Horizon Kinetics Asset Management has increased its position in WaterBridge Infrastructure (NYSE:WBI) by acquiring 504,627 shares on May 15, 2026, according to a recent SEC filing.

The transaction was valued at approximately $12.02 million, based on the average closing price during the first quarter of 2026.

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Following the purchase, the quarter-end valuation of the position grew by $59.88 million, reflecting both the new shares and overall price appreciation.

WaterBridge Infrastructure now accounts for 2.1% of Horizon Kinetics' reportable assets under management (AUM).

Stock Performance and Key Holdings

As of Monday, shares of WaterBridge Infrastructure traded at $31.06, representing a gain of about 55% from its initial public offering price of $20 in September.

Horizon Kinetics' top holdings post-filing include:

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  • Texas Pacific Land (NYSE:TPL) – $4.75 billion, 51.8% of AUM
  • Grayscale Bitcoin Trust (NYSEMKT:GBTC) – $738.90 million, 8.0%
  • LandBridge (NYSE:LB) – $390.63 million, 4.3%
  • Hawaiian Electric (NYSE:HE) – $321.07 million, 3.5%
  • Wheaton Precious Metals (NYSE:WPM) – $230.78 million, 2.5%

WaterBridge Infrastructure Overview

WaterBridge Infrastructure provides specialized water management solutions for oil and gas operations, including collection, transportation, recycling, and disposal of produced water.

The company operates an integrated water infrastructure network across major U. S.

shale basins, primarily the Delaware Basin, Eagle Ford, and Arkoma basins.

In the first quarter, WaterBridge reported revenue of $201 million and adjusted EBITDA of $102.9 million, yielding a 51% adjusted EBITDA margin.

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Management raised its full-year guidance, projecting produced water handling volumes up to 2.725 million barrels per day and adjusted EBITDA reaching up to $465 million.

The long-term outlook is supported by commercial demand from existing and new clients, along with the ongoing expansion of the Speedway pipeline network.

Horizon Kinetics' decision to expand its position aligns with its portfolio focus on real assets and energy-adjacent investments, including Texas Pacific Land and LandBridge.

Financial Metrics and Corporate Performance

As of the market close on May 15, 2026, WaterBridge Infrastructure's stock price stood at $31.06, with a market capitalization of $1.5 billion.

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The company reported revenue of $525.6 million and a net loss of $4.5 million.

Other schedules to note

  • May 20, 2026 - 16:11
  • An SEC filing dated May 15, 2026, indicates the estimated value of the transaction reached $12.02 million, calculated from the average closing price during the first quarter of 2026.
  • The quarter-end valuation of the position grew by $59.88 million, which reflects the combination of the new stock purchase and overall price appreciation.
  • Shares of WaterBridge Infrastructure were priced at $31.06 as of Monday, marking a rise of approximately 55% from the initial public offering price of $20 in September.
  • NYSE:TPL$4.75 billion51.8%
  • $31.06$1.5 billion