LandBridge Co LLC
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
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8. Share-Based Compensation
Share-Based Compensation
A summary of the Company’s aggregate share-based compensation expense is shown below. Share-based compensation expense allocated to the Company is recognized as a deemed non-cash contribution to or distribution from shareholders’ equity on the condensed consolidated balance sheets. Substantially all share-based compensation expense is included in general and administrative expense on the condensed consolidated statements of operations.
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Incentive units | $9,044 | $71,762 | $17,989 | $72,572 |
| Restricted share units | 2,227 | - | 4,422 | - |
| Total share-based compensation expense | $11,271 | $71,762 | $22,411 | $72,572 |
Share-based compensation expense related to incentive units for the three and six months ended June 30, 2025, consists only of the Incentive Units. Share-based compensation expense related to incentive units for the three and six months ended June 30, 2024, consists only of the NDB Incentive Units. NDB Incentive Units were liability awards resulting in periodic fair value remeasurement prior to the Division.
Incentive Units
A summary of Incentive Units activity during thesix months ended June 30, 2025 is shown in the following table:
| Incentive Units | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | |
|---|---|---|---|
| Outstanding at December 31, 2024 | 30,020 | $5,130 | |
| Granted | - | - | |
| Forfeited | - | - | |
| Outstanding at June 30, 2025 | 30,020 | $5,130 | 0.96 |
As of June 30, 2025, remaining unrecognized compensation expense for the Incentive Units was$62.4 million, which the Company expects to recognize over a weighted average remaining period of approximately 1.9 years.
Restricted Share Units
Under the LandBridge Company LLC Long Term Incentive Plan (the “LTIP”), participants were granted restricted share units (“RSUs”) which are subject to graded vesting generally ranging from one to three years. The fair value of the awards is based on our stock price on the date of grant with compensation expense recognized on a straight-line basis over the applicable vesting period.
A summary of RSU activity during thesix months ended June 30, 2025 is shown in the following table:
| (in thousands, except fair value data) | RSUs | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value |
|---|---|---|---|---|
| Outstanding at December 31, 2024 | 749,529 | $31.37 | ||
| Granted | 2,677 | 65.37 | ||
| Forfeited | - | - | ||
| Vested | - | - | ||
| Outstanding at June 30, 2025 | 752,206 | $31.49 | 0.97 | $50,834 |
As of June 30, 2025, remaining unrecognized compensation expense for the RSUs was$15.2 million, which the Company expects to recognize over a weighted average remaining period of approximately 2.1 years.
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