Form 4: Richmond Hill Investment Affiliates Report Beneficial Ownership Changes in Reservoir Media, Inc.

Multiple entities and individuals associated with Richmond Hill Investment Co. reported transactions involving Reservoir Media, Inc. (RSVR) common stock, including the grant of Restricted Stock Units (RSUs) and Deferred Stock Units (DSUs) to director Ryan P. Taylor.

Summary

• This Form 4 filing details changes in beneficial ownership of Reservoir Media, Inc. (RSVR) stock by several entities and individuals connected to Richmond Hill Investment Co.
• Ryan P. Taylor, a director of Reservoir Media, Inc., received 11,235 Restricted Stock Units (RSUs) and 702 Deferred Stock Units (DSUs) as part of his compensation.
• The RSUs will vest on July 28, 2025, contingent upon Mr. Taylor's continued service on the board.
• The DSUs, equivalent to one share of common stock each, were issued in lieu of cash compensation and will be settled in shares on July 28, 2025.
• The price used to calculate the number of DSUs was $7.12 per share, the closing price of RSVR on the grant date.
• ER Reservoir LLC, Richmond Hill Investments, LLC, Richmond Hill Investment Co., LP, Richmond Hill Capital Management, LLC, Essex Equity Holdings, LLC, John D. Liu, and Ryan P. Taylor are listed as reporting persons.
• These reporting persons may be deemed to be part of a group holding equity securities of the Issuer, but they disclaim beneficial ownership except to the extent of their pecuniary interest.
• The Fund directly owns 13,638,620 shares.
• Mr. Taylor directed the transfer of 45,827 shares of Common Stock received upon the settlement of previously issued RSUs and DSUs to the account of ER Reservoir LLC.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing equity compensation. It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Positives

• The grant of RSUs and DSUs to a director aligns his interests with those of the shareholders.
• The vesting and settlement dates are set for July 28, 2025, providing a future incentive for continued service.

Future Outlook

The RSUs and DSUs will vest/settle on July 28, 2025, subject to Mr. Taylor's continued service.

Industry Context

This filing is a routine disclosure of equity compensation and ownership changes, common for publicly traded companies. It provides transparency regarding the holdings of insiders and significant shareholders.

Comparison to Industry Standards

• Equity compensation practices vary across the media industry, but RSU and DSU grants are common methods for aligning director and shareholder interests.
• Comparing the size of these grants to those of directors at similar-sized music publishing companies (e.g., Warner Music Group, Universal Music Group if it were public) would provide a benchmark for assessing the magnitude of this compensation.
• The vesting schedule of the RSUs (July 28, 2025) is a typical timeframe for such grants.

Stakeholder Impact

• The equity grants incentivize the director to act in the best interests of shareholders.
• The disclosure provides transparency to shareholders regarding director compensation and ownership.

Key Dates