LandBridge Corp

Shareholders’ and Member’s Equity

Shareholders’ Equity

Holders of Class A shares and Class B shares vote together as a single class on all matters presented to our shareholders, except as otherwise required by applicable law or by the A&R LLC Agreement. Class B shares are not entitled to participate in any dividends our Board may declare.

Redemptions and Cancellations

During the three months ended March 31, 2025 and the year ended December 31, 2024, no Class B shares were redeemed for Class A shares.

During the quarter, OpCo and the Company cancelled 34,674 OpCo Units held by LandBridge Holdings and a corresponding number of Class B shares in lieu of the payment of a tax distribution by OpCo to the Company in excess of the Company’s current income tax obligation. The number of cancelled OpCo Units was determined based on the Company’s Class A share price as of the tax distribution date.

Dividends and Distributions

During the three months ended March 31, 2025, we paid a cash dividend of$0.10 per share to Class A shareholders, totaling$2.3 million, and a corresponding cash distribution of$0.10 per unit to OpCo unitholders, totaling$5.3 million.

During the three months ended March 31, 2025, OpCo paid tax distributions to LandBridge Holdings of$5.8 million pursuant to the OpCo LLC Agreement.

On May 7,2025, our board of directors declared a dividend on our Class A shares of $0.10 per share, payable on June 19, 2025 to shareholders of record as of June 5, 2025, and a corresponding required cash distribution to OpCo unitholders.