Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 6

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 6
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. Because the Class A shares issued in this offering will initially indirectly represent a minority economic interest in OpCo, prospective investors should therefore evaluate performance metrics and financial information in this prospectus accordingly. To the extent that OpCo Units (along with a corresponding number of our Class B shares) are redeemed for our Class A shares (or, at our election, for cash) over time, the relative economic interests of WaterBridge and our public shareholders in OpCo’s economic results will increase relative to those of the other holders of OpCo Units, including Five Point and its affiliates.

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### Financial and Operating Data Presentation
Unless otherwise indicated, the historical financial and operating data presented herein generally consists of the combined financial and operating results of WBEF and WaterBridge NDB Operating LLC, a Delaware limited liability company (“NDB Operating”). NDB Operating is an indirect, wholly owned subsidiary of NDB Midstream that indirectly owns all of the assets and operations of NDB Midstream. Prior to the WaterBridge Combination, NDB Midstream did not have any material operations, liabilities or assets other than its indirect ownership of NDB Operating. In connection with the WaterBridge Combination, OpCo will directly or indirectly acquire all of the equity interests in WBEF, NDB Midstream and their respective subsidiaries, including NDB Operating, other than the existing Series A preferred units in WBEF (the “WBEF Preferred Units”) held by an existing third-party investor (the “Legacy Preferred Holder”).

Immediately following the WaterBridge Combination, OpCo will have no operations, income (loss), liabilities or material assets, other than its ownership of all of the outstanding equity interests in WBEF (excluding the WBEF Preferred Units). WBEF will own all of the legacy assets and operations of WBEF, NDB Operating and their respective subsidiaries. Following the WaterBridge Combination, the financial results of WBEF and NDB Operating will be included in the consolidated financial results of OpCo, and following this offering, the financial results of OpCo will be included in the consolidated financial statements of WaterBridge.

In certain instances in this prospectus, we present financial and operating data on a “pro forma” or “pro forma, as adjusted” basis, as applicable. As used herein and as applicable based on the periods presented, these references have the following meanings:

the term “pro forma” when used with respect to financial data refers to the combined historical financial data of WBEF, N