Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 461

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 461
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 were fully vested. There were no departures requiring accelerated vesting during the six months ended June 30, 2025 and 2024.

<div align='center'>F-103

WaterBridge Equity Finance LLC and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements</div>

Changes in the allocated vested and unvested fair value of the Incentive Units for the year ended December 31, 2024 and six months ended June 30, 2025 were as follows:

| Recurring:                |     |   |        |
|:--------------------------|:----|:--|-------:|
| Balance January 1, 2024   |     | $ | 15,933 |
| Remeasurements            |     |   |  5,330 |
| Balance December 31, 2024 |     | $ | 21,263 |
| Remeasurements            |     |   |  1,621 |
| Balance March 31, 2025    |     | $ | 22,884 |
| Remeasurements            |     |   |  5,776 |
| Balance June 30, 2025     |     | $ | 28,660 |

9. Related Party Transactions

| Revenues - Related Party               |     | Financial Statements Location           |     | Three Months Ended 
 June 30,           
 2025               |       |     | 2024 |     |     | Six Months Ended 
 June 30,         
 2025             |       |     | 2024 |       |
|:---------------------------------------|:----|:----------------------------------------|:----|:-------------------|------:|:----|:-----|----:|:----|:-----------------|------:|:----|:-----|------:|
| Customer Agreement                     |     | Produced water handling - related party |     | $                  |   111 |     |      |   - |     | $                |   215 |     |      |     - |
| Direct Operating Costs - Related Party |     |                                         |     |                    |       |     |      |     |     |                  |       |     |      |       |
| Supplier Agreement                     |     | Direct operating costs - related party  |     | $                  | 1,882 |     | $    | 950 |     | $                | 3,197 |