WaterBridge Infrastructure 公佈季度業績 營運表現穩健

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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: 001-42850

WaterBridge Infrastructure LLC
(Exact name of registrant as specified in its charter)
 

 
 
 
 
 

 
 Delaware

 33-4546086

 

 
 (State or other jurisdiction of
incorporation or organization)

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

 

 
 5555 San Felipe Street, Suite 1200
Houston, Texas 
(Address of principal executive offices)

 77056
(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

  

 WBI

  

 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 55,453,118 Class A shares and 68,003,091 Class B shares, representing limited liability company interests (“Class B shares”) outstanding.
 

  

 
  

 TABLE OF CONTENTS
 

 
 
 
 
 
 

 
  

  

 Page

 

 
 PART I – FINANCIAL INFORMATION

 

 
 Glossary

 2

 

 
 Cautionary Note Regarding Forward-Looking Statements

 3

 

 
 Item 1.

 Financial Statements (Unaudited)

 5

 

 
 WaterBridge Infrastructure LLC

  

 

 
  

 Condensed Consolidated Balance Sheets

 5

 

 
  

 Condensed Consolidated Statements of Operations

 6

 

 
  

 Condensed Consolidated Statements of Shareholders’ and Member’s Equity

 7

 

 
  

 Condensed Consolidated Statements of Cash Flows

 8

 

 
  

 Notes to the Condensed Consolidated Financial Statements

 9

 

 
 WaterBridge Equity Finance LLC

  

 

 
  

 Condensed Consolidated Statements of Operations

 25

 

 
  

 Condensed Consolidated Statements of Changes in Mezzanine Equity and Members’ Equity

 26

 

 
  

 Condensed Consolidated Statement of Cash Flows

 27

 

 
  

 Notes to the Condensed Consolidated Financial Statements

 28

 

 
 Item 2.

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

 32

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 50

 

 
 Item 4.

 Controls and Procedures

 51

 

 
 PART II – OTHER INFORMATION

 

 
 Item 1.

 Legal Proceedings

 52

 

 
 Item 1A.

 Risk Factors

 52

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 52

 

 
 Item 3.

 Defaults Upon Senior Securities

 52

 

 
 Item 4.

 Mine Safety Disclosures

 52

 

 
 Item 5.

 Other Information

 52

 

 
 Item 6.

 Exhibits

 54

 

 
  

 Signatures

 55

 

  

 1

 
  

 Glossary
The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in the industry:
Bpd or Bbl/d. Barrels per calendar day.
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.
Desert Environmental. Desert Environmental LLC, a Delaware limited liability company and subsidiary of the Company.
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.
Incentive Units. Management incentive units consisting of time-based awards of profits interests.
LandBridge. LandBridge Company LLC, a Delaware limited liability company (NYSE: LB; NYSE TX: LB), and its subsidiaries.
MBbls. One thousand barrels.
MBbl/d. One thousand barrels per day.
MVC. Minimum volume commitment.
NDB Incentive Units. Management incentive units consisting of time-based awards of profits interests in NDB LLC.
NDB LLC. WaterBridge NDB LLC, a Delaware limited liability company and portfolio company of funds affiliated with Five Point.
OpCo. WBI Operating 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.
Skim oil. Oil recovered as a byproduct of the produced water from a well during produced water handling operations. 
WaterBridge. WaterBridge Infrastructure LLC, a Delaware limited liability company (NYSE: WBI; NYSE TX: WBI), and its subsidiaries.
WTI. West Texas Intermediate, a grade of crude oil commonly used in reference to pricing for crude oil.

 2

 
  

 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 services;

•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 a substantial majority 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 with our customers, including the prices we are able to charge and the margins we are able to realize;

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

•the availability of additional pore space for future capacity expansion;

•the level of competition from other water management companies;

•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;

•our and 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;

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

•our ability to continue the payment of dividends;

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

•our ability to successfully implement our growth plans, including through organic growth projects, future acquisitions or otherwise;

•the potential deterioration of our customers’ financial condition and their ability to access capital to fund their development programs;

•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;

•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;

•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; 

•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; 

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

•our ability to integrate future acquisitions and manage related growth;

 3

 
  

 •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;

•actions taken by the federal or state governments, such as executive orders or new or expanded regulations, that may impact future energy production in the U.S.; 

•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, in particular, those intended to address seismic activity or overpressurization;

•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.

 4

 
 Item 1. Financial Statements (Unaudited)
WaterBridge Infrastructure LLC and Subsidiaries

 Condensed Consolidated Balance Sheets
(in thousands) 
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,
2026

  

  

 December 31,
2025

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 47,624

  

  

 $

 51,543

  

 

 
 Accounts receivable, net

  

  

 171,972

  

  

  

 161,645

  

 

 
 Related party accounts receivable

  

  

 39,744

  

  

  

 30,469

  

 

 
 Other receivables

  

  

 1,110

  

  

  

 2,634

  

 

 
 Prepaid expenses and other current assets

  

  

 8,006

  

  

  

 14,834

  

 

 
 Total current assets

  

  

 268,456

  

  

  

 261,125

  

 

 
 

  

  

  

  

  

  

 

 
 Non-current assets:

  

  

  

  

  

  

 

 
 Property, plant and equipment, net

  

  

 2,477,362

  

  

  

 2,285,536

  

 

 
 Intangible assets, net

  

  

 923,228

  

  

  

 935,708

  

 

 
 Goodwill

  

  

 51,993

  

  

  

 53,127

  

 

 
 Deferred tax assets

  

  

 185,758

  

  

  

 131,805

  

 

 
 Other assets

  

  

 31,416

  

  

  

 32,719

  

 

 
 Total non-current assets

  

  

 3,669,757

  

  

  

 3,438,895

  

 

 
 Total assets

  

 $

 3,938,213

  

  

 $

 3,700,020

  

 

 
 

  

  

  

  

  

  

 

 
 Liabilities and equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 51,229

  

  

 $

 38,732

  

 

 
 Related party accounts payable

  

  

 5,614

  

  

  

 5,851

  

 

 
 Accrued liabilities

  

  

 100,688

  

  

  

 129,610

  

 

 
 Related party accrued liabilities

  

  

 5,878

  

  

  

 516

  

 

 
 Current portion of long-term debt

  

  

 6,606

  

  

  

 12,546

  

 

 
 Other current liabilities

  

  

 4,294

  

  

  

 1,685

  

 

 
 Total current liabilities

  

  

 174,309

  

  

  

 188,940

  

 

 
 

  

  

  

  

  

  

 

 
 Non-current liabilities:

  

  

  

  

  

  

 

 
 Long-term debt, net of debt issuance costs

  

  

 1,609,931

  

  

  

 1,431,837

  

 

 
 Tax receivable agreement liability

  

  

 294,552

  

  

  

 201,375

  

 

 
 Other long-term liabilities

  

  

 31,132

  

  

  

 30,259

  

 

 
 Total non-current liabilities

  

  

 1,935,615

  

  

  

 1,663,471

  

 

 
 Total liabilities

  

  

 2,109,924

  

  

  

 1,852,411

  

 

 
 

  

  

  

  

  

  

 

 
 Commitments and contingencies

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

 

 
 Class A shares, unlimited shares authorized and 55,453,118 shares issued and outstanding as of June 30, 2026. Unlimited shares authorized and 43,264,850 shares issued and outstanding as of December 31, 2025.

  

  

 760,474

  

  

  

 606,843

  

 

 
 Class B shares, unlimited shares authorized and 68,003,091 shares issued and outstanding as of June 30, 2026. Unlimited shares authorized and 80,190,150 shares issued and outstanding as of December 31, 2025.

  

  

 -

  

  

  

 -

  

 

 
 Accumulated deficit

  

  

 (551

 )

  

  

 (4,537

 )

 

 
 Total shareholders’ equity attributable to WaterBridge Infrastructure LLC

  

  

 759,923

  

  

  

 602,306

  

 

 
 Noncontrolling interest

  

  

 1,068,366

  

  

  

 1,245,303

  

 

 
 Total shareholders’ equity

  

  

 1,828,289

  

  

  

 1,847,609

  

 

 
 Total liabilities and equity

  

 $

 3,938,213

  

  

 $

 3,700,020

  

 

 See accompanying notes to the condensed consolidated financial statements

 5

 
 WaterBridge Infrastructure 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:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Produced water handling

  

 $

 169,704

  

  

 $

 59,725

  

  

 $

 322,901

  

  

 $

 117,929

  

 

 
 Produced water handling - related party

  

  

 27,927

  

  

  

 29,433

  

  

  

 56,667

  

  

  

 56,292

  

 

 
 Water solutions

  

  

 8,425

  

  

  

 4,682

  

  

  

 16,915

  

  

  

 14,672

  

 

 
 Water solutions - related party

  

  

 893

  

  

  

 1,633

  

  

  

 1,417

  

  

  

 3,301

  

 

 
 Other revenues

  

  

 9,703

  

  

  

 1

  

  

  

 18,378

  

  

  

 1,190

  

 

 
 Other revenues - related party

  

  

 1,120

  

  

  

 38

  

  

  

 2,471

  

  

  

 38

  

 

 
 Total revenues

  

  

 217,772

  

  

  

 95,512

  

  

  

 418,749

  

  

  

 193,422

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Direct operating costs

  

  

 73,004

  

  

  

 38,095

  

  

  

 143,044

  

  

  

 69,616

  

 

 
 Direct operating costs - related party

  

  

 14,545

  

  

  

 10,776

  

  

  

 28,343

  

  

  

 21,204

  

 

 
 Depreciation, depletion, amortization, and accretion

  

  

 72,100

  

  

  

 21,148

  

  

  

 141,047

  

  

  

 42,186

  

 

 
 Total cost of revenues

  

  

 159,649

  

  

  

 70,019

  

  

  

 312,434

  

  

  

 133,006

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 General and administrative expense

  

  

 17,682

  

  

  

 7,583

  

  

  

 34,493

  

  

  

 14,175

  

 

 
 Loss (gain) on disposal of assets, net

  

  

 8

  

  

  

 82

  

  

  

 (66

 )

  

  

 11,691

  

 

 
 Other operating expense, net

  

  

 165

  

  

  

 658

  

  

  

 1,164

  

  

  

 1,665

  

 

 
 Operating income

  

  

 40,268

  

  

  

 17,170

  

  

  

 70,724

  

  

  

 32,885

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest expense, net

  

  

 22,708

  

  

  

 10,168

  

  

  

 42,700

  

  

  

 24,225

  

 

 
 Other expense (income), net

  

  

 794

  

  

  

 (133

 )

  

  

 682

  

  

  

 (265

 )

 

 
 Income before income taxes

  

  

 16,766

  

  

  

 7,135

  

  

  

 27,342

  

  

  

 8,925

  

 

 
 Income tax expense

  

  

 2,211

  

  

  

 10

  

  

  

 3,266

  

  

  

 89

  

 

 
 Net income

  

 $

 14,555

  

  

 $

 7,125

  

  

 $

 24,076

  

  

 $

 8,836

  

 

 
 Net income attributable to noncontrolling interest

  

  

 9,446

  

  

  

  

  

  

 15,452

  

  

  

  

 

 
 Net income attributable to WaterBridge Infrastructure LLC

  

 $

 5,109

  

  

  

  

  

 $

 8,624

  

  

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic and dilutive net income per share of Class A shares

  

 $

 0.10

  

  

  

  

  

 $

 0.18

  

  

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic and dilutive weighted average shares outstanding of Class A shares

  

  

 48,757,787

  

  

  

  

  

  

 46,337,319

  

  

  

  

 

  
See accompanying notes to the condensed consolidated financial statements

 6

 
 WaterBridge Infrastructure LLC and Subsidiaries

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Class A

  

  

 Class B

  

  

 Retained Earnings

  

  

 Non-controlling
Interest

  

  

 Total Shareholders’ and Member’s Equity

  

 

 
  

  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Amount

  

  

 Amount

  

  

 Amount

  

 

 
 Balance at December 31, 2025

  

  

 43,264,850

  

 $

 606,843

  

  

  

 80,190,150

  

 $

 -

  

  

 $

 (4,537

 )

  

 $

 1,245,303

  

  

 $

 1,847,609

  

 

 
 Net income

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 3,515

  

  

  

 6,006

  

  

  

 9,521

  

 

 
 Deemed non-cash contributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 825

  

  

  

 825

  

 

 
 RSU share-based compensation expense

  

  

 -

  

  

 635

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 1,124

  

  

  

 1,759

  

 

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

  

  

 1,209

  

  

 (11

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (11

 )

 

 
 Redemption of Class B shares to Class A shares

  

  

 3,750,000

  

  

 -

  

  

  

 (3,750,000

 )

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Dividends and distributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (2,163

 )

  

  

 (4,010

 )

  

  

 (6,173

 )

 

 
 RSU dividend equivalent

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (17

 )

  

  

 (27

 )

  

  

 (44

 )

 

 
 Changes in ownership interest adjustment

  

  

 -

  

  

 57,957

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 (57,957

 )

  

  

 -

  

 

 
 Tax impact of ownership interest adjustment

  

  

 -

  

  

 (5,597

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (5,597

 )

 

 
 Offering costs

  

  

 -

  

  

 26

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 26

  

 

 
 Balance at March 31, 2026

  

  

 47,016,059

  

 $

 659,853

  

  

  

 76,440,150

  

 $

 -

  

  

 $

 (3,202

 )

  

 $

 1,191,264

  

  

 $

 1,847,915

  

 

 
 Net income

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 5,109

  

  

  

 9,446

  

  

  

 14,555

  

 

 
 Deemed non-cash contributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 835

  

  

  

 835

  

 

 
 RSU share-based compensation expense

  

  

 -

  

  

 713

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 1,035

  

  

  

 1,748

  

 

 
 Redemption of Class B shares to Class A shares

  

  

 8,437,059

  

  

 -

  

  

  

 (8,437,059

 )

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Dividends and distributions

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (2,439

 )

  

  

 (3,733

 )

  

  

 (6,172

 )

 

 
 RSU dividend equivalent

  

  

 -

  

  

 -

  

  

  

 -

  

  

 -

  

  

  

 (19

 )

  

  

 (24

 )

  

  

 (43

 )

 

 
 Changes in ownership interest adjustment

  

  

 -

  

  

 130,457

  

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 (130,457

 )

  

  

 -

  

 

 
 Tax impact of ownership interest adjustment

  

  

 -

  

  

 (30,173

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (30,173

 )

 

 
 Offering costs

  

  

 -

  

  

 (376

 )

  

  

 -

  

  

 -

  

  

  

 -

  

  

  

 -

  

  

  

 (376

 )

 

 
 Balance at June 30, 2026

  

  

 55,453,118

  

 $

 760,474

  

  

  

 68,003,091

  

 $

 -

  

  

 $

 (551

 )