LandBridge Corp

Income Taxes

Our predecessor, OpCo, is a Delaware limited liability company treated as a partnership and, therefore, has not been subject to U.S. federal income tax at an entity level. As a result, the consolidated net income in our historical financial statements does not reflect the tax expense we would have incurred if we were subject to U.S. federal income tax at an entity level during the periods prior to the IPO. Instead, taxable income is allocated to members, including the Company, and, except for Texas franchise tax, any taxable income of OpCo is reported in the respective tax returns of its members.

We recorded income tax expense of$1.6 million and$0.1 million for the three months ended March 31, 2025 and 2024, respectively, which was calculated using the annual effective tax rate method.

Our effective tax rate was 9.4% for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2025 was lower than the statutory rate of 21.0% primarily due to the impact of the noncontrolling interest.