EagleRock Land, LLC SEC Filings

EagleRock Land, LLC reported its first quarterly results as a public company, reflecting a much larger asset base following its May 2026 IPO and recent acquisitions. Total revenue for the six months ended June 30, 2026 was $64.6 million, up from $30.9 million a year earlier, driven by higher resource sales and surface-use revenues, including new contributions from the DE Flow and Shallow Valley ranch assets.

Despite the growth, EagleRock posted a six‑month net loss of $34.2 million, compared with a $71.9 million loss in 2025. Results were heavily impacted by $61.4 million of non‑cash share‑based compensation tied to IPO-related awards and higher depreciation and amortization on newly acquired assets. Operating cash flow was a modest outflow of $2.2 million.

The balance sheet expanded significantly, with total assets rising to $1.80 billion, including $377.9 million of property, plant and equipment, $674.2 million of intangible assets, and $643.3 million of goodwill, largely from the DE Flow and Shallow Valley contributions. IPO proceeds of $342.3 million and a new $70.0 million term loan supported acquisitions and repayment of related‑party debt, leaving cash and cash equivalents at $61.8 million at June 30, 2026. The Up‑C structure results in a large noncontrolling interest of $1.41 billion, with 24.46 million Class A and 105.16 million Class B shares outstanding.

EagleRock Land, LLC reported a strong second quarter for 2026, highlighting rapid growth and its first major post-IPO acquisition. For the quarter ended June 30, 2026, the company generated normalized revenue of $46.8 million, up 32.3% from the first quarter, driven by commercialization of its Permian Basin land position. Normalized Adjusted EBITDA was $36.2 million, an increase of 31.7%, with a high 77.5% margin.

Free Cash Flow was $22.2 million versus $4.4 million in the prior quarter; excluding $6.4 million of cash interest tied to a predecessor credit facility repaid on June 3, 2026, Free Cash Flow would have been $28.6 million, a 96% conversion. The company completed an IPO on May 15, 2026, issuing 19.9 million Class A shares at $18.50 for approximately $368 million in gross proceeds, and ended the quarter with $261.8 million of liquidity. Full-year 2026 Normalized EBITDA guidance is $129–$133 million, above its original internal forecast.

EagleRock also acquired the Intrepid Ranch, approximately 50,000 surface acres in Lea County, New Mexico, from Hydrosource Logistics LLC for $78.2 million, funded with cash and revolver borrowings. The package includes about 22,000 fee acres, expanding New Mexico fee acreage by roughly 60%, along with existing commercial water rights, storage, disposal wells, caliche pits and permitted sand mines, positioning the company for additional royalty, water and non-oil-and-gas revenue opportunities.

EagleRock Land, LLC filed an amended report to add detailed historical and pro forma financial information related to its recent reorganization and initial public offering. The amendment provides unaudited carve-out financial statements for DE IV Flow, LLC and Shallow Valley Ranch, along with unaudited pro forma condensed consolidated statements reflecting the DE Flow and Shallow Valley contributions, the Up-C reorganization and the Class A share offering.

For the three months ended March 31, 2026, DE IV Flow generated total revenues of $20,546,698 and net income of $11,206,394 on total assets of $75,089,163. Shallow Valley Ranch reported total revenues of $5,166 thousand and net income of $3,439 thousand on total assets of $95,115 thousand. The pro forma information also incorporates EagleRock’s offering of 17,300,000 Class A shares, the underwriters’ 2,595,000-share option and related net proceeds of $330.4 million, together with OpCo units valued at $988,583 thousand for the DE Flow contribution and $455,445 thousand for the Shallow Valley contribution.

Horizon Kinetics Asset Management LLC, a Delaware entity, reports beneficial ownership of 1,684,213 Class A shares of EagleRock Land, LLC, representing 6.9% of the class. These Class A shares represent limited liability company interests in EagleRock Land, LLC.

Horizon Kinetics Asset Management LLC has sole voting power and sole dispositive power over all 1,684,213 shares, with no shared voting or dispositive power. Its parent, Horizon Kinetics Holding Corp, may be deemed to beneficially own the same 1,684,213 shares through its wholly owned subsidiary relationship.

EagleRock Land, LLC reported that General Counsel Robert W. Hunt Jr. received an award of 533,513 Restricted Share Units (RSUs) under its Long Term Incentive Plan, which vested immediately. Each RSU equals one Class A share. To cover taxes, the issuer withheld 203,491 Class A shares at $22.32 per share.

EagleRock Land, LLC reported that Chief Executive Officer Gregory Phillip Pipkin Jr. received an equity grant of 1283244 Class A shares in the form of Restricted Share Units that vested immediately upon grant, with each RSU representing one Class A share. In a related transaction, 498469 Class A shares were withheld by the issuer at $22.3200 per share to satisfy the reporting person’s tax withholding obligations arising from the vesting and settlement of these RSUs. The transactions are reported as direct holdings and are not indicated as occurring under a Rule 10b5-1 trading plan.

EagleRock Land, LLC reported that President and Chief Financial Officer Neal H. Shah received an award of 1,283,244 Restricted Share Units on July 24, 2026 under the Long Term Incentive Plan; the RSUs vested immediately and each represents one Class A share. To satisfy tax withholding obligations related to this vesting, the issuer withheld 498,470 Class A shares at $22.32 per share.

EagleRock Land, LLC filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and furnished an update with preliminary pro forma first-quarter results and capital structure changes. Because the IPO closed after the quarter, the 10-Q primarily reflects predecessor Lea & Eddy Holdings, LLC and excludes acquired entities and pro forma results.

Previously disclosed pro forma estimates for the quarter show revenue between $29.6 million and $36.1 million, net income between $13.3 million and $16.2 million, and Adjusted EBITDA between $25.7 million and $31.5 million, with a midpoint Adjusted EBITDA margin of 87.1%. On June 3, 2026 the company repaid approximately $269 million of predecessor credit facility debt and, after that repayment, put in place a new revolving credit facility providing up to $200 million, with the option to increase by an additional $100 million. As of the release date, there are no borrowings outstanding under the new facility.

EagleRock describes itself as a land management company with approximately 236,000 acres in the Delaware and Midland sub-basins of the Permian Basin and an interest in up to approximately 70,000 acres via a Midland Basin water infrastructure acreage dedication. The company plans to file unaudited pro forma financial statements for the quarter by July 31, 2026 and expects to begin customary earnings releases and conference calls starting with second-quarter 2026 results.

EagleRock Land, LLC files its first Quarterly Report as a public company, presenting stand-alone balance sheets and detailed results for accounting predecessor Lea & Eddy Holdings, LLC for the three months ended March 31, 2026, which precede EagleRock’s May 2026 IPO.

Predecessor Lea & Eddy generated revenues of $23.1 million for the quarter, up from $7.1 million a year earlier, driven mainly by higher water sales and surface and other revenues. Net income improved to $3.4 million from a net loss of $1.1 million, despite higher general and administrative and depreciation and amortization expenses.

The report details a transformative capital structure shift completed after quarter‑end. EagleRock issued 17,300,000 Class A shares at $18.50 per share in its IPO, plus 2,595,000 additional Class A shares via the underwriters’ option, generating approximately $328.5 million in net proceeds. OpCo used a substantial portion to fully repay the Predecessor Credit Facility with a $269.1 million cash payment and put in place a new $200.0 million senior secured revolving Credit Facility that is undrawn.

The Company also executed major related-party business combinations concurrent with the IPO. OpCo acquired the DE Flow System and Shallow Valley Ranch via contributions valued at $988.6 million and $455.4 million, respectively, both accounted for as business combinations. New commercial agreements, including a 10‑year Water System Management Agreement with minimum annual royalties up to $40.0 million in the first five years and a 10‑year Produced Water Recycling Rights Agreement with a five‑year minimum royalty commitment of $5.0 million per year, create sizable contracted revenue streams tied to the Permian and Midland Basin water and surface businesses. The filing emphasizes EagleRock’s status as an emerging growth company and notes that pro forma financial information reflecting the IPO and related transactions will be provided in a later filing.