LandBridge Co LLC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 2. Properties
As of December 31, 2025, we owned or managed more than 315,000 surface acres in and around the Delaware Basin sub-region of the Permian Basin in Texas and New Mexico. Substantially all of our land is encumbered by mortgages that secure the 2025 Revolving Credit Facility. In addition, pursuant to our SURAs and SUAs, we grant our customers rights to use our land in return for pre-determined fees and royalties. Other than such mortgages and our SURAs and SUAs, there are no material liens or encumbrances on our title to our surface estate as of December 31, 2025.
The following table shows by county our surface acreage owned and attributable to long-term leasehold or management agreements as of December 31, 2025:
| Number of | |
|---|---|
| Location (by county and position) | Surface Acres (1)(2) |
| Northern Position | |
| Andrews County (TX) | 20,000 |
| Lea County (NM) | 40,000 |
| Eddy County (NM) | 1,000 |
| Total | 61,000 |
| Stateline Position | |
| Loving County (TX) | 98,000 |
| Winkler County (TX) | 36,000 |
| Lea County (NM) | 16,000 |
| Reeves County (TX) | 19,000 |
| Total | 169,000 |
| Southern Position | |
| Reeves County (TX) | 72,000 |
| Pecos County (TX) | 9,000 |
| Ward County (TX) | 6,000 |
| Total | 87,000 |
| Total Acres | 317,000 |
(1)
The figures in this table are rounded to the nearest thousand acres.
(2)
Inclusive of approximately 14,000 long-term leasehold or managed acres.
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