Richmond Hill Investments, LLC 4

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.