Water Island Capital’s Potbelly PBPB Stock Holding History

Water Island Capital’s Portfolio PBPB Stock Details PBPB Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-1,351,588	Closed	-$23M	–	118
2025 Q3	$23M	Buy	+1,351,588	New	+$18.3M	2.9%	11

Other funds holding PBPB

IFP Advisors Tampa, Florida $5.54B AUM 27.43% 1-Year Est. Return

Water Island Capital's PBPB Position: Q4 2025 in Review

Water Island Capital sold out of Potbelly (PBPB) in Q4 2025, closing a stake of 1,351,588 shares — an estimated $23M sold.

Water Island Capital first reported a position in PBPB in Q3 2025 and held it in 1 quarter. The position peaked at $23M in Q3 2025. 1 fund tracked by Wall St. Rank holds PBPB as of Q4 2025.

Water Island Capital reported no remaining Potbelly position as of Q4 2025 after selling out during the quarter.
Water Island Capital sold 1,351,588 Potbelly shares in Q4 2025, an estimated $23M.
Water Island Capital first reported a position in Potbelly in Q3 2025 and held it in 1 quarter.
Water Island Capital's Potbelly position peaked at $23M in Q3 2025.
1 fund tracked by Wall St. Rank held Potbelly as of Q4 2025.

Based on Water Island Capital's 13F filing for Q4 2025, filed 17 Feb 2026.