Access to land, resources and infrastructure is fundamental for critical industries like energy and technology to thrive. We are a land management company that owns or controls approximately 236,000 acres in the heart of the Delaware and Midland sub-basinswithin the prolific Permian Basin. In addition, we have an interest in up to approximately 70,000 acres pursuant to an acreage dedication related to our Midland Basin water infrastructure assets (the “DE Acreage Dedication”). Our acreage is vital to the efficient development of oil and natural gas resources in the Permian Basin and is strategically located to support the growing surface, resource, infrastructure and related commercial development needs of the power and other emerging industries in the Permian Basin. Our assets are situated in the most active oil and natural gas development and production areas in Texas and New Mexico. The Permian Basin is regarded as the premier region for oil and gas development due to its prolific remaining resource, low break-even costs and robust network of service and infrastructure companies that support oil and gas development. The depth and quality of the remaining resource has attracted large, public and well-capitalized producers who have largely consolidated the core of the Midland and Delaware sub-basins. In turn, the abundance of economic and highly reliable energy has underpinned a number of emerging industries within the Permian Basin, including traditional and renewable power generation, transmission and storage and data centers. Our strategically located portfolio of assets provides the land and ability to construct infrastructure required for producing oil and natural gas, as well as supporting these emerging industries, which we believe will support growing and enduring revenue streams and cash flow. Our assets are uniquely tailored to meet the needs of our customers in the distinct regulatory and operational environments in each sub-basin of the Permian Basin. Our Delaware Basin acreage sits in productive development corridors in the Permian Basin and supports water supply for drilling activity and produced water offtake, handling and recycling services to support the emerging beneficial reuse markets, generating activity-based revenue streams and royalties tied to recycled water. This position also provides abundant pore space capacity for sour gas and carbon dioxide injection (“AGI”), helping our customers mitigate the potential impact of local sour gas refining constraints and reducing flaring required by operators. In the Midland Basin, where geologic conditions are more favorable and regulatory conditions are more consistent for subsurface produced water disposal, we have valuable pore space capacity for produced water disposal in areas not affected by seismicity and over-pressurization concerns. Our acreage may also support future CO2 pipeline development in conjunction with our pore space, which is well suited for large scale CCUS. Our Midland Basin assets also include one of the largest produced water handling and disposal systems in the Permian Basin that, under a long-term agreement with DEF Operating, LLC (“DEF Operating”), an affiliate of Double Eagle Energy Holdings IV, LLC (“Double Eagle”), one of our operating partners, underpins our ability to monetize produced water handling, disposal, recycling and beneficial reuse activities across our footprint. We seek to create value for our shareholders by growing and diversifying our revenue streams through a proven strategy of organic growth and accretive land acquisitions that complement our strategy, strengthen our competitive advantages and provide opportunities for our experienced management team to drive incremental organic growth. Our proactive land management strategy has driven organic growth by supporting the full life cycle of oil and gas operations, including drilling, completion, production, offtake, treatment, processing and handling and responsible waste management and disposal activities, to enhance efficient oil and gas development with minimal operating costs or capital expenditures by us. We intend to apply this same proactive approach to attract development by emerging industries on our land. We also seek to grow organically through the expansion of existing infrastructure and operations carried out on our acreage, as well as through the identification and exploitation of new and novel uses of our land to attract new customers and strategic partners. In turn, existing and additional development on our land augments our ability to attract further incremental activities and uses, as new customers are able to utilize existing infrastructure. Our land holdings benefit from a number of strategic contractual arrangements that provide durable revenue streams and consistent demand from our customers. These agreements are characterized by long tenors, minimum payment obligations, minimum use commitments, inflation-linked fee escalators and exclusivity provisions. For example, we are party to surface use agreements and surface use and royalty agreements (each, an “SUA”) with a number of customers that have operations on our land. Our SUAs typically include 5 to 10-year initial terms, subject to renewal, and provide us with a fee when the SUA is executed, fixed monthly or annual fees that typically escalate annually based on the Consumer Price Index (“CPI”), and often include additional fees at the beginning of each renewal period. Our SUAs also typically include pre-defined terms for additional fees that we will receive for our customers’ development and use of drilling sites, new and existing roads, pipeline easements and electric transmission easements. Many of our SUAs require our customers to use rights-of-way (“ROWs”) and easements on our land as well as the resources from our land, such as water and caliche, for their operations on our land, for which we receive additional fees. Production of oil and natural gas from the reservoirs underlying our land is expected to continue for many decades and, as a result, we expect these contracts to be renewed for an extended period of time. Furthermore, our SUAs typically include provisions that require our customers to remove their assets from and remediate our land if such agreements are not renewed, providing an incentive for our customers to continue to renew their existing agreements with us. In addition, our Midland Basin assets include an integrated water infrastructure system (the “DE Flow System”) from which we will generate royalty revenues from the activities of our operating partner, DEF Operating, under a Water System Management Agreement (the “DE Flow WSMA”), which we will enter into in connection with this offering. The DE Flow WSMA will have an initial 10-year term, include a minimum annual royalty commitment, and will be supported by the DE Acreage Dedication. Our produced water infrastructure is capable of handling up to approximately 400 MBbls/d of produced water under long-term contracts, and includes produced water gathering systems, saltwater disposal wells (“SWDs”), water sourcing and delivery pipelines and recycling facilities. In connection with this offering, we will also enter into a long-term produced water recycling rights agreement (the “Hydrosource Recycling Agreement”) with Hydrosource, our other operating partner, pursuant to which we will receive a royalty for, among other things, each barrel of produced water Hydrosource treats and recycles for oil and gas customers on our land and within certain designated areas outside of our land. Under the Hydrosource Recycling Agreement, Hydrosource will provide treated, blended and recycled water to customers across certain parts of our acreage. The Hydrosource Recycling Agreement will have a 10-year term with a five-year minimum royalty commitment. The Company and Hydrosource have access to supplemental off-ranch water, and the Company’s surface pipeline has the capacity to move approximately 100 MBbls/d, or approximately 36.5 MMBbls per year, of off-ranch water from Texas to its land in New Mexico. Additionally, Hydrosource has a long-term agreement that provides it with access to up to 3 MMBbls/d of produced water that can be recycled from one of the largest water disposal companies’ produced water pipeline system in New Mexico (the “Hydrosource Recycled Water Supply Agreement”), as well as other water infrastructure on our land. As a land management company, we charge fees and royalties based on our customers’ usage of our land, assets and resources. The cost of developing our land and operating the assets in which we own interests is primarily borne by our customers and operating partners, allowing us to deploy little to no capital of our own while benefitting from the increasing use of our land, assets and resources. To promote our strategy, we collaborate commercially with our customers to support robust and efficient use of our resources to maximize returns for our shareholders. We generate revenue from multiple sources, including: • Resource Sales and Royalties: We receive fees when customers purchase our resources, such as water and caliche mined from our land for use in their operations. The development of oil and natural gas resources requires significant quantities of water, which are typically obtained from commercial water wells or recycling of produced water, as well as caliche for the construction of drilling pads, roads and production batteries. Under many of our SUAs, our customers are required to purchase from us or our operating partners the resources used in their operations at negotiated fees. We source water to fulfill our customers’ needs from commercial water wells on our fee lands, our operating partners and other third-party sources. Our commercial water wells in New Mexico, water infrastructure in Texas and off-ranch water from third party sources allow us to produce and sell in excess of 200 MMBbls of water per year. We sell caliche from 29 caliche mines on our land. • Surface Use Royalties and Revenues: We receive fees when customers use our surface acreage. Under our SUAs, we charge customers fees for land activity, including the construction of well pads, wellbores, central tank batteries, existing and new roads, electrical infrastructure, buried pipelines and reuse and frac ponds. Under our SUAs, we also generate revenue from the use of easements and ROWs by our customers. We also expect to generate long-term royalty revenue under the DE Flow WSMA from produced water handling activities in and adjacent to our land in the Midland Basin. Our produced water handling and disposal infrastructure has multiple SWD wells with significant valuable pore space in more stable geologic areas for the development of additional locations across our Midland Basin assets that our customers will be able to use for such disposal activities. Through Hydrosource and the Hydrosource Recycling Agreement, we have access to up to 3 MMBbls/d of produced water for treatment and recycling by Hydrosource and sold to customers on and off our land, from which we generate royalty revenue. We also expect to generate long-term royalty revenue under the DE Flow WSMA through its water supply and recycling activities in and adjacent to our land in the Midland Basin. In addition to generating royalty revenue from water-related activities, we have also experienced increased demand for our pore space for AGI wells in the Delaware Basin, from which we expect to generate royalty revenue. Our first AGI well is already contracted and projected to commence revenue activities within the next two years. Our largely contiguous acreage position underpins our ability to capture incremental revenue streams from sand mines, solid waste disposal facilities and other surface optimization opportunities, as well as serving as a location for development by emerging industries. Our principal executive offices are located in Houston, Texas.