Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 133

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 133
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 of such entities once certain return threshold have been met and are neither our obligation nor taken into consideration for distributions to our investors. See Note 11—Share-Based Compensationwithin the notes to the WBEF consolidated financial statements included elsewhere in this prospectus.

Other operating expense, net.Other operating expense, net decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily attributable to lower casualty losses of $3.1 million associated with lighting strikes at produced water handling facilities during the year ended December 31, 2023.

Gain on derivative instrument.Gain on derivative instrument decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023 attributable to the redemption of the Series A-1 preferred units containing redemption features that required separate accounting as an embedded derivatives. See Note 2—Summary of Significant Accounting Policesand Note 10—Mezzanine Equitywithin the notes to the WBEF consolidated financial statements included elsewhere in this prospectus.

Interest expense, net.Interest expense, net increased for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to an $8.8 million increase in interest expense attributable to our WBM Term Loan, a $3.5 million write-off of debt issuance costs, and a $0.9 million increase in the amortization of debt issuance costs, all of which resulted from an amendment to our WBM Term Loan in June 2024. These increases were partially offset by $1.3 million of interest income earned on funds held in interest bearing accounts. See “—Liquidity and Capital Resources” for additional information regarding our debt instruments and interest expense.

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Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024 WaterBridge NDB Operating LLC

| (in thousands)                           
 Revenues:                                |     | Three Months Ended March 31, 
 2025                         
 (unaudited)                  |        |   |     | 2024 |        |     | Amount of  
 Increase   
 (Decrease) |        |   |     | Percentage 
 Change     |        |    |
|:-----------------------------------------|:----|:-----------------------------|-------:|:--|:----|:-----|-------:|:----|:-----------|-------:|:--|:----|