LandBridge Co LLC

11. Subsequent Events

On November 12, 2025, OpCo acquired approximately 37,500 total acres across Reeves, Loving, Winkler and Ward counties, Texas, and certain related assets from 1918 Ranch & Royalty, LLC for total purchase consideration of$250.2 million, inclusive of$0.2 million in transaction costs. The acreage acquired consists of approximately 22,000 fee simple acres, approximately 12,000 leasehold acres and approximately 3,500 mineral classified acres subject to a long-term management agreement. The purchase consideration consisted of (i) approximately$208.3 million in cash, consisting of approximately$200.0 million drawn under the DDTL Facility, approximately$5.0 million drawn under the Revolving Credit Facility and approximately$3.3 million in available cash, and (ii)657,411 OpCo Units (together with an equal number of Class B shares) valued at$41.7 million, based on a 10-day volume weighted average price of our Class A shares prior to closing. The Company applied a deposit of approximately$10.0 million against the purchase price for the 1918 Acquisition at closing.