Form 4: RSVR Director Ryan Taylor Boosts Stake with DSU Award

Reservoir Media Director Ryan P. Taylor received 684 Deferred Stock Units as part of his quarterly compensation, increasing his beneficial ownership.

Summary

• Ryan P. Taylor, a Director of Reservoir Media, Inc. (RSVR), acquired 684 Deferred Stock Units (DSUs) on November 21, 2025.
• These DSUs were awarded as part of his quarterly compensation for service as a non-employee director, with Mr. Taylor electing to receive DSUs in lieu of cash.
• The number of DSUs was calculated based on the closing price of RSVR common stock at $7.30 on the grant date.
• The DSUs will be settled in shares of Common Stock on July 28, 2026.
• Following this transaction, Mr. Taylor directly beneficially owns 12,449 shares (representing RSUs and DSUs directed to a fund) and indirectly owns 14,250,337 shares through various entities.
• Indirect ownership includes 179,389 shares via Richmond Hill Capital Partners, LP; 418,576 shares via Essex Equity Joint Investment Vehicle, LLC; and 13,652,372 shares via ER Reservoir, LLC.
• Mr. Taylor disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as a director's election to receive equity compensation instead of cash signals confidence in the company's future and aligns their interests with shareholders. This is a routine transaction, not indicative of major strategic shifts.

Positives

• Director Ryan P. Taylor elected to receive quarterly compensation in Deferred Stock Units (DSUs) instead of cash, indicating alignment with shareholder interests.
• The acquisition of DSUs increases the director's beneficial ownership in the company, demonstrating continued commitment.

Future Outlook

The acquired Deferred Stock Units (DSUs) are scheduled to be settled in shares of Common Stock on July 28, 2026.

Management Comments

• The Reporting Person elected to receive payment of his quarterly compensation in DSUs in lieu of cash for service as a non-employee director.

Industry Context

This filing represents a routine insider transaction where a director receives equity compensation, a common practice in publicly traded companies to align management and director interests with those of shareholders. The election to receive stock over cash can be viewed positively by the market as it demonstrates confidence in the company's future performance.

Related Party Transactions

• Ryan P. Taylor has indirect beneficial ownership through entities where he holds managing roles, including Richmond Hill Capital Partners, LP, Essex Equity Joint Investment Vehicle, LLC, and ER Reservoir, LLC.
• Shares issued upon settlement of some Restricted Stock Units (RSUs) and DSUs are directed to the account of ER Reservoir, LLC, due to Mr. Taylor's position as manager of the general partner of a manager of the Fund.

Stakeholder Impact

• Shareholders: The director's decision to take compensation in stock rather than cash may be viewed as a positive signal of commitment and alignment with shareholder interests.

Next Steps

• Settlement of the 684 Deferred Stock Units into shares of Common Stock on July 28, 2026.

Key Dates

Keywords

Reservoir Media, RSVR, Ryan P. Taylor, Director Compensation, Deferred Stock Units, DSU, Insider Transaction, Beneficial Ownership, SEC Form 4