SCHEDULE 13G: Hill City Capital Discloses Passive 0.78% Stake in LandBridge Company LLC

Hill City Capital Master Fund LP and its affiliates have disclosed a passive beneficial ownership of 0.78% in LandBridge Company LLC's Class A Shares as of December 31, 2024.

Summary

• Hill City Capital Master Fund LP, along with its general partner Hill City Capital GP LLC, investment manager Hill City Capital LP, Hill City GP LLC, and managing member Herbert Frazier, collectively reported beneficial ownership of 595,000 Class A Shares of LandBridge Company LLC.
• This ownership represents 0.78% of the total 76,483,271 Class A Shares outstanding as of January 28, 2025, as reported in LandBridge Company LLC's prospectus.
• The filing is a Schedule 13G, indicating a passive investment purpose, meaning the shares were not acquired or held for the purpose of changing or influencing control of the issuer.
• The event date requiring this filing was December 31, 2024, and the filing itself was submitted on January 31, 2025.

Sentiment

Score: 5

Explanation: The document is a neutral, factual disclosure of passive beneficial ownership. It does not contain positive or negative operational or financial news about the issuer, LandBridge Company LLC.

Positives

• The filing indicates an investment by an institutional fund (Hill City Capital Master Fund LP) in LandBridge Company LLC.
• The explicit statement that shares were not acquired for the purpose of changing or influencing control suggests a passive investment intent, which can be viewed as a stable, non-activist stake.

Negatives

• The disclosed stake of 0.78% is relatively small and unlikely to significantly impact the company's governance or strategic direction, limiting its direct influence.

Risks

• The document itself does not detail specific risks related to LandBridge Company LLC's operations or financial health; it is solely a disclosure of ownership.

Future Outlook

This Schedule 13G filing primarily discloses a passive ownership stake and does not contain forward-looking statements regarding LandBridge Company LLC's operational or financial performance. The reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Management Comments

• The filing includes a certification from Herbert Frazier, Managing Member of Hill City Capital GP LLC, stating that 'to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.'

Industry Context

This filing is a standard disclosure of passive institutional ownership and does not provide specific insights into broader industry trends or competitive dynamics within LandBridge Company LLC's sector. It merely indicates an investment by a fund.

Stakeholder Impact

• The disclosure of a passive 0.78% stake by Hill City Capital is unlikely to have a significant direct impact on shareholders, employees, customers, suppliers, or creditors of LandBridge Company LLC due to its small size and passive nature.

Key Dates

Keywords

LandBridge Company LLC, Hill City Capital, Schedule 13G, Beneficial Ownership, Class A Shares, Passive Investment, SEC Filing, Institutional Investor