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

ER Reservoir LLC, along with affiliated entities and individuals, reports changes in beneficial ownership of Reservoir Media, Inc. common stock due to DSU awards and RSU settlements.

Summary

• This Form 4 filing details changes in beneficial ownership of Reservoir Media, Inc. (RSVR) common stock by ER Reservoir LLC and related entities.
• Ryan P. Taylor received 621 Deferred Stock Units (DSUs) as part of his quarterly compensation for serving as a non-employee director, valued at $8.04 per share, to be settled on July 28, 2025.
• Mr. Taylor also directed the transfer of 45,827 shares of Common Stock received upon the settlement of previously issued RSUs and DSUs to the account of the Fund.
• The filing also clarifies the beneficial ownership of shares held by 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, with disclaimers of beneficial ownership except to the extent of their pecuniary interest.
• The reporting persons may be deemed members of a group holding equity securities of the Issuer.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports transactions and ownership structures.

Positives

• The filing indicates ongoing compensation to a director in the form of DSUs, aligning his interests with the company's performance.

Future Outlook

The DSUs awarded to Ryan P. Taylor will be settled in shares of Common Stock on July 28, 2025.

Industry Context

This filing is a routine disclosure related to changes in ownership by insiders, which is common in publicly traded companies. It provides transparency to investors regarding the holdings and transactions of key individuals and entities associated with Reservoir Media, Inc.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies and their insiders, ensuring compliance with SEC regulations.
• The disclosure of beneficial ownership and related disclaimers are typical for investment firms and individuals with complex ownership structures, similar to filings made by entities associated with companies like Apollo Global Management or Blackstone.

Stakeholder Impact

• The filing provides transparency to shareholders regarding insider transactions and ownership structures.
• The disclosure of beneficial ownership disclaimers clarifies the extent of control and economic interest of various entities and individuals.

Key Dates