WaterBridge (NYSE: WBI) 15.8% stake held by Horizon Kinetics

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a Delaware entity and wholly owned subsidiary of Horizon Kinetics Holding Corporation, reported a significant ownership position in WaterBridge Infrastructure LLC.

The firm beneficially owns 6,837,520 Class A shares, representing 15.8% of the class, with sole voting and sole dispositive power over all of these shares and no shared power.

Horizon Kinetics certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose, or with the effect, of changing or influencing control of WaterBridge Infrastructure LLC.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

WaterBridge Infrastructure LLC

(Name of Issuer)

Class A shares representing limited liability company interests

(Title of Class of Securities)

940923105

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 6,837,520.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,837,520.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,837,520.00

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)

15.8 %

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

Item 1.
(a)	Name of issuer: WaterBridge Infrastructure LLC
(b)	Address of issuer's principal executive offices: 5555 SAN FELIPE STREET, HOUSTON, TEXAS, 77056.
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by Horizon Kinetics Asset Management LLC, a wholly owned subsidiary of Horizon Kinetics Holding Corporation.
(b)	Address or principal business office or, if none, residence: 470 Park Avenue South, 4th FL S New York, NY 10016
(c)	Citizenship: Delaware
(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: 6,837,520
(b)	Percent of class: 15.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,837,520
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,837,520
	(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:	01/28/2026

FAQ

What does the Schedule 13G/A filing disclose for WaterBridge Infrastructure LLC (WBI)?

The filing discloses that Horizon Kinetics Asset Management LLC holds a sizable stake in WaterBridge Infrastructure LLC. It reports beneficial ownership of Class A shares, specifies voting and dispositive powers, and confirms the holding is in the ordinary course of business, not intended to influence control.

How many WaterBridge Infrastructure LLC shares does Horizon Kinetics beneficially own and what percentage is this?

Horizon Kinetics beneficially owns 6,837,520 Class A shares of WaterBridge Infrastructure LLC, representing 15.8% of that class. This makes Horizon Kinetics a major holder, crossing the 5% reporting threshold that requires a Schedule 13G filing under SEC rules.

What voting and dispositive powers does Horizon Kinetics report over WBI shares?

Horizon Kinetics reports sole voting power and sole dispositive power over 6,837,520 WaterBridge Infrastructure LLC Class A shares. It reports no shared voting power and no shared dispositive power, indicating exclusive authority to vote and decide on disposition for the reported stake.

Who is the reporting person in this WaterBridge Infrastructure LLC Schedule 13G/A?

The reporting person is Horizon Kinetics Asset Management LLC, organized in Delaware and a wholly owned subsidiary of Horizon Kinetics Holding Corporation. Its principal business office is listed as 470 Park Avenue South, 4th Floor South, New York, NY 10016, in the United States.

Does Horizon Kinetics intend to influence control of WaterBridge Infrastructure LLC with this stake?

Horizon Kinetics certifies that the securities were acquired and are held in the ordinary course of business. It states they were not acquired and are not held for the purpose or effect of changing or influencing control of WaterBridge Infrastructure LLC, consistent with a passive investment stance.

What is the relevant date for the ownership reported in this WBI Schedule 13G/A?

The ownership information is reported as of the event date 12/31/2025. That date is used to determine Horizon Kinetics’ beneficial ownership of WaterBridge Infrastructure LLC Class A shares and its 15.8% percentage of the class for SEC reporting purposes.