,570	$2.5m0.26%	0.26%	Reduced -18.3k	-18,263 -9.8%
41	UNIFIRST CORP MASS COM UNF	UNF	9,045	$2.4m0.25%	0.25%	Reduced -16.7k	-16,698 -64.9%
42	ESPERION THERAPEUTICS INC NE COM ESPR	ESPR	612,774	$1.9m0.20%	0.20%	New
43	PAYONEER GLOBAL INC COM PAYO	PAYO	258,216	$1.8m0.19%	0.19%	New
44	NCR ATLEOS CORPORATION COM SHS NATL	NATL	41,860	$1.8m0.19%	0.19%	Added +2.9k	+2,921 7.5%
45	BRIGHTHOUSE FINL INC COM BHF	BHF	28,329	$1.8m0.19%	0.19%	Reduced -5.2k	-5,161 -15.4%
46	QORVO INC COM QRVO	QRVO	19,052	$1.8m0.19%	0.19%	New
47	ALLIED GOLD CORP COM NEW AAUC	AAUC	73,016	$1.7m0.18%	0.18%	Added +231	+231 0.3%
48	SELECT MED HLDGS CORP COM SEM	SEM	82,492	$1.4m0.14%	0.14%	Reduced -21.0k	-20,975 -20.3%
49	EQT CORP COM EQT	EQT	25,000	$1.3m0.14%	0.14%	New
50	TALKSPACE INC COM TALK	TALK	242,655	$1.3m0.13%	0.13%	Added +26.5k	+26,497 12.3%
51	GLOBAL BUSINESS TRAVEL GROUP COM CL A COM CL A		133,456	$1.3m0.13%	0.13%	New
52	IHS HOLDING LIMITED ORD SHS IHS	IHS	150,235	$1.2m0.13%	0.13%	Added +12.6k	+12,620 9.2%
53	CLEAR CHANNEL OUTDOOR HLDGS COM CCO	CCO	507,856	$1.2m0.13%	0.13%	Added +29.3k	+29,339 6.1%
54	HONEYWELL AEROSPACE INC COM HONA	HONA	5,000	$1.1m0.12%	0.12%	New
55	NORTHWESTERN ENERGY GROUP IN COM NEW NWE	NWE	13,633	$976.4k0.10%	0.10%	Reduced -205	-205 -1.5%
56	EQUITABLE HLDGS INC COM EQH	EQH	20,701	$908.4k0.10%	0.10%	New
57	ECHOSTAR CORP CL A ECHO	ECHO	8,500	$862.8k0.09%	0.09%	Added +4.5k	+4,500 112.5%
58	BOEING CO COM BA	BA	3,500	$757.6k0.08%	0.08%	Reduced -3.7k	-3,734 -51.6%
59	PVH CORPORATION COM PVH	PVH	10,000	$742.6k0.08%	0.08%	New
60	SKYWEST INC COM SKYW	SKYW	7,000	$695.3k0.07%	0.07%	New
61	CROSS CTRY HEALTHCARE INC COM CCRN	CCRN	49,612	$655.4k0.07%	0.07%	New
62	TRUBRIDGE INC COM TBRG	TBRG	23,251	$609.4k0.06%	0.06%	New
63	INTERNATIONAL MNY EXPRESS IN COM IMXI	IMXI	42,140	$608.9k0.06%	0.06%	Added +9.0k	+9,018 27.2%
64	SIMULATIONS PLUS INC COM COM		33,238	$608.6k0.06%	0.06%	New
65	NATHANS FAMOUS INC NEW COM NATH	NATH	5,871	$596.5k0.06%	0.06%	Added +877	+877 17.6%
66	VIKING THERAPEUTICS INC COM VKTX	VKTX	15,000	$585.1k0.06%	0.06%	Added +4.7k	+4,720 45.9%
67	ALASKA AIR GROUP INC COM ALK	ALK	11,000	$574.2k0.06%	0.06%	Added +735	+735 7.2%
68	HONEYWELL INTL INC COM HON	HON	2,500	$559.8k0.06%	0.06%	New
69	PACIFIC BIOSCIENCES CALIF IN COM PACB	PACB	273,666	$459.8k0.05%	0.05%	Added +1.6k	+1,626 0.6%
70	AURA BIOSCIENCES INC COM AURA	AURA	60,000	$426.0k0.05%	0.05%	New
71	ASTRONOVA INC COM ALOT	ALOT	11,972	$340.8k0.04%	0.04%	New
72	UNITED AIRLS HLDGS INC COM UAL	UAL	2,500	$340.0k0.04%	0.04%	Reduced -2.5k	-2,500 -50.0%
73	V F CORP COM VFC	VFC	15,000	$250.2k0.03%	0.03%	New
74	PENN ENTERTAINMENT INC COM PENN	PENN	10,000	$213.6k0.02%	0.02%	Reduced -25.0k	-25,000 -71.4%
75	DICKS SPORTING GOODS INC COM DKS	DKS	600	$136.1k0.01%	0.01%	Reduced -4.7k	-4,748 -88.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HOLOGIC INC HOLX	HOLX	560,045	$42.3m560.0k shares
MASIMO CORP MASI	MASI	194,197	$34.5m194.2k shares
TRI POINTE HOMES INC TPH	TPH	536,367	$25.1m536.4k shares
GREAT LAKES DREDGE & DOCK CO GLDD	GLDD	1,263,580	$21.5m1.3m shares
ARCELLX INC ACLX	ACLX	183,409	$21.1m183.4k shares
DAY ONE BIOPHARMACEUTICALS I		944,247	$20.2m944.2k shares
ENHABIT INC EHAB	EHAB	984,611	$13.9m984.6k shares
VERIS RESIDENTIAL INC		597,390	$11.3m597.4k shares
PEAKSTONE REALTY TRUST PKST	PKST	503,583	$10.5m503.6k shares
TERNS PHARMACEUTICALS INC		188,500	$9.9m188.5k shares
KENNEDY-WILSON HOLDINGS INC KW	KW	825,652	$8.9m825.7k shares
ZIM INTEGRATED SHIPPING SERV ZIM	ZIM	331,800	$8.7m331.8k shares
CSG SYS INTL INC CSGS 3.875 09.15.28	CSGS 3.875 09.15.28	5,000,000	$6.1m5.0m shares
APELLIS PHARMACEUTICALS INC APLS	APLS	120,500	$4.8m120.5k shares
AIR LEASE CORP AL	AL	73,131	$4.7m73.1k shares
NUTANIX INC NTNX 0.5 12.15.29	NTNX 0.5 12.15.29	5,000,000	$4.5m5.0m shares
HALOZYME THERAPEUTICS INC HALO 0.25 03.01.27	HALO 0.25 03.01.27	3,000,000	$3.1m3.0m shares
CLEARWATER ANALYTICS HLDGS I		109,589	$2.6m109.6k shares
SEALED AIR CORP NEW		56,071	$2.4m56.1k shares
ONESTREAM INC OS	OS	91,120	$2.2m91.1k shares
THERMON GROUP HLDGS INC		32,987	$1.7m33.0k shares
SUN CTRY AIRLS HLDGS INC SNCY	SNCY	98,859	$1.6m98.9k shares
CENTESSA PHARMACEUTICALS PLC		41,000	$1.6m41.0k shares
CSG SYS INTL INC		20,223	$1.6m20.2k shares
SEMRUSH HLDGS INC SEMR	SEMR	133,872	$1.6m133.9k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
WARNER BROS DISCOVERY INC WBD · Put	WBD	Put	1,525,200	$40.7m1.5m shares	Added
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	45,000	$33.6m45.0k shares	New
ORGANON & CO OGN · Put	OGN	Put	974,200	$13.2m974.2k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	15,000	$11.2m15.0k shares	New
NUVALENT INC Put		Put	84,000	$10.4m84.0k shares	New
NUVALENT INC Call		Call	84,000	$10.4m84.0k shares	New
LIVERAMP HLDGS INC RAMP · Put	RAMP	Put	117,100	$4.4m117.1k shares	New
QXO INC QXO · Call	QXO	Call	200,000	$3.5m200.0k shares	New
APOGEE THERAPEUTICS INC Put		Put	17,500	$2.3m17.5k shares	New
VARONIS SYS INC VRNS · Put	VRNS	Put	15,000	$629.4k15.0k shares	New