14. Subsequent Events

Long Term Incentive Plan. On July 9, 2026, the Board authorized the Company’s Chief Executive Officer to grant up to an additional 405,405 restricted stock units (“RSUs”) to current and future employees and service providers of the Company (other than executive officers). As of August 13,2026, 1,216,216 restricted stock units have been authorized under the LTIP. As of August 13, 2026, 954,045 RSUs have been granted to certain non-executive employees and service providers under the LTIP.

IPO Bonus Settlement. In July 2026, the Company issued 1,899,571 Class A shares to certain members of management in settlement of 3,100,001 previously granted shares, net of 1,200,430 shares withheld to satisfy employee tax withholding obligations. In connection with the settlement, the Company paid $27.8 million in cash for tax withholding obligations, of which $1.0 million related to employer payroll taxes and $26.8 million was recorded as a reduction to additional paid-in capital.

Related Party Transactions. On August 3, 2026 and August 4, 2026, the Company paid approximately $8.4 million and $7.3 million, respectively, toward the reimbursement payable to certain related parties in connection with the DE Flow Contribution and Shallow Valley Contribution. The amount paid in connection with the Shallow Valley Contribution was inclusive of an additional $0.3 million due to the related party as of August 3, 2026. Additionally, on July 10, 2026, the Company paid approximately $9.0 million to a related party to settle allocated balances related to Hydrosource Distribution.

EagleRock-Intrepid Acquisition. On August 10, 2026, the Company acquired from Hydrosource, a related party, the assets Hydrosource had acquired in the Intrepid Acquisition, including approximately 22,000 fee surface acres, 28,000 federal grazing lease acres, and the related water rights, contracts and permits, for total consideration of approximately $78.2 million (the “EagleRock-Intrepid Acquisition”). The transaction was funded with borrowings under the Credit Facility of approximately $80.0 million. Based on its preliminary assessment, the Company expects that substantially all of the fair value of the gross assets acquired will be concentrated in a single identifiable asset or group of similar identifiable assets and, accordingly, that the EagleRock-Intrepid Acquisition will be accounted for as an asset acquisition rather than a business combination. The Company has not completed this assessment, and its final determination may differ. Total consideration, including direct transaction costs that will be capitalized as a component of the cost of the assets acquired, will be allocated to the individual assets acquired on the basis of their relative fair values. Because the EagleRock-Intrepid Acquisition is expected to be accounted for as an asset acquisition, no goodwill will be recognized. The Company has not yet completed its determination of the relative fair values of the assets acquired and expects to complete that determination in connection with the preparation of its financial statements for the third quarter of 2026. Because the EagleRock-Intrepid Acquisition closed after June 30, 2026, the assets acquired and the related borrowings are not reflected in the Company's condensed consolidated balance sheets

as of June 30, 2026. The EagleRock-Intrepid Acquisition and the related borrowings will be initially recorded in the Company's condensed consolidated financial statements for the third quarter of 2026.