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Crestview trims Select Water (NYSE: WTTR) stake with 3.1M-share sale

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Crestview-affiliated entities reported a net sale of Select Water Solutions stock. On April 8, they converted 2,430,240 Common LLC Units of SES Holdings into the same number of Class A Common Stock and cancelled an equal number of Class B Common Stock, all at a stated price of $0.00 per unit or share in the filing framework.

The Crestview entities then sold a total of 3,096,223 Class A Common Stock at $15.12 per share in open-market or private transactions, including 569,760 Class A shares sold by Crestview Partners II SES Investment B, LLC and 96,223 Class A shares sold by Crestview Advisors, L.L.C. After these transactions, Crestview Partners II SES Investment B, LLC directly beneficially owned 3,233,212 Class A shares.

Positive

  • None.

Negative

  • None.

Insights

Crestview-related entities executed a convert-and-sell transaction totaling just over 3.0M WTTR shares.

The filing shows Crestview-affiliated entities converting 2,430,240 Common LLC Units into an equal number of Class A shares, cancelling the same number of Class B shares, and then selling 3,096,223 Class A shares at $15.12. These are open-market or private sales by investment entities, not by an individual director personally.

Following the sales, Crestview Partners II SES Investment B, LLC directly beneficially owned 3,233,212 Class A shares, while other Crestview entities continued to hold Class B shares and Common LLC Units through Legacy Holdings. The transactions reduce Crestview’s visible Class A position but leave a meaningful remaining stake, with no trading plan references or additional timing details in this excerpt.

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., Delaney Robert V. Jr.
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
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. Robert V. Delaney, Jr. is a member of the Issuer's board of directors and is an indirect member of each of Crestview, L.L.C. (which is the general partner of Crestview Partners II GP, L.P.) and Crestview Advisors, L.L.C., which provides investment advisory and management services to certain of the foregoing Crestview Entities. 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 Class A Common Stock sold at $15.12 per share on April 8
Sale price $15.12 per share Price for Class A Common Stock sales by Crestview entities
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 in redemption
Class A shares held by Crestview II SES B 3,233,212 shares Directly beneficially owned Class A shares after transactions
Common LLC Units remaining line item 13,790,861 units Total Common LLC Units reported as indirectly owned after transactions
Class B shares line item 13,790,861 shares Class B Common Stock indirectly beneficially owned after transactions
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.
pecuniary interest financial
"Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein."
trailing 10-day VWAP financial
"cash in an amount equal to the Cash Election Value of such Class A Shares, defined as the trailing 10-day VWAP of the Class A Shares."
Cash Election Value financial
"cash in an amount equal to the Cash Election Value of such Class A Shares as defined in the SES Holdings LLC Agreement."
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)
XDirectorX10% 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)

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)(9)
Class A Common Stock04/08/2026C(2)2,430,240A(2)2,430,240ISee Footnotes(5)(7)(8)(9)
Class B Common Stock04/08/2026D(2)(3)2,430,240D(2)(3)13,790,861ISee Footnotes(5)(7)(8)(9)
Class A Common Stock04/08/2026S2,430,240D$15.120ISee Footnotes(5)(7)(8)(9)
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)(9)
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
XDirectorX10% 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
XDirectorX10% 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
XDirectorX10% 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
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Delaney Robert V. Jr.
(Last)(First)(Middle)
C/O CRESTVIEW ADVISORS, L.L.C.
590 MADISON AVENUE, 42ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirector10% 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. Robert V. Delaney, Jr. is a member of the Issuer's board of directors and is an indirect member of each of Crestview, L.L.C. (which is the general partner of Crestview Partners II GP, L.P.) and Crestview Advisors, L.L.C., which provides investment advisory and management services to certain of the foregoing Crestview Entities.
9. 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
By: Crestview Partners II GP, L.P., the Designated Filer, by: Crestview, L.L.C., its general partner, by: /s/ Poojitha Mantha, Chief Compliance Officer04/09/2026
** 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 activity did Crestview report in Select Water Solutions (WTTR)?

Crestview-affiliated entities reported converting 2,430,240 Common LLC Units into Class A Common Stock, cancelling an equal number of Class B shares, and selling 3,096,223 Class A shares at $15.12 per share. These actions were reported as indirect holdings through Crestview-related entities.

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

Crestview-related entities sold a total of 3,096,223 Class A Common Stock shares at $15.12 per share. This total includes 569,760 shares sold by Crestview Partners II SES Investment B, LLC and 96,223 shares sold by Crestview Advisors, L.L.C., according to the Form 4 disclosure.

What ownership stake do Crestview entities still hold in Select Water Solutions (WTTR)?

After the reported transactions, Crestview Partners II SES Investment B, LLC directly beneficially owned 3,233,212 Class A shares. Other Crestview entities continued to indirectly hold Class B shares and Common LLC Units through Legacy Holdings, as described in the footnotes to the Form 4 filing.

What was the purpose of the Common LLC Units conversion reported for WTTR?

The filing states that 2,430,240 Common LLC Units of SES Holdings were redeemed and converted into an equal number of Class A shares. In connection with this redemption, an equal number of Class B shares were cancelled for no consideration, aligning the equity structure between SES Holdings units and WTTR Class A shares.

Who controls voting and dispositive power over the WTTR shares held by Crestview entities?

The filing indicates Crestview Partners II GP, L.P. may be deemed to beneficially own the Class A, Class B, and Common LLC Units held by the Crestview entities. Its investment committee and committee chairman exercise voting and dispositive power, though each reporting person disclaims beneficial ownership beyond its pecuniary interest.