Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 357

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 357
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 6,809,850 Company Class A shares will be issued in exchange for the equity of WB 892 in the WB 892 merger. The estimated Tax Receivable Agreement liability also assumes (a) all exchanges occurred on June 30, 2025; (b) $228.2 million to be paid for the redemption of OpCo interest held by Elda River, in connection with the acquisition of OpCo interests; (c) a constant combined federal and state income tax rate of 21.5%; (d) sufficient taxable income in future years to fully utilize the tax attributes delivered to the Company in the WaterBridge Combination and Corporate Reorganization; and (v) no material changes in tax law.

The amounts to be recorded for both the deferred tax assets and the liability for our obligations under the Tax Receivable Agreement have been estimated. To the extent that future changes in the obligation under the Tax Receivable Agreement are not due to (1) transactions among or with our shareholders and (2) actual payments under the Tax Receivable Agreement, such changes will be recognized in earnings, but not as a component of the income tax provision.

We intend to only record the offset to the deferred tax asset in equity for the initial tax effects resulting from transactions among or with shareholders. As future changes in the deferred tax asset are not due to transactions among or with our shareholders, we intend to reflect those changes in earnings as component of income in the tax provision.

Adjustments to the obligation under the Tax Receivable Agreement, which might result from, among other things, changes in expectations about the extent to which tax benefits subject to the Tax Receivable Agreement will be realized and tax rate changes, would also be recognized in earnings. This arrangement does not represent a tax based on income, but rather a contractual relationship between an entity and its shareholders and is accounted for under ASC 450—Contingencies. The effects of these adjustments are not an element of income tax expense as they do not relate to costs incurred in connection with compliance with income tax law.

<div align='center'>F-17

WaterBridge Infrastructure LLC

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements</div>

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma condensed combined statements of operations: (g) Reflects a reduction in share-based compensation expense associated with the remeasurement of incentive units classified as liability awards previously allocated to WBEF of $7.4 million for the six months ended June