Sec Form 4 Filing - ER Reservoir LLC @ Reservoir Media, Inc. - 2023-11-17

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ER Reservoir LLC 2. Issuer Name and Ticker or Trading Symbol Reservoir Media, Inc. [ RSVR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O RICHMOND HILL INVESTMENT CO., LP, 381 PARK AVENUE SOUTH, SUITE 1101 3. Date of Earliest Transaction (MM/DD/YY) 11/17/2023 (Street) NEW YORK, NY10016 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 11/17/2023 A( 1 ) 833 ( 2 ) A $ 6 17,484 I See Footnote ( 3 ) Common stock, $0.0001 par value 13,620,418 D ( 4 ) ( 5 ) ( 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ER Reservoir LLC C/O RICHMOND HILL INVESTMENT CO., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 X Richmond Hill Investments, LLC C/O RICHMOND HILL INVESTMENT CO., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 May be deemed a 10% owner Richmond Hill Investment Co., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 May be deemed a 10% owner Richmond Hill Capital Management, LLC C/O RICHMOND HILL INVESTMENT CO., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 May be deemed a 10% owner ESSEX EQUITY HOLDINGS, LLC C/O RICHMOND HILL INVESTMENT CO., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 May be deemed a 10% owner Taylor Ryan P. C/O RICHMOND HILL INVESTMENT CO., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 May be deemed a 10% owner LIU JOHN D C/O RICHMOND HILL INVESTMENT CO., LP 381 PARK AVENUE SOUTH, SUITE 1101 NEW YORK, NY10016 May be deemed a 10% owner Signatures /s/ Ryan P. Taylor, as Managing Director of ER Reservoir LLC 11/21/2023 Signature of Reporting Person Date /s/ John D. Liu, as Manager of Essex Equity Holdings, LLC 11/21/2023 Signature of Reporting Person Date /s/ Ryan P. Taylor, as Manager of Richmond Hill Capital Management, LLC 11/21/2023 Signature of Reporting Person Date /s/ Ryan P. Taylor, as Manager of Richmond Hill Capital Management, LLC 11/21/2023 Signature of Reporting Person Date /s/ John D. Liu, as Manager of Essex Equity Holdings, LLC 11/21/2023 Signature of Reporting Person Date /s/ Ryan P. Taylor 11/21/2023 Signature of Reporting Person Date /s/ John D. Liu 11/21/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The Shares being reported represent Deferred Stock Units ("DSUs") awarded under the Reservoir Media, Inc. 2021 Omnibus Incentive Plan (the "Plan") to Ryan P. Taylor. 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 DSUs were issued in connection with Mr. Taylor's quarterly compensation for service as a non-employee director. Mr. Taylor elected to receive payment of his quarterly compensation in DSUs in lieu of cash. The DSUs will be settled in shares of Common Stock on July 29, 2024. (the "Settlement Date") ( 2 )The number of DSUs received was calculated based on $6.00, which was the closing price of the Issuer's Common Stock on the date of grant. ( 3 )Amount of securities beneficially owned following the reported transaction includes 14,953 shares of Common Stock underlying Restricted Stock Units ("RSUs") and 2,531 shares of Common Stock underlying DSUs awarded to Mr. Taylor 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"), Mr. Taylor 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. Mr. Taylor disclaims beneficial ownership of the underlying shares except to the extent of his pecuniary interest therein. ( 4 )The Reporting Persons listed on this Form 4 may be deemed members of a group holding equity securities of the Issuer. The filing of this Form 4 shall not be deemed to be an admission that the Reporting Persons are members of such group. ( 5 )The amount of securities shown in this row is owned directly by the Fund. As a manager of the Fund, Richmond Hill Investments, LLC (the "RHI Manager") may be deemed to be a beneficial owner of 9,874,803 of the Issuer's securities held by the Fund. As a manager of the Fund, Richmond Hill Investment Co., LP (the "RHIC Manager") may be deemed to be a beneficial owner of 3,745,615 of the Issuer's securities held by the Fund. As the general partner of the RHIC Manager, Richmond Hill Capital Management, LLC (the "General Partner") may be deemed to be a beneficial owner of 3,745,615 of the Issuer's securities held by the Fund. As the manager of the RHI Manager, Essex Equity Holdings, LLC (the "EEH Manager") may be deemed to be a beneficial owner of 9,874,803 of the Issuer's securities held by the Fund. (continued in footnote 6) ( 6 )(Continued from footnote 5) As the manager of the EEH Manager, John D. Liu may be deemed to be a beneficial owner of 9,874,803 of the Issuer's securities held by the Fund. As the manager of the General Partner, Ryan P. Taylor may be deemed to be a beneficial owner of 3,745,615 of the Issuer's securities held by the Fund. The amount of securities shown in this row also reflects a transfer of 27,625 shares of Common Stock received upon the settlement of RSUs and DSUs that Mr. Taylor directed to be transferred to the account of ER Reservoir LLC due to his position as the manager of the general partner of a manager of the Fund. Each of the RHI Manager, the RHIC Manager, the General Partner, the EEH Manager, Mr. Liu and Mr. Taylor 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 its or his respective pecuniary interest therein. ( 7 )The Reporting Persons listed on this Form 4 may be deemed members of a group with Essex Equity Joint Investment Vehicle, LLC and certain of its affiliates (collectively, the "Essex Entities") and Richmond Hill Capital Partners, LP and certain of its affiliates (collectively, the "RHCP Entities"), which have each previously filed a Form 3 and Form 4's with respect to equity securities of the Issuer. The filing of this Form 4 shall not be deemed to be an admission that the Reporting Persons are members of such a group with any of the Essex Entities or the RHCP Entities and the Reporting Persons disclaim beneficial ownership of any securities beneficially owned by the Essex Entities and the RHCP Entities, except to the extent of their pecuniary interests therein.

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).

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