[Company Overview & Q2 2025 Highlights](index=1&type=section&id=Company%20Overview%20%26%20Q2%202025%20Highlights) LandBridge achieved strong Q2 2025 financial performance, marked by significant revenue growth, record surface use royalties, strategic agreements, and a declared dividend [Executive Summary](index=1&type=section&id=Executive%20Summary) LandBridge achieved strong Q2 2025 financial performance with 83% YoY and 8% QoQ revenue growth, a record $34.2 million in surface use royalties, and declared a $0.10 per share quarterly cash dividend - LandBridge's Q2 2025 revenue increased by **83% year-over-year** and **8% quarter-over-quarter**[1](index=1&type=chunk)[5](index=5&type=chunk) - The company achieved a record **$34.2 million** in surface use royalties and revenue for the quarter[1](index=1&type=chunk) - A quarterly cash dividend of **$0.10 per share** was declared[1](index=1&type=chunk) Q2 2025 Financial Highlights | Metric | Amount | YoY Growth | QoQ Growth | | :--------------------- | :---------- | :--------- | :--------- | | Revenue | $47.5 million | 83% | 8% | | Net Income | $18.5 million | - | - | | Net Income Margin | 39% | - | - | | Adjusted EBITDA | $42.5 million | 81% | 9% | | Adjusted EBITDA Margin | 89% | - | - | | Operating Cash Flow | $37.3 million | - | - | | Free Cash Flow | $36.1 million | - | - | | Operating Cash Flow Margin | 79% | - | - | | Free Cash Flow Margin | 76% | - | - | [CEO & CFO Commentary](index=2&type=section&id=CEO%20%26%20CFO%20Commentary) CEO Jason Long highlighted strong growth, deepened customer relationships, and enhanced asset value through differentiated pore space solutions, while CFO Scott McNeely noted high EBITDA and cash flow margins from the diversified, low-capex business model and ongoing revenue growth evaluations - CEO Jason Long stated that the company has achieved strong growth since its July 2024 IPO, deepened customer relationships, and increased its fee-based revenue portfolio[7](index=7&type=chunk) - LandBridge's differentiated pore space solutions enhance long-term asset value by enabling scalable, distributed water management solutions[7](index=7&type=chunk) - CFO Scott McNeely noted that the company is executing a highly diversified, low-capital expenditure business model, resulting in high EBITDA and cash flow margins[7](index=7&type=chunk) - The company is evaluating attractive opportunities to increase revenue from industrial uses[7](index=7&type=chunk) [Recent Milestones](index=2&type=section&id=Recent%20Milestones) LandBridge achieved key Q2 2025 milestones, including a 10-year agreement with Devon Energy, a CCGT power plant lease option, and a strategic partnership for scalable energy infrastructure - A 10-year surface use and pore space reservation agreement was signed with Devon Energy, granting Devon Energy 300,000 barrels per day of pore space capacity on East Stateline Ranch and Speed Ranch, with a commitment to deliver at least 175,000 barrels per day of produced water starting in Q2 2027[9](index=9&type=chunk) - A lease option agreement was signed with a leading independent power producer for the development, construction, and operation of a grid-connected natural gas combined cycle gas turbine (CCGT) power plant to serve potential co-located data center loads in the future[9](index=9&type=chunk) - A strategic partnership was established with a vertically integrated power generation and power solutions provider to accelerate the deployment of scalable energy infrastructure in West Texas, supporting energy-intensive customers including data centers[9](index=9&type=chunk) [Second Quarter 2025 Financial Performance](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Performance) LandBridge reported robust Q2 2025 financial results with substantial revenue growth, net income, and high adjusted EBITDA margins, driven by diversified revenue streams [Consolidated Financial Results](index=1&type=section&id=Consolidated%20Financial%20Results) LandBridge reported Q2 2025 total revenue of **$47.5 million**, an **83% YoY increase**, with **$18.5 million** net income and an **89% adjusted EBITDA margin** Q2 2025 Consolidated Financial Results | Metric (Millions USD) | Q2 2025 | Q1 2025 | Q2 2024 | | :---------------- | :------------- | :------------- | :------------- | | Revenue | $47.5 | $44.0 | $26.0 | | Net Income | $18.5 | $15.5 | $(57.7) | | Net Income Margin | 39% | 35% | (222%) | | Adjusted EBITDA | $42.5 | $38.8 | $23.4 | | Adjusted EBITDA Margin | 89% | 88% | 90% | - Q2 2025 Adjusted EBITDA includes **$9.0 million** in non-cash expenses related to LandBridge Holdings LLC incentive units and **$2.2 million** in non-cash expenses related to restricted stock units[10](index=10&type=chunk) [Diversified Revenue Streams](index=3&type=section&id=Diversified%20Revenue%20Streams) Revenue streams are diversified, showing significant growth in surface use royalties, while resource sales and oil & gas royalties experienced QoQ declines - Surface use royalties and revenue increased by **31% quarter-over-quarter**, primarily driven by a significant increase in easements and other surface-related revenue[11](index=11&type=chunk) - Resource sales and royalties decreased by **26% quarter-over-quarter**, mainly due to reduced brackish water sales and royalty volumes[12](index=12&type=chunk) - Oil and gas royalties decreased by **19% quarter-over-quarter**, primarily due to a reduction in net royalty production volume from **923 barrels of oil equivalent per day** in Q1 2025 to **814 barrels of oil equivalent per day** in Q2 2025[13](index=13&type=chunk) [Surface Use Royalties and Revenue](index=3&type=section&id=Surface%20Use%20Royalties%20and%20Revenue) Surface Use Royalties and Revenue (Millions USD) | Category | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :------------- | :------------- | :------------- | | Surface Use Royalties and Revenue | $34.2 | $26.2 | $14.4 | - Quarter-over-quarter growth of **31%** was primarily driven by an **$8.7 million** increase in easements and other surface-related revenue, benefiting from several large renewal payments, new projects with WaterBridge, Desert Environmental, and third parties, and an overall increase in land commercial activity[11](index=11&type=chunk) [Resources Sales and Royalties](index=3&type=section&id=Resources%20Sales%20and%20Royalties) Resources Sales and Royalties (Millions USD) | Category | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :------------- | :------------- | :------------- | | Resources Sales and Royalties | $10.6 | $14.4 | $7.0 | - Quarter-over-quarter decrease of **26%** was primarily due to reduced brackish water sales and royalty volumes[12](index=12&type=chunk) [Oil and Gas Royalties](index=3&type=section&id=Oil%20and%20Gas%20Royalties) Oil and Gas Royalties (Millions USD) | Category | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :------------- | :------------- | :------------- | | Oil and Gas Royalties | $2.7 | $3.4 | $4.5 | - Quarter-over-quarter decrease of **19%** was primarily due to a reduction in net royalty production volume from **923 barrels of oil equivalent per day** in Q1 2025 to **814 barrels of oil equivalent per day** in Q2 2025[13](index=13&type=chunk) [Cash Flow, Liquidity & Capital Allocation](index=3&type=section&id=Cash%20Flow%2C%20Liquidity%20%26%20Capital%20Allocation) LandBridge demonstrated strong Q2 2025 free cash flow generation, maintained ample liquidity, and declared a quarterly dividend, reflecting sound capital management [Free Cash Flow Generation](index=3&type=section&id=Free%20Cash%20Flow%20Generation) LandBridge demonstrated strong Q2 2025 free cash flow generation, with operating and free cash flow significantly increasing QoQ, and free cash flow margin improving from **36% to 76%** Cash Flow Data (Millions USD) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :------------- | :------------- | :------------- | | Net Cash Provided by Operating Activities | $37.3 | $15.9 | $16.0 | | Free Cash Flow | $36.1 | $15.8 | $15.7 | | Free Cash Flow Margin | 76% | 36% | 60% | - Capital expenditures for Q2 2025 were **$1.2 million**, with net cash used in investing activities totaling **$2.1 million**[14](index=14&type=chunk) - Net cash used in financing activities for Q2 2025 included approximately **$24.4 million** in dividend and distribution payments and **$5.0 million** in debt repayments[15](index=15&type=chunk) [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, LandBridge maintained a strong balance sheet with **$95.3 million** total liquidity, including **$20.3 million** cash and **$75.0 million** available credit - As of June 30, 2025, total liquidity was **$95.3 million**[16](index=16&type=chunk) - As of June 30, 2025, the company had approximately **$75.0 million** in available borrowing capacity under its revolving credit facility[16](index=16&type=chunk) Liquidity and Debt (Millions USD) | Metric | June 30, 2025 | March 31, 2025 | | :--- | :------------- | :------------- | | Cash and Cash Equivalents | $20.3 | $14.9 | | Outstanding Borrowings (Term Loan and Revolving Credit) | $374.3 | $379.3 | [Second Quarter 2025 Dividend](index=4&type=section&id=Second%20Quarter%202025%20Dividend) LandBridge's Board declared a **$0.10 per share** quarterly dividend for Class A common stock and a corresponding cash distribution to DBR Land Holdings LLC unitholders - LandBridge's Board of Directors declared a dividend of **$0.10 per share** for Class A common stock[18](index=18&type=chunk) - The dividend will be paid on September 18, 2025, to shareholders of record as of September 4, 2025[18](index=18&type=chunk) [Outlook](index=4&type=section&id=Outlook) LandBridge adjusted its FY2025 Adjusted EBITDA guidance due to deferred revenue recognition from a solar project, indicating a revised financial outlook [Fiscal Year 2025 Outlook](index=4&type=section&id=Fiscal%20Year%202025%20Outlook) LandBridge adjusted its FY2025 Adjusted EBITDA guidance to **$160 million to $180 million**, primarily due to deferred DBR solar project revenue recognition - The company adjusted its FY2025 Adjusted EBITDA guidance to a range of **$160 million to $180 million**[19](index=19&type=chunk) - This adjustment is primarily due to the majority of DBR solar project revenue now expected to be recognized after this fiscal year[19](index=19&type=chunk) - The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to comparable GAAP measures due to the difficulty in estimating certain items[20](index=20&type=chunk) [Corporate Information & Disclosures](index=5&type=section&id=Corporate%20Information%20%26%20Disclosures) This section provides details on LandBridge's SEC filings, investor communication events, company background, and cautionary statements regarding forward-looking information [Quarterly Report on Form 10-Q](index=5&type=section&id=Quarterly%20Report%20on%20Form%2010-Q) LandBridge filed its Form 10-Q quarterly report with the SEC on August 4, 2025, detailing financial statements for the period ended June 30, 2025 - The company's financial statements and related notes are available in its Form 10-Q quarterly report filed with the SEC on August 4, 2025, for the period ended June 30, 2025[22](index=22&type=chunk) [Conference Call and Webcast Information](index=5&type=section&id=Conference%20Call%20and%20Webcast%20Information) A conference call to discuss Q2 results will be held on Thursday, August 7, 2025, at 8:00 AM CT, with a live webcast and audio replay available - The company will host a conference call on Thursday, August 7, 2025, at 8:00 AM CT to discuss Q2 results[23](index=23&type=chunk) - A live webcast will be available on the LandBridge investor relations website, with an audio replay available until August 21, 2025[23](index=23&type=chunk)[24](index=24&type=chunk) [About LandBridge](index=5&type=section&id=About%20LandBridge) LandBridge owns approximately **277,000 acres** in the Permian Basin, actively managing land for energy, infrastructure, and digital development, formed by Five Point Infrastructure LLC - LandBridge owns approximately **277,000 acres** of surface land, primarily located in the core of the Permian Basin's Delaware Sub-basin, one of the most active oil and gas exploration and development areas in the United States[25](index=25&type=chunk) - The company actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure[25](index=25&type=chunk) - LandBridge was formed by Five Point Infrastructure LLC, which has a proven track record of investing in and developing energy, environmental water management, and sustainable infrastructure companies in the Permian Basin[25](index=25&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This press release contains forward-looking statements based on beliefs and assumptions, involving inherent risks and uncertainties, with actual results potentially differing materially from expectations - This press release may contain forward-looking statements based on LandBridge's beliefs, assumptions, and information currently available, which involve risks and uncertainties that are difficult to predict[26](index=26&type=chunk) - Investors should not place undue reliance on forward-looking statements, as actual results, performance, or achievements may differ materially from those contemplated in this press release due to various factors[27](index=27&type=chunk) - These and other risks related to LandBridge are more fully discussed in its filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K[27](index=27&type=chunk) [Unaudited Consolidated Financial Statements](index=7&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) This section presents LandBridge's unaudited consolidated statements of operations, balance sheets, and cash flows for the specified periods, detailing financial performance and position [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations detail LandBridge's revenue, expenses, and net income (loss) for Q2 2025 and 2024, showing a significant turnaround to profitability Consolidated Statements of Operations Summary (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :------------------------- | :------------------------- | :------------------------- | :------------------------- | | Total Revenue | $47,533 | $25,953 | $91,484 | $44,968 | | Operating Income (Loss) | $28,502 | $(51,236) | $53,539 | $(37,716) | | Operating Income (Loss) Before Taxes | $20,623 | $(57,516) | $37,683 | $(46,639) | | Net Income (Loss) | $18,475 | $(57,653) | $33,934 | $(46,877) | | Net Income Attributable to LandBridge Company LLC | $7,502 | N/A | $13,966 | N/A | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show LandBridge's financial position as of June 30, 2025, and December 31, 2024, with increased assets and equity, and slightly reduced liabilities Consolidated Balance Sheets Summary (Thousands USD) | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------- | :------------- | | Cash and Cash Equivalents | $20,345 | $37,032 | | Total Current Assets | $44,140 | $53,315 | | Total Non-Current Assets | $1,022,240 | $979,164 | | Total Assets | $1,066,380 | $1,032,479 | | Total Current Liabilities | $10,361 | $14,410 | | Total Non-Current Liabilities | $371,054 | $380,998 | | Total Liabilities | $381,415 | $395,408 | | Stockholders' Equity Attributable to LandBridge Company LLC | $266,448 | $211,776 | | Total Stockholders' Equity | $684,965 | $637,071 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows show positive operating cash flow, reduced investing outflows, and a shift in financing activities for the six months ended June 30, 2025 Consolidated Statements of Cash Flows Summary (Thousands USD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------- | :------------------------- | :------------------------- | | Net Cash Provided by Operating Activities | $53,245 | $33,258 | | Net Cash Used in Investing Activities | $(19,946) | $(430,968) | | Net Cash (Used in) Provided by Financing Activities | $(49,986) | $384,533 | | Net Decrease in Cash and Cash Equivalents | $(16,687) | $(13,177) | | Cash and Cash Equivalents at End of Period | $20,345 | $24,646 | [Non-GAAP Financial Measures Reconciliation](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides reconciliations of non-GAAP financial measures like Adjusted EBITDA and Free Cash Flow to their most directly comparable GAAP counterparts [Overview of Non-GAAP Measures](index=10&type=section&id=Overview%20of%20Non-GAAP%20Measures) LandBridge utilizes Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Free Cash Flow Margin as supplementary non-GAAP metrics to assess performance, not as GAAP substitutes - Adjusted EBITDA and Adjusted EBITDA Margin are used to evaluate the financial performance of assets in generating sufficient cash to return to equity holders or repay debt[34](index=34&type=chunk) - Free Cash Flow and Free Cash Flow Margin are used to assess the company's ability to repay debt, return capital to shareholders, and fund potential acquisitions without relying on external financing[39](index=39&type=chunk) - These non-GAAP financial measures should not be considered in isolation or as a substitute for net income, gross margin, or any other measure under GAAP[33](index=33&type=chunk) [Adjusted EBITDA Reconciliation](index=10&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section provides a detailed table reconciling GAAP net income (loss) to Adjusted EBITDA and Adjusted EBITDA Margin for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024 Adjusted EBITDA Reconciliation (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | | :--------------------------------- | :------------------------- | :------------------------- | :------------------------- | | Net Income (Loss) | $18,475 | $15,459 | $(57,653) | | Depreciation, Depletion, Amortization, and Accretion | $2,545 | $2,601 | $2,112 | | Net Interest Expense | $7,879 | $7,977 | $6,280 | | Income Tax Expense | $2,148 | $1,601 | $137 | | EBITDA | $31,047 | $27,638 | $(49,124) | | Equity-Based Compensation - Incentive Units | $9,044 | $8,945 | $71,762 | | Equity-Based Compensation - Restricted Stock Units | $2,227 | $2,195 | - | | Transaction-Related Expenses | $135 | - | $774 | | Adjusted EBITDA | $42,453 | $38,778 | $23,412 | | Net Income (Loss) Margin | 39% | 35% | (222%) | | Adjusted EBITDA Margin | 89% | 88% | 90% | - Equity-based compensation for incentive units for the three months ended June 30, 2025, and March 31, 2025, includes only incentive units, while for the three months ended June 30, 2024, it includes only NDB incentive units[37](index=37&type=chunk) - Transaction-related expenses include non-capitalized transaction costs associated with completed or attempted acquisitions, debt amendments, and entity structuring[38](index=38&type=chunk) [Free Cash Flow Reconciliation](index=11&type=section&id=Free%20Cash%20Flow%20Reconciliation) This section provides a detailed table reconciling GAAP operating cash flow to Free Cash Flow and Free Cash Flow Margin for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024 Free Cash Flow Reconciliation (Thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | | :----------------------------- | :------------------------- | :------------------------- | :------------------------- | | Net Cash Provided by Operating Activities | $37,332 | $15,913 | $16,043 | | Net Cash Used in Investing Activities | $(2,079) | $(17,867) | $(375,807) | | Net Cash Provided by (Used in) Operating and Investing Activities | $35,253 | $(1,954) | $(359,764) | | Acquisitions | $944 | $17,818 | $375,438 | | Proceeds from Asset Dispositions | $(105) | $(20) | - | | Free Cash Flow | $36,092 | $15,844 | $15,674 | | Operating Cash Flow Margin | 79% | 36% | 62% | | Free Cash Flow Margin | 76% | 36% | 60% | - Operating Cash Flow Margin is calculated by dividing net cash provided by operating activities by total revenue[42](index=42&type=chunk)

[Executive Summary](index=1&type=section&id=Executive%20Summary) LandBridge, formed in 2023 and public in 2024, generates revenue from surface acreage, resource sales, and oil/gas royalties in the Delaware Basin, operating as a single segment Key Financial Highlights (Six Months Ended June 30, 2025 vs. June 30, 2024): | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | YoY Change | | :------------------------------------ | :---------------------------------------- | :---------------------------------------- | :--------- | | Total revenues | $91,484 | $44,968 | 103.4% | | Net income (loss) | $33,934 | $(46,877) | 172.4% | | Net cash provided by operating activities | $53,245 | $33,258 | 60.1% | | Net cash used in investing activities | $(19,946) | $(430,968) | 95.4% (decrease in use) | | Net cash (used in) provided by financing activities | $(49,986) | $384,533 | (113.0%) (shift to use) | - Strategic Focus: Actively manages land and resources to support energy and infrastructure development, including oil and natural gas, solar power, power storage, digital infrastructure, and waste facilities, aiming for long-term revenue and Free Cash Flow[107](index=107&type=chunk) - Acquisitions: Acquired approximately **57,000 surface acres** subsequent to Q2 2024, impacting comparability and contributing to revenue growth[144](index=144&type=chunk) - Related Party Relationships: Leverages shared financial sponsor (Five Point) and management team with WaterBridge, a water infrastructure company, to gain insights into oil and natural gas production trends and facilitate infrastructure development on its land, generating royalties and surface use payments[108](index=108&type=chunk) - Revenue Diversification: Expects fee-based revenues to grow relative to oil and gas royalties and plans to pursue additional revenue streams from conventional and renewable power generation, water treatment, digital infrastructure, and telecommunication towers[123](index=123&type=chunk) [PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section provides the core financial data and disclosures for LandBridge Company LLC, including unaudited condensed consolidated financial statements and management's discussion and analysis [Glossary](index=4&type=section&id=Glossary) This section defines key terms used throughout the financial report [Cautionary Note Regarding Forward-Looking Statements](index=7&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section advises readers about the inherent uncertainties and risks associated with forward-looking statements in the report [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for LandBridge Company LLC, along with detailed notes explaining key accounting policies and transactions [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $1,066.4 million as of June 30, 2025, driven by property, plant and equipment and deferred tax assets, while total liabilities decreased and equity increased | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (vs Dec 31, 2024) | | :-------------------------------- | :----------------------------- | :------------------------------- | :----------------------- | | Cash and cash equivalents | $20,345 | $37,032 | $(16,687) | | Accounts receivable, net | $17,881 | $12,544 | $5,337 | | Total current assets | $44,140 | $53,315 | $(9,175) | | Property, plant and equipment, net | $918,312 | $902,742 | $15,570 | | Deferred tax assets | $58,548 | $29,416 | $29,132 | | Total assets | $1,066,380 | $1,032,479 | $33,901 | | Total current liabilities | $10,361 | $14,410 | $(4,049) | | Long-term debt, net | $370,872 | $380,815 | $(9,943) | | Total liabilities | $381,415 | $395,408 | $(13,993) | | Total shareholders' equity | $684,965 | $637,071 | $47,894 | [Condensed Consolidated Statements of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three and six months ended June 30, 2025, LandBridge reported significant revenue growth and a return to net income compared to net losses in the prior year periods Three Months Ended June 30, 2025 vs. 2024: | Metric | 2025 (in thousands) | 2024 (in thousands) | YoY Change | YoY % Change | | :------------------------------------ | :------------------ | :------------------ | :--------- | :----------- | | Total revenues | $47,533 | $25,953 | $21,580 | 83.1% | | Operating income (loss) | $28,502 | $(51,236) | $79,738 | 155.6% | | Net income (loss) | $18,475 | $(57,653) | $76,128 | 132.0% | | Net income attributable to LandBridge Company LLC | $7,502 | N/A | N/A | N/A | | Basic Net income per share of Class A shares | $0.30 | N/A | N/A | N/A | | Diluted Net income per share of Class A shares | $0.24 | N/A | N/A | N/A | Six Months Ended June 30, 2025 vs. 2024: | Metric | 2025 (in thousands) | 2024 (in thousands) | YoY Change | YoY % Change | | :------------------------------------ | :------------------ | :------------------ | :--------- | :----------- | | Total revenues | $91,484 | $44,968 | $46,516 | 103.4% | | Operating income (loss) | $53,539 | $(37,716) | $91,255 | 241.9% | | Net income (loss) | $33,934 | $(46,877) | $80,811 | 172.4% | | Net income attributable to LandBridge Company LLC | $13,966 | N/A | N/A | N/A | | Basic Net income per share of Class A shares | $0.57 | N/A | N/A | N/A | | Diluted Net income per share of Class A shares | $0.44 | N/A | N/A | N/A | [Condensed Consolidated Statements of Shareholders' and Member's Equity](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20and%20Member's%20Equity) Total shareholders' equity increased to $685.0 million by June 30, 2025, driven by net income, non-cash contributions, and tax adjustments, partially offset by distributions Shareholders' Equity Changes (January 1, 2025 to June 30, 2025): | Item | Amount (in thousands) | | :------------------------------------ | :-------------------- | | Balance at January 1, 2025 | $637,071 | | Net income (Q1 + Q2) | $33,934 | | Deemed non-cash contributions (Q1 + Q2) | $17,989 | | RSU share-based compensation expense (Q1 + Q2) | $4,422 | | Tax impact of ownership interest adjustment | $30,123 | | Tax distributions (Q1 + Q2) | $(22,471) | | Dividends and distributions (Q1 + Q2) | $(15,301) | | Balance at June 30, 2025 | $684,965 | - Class A Shares Outstanding: * June 30, 2025: **25,155,419 shares** * December 31, 2024: **23,255,419 shares**[34](index=34&type=chunk) - Class B Shares Outstanding: * June 30, 2025: **51,213,492 shares** * December 31, 2024: **53,227,852 shares**[34](index=34&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased by 60% to $53.2 million, investing activities saw a 95% decrease in cash used, and financing activities shifted to a net cash outflow for the six months ended June 30, 2025 Six Months Ended June 30, 2025 vs. 2024: | Metric | 2025 (in thousands) | 2024 (in thousands) | YoY Change | YoY % Change | | :------------------------------------ | :------------------ | :------------------ | :--------- | :----------- | | Net cash provided by operating activities | $53,245 | $33,2

Group 1 - The article emphasizes the importance of not only predicting economic scenarios but also identifying the right investments for progress [1] - It highlights the significance of in-depth research on various investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] Group 2 - The article mentions a beneficial long position in shares of LHX, CNQ, and LB, indicating a vested interest in these companies [1]

Group 1 - The article discusses the author's experience studying abroad in the United States and the cultural insights gained during that time [1] - The focus is on investing in stocks with a strong competitive advantage and effective management teams [1] - The author is revising their investment portfolio, currently holding 17 stocks and some ETFs, with a goal to reduce the number of stocks to between 10 to 15 along with a few broad ETFs [1]

Core Insights - The article promotes iREIT on Alpha as a platform providing in-depth research on various income-generating investments, including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its positive testimonials [1] Group 1 - iREIT on Alpha offers a free 2-week trial for potential users, emphasizing the value of its research services [1] - The platform has received 438 testimonials, with most rated 5 stars, indicating high user satisfaction [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies or sectors mentioned [2][3]

Group 1 - The article discusses a significant shift in the author's dividend portfolio, indicating a strategic change in investment approach [1] - The author has disclosed a beneficial long position in several companies, including TPL, LB, FIX, ODFL, GE, UNP, and CP, through various financial instruments [1] Group 2 - The article emphasizes that past performance does not guarantee future results, highlighting the inherent uncertainties in investment [2] - It clarifies that no specific investment recommendations are provided, and opinions expressed may not represent the views of Seeking Alpha as a whole [2]

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its positive testimonials [1] Group 2 - The content includes a humorous exchange between a young boy and his grandfather, illustrating cultural perspectives on curiosity and questioning, but does not provide relevant information on companies or industries [2] Group 3 - The disclosures from Seeking Alpha emphasize that past performance does not guarantee future results and clarify that no specific investment recommendations are being made, indicating a lack of direct company or industry analysis [3]

Group 1 - The article emphasizes the importance of monitoring oil futures as part of a broader research framework, indicating a focus on macroeconomic factors affecting the oil market [1] - The mention of a free trial for in-depth research on various investment vehicles suggests a strategy to attract investors interested in real estate investment trusts (REITs), mortgage REITs (mREITs), and other income alternatives [1] Group 2 - The analyst has disclosed a beneficial long position in specific companies, indicating a personal investment interest that may influence the analysis presented [2] - The article clarifies that past performance does not guarantee future results, highlighting the inherent uncertainties in investment decisions [3]

Core Insights - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and led by skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest market developments [1]

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or ...