Richmond Hill Investments, LLC 4
4 · Reservoir Media, Inc. · Filed Jun 24, 2026
Research Summary
AI-generated summary of this filing
Reservoir Media (RSVR) Director Ryan P. Taylor Receives DSUs
What Happened
Ryan P. Taylor, a non-employee director (reported via ER Reservoir LLC, a 10% owner), was granted 492 Deferred Stock Units (DSUs) on June 22, 2026. The DSUs were valued at $10.15 each (the closing price that day), for a total economic value of $4,994. These DSUs were awarded in lieu of cash director compensation and will be settled in shares of common stock on July 28, 2027. Transaction code: A (award/grant).
Key Details
- Transaction date: 2026-06-22; Form 4 filed: 2026-06-24 (appears timely).
- Grant price used for calculation: $10.15 (closing price on grant date).
- Units granted: 492 DSUs; total reported value: $4,994.
- Shares/units reported following transaction: filings note Mr. Taylor has RSUs and DSUs (10,430 RSU-equivalents and 3,165 DSU-equivalents referenced) and that shares received on settlement are to be transferred to the Fund’s account.
- Important footnotes: DSUs are economic equivalents of one share and will settle to shares on July 28, 2027; Mr. Taylor directed settlement shares to be transferred to the account of the Fund and disclaims beneficial ownership except to the extent of pecuniary interest; complex ownership disclosures list the Fund and related managers owning sizable positions (see footnotes).
Context
DSU grants are a form of compensation, not an open-market purchase or sale, and are generally routine for non-employee directors who elect stock-based pay. Because the DSUs will convert to shares at settlement and were directed into the Fund’s account, this filing reflects director compensation and institutional reporting relationships rather than a direct personal stock purchase signal.
Insider Transaction Report
Form 4
ER Reservoir LLC
10% Owner
Transactions
- Award
Common stock, $0.0001 par value
[F1][F2][F3]2026-06-22$10.15/sh+492$4,994→ 13,595 total(indirect: See Footnote)
Holdings
- 13,652,372
Common stock, $0.0001 par value
[F4][F5][F6][F7]
Footnotes (7)
- [F1]The shares being reported represent Deferred Stock Units ("DSUs") awarded under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan (the "Plan") to Ryan P. Taylor. Each DSU is the economic equivalent of one share of common stock, $0.0001 par value per share (the "Common Stock"), of Reservoir Media, Inc. (the "Issuer"). The DSUs were issued in connection with Mr. Taylor's quarterly compensation for service as a non-employee director. Mr. Taylor elected to receive payment of his quarterly compensation in DSUs in lieu of cash. The DSUs will be settled in shares of Common Stock on July 28, 2027 (the "Settlement Date").
- [F2]The number of DSUs received was calculated based on $10.15, which was the closing price of the Issuer's Common Stock on the date of grant.
- [F3]Amount of securities beneficially owned following the reported transaction includes 10,430 shares of Common Stock underlying Restricted Stock Units ("RSUs") and 3,165 shares of Common Stock underlying DSUs awarded to Mr. Taylor for service as a non-employee director of the Issuer. Due to his position as the manager of the general partner of a manager of ER Reservoir LLC (the "Fund"), Mr. Taylor has directed the Issuer to transfer shares issued upon settlement of the RSUs and DSUs into the account of the Fund on the applicable Settlement Date. Mr. Taylor disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein.
- [F4]The Reporting Persons listed on this Form 4 may be deemed members of a group holding equity securities of the Issuer. The filing of this Form 4 shall not be deemed to be an admission that the Reporting Persons are members of such group.
- [F5]The amount of securities shown in this row is owned directly by the Fund. As a manager of the Fund, Richmond Hill Investments, LLC (the "RHI Manager") may be deemed to be a beneficial owner of 9,897,970 of the Issuer's securities held by the Fund. As a manager of the Fund, Richmond Hill Investment Co., LP (the "RHIC Manager") may be deemed to be a beneficial owner of 3,754,402 of the Issuer's securities held by the Fund. As the general partner of the RHIC Manager, Richmond Hill Capital Management, LLC (the "General Partner") may be deemed to be a beneficial owner of 3,754,402 of the Issuer's securities held by the Fund. (continued in footnote 6)
- [F6](Continued from footnote 5) As the manager of the General Partner, Ryan P. Taylor may be deemed to be a beneficial owner of 3,754,402 of the Issuer's securities held by the Fund. The amount of securities shown in this row also reflects a transfer of a total of 59,579 shares of Common Stock received upon the settlement of previously issued RSUs and DSUs that Mr. Taylor directed to be transferred to the account of the Fund due to his position as the manager of the general partner of a manager of the Fund. Each of the RHI Manager, the RHIC Manager, the General Partner and Mr. Taylor disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Section 16 of the Exchange Act or otherwise, except to the extent of its or his respective pecuniary interest therein.
- [F7]The Reporting Persons listed on this Form 4 may be deemed members of a group with Essex Equity Joint Investment Vehicle, LLC and certain of its affiliates (collectively, the "Essex Entities") and Richmond Hill Capital Partners, LP and certain of its affiliates (collectively, the "RHCP Entities"), which have each previously filed a Form 3 and Forms 4 with respect to equity securities of the Issuer. The filing of this Form 4 shall not be deemed to be an admission that the Reporting Persons are members of such a group with any of the Essex Entities or the RHCP Entities and the Reporting Persons disclaim beneficial ownership of any securities beneficially owned by the Essex Entities and the RHCP Entities, except to the extent of their pecuniary interests therein.