RSVR Form 4: Director Ryan P. Taylor receives DSU equity award

Rhea-AI Filing Summary

Reservoir Media, Inc. (RSVR) reported an insider equity compensation transaction involving director Ryan P. Taylor. On 11/21/2025, Taylor received 684 Deferred Stock Units (DSUs) under the company’s 2021 Omnibus Incentive Plan as his quarterly compensation for service as a non-employee director. The DSUs were valued using the closing price of $7.30 per share of Reservoir’s common stock on the grant date, with each DSU economically equivalent to one common share.

The DSUs will be settled in shares of common stock on July 28, 2026, and Taylor elected to receive this compensation in DSUs instead of cash. Following the transaction, indirect holdings reported for Taylor total 12,449 shares, which include common stock underlying both Restricted Stock Units and DSUs. A separate line reflects 13,652,372 shares held directly by ER Reservoir LLC, with various affiliated entities and individuals disclosing that they may be deemed beneficial owners of portions of these securities while generally disclaiming beneficial ownership beyond their pecuniary interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ER Reservoir LLC

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Reservoir Media, Inc. [ RSVR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, $0.0001 par value	11/21/2025		A(1)		684(2)	A	$7.3	12,449	I	See Footnote(3)
Common stock, $0.0001 par value								13,652,372	D(4)(5)(6)(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ER Reservoir LLC

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Richmond Hill Investments, LLC

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			May be deemed a 10% owner

1. Name and Address of Reporting Person^*

Richmond Hill Investment Co., LP

(Last) (First) (Middle)

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			May be deemed a 10% owner

1. Name and Address of Reporting Person^*

Richmond Hill Capital Management, LLC

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			May be deemed a 10% owner

1. Name and Address of Reporting Person^*

ESSEX EQUITY HOLDINGS, LLC

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			May be deemed a 10% owner

1. Name and Address of Reporting Person^*

Taylor Ryan P.

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			May be deemed a 10% owner

1. Name and Address of Reporting Person^*

LIU JOHN D

(Last) (First) (Middle)

C/O RICHMOND HILL INVESTMENT CO., LP

381 PARK AVENUE SOUTH, SUITE 1101

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			May be deemed a 10% owner

Explanation of Responses:

1. 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, 2026 (the "Settlement Date").

2. The number of DSUs received was calculated based on $7.30, which was the closing price of the Issuer's Common Stock on the date of grant.

3. Amount of securities beneficially owned following the reported transactions includes 10,430 shares of Common Stock underlying Restricted Stock Units ("RSUs") and 2,019 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.

4. 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.

5. 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. As the manager of the RHI Manager, Essex Equity Holdings, LLC (the "EEH Manager") may be deemed to be a beneficial owner of 9,897,970 of the Issuer's securities held by the Fund. (continued in footnote 6)

6. (Continued from footnote 5) As the manager of the EEH Manager, John D. Liu may be deemed to be a beneficial owner of 9,897,970 of the Issuer's securities held by the Fund. 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, the EEH Manager, Mr. Liu 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.

7. 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 Form 4's 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.

Remarks:

	ER Reservoir LLC By: /s/ Ryan P. Taylor, Managing Director	11/25/2025
	Richmond Hill Investments LLC By: /s/ John D. Liu, Manager of Essex Equity Holdings, LLC, Manager of Richmond Hill Investments, LLC	11/25/2025
	Richmond Hill Investment Co., LP By: /s/ Ryan P. Taylor, Manager of Richmond Hill Capital Management, LLC, General Partner of Richmond Hill Investment Co., LP	11/25/2025
	Richmond Hill Capital Management, LLC By: /s/ Ryan P. Taylor, Manager	11/25/2025
	Essex Equity Holdings, LLC By: /s/ John D. Liu, Manager	11/25/2025
	/s/ Ryan P. Taylor	11/25/2025
	/s/ John D. Liu	11/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Reservoir Media (RSVR) report in this Form 4?

The filing reports that director Ryan P. Taylor received 684 Deferred Stock Units (DSUs) on 11/21/2025 as part of his quarterly compensation for serving as a non-employee director of Reservoir Media, Inc.

At what price were the Reservoir Media DSUs granted to Ryan P. Taylor?

The number of DSUs granted to Ryan P. Taylor was calculated using $7.30, the closing price of Reservoir Media’s common stock on the grant date.

When will the DSUs granted to the Reservoir Media director be settled?

The DSUs granted to Ryan P. Taylor are scheduled to be settled in shares of Reservoir Media common stock on July 28, 2026, referred to as the Settlement Date.

How many Reservoir Media securities does Ryan P. Taylor beneficially own after this transaction?

After the reported Form 4 transaction, the amount of securities beneficially owned indirectly by Ryan P. Taylor is listed as 12,449 shares, which includes common stock underlying previously awarded RSUs and DSUs for his director service.

Who holds the large Reservoir Media position of 13,652,372 shares mentioned in the Form 4?

The 13,652,372 shares of Reservoir Media common stock are shown as owned directly by ER Reservoir LLC. Various related entities and individuals may be deemed beneficial owners of portions of these securities, but they generally disclaim beneficial ownership except to the extent of their pecuniary interests.

Why were DSUs used instead of cash for the Reservoir Media director’s compensation?

Ryan P. Taylor elected to receive his quarterly compensation for service as a non-employee director of Reservoir Media in the form of Deferred Stock Units under the company’s 2021 Omnibus Incentive Plan, in lieu of cash.

Does the Form 4 indicate group or affiliated ownership for Reservoir Media shares?

Yes. The filing explains that several entities and individuals associated with ER Reservoir LLC, Essex Equity Holdings, and Richmond Hill entities may be deemed members of a group and may be deemed beneficial owners of certain Reservoir Media securities, while disclaiming beneficial ownership beyond their pecuniary interests.