Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 357

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 357
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 as of June 30, 2025 and a write-off of $0.9 million of debt issuance costs related to the NDB Revolving Credit Facility |     |   |           |   |

<div align='center'>F-16

WaterBridge Infrastructure LLC

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

(f) Reflects adjustments to give effect to tax adjustments associated with the Corporate Reorganization and adjustments to give effect to the Tax Receivable Agreement (as described in “Certain Relationships and Related Party Transactions—Tax Receivable Agreement”) based on the following assumptions (i) we expect to record $115.6 million in deferred tax assets for the estimated income tax effects of net operating loss carryovers, interest expense carryovers, and the differences in the tax basis and the book basis of the assets owned by the Company following completion of the Corporate Reorganization; and (ii) in connection with the Corporate Reorganization, we will enter into the Tax Receivable Agreement with the TRA Holders which generally provides for a payment by us for 85% of net cash savings, if any, in U.S. federal, state and local income taxes that we realize or in some cases are deemed to realize. We have estimated this liability to be approximately $195.0 million. The amount assumes 6,786,132 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