13G: Horizon Kinetics sole voting power on 6,358,340 WBI shares

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed a Schedule 13G reporting beneficial ownership of 6,358,340 Class A shares of WaterBridge Infrastructure LLC, representing 14.7% of the class as of 09/17/2025.

The filer reports sole voting power over 6,358,340 shares and sole dispositive power over 6,358,340 shares, with no shared voting or dispositive power. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

WaterBridge Infrastructure LLC

(Name of Issuer)

Class A shares representing limited liability company interests

(Title of Class of Securities)

940923105

(CUSIP Number)

09/17/2025

(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 6,358,340.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,358,340.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,358,340.00

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)

14.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WaterBridge Infrastructure LLC
(b)	Address of issuer's principal executive offices: 5555 SAN FELIPE STREET, SUITE 1200, HOUSTON, TEXAS, 77056.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave. S, 8th FL New York, New York 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: 6,358,340
(b)	Percent of class: 14.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,358,340
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,358,340
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	10/08/2025

FAQ

What did WBI disclose in this Schedule 13G filing?

It reports that Horizon Kinetics Asset Management LLC beneficially owns 6,358,340 Class A shares of WaterBridge Infrastructure LLC, or 14.7% of the class.

What percentage of WaterBridge (WBI) does Horizon Kinetics report owning?

The filing states 14.7% of the Class A shares.

How many WBI shares does the reporting person control?

The filer reports sole voting power and sole dispositive power over 6,358,340 shares, with 0 shared power.

What is the date of the event that triggered the 13G filing for WBI?

The date of event is 09/17/2025.

Who is the reporting person in the WBI Schedule 13G?

The reporting person is Horizon Kinetics Asset Management LLC, classified as IA (investment adviser).

What certification does the filer make in the 13G?

They certify the securities were acquired and are held in the ordinary course of business and not to change or influence control.