LandBridge Co LLC

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

On May 23, 2025, LandBridge Holdings redeemed 1,900,000 OpCo Units (together with the cancellation of a corresponding number of Class B shares), for 1,900,000 Class A shares and subsequently sold such Class A shares at a price per share of $75.25 pursuant to Rule 144 under the Securities Act. The Company did not receive any proceeds or incur any material expenses from the sale of the Class A shares by LandBridge Holdings. See Note 5 —Income Taxes for additional information regarding the redemption.

During the year ended December 31, 2024, no Class B shares were redeemed for Class A shares.

Cancellations

During the three months ended June 30, 2025, OpCo and the Company cancelled 79,686 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 volume weighted average Class A share price for each of the 10 consecutive trading days ending on and including the last full trading day immediately prior to the tax distribution date.

During the three months ended March 31, 2025, 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 volume weighted average Class A share price for each of the 10 consecutive trading days ending on and including the last full trading day immediately prior to the tax distribution date.

Dividends and Distributions

On August 4, 2025, our board of directors declared a dividend on our Class A shares of $0.10 per share, payable on September 18, 2025 to shareholders of record as of September 4, 2025, and a corresponding required cash distribution to OpCo unitholders.