LandBridge第二季收入增41%至6684萬美元 淨利3105萬美元

10-Q
 
 
 
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 

  
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended June 30, 2026
OR

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from to 
Commission File Number: 001-42150

LandBridge Company LLC
(Exact Name of Registrant as Specified in its Charter)
 

 
 
 
 
 

 
 Delaware

 93-3636146

 

 
 (State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 5555 San Felipe Street, Suite 1200
Houston, Texas 

 77056

 

 
 (Address of principal executive offices)

 (Zip Code)

 

  
Registrant’s telephone number, including area code: (713) 230-8864
Securities registered pursuant to Section 12(b) of the Act:
 

 
 
 
 
 
 
 
 

 
 Title of Each Class

  

 Trading Symbol(s)

  

 Name of Each Exchange on Which Registered

 

 
 Class A shares, representing limited liability company interests

  

 LB

  

 New York Stock Exchange

 

 
  

  

  

  

 NYSE Texas, Inc.

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☒

  

  

 Accelerated filer

 ☐

 

 
 Non-accelerated filer

 ☐

  

  

 Smaller reporting company

 ☐

 

 
 Emerging growth company

 ☐

  

  

  

  

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 5, 2026, the registrant had 28,404,484 Class A shares and 48,680,928 Class B shares representing limited liability company interests (“Class B shares”) outstanding.
 

  

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 
 

 
  

  

 Page

 

 
 PART I — FINANCIAL INFORMATION
 
Glossary

 3

 

 
 Cautionary Note Regarding Forward-Looking Statements

 5

 

 
 Item 1.

 Financial Statements (Unaudited)

 7

 

 
  

 Condensed Consolidated Balance Sheets

 7

 

 
  

 Condensed Consolidated Statements of Operations

 8

 

 
  

 Condensed Consolidated Statements of Shareholders’ Equity

 9

 

 
  

 Condensed Consolidated Statements of Cash Flows

 11

 

 
  

 Notes to the Condensed Consolidated Financial Statements

 12

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 22

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 32

 

 
 Item 4.

 Controls and Procedures

 32

 

 
  

 PART II — OTHER INFORMATION

  

 

 
 Item 1.

 Legal Proceedings

 33

 

 
 Item 1A.

 Risk Factors

 33

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 33

 

 
 Item 3.

 Defaults Upon Senior Securities

 33

 

 
 Item 4.

 Mine Safety Disclosures

 33

 

 
 Item 5.

 Other Information

 33

 

 
 Item 6.

 Exhibits

 34

 

 
  

 Signatures

 35

 

  

 2

 
  

 GLOSSARY
 
The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in the industry:
1918 Acquisition. The acquisition of approximately 37,500 total acres across Reeves, Loving, Winkler and Ward counties, Texas, and certain related assets from 1918 Ranch & Royalty, LLC, completed in November 2025.
Bbl. One barrel of volume used for measuring oil.
Brackish water. Water with salinity levels between seawater and freshwater.
Completion. The process of preparing a well for the production of oil and gas by injecting high-pressure fluids mixed with proppants to create fractures in reservoir rock to enhance permeability.
Crude oil. A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.
Delaware Basin. A geological depositional and structural basin in West Texas and southeastern New Mexico, which is a part of the Permian Basin.
E&P. Oil and natural gas exploration and production.
E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators.
Five Point. Five Point Infrastructure LLC, a Delaware limited liability company and our legacy financial sponsor.
GAAP. Accounting principles generally accepted in the United States of America.
LandBridge. LandBridge Company LLC, a Delaware limited liability company (NYSE: LB; NYSE TX: LB), and its subsidiaries.
LandBridge Holdings. LandBridge Holdings LLC, a Delaware limited liability company and portfolio company of funds affiliated with Five Point.
LBH Management Units. Prior to May 1, 2026, management incentive units consisted of time-based awards of profits interests in LandBridge Holdings. Effective May 1, 2026, LandBridge Holdings recapitalized all outstanding equity interests of LandBridge Holdings, including management incentive units, into a single class of equity consisting of common units representing equity interests in LandBridge Holdings.
MBbls. One thousand barrels.
MBbl/d. One thousand barrels per day.
Mineral interest. Real-property interests that grant ownership of oil and natural gas under a tract of land and the rights to explore for, develop, and produce oil and natural gas on that land or to lease those exploration and development rights to a third party.
OpCo. DBR Land Holdings LLC, a Delaware limited liability company.
Operator. The individual or company responsible for the development and/or production of an oil or natural gas well.
Permian Basin. A large sedimentary basin located in West Texas and southeastern New Mexico.
Produced water. Water produced from an oil and natural gas well alongside crude oil and natural gas.
Produced water handling facilities. Facilities utilized for the treatment, handling and disposal of produced water.
Royalty. A real property interest that entitles the owner the right to receive a portion of the production (or the proceeds therefrom) produced from the underlying real property or a payment for the use of such underlying real property, and does not require the owner to pay any portion of the production or development costs. 
SUAs. Surface use agreements. 
SURAs. Surface use royalty agreements.
WaterBridge. WaterBridge Infrastructure LLC, a Delaware limited liability company (NYSE: WBI; NYSE TX: WBI), and its subsidiaries.

  
3

 
  

 Wolf Bone Ranch Acquisition. The acquisition of approximately 46,000 largely contiguous surface acres in the Southern Delaware Basin, completed in December 2024.
WTI. West Texas Intermediate, a grade of crude oil commonly used in reference to pricing for crude oil.

  
4

 
  

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The information in this Quarterly Report on Form 10-Q (this “Quarterly Report”) includes “forward-looking statements” within the meaning of the federal securities laws that involve risks and uncertainties. All statements, other than statements of historical fact included in this Quarterly Report, regarding our strategy, future operations, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, words such as “assume,” “could,” “would,” “should,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast,” “may,” “objective,” “plan,” “budget” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events, using currently available information as to the outcome and timing of future events at the time such statements were made. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to:
•our customers’ demand for and use of our land and resources;

•the success of WaterBridge in executing its business strategies, including its ability to construct and operate water infrastructure assets, attract customers and operate successfully on our land;

•our customers’ ability to develop our land or potential changes to our customers’ development plans, or any potential acquired acreage to accommodate any future surface use developments;

•our ability to continue the payment of dividends;

•our ability to enforce our SUAs and other agreements with our customers;

•the domestic and foreign supply of, and demand for, energy sources, including the impact of political instability or armed conflict in oil and natural gas producing regions, including increased hostilities in the Middle East, including Iran, and other sustained military campaigns, the Russia-Ukraine war, as well as the conditions in South America, Central America, China and Russia and acts of terrorism or sabotage, actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries (“OPEC”), Russia and other allied producing countries with respect to oil production levels and announcements of potential changes to such levels;

•our reliance on a limited number of customers and on a particular region for substantially all of our revenues, including the potential consolidation of such customers within such region and the degree to which such consolidation may affect spending on U.S. drilling and completions in the near term;

•our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize;

•our business strategies and our ability to execute thereon, including our ability to attract non-traditional energy customers to use our land and resources and to successfully implement our growth plans and manage any resultant growth;

•our ability to successfully implement our growth plans, including through future acquisitions of acreage and/or the introduction of new revenue streams, the costs associated with such acquisitions and revenue streams, and the risk that we may not be able to integrate and/or realize the anticipated benefits therefrom; 

•our level of indebtedness and our ability to service our indebtedness; 

•commodity price volatility and trends related to changes in commodity prices, and our customers’ ability to successfully navigate such volatility;

•the level of competition from other companies, including those offering resources that compete with the resources from our land, such as sand and brackish water;

•changes in the prices charged to our customers and availability of services necessary for our customers to conduct their businesses, as a result of scarcity, government regulations or other factors;

•any planned or future expansion projects by us or our customers; 

•our customers’ ability to obtain necessary supplies, raw materials and other critical components on a timely basis, or at all, including any impacts presented by imposed or potential tariffs, shortages, price increases and any reactions thereto in international trade;

•the development of advances or changes in energy technologies or practices;

•our and our customers’ ability to obtain government approvals or acquire or maintain necessary permits, including those related to the development and operation of produced water handling facilities, sand mines and brackish water wells;

•operational disruptions and liability related thereto associated with our customers, including those due to environmental hazards, fires, explosions, chemical mishandling or other industrial accidents;

•our and our customers’ liquidity and ability to access the capital markets on favorable terms, or at all, which depends on general market conditions, including the impact of inflation, tariffs and international trade, interest rates and related governmental policies;

  
5

 
  

 •the effects of changes in general economic, business or industry conditions and market volatility, including as a result of slowing growth, a potential economic recession, an elevated inflation rate, high interest rates, changes in U.S. and international trade policies and relations, and central bank policy, as well as associated liquidity risks; 

•condemnation proceedings affecting our land or our customers’ ability to access our lands; 

•our customers’ ability to obtain rights from neighboring landowners on economic terms, or at all, to gain access to our land or transport resources such as sand and brackish water, away from our land, to their point of end use; 

•uncertainty surrounding potential foreign, federal, state or local legal, regulatory and policy changes, including with respect to energy production, taxes, imposed or proposed tariffs and foreign trade policies, safety and surface uses, as well as the potential for general market volatility and regulatory uncertainty;

•title defects in the acreage that we acquire;

•the markets for surface acreage in the areas in which we operate and own or plan to own surface acreage, including pricing estimates, availability of land and our ability to acquire such land on favorable terms, or at all;

•our ability to recruit and retain, or secure the services of, key management and other personnel and the allocation of resources between LandBridge and WaterBridge;

•changes in laws and regulations (or the interpretation thereof), such as the One Big Beautiful Bill Act (the “OBBBA”), including those related to hydraulic fracturing, accessing water, disposing of wastewater, transferring produced water, interstate brackish water transfer, carbon pricing, pipeline construction, data privacy, taxation or emissions, leasing, permitting or drilling and various other environmental matters;

•our ability to maintain leases and permits, including our ability to renew leases on state and federal leased land;

•changes in state and federal land use policies that change or restrict our right to use state and federal leased land or increase the cost of such leases;

•changes in effective tax rates, or adverse outcomes resulting from other tax increases or an examination of our income or other tax returns and tax inefficiencies;

•the severity and duration of world health events, natural disasters or inclement or hazardous weather conditions, including cold weather, hurricanes, fires, droughts, earthquakes, flooding and tornadoes; 

•evolving cybersecurity risks, such as those involving unauthorized access, third-party provider defects and service failures, denial-of-service attacks, malicious software, data privacy breaches by employees or other service providers, insiders or others with authorized access, cyber or phishing attacks, ransomware, social engineering, physical breaches or other actions; and

•other factors discussed elsewhere in this Quarterly Report, including in the section titled “Risk Factors.” 

The forward-looking statements included in this Quarterly Report speak only as of the date of this report, represent management’s current reasonable expectations as of such date and are subject to the risks and uncertainties identified above as well as those described elsewhere in this Quarterly Report and in other reports and materials we file with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in this Quarterly Report and in other reports and materials we file with the SEC, in particular, the items under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”) and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 7, 2026. 
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary note. This cautionary note should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.
 

  
6

 
 Item 1. Financial Statements (Unaudited)
 
LandBridge Company LLC and Subsidiaries

 Condensed Consolidated Balance Sheets 
(in thousands)
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 39,797

  

  

 $

 30,741

  

 

 
 Accounts receivable, net

  

  

 17,618

  

  

  

 19,363

  

 

 
 Related party accounts receivable

  

  

 9,878

  

  

  

 4,945

  

 

 
 Prepaid expenses and other current assets

  

  

 3,487

  

  

  

 4,766

  

 

 
 Total current assets

  

  

 70,780

  

  

  

 59,815

  

 

 
 

  

  

  

  

  

  

 

 
 Non-current assets:

  

  

  

  

  

  

 

 
 Property, plant and equipment, net

  

  

 1,092,750

  

  

  

 1,084,450

  

 

 
 Intangible assets, net

  

  

 131,444

  

  

  

 136,962

  

 

 
 Deferred tax assets

  

  

 79,059

  

  

  

 80,973

  

 

 
 Other assets

  

  

 3,233

  

  

  

 3,856

  

 

 
 Total non-current assets

  

  

 1,306,486

  

  

  

 1,306,241

  

 

 
 Total assets

  

 $

 1,377,266

  

  

 $

 1,366,056

  

 

 
 

  

  

  

  

  

  

 

 
 Liabilities and equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 742

  

  

 $

 562

  

 

 
 Taxes payable

  

  

 966

  

  

  

 1,200

  

 

 
 Related party accounts payable

  

  

 1,062

  

  

  

 781

  

 

 
 Accrued liabilities

  

  

 5,946

  

  

  

 7,781

  

 

 
 Current portion of long-term debt

  

  

 194

  

  

  

 692

  

 

 
 Contract liabilities

  

  

 818

  

  

  

 1,263

  

 

 
 Other current liabilities

  

  

 7

  

  

  

 7

  

 

 
 Total current liabilities

  

  

 9,735

  

  

  

 12,286

  

 

 
 

  

  

  

  

  

  

 

 
 Non-current liabilities:

  

  

  

  

  

  

 

 
 Long-term debt, net of debt issuance costs

  

  

 535,529

  

  

  

 559,593

  

 

 
 Other long-term liabilities

  

  

 195

  

  

  

 192

  

 

 
 Total non-current liabilities

  

  

 535,724

  

  

  

 559,785

  

 

 
 Total liabilities

  

  

 545,459

  

  

  

 572,071

  

 

 
 

  

  

  

  

  

  

 

 
 Commitments and contingencies

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

 

 
 Class A shares, unlimited shares authorized and 28,233,217 shares issued and outstanding as of June 30, 2026. Unlimited shares authorized and 27,838,199 shares issued and outstanding as of December 31, 2025.

  

  

 318,073

  

  

  

 317,069

  

 

 
 Class B shares, unlimited shares authorized and 48,680,928 shares issued and outstanding as of June 30, 2026. Unlimited shares authorized and 49,250,916 shares issued and outstanding as of December 31, 2025.

  

  

 -

  

  

  

 -

  

 

 
 Retained earnings

  

  

 37,459

  

  

  

 23,233

  

 

 
 Total shareholders’ equity attributable to LandBridge Company LLC

  

  

 355,532

  

  

  

 340,302

  

 

 
 Noncontrolling interest

  

  

 476,275

  

  

  

 453,683

  

 

 
 Total shareholders’ equity

  

  

 831,807

  

  

  

 793,985

  

 

 
 Total liabilities and equity

  

 $

 1,377,266

  

  

 $

 1,366,056

  

 

  
See accompanying notes to the condensed consolidated financial statements

 7

 
 LandBridge Company LLC and Subsidiaries

 Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended June 30,

  

  

 Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Revenues:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Surface use royalties

  

 $

 12,527

  

  

 $

 9,019

  

  

 $

 23,718

  

  

 $

 19,540

  

 

 
 Surface use royalties - related party

  

  

 13,039

  

  

  

 7,676

  

  

  

 24,080

  

  

  

 14,591

  

 

 
 Easements and other surface-related revenues

  

  

 19,948

  

  

  

 14,271

  

  

  

 31,548

  

  

  

 20,711

  

 

 
 Easements and other surface-related revenues - related party

  

  

 6,655

  

  

  

 3,248

  

  

  

 9,818

  

  

  

 5,581

  

 

 
 Resource sales

  

  

 5,622

  

  

  

 5,456

  

  

  

 10,847

  

  

  

 12,622

  

 

 
 Resource sales - related party

  

  

 659

  

  

  

 181

  

  

  

 864

  

  

  

 367

  

 

 
 Resource royalties

  

  

 4,119

  

  

  

 3,841

  

  

  

 8,388

  

  

  

 7,999

  

 

 
 Resource royalties - related party

  

  

 697

  

  

  

 1,107

  

  

  

 1,971

  

  

  

 3,953

  

 

 
 Oil and gas royalties

  

  

 3,574

  

  

  

 2,734

  

  

  

 6,546

  

  

  

 6,120

  

 

 
 Other

  

  

 -

  

  

  

 -

  

  

  

 65

  

  

  

 -

  

 

 
 Total revenues

  

  

 66,840

  

  

  

 47,533

  

  

  

 117,845

  

  

  

 91,484

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Resource sales-related expense

  

  

 1,133

  

  

  

 489

  

  

  

 1,530

  

  

  

 947

  

 

 
 Other operating and maintenance expense

  

  

 1,328

  

  

  

 1,065

  

  

  

 2,597

  

  

  

 2,189

  

 

 
 General and administrative expense

  

  

 15,900

  

  

  

 14,800

  

  

  

 31,626

  

  

  

 29,492

  

 

 
 Depreciation, depletion and amortization

  

  

 4,374

  

  

  

 2,545

  

  

  

 8,799

  

  

  

 5,146

  

 

 
 Other operating (income) expense, net

  

  

 (53

 )

  

  

 132

  

  

  

 (43

 )

  

  

 171

  

 

 
 Operating income

  

  

 44,158

  

  

  

 28,502

  

  

  

 73,336

  

  

  

 53,539

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest expense, net

  

  

 9,190

  

  

  

 7,879

  

  

  

 18,701

  

  

  

 15,856

  

 

 
 Other expense, net

  

  

 17

  

  

  

 -

  

  

  

 27

  

  

  

 -

  

 

 
 Income before income taxes

  

  

 34,951

  

  

  

 20,623

  

  

  

 54,608

  

  

  

 37,683

  

 

 
 Income tax expense

  

  

 3,902

  

  

  

 2,148

  

  

  

 5,691

  

  

  

 3,749

  

 

 
 Net income

  

  

 31,049

  

  

  

 18,475

  

  

  

 48,917

  

  

  

 33,934

  

 

 
 Net income attributable to noncontrolling interest

  

  

 18,762

  

  

  

 10,973

  

  

  

 27,915

  

  

  

 19,968

  

 

 
 Net income attributable to LandBridge Company LLC

  

 $

 12,287

  

  

 $

 7,502

  

  

 $

 21,002

  

  

 $

 13,966

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income per share of Class A shares

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

 $

 0.43

  

  

 $

 0.30

  

  

 $

 0.74

  

  

 $

 0.57

  

 

 
 Diluted

  

 $

 0.40

  

  

 $

 0.24

  

  

 $

 0.63

  

  

 $

 0.44

  

 

 
 Weighted average shares outstanding of Class A shares

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

  

 27,960,494

  

  

  

 24,069,705

  

  

  

 27,899,874

  

  

  

 23,664,811

  

 

 
 Diluted

  

  

 76,991,052

  

  

  

 76,394,121

  

  

  

 77,034,749

  

  

  

 76,429,063

  

 

  
See accompanying notes to the condensed consolidated financial statements

 8

 
 LandBridge Company LLC and Subsidiaries

 Condensed Consolidated Statements of Shareholders’ Equity 
(in thousands, except share amounts)
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Class A

  

  

 Class B

  

  

 Retained Earnings

  

  

 Non- 
controlling
Interest

  

  

 Total
Shareholders’ 
Equity

  

 

 
  

  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Amount

  

  

 Amount

  

  

 Amount

  

 

 
 Balance at December 31, 2025

  

  

 27,838,199

  

 $

 317,069

  

  

  

 49,250,916

  

 $

 -

  

  

 $

 23,233

  

  

 $

 453,683

  

  

 $

 793,985

  

 

 
 Net income

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 8,715

  

  

  

 9,153

  

  

  

 17,868

  

 

 
 Deemed non-cash contributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 9,002

  

  

  

 9,002

  

 

 
 RSU share-based compensation expense

  

  

 -

  

  

 817

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 1,445

  

  

  

 2,262

  

 

 
 Class A shares issued on vesting of RSUs, net of shares withheld for tax

  

  

 1,030

  

  

 (3

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (3

 )

 

 
 Cancellation of Class B shares

  

  

 -

  

  

 -

  

  

  

 (73,141

 )

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Tax distributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 (5,413

 )

  

  

 (5,413

 )

 

 
 Dividends and distributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (3,341

 )

  

  

 (5,910

 )

  

  

 (9,251

 )

 

 
 RSU dividend equivalent rights

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (23

 )

  

  

 (41

 )

  

  

 (64

 )

 

 
 Changes in ownership interest adjustment

  

  

 -

  

  

 (1,702

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 1,702

  

  

  

 -

  

 

 
 Tax impact of ownership interest adjustment

  

  

 -

  

  

 (270

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (270

 )

 

 
 Balance at March 31, 2026

  

  

 27,839,229

  

 $

 315,911

  

  

  

 49,177,775

  

 $

 -

  

  

 $

 28,584

  

  

 $

 463,621

  

  

 $

 808,116

  

 

 
 Net income

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 12,287

  

  

  

 18,762

  

  

  

 31,049

  

 

 
 Deemed non-cash contributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 8,964

  

  

  

 8,964

  

 

 
 RSU share-based compensation expense

  

  

 -

  

  

 827

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 1,449

  

  

  

 2,276

  

 

 
 Redemption of Class B shares to Class A shares

  

  

 393,860

  

  

 -

  

  

  

 (393,860

 )

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Class A shares issued on vesting of RSUs, net of shares withheld for tax

  

  

 128

  

  

 (4

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (4

 )

 

 
 Cancellation of Class B shares

  

  

 -

  

  

 -

  

  

  

 (102,987

 )

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Tax distributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 (9,287

 )

  

  

 (9,287

 )

 

 
 Dividends and distributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (3,388

 )

  

  

 (5,854

 )

  

  

 (9,242

 )

 

 
 RSU dividend equivalent rights

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (24

 )

  

  

 (41

 )

  

  

 (65

 )

 

 
 Changes in ownership interest adjustment

  

  

 -

  

  

 1,339

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 (1,339

 )

  

  

 -

  

 

 
 Balance at June 30, 2026

  

  

 28,233,217

  

 $

 318,073

  

  

  

 48,680,928

  

 $

 -

  

  

 $

 37,459

  

  

 $

 476,275

  

  

 $

 831,807

  

 

  
See accompanying notes to the condensed consolidated financial statements

 9

 
 LandBridge Company LLC and Subsidiaries

 Condensed Consolidated Statements of Shareholders’ Equity (Continued)
(in thousands, except share amounts)
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Class A

  

  

 Class B

  

  

 Retained Earnings

  

  

 Non- 
controlling
Interest

  

  

 Total
Shareholders’ 
Equity

  

 

 
  

  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Amount

  

  

 Amount

  

  

 Amount

  

 

 
 Balance at December 31, 2024

  

  

 23,255,419

  

 $

 208,427

  

  

  

 53,227,852

  

 $

 -

  

  

 $

 3,349

  

  

 $

 425,295

  

  

 $

 637,071

  

 

 
 Net income

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 6,464

  

  

  

 8,995

  

  

  

 15,459

  

 

 
 Deemed non-cash contributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 8,945

  

  

  

 8,945

  

 

 
 RSU share-based compensation expense

  

  

 -

  

  

 668

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 1,527

  

  

  

 2,195

  

 

 
 Cancellation of Class B shares

  

  

 -

  

  

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 (34,674

 )

  

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 Tax distributions

  

  

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 (5,821

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 (5,821

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 Dividends and distributions

  

  

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 (2,326

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 (5,336

 )

  

  

 (7,662

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 RSU dividend equivalent rights

  

  

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 (23

 )

  

  

 (52

 )

  

  

 (75

 )

 

 
 Changes in ownership interest adjustment

  

  

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 860

  

  

  

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 (860

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 Offering costs

  

  

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 (450