Form 4: Crestview Entities Adjust Select Water Holdings

Crestview entities report significant transactions involving Select Water Solutions, Inc. Class A and Class B common stock, and LLC units.

Summary

• Crestview Partners II GP, L.P., along with related entities (Crestview Partners II SES Investment B, LLC, Crestview Partners II SES Investment, LLC, Crestview Advisors, L.L.C.), and Robert V. Delaney, Jr. have filed a Form 4 detailing changes in their beneficial ownership of Select Water Solutions, Inc. (WTTR).
• The transactions occurred on April 8, 2026, and involved the sale of Class A Common Stock and the redemption of Common LLC Units of SES Holdings, a subsidiary of Select Water Solutions.
• Specifically, Crestview Partners II SES Investment B, LLC sold 569,760 Class A Shares at $15.12 per share, and Crestview Advisors, L.L.C. sold 96,223 Class A Shares at $15.12 per share.
• Concurrently, there was a redemption of 2,430,240 Common LLC Units of SES Holdings by Crestview Partners II SES Investment, LLC, which resulted in the cancellation of an equal number of Class B Common Stock shares.
• Following these transactions, Crestview Partners II SES Investment B, LLC holds 3,233,212 Class A Shares directly.
• Indirectly held Class B Shares and Common LLC Units are held by Crestview Partners II SES Investment, LLC through SES Legacy Holdings, LLC.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it primarily reports on ownership changes and transactions without providing new financial performance data or future guidance.

Positives

• The filing indicates a strategic adjustment of holdings by significant investors, which can sometimes precede other corporate actions.
• The sale of Class A shares at $15.12 per share provides a clear valuation point for a portion of the company's stock.

Negatives

• The redemption of LLC units and cancellation of Class B shares suggests a restructuring or simplification of the ownership structure, which could have implications for future control or liquidity.
• A significant number of Class A shares were sold, which could be interpreted as a reduction in direct ownership by these entities.

Risks

• The nature of the redemption and cancellation of Class B shares could indicate a shift in the underlying economic or voting rights associated with these securities.
• The filing does not provide specific reasons for the transactions, leaving room for speculation about the underlying motivations.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance. The transactions described are historical events.

Industry Context

StockSavvy.ai notes that significant ownership adjustments by major investment firms like Crestview Partners are common in the water solutions industry, often signaling strategic shifts or portfolio rebalancing.

Related Party Transactions

• The transactions involve multiple entities under the Crestview Partners umbrella, indicating related party dealings in the context of their investment in Select Water Solutions.

Stakeholder Impact

• Shareholders may observe changes in the concentration of ownership and potential shifts in market sentiment due to these transactions.
• Creditors and suppliers are unlikely to be directly impacted by these ownership adjustments unless they signal a broader change in the company's financial strategy.

Next Steps

• Monitor future filings from Crestview entities and Select Water Solutions for any further strategic developments or changes in ownership.
• Analyze the impact of these transactions on the company's capital structure and governance.

Key Dates

Keywords

Select Water Solutions, WTTR, Form 4, Crestview Partners, Beneficial Ownership, Class A Common Stock, Class B Common Stock, LLC Units, Insider Trading, SEC Filing, Stock Transaction