RSVR Form 4 shows director DSU grant and large indirect stakes

Rhea-AI Filing Summary

Reservoir Media, Inc. (RSVR) director equity filing: A non-employee director reported receiving 684 Deferred Stock Units (DSUs) on 11/21/2025 as quarterly board compensation, electing stock units instead of cash. The DSUs were valued using the company’s common stock closing price of $7.30 on the grant date and are scheduled to settle in shares of common stock on July 28, 2026. Following this grant, the director reports beneficial ownership of 12,449 common shares directly, plus indirect beneficial interests in 179,389 shares through Richmond Hill Capital Partners, LP, 418,576 shares through Essex Equity Joint Investment Vehicle, LLC, and 13,652,372 shares through ER Reservoir, LLC, while repeatedly disclaiming beneficial ownership beyond his pecuniary interest.

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

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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^*

Taylor Ryan P.

(Last) (First) (Middle)

C/O RESERVOIR MEDIA, INC.

200 VARICK STREET, SUITE 801

(Street)

NEW YORK NY 10014

(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)

X	Director		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)

X	Form filed by One Reporting Person
	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(3)	D
Common stock, $0.0001 par value								179,389	I	By Richmond Hill Capital Partners, LP(4)
Common stock, $0.0001 par value								418,576	I	By Essex Equity Joint Invesment Vehicle, LLC(5)
Common stock, $0.0001 par value								13,652,372	I	By ER Reservoir, LLC(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

Explanation of Responses:

1. Represents Deferred Stock Units ("DSUs") awarded under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan (the "Plan"). 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 Reporting Person acquired these DSUs in connection with the Reporting Person's quarterly compensation for service as a non-employee director of the Issuer. The Reporting Person elected to receive payment of his quarterly compensation in DSUs in lieu of cash. This issuance of DSUs will be settled in shares of Common Stock on July 28, 2026 (the "Settlement Date"). The Reporting Person disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein.

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. Represents Restricted Stock Units ("RSUs") and DSUs awarded in connection with the Reporting Person's compensation 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"), Reporting Person 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. The Reporting Person disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein.

4. The amount of securities shown in this row is owned directly by Richmond Hill Capital Partners, LP ("RHCP"). The Reporting Person is the managing member of the general partner of RHCP and the manager of the general partner of Richmond Hill Investment Co., LP, the investment adviser to RHCP, and may be deemed to be a beneficial owner of the shares owned by RHCP. The Reporting Person disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise, except to the extent of his pecuniary interest therein, and the inclusion of the shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 of the Exchange Act, or for any other purpose.

5. The amount of securities shown in this row is owned directly by Essex Equity Joint Investment Vehicle, LLC ("EEJIV"). The Reporting Person owns an equity interest in an entity that may be deemed to have a pecuniary interest in the shares owned by EEJIV and therefore may be deemed to be a beneficial owner of the shares owned by EEJIV. The Reporting Person 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 his pecuniary interest therein, and the inclusion of the shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 of the Exchange Act, or for any other purpose.

6. The amount of securities shown in this row is owned directly by the Fund. The Reporting Person is the manager of the general partner of a manager of the Fund and may be deemed to be a beneficial owner of the shares owned 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 the Reporting Person 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. (Cont'd in FN 7)

7. (Cont'd from FN 6) The Reporting Person 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 his pecuniary interest therein, and the inclusion of the shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 of the Exchange Act, or for any other purpose.

	/s/ James A. Heindlmeyer, as attorney-in-fact for Ryan P. Taylor	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).
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FAQ

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

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

At what price were the Reservoir Media (RSVR) DSUs valued in this Form 4?

The 684 DSUs were calculated using $7.30 per unit, which was the closing price of Reservoir Media’s common stock on the grant date.

When will the DSUs reported by the Reservoir Media (RSVR) director settle?

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

How many Reservoir Media (RSVR) shares does the director report owning directly after this transaction?

After the reported DSU grant, the director reports direct beneficial ownership of 12,449 shares of Reservoir Media common stock.

What indirect Reservoir Media (RSVR) holdings are attributed to the reporting person?

The director reports indirect beneficial interests in 179,389 shares via Richmond Hill Capital Partners, LP, 418,576 shares via Essex Equity Joint Investment Vehicle, LLC, and 13,652,372 shares via ER Reservoir, LLC, while disclaiming beneficial ownership beyond his pecuniary interest.

Why are Deferred Stock Units (DSUs) used for Reservoir Media (RSVR) director compensation?

The director elected to receive his quarterly non-employee director compensation in DSUs instead of cash, with each DSU being the economic equivalent of one share of Reservoir Media common stock.