Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 154

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 154
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,925 |     | $          | (4,985 | ) |     |            | (21 | )% |

General and administrative expense. General and administrative expense, excluding share-based compensation expense, decreased by $4.3 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease was primarily attributable to lower professional fees of $3.2 million related to modifications of our credit agreements and non-recurring litigation and $1.2 million in bad debt reserve related to an uncollectible customer account during the six months ended June 30, 2024. Share-based compensation expense. Share-based compensation expense decreased $0.7 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease is attributable to the change in the fair value of the WaterBridge Resources and WaterBridge II incentive units accounted for as liability awards. Share-based compensation consists of the WaterBridge Resources and WaterBridge II incentive units. Such incentive units are classified as liability awards and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Any distributions associated with such incentive units are borne solely by WaterBridge Resources and WaterBridge II and not by us. Distributions attributable to the incentive units are based on returns received by the investors of such entities once certain return thresholds have been met and are neither our obligation nor taken into consideration for distributions to our investors. See Note 11— Share-Based Compensation within the notes to the WBEF consolidated financial statements included elsewhere in this prospectus. Other operating expense, net. Other operating expense, net increased $1.8 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. This increase was primarily attributable to transaction expenses of $1.1 million associated with the WaterBridge Combination, abandoned project costs of $0.4 million, and a gain of $0.3 million related to a casualty loss associated with a lightning strike at a produced water handling facility that occurred during the six months ended June 30, 2024.

|                                           |     | Six Months Ended June 30, |   2025 |   |     |   |   2024 |   |     | Amount of 
 Increase  | (Decrease) |   |     | Percentage | Change |    |
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