Crestview Partners II GP, L.P. 4

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.