Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 499

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 499
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 be recognized over remaining term as the Incentive Units vest. There were no units forfeited during the six months ended June 30, 2025. The Company uses the Black-Scholes option valuation model to value units granted to employees that uses the assumptions noted in the following table. The same inputs were used for the units granted in both the 2024 and 2023 periods. Expected volatility is based on historical volatility of the Company's market and other factors. The expected term of awards granted represents the period of time that awards are expected to be outstanding. The risk-free rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. In addition, management considers the distribution priority schedule or "waterfall calculation" in its estimation process.

| Expected volatility      |     | 22.50 | % |
| Expected dividends       |     |  0.00 | % |
| Expected term (in years) |     |     3 |   |
| Risk-free rate           |     |  4.95 | % |
| Marketability discount   |     |  9.00 | % |

Note 7. Related Party Transactions Transactions between the Company and related parties are summarized as follows (in thousands):

|                                     |     | Financial Statements Location |     |   | June 30, 2025 |     |   | December 31, 2024 |
|:------------------------------------|:----|:------------------------------|:----|:--|--------------:|:----|:--|------------------:|
| Accounts Receivable - Related Party |     |                               |     |   |               |     |   |                   |
| Customer Agreement                  |     | Related party receivable      |     | $ |         1,346 |     | $ |             1,523 |
| Accounts Payable - Related Party    |     |                               |     |   |               |     |   |                   |
| Shared Services Agreement           |     | Related party payable         |     | $ |           205 |     | $ |               189 |
| Affiliate Facility Access Agreement |     | Related party payable         |     |   |           166 |     |   |               195 |

|                                     |     |                    |     |   |  Period ended 
 June 30, 2025 |     |   |  Period ended 
 June 30, 2024 |
|:------------------------------------|