LandBridge Company LLC has formed a special committee of independent directors to evaluate a potential conversion from a Delaware limited liability company to a Texas corporation. The primary driver for this evaluation is index eligibility, as major benchmarks such as S&P, Russell, and CRSP restrict inclusion to corporations. LandBridge anticipates that conversion could unlock inclusion in these widely followed indexes, thereby broadening its eligible investor base, improving trading liquidity, and increasing market visibility to support long-term shareholder value.

The special committee will assess the potential benefits and risks of such a conversion, including the impact on LandBridge's governance structure and tax treatment. There is no assurance that the committee will recommend a conversion or that any such conversion will be completed. Furthermore, LandBridge cannot guarantee that conversion to a corporate entity will result in inclusion in any particular index or that such inclusion will yield the expected benefits. The company expects to provide additional updates regarding the committee's review and any potential conversion at a later date.

LandBridge owns or manages more than 320,000 surface acres across Texas and New Mexico, primarily located in the Delaware sub-region of the Permian Basin. The company actively manages its land and resources to support energy and infrastructure development, including digital infrastructure. LandBridge was formed by Five Point Infrastructure LLC, a private equity firm focused on energy, environmental water management, and sustainable infrastructure companies within the Permian Basin.