NYSE: EROK
EagleRock Land, LLCCIK 0002104882 · SIC 6792 · Investment Trusts
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revenue $41.5M, net income -$7.6M. EagleRock posts Q2 loss; repays debt, ends with cash
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EagleRock Land prices $320.1M IPO at $18.50/share; Class B holders keep 80.8% voting control
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Resource sales | 28,202 | 19,215 | 47,155 | 24,154 |
| Resource sales related party | 25 | 509 | 151 | 509 |
| Surface use related revenues | 5,851 | 3,181 | 9,033 | 5,166 |
| Surface use royalties | 1,440 | 958 | 2,234 | 1,102 |
| Surface use royalties related party | 6,008 | — | 6,008 | — |
| Total revenues | 41,526 | 23,863 | 64,581 | 30,931 |
| COSTS AND EXPENSES | ||||
| Cost of sales (exclusive of depreciation and amortization) | 6,103 | 7,722 | 10,960 | 9,608 |
| Related party cost of sales | 2,564 | 2,504 | 5,425 | 3,627 |
| General and administrative expense | 75,731 | 3,709 | 80,319 | 4,720 |
| Related party general and administrative expense | — | 211 | 6 | 231 |
| Depreciation and amortization expense | 10,275 | 4,445 | 14,866 | 5,838 |
| Loss (gain) on sale of property, plant and equipment, net | 9 | — | 9 | 30 |
| Gain on investment in sales-type lease | — | — | (3,275) | — |
| Total operating expenses | 94,682 | 18,591 | 108,310 | 24,054 |
| INCOME (LOSS) FROM OPERATIONS | (53,156) | 5,272 | (43,729) | 6,877 |
| OTHER EXPENSE (INCOME) | ||||
| Interest expense, net | 4,812 | 6,068 | 10,646 | 8,783 |
| Loss (gain) on extinguishment of debt | (20,352) | 70,001 | (20,352) | 70,001 |
| Total other expense (income) | (15,540) | 76,069 | (9,706) | 78,784 |
| INCOME (LOSS) BEFORE INCOME TAXES | (37,616) | (70,797) | (34,023) | (71,907) |
| Income tax expense (benefit) | (80) | — | 150 | — |
| NET INCOME (LOSS) | (37,536) | (70,797) | (34,173) | (71,907) |
| NET INCOME (LOSS) ATTRIBUTABLE TO PREDECESSOR | 2,261 | 5,624 | ||
| NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | (32,235) | (32,235) | ||
| NET INCOME (LOSS) ATTRIBUTABLE TO EAGLEROCK LAND, LLC | (7,562) | (7,562) | ||
| Basic and dilutive net income (loss) per Class A share | (0.29) | |||
| Basic and dilutive weighted average Class A shares outstanding | 26,374,967 | |||
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 61,770 | 9,042 |
| Accounts receivable, net | 12,668 | 13,096 |
| Accounts receivable related party | 13,032 | — |
| Inventory | 308 | 310 |
| Prepaid expenses and other current assets | 2,323 | 8,765 |
| Total current assets | 90,101 | 31,213 |
| Property, plant and equipment, net | 377,897 | 55,586 |
| Right of use assets, net | 1,541 | 1,565 |
| Intangible assets, net | 674,174 | 191,240 |
| Goodwill | 643,270 | |
| Net investment in sales-type lease | 3,215 | — |
| Deferred offering costs | — | 1,459 |
| Other noncurrent assets | 5,985 | 947 |
| TOTAL ASSETS | 1,796,183 | 282,010 |
| LIABILITIES AND SHAREHOLDERS' AND MEMBERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 4,547 | 4,433 |
| Accounts payable related party | 35,418 | 2,684 |
| Accrued liabilities | 3,173 | 2,909 |
| Current income taxes payable | 224 | 42 |
| Current deferred revenue | 202 | 533 |
| Current operating lease liability | 122 | 492 |
| Current debt related party | — | 6,038 |
| Total current liabilities | 43,686 | 17,131 |
| Non-current liabilities | ||
| Operating lease liability, less current portion | 1,364 | 1,019 |
| Deferred tax liability, net | 10,680 | 10,852 |
| Deferred revenue, less current portion | — | 94 |
| Long-term debt related party, less current portion | — | 294,629 |
| Other noncurrent liabilities | 2,677 | — |
| Total non-current liabilities | 14,721 | 306,594 |
| Commitments and contingencies (See note 13) | ||
| SHAREHOLDERS' AND MEMBERS' EQUITY | ||
| Members' deficit | — | (41,715) |
| Class A shares, unlimited shares authorized and 24,455,688 shares issued and outstanding as of June 30, 2026. None authorized, issued or outstanding as of December 31, 2025 | 335,374 | — |
| Class B shares, unlimited shares authorized and 105,164,311 shares issued and outstanding as of June 30, 2026. None authorized, issued or outstanding as of December 31, 2025 | 20 | — |
| Retained earnings | (7,562) | — |
| Total shareholders' equity attributable to EagleRock Land, LLC | 327,832 | — |
| Noncontrolling interest | 1,409,944 | — |
| Total shareholders' equity and members' equity | 1,737,776 | (41,715) |
| TOTAL LIABILITIES AND EQUITY | 1,796,183 | 282,010 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | (34,173) | (71,907) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization expense | 14,866 | 5,838 |
| Amortization of debt premium, debt discount and debt issuance costs | (4,018) | (1,992) |
| Loss on sale of property, plant and equipment, net | 9 | 30 |
| Gain on investment in sales-type lease | (3,275) | — |
| Loss (gain) on extinguishment of debt | (20,352) | 70,001 |
| Noncash share-based compensation expense | 61,438 | — |
| Paid-in-kind (non-cash) interest | — | 75 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (11,216) | 3,878 |
| Accounts receivable related party | (13,021) | (12) |
| Inventory | 8 | 5 |
| Prepaid expenses and other current assets | (1,592) | 8,186 |
| Other noncurrent assets | (34) | (313) |
| Accounts payable | 159 | 3,035 |
| Accounts payable related party | 9,240 | 356 |
| Accrued liabilities | 250 | 450 |
| Current income taxes | 182 | (191) |
| Deferred revenue | (426) | (33) |
| Operating lease liability | (39) | (5) |
| Deferred income taxes | (172) | — |
| Net cash provided by (used in) operating activities | (2,166) | 17,401 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash consideration paid for acquisitions | (64,254) | (199,684) |
| Capital expenditures | (1,784) | (4,801) |
| Proceeds from sale of property, plant and equipment, net | 2,100 | — |
| Net cash provided by (used in) investing activities | (63,938) | (204,485) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from issuance of Class A shares, net of underwriting discounts and fees | 342,302 | — |
| Offering costs | (8,152) | (39) |
| Proceeds from term loan | 70,000 | 204,000 |
| Proceeds from revolving credit facility | — | 4,750 |
| Debt issuance costs | (5,576) | (6,580) |
| Payment on long term debt | (258,610) | (1,763) |
| Payment on revolver | (7,000) | — |
| Pre-payment penalty on long term debt | (10,254) | — |
| Pre-payment penalty on revolver | (300) | — |
| Distribution to Predecessor Members | (3,574) | — |
| Net cash provided by (used in) financing activities | 118,836 | 200,368 |
| Net increase in cash, cash equivalents and restricted cash | 52,732 | 13,284 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 9,327 | 1,062 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 62,059 | 14,346 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share and per share amounts); (In thousands, except share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗