Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 356

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 356
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 combined balance sheet for the percentage of OpCo units not held by the Company. Upon completion of the contemplated transactions, the non-controlling interest is expected to own approximately 67.6% of OpCo.

| Pro forma members’ equity as of June 30, 2025                                                                                                                            |     | $ | 1,477,058 |   |
| Gross proceeds from Offering                                                                                                                                             |     |   |   634,000 |   |
| Net underwriting discounts and offering costs(1)                                                                                                                         |     |   |   (47,357 | ) |
| Recognition of deferred tax assets and payable to related parties pursuant to the Tax Receivable Agreement                                                               |     |   |   (78,674 | ) |
| Acquisition of OpCo interests                                                                                                                                            |     |   |  (228,162 | ) |
| Pro forma, As Adjusted members' equity as of June 30, 2025                                                                                                               |     | $ | 1,756,866 |   |
| Estimated noncontrolling interest percentage                                                                                                                             |     |   |      67.6 | % |
| (1) Includes $1.6 million of offering costs paid as of June 30, 2025 and a write-off of $0.9 million of debt issuance costs related to the NDB Revolving Credit Facility |     |   |           |   |

<div align='center'>F-16

WaterBridge Infrastructure LLC

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements</div>

(f) Reflects adjustments to give effect to tax adjustments associated with the Corporate Reorganization and adjustments to give effect to the Tax Receivable Agreement (as described in “Certain Relationships and Related Party Transactions—Tax Receivable Agreement”) based on the following assumptions (i) we expect to record $122.8 million in deferred tax assets for the estimated income tax effects of net operating loss carryovers, interest expense carryovers, and the differences in the tax basis and the book basis of the assets owned by the Company following completion of the Corporate Reorganization; and (ii) in connection with the Corporate Reorganization, we will enter into the Tax Receivable Agreement with the TRA Holders which generally provides for a payment by us for 85% of net cash savings, if any, in U.S. federal, state and local income taxes that we realize or in some cases are deemed to realize. We have estimated this liability to be approximately $201.5 million. The amount assumes