LandBridge 10% Owner David Capobianco Sells 1.25M Shares

What Happened
David N. Capobianco, reported as a 10% owner, disposed of 1,250,000 Class A shares of LandBridge Company LLC on August 7, 2026. The shares were sold in an open-market transaction at $75.05 per share for total gross proceeds of $93,812,500. The sale followed the conversion/redemption of 1,250,000 OpCo Units (and cancellation of matching Class B shares) into 1,250,000 Class A shares, which were then sold under Rule 144 through a broker-dealer.

Key Details

• Transaction date: August 7, 2026. Filing date: August 11, 2026 (4 days later). The Form 4 indicates the report was filed after the transaction date.
• Sale: 1,250,000 Class A shares sold at $75.05 per share; proceeds = $93,812,500. (Reported as code S = sale.)
• Conversions/redemptions: 1,250,000 OpCo Units redeemed and converted into 1,250,000 Class A shares (codes C and J reflect conversion/delivery/no consideration mechanics).
• Tax-related cancellations: 73,141 OpCo Units and 102,987 OpCo Units were canceled in lieu of tax distributions for March 31 and June 30, 2026 respectively (total 176,128 units canceled).
• Shares owned after transaction: Not specified in the provided excerpt — see the full Form 4 for beneficial ownership totals.
• Footnote context: OpCo Units can be redeemed for Class A shares or cash; Class B shares were canceled and do not represent economic interests. LandBridge Holdings (which sold the shares) is controlled by the reporting person, who may be deemed to have voting/dispositive power over certain shares but disclaims beneficial ownership beyond any pecuniary interest.

Context
This was a sale by a 10% owner following a conversion/redemption of membership units into Class A shares and a Rule 144 sale through a broker-dealer — a liquidity/affiliate sale rather than an open-market purchase signal. Because the filing was dated August 11 for an August 7 transaction, investors may want to review the complete Form 4 for any explanations of the timing and to confirm post-transaction beneficial ownership.