During the nine months ended September 30, 2026, the Company acquired approximately 34,000 surface acres within its area of operations from private third-party sellers for total purchase consideration of $254.6 million, inclusive of transaction costs. The purchase consideration was attributed to land of $90.0 million, oil and natural gas mineral interests of $162.3 million, intangible assets of $0.5 million and other assets of $1.8 million. The intangible assets will be amortized over a term of 15 years.

Certain acquisitions included in the amounts above were structured as a reverse 1031 exchange, as described in Note 2 — Summary of Significant Accounting Policies. Under this structure, the Company acquired approximately 24,000 surface acres for total purchase consideration of $243.5 million, inclusive of transaction costs. The purchase consideration was attributed to land of $79.5 million, oil and natural gas mineral interests of $162.3 million, intangible assets of $0.5 million and other assets of $1.2 million.

In addition, during the nine months ended September 30, 2026, the Company acquired approximately 560 surface acres from WaterBridge Infrastructure LLC (“WaterBridge”), an affiliate of the Company, for total purchase consideration of $20.0 million. In connection with this acquisition, the Company acquired a third-party seller’s royalty interest on this land for $4.2 million, which terminated the royalty interest. The cost to terminate the royalty interest was capitalized as part of the land acquisition cost. Refer to Note 11 — Related Party Transactions for additional information.