Founded in 2023 and public since mid-2024, LandBridge Co LLC owns and manages over 315,000 surface acres centrally located in the prolific Delaware Basin. The company’s revenue model is grounded in surface use royalties, resource sales, and oil and gas royalties, with a distinct emphasis on placing capital and operational burdens on its customers. This approach has fueled substantial growth in operating income and cash flow in 2025. Critical to its ecosystem is a synergistic relationship with WaterBridge, a leading water midstream operator. However, LandBridge’s financial profile reflects concentration risks and leverage constraints tied to industry cyclicality and geographic focus within the Permian Basin.