David N. Capobianco - 18 Nov 2025 Form 4 Insider Report for LandBridge Co LLC (LB)

Reporting relationship: Director, 10%+ Owner
Issuer ticker: LB
Reported as of: 18 Nov 2025
Net transaction value: -$175,000,000
SEC form: 4
Accepted by SEC: 20 Nov 2025, 21:38:55 UTC
Prior SEC filing: 17 Sep 2025
Next SEC filing: 08 May 2026
Source filing: View source filing
Reporting owner signature: /s/ David N. Capobianco

Key filing fact

David N. Capobianco filed Form 4 for LandBridge Co LLC (LB) on 20 Nov 2025.

Key facts

This page summarizes David N. Capobianco's Form 4 filing for LandBridge Co LLC (LB).
4 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 20 Nov 2025, 21:38.

Change

Previous filing in this sequence was filed on 17 Sep 2025.
Current net transaction value: -$175,000,000.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001298438 Primary reporting owner

Capobianco David N

Relationship: Director, 10%+ Owner
Address: C/O LANDBRIDGE COMPANY LLC, 5555 SAN FELIPE STREET, SUITE 1200, HOUSTON
Signature: /s/ David N. Capobianco
Signature date: 20 Nov 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

LB transaction

Class B shares

Other

Transaction value: $0
Shares: -2,500,000
Change %: -4.9%
Price: $0.000000
Shares after: 48,593,505
Date: 18 Nov 2025
Ownership: See Footnote
Footnotes: F1, F2, F3, F4

LB transaction

Class A shares

Conversion of derivative security

Transaction value: $0
Shares: +2,500,000
Change %
Price: $0.000000
Shares after: 2,500,000
Date: 18 Nov 2025
Ownership: See Footnote
Footnotes: F1, F2, F4

LB transaction

Class A shares

Sale

Transaction value: $175,000,000
Shares: -2,500,000
Change %: -100%
Price: $70.00
Shares after: 0
Date: 18 Nov 2025
Ownership: See Footnote
Footnotes: F2, F4

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

LB transaction Derivative

DBR Land Holdings LLC Units

Conversion of derivative security

Transaction value: $0
Shares: -2,500,000
Change %: -4.9%
Price: $0.000000
Shares after: 48,593,505
Date: 18 Nov 2025
Ownership: See Footnote
Underlying class: Class A Shares
Underlying amount: 2,500,000
Exercise price
Footnotes: F1, F2, F3, F4

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 4 footnotes

Footnote F1

Pursuant to the Amended and Restated Limited Liability Company Agreement of DBR Land Holdings LLC ("OpCo"), each unit representing membership interests in OpCo ("OpCo Units") (together with the delivery for no consideration of an equal number of Class B shares representing limited liability company interests ("Class B Shares") in LandBridge Company LLC (the "Issuer")) may be redeemed for an equal number of newly issued Class A shares representing limited liability company interests in the Issuer ("Class A Shares") or for cash, at the Issuer's election, subject to satisfaction of certain requirements. OpCo Units do not expire. Class B Shares do not represent economic interests in the Issuer.

Footnote F2

In connection with an underwritten public offering by LandBridge Holdings LLC ("LandBridge Holdings") on November 18, 2025, LandBridge Holdings (i) redeemed 2,500,000 OpCo Units (together with the cancellation of 2,500,000 Class B Shares) for 2,500,000 Class A Shares and (ii) sold 2,500,000 Class A Shares at a price per share of $70.00. This amount represents the price to the underwriter. The underwriter may offer the Class A shares from time to time in one or more transactions on the NYSE, the NYSE Texas, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices.

Footnote F3

Reflects the cancellation of 28,004 OpCo Units and 119,987 OpCo Units (each, together with the cancellation of a corresponding number of Class B Shares) held by LandBridge Holdings on June 9, 2025 and September 8, 2025, respectively, in lieu of the payment of a tax distribution by OpCo to the Issuer in excess of the Issuer's current income tax obligation for the three months ended June 30, 2025 and September 30, 2025, respectively. The number of cancelled OpCo Units was determined based on the Class A Share price as of the tax distribution date.

Footnote F4

LandBridge Holdings is ultimately controlled by the Reporting Person. As a result of the foregoing, the Reporting Person may exercise voting and dispositive power over the Class B Shares held by LandBridge Holdings and may be deemed to be the beneficial owner thereof. The Reporting Person disclaims beneficial ownership of OpCo Units and Class B Shares in excess of his pecuniary interest therein, if any.