WaterBridge Resources LLC 4

What Happened

• WaterBridge Resources LLC (reported as a 10% owner/manager of affiliated holders) reported conversions of OpCo units into Class A shares and the aggregate sale of 5,894,826 Class A shares at $30.05 each on June 22, 2026, generating proceeds of approximately $177,139,521. The filing records conversion/redemption activity totaling 4,464,012 Class A shares (no cash consideration) associated with OpCo unit redemptions and the subsequent open‑market sale of the 5.894M shares.
• This filing reflects institutional/affiliate selling (not an executive buy) and appears to be a Rule 144 sale through a broker‑dealer as described in the footnotes.

Key Details

• Transaction date: June 22, 2026; sale price: $30.05 per share; total proceeds: $177,139,521.
• Shares sold: 5,894,826 Class A shares (aggregate of sales by affiliated holders: NDB Holdings, Desert Holdings and WBR Holdings as noted in footnotes).
• Conversion/redemption: 4,464,012 OpCo Units were redeemed and converted into Class A shares (no cash consideration) prior to/alongside the sale.
• Holdings after the transaction (reported by affiliated entities): WBR Holdings — 1,980,921 Class A Shares and 11,063,925 OpCo Units (plus corresponding Class B Shares); NDB Holdings — 35,747,578 OpCo Units; Desert Holdings — 4,951,160 OpCo Units (see footnote F4).
• Notable footnotes: sales executed pursuant to Rule 144 via broker‑dealer (F2–F3); WaterBridge Resources LLC is the managing member of WBR Holdings and may be deemed to beneficially own the securities held by those affiliated entities (F5–F7). Multiple affiliated entities filed separate Form 4s per the remarks.
• Filing timeliness: reported with the June 22, 2026 period of report and filed the same day (no late filing indicated).

Context

• These entries include conversion of OpCo units (a non‑expiring limited‑partner style interest) into Class A shares of the issuer, followed by sales under Rule 144. The derivative/“conversion” entries at $0.00 reflect unit redemptions/conversions rather than market purchases.
• This is institutional/affiliate selling (liquidity/portfolio management) rather than an insider executive purchasing the stock; purchases typically carry more signal for bullish insider sentiment.