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Crestview (WTTR) trims 3.25M Select Water stake amid unit conversion

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

Rhea-AI Filing Summary

Crestview-affiliated entities reported a net sale and restructuring of their stake in Select Water Solutions, Inc. On 2026-05-19, Crestview Partners II SES Investment B, LLC sold a total of 3,250,000 Class A shares in open-market transactions at $18.92 per share. In a related "Redemption" step, Crestview Partners II SES Investment, LLC caused 2,632,760 Common LLC Units of SES Holdings, LLC to be converted into the same number of Class A shares and an equal number of Class B shares was canceled for no consideration.

Following these moves, Crestview Partners II SES Investment B, LLC directly beneficially owns 2,615,972 Class A shares, while Crestview Partners II SES Investment, LLC indirectly holds 11,158,101 Class B shares and 11,158,101 Common LLC Units that are redeemable on a one-for-one basis for Class A shares or, at the issuer's election, cash based on the trailing 10-day VWAP. Crestview Partners II GP, L.P. may be deemed to share voting and dispositive power over these holdings, though each reporting person disclaims beneficial ownership beyond its pecuniary interest.

Positive

  • None.

Negative

  • None.

Insights

Crestview restructures and partially exits Select Water via unit redemptions and share sales.

The filing shows a coordinated transaction where Crestview-related entities converted 2,632,760 Common LLC Units into Class A shares, canceled the same number of Class B shares, and sold 3,250,000 Class A shares at $18.92. This simplifies part of the Up-C style structure while monetizing a block of common stock.

After these moves, Crestview Partners II SES Investment B, LLC still directly beneficially owns 2,615,972 Class A shares, and Crestview Partners II SES Investment, LLC indirectly holds 11,158,101 Class B shares and an equal number of redeemable Units. The general partner may be deemed to exercise voting and dispositive power, but all parties disclaim beneficial ownership beyond their pecuniary interest, framing this as a fund-level portfolio decision rather than an individual insider’s trade.

There is no indication of a Rule 10b5-1 trading plan in the excerpt, so timing appears discretionary. However, without data on Select Water’s total shares outstanding, it is hard to gauge the proportional impact of selling 3,250,000 Class A shares solely from this document; the visible information mainly highlights a sizeable but not fully contextualized reduction and ongoing substantial indirect exposure.

Insider Crestview Partners II GP, L.P., Crestview Partners II SES Investment B, LLC, Crestview Partners II SES Investment, LLC
Role null | null | null
Sold 3,250,000 shs ($61.49M)
Type Security Shares Price Value
Conversion Common LLC Units 2,632,760 $0.00 --
Sale Class A Common Stock 617,240 $18.92 $11.68M
Conversion Class A Common Stock 2,632,760 $0.00 --
Disposition Class B Common Stock 2,632,760 $0.00 --
Sale Class A Common Stock 2,632,760 $18.92 $49.81M
Holdings After Transaction: Common LLC Units — 11,158,101 shares (Indirect, See Footnotes); Class A Common Stock — 2,615,972 shares (Indirect, See Footnotes); Class B Common Stock — 11,158,101 shares (Indirect, See Footnotes)
Footnotes (1)
  1. Reflects 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"). 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") through 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 through Legacy Holdings equal to the number of Units redeemed by the Reporting Persons pursuant to their terms in connection with the Redemption. Reflects 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, 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 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 3,250,000 shares Open-market sales at $18.92 on 2026-05-19
Sale price $18.92 per share Class A Common Stock transactions on 2026-05-19
Units converted 2,632,760 Units Common LLC Units converted into Class A shares in Redemption
Class A shares post-transaction 2,615,972 shares Class A shares directly beneficially owned by Crestview II SES B
Class B shares remaining 11,158,101 shares Class B shares indirectly owned by Crestview II SES
Common LLC Units remaining 11,158,101 Units Units of SES Holdings redeemable one-for-one for Class A shares or cash
Common LLC Units financial
"Represents Units of SES Holdings, indirectly owned by Crestview II SES through Legacy Holdings."
Redemption financial
"Reflects the redemption (the "Redemption") by the Reporting Persons of Common LLC Units."
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.
Class B Shares financial
"Represents Class B Shares indirectly beneficially owned by Crestview II SES through Legacy Holdings."
Class B shares are one type of a company’s stock that carries a specific set of rights — often different voting power or dividend rules compared with other classes. For investors, that affects influence over company decisions and potential income: owning Class B might mean fewer or more votes per share or different claim on profits, like having a different seat at a decision table or a different slice of the payout pie.
Cash Election Value financial
"cash in an amount equal to the Cash Election Value of such Class A Shares."
trailing 10-day VWAP financial
"Cash Election Value ... defined ... to be the trailing 10-day VWAP of the Class A Shares."
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
X
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)
05/19/2026		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 Stock05/19/2026S(1)617,240D$18.922,615,972ISee Footnotes(4)(5)(8)
Class A Common Stock05/19/2026C(2)2,632,760A(2)2,632,760ISee Footnotes(5)(7)(8)
Class B Common Stock05/19/2026D(2)(3)2,632,760D(2)(3)11,158,101ISee Footnotes(5)(7)(8)
Class A Common Stock05/19/2026S2,632,760D$18.920ISee 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)05/19/2026C2,632,760 (1)(6) (1)(6)Class A Shares2,632,760(1)(6)11,158,101ISee 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)
Explanation of Responses:
1. Reflects 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").
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") through 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 through Legacy Holdings equal to the number of Units redeemed by the Reporting Persons pursuant to their terms in connection with the Redemption.
4. Reflects 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, 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 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
By: Crestview Partners II GP, L.P., the Designated Filer, by: Crestview, L.L.C., its general partner, by: /s/ Poojitha Mantha, Chief Compliance Officer05/21/2026
** 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 did the Crestview entities do in this Select Water (WTTR) Form 4?

The Crestview entities converted units, canceled Class B shares, and sold Class A shares. They converted 2,632,760 Common LLC Units into Class A shares, canceled an equal number of Class B shares, and sold 3,250,000 Class A shares at $18.92 per share.

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

Crestview-related entities sold 3,250,000 Class A shares. The sales were reported as open-market transactions at a price of $18.92 per share, according to the Form 4 transaction data and footnotes describing Crestview Partners II SES Investment B, LLC as the selling holder.

What happened to the Class B shares and Common LLC Units in this WTTR filing?

Class B shares were canceled and Common LLC Units were redeemed. Crestview entities redeemed 2,632,760 Common LLC Units for Class A shares, and an equal number of Class B shares was canceled for no consideration in connection with this Redemption, simplifying part of the equity structure.

What Select Water (WTTR) holdings do the Crestview entities report after the transactions?

Crestview entities still report significant Select Water exposure. Crestview Partners II SES Investment B, LLC directly beneficially owns 2,615,972 Class A shares, while Crestview Partners II SES Investment, LLC indirectly holds 11,158,101 Class B shares and 11,158,101 Common LLC Units redeemable one-for-one into Class A shares or cash.

Who controls voting and investment decisions for the Crestview Select Water (WTTR) holdings?

Crestview Partners II GP, L.P. may be deemed to control the holdings. It exercises voting and dispositive power over the Class A shares, Class B shares, and Common LLC Units held by the Crestview entities through its investment committee, though each reporting person disclaims beneficial ownership beyond its pecuniary interest.