T. Rowe Price Investment Management reports beneficial ownership of 5,375,063 shares of Waterbridge Infra-CL A. The filing states this position represents 11.4% of the class as of 06/30/2026 and reflects sole voting and dispositive power over those shares. The filing also discloses that T. Rowe Price Small‑Cap Stock Fund holds 2,382,881 shares ( 5.5% ). The filer affirms that it acts as investment adviser and expressly denies beneficial ownership.
Positive
None.
Negative
None.
Insights
Large passive position disclosed; adviser-level holdings and client allocations are highlighted.
The filing lists 5,375,063 shares held with sole voting and dispositive power as of 06/30/2026, equal to 11.4% of the class. It attributes a portion (2,382,881 shares, 5.5%) to the T. Rowe Price Small‑Cap Stock Fund, showing client-level concentration within the adviser’s managed portfolios.
The statement denying beneficial ownership is standard for advisers with discretionary authority; the economic and voting rights reside with the underlying clients. Subsequent filings will show any changes in holdings or additional client-level disclosures.
Key Figures
Beneficially owned:5,375,063 sharesPercent of class:11.4%Small‑Cap Stock Fund holding:2,382,881 shares
3 metrics
Beneficially owned5,375,063 sharesAmount reported by T. Rowe Price as of 06/30/2026
Percent of class11.4%Percentage of outstanding class represented by 5,375,063 shares as of 06/30/2026
Small‑Cap Stock Fund holding2,382,881 sharesPosition held by T. Rowe Price Small‑Cap Stock Fund representing 5.5% of the class
Key Terms
beneficially owned, sole dispositive power, Schedule 13G
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole dispositive powerregulatory
"(iii) Sole power to dispose or to direct the disposition of: 5375063"
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.
Schedule 13Gregulatory
"Item 1. | (a) | Name of issuer: WATERBRIDGE INFRASTRUC-CL A"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
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How many Waterbridge Infra (WBI) shares does T. Rowe Price own?
T. Rowe Price reports beneficial ownership of 5,375,063 shares. The filing states this equals 11.4% of the class as of 06/30/2026, with sole voting and dispositive power over those shares.
Does T. Rowe Price claim legal beneficial ownership of WBI shares?
The filing expressly denies beneficial ownership. It explains T. Rowe Price acts as investment adviser with discretionary authority and that ultimate receipt of dividends and sale proceeds vests in its individual and institutional clients.
Which T. Rowe Price fund is named in the Schedule 13G for WBI?
T. Rowe Price Small‑Cap Stock Fund is listed. That fund holds 2,382,881 shares, representing 5.5% of the class as disclosed in the filing dated 06/30/2026.
What voting and disposition powers does the filer report for WBI shares?
The filer reports sole voting and sole dispositive power over 5,375,063 shares. Shared voting and dispositive power are reported as 0 in the Schedule 13G excerpt provided.
How should investors interpret the adviser’s disclaimer of beneficial ownership?
The disclaimer indicates advisory— not economic— ownership by the filer. It states clients hold the ultimate rights to dividends and sale proceeds; the filer’s authority is discretionary and revocable by clients.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
WATERBRIDGE INFRASTRUC-CL A
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
940923105
(CUSIP Number)
06/30/2026
(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
T. Rowe Price Investment Management, Inc.
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
MARYLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,375,063.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,375,063.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,375,063.00
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)
11.4 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
WATERBRIDGE INFRASTRUC-CL A
(b)
Address of issuer's principal executive offices:
5555 SAN FELIPE STREET, SUITE 1200, HOUSTON, TX, 77056
Item 2.
(a)
Name of person filing:
T. Rowe Price Investment Management, Inc.
(b)
Address or principal business office or, if none, residence:
1307 Point Street, Baltimore, MD 21231
(c)
Citizenship:
Maryland
(d)
Title of class of securities:
COMMON STOCK
(e)
CUSIP Number(s):
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:
5375063
(b)
Percent of class:
11.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
5375063
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
5375063
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Ownership of More than Five Percent on Behalf of Another Person (1) Price Investment Management does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client's custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the individual and institutional clients which Price Investment Management serves as investment adviser. Any and all discretionary authority which has been delegated to Price Investment Management may be revoked in whole or in part at any time. Except as may be indicated if this is a joint filing with one of the registered investment companies sponsored by Price Investment Management which it also serves as investment adviser ("T. Rowe Price Funds"), not more than 5% of the class of such securities is owned by any one client subject to the investment advice of Price Investment Management. (2) [T. ROWE PRICE SMALL-CAP STOCK FUND ]: T. ROWE PRICE SMALL-CAP STOCK FUND, of which T. Rowe Price Investment Management, Inc. is the investment adviser, holds the securities reported herein in their investment portfolio managed by T. Rowe Price Investment Management, Inc. and such funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities that they hold. T. ROWE PRICE SMALL-CAP STOCK FUND has an interest in 2,382,881 of the class reported herein representing 5.5% of the class.
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. T. Rowe Price Investment Management, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Investment Management is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.
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.
