EagleRock Land (EROK) Registration filing summary

Company overview and business model

• Owns or controls ~236,000 acres in the Permian Basin, with additional interests in ~70,000 acres via infrastructure dedications.

• Generates revenue from land management, water sales, surface use fees, royalties, and infrastructure access.

• Business model is capital-light, with customers and partners bearing most operating and capital costs.

• Revenue streams include resource sales (water, caliche), surface use royalties, and long-term infrastructure agreements.

• Focuses on organic growth, accretive acquisitions, and diversification into emerging industries (e.g., power, data centers).

Financial performance and metrics

• Pro forma, as adjusted 2025 revenue: $141.4 million; net income: $2.4 million; adjusted EBITDA: $118.6 million.

• Free cash flow for 2025: $118.6 million; free cash flow margin: 83.8%.

• 2025 capital expenditures: $5.3 million; surface use efficiency: $462/acre.

• Q1 2026 pro forma, as adjusted revenue: $29.6–$36.1 million; adjusted EBITDA: $28.6–$31.5 million.

• Revenue is diversified, with top 10 customers accounting for ~74.5% of 2025 pro forma revenue.

Use of proceeds and capital allocation

• IPO expected to raise $288.2 million (net), with all proceeds contributed to OpCo in exchange for OpCo Units.

• Proceeds will be used to repay $270 million of predecessor credit facility and for general corporate purposes.

• Post-offering, company will own ~19.2% of OpCo; remaining interest held by existing owners and affiliates.