EROK EagleRock Land, LLC
Executive Summary
EagleRock Land, LLC completed its IPO of 17,300,000 Class A shares at $18.50 per share, raising $320.1M in gross proceeds ($286.6M net). Net proceeds will be contributed to OpCo to repay $270M in debt and for general corporate purposes. The offering gives public investors a 13.3% economic stake and 19.2% voting power, while existing owners retain 72.8% voting control via Class B shares.
Key Financial Metrics
Actionable Insight
The IPO is priced at the midpoint, reflecting balanced demand. With debt repaid and a capital-light model, the company is positioned to generate Free Cash Flow. Monitor Q1 2026 results for revenue trajectory and any guidance updates. The 180-day lock-up on existing owners' shares limits near-term selling pressure.
Key Facts
- IPO priced at $18.50 per share, the midpoint of the $17-$20 range
- 17,300,000 Class A shares sold, with a 30-day option for 2,595,000 additional shares
- Gross proceeds of $320,050,000; net proceeds of ~$286.6M after underwriting discounts and expenses
- Net proceeds to repay $270M Predecessor Credit Facility and for general corporate purposes
- Existing owners retain 72.8% voting power via Class B shares; public gets 19.2% voting power
- Pro forma 2025 revenue of $141.4M and Adjusted EBITDA of $118.6M; pro forma net income of $2.4M
- Preliminary Q1 2026 revenue guidance of $29.6M-$36.1M and Adjusted EBITDA of $25.7M-$31.5M
- Underwriters: Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler, Raymond James, Pickering Energy Partners, Stephens Inc., Texas Capital Securities
Financial Impact
IPO raises $320.1M gross; $286.6M net after fees. Proceeds repay $270M in debt, leaving ~$16.6M for general corporate purposes. Pro forma 2025 revenue of $141.4M and Adjusted EBITDA of $118.6M.
Risk Factors
- Existing owners retain 72.8% voting control, limiting public shareholder influence
- Revenue tied to Permian Basin oil/gas activity, which is volatile with commodity prices
- Material weaknesses in internal controls over financial reporting identified
- Geographic concentration in Permian Basin exposes to regional regulatory and seismic risks
- Limited operating history as a combined entity makes evaluation difficult
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001193125-26-224302 |
| Document: 0001193125-26-224302-index-headers.html | 0001193125-26-224302 |
| Document: 0001193125-26-224302-index.html | 0001193125-26-224302 |
| Document: 0001193125-26-224302.txt | 0001193125-26-224302 |
Track record builds as more directional reports settle.
Filters
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May 19, 2026
21d ago
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Insider Cluster
| $23.04 $22.26 | ▼ −3.39% | ▼ −5.19% | $21.10 (−8.42%) |
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May 19, 2026
21d ago
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3
| $23.29 $22.26 | ▼ −4.42% | ▼ −6.72% | $21.10 (−9.40%) |
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May 14, 2026
26d ago
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424B4
| $21.55 $23.42 | ▲ +8.68% | ▲ +7.71% | $21.10 (−2.09%) |
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May 13, 2026
27d ago
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3
| $21.84 $22.58 | ▲ +3.39% | ▲ +4.11% | $21.10 (−3.39%) |
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May 13, 2026
27d ago
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3
| $21.84 $22.58 | ▲ +3.39% | ▲ +4.11% | $21.10 (−3.39%) |
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May 13, 2026
27d ago
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3
| $21.84 $22.58 | ▲ +3.39% | ▲ +4.11% | $21.10 (−3.39%) |
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May 13, 2026
27d ago
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3
| $21.84 $22.58 | ▲ +3.39% | ▲ +4.11% | $21.10 (−3.39%) |
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May 11, 2026
29d ago
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S-1/A
| — | awaiting T+5 | — | — |
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May 4, 2026
5w ago
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S-1/A
| — | awaiting T+5 | — | — |
US Market Status
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