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LandBridge Corp

American oil royalty traders company based in Houston, listed on NYSE (LB)1

In its 2026 annual report the company says: “LandBridge is a holding company, the principal asset of which is membership interests in OpCo.”5

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Last updated Oct 21, 2026.

Overview

$199.1MRevenue, fiscal 20252
$30.1MNet income, fiscal 20252

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  • TickerLB on NYSE1
  • IndustryOil Royalty Traders1
  • HeadquartersHouston, Texas1
  • Incorporated inTX3
  • Business address5555 San Felipe Street, Suite 1200, Houston, Tx 770563
  • Filer categoryLarge accelerated filer3
  • Legal formLimited Liability Company

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LandBridge was formed on September 27, 2023 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on July 1, 2024 (the “IPO”). LandBridge is a holding company, the principal asset of which is membership interests in OpCo. LandBridge is also the sole managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Annual Report to “LandBridge”, “us,” “we,” “our” or the “Company” are to (i) OpCo and its subsidiaries before the completion of the corporate reorganization in connection with the IPO (the “Corporate Reorganization”) and (ii) LandBridge and its subsidiaries as of the completion of the Corporate Reorganization.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

59.5%Operating margin2
15.1%Net margin2
81.1%Revenue growth, 20252
8.9%Return on equity2
1.64×Debt to equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs80¢$159.9M
  • Income tax5¢$9.1M
  • Profit15¢$30.1M

Out of $199.1M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid50¢$63.7M
  • Kept or used elsewhere50¢$62.6M

Out of $126.3M of cash from operations.2

Financial statements

Revenue2$199.1M in 2025+173% since 2023
0$50.0M$100.0M$150.0M$200.0M2023: $72.9M$72.9M20232024: $110.0M$110.0M2024+51%2025: $199.1M$199.1M2025+81%
Operating income2$118.5M in 2025+69% since 2023
-$50.0M0$50.0M$100.0M$150.0M2023: $70.0M$70.0M20232024: -$16.5M-$16.5M20242025: $118.5M$118.5M2025
Net income2$30.1M in 2025−52% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $63.2M$63.2M20232024: $5.1M$5.1M2024−92%2025: $30.1M$30.1M2025+490%
Fiscal year2022202320242025
Revenue$72.9M2$110.0M2$199.1M2
Operating income$70.0M2-$16.5M2$118.5M2
Income before tax$63.5M2-$39.6M2$81.5M2
Income tax$370.0K2$1.9M2$9.1M2
Net income$63.2M2$5.1M2$30.1M2
Earnings per share$0.282$1.182
Earnings per share (diluted)$0.072$0.942
Shares (weighted, basic)17.8M shares224.8M shares2
Shares (weighted, diluted)73.4M shares276.5M shares2

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Corporate structure

LandBridge Corp sits at the top of its group. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of LandBridge Corp

  • LandBridge Corp Houston, Texas
    • DBR Desert LLC Subsidiary · Delaware, United States
    • DBR Land Holdings LLC Subsidiary · Delaware, United States
    • DBR Land LLC Subsidiary · Delaware, United States
    • DBR Operating LLC Subsidiary · Delaware, United States
    • DBR Reeves LLC Subsidiary · Delaware, United States
    • DBR REIT LLC Subsidiary · Delaware, United States
    • Delaware Basin Ranches Inc. Subsidiary · Texas, United States
    • Pecos Renewables LLC Subsidiary · Delaware, United States
    • Platform Water Services, LLC Subsidiary · Texas, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What LandBridge Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.1B2 Dec 31, 2025$920.5M2 Dec 31, 2024+20.4%
Accumulated depreciation$23.7M2 Dec 31, 2025$17.7M2 Dec 31, 2024+33.3%
Property and equipment, net$1.1B2 Dec 31, 2025$902.7M2 Dec 31, 2024+20.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$30.7M2 Dec 31, 2025$37.0M2 Dec 31, 2024−17.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$137.0M2 Dec 31, 2025$45.3M2 Dec 31, 2024+202.6%
Finite-lived intangibles, gross$149.9M2 Dec 31, 2025$52.8M2 Dec 31, 2024+184.0%
Accumulated amortization$13.0M2 Dec 31, 2025$7.5M2 Dec 31, 2024+72.2%
Finite-lived intangibles, net$137.0M2 Dec 31, 2025$45.3M2 Dec 31, 2024+202.6%

Properties, in its own words

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:

The rest of Item 2

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

The figures in this table are rounded to the nearest thousand acres.

Inclusive of approximately 14,000 long-term leasehold or managed acres.

Item 2 of the 10-K filed Feb 26, 2026.5

Leadership

Who has led LandBridge Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jason Thomas Long2024
2025
Board members and other officers (13)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorBen S. Moore named Jul 12, 202424
  • DirectorCharles S. Watson named Jul 12, 202424

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • DBR Desert LLC Delaware4
  • DBR Land Holdings LLC Delaware4
  • DBR Land LLC Delaware4
  • DBR Operating LLC Delaware4
  • DBR REIT LLC Delaware4
  • DBR Reeves LLC Delaware4
  • Delaware Basin Ranches Inc. Texas4
  • Pecos Renewables LLC Delaware4
  • Platform Water Services, LLC Texas4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • LandBridge Co LLCOct 11, 2023 to Oct 1, 20263

Timeline

  1. Oct 1, 20268-K Entered a material agreement; New debt or obligation25
  2. Sep 22, 20268-K Regulation FD disclosure; Other events26
  3. Sep 22, 20268-K Regulation FD disclosure; Other events27
  4. Sep 21, 20268-K Executive or director change28
  5. Aug 5, 20268-K Results of operations; Regulation FD disclosure29
  6. Jun 24, 20268-K Shareholder vote30
  7. May 6, 20268-K Results of operations; Regulation FD disclosure31
  8. Mar 19, 20268-K Regulation FD disclosure32
  9. Feb 25, 20268-K Results of operations; Regulation FD disclosure33
  10. Nov 25, 20258-K Entered a material agreement; New debt or obligation34
  11. Nov 19, 20258-K Regulation FD disclosure; Other events35
  12. Nov 19, 20258-K Entered a material agreement; Results of operations; New debt or obligation36
  13. Jun 27, 2024New chief executive Jason Thomas Long becomes CEO11

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.26 a share, on Nov 12, 2025.37

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results29
  2. May 6, 2026Reported quarterly or annual results31
  3. Feb 25, 2026Reported quarterly or annual results33
  4. Nov 19, 2025Reported quarterly or annual results36
  5. Nov 12, 2025Reported quarterly or annual results38
  6. Aug 7, 2025Reported quarterly or annual results39
  7. May 7, 2025Reported quarterly or annual results40
  8. Mar 5, 2025Reported quarterly or annual results41

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

196 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 30 major events, 65 insider forms, 31 large holders, 1 private raises, 60 other. The latest 20:

  1. Oct 14, 202625-NSE EDGAR
  2. Oct 14, 202625-NSE EDGAR
  3. Oct 13, 2026S-8 POS EDGAR
  4. Oct 13, 2026POSASR EDGAR
  5. Oct 13, 2026POSASR EDGAR
  6. Oct 13, 20268-A12B/A EDGAR
  7. Oct 13, 20268-A12B/A EDGAR
  8. Oct 13, 20268-K12B EDGAR
  9. Oct 1, 20268-K EDGAR
  10. Sep 23, 2026DEF 14C EDGAR
  11. Sep 22, 20268-K EDGAR
  12. Sep 22, 20268-K EDGAR
  13. Sep 21, 20268-K EDGAR
  14. Aug 19, 2026PRE 14C EDGAR
  15. Aug 14, 2026SCHEDULE 13G/A EDGAR
  16. Aug 11, 20264 EDGAR
  17. Aug 11, 20264 EDGAR
  18. Aug 11, 2026SCHEDULE 13D/A EDGAR
  19. Aug 7, 2026144 EDGAR
  20. Aug 6, 20264 EDGAR

The 196 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

16 open-market trades by officers, directors and large owners since October 2021: 6 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 7, 2026Five Point Energy GP II LLCDirectorSale1,250,000$75.05$93.8MForm 4
Aug 7, 2026Capobianco David NDirectorSale1,250,000$75.05$93.8MForm 4
Mar 6, 2026WATSON CHARLES L.DirectorSale13,000$75.00$975.0KForm 4
Mar 4, 2026WATSON CHARLES L.DirectorSale9,670$75.19$727.1KForm 4
Mar 2, 2026WATSON CHARLES L.DirectorSale30,680$74.07$2.3MForm 4
Jan 6, 2026McNeely Scott LloydSee RemarksBuy549$45.49$25.0KForm 4
Jan 5, 2026Bolling Harrison FennerSee RemarksBuy850$46.84$39.8KForm 4
Jan 5, 2026Long Jason ThomasSee RemarksBuy2,143$46.59$99.8KForm 4
Nov 18, 2025Five Point Energy Fund III AIV-VIII LPDirectorSale2,500,000$70.00$175.0MForm 4
Nov 18, 2025Five Point Energy GP III LPDirectorSale2,500,000$70.00$175.0MForm 4
Nov 18, 2025Capobianco David NDirectorSale2,500,000$70.00$175.0MForm 4
May 23, 2025Five Point Energy GP II LPDirectorSale1,900,000$75.25$143.0MForm 4
May 23, 2025Capobianco David NDirectorSale1,900,000$75.25$143.0MForm 4
Jul 1, 2024Chase ValerieDirectorBuy2,925$17.00$49.7KForm 4
Jul 1, 2024Daul Ty P.DirectorBuy8,800$17.00$149.6KForm 4
Jul 1, 2024WATSON CHARLES L.DirectorBuy117,600$17.00$2.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024President and Chief Executive Officer; Director$1.0M$24.6M50
2024Executive Vice PresidentChief Financial Officer$850.0K$11.6M50

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 1, 2024Raised $12.8 million in a private offering of equity Form D: 1 investor so far Form D

SEC filer profile

How LandBridge Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLandBridge Corp1
  • CIK0001995807
  • Employer ID (EIN)93-36361465
  • Filer statusLarge accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6792 Oil Royalty Traders1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address5555 San Felipe Street, Suite 1200, Houston, TX 770561
  • Phone(713) 230-88641
  • Shares outstanding27,838,199 Common Class A shares; 49,250,916 Common Class B shares as of Feb 23, 20265
  • Public float$1.7M as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, Houston, Texas PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceOct 11, 20231
  • Filings196 in all: 4 (44), 8-K (27), 3 (15), SCHEDULE 13G/A (11), 10-Q (7), SCHEDULE 13D/A (7), UPLOAD (6), CORRESP (5)1
    All 43 form types

    S-1/A (5), SCHEDULE 13G (5), 4/A (4), 424B3 (4), SC 13G (4), DRS/A (3), DRSLTR (3), EFFECT (3), 10-K (2), 144 (2), 25-NSE (2), 3/A (2), 8-A12B (2), 8-A12B/A (2), 8-K/A (2), ARS (2), CERT (2), DEF 14A (2), DEFA14A (2), POSASR (2), S-1 (2), S-3ASR (2), SC 13G/A (2), SEC STAFF LETTER (2), 424B4 (1), 8-K12B (1), D (1), DEF 14C (1), DRS (1), POS AM (1), PRE 14C (1), S-8 (1), S-8 POS (1), SC 13D (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Class A shares, representing limited liability company interestsLBNew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks LandBridge Corp names in Item 1A of its 10-K filed Feb 26, 2026: 54 risks under these headings, as written.5

  • Risks Related to Our Business and Operations
  • Our revenues are substantially dependent on ongoing oil and natural gas exploration, development and production activity on or around our land. If E&P companies do not maintain drilling, completion and production activities on or around our land, the demand for the use of our land and resources, as well as the royalties we receive from the production of oil and natural gas and related activities on our land, could be reduced, which could have a material adverse effect on our results of operations, cash flows and financial position.
  • The willingness of E&P companies to engage in drilling, completion and production activities on and around our land is substantially influenced by the market prices of oil and natural gas, which are highly volatile. A substantial or extended decline in oil and natural gas prices may adversely affect our results of operations, cash flows and financial position.
  • Future land acquisitions would expose us to risks associated with acquisitions and the commercialization of additional acreage.
  • Because a significant portion of our future revenue growth is expected to be derived from WaterBridge, any development that materially and adversely affects either of their businesses, operations or financial condition could have a material adverse impact on us.
  • Our reliance on WaterBridge and its personnel to manage and operate our business exposes us to certain risks.
  • We rely on a small number of key individuals, certain of whom have responsibilities with affiliated entities, whose absence or loss could adversely affect our business, and difficulty attracting and retaining experienced personnel could reduce our competitiveness and prospects for future success.
  • Our acreage is located in the Permian Basin, making us vulnerable to risks associated with geographic concentration in a single geographic area.
  • We have a limited operating history, and an investment in our Class A shares is highly speculative. Because we have a limited operating history, it may be difficult to evaluate our ability to successfully implement our business strategy.
  • We may experience difficulty in achieving and managing future growth.
  • We may not be successful in pursuing additional commercial opportunities on our land from non-hydrocarbon based energy production and other users.
  • The construction by our customers of new infrastructure on our land is subject to regulatory, construction, supply chain and other risks common in the development and operation of facilities and other infrastructure.
The other 43 risks
  • Technological advancements in connection with alternatives to hydraulic fracturing could decrease the demand for our brackish water sales and WaterBridge’s produced water transportation and handling operations on our land.
  • Inadequate brackish water supplies could have a material adverse effect on our revenues.
  • Sand operations are subject to operating risks that are often beyond the control of the mine operator. These risks can adversely affect production levels and costs, which could adversely affect sand production from our acreage.
  • Interruption of our customers’ supply chains could negatively impact our business and operations as well as reduce our revenues.
  • Operational disruptions on or around our land from weather, natural disasters, terrorism or other similar causes could impact our results of operations, cash flows and financial position.
  • We or our customers may be unable to obtain and renew permits necessary for operations, which could materially and adversely affect our results of operations, cash flows and financial position.
  • The deterioration of the financial condition of our customers could adversely affect our business, and the termination of activities on or around our land by one or more significant customers could materially and adversely affect our results of operations, cash flows and financial position.
  • We may experience delays in the payment of royalties and fees and be unable to replace customers or producers that do not make required payments to us, and we may not be able to terminate our agreements with defaulting customers that declare bankruptcy.
  • Declining general economic, business or industry conditions may have a material adverse effect on our results of operations, cash flows and financial position.
  • We may be subject to claims for personal injury and property damage, catastrophic events, and those related to contamination resulting from our customers’ operations, which could materially and adversely affect our results of operations, cash flows and financial position.
  • Our insurance coverage may not fully cover our losses, and we may in the future encounter increased costs related to, and lack of availability of, insurance.
  • Cyber incidents or attacks targeting systems and infrastructure used by the oil and natural gas industry may adversely impact our operations, and a cyber incident or systems failure could result in information theft, data corruption or operational disruption and our results of operations, cash flows or financial position may be adversely impacted.
  • Our future results following our acquisitions will suffer if we do not effectively manage our expanded operations.
  • Risks Related to Environmental and Other Regulations
  • Our results of operations, cash flows and financial position are subject to major trends in our industry, such as decarbonization, and may be adversely affected by future developments that are outside of our control.
  • Legislation or regulatory initiatives intended to address seismic activity, over-pressurization or subsidence could restrict drilling, completion and production activities, as well as WaterBridge’s ability to handle produced water gathered from its customers, which could have a material adverse effect on our results of operations, cash flows and financial position.
  • Our reliance on revenue generated from produced water handling activities exposes us to potential regulatory risks.
  • The Endangered Species Act (“ESA”) and Migratory Bird Treaty Act (“MBTA”) govern our and our customers’ operations and additional restrictions may be imposed in the future, which constraints could have an adverse impact on our ability to expand some of our existing operations or limit our customers’ ability to develop new infrastructure on our land.
  • The results of operations of our customers, as well as producers on or around our land, may be materially impacted by efforts to transition to a lower-carbon economy.
  • Climate variability may cause increased volatility in weather and may impact water usage and related revenue.
  • Increased investor attention to sustainability-related matters may impact our or our customers’ business.
  • Risks Related to Our Financial Condition
  • We may be unable to generate sufficient cash to service all of our indebtedness and financial commitments and any future indebtedness could adversely affect our financial condition.
  • We are subject to interest rate risk, which may cause our debt service obligations to increase significantly. The weighted average interest rate on borrowings outstanding under the 2025 Revolving Credit Facility as of December 31, 2025 was 6.13%.
  • Changes to applicable tax laws and regulations, exposure to additional income tax liabilities, changes in our effective tax rates or an assessment of taxes resulting from an examination of our income or other tax returns could adversely affect our results of operations, cash flows and financial position, including our ability to repay our debt.
  • If we fail to comply with the restrictions and covenants in the 2025 Revolving Credit Facility, the Indenture or our future debt agreements, there could be an event of default under the terms of such agreements, which could result in an acceleration of payment.
  • Our obligations under the 2025 Revolving Credit Facility are secured by a first priority security interest in substantially all of our assets and various guarantees.
  • We do not currently have in place hedging agreements with respect to oil and natural gas production from our acreage, and we will be exposed to the impact of decreases in the price of oil and natural gas.
  • Risks Related to Our Corporate Structure and Our Class A Shares
  • Maintaining the requirements of being a public company, including compliance with the reporting requirements of the Exchange Act, and the requirements of the Sarbanes-Oxley Act, will increase demands on our resources, increase our costs and divert management’s attention, and we may be unable to comply with these requirements in a timely or cost-effective manner.
  • If we experience any material weaknesses in the future or otherwise fail to develop or maintain an effective system of internal controls in the future, we may not be able to accurately report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our Class A shares.
  • Our ability to continue to pay dividends to our shareholders may be limited by our holding company structure, contractual restrictions and regulatory requirements.
  • LandBridge Holdings, Five Point and WaterBridge, as well as their affiliates, are not limited in their ability to compete with us, and may benefit from opportunities that might otherwise be available to us.
  • Certain of our directors and officers may have significant duties with, and spend significant time serving, other entities, including entities that may compete with us in seeking acquisitions and business opportunities, and, accordingly, may have conflicts of interest in allocating time or pursuing business opportunities.
  • A significant reduction by LandBridge Holdings of its ownership interests in us could adversely affect us.
  • The U.S. federal income tax treatment of dividends on our Class A shares to a holder will depend upon our tax attributes and the holder’s tax basis in our common shares, which are not necessarily predictable and can change over time, and could cause taxable gain or loss on the sale of our Class A shares to be more or less than expected.
  • If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our Class A shares or if our operating results do not meet their expectations, our share price could decline.
  • The market price of our Class A shares could be adversely affected by sales of substantial amounts of our Class A shares in the public or private markets or the perception in the public markets that these sales may occur, including sales by LandBridge Holdings after the exercise of the Redemption Right.
  • We are a “controlled company” within the meaning of the NYSE and NYSE Texas rules and, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements.
  • Our Operating Agreement, as well as Delaware law, contains provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our Class A shares and deprive our investors of the opportunity to receive a premium for their shares.
  • Our Operating Agreement designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, other personnel or agents.
  • There are certain provisions in our Operating Agreement regarding fiduciary duties of our directors, exculpation and indemnification of our officers and directors and the approval of conflicted transactions that differ from the DGCL in a manner that may be less protective of the interests of our public shareholders and restricts the remedies available to shareholders for actions taken by our officers and directors that might otherwise constitute breaches of fiduciary duties if we were subject to the DGCL.
  • We are a holding company. Our principal asset is our equity interest in OpCo, and accordingly, we will be dependent upon distributions from OpCo to pay taxes and cover our corporate and other overhead expenses.
  • In certain circumstances, OpCo will be required to make tax distributions to OpCo Unitholders, and such tax distribution may be substantial. To the extent we receive tax distributions in excess of our actual tax liabilities and retain such excess cash, the OpCo Unitholders would benefit from such accumulated cash balances if they exercise their Redemption Right.
  • If OpCo were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, significant tax inefficiencies might result.
  • There can be no assurance that we will purchase all the shares authorized under our share repurchase program or that such program will enhance the long-term value of our share price.

Legal proceedings

Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. In the opinion of our management, there are no pending litigation, disputes or claims against us which, if decided adversely, will have a material adverse effect on our financial condition, cash flows or results of operations. See Part II, Item 8. Financial Statements and Supplementary Data — Note 13. Commitments and Contingencies.

The opening of Item 3, Legal Proceedings.5

Sources

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