LBHIGH SIGNALFINANCIAL10-K

LB executed a significant expansion strategy with substantial revenue growth and major debt-financed asset acquisitions, including the 1918 Ranch Acquisition of approximately 38,000 acres across Texas counties.

The company appears to be in an aggressive growth phase, leveraging substantial debt increases to fund large-scale land acquisitions while generating meaningfully higher operating performance. However, the decline in stockholders' equity combined with the major debt increase suggests investors should monitor the sustainability of this leverage-driven expansion strategy.

Comparing 2026-02-26 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

LB's financial profile transformed significantly, with revenue growing substantially alongside a major increase in operating cash flow generation. The company funded this expansion through increased debt levels (rising 48% to $571M) and reduced dividend payments, while total assets expanded 36% to $1.4B. The decline in stockholders' equity to $340M signals a more leveraged capital structure supporting the company's aggressive land acquisition strategy.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+86.7%
$67.6M→$126.3M

Operating cash flow surged 86.7% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+81.1%
$110.0M→$199.1M

Strong top-line growth of 81.1% — accelerating demand or successful expansion into new markets.

Dividends Paid
Cash Flow
-64.3%
$178.2M→$63.7M

Dividends cut 64.3% — significant signal of cash flow stress or capital reallocation priorities.

Total Debt
Balance Sheet
+48%
$385.5M→$570.7M

Debt increased 48% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+44.7%
$395.4M→$572.1M

Liabilities grew 44.7% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+36.1%
$1.0B→$1.4B

Asset base grew 36.1% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
-22%
$436.0M→$340.3M

Equity decreased 22% — buybacks or losses reducing book value, monitor solvency ratios.

Cash & Equivalents
Balance Sheet
-17%
$37.0M→$30.7M

Cash decreased 17% — monitor burn rate and upcoming capital needs.

Current Liabilities
Balance Sheet
-14.7%
$14.4M→$12.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
+12.2%
$53.3M→$59.8M

Current assets grew 12.2% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-06
ADDED
As of February 23, 2026, the registrant had 27,838,199 Class A shares and 49,250,916 Class B shares representing limited liability company interests ( Class B shares ) outstanding.
TABL E OF CONTENTS Page Glossary 3 Cautionary Note Regarding Forward-Looking Statements 6 PART I Item 1.
Form 10-K Summary 113 Signatures 116 GLOSSARY The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in the industry: 1918 Ranch Acquisition .
The acquisition of approximately 38,000 total acres across Reeves, Loving, Winkler and Ward counties, Texas, and certain related assets from 1918 Ranch Royalty, LLC.
The acreage acquired consists of approximately 22,400 fee simple acres, approximately 12,000 leasehold acres and approximately 3,600 acres subject to a long-term management agreement.
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REMOVED
As of March 5, 2025, the registrant had 23,255,419 Class A shares and 53,193,178 of its Class B shares representing limited liability company interests (Class B shares) outstanding.
2 TABL E OF CONTENTS Page Glossary 4 Cautionary Note Regarding Forward Looking Statements 7 PART I Item 1.
Form 10-K Summary 124 Signatures 127 GLOSSARY OF CERTAIN INDUSTRY TERMS The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in the industry: Bbl .
Desert Environmental LLC, a Delaware limited liability company.
Approximately 103,000 surface acres in Loving and Winkler Counties, Texas and Lea County, New Mexico, which were acquired pursuant to the East Stateline Ranch Acquisition.
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