Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 498

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 498
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 was in compliance with these covenants as of June 30, 2025.

The term loan incurred interest at an average rate of 7.80% and 9.32% during the six months ended June 30, 2025 and 2024, respectively. Interest expense incurred on all outstanding debt for the six months ended June 30, 2025 and 2024, was $499 thousand and $430 thousand, respectively. During the six months ended June 30, 2025, the Company recorded $90 thousand in capitalized interest.

The estimated fair value of the debt approximates the principal amount outstanding because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty.

Insurance Note Payable

During 2024, the Company entered into two promissory notes for the payment of insurance premiums with an aggregate principal amount of $979 thousand payable through December 2025. The notes payable incurred interest at a fixed rate of 7.94% and 8.36% and during the six months ended June 30, 2025 and 2024, respectively. Interest expense incurred on the outstanding notes payable during the six months ended June 30, 2025 and June 30, 2024 was $16 thousand and $13 thousand, respectively.

Note 6. Member's Equity

As provided for in the LLC Agreement, the Parent (the sole member) holds 100% of the limited liability company interests of the Company. The Parent's limited liability company interests are generally consistent with ordinary equity ownership interests.

Distributions (including liquidating distributions) are to be made to the sole member at the discretion of the board of managers of the Parent, as the governing body of the parent entity of each of the sole member and the Company. The sole member's equity account will be adjusted for distributions paid to the member and additional capital contributions that are made by the sole member. All revenues, costs and expenses of the Company are allocated to the sole member.

The Parent has two classes of member's capital: Series A Units and Incentive Units. Series A members have voting rights. No interest shall be paid to any member on any capital contributions.

<div align='center'>F-131

Desert Environmental LLC and Subsidiaries

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

The Incentive Units constitute profits interests, issued to Company employees. The Parent