Crestview Partners II GP, L.P. 4
4 · Select Water Solutions, Inc. · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
Select Water (WTTR) 10% Owner Crestview Partners Sells Shares
What Happened
- Crestview Partners II GP, L.P. (a reported 10% owner) sold a total of 3,250,000 Class A shares of Select Water Solutions, Inc. (WTTR) on May 19, 2026. The sales comprised (a) 617,240 shares sold at $18.92 each for $11,678,181 and (b) 2,632,760 shares sold at $18.92 each for $49,811,819 — total proceeds ~ $61,490,000.
- In connection with these transactions, the filing also reports conversion of derivative securities (Units of SES Holdings) into 2,632,760 Class A shares and a related disposition of those shares to the issuer (see Key Details and footnotes). These entries reflect actions by Crestview entities and related structural steps (redemption/cancellation and conversion), not separate open-market purchases.
Key Details
- Transaction date: May 19, 2026; Filing date: May 21, 2026 (reported to SEC accession 0000950142-26-001473).
- Sale prices: $18.92 per share for both reported open-market sales.
- Shares sold: 617,240 (open market) + 2,632,760 (open market) = 3,250,000 shares; proceeds ≈ $61.49M.
- Derivative/related entries: conversion (Code C) of 2,632,760 units into Class A shares; disposition to the issuer (Code D) of 2,632,760 shares; one of the converted tranches was also sold in the market (Code S); a separate derivative-related disposition is reported (Code D).
- Post-transaction holdings: the filing excerpt provided does not specify the exact number of shares Crestview holds after these actions.
- Footnotes summary: transactions reflect (a) sales by Crestview Partners II SES Investment B, LLC; (b) redemption of Common LLC Units of SES Holdings (redeemable one-for-one for newly issued Class A shares or cash); and (c) cancellation of certain Class B shares tied to the redeemed units. Crestview GP may be deemed to beneficially own the positions held through its related Crestview entities (see F1–F7).
- Timeliness: Filing reports May 19 transactions on May 21, 2026 (appears to be filed within the typical Form 4 reporting window).
Context
- These were sales by a large institutional/affiliate holder (10% owner), not an individual executive—such transactions can reflect portfolio/liquidity management or structural redemptions rather than a personal view on company prospects.
- The filing includes conversions of redeemable units into Class A shares (per the LLC agreement) and related cancellations — essentially, derivative/unit redemption mechanics were used to create or transfer the underlying Class A shares that were then sold or disposed.
- No purchase or grant activity was reported here; sales (S) and dispositions to the issuer (D) dominated the report.
Insider Transaction Report
Form 4Exit
Crestview Partners II GP, L.P.
10% Owner
Transactions
- Sale
Class A Common Stock
[F1][F4][F5][F8]2026-05-19$18.92/sh−617,240$11,678,181→ 2,615,972 total(indirect: See Footnotes) - Conversion
Class A Common Stock
[F2][F5][F7][F8]2026-05-19+2,632,760→ 2,632,760 total(indirect: See Footnotes) - Disposition to Issuer
Class B Common Stock
[F2][F3][F5][F7][F8]2026-05-19−2,632,760→ 11,158,101 total(indirect: See Footnotes) - Sale
Class A Common Stock
[F5][F7][F8]2026-05-19$18.92/sh−2,632,760$49,811,819→ 0 total(indirect: See Footnotes) - Conversion
Common LLC Units
[F1][F6][F5][F7][F8]2026-05-19−2,632,760→ 11,158,101 total(indirect: See Footnotes)→ Class A Shares (2,632,760 underlying)
Footnotes (8)
- [F1]Reflects 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").
- [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") through 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 through Legacy Holdings equal to the number of Units redeemed by the Reporting Persons pursuant to their terms in connection with the Redemption.
- [F4]Reflects 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, 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 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]Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
Signature
By: Crestview Partners II GP, L.P., the Designated Filer, by: Crestview, L.L.C., its general partner, by: /s/ Poojitha Mantha, Chief Compliance Officer|2026-05-21