LandBridge Company LLC bonds LB
Who owns LandBridge Company LLC's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. LB stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 24024BAA5 | 6.25% fixed | 2030-12-01 | USD | 100.86 | 6.02% | 171 bp | 37 | $50.8M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 1 | $50.8M | 100.86 | 6.02% | 171 bp | 37 |
| Jun 2026 | 1 | $137.8M | 101.59 | 5.83% | 164 bp | 68 |
| May 2026 | 1 | $15.9M | 101.57 | 5.85% | 172 bp | 26 |
| Apr 2026 | 1 | $56.8M | 102.40 | 5.65% | 173 bp | 46 |
| Mar 2026 | 1 | $116.8M | 101.29 | 5.93% | 210 bp | 68 |
| Feb 2026 | 1 | $29.3M | 103.17 | 5.48% | 182 bp | 28 |
| Jan 2026 | 1 | $78.7M | 102.46 | 5.66% | 189 bp | 54 |
| Dec 2025 | 1 | $112.2M | 102.29 | 5.71% | 202 bp | 71 |
| Nov 2025 | 1 | $27.4M | 101.31 | 5.94% | 227 bp | 29 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 28 added, 19 cut, 6 new holders and 17 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $22.7M | $23.0M | $0 |
| BrandywineGLOBAL - HIGH YIELD FUND Legg Mason Partners Investment Trust | 2026-06-30 | $21.6M | $22.0M | $6.4M |
| BrandywineGLOBAL - CORPORATE CREDIT FUND Legg Mason Partners Investment Trust | 2026-06-30 | $14.8M | $15.1M | $5.4M |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $13.2M | $13.4M | -$153K |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $11.7M | $11.8M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $10.3M | $10.4M | $1.2M |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $8.5M | $8.6M | $0 |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $5.4M | $5.5M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.9M | $4.9M | $4.7M |
| HIGH INCOME OPPORTUNITIES PORTFOLIO High Income Opportunities Portfolio | 2026-07-31 | $4.6M | $4.7M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.6M | $4.6M | $999K |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.2M | $4.2M | $415K |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $3.9M | $4.0M | $1.0M |
| Goldman Sachs High Yield Floating Rate Fund GOLDMAN SACHS TRUST | 2026-06-30 | $3.4M | $3.5M | $0 |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $3.3M | $3.4M | $0 |
| Hotchkis and Wiley High Yield Fund HOTCHKIS & WILEY FUNDS/DE/ | 2026-06-30 | $3.2M | $3.3M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.2M | $3.2M | $2.4M |
| Nuveen Real Asset Income Fund Nuveen Investment Funds, Inc. | 2026-06-30 | $3.0M | $3.0M | $0 |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Virtus Opportunities Trust | 2026-06-30 | $2.5M | $2.6M | $0 |
| BNY Mellon High Yield Fund BNY Mellon Investment Funds III | 2026-06-30 | $2.4M | $2.4M | $0 |
| Eaton Vance Income Opportunities ETF Morgan Stanley ETF Trust | 2026-06-30 | $2.0M | $2.0M | $902K |
| Goldman Sachs Income Builder Fund GOLDMAN SACHS TRUST | 2026-07-31 | $1.9M | $2.0M | $0 |
| Fidelity Series High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $1.8M | $1.8M | $0 |
| Virtus Newfleet Short Duration High Income Fund Virtus Strategy Trust | 2026-06-30 | $1.7M | $1.8M | $0 |
| Neuberger Strategic Income Fund NEUBERGER BERMAN INCOME FUNDS | 2026-07-31 | $1.6M | $1.7M | -$2.2M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Lord Abbett Income Fund ($6.1M), Lord Abbett Floating Rate Fund ($4.6M), Fidelity High Income Fund ($1.5M), Fidelity SAI High Income Fund ($1.3M), Diversified Income Fund ($1.1M), VIP High Income Portfolio ($840K), Neuberger High Yield Strategies Fund Inc. ($750K), MML Barings High Yield Fund ($699K), Neuberger High Income Bond Fund ($620K), Neuberger Short Duration Income ETF ($415K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $10.3M | $10.4M | 0.04% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $4.9M | $4.9M | 0.04% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $4.6M | $4.6M | 0.06% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.2M | $4.2M | 0.06% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $3.2M | $3.2M | 0.07% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 1 | $2.0M | $2.0M | 0.17% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $889K | $903K | 0.04% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $872K | $886K | 0.04% |
| FDHY Fidelity Enhanced High Yield ETF | 2026-05-31 | 1 | $820K | $833K | 0.16% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 1 | $644K | $654K | 0.00% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $585K | $590K | 0.00% |
| IBHJ iShares iBonds 2030 Term High Yield and Income ETF | 2026-07-31 | 1 | $315K | $318K | 0.20% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $305K | $308K | 0.06% |
| HYBB iShares BB Rated Corporate Bond ETF | 2026-07-31 | 1 | $265K | $267K | 0.06% |
| GIGL Goldman Sachs Corporate Bond ETF | 2026-05-31 | 1 | $260K | $264K | 0.14% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.23: safer than 51% of companies (58th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $6.14B |
| Debt barrier (short-term + ½ long-term debt) | $268.0M |
| Equity volatility (1 year) | 60.7% |
| Asset value / asset volatility (solved) | $6.40B / 58.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 171 bp spread prices in about 2.9% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 1.72 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in LB's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 20 | $20.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 188 | $2.14B | 6 | $12.7M | 7 | $21.3M | 0 |
| 2026-03-31 | 181 | $1.80B | 6 | $9.4M | 7 | $19.3M | 0 |
| 2025-12-31 | 149 | $1.37B | 6 | $8.1M | 8 | $6.8M | 0 |
| 2025-09-30 | 152 | $1.34B | 5 | $7.9M | 7 | $9.6M | 0 |
| 2025-06-30 | 153 | $1.61B | 7 | $15.6M | 7 | $13.4M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.