What changed in this filing

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Item 1. Financial Statements

2026-02-04 compared with 2025-11-04 · 122 added, 117 removed, 420 unchanged (36% of the section changed)

2 unchanged sentences

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

dollars, except share data)

Three Months Ended September 30,

Six Months Ended September 30,

Three Months Ended December 31,

Nine Months Ended December 31,

Costs and expenses:

10 unchanged sentences

(Loss) gain on foreign exchange

Loss on fair value of swaps

( 5,126,907 )

(Loss) gain on fair value of swaps

( 1,583,543 )

( 2,532,441 )

Other income (expense), net

Income (loss) before income taxes

Income tax expense (benefit)

Net income (loss)

Net loss attributable to noncontrolling interests

Net income (loss) attributable to Reservoir Media, Inc.

Earnings (loss) per common share (Note 13):

Other (expense) income, net

Income before income taxes

Income tax expense

Net (income) loss attributable to noncontrolling interests

Net income attributable to Reservoir Media, Inc.

Earnings per common share (Note 13):

Weighted average common shares outstanding (Note 13):

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,

Six Months Ended September 30,

Net income (loss)

Three Months Ended December 31,

Nine Months Ended December 31,

Other comprehensive (loss) income:

2 unchanged sentences

Total comprehensive income

Comprehensive loss attributable to noncontrolling interests

Comprehensive (income) loss attributable to noncontrolling interests

Total comprehensive income attributable to Reservoir Media, Inc.

4 unchanged sentences

dollars, except share data)

September 30,

Current assets

26 unchanged sentences

Shareholders’ Equity

Preferred stock, $ 0.0001 par value 75,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and March 31, 2025

Preferred stock, $ 0.0001 par value 75,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and March 31, 2025

Common stock, $ 0.0001 par value;

750,000,000 shares authorized, 65,588,223 shares issued and outstanding at September 30, 2025;

750,000,000 shares authorized, 65,590,787 shares issued and outstanding at December 31, 2025;

65,239,735 shares issued and outstanding at March 31, 2025

13 unchanged sentences

dollars, except share data)

For the Three and Six Months Ended September 30, 2025

For the Three and Nine Months Ended December 31, 2025

Accumulated other

22 unchanged sentences

Balance, September 30, 2025

For the Three and Six Months Ended September 30, 2024

Share-based compensation

Vesting of restricted stock units

Acquisition of noncontrolling interests

Other comprehensive loss

Balance, December 31, 2025

For the Three and Nine Months Ended December 31, 2024

Accumulated other

21 unchanged sentences

Balance, September 30, 2024

Share-based compensation

Stock option exercises

Vesting of restricted stock units

Distribution to noncontrolling interest holders

Other comprehensive loss

( 4,379,846 )

Balance, December 31, 2024

( 4,387,322 )

See accompanying notes to the condensed consolidated financial statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

Nine Months Ended December 31,

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets

4 unchanged sentences

Loss from equity method investments

Gain on disposition of equity investment

Deferred income taxes

14 unchanged sentences

( 70,200,677 )

Loan to third party

( 2,517,896 )

Investments in equity affiliates

( 1,836,788 )

Sale of equity investment

Purchases of property and equipment

13 unchanged sentences

( 1,140,259 )

Net cash provided by (used for) financing activities

( 8,338,077 )

Acquisition of noncontrolling interests

Distribution to noncontrolling interest holders

Net cash provided by financing activities

Foreign exchange impact on cash

Increase in cash and cash equivalents

Decrease in cash and cash equivalents

Cash and cash equivalents beginning of period

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

DECEMBER 31, 2025

DESCRIPTION OF BUSINESS

17 unchanged sentences

In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods.

The results for the three and six months ended September 30, 2025 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending March 31, 2026 or any other period.

The results for the three and nine months ended December 31, 2025 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending March 31, 2026 or any other period.

The preparation of consolidated financial statements in conformity with U.S.

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

DECEMBER 31, 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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ASU 2023-09 is effective for annual periods of public business entities for fiscal years beginning after December 15, 2024 and for annual periods of entities other than public entities beginning after December 15, 2025, with early adoption permitted.

The Company is currently evaluating the impact that adoption of ASU 2023-09 will have on its disclosures upon adoption.

The Company expects to adopt ASU 2023-09 in its consolidated financial statements for the year ended March 31, 2026.

The adoption will require certain additional disclosures in the notes to the Company’s consolidated financial statements.

REVENUE RECOGNITION

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Royalty revenue is recognized when the subsequent sale or usage occurs using the best estimates available of the amounts that will be received by the Company.

The Company recognized revenue of $ 1,697,811 and $ 4,211,373 from performance obligations satisfied in previous periods for the six months ended September 30, 2025 and 2024, respectively.

The Company recognized revenue of $ 1,949,916 and $ 4,376,551 from performance obligations satisfied in previous periods for the nine months ended December 31, 2025 and 2024, respectively.

Disaggregation of Revenue

The Company’s revenue consisted of the following categories during the three and six months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Six Months Ended September 30,

The Company’s revenue consisted of the following categories during the three and nine months ended December 31, 2025 and 2024:

Three Months Ended December 31,

Nine Months Ended December 31,

Revenue by Type

9 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Three Months Ended September 30,

Six Months Ended September 30,

DECEMBER 31, 2025

Three Months Ended December 31,

Nine Months Ended December 31,

Revenue by Geographical Location

7 unchanged sentences

Total revenue

Only the United States represented 10 % or more of the Company’s total revenues in the three and six months ended September 30, 2025 and 2024.

Only the United States represented 10 % or more of the Company’s total revenues in the three and nine months ended December 31, 2025 and 2024.

Deferred Revenue

The following table reflects the change in deferred revenue during the six months ended September 30, 2025 and 2024:

Six Months Ended

September 30,

The following table reflects the change in deferred revenue during the nine months ended December 31, 2025 and 2024:

Nine Months Ended December 31,

Balance at beginning of period

4 unchanged sentences

Balance at end of period

(a) Includes revenues of $ 1,541,050 during the six months ended September 30, 2025 related to the balance of deferred revenue at April 1, 2025.

Includes revenues of $ 951,260 during the six months ended September 30, 2024 related to the balance of deferred revenue at April 1, 2024.

(a) Includes revenues of $ 1,643,875 during the nine months ended December 31, 2025 related to the balance of deferred revenue at April 1, 2025.

Includes revenues of $ 1,060,929 during the nine months ended December 31, 2024 related to the balance of deferred revenue at April 1, 2024.

In the ordinary course of business, the Company regularly acquires publishing and recorded music catalogs, which are typically accounted for as asset acquisitions.

During the six months ended September 30, 2025 and 2024, the Company completed such acquisitions totaling $ 43,533,028 and $ 6,288,326 , respectively, inclusive of deferred acquisition payments.

During the nine months ended December 31, 2025 and 2024, the Company completed such acquisitions totaling $ 96,019,019 and $ 73,189,487 , respectively, inclusive of deferred acquisition payments.

INTANGIBLE ASSETS

Intangible assets subject to amortization consist of the following as of September 30, 2025 and March 31, 2025:

September 30, 2025

March 31, 2025

Intangible assets subject to amortization consist of the following as of December 31, 2025 and March 31, 2025:

Intangible assets subject to amortization:

6 unchanged sentences

Intangible assets, net

Straight-line amortization expense totaled $ 7,502,158 and $ 6,371,516 during the three months ended September 30, 2025 and 2024, respectively.

Straight-line amortization expense totaled $ 14,764,184 and $ 12,698,379 during the six months ended September 30, 2025 and 2024, respectively.

Publishing and recorded music catalogs acquired during the six months ended September 30, 2025 and 2024 were determined to have a useful life of 30 years .

Straight-line amortization expense totaled $ 7,731,933 and $ 6,658,587 during the three months ended December 31, 2025 and 2024, respectively.

Straight-line amortization expense totaled $ 22,496,117 and $ 19,356,966 during the nine months ended December 31, 2025 and 2024, respectively.

Publishing and recorded music catalogs acquired during the nine months ended December 31, 2025 and 2024 were determined to have a useful life of 30 years .

RESERVOIR MEDIA, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

DECEMBER 31, 2025

ROYALTY ADVANCES

The Company made royalty advances totaling $ 7,816,122 and $ 8,020,707 during the six months ended September 30, 2025 and 2024, respectively, recoupable from the writer’s or artist’s share of future royalties otherwise payable, in varying amounts.

The Company made royalty advances totaling $ 10,703,682 and $ 13,957,135 during the nine months ended December 31, 2025 and 2024, respectively, recoupable from the writer’s or artist’s share of future royalties otherwise payable, in varying amounts.

Advances expected to be recouped within the next twelve months are classified as current assets, with the remainder classified as noncurrent assets, net of reserves for amounts that may not be recoverable.

The following table reflects the change in royalty advances, net during the six months ended September 30, 2025 and 2024:

Six Months Ended September 30,

The following table reflects the change in royalty advances, net during the nine months ended December 31, 2025 and 2024:

Nine Months Ended December 31,

Balance at beginning of period

5 unchanged sentences

Long-term debt consists of the following:

September 30, 2025

March 31, 2025

Secured line of credit

13 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

DECEMBER 31, 2025

The RMM Credit Agreement contains customary covenants limiting the ability of the Company, RHI, RMM and certain of its subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, make investments, make cash dividends, redeem or repurchase capital stock, dispose of assets, enter into transactions with affiliates or enter into certain restrictive agreements.

2 unchanged sentences

As described above, the Senior Credit Facility also includes an “accordion feature” that permits RMM to seek additional commitments in an amount not to exceed $ 150,000,000 .

As of September 30, 2025, the Senior Credit Facility had a borrowing capacity of $ 550,000,000 , with remaining borrowing availability of $ 124,171,590 .

As of December 31, 2025, the Senior Credit Facility had a borrowing capacity of $ 550,000,000 , with remaining borrowing availability of $ 94,171,590 .

Interest Rate Swaps

At September 30, 2025, RMM had the following interest rate swaps outstanding, under which it pays a fixed rate and receives a floating interest payment from the counterparty based on SOFR:

At December 31, 2025, RMM had the following interest rate swaps outstanding, under which it pays a fixed rate and receives a floating interest payment from the counterparty based on SOFR:

Effective Date

September 30, 2024

December 2027

4 unchanged sentences

In September 2025, the Company entered into an interest rate swap in the amount of $ 65,000,000 , which is reflected in the table above.

This swap has an effective date of September 4, 2025 and a maturity date of December 16, 2027, which corresponds to the maturity date of the Senior Credit Facility.

The Company will pay a fixed rate of 3.405 % and receive a floating interest from the counterparty based on SOFR.

This swap had an effective date of September 4, 2025 and has a maturity date of December 16, 2027, which corresponds to the maturity date of the Senior Credit Facility.

The Company pays a fixed rate of 3.405 % and receives a floating interest from the counterparty based on SOFR.

On September 30, 2024, three previous interest rate swaps expired with original notional amounts of $ 8,875,000 , $ 88,098,862 and $ 53,030,237 .

Through the expiration date of these previous interest rate swaps, RMM paid fixed rates of 1.53 %, 1.422 % and 0.972 %, respectively, to the counterparty and received a floating interest payment from the counterparty based on SOFR.

Income tax expense (benefit) for the three months ended September 30, 2025 and 2024 was $ 947,313 and $( 152,593 ), respectively.

Income tax expense (benefit) for the six months ended September 30, 2025 and 2024 was $ 676,247 and $ ( 446,561 ), respectively.

Income tax benefit during the three and six months ended September 30, 2024 reflect excess tax benefits related to share-based compensation.

Additionally, during the six months ended September 30, 2024, the Company recorded an incremental tax benefit of approximately $ 103,000 to its deferred tax liabilities related to certain international intangible assets.

The income tax expense (benefit) during these periods also reflects the amount and mix of income from multiple tax jurisdictions.

Income tax expense for the three months ended December 31, 2025 and 2024 was $ 1,078,418 ( 32.9 % effective tax rate) and $ 1,987,150 ( 27.2 % effective tax rate), respectively.

Income tax expense for the nine months ended December 31, 2025 and 2024 was $ 1,754,665 ( 31.8 % effective tax rate) and $ 1,540,589 ( 23.5 % effective tax rate), respectively.

Income tax expense during the nine months ended December 31, 2024 reflects excess tax benefits related to share-based compensation and an incremental tax benefit of approximately $ 103,000 related to certain international intangible assets.

The income tax expense during these periods also reflects the amount and mix of income from multiple tax jurisdictions.

On July 4, 2025, the reconciliation bill, commonly referred to as the “One Big Beautiful Bill Act” (“ OBBBA ”), was signed into law in the U.S., introducing a broad range of tax reform provisions, including changes to interest deductibility, bonus depreciation, and various international provisions with multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The impact of the OBBBA tax legislation did not have a material impact on the condensed consolidated financial statements during the three and six months ended September 30, 2025, and is not expected to have a material impact in future periods.

The impact of the OBBBA tax legislation did not have a material impact on the condensed consolidated financial statements during the three and nine months ended December 31, 2025, and is not expected to have a material impact in future periods.

RESERVOIR MEDIA, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

DECEMBER 31, 2025

SUPPLEMENTARY CASH FLOW INFORMATION

Interest paid and income taxes paid for the six months ended September 30, 2025 and 2024 were comprised of the following:

Six Months Ended September 30,

Interest paid and income taxes paid for the nine months ended December 31, 2025 and 2024 were comprised of the following:

Nine Months Ended December 31,

Interest paid

Income taxes paid

Non-cash investing and financing activities for the six months ended September 30, 2025 and 2024 were comprised of the following:

Six Months Ended September 30,

Acquired intangible assets included in other liabilities

Non-cash investing and financing activities for the nine months ended December 31, 2025 and 2024 were comprised of the following:

Nine Months Ended December 31,

Acquired intangible assets included in other current liabilities and other liabilities

Reclassification of liability-classified awards to equity-classified awards

Right-of-use assets received in exchange for operating lease obligations

As of September 30, 2025, the Company’s outstanding warrants included 5,750,000 publicly-traded warrants (the “ Public Warrants ”), which were issued during ROCC’s initial public offering on December 15, 2020, and 137,500 warrants sold in a private placement to ROCC’s sponsor (the “ Private Warrants ” and together with the Public Warrants, the “ Warrants ”), which were assumed by the Company in connection with the Business Combination and exchanged into warrants for shares of Common Stock.

As of December 31, 2025, the Company’s outstanding warrants included 5,750,000 publicly-traded warrants (the “ Public Warrants ”), which were issued during ROCC’s initial public offering on December 15, 2020, and 137,500 warrants sold in a private placement to ROCC’s sponsor (the “ Private Warrants ” and together with the Public Warrants, the “ Warrants ”), which were assumed by the Company in connection with the Business Combination and exchanged into warrants for shares of Common Stock.

Each whole Warrant entitles the registered holder to purchase one whole share of Common Stock at a price of $ 11.50 per share, provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.

2 unchanged sentences

SHARE-BASED COMPENSATION

Share-based compensation expense totaled $ 1,113,885 ($ 867,195 , net of taxes) and $ 1,053,711 ($ 819,235 , net of taxes) during the three months ended September 30, 2025 and 2024, respectively.

Share-based compensation expense totaled $ 2,247,437 ($ 1,749,702 , net of taxes) and $ 2,327,385 ($ 1,809,487 , net of taxes) during the six months ended September 30, 2025 and 2024, respectively.

Share-based compensation expense is classified as “Administration expenses” in the accompanying condensed consolidated statements of income (loss).

During the six months ended September 30, 2025 and 2024, the Company granted restricted stock units (“ RSUs ”) to satisfy previous obligations to issue a variable number of equity awards based on a fixed monetary amount.

Share-based compensation expense totaled $ 1,091,683 ($ 849,910 , net of taxes) and $ 1,006,468 ($ 782,505 , net of taxes) during the three months ended December 31, 2025 and 2024, respectively.

Share-based compensation expense totaled $ 3,339,120 ($ 2,599,612 , net of taxes) and $ 3,333,853 ($ 2,591,992 , net of taxes) during the nine months ended December 31, 2025 and 2024, respectively.

Share-based compensation expense is classified as “Administration expenses” in the accompanying condensed consolidated statements of income.

During the nine months ended December 31, 2025 and 2024, the Company granted restricted stock units (“ RSUs ”) to satisfy previous obligations to issue a variable number of equity awards based on a fixed monetary amount.

Prior to the issuance of these RSUs, the Company classified these awards as liabilities.

Upon issuance of the RSU’s the awards became equity-classified as they no longer met the criteria to be liability-classified and as a result liabilities of $ 1,075,407 and $ 802,500 were reclassified from accounts payable and accrued liabilities to additional paid-in capital during the six months ended September 30, 2025 and 2024, respectively.

Upon issuance of the RSUs, the awards became equity-classified as they no longer met the criteria to be liability-classified and as a result liabilities of $ 1,075,407 and $ 802,500 were reclassified from accounts payable and accrued liabilities to additional paid-in capital during the nine months ended December 31, 2025 and 2024, respectively.

RESERVOIR MEDIA, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

EARNINGS (LOSS) PER SHARE

The following table summarizes the basic and diluted earnings (loss) per common share calculation for the three and six months ended September 30, 2025 and 2024:

DECEMBER 31, 2025

EARNINGS PER SHARE

The following table summarizes the basic and diluted earnings per common share calculation for the three and nine months ended December 31, 2025 and 2024:

Three Months Ended

Six Months Ended

September 30,

Basic earnings (loss) per common share

Net income (loss) attributable to Reservoir Media, Inc.

Nine Months Ended

Basic earnings per common share

Net income attributable to Reservoir Media, Inc.

Weighted average common shares outstanding - basic

Earnings (loss) per common share - basic

Diluted earnings (loss) per common share

Net income (loss) attributable to Reservoir Media, Inc.

Earnings per common share - basic

Diluted earnings per common share

Net income attributable to Reservoir Media, Inc.

Weighted average common shares outstanding - basic

2 unchanged sentences

Weighted average common shares outstanding - diluted

Earnings (loss) per common share - diluted

Because of their anti-dilutive effect, 5,887,500 shares of Common Stock equivalents, comprised of warrants have been excluded from the diluted earnings per share calculation for the three months ended September 30, 2025.

Because of their anti-dilutive effect, 5,891,590 shares of Common Stock equivalents, comprised of 4,090 RSUs and 5,887,500 warrants have been excluded from the diluted earnings per share calculation for the six months ended September 30, 2025.

Because of their anti-dilutive effect, 5,919,682 shares of Common Stock equivalents, comprised of 32,182 RSUs and 5,887,500 warrants have been excluded from the diluted earnings per share calculation for the three months ended September 30, 2024.

Because of their anti-dilutive effect, 7,747,739 shares of Common Stock equivalents, comprised of 1,262,332 stock options, 597,907 RSUs and 5,887,500 warrants have been excluded from the diluted earnings per share calculation for the six months ended September 30, 2024.

Earnings per common share - diluted

Because of their anti-dilutive effect, 5,891,590 shares of Common Stock equivalents, comprised of 5,887,500 warrants and 4,090 RSUs have been excluded from the diluted earnings per share calculation for the three and nine months ended December 31, 2025.

FINANCIAL INSTRUMENTS

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The fair value of the outstanding interest rate swaps consisted of an $ 856,181 asset and a $ 751,049 liability as of September 30, 2025 and a $ 1,828,303 asset and a $ 410,008 liability at March 31, 2025.

DECEMBER 31, 2025

The fair value of the outstanding interest rate swaps consisted of a $ 642,406 asset and a $ 807,654 liability as of December 31, 2025 and a $ 1,828,303 asset and a $ 410,008 liability at March 31, 2025.

Fair value is determined using Level 2 inputs, which are based on quoted prices and market observable data of similar instruments.

The change in the unrealized fair value of the swaps during the three and six months ended September 30, 2025 of $ 315,998 and $ 1,313,163 , respectively, was recorded as a loss on fair value of swaps.

The change in the unrealized fair value of the swaps during the three and six months ended September 30, 2024 of $ 5,126,907 and $ 5,617,202 , respectively, was driven primarily by the September 2024 decrease in SOFR, as well as the time value of the swaps that expired on September 30, 2024, and was recorded as a loss on fair value of swaps.

The change in the unrealized fair value of the swaps during the three and nine months ended December 31, 2025 of $ 270,380 and $ 1,583,543 , respectively, was recorded as a loss on fair value of swaps.

The change in the unrealized fair value of the swaps during the three months ended December 31, 2024 of $ 3,084,761 reflects marking to market our current interest rate swap hedges and was recorded as a gain on fair value of swaps.

The change in the unrealized fair value of the swaps during the nine months ended December 31, 2024 of $( 2,532,441 ) was driven primarily by the September 2024 decrease in SOFR, as well as the time value of the swaps that expired on September 30, 2024, partially offset by marking to market our current interest rate swap hedges and was recorded as a loss on fair value of swaps.

Foreign Exchange Risk

2 unchanged sentences

Financial instruments not described elsewhere include cash, accounts receivable, accounts payable, accrued liabilities and the Company’s secured line of credit.

The carrying values of these instruments as of September 30, 2025 do not differ materially from their respective fair values due to the immediate or short-term duration of these items or their bearing market-related rates of interest.

The carrying values of these instruments as of December 31, 2025 do not differ materially from their respective fair values due to the immediate or short-term duration of these items or their bearing market-related rates of interest.

An investment in equity securities was sold during the three months ended December 31, 2024, which resulted in recognition of a gain of $ 103,715 during the three and nine months ended December 31, 2024.

CONTINGENCIES AND COMMITMENTS

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

The following tables present total revenue and OIBDA by segment, significant segment expenses, which are expenses that are included in OIBDA, significant to the segment considering qualitative and quantitative factors and regularly provided or easily computed from information regularly provided to the CODM, and a reconciliation of OIBDA to income before income taxes for the three and six months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025

DECEMBER 31, 2025

Three Months Ended December 31, 2025

Reportable segment revenue

12 unchanged sentences

Loss on fair value of swaps

Other income (expense), net

Other expense, net

Income before income taxes

Three Months Ended September 30, 2024

Three Months Ended December 31, 2024

Reportable segment revenue

11 unchanged sentences

Loss on foreign exchange

Loss on fair value of swaps

( 5,126,907 )

Other income (expense), net

Loss before income taxes

Gain on fair value of swaps

Other income, net

Income before income taxes

RESERVOIR MEDIA, INC.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Six Months Ended September 30, 2025

DECEMBER 31, 2025

Nine Months Ended December 31, 2025

Reportable segment revenue

13 unchanged sentences

( 1,583,543 )

Other income (expense), net

Other expense, net

Income before income taxes

Six Months Ended September 30, 2024

Nine Months Ended December 31, 2024

Reportable segment revenue

13 unchanged sentences

( 2,532,441 )

Other income (expense), net

Loss before income taxes

Other income, net

Income before income taxes

(a) Other revenue and other profit relate to the Company’s artist management operating segment, which does not meet the quantitative thresholds for determining reportable segments in any period presented.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements