Holders of Class A shares and Class B shares vote together as a single class on all matters presented to our shareholders, except as otherwise required by applicable law or by the LLC Agreement. Class B shares are not entitled to participate in any dividends the Company’s board of directors may declare.

Dividends and Distributions


(in thousands, except for per share amounts) Cash Dividends	Date of Record	Dividends Paid to Class A Shareholders		Distributions Paid to OpCo Unitholders(1)		Rate Per Share
2026:
First Quarter	March 5, 2026	$	2,163	$	4,010	$	0.05
Second Quarter	June 4, 2026		2,439		3,733	$	0.05
Total		$	4,602	$	7,743

(1)

Excludes the Company.

On August 4, 2026, the Company’s board of directors declared a dividend on our Class A shares of $0.05 per share, payable on September 10, 2026, to shareholders of record as of August 27, 2026, and a corresponding required cash distribution to OpCo unitholders (other than the Company).

During June 2026, Devon WB Holdco LLC, NDB Holdings LLC and Desert Environmental Holdings LLC, redeemed 6,219,186 OpCo Units (together with the cancellation of a corresponding number of Class B shares) for 6,219,186 Class A shares.

Additionally, during June 2026, legacy Desert Environmental Holdings, LLC members redeemed 461,199 OpCo Units (together with the cancellation of a corresponding number of Class B shares) for an equivalent amount of Class A shares.

During May 2026, legacy NDB Holdings LLC members redeemed 1,756,674 OpCo Units (together with the cancellation of a corresponding number of Class B shares) for an equivalent amount of Class A shares.

During March 2026, Elda River Infrastructure WB LLC redeemed 3,750,000 OpCo Units (together with the cancellation of a corresponding number of Class B shares) for an equivalent amount of Class A shares.

Prior to the WaterBridge Combination, NDB Intermediate Holdings LLC (the “Sole Member”) was the sole member of NDB Operating and held 100% of the limited liability company interests in NDB Operating. NDB Operating’s limited liability interests were generally consistent with ordinary equity interests. Distributions (including liquidating distributions) were to be made to the Sole Member at a time to be determined by the board of managers of NDB Operating. There were no restrictions on distributions. The Sole Member’s equity account was adjusted for distributions paid to, and additional capital contributions that were made by the Sole Member. All revenues, costs and expenses of NDB Operating were allocated to the Sole Member in accordance with the Amended & Restated Second Limited Liability Company Agreement of NDB Operating, dated June 10, 2020.