David Capobianco - May 23, 2025 Form 4 Insider Report for LandBridge Co LLC (LB)

Role: Director, 10%+ Owner
Signature: /s/ David N. Capobianco
Stock symbol: LB
Transactions as of: May 23, 2025
Transactions value $: -$142,975,000
Form type: 4
Date filed: 5/28/2025, 08:30 PM
Previous filing: Dec 23, 2024
Next filing: Sep 17, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Capobianco David N	Director, 10%+ Owner	C/O LANDBRIDGE COMPANY LLC, 5555 SAN FELIPE STREET, SUITE 1200, HOUSTON	/s/ David N. Capobianco	2025-05-28	0001298438

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LB	Class B shares	Other	$0	-1.9M	-3.58%	$0.00	51.2M	May 23, 2025	See Footnote	F1, F2, F3, F4
transaction	LB	Class A shares	Conversion of derivative security	$0	+1.9M		$0.00	1.9M	May 23, 2025	See Footnote	F1, F2, F4
transaction	LB	Class A shares	Sale	-$143M	-1.9M	-100%	$75.25	0	May 23, 2025	See Footnote	F2, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LB	DBR Land Holdings LLC Units	Conversion of derivative security	$0	-1.9M	-3.58%	$0.00	51.2M	May 23, 2025	Class A Shares	1.9M		See Footnote	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the Amended and Restated Limited Liability Company Agreement of DBR Land Holdings LLC ("OpCo"), each unit representing membership interests in OpCo ("OpCo Units") (together with the delivery for no consideration of an equal number of Class B shares representing limited liability company interests ("Class B Shares") in LandBridge Company LLC (the "Issuer")) may be redeemed for an equal number of newly issued Class A shares representing limited liability company interests in the Issuer ("Class A Shares") or for cash, at the Issuer's election, subject to satisfaction of certain requirements. OpCo Units do not expire. Class B Shares do not represent economic interests in the Issuer.
F2	In connection with the sale by LandBridge Holdings LLC ("LandBridge Holdings") pursuant to Rule 144 of the Securities Act of 1933, as amended, through a broker-dealer, on May 23, 2025, LandBridge Holdings (i) redeemed 1,900,000 OpCo Units (together with the cancellation of 1,900,000 Class B Shares) for 1,900,000 Class A Shares and (ii) sold 1,900,000 Class A Shares at a price per share of $75.25.
F3	Reflects the cancellation of 34,674 OpCo Units and 51,682 OpCo Units (each, together with the cancellation of a corresponding number of Class B Shares) in lieu of the payment of a tax distribution by OpCo to the Issuer in excess of the Issuer's current income tax obligation for the three months ended December 31, 2024 and March 31, 2025, respectively. The number of cancelled OpCo Units was determined based on the Class A Share price as of the tax distribution date.
F4	LandBridge Holdings is ultimately controlled by the Reporting Person. As a result of the foregoing, the Reporting Person may exercise voting and dispositive power over the Class B Shares held by LandBridge Holdings and may be deemed to be the beneficial owner thereof. The Reporting Person disclaims beneficial ownership of OpCo Units and Class B Shares in excess of his pecuniary interest therein, if any.