Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 407

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 407
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2 | % |
| Dividend yield           |     |           |         0 | % |     |           |            0 | % |
| Volatility               |     |           |      64.5 | % |     |           |         53.7 | % |
| Marketability discount   |     | 28% - 32% |           |   |     | 31% - 32% |              |   |

The fair value of the WB II Incentive Units as of March 31, 2025 was $2.6 million ($3 - $668 per unit) and as of December 31, 2024 was $2.0 million ($0 - $543 per unit). The cumulative vested value of the liability for the WB II Incentive Units allocated to the Company was approximately $2.6 million and $2.0 million as of March 31, 2025 and December 31, 2024, respectively. The Company recognized expense of $0.6 million and expense of $0.2 million, respectively, in share-based compensation expense during the three months ended March 31, 2025 and 2024, respectively, which is included in general and administrative expense on the statements of operations. For the three months ended March 31, 2025 and the year ended December 31, 2024, the WB II Incentive Units were fully vested. There were no departures requiring accelerated vesting during the three months ended March 31, 2025 and 2024. Changes in the allocated vested and unvested fair value of the Incentive Units for the year ended December 31, 2024 and three months ended March 31, 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 |

<div align='center'>F-98

WaterBridge Equity Finance LLC and Subsidiaries

Notes to the Unaudited Cond