LandBridge is a holding company that owns and actively manages over 315,000 surface acres in the Delaware Basin of the Permian Basin, generating revenues through surface use royalties from oil and natural gas operators, water handling and transportation infrastructure, resource sales including brackish water and caliche, and oil and gas royalties from mineral interests. The company operates a capital-light business model in which customers bear substantially all operating and capital expenditures on its land, creating significant free cash flow. LandBridge serves a diversified customer base of large, well-capitalized energy producers and service companies, including a substantial relationship with WaterBridge (a water midstream operator sharing common ownership), and has strategically positioned its land holdings to capture value from infrastructure development, industrial uses beyond energy, and long-term resource monetization across multiple revenue streams.