XML 21 R6.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 72,399 $ (41,479) $ 63,172
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 11,470 8,875 8,762
Amortization of debt issuance costs 2,189 1,688 388
Share-based compensation 45,319 95,335 (17,230)
Loss on extinguishment of debt 4,416 0 0
Deferred income tax expense (benefit) 4,084 (411) 0
Other 16 5 (246)
Changes in operating assets and liabilities:      
Accounts receivable (6,834) 2,113 (1,474)
Related party accounts receivable (2,834) (1,074) (613)
Prepaid expenses and other assets 1,301 (328) 43
Accounts payable 16 272 362
Related party accounts payable 95 233 (109)
Accrued liabilities and other liabilities (1,616) 506 (186)
Taxes payable (3,748) 1,901 173
Net cash provided by operating activities 126,273 67,636 53,042
Cash flows from investing activities      
Acquisitions (229,048) (723,367) 0
Capital expenditures (4,236) (985) (2,783)
Proceeds from disposal of assets 210 0 11
Net cash used in investing activities (233,074) (724,352) (2,772)
Cash flows from financing activities      
Proceeds from debt 783,549 417,500 150,000
Repayments of debt (599,198) (162,962) (77,821)
Dividends, dividend equivalents, and distributions paid (63,713) (178,244) (105,165)
Debt issuance costs (13,266) (4,326) (3,106)
Taxes paid related to net share settlement of RSUs (5,750) 0 0
Offering costs (1,112) (8,186) (1,706)
Proceeds from issuance of Class A shares - IPO, net of underwriting discounts and fees 0 278,263 0
Proceeds from issuance of Class A shares - December 2024 Private Placement, net of placement agent fees 0 339,291 0
Purchase of OpCo Units from LandBridge Holdings, net of placement agent fees 0 (145,411) 0
Contributions from member 0 120,000 0
Net cash provided by (used in) financing activities 100,510 655,925 (37,798)
Net (decrease) increase in cash and cash equivalents (6,291) (791) 12,472
Cash and cash equivalents - beginning of period 37,032 37,823 25,351
Cash and cash equivalents - end of period $ 30,741 $ 37,032 $ 37,823