SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2026
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17—SUBSEQUENT EVENTS On May 1, 2026, a subsidiary of the Company acquired the Black River Ranch (“BRR”) in Eddy County, New Mexico for a purchase price of $18.56 million. The BRR encompasses 4,463 total acres, including 3,753 acres of fee land and 710 acres of federal grazing lease land. Additionally, the BRR includes 1,800 acre feet of annual water rights. Select anticipates direct revenues associated with the water rights, irrigated agricultural cropland, and other surface-related fees. Furthermore, the acquisition is expected to simplify ROWs related to ongoing infrastructure projects and provide the potential for future recycling, disposal and other related infrastructure development opportunities. The acquisition was funded with a combination of cash on hand and a $13.0 million agricultural loan bearing interest at 6.35%, with a maturity date of May 1, 2031. Additionally on May 1, 2026, a subsidiary of the Company acquired disposal facilities encompassing 30,000 barrels per day of permitted capacity as well as source water rights, infrastructure, and associated surface acreage in Reeves County, Texas for a purchase price of $10.0 million. The acquired assets will be tied into Select’s broader Delaware Basin infrastructure system to support ongoing organic water infrastructure projects in the region.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

NOTE 17—SUBSEQUENT EVENTS

On May 1, 2026, a subsidiary of the Company acquired the Black River Ranch (“BRR”) in Eddy County, New Mexico for a purchase price of $18.56 million. The BRR encompasses 4,463 total acres, including 3,753 acres of fee land and 710 acres of federal grazing lease land. Additionally, the BRR includes 1,800 acre feet of annual water rights. Select anticipates direct revenues associated with the water rights, irrigated agricultural cropland, and other surface-related fees. Furthermore, the acquisition is expected to simplify ROWs related to ongoing infrastructure projects and provide the potential for future recycling, disposal and other related infrastructure development opportunities. The acquisition was funded with a combination of cash on hand and a $13.0 million agricultural loan bearing interest at 6.35%, with a maturity date of May 1, 2031.

Additionally on May 1, 2026, a subsidiary of the Company acquired disposal facilities encompassing 30,000 barrels per day of permitted capacity as well as source water rights, infrastructure, and associated surface acreage in Reeves County, Texas for a purchase price of $10.0 million. The acquired assets will be tied into Select’s broader Delaware Basin infrastructure system to support ongoing organic water infrastructure projects in the region.