LandBridge Corp

Organizationand Nature of Operations

Effective October 13, 2026 (the “Effective Date”), the Company completed its conversion from LandBridge Company LLC, a Delaware limited liability company, to LandBridge Corporation, a Texas corporation, pursuant to a plan of conversion effected under the Delaware Limited Liability Company Act and the Texas Business Organizations Code (the “Conversion and Redomestication”). The legal existence of the Company continued without interruption. On the Effective Date, each outstanding Class A share and Class B share representing limited liability company interests in LandBridge Company LLC was converted, on a one-for-one basis, into one share of Class A common stock, par value $0.001 per share (the “Class A Common Stock”) and Class B common stock, par value $0.001 per share (the “Class B Common Stock”), respectively, of LandBridge Corporation.

References to the “Company,” “LandBridge,” “we,” “our,” or “us” refer to LandBridge Corporation and its consolidated subsidiaries for periods following the Conversion and Redomestication and LandBridge Company LLC and its consolidated subsidiaries for periods prior to the Conversion and Redomestication. Because the Conversion and Redomestication became effective October 13, 2026, the accompanying unaudited condensed consolidated financial statements as of and during the three and nine months ended September 30, 2026 and related notes reflect the results of LandBridge Company LLC.

We are a holding company whose principal asset consists of membership interests (“OpCo Units”) in DBR Land Holdings LLC (“OpCo”). As the managing member of OpCo and its subsidiaries, we operate and control all of the business and affairs of OpCo and its subsidiaries, and through OpCo and its subsidiaries, conduct our business. The Company has no other operations, cash flows, or material assets or liabilities other than our investment in OpCo and certain deferred tax assets and income tax liabilities. Refer to Note 6 —Income Taxes for additional information.

We generate revenue primarily from the use of our surface acreage, the sale of resources from our land and oil and natural gas royalties. The use of surface acreage generally includes easements or leases and various surface use royalties. Sale of resources generally includes sales of brackish water and other surface composite materials. Our assets consist mainly of fee surface acreage, oil and natural gas mineral interests, brackish water wells and ponds and related facilities.

We own surface acreage in the Delaware Basin and the adjacent Central Basin Platform in Texas and New Mexico and oil and natural gas mineral interests in the Delaware Basin in Texas.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with Rule 10-01 of Regulation S-X and reflect all adjustments, consisting of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods presented. Accordingly, these Financial Statements should be read in conjunction with the Company’s annual audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). When necessary, certain reclassifications are made to prior period financial information to conform with current period presentation. All dollar amounts in the Financial Statements and tables in the notes are stated in thousands of dollars unless otherwise indicated.