Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 403

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 403
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 % |     |      |  8.67 | % |     |                  |  8.15 | % |     |      |   8.68 | % |

During the three and six months ended June 30, 2025, the Company recorded $4.1 million in capitalized interest. 6. Member’s Equity Intermediate Holdings (the “sole member”) is the sole member of the Company and holds 100% of the limited liability company interests of the Company. The Company’s limited liability company interests are generally consistent with ordinary equity interests. Distributions (including liquidating distributions) are to be made to the sole member at the discretion of the board of managers of NDB Midstream, as the governing body of the parent entity of each of the sole member and the Company. The sole member’s equity account will be adjusted for distributions paid to the member and additional capital contributions that are made by the sole member. All revenues, costs and expenses of the Company are allocated to the sole member.

<div align='center'>F-54

WaterBridge NDB Operating LLC and Subsidiaries

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

7. Share-Based Compensation A summary of the Company’s aggregate share-based compensation expense is shown below. Substantially all share-based compensation expense is included in general and administrative expense on the consolidated statements of operations.

|                                  |     | 2025 | Three Months Ended 
           June 30, |     | 2024 |       |     | 2025 | Six Months Ended 
         June 30, |     | 2024 |       |
|:---------------------------------|:----|:-----|-------------------:|:----|:-----|------:|:----|:-----|-----------------:|:----|:-----|------:|
| Share-based compensation expense |     |      |              1,058 |     |      | 8,064 |     | $    |            1,382 |     | $    | 8,711 |

Incentive Units granted during the period were estimated using a Monte Carlo Simulation with the following inputs at the following grant date:

|                          |     | 3/21/2025 |         |   |
|:-------------------------|:----|:----------|--------:|:--|
| Estimated equity value   |     | $         | 318,713 |   |
| Expected life (in years) |     |