Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 470

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 470
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 was $2.0 million ($0 - $543 per unit). The cumulative vested value of the liability for the WB II Incentive Units allocated to the Company was approximately $3.3 million and $2.0 million as of June 30, 2025 and December 31, 2024, respectively. The Company recognized expense of $0.7 million and expense of $1.3 million, respectively, in share-based compensation expense during the three months ended June 30, 2025 and 2024, respectively, which is included in general and administrative expense on the statements of operations. The Company recognized expense of $1.3 million and expense of $1.5 million, respectively, in share-based compensation during the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and the year ended December 31, 2024, the WB II Incentive Units were fully vested. There were no departures requiring accelerated vesting during the six months ended June 30, 2025 and 2024.

<div align='center'>F-104

WaterBridge Equity Finance LLC and Subsidiaries

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

Changes in the allocated vested and unvested fair value of the Incentive Units for the year ended December 31, 2024 and six months ended June 30, 2025 were as follows:

| Recurring:                |     |   |        |
|:--------------------------|:----|:--|-------:|
| Balance January 1, 2024   |     | $ | 15,933 |
| Remeasurements            |     |   |  5,330 |
| Balance December 31, 2024 |     | $ | 21,263 |
| Remeasurements            |     |   |  1,621 |
| Balance March 31, 2025    |     | $ | 22,884 |
| Remeasurements            |     |   |  5,776 |
| Balance June 30, 2025     |     | $ | 28,660 |

9. Related Party Transactions

| Revenues - Related Party               |     | Financial Statements Location           |     | Three Months Ended 
 June 30,           
 2025               |       |     | 2024 |     |