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Crestview entities trim Select Water (NYSE: WTTR) stake after unit conversion

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4/A

Rhea-AI Filing Summary

Select Water Solutions, Inc. insider entities affiliated with Crestview Partners reported a series of related transactions involving Class A and Class B equity and LLC units. On April 8, they converted 2,430,240 Common LLC Units of SES Holdings, LLC into the same number of Class A shares in a derivative conversion with no stated exercise price.

The Crestview entities then sold a total of 3,096,223 Class A shares at $15.12 per share in open-market or private transactions and disposed of 2,430,240 Class B shares back to the issuer for no consideration in connection with the redemption. After these moves, Crestview Partners II SES Investment B, LLC directly beneficially owns 3,233,212 Class A shares, while Crestview Partners II GP, L.P. may be deemed to share voting and dispositive power over the Class A and Class B shares and Common LLC Units held by the Crestview entities, subject to each reporting person’s disclaimer of beneficial ownership beyond its pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider Crestview Partners II GP, L.P., Crestview Partners II SES Investment B, LLC, Crestview Partners II SES Investment, LLC, Crestview Advisors, L.L.C.
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 3,096,223 shs ($46.81M)
Type Security Shares Price Value
Conversion Common LLC Units 2,430,240 $0.00 --
Sale Class A Common Stock 665,983 $15.12 $10.07M
Conversion Class A Common Stock 2,430,240 $0.00 --
Disposition Class B Common Stock 2,430,240 $0.00 --
Sale Class A Common Stock 2,430,240 $15.12 $36.75M
Holdings After Transaction: Common LLC Units — 13,790,861 shares (Indirect, See Footnotes); Class A Common Stock — 3,233,212 shares (Indirect, See Footnotes); Class B Common Stock — 13,790,861 shares (Indirect, See Footnotes)
Footnotes (1)
  1. Reflects 569,760 shares of Class A Common Stock of the Issuer ("Class A Shares") sold by Crestview Partners II SES Investment B, LLC ("Crestview II SES B"), and 96,223 Class A Shares sold by Crestview Advisors, L.L.C. Reflects the redemption (the "Redemption") by the Reporting Persons of Common LLC Units ("Units") of SES Holdings, LLC ("SES Holdings"), a subsidiary of the Issuer, indirectly owned by Crestview Partners II SES Investment, LLC ("Crestview II SES") though SES Legacy Holdings, LLC ("Legacy Holdings"). Reflects the cancellation for no consideration of a number shares of Class B Common Stock of the Issuer ("Class B Shares") indirectly owned by Crestview II SES though Legacy Holdings equal to the number of Units redeemed by the Reporting Persons pursuant to their terms in connection with the Redemption. Reflects 3,233,212 Class A Shares directly beneficially owned by Crestview II SES B. Represents Class B Shares indirectly beneficially owned by Crestview II SES (together with Crestview II SES B and Crestview Advisors, L.L.C., the "Crestview Entities") through Legacy Holdings. Represents Units of SES Holdings, indirectly owned by Crestview II SES through Legacy Holdings. The Units are redeemable by Legacy Holdings at any time in exchange for newly-issued Class A Shares on a one-for-one basis (subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions) (or, at the election of SES Holdings or the Issuer, cash in an amount equal to the Cash Election Value of such Class A Shares (as defined in the SES Holdings LLC Agreement to be the trailing 10-day VWAP of the Class A Shares)). Crestview Partners II GP, L.P. may be deemed to have beneficial ownership of the Class A Shares held by Crestview II SES B and Crestview Advisors, L.LC. and the Class B Shares and Common LLC Units of SES Holdings indirectly held by Crestview II SES. Crestview Partners II GP, L.P. exercises voting and dispositive power over the foregoing Class A Shares, Class B Shares and Common LLC Units held by the Crestview Entities, which decisions are made by the investment committee of Crestview Partners II GP, L.P. and the Chairman of the investment committee. Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
Class A shares sold 3,096,223 shares Total Class A shares sold at $15.12 on April 8
Sale price $15.12 per share Price for Class A open‑market or private sales
Units converted 2,430,240 units Common LLC Units of SES Holdings converted into Class A shares
Class B shares cancelled 2,430,240 shares Class B Common Stock cancelled for no consideration
Crestview II SES B Class A holding 3,233,212 shares Class A shares directly beneficially owned after transactions
Net share activity -3,096,223 shares Net sell direction across reported transactions
Common LLC Units position 13,790,861 units Total Common LLC Units following conversion and redemption
Common LLC Units financial
"Represents Units of SES Holdings, indirectly owned by Crestview II SES through Legacy Holdings."
Class B Common Stock financial
"Represents Class B Shares indirectly beneficially owned by Crestview II SES through Legacy Holdings."
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Redemption financial
"Reflects the redemption (the "Redemption") by the Reporting Persons of Common LLC Units of SES Holdings, LLC."
Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.
Cash Election Value financial
"cash in an amount equal to the Cash Election Value of such Class A Shares."
trailing 10-day VWAP financial
"defined in the SES Holdings LLC Agreement to be the trailing 10-day VWAP of the Class A Shares"
pecuniary interest financial
"Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein."
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Crestview Partners II GP, L.P.
(Last)(First)(Middle)
C/O CRESTVIEW PARTNERS
590 MADISON AVENUE, 42ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Select Water Solutions, Inc. [ WTTR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/08/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)
04/09/2026
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)
CodeVAmount(A) or (D)Price
Class A Common Stock04/08/2026S(1)665,983D$15.123,233,212ISee Footnotes(4)(5)(8)
Class A Common Stock04/08/2026C(2)2,430,240A(2)2,430,240ISee Footnotes(5)(7)(8)
Class B Common Stock04/08/2026D(2)(3)2,430,240D(2)(3)13,790,861ISee Footnotes(5)(7)(8)
Class A Common Stock04/08/2026S2,430,240D$15.120ISee Footnotes(5)(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Common LLC Units(1)(6)04/08/2026C2,430,240 (1)(6) (1)(6)Class A Shares2,430,240(1)(6)13,790,861ISee Footnotes(5)(7)(8)
1. Name and Address of Reporting Person*
Crestview Partners II GP, L.P.
(Last)(First)(Middle)
C/O CRESTVIEW PARTNERS
590 MADISON AVENUE, 42ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Crestview Partners II SES Investment B, LLC
(Last)(First)(Middle)
C/O CRESTVIEW PARTNERS
590 MADISON AVENUE, 42ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Crestview Partners II SES Investment, LLC
(Last)(First)(Middle)
C/O CRESTVIEW PARTNERS
590 MADISON AVENUE, 42ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Crestview Advisors, L.L.C.
(Last)(First)(Middle)
C/O CRESTVIEW PARTNERS
590 MADISON AVENUE, 42ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Reflects 569,760 shares of Class A Common Stock of the Issuer ("Class A Shares") sold by Crestview Partners II SES Investment B, LLC ("Crestview II SES B"), and 96,223 Class A Shares sold by Crestview Advisors, L.L.C.
2. Reflects the redemption (the "Redemption") by the Reporting Persons of Common LLC Units ("Units") of SES Holdings, LLC ("SES Holdings"), a subsidiary of the Issuer, indirectly owned by Crestview Partners II SES Investment, LLC ("Crestview II SES") though SES Legacy Holdings, LLC ("Legacy Holdings").
3. Reflects the cancellation for no consideration of a number shares of Class B Common Stock of the Issuer ("Class B Shares") indirectly owned by Crestview II SES though Legacy Holdings equal to the number of Units redeemed by the Reporting Persons pursuant to their terms in connection with the Redemption.
4. Reflects 3,233,212 Class A Shares directly beneficially owned by Crestview II SES B.
5. Represents Class B Shares indirectly beneficially owned by Crestview II SES (together with Crestview II SES B and Crestview Advisors, L.L.C., the "Crestview Entities") through Legacy Holdings.
6. Represents Units of SES Holdings, indirectly owned by Crestview II SES through Legacy Holdings. The Units are redeemable by Legacy Holdings at any time in exchange for newly-issued Class A Shares on a one-for-one basis (subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions) (or, at the election of SES Holdings or the Issuer, cash in an amount equal to the Cash Election Value of such Class A Shares (as defined in the SES Holdings LLC Agreement to be the trailing 10-day VWAP of the Class A Shares)).
7. Crestview Partners II GP, L.P. may be deemed to have beneficial ownership of the Class A Shares held by Crestview II SES B and Crestview Advisors, L.LC. and the Class B Shares and Common LLC Units of SES Holdings indirectly held by Crestview II SES. Crestview Partners II GP, L.P. exercises voting and dispositive power over the foregoing Class A Shares, Class B Shares and Common LLC Units held by the Crestview Entities, which decisions are made by the investment committee of Crestview Partners II GP, L.P. and the Chairman of the investment committee.
8. Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.
Remarks:
Exhibit 99 - Joint Filer Information \\ This amendment is being filed to reflect that Robert V. Delaney, Jr. is not a member of the issuer's board of directors and to remove him as a filing person.
By: Crestview Partners II GP, L.P., the Designated Filer, by: Crestview, L.L.C., its general partner, by: /s/ Poojitha Mantha, Chief Compliance Officer04/10/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Crestview entities report in Select Water Solutions (WTTR)?

Crestview-affiliated entities reported converting 2,430,240 Common LLC Units into Class A shares, selling 3,096,223 Class A shares at $15.12, and cancelling 2,430,240 Class B shares to the issuer, all as part of a coordinated redemption and restructuring of their SES Holdings-related interests.

How many Select Water Solutions (WTTR) shares did Crestview entities sell and at what price?

The filing shows Crestview entities sold 3,096,223 Class A shares of Select Water Solutions at $15.12 per share. Footnotes indicate 569,760 shares were sold by Crestview Partners II SES Investment B, LLC and 96,223 shares by Crestview Advisors, L.L.C., with additional sales reflected in the totals disclosed.

What was the purpose of the Common LLC Units conversion in the WTTR Form 4/A?

The conversion reflects redemption of 2,430,240 Common LLC Units of SES Holdings, LLC into an equal number of Class A shares. Simultaneously, a matching number of Class B shares indirectly held through Legacy Holdings were cancelled for no consideration, aligning the capital structure with the redeemed units described in the footnotes.

What Select Water Solutions (WTTR) holdings remain with Crestview entities after these transactions?

After the transactions, Crestview Partners II SES Investment B, LLC directly beneficially owns 3,233,212 Class A shares. Crestview Partners II GP, L.P. may be deemed to share voting and dispositive power over these Class A shares, Class B shares and Common LLC Units, subject to each reporting person’s pecuniary-interest-based ownership disclaimer.

How are Class B shares and Common LLC Units in WTTR structured for Crestview entities?

The filing explains that Class B shares and Common LLC Units are indirectly held through SES Legacy Holdings, LLC. Units are redeemable at any time for newly issued Class A shares on a one-for-one basis or, at SES Holdings’ or the issuer’s election, for cash equal to a trailing 10-day VWAP-based Cash Election Value.

Do Crestview entities claim full beneficial ownership of their WTTR securities?

Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest. Crestview Partners II GP, L.P. may be deemed to exercise voting and dispositive power over Class A, Class B and Common LLC Units held by the Crestview entities through its investment committee and its chairman.