RSVR Insider Filing: Taylor Reports DSUs, RSUs and Large Indirect Holdings

Rhea-AI Filing Summary

Reservoir Media director Ryan P. Taylor reported equity awards and holdings in a Form 4. On 08/15/2025 he received 651 Deferred Stock Units (DSUs) valued at $7.67 each, which will be settled for common shares on July 28, 2026. He also received 10,430 Restricted Stock Units (RSUs) that vest on July 28, 2026. Following these grants, Taylor is shown with 3,852 shares directly and significant indirect holdings: 179,389 shares via Richmond Hill Capital Partners, LP; 418,576 shares via Essex Equity Joint Investment Vehicle, LLC; and 13,649,855 shares via ER Reservoir, LLC. Taylor disclaims beneficial ownership of shares held by those entities except to the extent of his pecuniary interest.

Positive

• Director compensation awarded as equity (651 DSUs and 10,430 RSUs), aligning director incentives with shareholders
• Settlement and vesting dates disclosed (July 28, 2026), providing clarity on timing of share issuance
• Comprehensive disclosure of indirect holdings by Richmond Hill Capital Partners, Essex Equity JIV, and ER Reservoir, LLC

Negative

• Potential increase in shares outstanding upon settlement of DSUs/RSUs on July 28, 2026 (not quantified beyond reported amounts)

Insights

Securities Analyst

TL;DR: Director compensation was taken in equity (DSUs/RSUs) and large indirect holdings are reported through related investment entities.

These filings document routine director equity awards and confirm substantial indirect ownership positions concentrated in affiliated entities. The DSUs and RSUs will convert to common stock on July 28, 2026, subject to vesting and settlement conditions, which increases potential future share issuance on settlement dates. The report includes clear disclaimers that the reporting person disclaims beneficial ownership except for pecuniary interest, consistent with common Section 16 reporting practices.

Corporate Governance Expert

TL;DR: Governance disclosure shows alignment via equity compensation and appropriate Section 16 disclaimers for entity-held shares.

The Form 4 discloses director compensation election to receive DSUs and RSUs, tying non-employee director pay to equity. It also details indirect ownership through multiple entities and includes standard disclaimers limiting personal beneficial ownership claims. Documentation is thorough regarding settlement and vesting dates, which supports transparency around potential future changes in public float and insider holdings.

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)
08/15/2025

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	08/15/2025		A(1)		651(2)	A	$7.67	3,852	D
Common stock, $0.0001 par value	08/15/2025		A(3)		10,430	A	$0	14,282(4)	D
Common stock, $0.0001 par value								179,389	I	By Richmond Hill Capital Partners, LP(5)
Common stock, $0.0001 par value								418,576	I	By Essex Equity Joint Invesment Vehicle, LLC(6)
Common stock, $0.0001 par value								13,649,855	I	By ER Reservoir, LLC(7)(8)

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 $7.67, which was the closing price of the Issuer's Common Stock on the date of grant.

3. Represents Restricted Stock Units ("RSUs") awarded under the Plan. Each RSU represents a contingent right to receive one share of common stock. The RSUs will vest on July 28, 2026, subject to Reporting Person's continued service on the board of directors (the "Board") of the Issuer on such date.

4. Represents 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.

5. 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.

6. 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.

7. 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 57,062 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 8)

8. (Cont'd from FN 7) 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	08/19/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What equity awards did Ryan P. Taylor receive according to the Form 4 for RSVR?

The filing shows 651 DSUs awarded at a calculated price of $7.67 and 10,430 RSUs, both granted 08/15/2025.

When will the DSUs and RSUs reported by Ryan P. Taylor settle or vest?

Both the DSUs (to be settled in shares) and the RSUs are scheduled to settle or vest on July 28, 2026, subject to service conditions.

How many shares does Ryan P. Taylor beneficially own directly and indirectly in RSVR?

Following the reported transactions he holds 3,852 shares directly and indirect holdings of 179,389, 418,576, and 13,649,855 shares through named entities.

Does Ryan P. Taylor claim beneficial ownership of shares held by affiliated entities?

He disclaims beneficial ownership of securities held by the affiliated entities except to the extent of his pecuniary interest, per the filing.

What price was used to calculate the DSUs awarded to Ryan P. Taylor?

The number of DSUs was calculated using the closing price of the common stock on the grant date, reported as $7.67.