Crestview Partners II GP, L.P. 4

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.