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LandBridge Corp

For the period ended Mar 31, 2025. Filed May 8, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

LB$65.10+5.2%Stored close · as of Nov 6, 2026

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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 March 31,2025

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)

Delaware93-3636146
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
5555 San Felipe Street, Suite 1200Houston, Texas77056
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A shares, representing limited liability company interestsLBNew York Stock Exchange

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 May 7, 2025, the registrant had 23,255,419 Class A shares and 53,141,496 Class B shares, outstanding.

TABLE OF CONTENTS

Page
PART I — FINANCIAL INFORMATION Glossary3
Cautionary Note Regarding Forward Looking Statements5
Item 1.Financial Statements (Unaudited)7
Condensed Consolidated Balance Sheets7
Condensed Consolidated Statements of Operations8
Condensed Consolidated Statements of Shareholders’ and Member’s Equity9
Condensed Consolidated Statements of Cash Flows10
Notes to the Unaudited Condensed Consolidated Financial Statements11
1. Organization and Nature of Operations11
2. Basis of Presentation and Summary of Significant Accounting Policies11
3. Asset Acquisitions12
4. Property, Plant and Equipment13
5. Income Taxes13
6. Debt13
7. Shareholders’ and Member’s Equity15
8. Share-Based Compensation16
9. Earnings Per Share17
10. Related Party Transactions18
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations19
Item 3.Quantitative and Qualitative Disclosures About Market Risk32
Item 4.Controls and Procedures32
PART II — OTHER INFORMATION
Item 1.Legal Proceedings33
Item 1A.Risk Factors33
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds33
Item 3.Defaults upon Senior Securities33
Item 4.Mine Safety Disclosures33
Item 5.Other Information33
Item 6.Exhibits34
Signatures35
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.