XML 40 R25.htm IDEA: XBRL DOCUMENT v3.25.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Straight Line Method Over the Estimated Useful Lives for Asset

Depreciation is computed using the straight-line method over the estimated useful lives for each asset group, as noted below:

Water wells, pipelines, facilities, ponds and related equipment

 

3 - 30 years

Buildings

 

30 years

Vehicles, equipment, furniture and other

 

3 - 5 years

Effects of Correction of Previously Reported Consolidated Financial Statements The following tables reflect the effects of the correction on all affected line items of the Company’s previously reported consolidated financial statements:

Consolidated Balance Sheets

 

December 31, 2024

 

(in thousands)

 

As Previously Reported

 

 

Adjustment

 

 

As Adjusted

 

Deferred tax assets

 

$

411

 

 

$

29,005

 

 

$

29,416

 

Total non-current assets

 

 

950,159

 

 

 

29,005

 

 

 

979,164

 

Total assets

 

 

1,003,474

 

 

 

29,005

 

 

 

1,032,479

 

 

 

 

 

 

 

 

 

 

Class A shares, unlimited shares authorized and 23,255,419 shares issued and outstanding as of December 31, 2024.

 

 

432,663

 

 

 

(224,236

)

 

 

208,427

 

Total shareholders’ equity attributable to LandBridge Company LLC

 

 

436,012

 

 

 

(224,236

)

 

 

211,776

 

Noncontrolling interest

 

 

172,054

 

 

 

253,241

 

 

 

425,295

 

Total shareholders’ and member’s equity

 

 

608,066

 

 

 

29,005

 

 

 

637,071

 

Total liabilities and equity

 

 

1,003,474

 

 

 

29,005

 

 

 

1,032,479

 

 

 

Consolidated Statements of Shareholders’ and Member’s Equity

 

Class A Amount

 

 

Non-controlling interest amount

 

 

Total Shareholders’ and Member’s Equity

 

(in thousands)

 

As Previously Reported

 

 

Adjustment

 

 

As Adjusted

 

 

As Previously Reported

 

 

Adjustment

 

 

As Adjusted

 

 

As Previously Reported

 

 

Adjustment

 

 

As Adjusted

 

Changes in ownership interest adjustment

 

$

-

 

 

$

(253,241

)

 

$

(253,241

)

 

$

-

 

 

$

253,241

 

 

$

253,241

 

 

$

-

 

 

$

-

 

 

$

-

 

Tax impact of interest adjustment

 

 

-

 

 

 

29,005

 

 

 

29,005

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29,005

 

 

 

29,005

 

Balance at December 31, 2024

 

 

432,663

 

 

 

(224,236

)

 

 

208,427

 

 

 

172,054

 

 

 

253,241

 

 

 

425,295

 

 

 

608,066

 

 

 

29,005

 

 

 

637,071

 

Schedules of Concentration of Risk

Customers that individually comprised more than 10% of the Company’s consolidated revenues were as follows:

 

 

Year Ended December 31,

 

 

2025

 

2024

 

2023

Customer A

 

25%

 

24%

 

13%

Customer B

 

12%

 

-%

 

-%

Customer C

 

10%

 

14%

 

15%

Customer D

 

**

 

10%

 

14%

Customer E

 

**

 

**

 

13%

**Less than 10%