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

Richmond Hill Investment entities, along with related individuals, report changes in beneficial ownership of Reservoir Media, Inc. common stock due to deferred stock units (DSUs) awarded and settlement of restricted stock units (RSUs) and DSUs.

Summary

• ER Reservoir LLC, along with related entities and individuals including Richmond Hill Investments, LLC, Richmond Hill Investment Co., LP, Richmond Hill Capital Management, LLC, Essex Equity Holdings, LLC, Ryan P. Taylor, and John D. Liu, filed a Form 4 detailing changes in their beneficial ownership of Reservoir Media, Inc. (RSVR) common stock.
• Ryan P. Taylor received 555 Deferred Stock Units (DSUs) as part of his quarterly compensation for serving as a non-employee director, valued at $9.00 per share, to be settled on July 28, 2025.
• Following the reported transactions, Mr. Taylor beneficially owns 13,131 shares indirectly and 13,638,620 shares directly.
• The filing clarifies the relationships between the reporting persons and their potential group affiliations, with disclaimers of beneficial ownership except to the extent of their pecuniary interest.
• The report also reflects a transfer of 45,827 shares of Common Stock received upon the settlement of previously issued RSUs and DSUs that Mr. Taylor directed to be transferred to the account of the Fund due to his position as the manager of the general partner of a manager of the Fund.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing is a routine disclosure, but the equity compensation suggests confidence in the company's future performance.

Positives

• The disclosure provides transparency into the compensation structure for non-employee directors, specifically the use of DSUs.
• The filing clarifies the ownership structure and relationships between various entities and individuals associated with Richmond Hill Investments.
• The disclosure of DSU grants and RSU settlements provides insight into insider activity and alignment with shareholder interests.

Future Outlook

The DSUs will be settled in shares of Common Stock on July 28, 2025.

Industry Context

Form 4 filings are a standard part of regulatory compliance for publicly traded companies, providing transparency into insider transactions and ownership changes. This filing is typical for reporting compensation in the form of equity and clarifying ownership structures.

Comparison to Industry Standards

• Equity compensation in the form of DSUs and RSUs is a common practice among publicly traded companies to align the interests of directors and employees with those of shareholders.
• The reporting requirements and disclaimers of beneficial ownership are standard procedures in compliance with Section 16 of the Exchange Act.
• Comparable companies in the media and entertainment industry, such as Warner Music Group (WMG) and Universal Music Group (UMG), also utilize equity-based compensation and are subject to similar reporting requirements.

Stakeholder Impact

• Shareholders are informed about changes in beneficial ownership and insider activity.
• Employees and directors are impacted by the equity compensation structure.
• The filing provides transparency to the market regarding the ownership structure of Reservoir Media, Inc.

Next Steps

• Settlement of the DSUs in shares of Common Stock on July 28, 2025.

Key Dates