Five Point Energy GP III LP 4

What Happened
WBR Holdings LLC, a reported 10% owner of WaterBridge Infrastructure LLC (WBI), reported an in‑kind distribution on 2026-05-06. The filing shows a disposition (transaction code J) of 2,456,248 shares at $0.00 and a corresponding derivative disposition of 2,456,248 units/shares at $0.00. Footnote F1 clarifies these were in‑kind distributions of OpCo Units and the corresponding Class B shares to certain members of the reporting persons for no consideration (i.e., not an open‑market sale).

Key Details

• Transaction date: 2026-05-06; Form 4 filed 2026-05-08.
• Reported transactions: 2,456,248 Class B shares disposed at $0.00 and 2,456,248 derivative OpCo Units disposed at $0.00 (code J).
• Shares held after transaction (per filing): WBR Holdings holds 11,063,925 Class B Shares of record. Related entities (NDB Holdings, Desert Holdings) hold additional OpCo Units/Class B Shares as noted in footnote F2.
• Relevant footnotes: F1 (in‑kind distribution, no consideration), F6 (OpCo Units redeemable for Class A shares or cash on a one‑for‑one basis; OpCo Units do not expire).
• Insider type/timeliness: WBR Holdings is a 10% institutional holder (not an individual executive); filing appears timely (filed two days after the report date). Separate Form 4 filings were made by related managing entities due to EDGAR limitations.

Context: This was an internal distribution of securities to members (not an open‑market sale), so it does not necessarily reflect buying or selling sentiment by company insiders. For retail investors, note that distributions of OpCo Units/Class B shares typically reallocate ownership within related parties rather than indicate third‑party demand.