LandBridge (LB) S-1 31 Dec 24 IPO registration Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2024
Document Information [Line Items]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	LandBridge Company LLC
Entity Central Index Key	0001995807
Entity Incorporation, State or Country Code	DE
Entity Primary SIC Number	6792
Entity Tax Identification Number	93-3636146
Entity Address, Address Line One	5555 San Felipe Street, Suite 1200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	230-8864
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	5555 San Felipe Street, Suite 1200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	230-8864
Contact Personnel Name	Jason Long

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 14,417	$ 37,823
Prepaid expenses and other current assets	2,271	1,035
Total current assets	31,606	52,278
Non-current assets:
Property, plant and equipment, net	628,087	203,018
Intangible assets, net	27,484	28,642
Other assets	2,711	5,011
Total non-current assets	658,282	236,671
Total assets	689,888	288,949
Current liabilities:
Accrued liabilities	6,199	4,945
Current portion of long-term debt	35,547	20,339
Other current liabilities	826	1,163
Total current liabilities	43,258	27,100
Non-current liabilities:
Long-term debt	242,430	108,343
Other long-term liabilities	183	2,759
Total non-current liabilities	242,613	111,102
Total liabilities	285,871	138,202
Commitments and contingencies (Note 11)
Member's equity		150,747
Retained earnings	2,656
Total shareholders' equity attributable to LandBridge Company LLC	97,209
Noncontrolling interest	306,808
Total shareholders' and member's equity	404,017	150,747
Total liabilities and equity	689,888	288,949
Class A Shares
Non-current liabilities:
Class A shares, unlimited shares authorized and 17,425,000 shares issued and outstanding as of September 30, 2024. None authorized, issued or outstanding as of December 31, 2023.	94,553
Related Party
Current assets:
Accounts receivable, net	2,161	1,037
Current liabilities:
Accounts payable	504	453
Nonrelated Party
Current assets:
Accounts receivable, net	12,757	12,383
Current liabilities:
Accounts payable	$ 182	$ 200

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class A Shares
Common stock, unlimited shares authorized	Unlimited
Common stock, shares authorized		0
Common stock, shares issued	17,425,000	0
Common stock, shares outstanding	17,425,000	0
Class B Shares
Common stock, unlimited shares authorized	Unlimited
Common stock, shares authorized		0
Common stock, shares issued	55,726,603	0
Common stock, shares outstanding	55,726,603	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 28,487	$ 17,799	$ 73,455	$ 55,408
Resource sales-related expense	423	1,003	1,739	3,081
Other operating and maintenance expense	708	701	1,837	1,956
General and administrative expense (income)	22,131	(5,571)	98,114	(20,610)
Depreciation, depletion, amortization and accretion	2,038	2,562	6,294	6,396
Operating income (loss)	3,187	19,104	(34,529)	64,585
Interest expense, net	7,071	2,893	16,235	4,173
Other income		(526)	(241)	(541)
(Loss) income from operations before taxes	(3,884)	16,737	(50,523)	60,953
Income tax (benefit) expense	(1,128)	104	(890)	303
Net (loss) income	(2,756)	16,633	(49,633)	60,650
Net loss prior to Offering			(46,877)
Net loss attributable to noncontrolling interest	(5,412)		(5,412)
Net income attributable to LandBridge Company, LLC	$ 2,656		2,656
Net income (loss) per share
Basic	$ 0.15
Diluted	$ (0.04)
Weighted average shares outstanding
Basic	17,425,000
Diluted	73,151,603
Surface Use Royalties [Member] | Nonrelated Party [Member]
Revenues:
Total revenues	$ 4,227	1,693	9,129	5,316
Surface Use Royalties [Member] | Related Party [Member]
Revenues:
Total revenues	5,627	1,500	11,902	3,274
Easements and Other Surface Related Revenues [Member] | Nonrelated Party [Member]
Revenues:
Total revenues	5,176	2,309	15,018	5,662
Easements and Other Surface Related Revenues [Member] | Related Party [Member]
Revenues:
Total revenues	1,465	7	4,224	3,864
Resource Sales [Member] | Nonrelated Party [Member]
Revenues:
Total revenues	4,874	4,190	11,908	15,907
Resource Sales [Member] | Related Party [Member]
Revenues:
Total revenues	57	139	329	1,627
Oil and Gas Royalties [Member]
Revenues:
Total revenues	2,903	6,323	11,563	14,948
Resource Royalties [Member] | Nonrelated Party [Member]
Revenues:
Total revenues	2,686	1,638	6,803	4,810
Resource Royalties [Member] | Related Party [Member]
Revenues:
Total revenues	$ 1,472		$ 2,579

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' and Member's Equity (Unaudited) - USD ($) $ in Thousands	Total	Members' Equity	Common Stock Class A	Common Stock Class B	Retained Earnings [Member]	Non-controlling Interest
Beginning Balance at Dec. 31, 2022	$ 209,959
Distribution to member	(13,000)
Deemed non-cash capital contributions	11,235
Net (loss) income	(647)
Ending Balance at Mar. 31, 2023	207,547
Beginning Balance at Dec. 31, 2022	209,959
Net (loss) income	60,650
Ending Balance at Sep. 30, 2023	141,021
Beginning Balance at Mar. 31, 2023	207,547
Distribution to member	(10,000)
Deemed non-cash capital distributions	(28,725)
Net (loss) income	44,664
Ending Balance at Jun. 30, 2023	213,486
Distribution to member	(82,165)
Deemed non-cash capital distributions	(6,933)
Net (loss) income	16,633
Ending Balance at Sep. 30, 2023	141,021
Beginning Balance at Dec. 31, 2023	150,747	$ 150,747
Beginning Balance (Shares) at Dec. 31, 2023
Deemed non-cash capital contributions	810	810
Net income (loss) prior to reorganization	10,776	10,776
Ending Balance at Mar. 31, 2024	162,333	162,333
Ending Balance, Shares at Mar. 31, 2024
Beginning Balance at Dec. 31, 2023	150,747	150,747
Beginning Balance (Shares) at Dec. 31, 2023
Net (loss) income	(49,633)
Net income (loss) prior to reorganization	(46,877)
Ending Balance at Sep. 30, 2024	404,017		$ 94,553		2,656	306,808
Ending Balance, Shares at Sep. 30, 2024			17,425,000	55,726,603
Beginning Balance at Mar. 31, 2024	162,333	162,333
Contribution from member	120,000	120,000
Deemed non-cash capital contributions	71,762	71,762
Net income (loss) prior to reorganization	(57,653)	(57,653)
Ending Balance at Jun. 30, 2024	296,442	296,442
Ending Balance, Shares at Jun. 30, 2024
Effect of Corporate Reorganization and Offering	98,707	(296,442)	$ 94,126			301,023
Effect of corporate reorganization and IPO, Shares			17,425,000	55,726,603
Deemed non-cash capital contributions	9,830					9,830
Class A share-based compensation expense subsequent to reorganization	1,794		$ 427			1,367
Net (loss) income	(2,756)
Net income (loss) prior to reorganization
Net income (loss) subsequent to reorganization	(2,756)				2,656	(5,412)
Ending Balance at Sep. 30, 2024	$ 404,017		$ 94,553		$ 2,656	$ 306,808
Ending Balance, Shares at Sep. 30, 2024			17,425,000	55,726,603

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (49,633)	$ 60,650
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	6,294	6,396
Amortization of deferred financing fees	302	65
Amortization of debt issuance costs	875	129
Share-based compensation	84,196	(24,434)
Deferred income tax benefit	(1,276)
Other		(17)
Changes in operating assets and liabilities:
Accounts receivable	1,640	(2,357)
Related party receivable	(1,124)	(357)
Prepaid expenses and other assets	(341)	225
Accounts payable	(50)	658
Related party payable	51	(158)
Other current liabilities	(226)	(241)
Net cash provided by operating activities	40,708	40,559
Cash flows from investing activities
Acquisitions	(431,260)
Capital expenditures	(761)	(2,634)
Proceeds from disposal of assets		11
Net cash used in investing activities	(432,021)	(2,623)
Cash flows from financing activities
Proceeds from issuance of Class A shares, net of underwriting discounts and fees	278,263
Offering costs	(6,997)	(116)
Contributions from member	120,000
Distributions to member	(170,854)	(105,165)
Proceeds from term loan	265,000	100,000
Repayments on term loan	(93,750)	(62,417)
Proceeds from revolver	15,000	25,000
Repayments of revolver	(35,000)
Debt issuance costs	(3,437)	(3,104)
Other financing activities, net	(318)	(193)
Net cash provided by (used in) financing activities	367,907	(45,995)
Net decrease in cash and cash equivalents	(23,406)	(8,059)
Cash and cash equivalents - beginning of period	37,823	25,351
Cash and cash equivalents - end of period	$ 14,417	$ 17,292

Organization and Nature of Oper

Organization and Nature of Operations	9 Months Ended
	Sep. 30, 2024
Organization and Nature of Operations	1. Organization and Nature of Operations LandBridge Company LLC (the “Company,” “LandBridge,” “we,” “our” and “us”) is headquartered in Houston, Texas and was formed on September 27, 2023 as a Delaware limited liability company to serve as the issuer in an initial public offering. We are governed by our First Amended & Restated Limited Liability Company Agreement, dated as of July 1, 2024 (the “A&R LLC Agreement”), which was entered into in connection with the initial public offering. Our accounting predecessor is DBR Land Holdings LLC (“OpCo”) and its subsidiaries. OpCo was formed in September 2021. We are a holding company whose principal asset consists of membership interests in OpCo (“OpCo Units”). As the managing member of OpCo and its subsidiaries, we operate and control all of the business and affairs of OpCo and its subsidiaries, and through OpCo and its subsidiaries, conduct our business. We generate revenue primarily from the use of our surface acreage, the sale of resources from our land and oil and natural gas royalties. The use of surface acreage generally includes easements or leases and various surface use royalties. Sale of resources generally includes sales of brackish water and other surface composite materials. Our assets consist mainly of fee surface acreage, oil and natural gas mineral interests, brackish water wells and ponds and related facilities. We own surface acreage in the Delaware Basin across Andrews, Loving, Reeves, Pecos and Winkler Counties in Texas and Eddy and Lea Counties in New Mexico and own oil and natural gas mineral interests in the Delaware Basin in Loving and Reeves Counties, Texas. Initial Public Offering and Private Placement On July 1, 2024, we completed our initial public offering of 14,500,000 Class A shares representing limited liability company interests (“Class A shares”) at a price to the public of $17.00 per share. In addition, we granted the underwriters a 30-day The closing of the Offering, including the exercise of the underwriters’ option and the concurrent private placement, resulted in net proceeds of approximately $270.9 million, after deducting underwriting discounts and commissions, placement agent fees, and other offering expenses. The Company contributed all of the net proceeds of the Offering (including the underwriters’ option and the concurrent private placement) to OpCo in exchange for OpCo Units at a per-unit Debt Corporate Reorganization and Amended and Restated LLC Agreement On July 1, 2024, immediately prior to the Offering, WaterBridge NDB LLC (“NDB LLC”), the sole member of the Company prior to the corporate reorganization, was divided into two Delaware limited liability companies in accordance with a plan of division: (i) NDB LLC and (ii) LandBridge Holdings LLC (“LandBridge Holdings”), a new Delaware limited liability company created by, and resulting from, the division (collectively, the “Division”). Following the Division and in connection with the Offering, our Board of Directors (the “Board”) authorized and approved the A&R LLC Agreement. The A&R LLC Agreement authorizes two classes of shares, Class A shares and Class B shares representing limited liability company interests in us. Only our Class A shares have economic rights and entitle holders thereof to participate in any dividends the Board may declare. Under the A&R LLC Agreement, the Company is authorized to issue an unlimited number of additional limited liability company interests of any type without the approval of our shareholders, subject to the rules of the New York Stock Exchange. Each holder of a Class A share is entitled to one vote on all matters to be voted on by our shareholders generally. Class B shares are not entitled to participate in any dividends the Board may declare but are entitled to vote on the same basis as the Class A shares. Holders of Class A shares and Class B shares vote together as a single class on all matters presented to our shareholders, except as otherwise required by applicable law or by the A&R LLC Agreement. We do not intend to list the Class B shares on any stock exchange. As of September 30, 2024, all of our Class B shares are owned by LandBridge Holdings. As of September 30, 2024, the Company has the following outstanding shares: • 17,425,000 Class A shares, and • 55,726,603 Class B shares Redemption Rights Pursuant to the Amended and Restated Limited Liability Company Agreement of OpCo, dated as of July 1, 2024, as amended by Amendment No. 1 thereto, dated effective as of September 30, 2024 (collectively, the “OpCo LLC Agreement”), each holder of an OpCo Unit (other than the Company) (each, a “Redeeming Member”) has the right, subject to certain limitations (the “Redemption Right”), to cause OpCo to acquire all or a portion of its OpCo Units (along with the cancellation of a corresponding number of our Class B shares) for, at OpCo’s election, (x) Class A shares at a redemption ratio of one Class A share for each OpCo Unit redeemed, subject to conversion rate adjustments for equity splits, dividends and reclassifications and other similar transactions (“applicable conversion rate adjustments”) or (y) cash in an amount equal to the Cash Election Amount (as defined in the OpCo LLC Agreement) of such Class A shares. Alternatively, upon the exercise of the Redemption Right, we have the right, pursuant to our Call Right (as defined in the OpCo LLC Agreement), to acquire each tendered OpCo Unit directly from the Redeeming Member for, at our election, (x) one Class A share, subject to applicable conversion rate adjustments, or (y) cash in an amount equal to the Cash Election Amount of such Class A shares. Notwithstanding the foregoing, to the extent a Redeeming Member and its affiliates own at least 40% of the voting power of the Company, (i) OpCo may elect to settle a redemption by such Redeeming Member in cash only to the extent that, prior to or contemporaneously with making such election, the Company issues a number of equity securities at least equal to the number of OpCo Units subject to such redemption and contributes to OpCo an amount in cash equal to the net proceeds received by the Company from the issuance of such equity securities, and (ii) the Company may make a Cash Election (as defined in the OpCo LLC Agreement) in connection with its exercise of its Call Right with respect to a redemption by such Redeeming Member only to the extent that, prior to or contemporaneously with making such election, the Company issues a number of equity securities at least equal to the number of OpCo Units subject to such redemption. Corporate Reorganization The transactions described above (altogether, the “Corporate Reorganization”) have been accounted for as a reorganization of entities under common control. As a result, our consolidated financial statements recognize the assets and liabilities in the Corporate Reorganization at their historical carrying amounts, reflected in the historical financial statements of OpCo.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) of the Company have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 S-X In these Financial Statements, periods prior to the consummation of the Corporate Reorganization and the Offering reflect the financial statements of OpCo and its subsidiaries. Periods subsequent to the consummation of the Corporate Reorganization and the Offering reflect the financial statements of the consolidated Company, including LandBridge, OpCo and its subsidiaries. Results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2024. We have determined that the members with equity at risk in OpCo lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact OpCo’s economic performance; therefore, OpCo is considered a variable interest entity. As the managing member of OpCo, we operate and control all of the business and affairs of OpCo and also have the obligation to absorb losses or the right to receive benefits that could be potentially significant to us. Therefore, we are considered the primary beneficiary and consolidate OpCo. The Financial Statements include the accounts of the Company, OpCo and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Noncontrolling Interest Our Financial Statements include a noncontrolling interest representing the percentage of OpCo Units not held by us. Use of Estimates The preparation of the Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes. The Company evaluates its estimates and related assumptions regularly, including those related to the fair value measurements of assets acquired and liabilities assumed in a business combination, the collectability of accounts receivable, the assessment of recoverability and useful lives of long-lived assets, including property, plant and equipment, intangible assets, and the valuation of the Incentive Units. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from such estimates. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Whenever available, fair value is based on or derived from observable market prices or parameters. When observable market prices or inputs are not available, unobservable prices or inputs are used to estimate the fair value. The three levels of the fair value measurement hierarchy are as follows: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Unobservable inputs that are not corroborated by market data. The Company’s financial instruments consist primarily of accounts receivable and accounts payable. The carrying value of the Company’s accounts receivable and accounts payable approximate fair value due to their highly liquid nature or short-term maturity. The Company adjusts the carrying amount of certain non-financial non-recurring The fair value of debt is the estimated amount the Company would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Refer to Note 6— Debt Recurring fair value measurements were performed for NDB Incentive Units (defined below) prior to the Division and award modifications (when the incentive units were accounted for as liability awards at NDB LLC), as disclosed in Note 8— Share-Based Compensation During the nine months ended September 30, 2024 and 2023, there were no transfers between the fair value hierarchy levels. Intangible Assets Our intangible assets with definite useful lives include water rights and surface use agreements. The amounts are presented at the Company’s cost basis. Such intangible assets with definite lives are amortized on a straight-line basis and assume no residual value. On March 18, 2024, the Company acquired a surface use agreement as part of an acquisition of land in Lea County, New Mexico. The purchase consideration attributable to the surface use agreement was approximately $0.5 million, which will be amortized over a term of 30 years. Refer to Note 3 —Asset Acquisitions Offering Costs Offering costs consist of costs related to underwriting, legal, accounting, and other expenses incurred through the balance sheet date that are directly related to the Offering. These costs are offset against proceeds in the periods following the consummation of the Offering. As of September 30, 2024, the Company had $8.7 million of offering costs included in shareholders’ and member’s equity on the condensed consolidated balance sheets, all of which were paid as of September 30, 2024. Prior to the consummation of the Offering, the costs were deferred. As of December 31, 2023, the Company had $3.7 million of deferred offering costs included in other assets on the condensed consolidated balance sheets, of which $2.0 million were accrued. Asset Acquisitions We record asset acquisitions using the cost accumulation model. Under the cost accumulation model of accounting, the cost of the acquisition, including certain transaction costs, are allocated to the assets acquired using relative fair values. Share-Based Compensation Incentive Units The Company accounts for share-based compensation expense for incentive units granted in exchange for employee services. Prior to the Division, our management and employees participated in an equity-based incentive unit plan, managed by NDB LLC, the direct parent of the Company. The incentive units consisted of time-based awards of profits interests in NDB LLC (the “NDB Incentive Units”). The NDB Incentive Units represented a substantive class of equity of NDB LLC and were accounted for under Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). Features of the NDB Incentive Units included the ability for NDB LLC to repurchase NDB Incentive Units during a 180-day non-cash At each reporting period, the NDB Incentive Units were remeasured at their fair value, consistent with liability award accounting, using a Monte Carlo Simulation. The Monte Carlo Simulation requires judgment in developing assumptions, which involve numerous variables. These variables include, but are not limited to, the expected unit price volatility over the term of the awards, the expected distribution yield and the expected life of the NDB Incentive Unit. The vested portion of the NDB Incentive Unit liability was allocated pro rata to the Company, and other NDB LLC operating subsidiaries, as general and administrative expense or income on the consolidated statements of operations. The allocation was based on the Company’s share of the aggregate equity value derived in NDB LLC’s business enterprise valuation. The Company updated its assumptions each reporting period based on new developments and adjusted such amounts to fair value based on revised assumptions, if applicable, over the vesting period. The fair value measurement was based on significant inputs not observable in the market, and thus represented Level 3 inputs within the fair value hierarchy. The risk-free rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of each award and updated at each balance sheet date for the time period approximating the expected term of such award. The expected distribution yield was based on no previously paid distributions and no intention of paying distributions on the NDB Incentive Units for the foreseeable future. Due to the Company not having sufficient historical volatility, the Company used the historical volatilities of publicly traded companies that were similar to the Company in size, stage of life cycle and financial leverage. On July 1, 2024, as a result of the Division, holders of NDB Incentive Units received an identical number of Incentive Units consisting of time-based awards of profits interests in LandBridge Holdings. Following the Division, the Incentive Units held at LandBridge Holdings are the only Incentive Units attributable and allocated to the Company. Further, as part of the Division, the repurchase feature triggering liability award accounting of the NDB Incentive Units under the Amended and Restated Limited Liability Company Agreement of NDB LLC (the “NDB LLC Agreement”) was amended in connection with the entry into the LandBridge Holdings Limited Liability Company Agreement, dated July 1, 2024 (the “Holdings LLC Agreement”). Features of the Incentive Units include the ability for LandBridge Holdings to repurchase Incentive Units during a 180-day non-contingent non-contingent Distributions attributable to Incentive Units are based on returns received by investors of LandBridge Holdings once certain return thresholds have been met. Incentive Units are solely a payment obligation of LandBridge Holdings, and neither the Company nor OpCo has any cash or other obligation to make payments in connection with the Incentive Units. Restricted Share Units In connection with the Offering, our Board adopted the LandBridge Company LLC Long Term Incentive Plan (the “LTIP”). The LTIP allows for the grant of options, share appreciation rights (“SARs”), restricted share units (“RSUs”), share awards, dividend equivalents, other share-based awards, cash awards, substitute awards, or any combination thereof. There are 3,600,000 Class A shares reserved and available for delivery under the LTIP, subject to increase on January 1 of each calendar year by a number of shares equal to the lesser of 5% of the total number of Class A shares and Class B shares outstanding as of December 31 of the immediately preceding calendar year; the number of shares required to bring the total shares available for issuance under the LTIP to 5% of the total number of Class A shares and Class B shares outstanding as of December 31 of the immediately preceding calendar year; or such smaller number of shares as determined by the Board. RSUs issued to participants are recorded on grant date at fair value. Expense is recognized on a straight-line basis over the requisite service period (generally the vesting period of the award) as either other operating and maintenance expense or general and administrative expense in the consolidated statements of operations. We have elected to account for forfeitures as they occur. Therefore, compensation cost previously recognized for an award that is forfeited because of failure to satisfy a service condition will be reversed in the period of the forfeiture. RSUs include dividend equivalent rights that permit holders of granted but unvested RSUs to receive nonforfeitable distributions alongside common equity holders of the Company as if such RSUs were granted as of the applicable record date for such distribution. See “Note 8—Share-Based Compensation” for additional information. Earnings (Loss) Per Share Attributable to LandBridge We use the two-class non-forfeitable Basic earnings (loss) per share (“EPS”) of our Class A shares is computed on the basis of the weighted average number of shares outstanding during each period. The diluted EPS of our Class A shares contemplates adjustments to the numerator and the denominator under the if-converted two-class Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, In December 2023, the FASB issued ASU 2023-09,

Asset Acquisitions

Asset Acquisitions	9 Months Ended
	Sep. 30, 2024
Asset Acquisition [Abstract]
Asset Acquisitions	3. Asset Acquisitions On March 18, 2024, the Company acquired approximately 11,000 acres of land in Lea County, New Mexico for total purchase consideration of $26.4 million, inclusive of $0.3 million in transaction costs. The purchase consideration was attributed to land value of $25.9 million and intangible asset value of $0.5 million. On May 10, 2024, the Company acquired approximately 103,000 fee surface acres in the Loving and Winkler Counties, Texas, and Lea County, New Mexico from a private third-party seller, for total purchase consideration of $362.6 million, inclusive of $2.1 million in transaction costs. The purchase consideration was attributed to land value of $361.9 million and other assets of $0.7 million. On May 10, 2024 the Company acquired approximately 34,000 fee surface acres in Lea County, New Mexico and Andrews County, Texas from the same private third-party seller, for total purchase consideration of $42.2 million, inclusive of $0.3 million in transaction costs. The purchase consideration was all attributed to land value.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	4. Property, Plant and Equipment As of September 30, 2024 and December 31, 2023, property, plant and equipment, net of accumulated depreciation consisted of the following: September 30, 2024 December 31, 2023 Oil and natural gas properties Proved $ 36,054 $ 36,054 Unproved 3,057 3,057 Total oil and natural gas properties 39,111 39,111 Land and land improvements 585,555 157,737 Water wells, pipelines, facilities, ponds and related equipment 15,602 15,132 Buildings, vehicles, equipment, furniture and other 3,748 2,594 Construction in progress 156 —  644,172 214,574 Less: accumulated depreciation and depletion (16,085 ) (11,556 ) Total property, plant and equipment, net $ 628,087 $ 203,018 Depreciation and depletion expense was $1.5 million and $2.0 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation and depletion expense was $4.5 million and $4.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company has elected to be treated as a corporation for U.S. federal income tax purposes and is subject to U.S. federal and state income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for the taxing jurisdictions in which we operate for the year in which those temporary differences are expected to be recovered or settled. As of September 30, 2024, there is $1.3 million of deferred tax assets included in our condensed consolidated balance sheets. The Company recorded income tax benefit of $1.1 million and income tax expense of $0.1 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded income tax benefit of $0.9 million and income tax expense of $0.3 million for the nine months ended September 30, 2024 and 2023, respectively. In calculating the provision for income taxes on an interim basis, the Company uses an estimate of the annual effective tax rate based upon currently known facts and circumstances and applies that rate to its year-to-date obtained or as the result of new judicial interpretations or regulatory or tax law changes. The Company’s interim effective tax rate, inclusive of any discrete items, was 29.1% for the three months ended September 30, 2024. The Company’s effective income tax rate differs from the U.S. statutory rate primarily due to the noncontrolling interest adjustment as the income attributable to the noncontrolling interest is pass-through income. Our predecessor, OpCo, is a Delaware limited liability company treated as a partnership, or, prior to the offering, a disregarded entity for U.S. federal income tax purposes and, therefore, has not been subject to U.S. federal income tax at an entity level. As a result, the consolidated net income (loss) in our historical financial statements does not reflect the tax expense (benefit) we would have incurred if we were subject to U.S. federal income tax at an entity level during the periods prior to the Offering. OpCo continues to be treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income is allocated to members, including the Company, and, except for Texas franchise tax, any taxable income of OpCo is reported in the respective tax returns of its members. OpCo recorded $0.4 million related to its Texas margin tax liability as of both September 30, 2024 and December 31, 2023, which is included within other current liabilities on the condensed consolidated balance sheets. The Company had no activity or holdings prior to the Offering.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	6. Debt As of September 30, 2024 and December 31, 2023, our debt consisted of the following: September 30, 2024 December 31, 2023 Term loan $ 266,250 $ 95,000 Revolving credit facility 15,000 35,000 Other 640 494 Total debt 281,890 130,494 Current portion of long-term debt (35,547 ) (20,339 ) Unamortized debt issuance costs (3,913 ) (1,812 ) Total long-term debt $ 242,430 $ 108,343 Credit Facilities On July 3, 2023, the Company entered into a four-year credit agreement providing for (i) a $100.0 million term loan (as amended and as described herein, the “Term Loan”), and (ii) a $50.0 million revolving credit facility (as amended and as described herein, the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). Upon the closing of the Credit Facilities, the Ag Loan (as defined below) was terminated. On May 10, 2024, the Company entered into a credit agreement amendment (the “Credit Agreement Amendment”), which amended the Credit Facilities to increase the principal amount of the Term Loan to $350.0 million and increase the available capacity of the Revolving Credit Facility to $75.0 million. Following the Credit Agreement Amendment, the Company borrowed approximately $265.0 million under the Term Loan to fund a portion of the purchase price of certain acquisitions permitted by the credit agreement. Immediately following the Offering, we used approximately $100.0 million of the net proceeds to repay outstanding borrowings under our Credit Facilities. We may elect for outstanding borrowings under our Credit Facilities to accrue interest at a rate based on either (i) a forward-looking term rate based on the secured overnight financing rate (“Term SOFR”) plus 0.10%, or (ii) the base rate, in each case plus an applicable margin. Borrowings under our Credit Facilities accrue interest based on a five-tiered pricing grid tied to our current leverage ratio. The applicable margin ranges from (i) prior to the consummation of the Offering, 3.00% to 4.00% in the case of Term SOFR loans and letter of credit fees, and 2.00% to 3.00% in the case of base rate loans, and commitments fees of 0.50%, and (ii) following consummation of the Offering, 1-month, 3-months, 6-months. Our Credit Facilities are secured by a first priority security interest in substantially all of our assets and the assets of our restricted subsidiaries, which are party to our Credit Facilities as guarantors. Subject to certain exceptions and materiality qualifiers, our Credit Facilities include certain customary affirmative and negative covenants, which, among other things, restrict our ability and our restricted subsidiaries’ ability, subject to certain exceptions, to incur debt, grant liens, make restricted payments and investments, issue equity, sell or lease assets, dissolve or merge with another entity, enter into transactions with affiliates or restrictive agreements, change our business, prepay debt and amend our organizational documents and material agreements. Our Credit Facilities allow us to make cash dividends to our shareholders so long as (i) no default or event of default exists or would result therefrom, (ii) the pro forma leverage ratio is less than 3.25:1.00 and (iii) pro forma liquidity is at least $10 million. In addition, we are required to comply with the following financial maintenance covenants: (i) a maximum leverage ratio as of the last day of each fiscal quarter of (a) prior to the consummation of the Offering, no greater than 3.50:1.00 for the period of the last four consecutive fiscal quarters, or (b) following the consummation of the Offering, 4.00:1.00 for the period of the last four consecutive fiscal quarters (subject, in either case, to (x) a 0.50:1.00 leverage step-up step-up Our Credit Facilities contain customary events of default, including for our failure and the failure of other loan parties to comply with the various financial, negative and affirmative covenants under our Credit Facilities (subject to the cure provisions set forth therein). During the existence of an event of default (as defined under our Credit Facilities), the agent, with the consent of or at the direction of the requisite lenders thereunder, has a right to, among other available remedies, terminate the commitments and/or declare all outstanding loans and accrued interest and fees under our Credit Facilities to be immediately due and payable. The Company was in compliance with these covenants as of September 30, 2024. The principal outstanding amount of the Credit Facilities approximates the estimated fair value because the interest rates applicable to such amounts are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. Term Loan The Term Loan is subject to quarterly principal amortization payments that are payable on the first day of each quarter. Any principal amounts outstanding on the maturity date, July 3, 2027, become due and payable on such date. Debt issuance costs associated with the Term Loan consist of fees incurred to secure the financing and are amortized over the life of the loan using the effective interest method. The amortization of these costs totaled $0.4 million and $0.8 million for the three and nine months ended September 30, 2024, and $0.1 million for both the three and nine months ended September 30, 2023, which are included in interest expense, net in the condensed consolidated statements of operations. Net debt issuance costs of $3.9 million and $1.8 million associated with the Term Loan as of September 30, 2024 and December 31, 2023, respectively, are reported as a direct deduction from the carrying amount of the related long-term debt. For the three and nine months ended September 30, 2024, the Company incurred $6.0 million and $12.9 million, respectively, of interest expense related to the Term Loan and the related weighted average interest rate was 8.56% and 8.49%, respectively. For both the three and nine months ended September 30, 2023, the Company incurred $2.1 million of interest expense related to the Term Loan and the related weighted average interest rate was 8.63%. The accrued interest payable related to the Term Loan was $3.3 million and $1.2 million as of September 30, 2024 and December 31, 2023, respectively. Revolving Credit Facility The Revolving Credit Facility provides for incremental borrowings up to the revolving commitment of $75.0 million. It also includes an incremental revolving commitment that permits the Company to increase the aggregate amount of the Revolving Credit Facility, subject to the applicable lenders’ willingness to participate and other customary terms and conditions, by an amount not to exceed the sum of (i) $50.0 million plus (ii) the amount of any prior principal repayments of the Term Loan following the closing of the Credit Agreement Amendment (up to $50.0 million). The Revolving Credit Facility provides availability for the issuance of letters of credit on the Company’s behalf in an aggregate amount not to exceed $5.0 million. Principal amounts borrowed under the Revolving Credit Facility may be repaid from time to time without penalty. Any principal amounts outstanding on the maturity date, July 3, 2027, become due and payable on such date. The Company also pays a commitment fee to each lender quarterly in arrears on the daily average unused amount of the revolving credit commitment of such lender under the Revolving Credit Facility. For both the three and nine months ended September 30, 2024, the Company paid $0.1 million in commitment fees. For the three and nine months ended September 30, 2023, the Company paid an immaterial amount in commitment fees. Debt issuance costs associated with the Revolving Credit Facility consist of fees incurred to secure the financing and are amortized over the life of the loan using the effective interest method. The amortization of these costs totaled $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, and $0.1 million for both the three and nine months ended September 30, 2023, which is included in interest expense, net, in the condensed consolidated statements of operations. Short-term debt issuance costs of $0.4 million and $0.3 million associated with the Revolving Credit Facility as of September 30, 2024 and December 31, 2023, respectively, are deferred and presented in prepaid expenses and other current assets on the condensed consolidated balance sheets. Long-term debt issuance costs of $0.7 million and $0.6 million associated with the Revolving Credit Facility as of September 30, 2024 and December 31, 2023, respectively, are deferred and presented in other assets on the condensed consolidated balance sheets.  For the three and nine months ended September 30, 2024, the Company incurred $0.5 million and $2.3 million, respectively, of interest expense related to the Revolving Credit Facility and the related weighted average interest rate was 8.54% and 8.45%, respectively. For the three and nine months ended September 30, 2023, the Company incurred $0.5 million of interest expense related to the Revolving Credit Facility and the related weighted average interest rate was 8.63%. The accrued interest payable related to the Revolving Credit Facility was $0.2 million and $0.3 million as of September 30, 2024 and December 31, 2023, respectively. Ag Loan On October 14, 2021, the Company entered into a seven-year $65.0 million credit agreement (the “Ag Loan”) with Capital Farm Credit, ACA, as agent for a federal land credit association. The Ag Loan was terminated on July 3, 2023 in connection with the closing of the Credit Facilities. The Ag Loan was secured by a perfected first-lien security interest in (i) substantially all assets of DBR Inc. (as successor to Hanging H Ranch, Inc.) and its subsidiaries, (ii) substantially all assets of DBR Desert LLC, (iii) the equity interest in DBR REIT LLC held by DBR Land LLC and (iv) the equity interest in DBR Inc. held by DBR REIT LLC. The Ag Loan was also guaranteed by DBR REIT LLC, DBR Land LLC and DBR Desert LLC. For the three and nine months ended September 30, 2023, the Company incurred an immaterial amount and $1.5 million, respectively, of interest expense related to the Ag Loan. The related weighted average interest rate was 5.25% for the three and nine months ended September 30, 2023.

Shareholders' and Members' Equi

Shareholders' and Members' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders' and Member's Equity	7. Shareholders’ and Member’s Equity Shareholders’ Equity Holders of Class A shares and Class B shares vote together as a single class on all matters presented to our shareholders, except as otherwise required by applicable law or by the A&R LLC Agreement. To the extent we pay any cash dividends on our Class A shares, under the terms of our organizational documents, Class B shares are not entitled to participate in any dividends our Board may declare. During the three months ended September 30, 2024, no Class B shares were redeemed for Class A shares. On November 5, 2024, the Board declared a dividend on our Class A shares of $0.10 per share, which was paid on December 19, 2024 to shareholders of record as of December 5, 2024. Member’s Equity Prior to the Division, NDB LLC held 100% of the limited liability company interests of OpCo. OpCo’s limited liability company interests were generally consistent with ordinary equity ownership interests. Distributions (including liquidating distributions) were to be made to the sole member at a time to be determined by the board of managers. There were no restrictions on distributions. The sole member’s equity account was adjusted for distributions paid to, and additional capital contributions that were made by the sole member. All revenues, costs and expenses of OpCo were allocated to the sole member in accordance with the initial limited liability company agreement of LandBridge Company LLC, dated as of September 27, 2023 (the “Prior LLC Agreement”).

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	8. Share-Based Compensation A summary of the Company’s aggregate share-based compensation expense is shown below. Substantially all share-based compensation expense is included in general and administrative expense (income) on the condensed consolidated statements of operations. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Incentive Units $ 9,830 $ (6,933 ) $ 82,402 $ (24,434 ) Restricted Share Units 1,794 —  1,794 —  Total share-based compensation expense (income) $ 11,624 $ (6,933 ) $ 84,196 $ (24,434 ) Incentive Units Prior to the Division, our management and employees participated in an equity-based incentive unit plan managed by NDB LLC, the direct parent of the Company. The NDB Incentive Units consisted of time-based awards of profits interest in NDB LLC. On July 1, 2024, as a result of the Division, holders of NDB Incentive Units received an identical number of Incentive Units consisting of time-based awards of profits interest in LandBridge Holdings. Pursuant to the Division, the Incentive Units held at LandBridge Holdings are the only Incentive Units attributable and allocated to the Company. The Incentive Units received by the NDB Incentive Unit holders in conjunction with the Division were considered a modification of the awards under ASC 718. As aforementioned, the NDB Incentive Units that previously received liability award accounting are now accounted for as equity awards at LandBridge Holdings. In conjunction with the modification, there was no immediate incremental expense recognized as the fair value of the modified equity awards as the modification date was less than the fair value of the liability awards remeasured immediately prior to modification. As of the modification date, the Incentive Units had $24.2 million of unrecognized share-based compensation expense that will be recognized over a weighted average remaining term of 2.0 years. The Incentive Units were estimated using a Monte Carlo Simulation with the following inputs to determine the modification date fair value: Share price at 7/1/2024 $22.96 Expected life (in years) 1.5 Risk-free interest rate 4.8% Dividend yield 0% Volatility 40% - 225% Marketability discount 11% - 32% Incentive Units granted during the period were estimated using a Monte Carlo Simulation with the following inputs at each of the following grant dates: 7/1/2024 7/18/2024 Share price $22.96 $28.45 Expected life (in years) 1.5 2.0 Risk-free interest rate 4.8% 4.4% Dividend yield 0% 0% Volatility 40% - 225% 40% - 132% Marketability discount 11% - 32% 12% - 30% A summary of Incentive Units activity during the nine months ended September 30, 2024 is shown in the following table: Incentive Weighted Outstanding at December 31, 2023 (1) 9,992 $ 3,590 Granted 20,620 3,576 Forfeited (1,011 ) 3,457 Outstanding at September 30, 2024 (2) 29,601 $ 5,059 (1) Prior to the Division, incentive units outstanding at December 31, 2023 were the NDB Incentive Units. The per unit amount reflected is the weighted average fair value per unit as of the measurement date as required for liability accounting. (2) The units outstanding as of September 30, 2024 reflect the effects of the Division and only include the Incentive Units. The grant date fair value per unit amount includes the modification date weighted average per unit fair value of $7,959 per unit. As of September 30, 2024, remaining unrecognized compensation expense for the Incentive Units was $85.0 million and the weighted average remaining vesting period was approximately 2.6 years. Included in share-based compensation expense during the three and nine months ended September 30, 2024 is the reversal of an immaterial amount of expense related to employee departures. Share-based compensation expense during the three and nine months ended September 30, 2024, includes $1.2 million of additional expense related to accelerated vesting due to an employee departure. There were no accelerations during the three and nine months ended September 30, 2023. Restricted Share Units Under the LTIP, participants were granted RSUs which are subject to graded vesting generally ranging from one to three years. The fair value of the awards is based on our stock price on the date of grant with compensation expense recognized on a straight-line basis over the applicable vesting period. A summary of RSU activity during the nine months ended September 30, 2024 is shown in the following table: RSUs Weighted Outstanding at December 31, 2023 —  $ —  Granted 768,211 31.23 Forfeited (23,325 ) 31.16 Vested —  —  Outstanding at September 30, 2024 744,886 $ 31.23 As of September 30, 2024, remaining unrecognized compensation expense for the RSUs was $21.5 million and the weighted average remaining vesting period was approximately 2.7 years. Included in share-based compensation expense during the three and nine months ended September 30, 2024 is the reversal of an immaterial amount of expense related to employee departures. There were no accelerations of expense during the three and nine months ended September 30, 2024 and 2023.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share The Company’s unvested RSUs are deemed to be participating securities; therefore, the Company will apply the two-class two-class Class B Shares are considered potentially dilutive shares of Class A shares because they are convertible into Class A shares on a one-for-one if-converted We determined that the presentation of EPS for the period prior to the Offering would not be meaningful due to the significant nature of the Corporate Reorganization on our capital structure. Therefore, EPS information has not been presented for periods prior to the Offering. The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for the period from July 1, 2024 to September 30, 2024, which represents the period subsequent to the Offering. (in thousands, except for share and per share amounts) Period of July 1 - Numerator Net loss $ (2,756 ) Less: Net loss attributable to noncontrolling interest (5,412 ) Net income attributable to LandBridge Company LLC 2,656 Less: Undistributed earnings allocated to participating securities 94 Basic net income attributable to LandBridge Company LLC $ 2,562 (in thousands, except for share and per share amounts) Period of July 1 - Numerator Plus: Net loss attributable to noncontrolling interest (5,412 ) Plus: Undistributed earnings allocated to participating securities 94 Diluted net loss attributable to shareholders $ (2,756 ) Denominator Basic weighted average shares outstanding 17,425,000 Dilutive Class B shares 55,726,603 Diluted weighted average shares outstanding 73,151,603 Basic net income per share $ 0.15 Diluted net loss per share $ (0.04 ) Class B shares outstanding as of September 30, 2024 were determined to be dilutive and have been included in the computation of diluted net loss per share. In addition, weighted-average RSUs of 637,877 were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive for the three months ended September 30, 2024 and have been excluded from the computation of diluted net loss per share.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Financial Statements Three Months Ended Nine Months Ended  2024   2023  2024 2023 Revenues - Related Party Affiliate access agreements Surface use royalties $ 5,627 $ 1,500 $ 11,902 $ 3,274 Affiliate access agreements Easements and other 1,465 7 4,224 3,864 Affiliate access agreements Resource sales 57 139 329 1,627 Affiliate access agreements Resource royalties 1,472 —  2,579 —  $ 8,621 $ 1,646 $ 19,034 $ 8,765 Financial Statements September 30, December 31, Accounts Receivable - Related Party Affiliate access agreements Related party receivable $ 2,161 $ 1,037 Accounts Payable - Related Party Shared services agreement Related party payable $ 504 $ 453 Shared Services Agreement The Company is party to a services agreement with WaterBridge Operating and other affiliates pursuant to which the Company receives common management and general, administrative, overhead and operating services in support of the Company’s operations and development activities. The Company reimburses all fees incurred by WaterBridge Operating or its affiliates for services provided to the Company under the agreement. For shared services, the basis of allocation is an approximation of time spent on activities supporting the Company. For shared expenses paid on behalf of the Company, the costs are directly allocated to the Company based on its pro rata share of the expenses. For the three months ended September 30, 2024 and 2023, the Company paid approximately $6.5 million and $1.1 million for the shared services and direct cost reimbursements, respectively. For the nine months ended September 30, 2024 and 2023, the Company paid approximately $8.6 million and $4.0 million for the shared services and direct cost reimbursements, respectively. Affiliate Facility Access Agreements The Company is party to facility access and surface use agreements and easements and rights-of-way Equity Sponsor Services Agreement Five Point invoices the Company, and the Company reimburses Five Point in cash, for expenses associated with the Company’s use of Five Point’s geographic information system (“GIS”) and certain legal services provided by Five Point. The reimbursement includes allocated Five Point personnel costs and third-party software and hardware expenses and is determined based on the Company’s use of Five Point’s total services for such period. For the three months ended September 30, 2024 and 2023, the GIS and legal services reimbursements paid were $0.1 million and an immaterial amount, respectively. For the nine months ended September 30, 2024 and 2023, the GIS and legal services reimbursements paid were $0.3 million and $0.1 million, respectively. As of September 30, 2024 and December 31, 2023, the Company had an immaterial amount due to Five Point.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Loss Contingencies [Line Items]
Commitments and Contingencies	11. Commitments and Contingencies Subordination payments In connection with the October 2021 business acquisition of Hanging H Ranch, Inc., the Company agreed to pay one of the sellers $5.0 million as additional consideration over the next ten years on each anniversary of closing, beginning on October 14, 2022, and in exchange for the additional consideration, such seller agreed to subordinate its rights under a grazing lease to the rights of the Ag Loan lender. Following the retirement of the Ag Loan, the seller’s rights under the grazing lease were no longer subordinated. On August 8, 2024, the Company entered into an agreement accelerating the remaining subordination payments and terminating the grazing lease for a total consideration of $5.8 million. On August 13, 2024, the existing liability balances on the condensed consolidated balance sheets as of August 8, 2024, consisting of $0.5 million within other current liabilities and $2.7 million within other long-term liabilities, were released. The incremental consideration of $2.6 million was recorded within general and administrative expense (income) on the condensed consolidated statements of operations. As of December 31, 2023, $0.5 million was reflected within other current liabilities, with nothing reflected as of September 30, 2024 on the condensed consolidated balance sheets. As of December 31, 2023, $2.6 million was reflected within other long-term liabilities, with nothing reflected as of September 30, 2024 on the condensed consolidated balance sheets. These amounts as of December 31, 2023 represented the present value of the total $5.0 million in additional consideration. Litigation The Company records liabilities related to litigation and other legal proceedings when they are either known or considered probable and can be reasonably estimated. Legal proceedings are inherently unpredictable and subject to significant uncertainties, and significant judgment is required to determine both probability and the estimated amount. As a result of these uncertainties, any liabilities recorded are based on the best information available at the time. As any new information becomes available, the Company reassesses the potential liability related to pending litigation. As of September 30, 2024 and December 31, 2023, the Company recorded an immaterial amount in liabilities related to any legal matters.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Event [Line Items]
Subsequent Events	12. Subsequent Events The Company has evaluated subsequent events from the date of the balance sheet through December 30, 2024, the date the Financial Statements were available to be issued and determined there are no subsequent events to report outside of the below Acquisitions On November 1, 2024, the Company acquired approximately 1,280 surface acres in Winkler County, Texas, and supply water assets and a related commercial contract from a private, third-party seller for total purchase price of $20.0 million. On November 22, 2024, the Company acquired approximately 5,800 surface acres in Lea County, New Mexico, supply water assets and related surface use agreements from a private, third-party seller for total purchase price of $26.5 million. On December 19, 2024, the Company acquired approximately 46,000 acres located in Reeves and Pecos Counties, Texas, and related surface use agreements from a private, third-party seller for total purchase price of $245.0 million. The Company funded the acquisition with a portion of the net proceeds from the December Private Placement described below and borrowings under our Credit Facilities. Amendment to Credit Facilities On November 4, 2024, the Company entered into a credit agreement amendment (“Second Credit Agreement December Private Placement In December 2024, we closed the December Private Placement pursuant to which certain persons reasonably believed to be accredited investors or qualified institutional buyers purchased an aggregate 5,830,419 Class A shares from us at $60.03 per share (the “December Private Placement”). We used approximately $200.0 million of the proceeds from the December Private Placement, net of placement fees, to partially fund the Wolf Bone Acquisition, and approximately $150.0 million of such proceeds, net of placement fees, to purchase 2,498,751 OpCo Units (along with the cancellation of a corresponding number of Class B shares) by LandBridge Holdings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) of the Company have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 S-X In these Financial Statements, periods prior to the consummation of the Corporate Reorganization and the Offering reflect the financial statements of OpCo and its subsidiaries. Periods subsequent to the consummation of the Corporate Reorganization and the Offering reflect the financial statements of the consolidated Company, including LandBridge, OpCo and its subsidiaries. Results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2024. We have determined that the members with equity at risk in OpCo lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact OpCo’s economic performance; therefore, OpCo is considered a variable interest entity. As the managing member of OpCo, we operate and control all of the business and affairs of OpCo and also have the obligation to absorb losses or the right to receive benefits that could be potentially significant to us. Therefore, we are considered the primary beneficiary and consolidate OpCo. The Financial Statements include the accounts of the Company, OpCo and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.
Noncontrolling Intetest	Noncontrolling Interest Our Financial Statements include a noncontrolling interest representing the percentage of OpCo Units not held by us.
Use of Estimates	Use of Estimates The preparation of the Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes. The Company evaluates its estimates and related assumptions regularly, including those related to the fair value measurements of assets acquired and liabilities assumed in a business combination, the collectability of accounts receivable, the assessment of recoverability and useful lives of long-lived assets, including property, plant and equipment, intangible assets, and the valuation of the Incentive Units. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from such estimates.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Whenever available, fair value is based on or derived from observable market prices or parameters. When observable market prices or inputs are not available, unobservable prices or inputs are used to estimate the fair value. The three levels of the fair value measurement hierarchy are as follows: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Unobservable inputs that are not corroborated by market data. The Company’s financial instruments consist primarily of accounts receivable and accounts payable. The carrying value of the Company’s accounts receivable and accounts payable approximate fair value due to their highly liquid nature or short-term maturity. The Company adjusts the carrying amount of certain non-financial non-recurring The fair value of debt is the estimated amount the Company would have to pay to transfer its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Refer to Note 6— Debt Recurring fair value measurements were performed for NDB Incentive Units (defined below) prior to the Division and award modifications (when the incentive units were accounted for as liability awards at NDB LLC), as disclosed in Note 8— Share-Based Compensation During the nine months ended September 30, 2024 and 2023, there were no transfers between the fair value hierarchy levels.
Intangible Assets	Intangible Assets Our intangible assets with definite useful lives include water rights and surface use agreements. The amounts are presented at the Company’s cost basis. Such intangible assets with definite lives are amortized on a straight-line basis and assume no residual value. On March 18, 2024, the Company acquired a surface use agreement as part of an acquisition of land in Lea County, New Mexico. The purchase consideration attributable to the surface use agreement was approximately $0.5 million, which will be amortized over a term of 30 years. Refer to Note 3 —Asset Acquisitions
Offering Costs	Offering Costs Offering costs consist of costs related to underwriting, legal, accounting, and other expenses incurred through the balance sheet date that are directly related to the Offering. These costs are offset against proceeds in the periods following the consummation of the Offering. As of September 30, 2024, the Company had $8.7 million of offering costs included in shareholders’ and member’s equity on the condensed consolidated balance sheets, all of which were paid as of September 30, 2024. Prior to the consummation of the Offering, the costs were deferred. As of December 31, 2023, the Company had $3.7 million of deferred offering costs included in other assets on the condensed consolidated balance sheets, of which $2.0 million were accrued.
Asset Acquisitions	Asset Acquisitions We record asset acquisitions using the cost accumulation model. Under the cost accumulation model of accounting, the cost of the acquisition, including certain transaction costs, are allocated to the assets acquired using relative fair values.
Share-Based Compensation	Share-Based Compensation Incentive Units The Company accounts for share-based compensation expense for incentive units granted in exchange for employee services. Prior to the Division, our management and employees participated in an equity-based incentive unit plan, managed by NDB LLC, the direct parent of the Company. The incentive units consisted of time-based awards of profits interests in NDB LLC (the “NDB Incentive Units”). The NDB Incentive Units represented a substantive class of equity of NDB LLC and were accounted for under Financial Accounting Standards Board (“FASB”) ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). Features of the NDB Incentive Units included the ability for NDB LLC to repurchase NDB Incentive Units during a 180-day non-cash At each reporting period, the NDB Incentive Units were remeasured at their fair value, consistent with liability award accounting, using a Monte Carlo Simulation. The Monte Carlo Simulation requires judgment in developing assumptions, which involve numerous variables. These variables include, but are not limited to, the expected unit price volatility over the term of the awards, the expected distribution yield and the expected life of the NDB Incentive Unit. The vested portion of the NDB Incentive Unit liability was allocated pro rata to the Company, and other NDB LLC operating subsidiaries, as general and administrative expense or income on the consolidated statements of operations. The allocation was based on the Company’s share of the aggregate equity value derived in NDB LLC’s business enterprise valuation. The Company updated its assumptions each reporting period based on new developments and adjusted such amounts to fair value based on revised assumptions, if applicable, over the vesting period. The fair value measurement was based on significant inputs not observable in the market, and thus represented Level 3 inputs within the fair value hierarchy. The risk-free rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of each award and updated at each balance sheet date for the time period approximating the expected term of such award. The expected distribution yield was based on no previously paid distributions and no intention of paying distributions on the NDB Incentive Units for the foreseeable future. Due to the Company not having sufficient historical volatility, the Company used the historical volatilities of publicly traded companies that were similar to the Company in size, stage of life cycle and financial leverage. On July 1, 2024, as a result of the Division, holders of NDB Incentive Units received an identical number of Incentive Units consisting of time-based awards of profits interests in LandBridge Holdings. Following the Division, the Incentive Units held at LandBridge Holdings are the only Incentive Units attributable and allocated to the Company. Further, as part of the Division, the repurchase feature triggering liability award accounting of the NDB Incentive Units under the Amended and Restated Limited Liability Company Agreement of NDB LLC (the “NDB LLC Agreement”) was amended in connection with the entry into the LandBridge Holdings Limited Liability Company Agreement, dated July 1, 2024 (the “Holdings LLC Agreement”). Features of the Incentive Units include the ability for LandBridge Holdings to repurchase Incentive Units during a 180-day non-contingent non-contingent Distributions attributable to Incentive Units are based on returns received by investors of LandBridge Holdings once certain return thresholds have been met. Incentive Units are solely a payment obligation of LandBridge Holdings, and neither the Company nor OpCo has any cash or other obligation to make payments in connection with the Incentive Units. Restricted Share Units In connection with the Offering, our Board adopted the LandBridge Company LLC Long Term Incentive Plan (the “LTIP”). The LTIP allows for the grant of options, share appreciation rights (“SARs”), restricted share units (“RSUs”), share awards, dividend equivalents, other share-based awards, cash awards, substitute awards, or any combination thereof. There are 3,600,000 Class A shares reserved and available for delivery under the LTIP, subject to increase on January 1 of each calendar year by a number of shares equal to the lesser of 5% of the total number of Class A shares and Class B shares outstanding as of December 31 of the immediately preceding calendar year; the number of shares required to bring the total shares available for issuance under the LTIP to 5% of the total number of Class A shares and Class B shares outstanding as of December 31 of the immediately preceding calendar year; or such smaller number of shares as determined by the Board. RSUs issued to participants are recorded on grant date at fair value. Expense is recognized on a straight-line basis over the requisite service period (generally the vesting period of the award) as either other operating and maintenance expense or general and administrative expense in the consolidated statements of operations. We have elected to account for forfeitures as they occur. Therefore, compensation cost previously recognized for an award that is forfeited because of failure to satisfy a service condition will be reversed in the period of the forfeiture. RSUs include dividend equivalent rights that permit holders of granted but unvested RSUs to receive nonforfeitable distributions alongside common equity holders of the Company as if such RSUs were granted as of the applicable record date for such distribution. See “Note 8—Share-Based Compensation” for additional information.
Earnings (Loss) Per Share Attributable to LandBridge	Earnings (Loss) Per Share Attributable to LandBridge We use the two-class non-forfeitable Basic earnings (loss) per share (“EPS”) of our Class A shares is computed on the basis of the weighted average number of shares outstanding during each period. The diluted EPS of our Class A shares contemplates adjustments to the numerator and the denominator under the if-converted two-class
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, In December 2023, the FASB issued ASU 2023-09,

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	As of September 30, 2024 and December 31, 2023, property, plant and equipment, net of accumulated depreciation consisted of the following: September 30, 2024 December 31, 2023 Oil and natural gas properties Proved $ 36,054 $ 36,054 Unproved 3,057 3,057 Total oil and natural gas properties 39,111 39,111 Land and land improvements 585,555 157,737 Water wells, pipelines, facilities, ponds and related equipment 15,602 15,132 Buildings, vehicles, equipment, furniture and other 3,748 2,594 Construction in progress 156 —  644,172 214,574 Less: accumulated depreciation and depletion (16,085 ) (11,556 ) Total property, plant and equipment, net $ 628,087 $ 203,018

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of September 30, 2024 and December 31, 2023, our debt consisted of the following: September 30, 2024 December 31, 2023 Term loan $ 266,250 $ 95,000 Revolving credit facility 15,000 35,000 Other 640 494 Total debt 281,890 130,494 Current portion of long-term debt (35,547 ) (20,339 ) Unamortized debt issuance costs (3,913 ) (1,812 ) Total long-term debt $ 242,430 $ 108,343

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Aggregate Share-based Compensation Expense	A summary of the Company’s aggregate share-based compensation expense is shown below. Substantially all share-based compensation expense is included in general and administrative expense (income) on the condensed consolidated statements of operations. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Incentive Units $ 9,830 $ (6,933 ) $ 82,402 $ (24,434 ) Restricted Share Units 1,794 —  1,794 —  Total share-based compensation expense (income) $ 11,624 $ (6,933 ) $ 84,196 $ (24,434 )
Schedule of Incentive Units Granted and Fair Value	The Incentive Units were estimated using a Monte Carlo Simulation with the following inputs to determine the modification date fair value: Share price at 7/1/2024 $22.96 Expected life (in years) 1.5 Risk-free interest rate 4.8% Dividend yield 0% Volatility 40% - 225% Marketability discount 11% - 32% Incentive Units granted during the period were estimated using a Monte Carlo Simulation with the following inputs at each of the following grant dates: 7/1/2024 7/18/2024 Share price $22.96 $28.45 Expected life (in years) 1.5 2.0 Risk-free interest rate 4.8% 4.4% Dividend yield 0% 0% Volatility 40% - 225% 40% - 132% Marketability discount 11% - 32% 12% - 30%
Summary of Incentive Units Activity	A summary of Incentive Units activity during the nine months ended September 30, 2024 is shown in the following table: Incentive Weighted Outstanding at December 31, 2023 (1) 9,992 $ 3,590 Granted 20,620 3,576 Forfeited (1,011 ) 3,457 Outstanding at September 30, 2024 (2) 29,601 $ 5,059 (1) Prior to the Division, incentive units outstanding at December 31, 2023 were the NDB Incentive Units. The per unit amount reflected is the weighted average fair value per unit as of the measurement date as required for liability accounting. (2) The units outstanding as of September 30, 2024 reflect the effects of the Division and only include the Incentive Units. The grant date fair value per unit amount includes the modification date weighted average per unit fair value of $7,959 per unit.
Summary of RSU Activity	A summary of RSU activity during the nine months ended September 30, 2024 is shown in the following table: RSUs Weighted Outstanding at December 31, 2023 —  $ —  Granted 768,211 31.23 Forfeited (23,325 ) 31.16 Vested —  —  Outstanding at September 30, 2024 744,886 $ 31.23

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted EPS attributable to our Class A shares for the period from July 1, 2024 to September 30, 2024, which represents the period subsequent to the Offering. (in thousands, except for share and per share amounts) Period of July 1 - Numerator Net loss $ (2,756 ) Less: Net loss attributable to noncontrolling interest (5,412 ) Net income attributable to LandBridge Company LLC 2,656 Less: Undistributed earnings allocated to participating securities 94 Basic net income attributable to LandBridge Company LLC $ 2,562 (in thousands, except for share and per share amounts) Period of July 1 - Numerator Plus: Net loss attributable to noncontrolling interest (5,412 ) Plus: Undistributed earnings allocated to participating securities 94 Diluted net loss attributable to shareholders $ (2,756 ) Denominator Basic weighted average shares outstanding 17,425,000 Dilutive Class B shares 55,726,603 Diluted weighted average shares outstanding 73,151,603 Basic net income per share $ 0.15 Diluted net loss per share $ (0.04 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Financial Statements Three Months Ended Nine Months Ended  2024   2023  2024 2023 Revenues - Related Party Affiliate access agreements Surface use royalties $ 5,627 $ 1,500 $ 11,902 $ 3,274 Affiliate access agreements Easements and other 1,465 7 4,224 3,864 Affiliate access agreements Resource sales 57 139 329 1,627 Affiliate access agreements Resource royalties 1,472 —  2,579 —  $ 8,621 $ 1,646 $ 19,034 $ 8,765 Financial Statements September 30, December 31, Accounts Receivable - Related Party Affiliate access agreements Related party receivable $ 2,161 $ 1,037 Accounts Payable - Related Party Shared services agreement Related party payable $ 504 $ 453

Organization and Nature of Op_2

Organization and Nature of Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from offering, including underwriter's option to purchase shares and concurrent private placement		$ 278,263
Payment of distributions		170,854	$ 105,165
Repayment of outstanding borrowings under the credit agreement		$ 35,000
Class A Shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of distributions	$ 170,900
Outstanding common shares		17,425,000		0
Class A Shares | Landbridge
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from offering, including underwriter's option to purchase shares and concurrent private placement	270,900
Repayment of outstanding borrowings under the credit agreement	$ 100,000
Class B Shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding common shares		55,726,603		0
Class B Shares | LandBridge Holdings, LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding common shares		55,726,603
LandBridge Company LLC | Class A Shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding common shares		17,425,000
LandBridge Company LLC | Class A Shares | IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued during the period (in shares)	14,500,000
Shares issued, price per share	$ 17
Number of days option given to purchase additional shares	30 days
LandBridge Company LLC | Class A Shares | Over - Allotment Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued during the period (in shares)	2,175,000
LandBridge Company LLC | Class A Shares | Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued during the period (in shares)	750,000
Shares issued, price per share	$ 17

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)		9 Months Ended
	Mar. 18, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Transfers between the fair value hierarchy levels		$ 0	$ 0
Purchase consideration of surface use agreement	$ 500,000
Surface use agreement amortized over a term	30 years
Offering costs included in shareholders, and member's equity		$ 8,700,000
Deferred offering costs				$ 3,700,000
Accrued deferred offering costs				$ 2,000,000
Long Term Incentive Plan
Significant Accounting Policies [Line Items]
Percentage of increase by shares outstanding		5%
Long Term Incentive Plan | Class A Shares
Significant Accounting Policies [Line Items]
Shares reserved and available for delivery		3,600,000

Asset Acquisitions - Additional

Asset Acquisitions - Additional Information (Details) $ in Millions	May 10, 2024 USD ($) a	Mar. 18, 2024 USD ($) a
Asset Acquisition [Line Items]
Purchase consideration intangible asset value		$ 0.5
Lea County Asset Acquisition
Asset Acquisition [Line Items]
Area of land | a		11,000
Total purchase consideration		$ 26.4
Transaction costs		0.3
Purchase consideration intangible asset value		0.5
Lea County Asset Acquisition | Land
Asset Acquisition [Line Items]
Total purchase consideration		$ 25.9
Loving, Winkler and Lea Counties Asset Acquisition
Asset Acquisition [Line Items]
Area of land | a	103,000
Total purchase consideration	$ 362.6
Other assets	0.7
Transaction costs	2.1
Loving, Winkler and Lea Counties Asset Acquisition | Land
Asset Acquisition [Line Items]
Total purchase consideration	$ 361.9
Lea and Andrews County Asset Acquisition
Asset Acquisition [Line Items]
Area of land | a	34,000
Total purchase consideration	$ 42.2
Transaction costs	$ 0.3

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Oil and natural gas properties
Proved	$ 36,054	$ 36,054
Unproved	3,057	3,057
Total oil and natural gas properties	39,111	39,111
Property, plant and equipment, gross	644,172	214,574
Less: accumulated depreciation and depletion	(16,085)	(11,556)
Total property, plant and equipment, net	628,087	203,018
Land and Land Improvements [Member]
Oil and natural gas properties
Property, plant and equipment, gross	585,555	157,737
Water Wells, Pipelines, Facilities, Ponds And Related Equipment [Member]
Oil and natural gas properties
Property, plant and equipment, gross	15,602	15,132
Buildings, Vehicles, Equipment, Furniture And Other [Member]
Oil and natural gas properties
Property, plant and equipment, gross	3,748	$ 2,594
Construction in Progress [Member]
Oil and natural gas properties
Property, plant and equipment, gross	$ 156

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and depletion expense	$ 1.5	$ 2	$ 4.5	$ 4.6

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 1,300		$ 1,300
Income tax (benefit) expense	$ (1,128)	$ 104	(890)	$ 303
Effective income tax rate, percent	29.10%
Texas margin tax liability	$ 400		$ 400		$ 400

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	May 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 281,890	$ 265,000	$ 130,494
Current portion of long-term debt	(35,547)		(20,339)
Unamortized debt issuance costs	(3,913)		(1,812)
Total long-term debt	242,430		108,343
Term Loan
Debt Instrument [Line Items]
Total debt	266,250		95,000
Unamortized debt issuance costs	(3,900)		(1,800)
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	15,000		35,000
Other
Debt Instrument [Line Items]
Total debt	$ 640		$ 494

Debt - Credit Facilities - Addi

Debt - Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 03, 2023	Sep. 30, 2024	May 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings		$ 281,890	$ 265,000	$ 130,494
Lineof credit covenants compliance description		The Company was in compliance with these covenants as of September 30, 2024.
Liquidity		$ 10,000
Leverage ratio		4
Qualified acquisition leverage ratio		0.5
Permitted acquisition leverage ratio		0.5
Permitted acquisitions additional step up ratio		0.25
Interest coverage ratio		2.75
Service coverage ratio		1.25
Commitment fees | Prior to Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		0.50%
Minimum
Debt Instrument [Line Items]
Profroma leverage ratio		3.25
Minimum | Commitment fees | Following Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		0.375%
Maximum
Debt Instrument [Line Items]
Leverage ratio		3.5
Maximum | Commitment fees | Following Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		0.50%
SOFR
Debt Instrument [Line Items]
Credit facilities to accrue interest rate		0.10%
SOFR | Minimum | Letter of credit fees | Prior to Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		3%
SOFR | Minimum | Letter of credit fees | Following Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		2.75%
SOFR | Maximum | Letter of credit fees | Prior to Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		4%
SOFR | Maximum | Letter of credit fees | Following Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		3.75%
Base rate | Minimum | Prior to Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		2%
Base rate | Minimum | Following Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		1.75%
Base rate | Maximum | Prior to Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		3%
Base rate | Maximum | Following Consummation
Debt Instrument [Line Items]
Debt instrument, interest rate margin		2.75%
Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000
Line of credit facility term	4 years
Borrowings		$ 266,250		95,000
Repayment of debt		100,000
Term Loan | Credit Agreement Amendment
Debt Instrument [Line Items]
Debt instrument, face amount			350,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount	$ 50,000	75,000
Borrowings		$ 15,000		$ 35,000
Revolving Credit Facility | Credit Agreement Amendment
Debt Instrument [Line Items]
Line of credit facility, amount			$ 75,000

Debt - Term Loan - Additional I

Debt - Term Loan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 875	$ 129
Debt issuance costs, net	$ 3,913		$ 3,913		$ 1,812
Term Loan
Debt Instrument [Line Items]
Debt instrument, payment terms			Any principal amounts outstanding on the maturity date, July 3, 2027, become due and payable on such date.
Amortization of debt issuance costs	400	$ 100	$ 800	100
Debt issuance costs, net	3,900		3,900		1,800
Interest expense	$ 6,000	$ 2,100	$ 12,900	$ 2,100
Weighted average interest rate	8.56%	8.63%	8.49%	8.63%
Accrued interest payable	$ 3,300		$ 3,300		$ 1,200

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 03, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 875	$ 129
Debt issuance costs	$ 3,913		3,913		$ 1,812
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount	75,000		75,000			$ 50,000
Line of credit facility, current borrowing capacity	50,000		50,000
Amortization of debt issuance costs	100	$ 100	200	100
Interest expense	500	$ 500	2,300	$ 500
Commitment fees	$ 100		$ 100
Debt instrument maturity date			Jul. 03, 2027
Weighted average interest rate	8.54%	8.63%	8.45%	8.63%
Accrued interest payable	$ 200		$ 200		300
Revolving Credit Facility | Short-Term Debt | Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Debt issuance costs	400		400		300
Revolving Credit Facility | Long-Term Debt | Other Assets
Debt Instrument [Line Items]
Debt issuance costs	700		700		$ 600
Revolving Credit Facility | Term Loan
Debt Instrument [Line Items]
Line of credit facility, amount	50,000		50,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, amount	$ 5,000		$ 5,000

Debt - Ag Loan - Additional Inf

Debt - Ag Loan - Additional Information (Details) - Ag Loan - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Oct. 14, 2021	Sep. 30, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Debt instrument, face amount	$ 65
Debt instrument term	7 years
Interest expense			$ 1.5
Weighted average interest rate		5.25%	5.25%

Shareholders' and Member's Equi

Shareholders' and Member's Equity - Additional Information (Details) - $ / shares				3 Months Ended	9 Months Ended
	Dec. 19, 2024	Dec. 05, 2024	Nov. 05, 2024	Sep. 30, 2024	Sep. 30, 2024
Sole Liability
Shareholders' and Member's Equity [Line Items]
Limited liability interests					100%
Class B Shares
Shareholders' and Member's Equity [Line Items]
Shares converted				0
O 2024 Q4 Dividends | Subsequent Event | Class A Shares
Shareholders' and Member's Equity [Line Items]
Dividend Declared			$ 0.1
Dividend declared payable date	Dec. 19, 2024
Dividend payable record date		Dec. 05, 2024

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Aggregate Share-based Compensation Expense (Details) - General and Administrative Expense (Income) [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense (income)	$ 11,624	$ (6,933)	$ 84,196	$ (24,434)
Incentive Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense (income)	9,830	$ (6,933)	82,402	$ (24,434)
Restricted Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense (income)	$ 1,794		$ 1,794

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Incentive Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional expense		$ 1,200,000	$ 0	$ 1,200,000	$ 0
Unrecognized compensation expense	$ 24,200,000	85,000,000		$ 85,000,000
Weighted average remaining vesting period	2 years			2 years 7 months 6 days
Restricted Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional expense		0	$ 0	$ 0	$ 0
Unrecognized compensation expense		$ 21,500,000		$ 21,500,000
Weighted average remaining vesting period				2 years 8 months 12 days

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Incentive Units Granted and Fair Value (Details) - Incentive Units [Member] - $ / shares	Jul. 18, 2024	Jul. 01, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price	$ 28.45	$ 22.96
Expected life (in years)	2 years	1 year 6 months
Risk-free interest rate	4.40%	4.80%
Dividend yield	0%	0%
Volatility, minimum	40%	40%
Volatility, maximum	132%	225%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Marketability discount	12%	11%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Marketability discount	30%	32%

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Incentive Units Activity (Details) - Incentive Units [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at beginning of period | shares	9,992
Granted | shares	20,620
Forfeited | shares	(1,011)
Outstanding at end of period | shares	29,601
Outstanding at beginning of period | $ / shares	$ 3,590
Granted | $ / shares	3,576
Forfeited | $ / shares	3,457
Outstanding at end of period | $ / shares	$ 5,059

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Incentive Units Activity (Parenthetical) (Details) - $ / shares	Sep. 30, 2024	Jul. 01, 2024	Dec. 31, 2023
Incentive Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grand date fair value	$ 5,059	$ 7,959	$ 3,590

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of RSU Activity (Details) - Restricted Share Units [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted | shares	768,211
Forfeited | shares	(23,325)
Outstanding at end of period | shares	744,886
Granted | $ / shares	$ 31.23
Forfeited | $ / shares	31.16
Outstanding at end of period | $ / shares	$ 31.23

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net loss	$ (2,756)	$ 16,633	$ 44,664	$ (647)	$ (49,633)	$ 60,650
Net loss attributable to noncontrolling interest	(5,412)				(5,412)
Net income attributable to LandBridge Company, LLC	2,656				$ 2,656
Less: Undistributed earnings allocated to participating securities	94
Basic net income attributable to LandBridge Company LLC	2,562
Plus: Undistributed earnings allocated to participating securities	94
Diluted net loss attributable to shareholders	$ (2,756)
Denominator
Basic weighted average shares outstanding	17,425,000
Diluted weighted average shares outstanding	73,151,603
Basic net income per share	$ 0.15
Diluted net loss per share	$ (0.04)
Class B Shares
Denominator
Dilutive Class B Shares	55,726,603

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	3 Months Ended
	Sep. 30, 2024 shares
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive have been excluded from the computation of diluted net income (loss) per share	637,877

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues - Related Party	$ 28,487	$ 17,799	$ 73,455	$ 55,408
Related Party
Related Party Transaction [Line Items]
Accounts Receivable - Related Party	2,161		2,161		$ 1,037
Accounts Payable - Related Party	504		504		453
Related Party | Affiliate Access Agreements
Related Party Transaction [Line Items]
Revenues - Related Party	8,621	1,646	19,034	8,765
Accounts Receivable - Related Party	2,161		2,161		1,037
Related Party | Shared Services Agreement
Related Party Transaction [Line Items]
Accounts Payable - Related Party	504		504		$ 453
Related Party | Surface Use Royalties | Affiliate Access Agreements
Related Party Transaction [Line Items]
Revenues - Related Party	5,627	1,500	11,902	3,274
Related Party | Easements and Other Surface Related Revenues | Affiliate Access Agreements
Related Party Transaction [Line Items]
Revenues - Related Party	1,465	7	4,224	3,864
Related Party | Resource Sales | Affiliate Access Agreements
Related Party Transaction [Line Items]
Revenues - Related Party	57	$ 139	329	$ 1,627
Related Party | Resource Royalties | Affiliate Access Agreements
Related Party Transaction [Line Items]
Revenues - Related Party	$ 1,472		$ 2,579

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Related Party - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shared Services Agreement
Related Party Transaction [Line Items]
Shared services and direct cost reimbursements	$ 6.5	$ 1.1	$ 8.6	$ 4
Equity Sponsor Services Agreement
Related Party Transaction [Line Items]
GIS and legal services reimbursement paid	$ 0.1		$ 0.3	$ 0.1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information - (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Oct. 01, 2021	Sep. 30, 2024	Dec. 31, 2023	Aug. 08, 2024
Other Commitments [Line Items]
Business combination, Contingent liabilities				$ 5.8
Business Combination, Additional consideration			$ 5
Hanging H Ranch, Inc.
Other Commitments [Line Items]
Business combination, payment description		the Company agreed to pay one of the sellers $5.0 million as additional consideration over the next ten years on each anniversary of closing, beginning on October 14, 2022, and in exchange for the additional consideration, such seller agreed to subordinate its rights under a grazing lease to the rights of the Ag Loan lender.
Business Combination, Additional consideration	$ 5
Other Current Liabilities
Other Commitments [Line Items]
Business combination, Contingent liabilities			0.5	0.5
Other Long-term Liabilities
Other Commitments [Line Items]
Business combination, Contingent liabilities			$ 2.6	2.7
General and Administrative Expense
Other Commitments [Line Items]
Business combination, Contingent liabilities				$ 2.6

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)			1 Months Ended
	Nov. 01, 2024 USD ($) a	Mar. 18, 2024 USD ($) a	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 19, 2024 USD ($) a	Nov. 22, 2024 USD ($) a	Nov. 04, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Dec. 31, 2023 shares	Jul. 03, 2023 USD ($)
Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility, amount							$ 75,000,000		$ 50,000,000
Term Loan
Subsequent Event [Line Items]
Principal amount									$ 100,000,000
Lea County Asset Acquisition
Subsequent Event [Line Items]
Area of land | a		11,000
Total Purchase Price		$ 26,400,000
Subsequent Event
Subsequent Event [Line Items]
Area of land | a				46,000
Purchase Options, Land				$ 245,000,000
Share Repurchase Program, Authorized, Number of Shares | shares			2,498,751
Subsequent Event | Second Credit Agreement Amendment | Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility, amount						$ 100,000,000
Subsequent Event | Second Credit Agreement Amendment | Term Loan
Subsequent Event [Line Items]
Principal amount						300,000,000
Subsequent Event | Second Credit Agreement Amendment | Uncommitted Accordion Term Loan
Subsequent Event [Line Items]
Principal amount						$ 75,000,000
Subsequent Event | Winkler County Asset Acquisition
Subsequent Event [Line Items]
Area of land | a	1,280
Total Purchase Price	$ 20,000,000
Subsequent Event | Lea County Asset Acquisition
Subsequent Event [Line Items]
Area of land | a					5,800
Purchase Options, Land					$ 26,500,000
Private Placement | Subsequent Event
Subsequent Event [Line Items]
Proceeds from Issuance of Private Placement			$ 200,000,000
Net Of Private Placement Fees			$ 150,000,000
Class A Shares
Subsequent Event [Line Items]
Common Stock, Shares, Issued | shares							17,425,000	0
Class A Shares | Private Placement | Subsequent Event
Subsequent Event [Line Items]
Common Stock, Shares, Issued | shares			5,830,419
Sale of Stock, Price Per Share | $ / shares			$ 60.03

Submission

Submission	Dec. 30, 2024
Submission [Line Items]
Central Index Key	0001995807
Registrant Name	LandBridge Company LLC
Form Type	S-1
Submission Type	S-1
Fee Exhibit Type	EX-FILING FEES

Offerings

Offerings - Offering: 1	Dec. 30, 2024 USD ($) shares
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Class A shares representing limited liability company interests
Amount Registered | shares	59,058,271
Proposed Maximum Offering Price per Unit	57.98
Maximum Aggregate Offering Price	$ 3,424,198,552.58
Fee Rate	0.01531%
Amount of Registration Fee	$ 524,244.8
Offering Note	(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), the Class A shares representing limited liability company interests (“Class A shares”) being registered hereunder include such indeterminate number of Class A shares as may be issuable with respect to the Class A shares being registered hereunder as a result of share splits, share dividends or similar transactions. This Registration Statement also covers an indeterminate amount of securities as may be issued in exchange for, or upon conversion or exercise of, as the case may be, the securities issued hereunder. (2) Pursuant to Rule 457(c) under the Securities Act, and solely for the purpose of calculating the registration fee, the

Fees Summary

Fees Summary	Dec. 30, 2024 USD ($)
Fees Summary [Line Items]
Total Offering	$ 3,424,198,552.58
Previously Paid Amount	0
Total Fee Amount	524,244.8
Total Offset Amount	0
Net Fee	$ 524,244.8