Acquisitions

Subsequent to the third quarter of 2026, the Company used cash on hand to acquire approximately 1,600 surface acres from third-party sellers for total purchase consideration of $5.4 million.

Debt

On October 1, 2026, OpCo issued an additional $125.0 million aggregate principal amount of 6.25% fixed-rate senior unsecured notes due 2030 at 99.375% of par under the Indenture (the “Additional Notes”). The Additional Notes have terms identical to those of the existing Notes, other than the issue date and issue price. The Additional Notes and the Notes are treated as a single series for all purposes under the Indenture, bringing the total aggregate principal amount to $625.0 million. The Company used the net proceeds from the Additional Notes to repay a portion of outstanding borrowings under its revolving credit facility.

Dividends and Distributions

On November 3, 2026, the Company’s board of directors declared a dividend on our Class A Common Stock of $0.12 per share, payable on December 10, 2026 to Class A Common Stock holders of record as of November 25, 2026 and a corresponding required cash distribution to OpCo unitholders.

On November 3, 2026, the Company’s board of directors, acting on behalf of the Company in its capacity as the managing member of OpCo, approved a payment for tax distributions from OpCo to OpCo unitholders (other than the Company) in the amount of $5.2 million. This amount is inclusive of OpCo unitholders’ (other than the Company) pro rata share of estimated federal income tax liability and an additional tax distribution in excess of the Company’s then-current income tax obligation as provided for under the Second Amended and Restated Limited Liability Company Agreement of DBR Land Holdings LLC, dated as of October 13, 2026. This amount is expected to be paid during the fourth quarter of 2026.