Crestview Partners II GP, L.P. 4
4 · Select Water Solutions, Inc. · Filed Apr 9, 2026
Research Summary
AI-generated summary of this filing
Select Water (WTTR) 10% Owner Crestview Sells ~3.10M Shares
What Happened
Crestview Partners II GP, L.P. (a reported 10% owner) completed several transactions on April 8, 2026, primarily selling shares of Select Water Solutions, Inc. (WTTR). The filing reports an open-market/private sale of 665,983 shares at $15.12 ($10,069,663) and a larger block tied to a conversion/redemption of derivative units totaling 2,430,240 shares. That 2,430,240-share position is reported both as resulting from a conversion of redeemable units into Class A shares and as being disposed (including an open-market sale at $15.12 totaling $36,745,229 and a disposition to the issuer). Combined reported sale proceeds ≈ $46,814,892.
Key Details
- Transaction date: 2026-04-08 (Form 4 filed 2026-04-09). Reported sale price for open-market sales: $15.12 per share.
- Shares sold: 665,983 (open-market/private sale) + 2,430,240 (conversion/redemption-related disposition) = 3,096,223 shares sold.
- Reported sale proceeds: ≈ $46.8 million (10,069,663 + 36,745,229).
- Derivative activity: 2,430,240 Units of SES Holdings were converted into Class A shares (reported as a conversion) and then disposed (reported both as a disposition to the issuer and as an open-market/private sale). Per the filing, those Units are redeemable one-for-one into Class A shares (or cash at a trailing-10-day VWAP election).
- Shares owned after transaction: the filing notes Crestview II SES B directly beneficially owns 3,233,212 Class A shares; Crestview Partners II GP may be deemed to beneficially own the Crestview entities’ holdings (see footnotes).
- Notable footnotes: sales were split among Crestview entities (F1); Units redemption and corresponding cancellation of certain Class B shares occurred (F2–F3); reporting entities disclaim ownership except to extent of pecuniary interest (F9); Robert V. Delaney Jr. is an indirect Crestview affiliate and a company director (F8).
- Timeliness: Form 4 was filed the day after the transactions (Apr 9 for Apr 8 activity), indicating a timely filing.
Context
This filing reflects activity by an institutional, 10% holder (the Crestview entities), not a typical corporate insider trade by a company executive. The largest movement involved converting redeemable LLC Units into Class A shares and disposing of those shares (including redemption/cancellation steps), plus a separate open-market sale. Derivative conversions and redemptions can involve issuer-side transactions (not just open-market sales), so the mix here includes both sale proceeds and issuer redemptions rather than only routine insider selling.
Insider Transaction Report
- Sale
Class A Common Stock
[F1][F4][F5][F8][F9]2026-04-08$15.12/sh−665,983$10,069,663→ 3,233,212 total(indirect: See Footnotes) - Conversion
Class A Common Stock
[F2][F5][F7][F8][F9]2026-04-08+2,430,240→ 2,430,240 total(indirect: See Footnotes) - Disposition to Issuer
Class B Common Stock
[F2][F3][F5][F7][F8][F9]2026-04-08−2,430,240→ 13,790,861 total(indirect: See Footnotes) - Sale
Class A Common Stock
[F5][F7][F8][F9]2026-04-08$15.12/sh−2,430,240$36,745,229→ 0 total(indirect: See Footnotes) - Conversion
Common LLC Units
[F1][F6][F5][F7][F8][F9]2026-04-08−2,430,240→ 13,790,861 total(indirect: See Footnotes)→ Class A Shares (2,430,240 underlying)
Footnotes (9)
- [F1]Reflects 569,760 shares of Class A Common Stock of the Issuer (?Class A Shares?) sold by Crestview Partners II SES Investment B, LLC (?Crestview II SES B?), and 96,223 Class A Shares sold by Crestview Advisors, L.L.C.
- [F2]Reflects the redemption (the ?Redemption?) by the Reporting Persons of Common LLC Units (?Units?) of SES Holdings, LLC (?SES Holdings?), a subsidiary of the Issuer, indirectly owned by Crestview Partners II SES Investment, LLC (?Crestview II SES?) though SES Legacy Holdings, LLC (?Legacy Holdings?).
- [F3]Reflects the cancellation for no consideration of a number shares of Class B Common Stock of the Issuer (?Class B Shares?) indirectly owned by Crestview II SES though Legacy Holdings equal to the number of Units redeemed by the Reporting Persons pursuant to their terms in connection with the Redemption.
- [F4]Reflects 3,233,212 Class A Shares directly beneficially owned by Crestview II SES B.
- [F5]Represents Class B Shares indirectly beneficially owned by Crestview II SES (together with Crestview II SES B and Crestview Advisors, L.L.C., the ?Crestview Entities?) through Legacy Holdings.
- [F6]Represents Units of SES Holdings, indirectly owned by Crestview II SES through Legacy Holdings. The Units are redeemable by Legacy Holdings at any time in exchange for newly-issued Class A Shares on a one-for-one basis (subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions) (or, at the election of SES Holdings or the Issuer, cash in an amount equal to the Cash Election Value of such Class A Shares (as defined in the SES Holdings LLC Agreement to be the trailing 10-day VWAP of the Class A Shares)).
- [F7]Crestview Partners II GP, L.P. may be deemed to have beneficial ownership of the Class A Shares held by Crestview II SES B and Crestview Advisors, L.LC. and the Class B Shares and Common LLC Units of SES Holdings indirectly held by Crestview II SES. Crestview Partners II GP, L.P. exercises voting and dispositive power over the foregoing Class A Shares, Class B Shares and Common LLC Units held by the Crestview Entities, which decisions are made by the investment committee of Crestview Partners II GP, L.P. and the Chairman of the investment committee.
- [F8]Robert V. Delaney, Jr. is a member of the Issuer's board of directors and is an indirect member of each of Crestview, L.L.C. (which is the general partner of Crestview Partners II GP, L.P.) and Crestview Advisors, L.L.C., which provides investment advisory and management services to certain of the foregoing Crestview Entities.
- [F9]Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.