Apr. 24 at 2:07 PM
$LB has a very convoluted corp structure.
OpCo = DBR Land Holdings LLC. Every OpCo Unit is paired 1:1 with a Class B share of LandBridge for whoever holds that unit.
The main categories of OpCo unitholders are:
LandBridge Company LLC – (public) holds a block of OpCo Units directly (this is the piece public shareholders indirectly own through Class A shares).
LandBridge Holdings LLC – the majority sponsor vehicle, which holds most of the remaining OpCo Units, each matched with a Class B share.
Other OpCo unitholders, including Five Point and its affiliates – smaller legacy investors and management‑affiliated entities that also hold OpCo Units + Class B shares; some of this is rolled into the “Five Point combined holdings” disclosure.
