LandBridge Company LLC disclosed that it will sell 2,500,000 Class A shares in a secondary offering priced at $71 per share. Goldman Sachs & Co. LLC is the sole book‑running manager, and the underwriter has a 30‑day option to purchase up to an additional 375,000 shares. The transaction is expected to close on November 18, 2025, subject to customary closing conditions.
The company will not receive any proceeds from the sale; the shares are being sold by LandBridge Holdings LLC, the controlling shareholder. After the transaction, LandBridge Holdings will still own roughly 63% of the issued shares, meaning the ownership concentration remains high and could influence control dynamics and shareholder voting power.
Investors reacted negatively to the pricing at $71, a discount to recent trading levels, and the increased supply of shares that a secondary sale brings. The offering does not affect LandBridge’s cash position or operating activities, but it provides liquidity for the selling shareholder and may shape expectations about future capital‑raising plans.
LandBridge’s Q3 2025 earnings provide important context for the offering. Revenue rose 78% year‑over‑year to $50.8 million, net income climbed to $20.3 million from a $2.8 million loss in Q3 2024, and adjusted EBITDA reached $44.9 million, up 79% YoY. Management reaffirmed its full‑year 2025 adjusted EBITDA guidance of $165 million to $175 million, underscoring confidence in continued growth.
The secondary offering signals that LandBridge Holdings is seeking liquidity or a portfolio rebalance, but the company’s strong earnings suggest it can continue to fund growth without additional debt. The retention of a majority stake by the selling shareholder may keep governance aligned with long‑term strategic goals, while the market’s reaction highlights sensitivity to share supply and pricing in secondary transactions.
CEO Jason Long and CFO Scott McNeely emphasized the robust financial performance in the Q3 earnings call, noting that the company’s revenue growth across resource sales, royalties, and surface use royalties drove the results. They reaffirmed the 2025 guidance, indicating that the company remains on track to meet its profitability targets.
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