Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 494

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 494
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5, any other interim periods, or any future year or period. The balance sheet as of December 31, 2024 included herein was derived from the audited financial statements as of that date. Certain disclosures have been condensed or omitted from the interim condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and related notes for the year ended December 31, 2024.

<div align='center'>F-128

Desert Environmental LLC and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements</div>

Significant Accounting Policies As of June 30, 2025, the Company's significant accounting policies are consistent with those discussed in Note 2 -Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company's annual audited financial statements and accompanying notes for the year ended December 31, 2024. There were no significant updates or revisions to our accounting policies during the six months ended June 30, 2025. Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Whenever available, fair value is based on or derived from observable market prices or parameters. When observable market prices or inputs are not available, unobservable prices or inputs are used to estimate the fair value. The three levels of the fair value measurement hierarchy are as follows:

| Level 1 | Quoted market prices in active markets for identical assets or liabilities.                                                        |
| Level 2 | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. |
| Level 3 | Unobservable inputs that are not corroborated by market data.                                                                      |

The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, net of current expected credit losses and accounts payable. The carrying value of the Company's cash and cash equivalents, accounts receivable, net of expected credit losses and accounts payable approximate fair value due to their highly liquid nature or short-term maturity. The fair value of debt is the estimated amount the Company would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Refer to Note 5. Debt for additional information. Non-recurring fair value measurements are performed for management incentive units, as disclosed in Note 6. Member's