Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 350

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 350
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2024, WB NDB, the indirect parent of the Company, was divided into two Delaware limited liability companies in accordance with a plan of division: (i) WB NDB and (ii) LandBridge Holdings LLC, a new Delaware limited liability company created by, and resulting from, the division (the “Division”). Pursuant to the Division, DBR Land Holdings LLC, a Delaware limited liability company (“DBR Land Holdings”) and its subsidiaries, each of which was previously a subsidiary of WB NDB, became subsidiaries of LandBridge Holdings LLC. As a result, all WB NDB incentive units, the burden of which were previously allocated between the Company and its subsidiaries and DBR Land Holdings and its subsidiaries, are now entirely attributable to the Company. In addition, in conjunction with the Division, WB NDB entered into a Second Amended and Restated Limited Liability Company Agreement, pursuant to which the repurchase feature triggering liability award accounting was amended to require repurchase at fair value as of the repurchase date, thereby eliminating the liability award accounting, including periodic fair value remeasurement. From and after the Division, WB NDB incentive units have transitioned to equity award accounting.

Our consolidated financial statements (“Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All dollars amounts, except per unit amounts, in the Financial Statements and tables in the notes are stated in thousands of dollars unless otherwise indicated.

All of the Company’s subsidiaries are wholly owned, either directly or indirectly through wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. There were no variable interest entities for any periods presented herein. Basic and diluted net income per common unit is not presented since the ownership structure of the Company is not a common unit of ownership.

<div align='center'>F-23

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Consolidated Financial Statements</div>

On occasion, the Company, through its wholly owned subsidiaries, enters into joint operating agreements (“JOA”) pursuant to which third parties receive non-operating undivided interests in one or more produced water handling facilities and related assets subject to the JOA. The undivided interest owners (i) receive their proportionate share of revenue and (ii) pay for their proportionate share of all costs and expenses incurred in drilling, equipping, installing, and operating the JOA assets. The JOAs are not separate legal entities; rather, each undivided