Horizon Kinetics (WBI) discloses 7.34M shares, 17% stake in WaterBridge (Schedule 13G/A)

Rhea-AI Filing Summary

WaterBridge Infrastructure LLC: Amendment to a Schedule 13G shows Horizon Kinetics Asset Management LLC reports beneficial ownership of 7,342,147 Class A shares, representing 17% of the class. The filing notes that Horizon Kinetics Holding Corp, as parent, may be deemed to beneficially own the same 7,342,147 Shares. The form lists the issuer's principal executive offices in Houston and is signed by the filer’s General Counsel on 04/29/2026.

Insights

Corporate Governance Analyst

13G amendment documents a significant passive stake by an investment manager and parent entity.

The filing records a 17% beneficial ownership position of 7,342,147 Class A shares held with sole voting and dispositive power by Horizon Kinetics Asset Management LLC. The parent, Horizon Kinetics Holding Corp, is disclosed as potentially deemed to beneficially own the same shares.

Because this is a Schedule 13G/A, the position is presented as passive; governance implications depend on whether the holder remains passive or later files a Schedule 13D.

Investor Relations Specialist

Large disclosed stake creates potential shareholder influence but is routine when reported on a 13G amendment.

The filing clarifies voting and dispositive powers are sole and held by HKAM, with HKHC noted as parent. The signature date is 04/29/2026, which updates prior disclosures.

Follow-on filings or a shift to activist intent would change materiality; absent that, this remains a disclosure of passive ownership.

Key Figures

Beneficial ownership: 7,342,147 shares Percent of class: 17% CUSIP: 940923105

3 metrics

Beneficial ownership 7,342,147 shares Class A shares reported on Schedule 13G/A

Percent of class 17% Percent of Class A shares beneficially owned as stated in Item 4

CUSIP 940923105 Identifier for Class A shares reported in the filing

Key Terms

Schedule 13G/A, beneficial ownership, sole dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment to Schedule 13G showing passive ownership disclosure"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"Amount beneficially owned: 7,342,147 Shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 7,342,147 Shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

WaterBridge Infrastructure LLC

(Name of Issuer)

Class A shares representing limited liability company interests

(Title of Class of Securities)

940923105

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 940923105

1

Names of Reporting Persons

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,342,147.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,342,147.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,342,147.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Horizon Kinetics Asset Management LLC is a wholly owned subsidiary of Horizon Kinetics Holding Corporation.

SCHEDULE 13G

CUSIP Number(s): 940923105

1

Names of Reporting Persons

Horizon Kinetics Holding Corp

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,342,147.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,342,147.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,342,147.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.0 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: HKHC is the parent company to HKAM. HKHC may be deemed to beneficially own the 7,342,147 Shares beneficially owned by HKAM.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WaterBridge Infrastructure LLC
(b)	Address of issuer's principal executive offices: 5555 SAN FELIPE STREET, 5555 SAN FELIPE STREET, HOUSTON, TEXAS, 77056.
Item 2.
(a)	Name of person filing: HKAM is a wholly owned subsidiary of HKHC.
(b)	Address or principal business office or, if none, residence: 470 Park Avenue South, 4th FL S, New York, NY 10016
(c)	Citizenship: United States
(d)	Title of class of securities: Class A shares representing limited liability company interests
(e)	CUSIP No.: 940923105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,342,147 Shares
(b)	Percent of class: 17%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,342,147 Shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,342,147 Shares
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	04/29/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	04/29/2026

FAQ

What stake does Horizon Kinetics (WBI) report in WaterBridge Infrastructure?

Horizon Kinetics Asset Management LLC reports beneficial ownership of 7,342,147 Class A shares, equal to 17% of the class, as stated in the Schedule 13G/A amendment.

Does the Schedule 13G/A show voting or dispositive power for the shares?

Yes. The filing states the filer has sole voting and sole dispositive power over 7,342,147 shares, with no shared voting or dispositive power reported.

Is the parent company Horizon Kinetics Holding Corp also reported as an owner?

The amendment discloses that Horizon Kinetics Holding Corp may be deemed to beneficially own the same 7,342,147 shares because it is the parent of the filing entity.

When was the Schedule 13G/A signed and filed?

The signature block shows the filing was signed by General Counsel Jay Kesslen on 04/29/2026, which amends prior beneficial ownership disclosures.

What class of securities is reported in this filing?

The filing reports ownership of Class A shares representing limited liability company interests of WaterBridge Infrastructure LLC, CUSIP 940923105.