WBI ownership: Five Point affiliates, Capobianco disclose large stakes
Filing Impact
Filing Sentiment
Form Type
SCHEDULE 13G
WaterBridge Infrastructure LLC (WBI) received a Schedule 13G disclosing major beneficial ownership by Five Point Energy–affiliated entities and David N. Capobianco. Capobianco reports beneficial ownership of 62,094,660 Class A Shares, representing 60.9% of the class, based on 43,264,850 Class A Shares outstanding as of the issuer’s IPO closing.
Key reporting persons include: WBR Holdings LLC with 14,475,660 shares (26.6%); NDB Holdings LLC with 41,425,200 shares (48.9%); and Desert Environmental Holdings LLC with 6,193,800 shares (12.5%). Several positions reflect OpCo Units exchangeable one-for-one into Class A Shares or cash under the OpCo LLC Agreement. Control relationships indicate that Five Point Energy GP entities and Capobianco may be deemed to beneficially own securities held by these vehicles; each disclaims beneficial ownership as stated.
On a fully diluted basis assuming redemption of 80,190,150 OpCo Units into Class A Shares, reported percentages include 11.7% for WBR/GP I, 33.6% for NDB/GP II, 38.6% for GP III, and 50.3% for Capobianco.
Positive
- None.
Negative
- None.
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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 (Title of Class of Securities) |
940923105 (CUSIP Number) |
09/30/2025 (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
WBR Holdings 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
14,475,660.00 | ||||||||
| 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)
26.6 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A shares representing limited liability company interests ("Class A Shares") as calculated pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding limited liability company interests in WBI Operating LLC ("OpCo Units") into Class A Shares, the Reporting Person's beneficial ownership percentage is 11.7%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
WaterBridge Resources 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
14,475,660.00 | ||||||||
| 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)
26.6 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 11.7%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
NDB Holdings 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
41,425,200.00 | ||||||||
| 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)
48.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 33.6%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
WaterBridge NDB 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
41,425,200.00 | ||||||||
| 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)
48.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 33.6%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Desert Environmental Holdings 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
6,193,800.00 | ||||||||
| 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)
12.5 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 5.0%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Five Point Energy GP I LP | ||||||||
| 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
14,475,660.00 | ||||||||
| 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)
26.6 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 11.7%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Five Point Energy GP I 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
14,475,660.00 | ||||||||
| 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)
26.6 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 11.7%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Five Point Energy GP II LP | ||||||||
| 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
41,425,200.00 | ||||||||
| 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)
48.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 33.6%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Five Point Energy GP II 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
41,425,200.00 | ||||||||
| 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)
48.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 33.6%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Five Point Energy GP III LP | ||||||||
| 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
47,619,000.00 | ||||||||
| 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)
52.4 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 38.6%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
Five Point Energy GP III 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
47,619,000.00 | ||||||||
| 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)
52.4 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 38.6%.
SCHEDULE 13G
|
| CUSIP No. | 940923105 |
| 1 | Names of Reporting Persons
David Capobianco | ||||||||
| 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
UNITED STATES
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
62,094,660.00 | ||||||||
| 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)
60.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IN |
Comment for Type of Reporting Person: The percent of class set forth in Row 11 reflects the percentage of all outstanding Class A Shares as calculated pursuant to Rule 13d-3 under the Exchange Act. On a fully diluted basis, assuming the redemption of all 80,190,150 outstanding OpCo Units into Class A Shares, the Reporting Person's beneficial ownership percentage is 50.3%.
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:
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
WBR Holdings LLC
WaterBridge Resources LLC
NDB Holdings LLC
WaterBridge NDB LLC
Desert Environmental Holdings LLC
Five Point Energy GP I LP
Five Point Energy GP I LLC
Five Point Energy GP II LP
Five Point Energy GP II LLC
Five Point Energy GP III LP
Five Point Energy GP III LLC
David Capobianco | |
| (b) | Address or principal business office or, if none, residence:
The principal business office address for each of the Reporting Persons is c/o WaterBridge Infrastructure LLC, 5555 San Felipe Street, Suite 1200, Houston, Texas 77056. | |
| (c) | Citizenship:
Mr. Capobianco is a citizen of the United States. Each of the remaining Reporting Persons is organized under the laws of the State of Delaware. | |
| (d) | Title of class of securities:
Class A Shares | |
| (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:
The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4(a).
The ownership information presented herein represents beneficial ownership of Class A Shares as of the date of this filing, based upon 43,264,850 Class A Shares outstanding as of the closing of the Issuer's initial public offering, as disclosed in the Issuer's Prospectus filed with the Securities and Exchange Commission on September 18, 2025.
The beneficial ownership presented herein includes: (i) 3,411,735 Class A Shares and 11,063,925 Class A Shares underlying an equal number of limited liability company interests in WBI Operating LLC ("OpCo" and such units, "OpCo Units") held of record by WBR Holdings LLC ("WBR Holdings"), (ii) 41,425,200 Class A Shares underlying an equal number of OpCo Units held of record by NDB Holdings LLC ("NDB Holdings") and (iii) 6,193,800 Class A Shares underlying an equal number of OpCo Units held of record by Desert Environmental Holdings LLC ("Desert Holdings"). Each OpCo Unit may be redeemed at the request of the holder for either Class A Shares on a one-to-one basis or for a cash payment, as determined by the OpCo LLC Agreement. Upon redemption of OpCo Units, an equal number of Class B Shares will be canceled.
WaterBridge Resources LLC is the managing member of WBR Holdings and is controlled by a board of managers consisting of four members. Funds controlled by Five Point Energy GP I LP ("GP I") have a right to appoint a majority of the members of the board of managers. Five Point Energy GP I LLC ("GP I LLC") is the sole general partner of GP I, and David N. Capobianco is the sole member of GP I LLC. As a result, each of WaterBridge Resources LLC, GP I, GP I LLC and Mr. Capobianco may be deemed to beneficially own the securities held by WBR Holdings. Each such entity and individual disclaims beneficial ownership of such securities.
WaterBridge NDB LLC is the managing member of NDB Holdings and is controlled by a board of managers consisting of four members. Funds controlled by Five Point Energy GP II LP ("GP II") and Five Point Energy GP III LP ("GP III") have a right to appoint a majority of the members of the board of managers. Five Point Energy GP II LLC ("GP II LLC") is the sole general partner of GP II and Five Point Energy GP III LLC ("GP III LLC") is the sole general partner of GP III. David N. Capobianco is the sole member of each of GP II LLC and GP III LLC. As a result, each of GP II, GP III, GP II LLC, GP III LLC and Mr. Capobianco may be deemed to beneficially own the securities held by NDB Holdings. Each such entity and individual disclaims beneficial ownership of such securities.
Desert Holdings is controlled by a board of managers consisting of four members. Funds controlled by GP III have a right to appoint a majority of the members of the board of managers of Desert Holdings. As a result, each of GP III, GP III LLC and Mr. Capobianco may be deemed to beneficially own the securities held by Desert Holdings. Each such entity and individual disclaims beneficial ownership of such securities. | |
| (b) | Percent of class:
The information contained on the cover pages is incorporated by reference into this Item 4(b). | |
| (c) | Number of shares as to which the person has:
| |
| (i) Sole power to vote or to direct the vote:
See Row 5 of each of the cover pages. | ||
| (ii) Shared power to vote or to direct the vote:
See Row 6 of each of the cover pages. | ||
| (iii) Sole power to dispose or to direct the disposition of:
See Row 7 of each of the cover pages. | ||
| (iv) Shared power to dispose or to direct the disposition of:
See Row 8 of each of the cover pages. | ||
| 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: |
Not Applicable
|
| 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.
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Comments accompanying signature: Exhibit 1: Joint Filing Agreement.
FAQ
Who filed the Schedule 13G for WaterBridge Infrastructure (WBI)?
Reporting persons include WBR Holdings LLC, WaterBridge Resources LLC, NDB Holdings LLC, WaterBridge NDB LLC, Desert Environmental Holdings LLC, Five Point Energy GP I/II/III (LPs and LLCs), and David N. Capobianco.
How many WaterBridge Class A Shares does David N. Capobianco report?
Capobianco reports beneficial ownership of 62,094,660 Class A Shares, representing 60.9% of the class.
What share count was used to calculate ownership percentages for WBI?
Percentages are based on 43,264,850 Class A Shares outstanding as of the issuer’s IPO closing.
What are the key positions held by the reporting entities?
WBR Holdings: 14,475,660 (26.6%); NDB Holdings: 41,425,200 (48.9%); Desert Environmental: 6,193,800 (12.5%).
How do OpCo Units affect WBI beneficial ownership reporting?
OpCo Units are redeemable one-for-one into Class A Shares (or for cash) under the OpCo LLC Agreement; several reported positions consist of Class A Shares underlying OpCo Units.
What are the fully diluted ownership figures disclosed?
Assuming redemption of 80,190,150 OpCo Units, ownership is 11.7% for WBR/GP I, 33.6% for NDB/GP II, 38.6% for GP III, and 50.3% for Capobianco.