Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 350

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 350
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#### WaterBridge Equity Finance LLC and Subsidiaries

### Notes to the Consolidated Financial Statements
The number of WB II Incentive Units granted and forfeited during the twelve months ending December 31, 2024 and 2023 and is shown in the following table:

| Outstanding at January 1, 2023   |     | 6,219 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (40 | ) |
| Outstanding at December 31, 2023 |     | 6,179 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (27 | ) |
| Outstanding at December 31, 2024 |     | 6,152 |   |

The weighted average estimated fair value of the time-based portion of WB II Incentive Units was valued using a Monte Carlo simulation with the following inputs:

|                          |     | December 31,  |    2024 |   |     |               |    2023 |   |
|:-------------------------|:----|:--------------|--------:|:--|:----|:--------------|--------:|:--|
| Estimated equity value   |     | $             | 224,133 |   |     | $             | 178,734 |   |
| Expected life (in years) |     |               |     0.5 |   |     |               |     1.0 |   |
| Risk-free interest rate  |     |               |     4.2 | % |     |               |     4.7 | % |
| Dividend yield           |     |               |       0 | % |     |               |       0 | % |
| Volatility               |     |               |    53.7 | % |     |               |    65.5 | % |
| Marketability discount   |     | 31.0% - 32.0% |         |   |     | 30.0% - 32.0% |         |   |

The fair value of the WB II Incentive Units as of December 31, 2024 was $2.0 million ($0 - $543 per unit) and as of December 31, 2023 was $3.1 million ($32 - $662 per