Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

A summary of the Company’s aggregate share-based compensation expense is shown below. Share-based compensation expense related to incentive units allocated to the Company is recognized as a deemed non-cash contribution to shareholders’ equity on the condensed consolidated balance sheets. Substantially all share-based compensation expense is included in general and administrative expense on the condensed consolidated statements of operations.


	Three Months Ended March 31,
	2026		2025
Incentive Units	$	9,002	$	8,945
Restricted Share Units		2,262		2,195
Total share-based compensation expense	$	11,264	$	11,140

Incentive Units

A summary of Incentive Unit activity during the three months ended March 31, 2026 is shown in the following table:


	Incentive Units			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)
Outstanding at December 31, 2025		30,220		$	5,144
Granted		-			-
Forfeited		(22	)		7,904
Outstanding at March 31, 2026		30,198		$	5,142		0.73

As of March 31, 2026, remaining unrecognized compensation expense for the Incentive Units was $36.1 million, which the Company expects to recognize over a weighted average remaining period of approximately 1.3 years.

Under the LandBridge Company LLC Long Term Incentive Plan, participants were granted restricted share units (“RSUs”) which are subject to graded vesting generally ranging from one to three years. The fair value of the awards is based on our Class A share 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 three months ended March 31, 2026 is shown in the following table:


	RSUs			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2025		537,481		$	33.96
Granted		270			55.38
Forfeited		(363	)		55.08
Vested		(1,073	)		63.63
Nonvested at March 31, 2026		536,315		$	33.90

As of March 31, 2026, remaining unrecognized compensation expense for the RSUs was $11.6 million, which the Company expects to recognize over a weighted average remaining period of approximately 1.5 years.

Incentive Units

Restricted Share Units

LandBridge Co LLC 10-Q