Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 438

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 438
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 0.5%. The Step-Up PIK Units increase the overall redemption value by an amount equal to the original issue price of the Step-Up PIK Units.

The Company presented and accounted for the Series A Preferred Units as mezzanine equity in accordance with ASC 480-10-S99-3A at their issuance date fair value of $147.8 million ($150.0 million stated value, net of issuance costs). The Series A Preferred Units are classified in mezzanine equity because they are redeemable at the option of the Series A Preferred Unit Holders and upon a change of control, which is an event that is not solely within the control of the Company. The Series A Preferred Units are deemed to be probable of becoming redeemable. As such, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the Series A Preferred Units to an amount equaling their redemption value at the end of each

<div align='center'>F-81</div>

### Notes to the Consolidated Financial Statements
reporting period, which equals the liquidation preference. Below is a summary of the redemption values as of December 31, 2024, and 2023.

|                                                          |     | December 31, |    2024 |     |   |    2023 |
|:---------------------------------------------------------|:----|:-------------|--------:|:----|:--|--------:|
| Redeemable Series A Preferred Units, including PIK Units |     | $            | 279,750 |     | $ | 252,777 |
| Step-Up PIK Units                                        |     |              |  12,973 |     |   |  11,658 |
| Total Redemption Value                                   |     | $            | 292,723 |     | $ | 264,435 |

Redeemable Series B Preferred Units On August 27th, 2020, the Company issued 95,000 Series B Preferred Units (“Redeemable Series B Preferred Units”) to investors in exchange for $95.0 million in cash. The key terms of the Series B Preferred Units are outlined in the WBEF LLCA, as amended from time to time. The Redeemable Series B Preferred Units have preference over Series A units upon the dissolution of the Company. The Redeemable Series B Preferred Units are junior to (i) the satisfaction of all the Company’s indebtedness, and (ii) the Series A