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LandBridge

LB on NYSE. Market value $2m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 193 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Five Point Energy Fund II AIV-VII LP
    Insider or founder
    at least 69.6%
    (filed with 5 related holders)
    Since 19 December 2024
    What they said

    December Private Placement On November 18, 2024, the Issuer entered into multiple Common Shares Purchase Agreements (the "Investor SPAs") with certain persons reasonably believed to be accredited investors or qualified institutional buyers (collectively, the "Investors") as…

    Read the filing
  • LandBridge Holdings LLC
    Insider or founder
    at least 61.4%−2.2 pts
    (filed with 7 related holders)
    Since 7 August 2026
    What they said

    The information set forth in amended Item 6 below is incorporated by reference herein.

    Read the filing
  • First Manhattan Co.
    Passive investor
    at least 26.3%+6.6 pts
    (filed with 2 related holders)
    Since 31 October 2025
  • Horizon Kinetics
    Passive investor
    at least 20.9%−1.3 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • FMR LLC
    Passive investor
    at least 6.4%+2.3 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Morgan Stanley
    Passive investor
    at least 4.1%−4.2 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Sold down below 5%
    Since 30 June 2026
  • Hill City Capital LP
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $164,630 of shares on the open market. 2 sold $717m.

  • LandBridge Holdings LLC
    Director
    Sold
    Date
    7 August 2026
    Shares
    1,250,000
    Price
    $75.05
    Value
    $94m
  • Capobianco David N
    Director
    Sold
    Date
    7 August 2026
    Shares
    1,250,000
    Price
    $75.05
    Value
    $94m
  • WATSON CHARLES L.
    Director
    Sold
    Date
    6 March 2026
    Shares
    13,000
    Price
    $75.00
    Value
    $975,000
  • WATSON CHARLES L.
    Director
    Sold
    Date
    4 March 2026
    Shares
    9,670
    Price
    $75.19
    Value
    $727,087
  • WATSON CHARLES L.
    Director
    Sold
    Date
    2 March 2026
    Shares
    30,680
    Price
    $74.07
    Value
    $2m
  • McNeely Scott Lloyd
    See Remarks
    Bought
    Date
    6 January 2026
    Shares
    549
    Price
    $45.49
    Value
    $24,974
  • Bolling Harrison Fenner
    See Remarks
    Bought
    Date
    5 January 2026
    Shares
    850
    Price
    $46.84
    Value
    $39,814
  • Long Jason Thomas
    See Remarks, Director
    Bought
    Date
    5 January 2026
    Shares
    2,143
    Price
    $46.59
    Value
    $99,842
  • Five Point Energy Fund III AIV-VIII LP
    Director
    Sold
    Date
    18 November 2025
    Shares
    2,500,000
    Price
    $70.00
    Value
    $175m
  • Five Point Energy GP III LP
    Director
    Sold
    Date
    18 November 2025
    Shares
    2,500,000
    Price
    $70.00
    Value
    $175m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 25% last year. Losing that customer would hurt.

    “WaterBridge has the right to construct produced water infrastructure on our Stateline and Northern Positions and is one of our largest customers, representing 25% of our revenue during the year ended December 31, 2025.”

    From the 10-K filed 26 February 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.