Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 164

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 164
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 awards granted during the six months ended June 30, 2025. Share-based compensation consists of the WaterBridge NDB LLC incentive units. Prior to July 1, 2024 such incentive units were classified as liability awards at WaterBridge NDB LLC and shared-based compensation expense reflects the impacts of change in the liability remeasurement allocated to us. Effective July 1, 2024, the governing agreements were modified resulting in the incentive units now being accounted for as equity awards. This was considered as a modification under Accounting Standards Topic 718, Compensation – Stock Compensation (“ASC 718”). See Note 10—Share-Based Compensation within the notes to the NDB Operating consolidated financial statements included elsewhere in this prospectus. Any distributions associated with such incentive units are borne solely by WaterBridge NDB LLC and not by us. Distributions attributable to the incentive units are based on returns received by the investors of such entities once certain return thresholds have been met and are neither an obligation of the Company nor taken into consideration for distributions to investors in the Company. Loss on sale of assets. Loss on sale of assets increased $12.0 million primarily due to the sale of crude gathering and transportation assets during the six months ended June 30, 2025 as compared to no such material sales of assets during the six months ended June 30, 2024. See Note 4—Property, Plant and Equipment within the notes to the NDB Operating unaudited condensed consolidated financial statements included elsewhere in this prospectus. Other operating expense, net . Other operating expense, net increased $5.6 million for the six months ended June 30, 2025 as compared with the six months ended June 30, 2024 primarily due to lower income of $4.1 million associated with the release of a historical sales tax liability related to a legacy acquisition during the six months ended June 30, 2024, and higher plugging and abandonment expenses of $0.9 million and transaction expenses of $0.6 million associated with WaterBridge Combination during the six months ended June 30, 2025.

|                                           |     | Six Months Ended June 30, |   2025 |   |     |   |   2024 |     | Amount of 
 Increase  | (Decrease) |   |     | Percentage | Change |    |
|:------------------------------------------|:----|:--------------------------|-------:|:--|:----|:--|-------:|:----|: