What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-02-04 compared with 2025-11-04 · 211 added, 224 removed, 250 unchanged (64% of the section changed)

80 unchanged sentences

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Costs and expenses:

6 unchanged sentences

(Loss) gain on foreign exchange

Loss on fair value of swaps

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.

(Loss) gain on fair value of swaps

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.

NM – Not meaningful

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Revenue by Type

7 unchanged sentences

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Revenue by Geographical Location

6 unchanged sentences

Total Revenue

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Total revenues increased by $4,768 thousand, or 12%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven by an 8% increase in Music Publishing revenues and a 21% increase in Recorded Music revenues.

Music Publishing revenues represented 68% and 70% of total revenues for the three months ended September 30, 2025 and the three months ended September 30, 2024, respectively.

Recorded Music revenues represented 29% and 26% of total revenues for the three months ended September 30, 2025 and the three months ended September 30, 2024, respectively.

and international revenues represented 54% and 46%, respectively, of total revenues for the three months ended September 30, 2025.

and international revenues represented 58% and 42%, respectively, of total revenues for the three months ended September 30, 2024.

Total digital revenues increased by $1,964 thousand, or 9%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services.

Total digital revenues represented 55% and 56% of total revenues for the three months ended September 30, 2025 and the three months ended September 30, 2024, respectively.

Music Publishing revenues increased by $2,279 thousand, or 8%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

This increase in Music Publishing revenues was mainly due to a $2,404 thousand increase in performance revenue driven by the performance of hit songs, a $557 thousand increase in mechanical revenue driven primarily by the strength of physical sales of controlled compositions as well as the acquisition of new catalogs, and a $487 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services.

These increases were partially offset by a $1,219 thousand decrease in synchronization revenue driven by the timing of licenses.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Total revenues increased by $3,264 thousand, or 8%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, driven by a 12% increase in Music Publishing revenues and an 8% increase in Recorded Music revenues.

Music Publishing revenues represented 66% and 64% of total revenues for the three months ended December 31, 2025 and the three months ended December 31, 2024, respectively.

Recorded Music revenues represented 28% of total revenues for the three months ended December 31, 2025 and December 31, 2024.

and international revenues represented 60% and 40%, respectively, of total revenues for the three months ended December 31, 2025.

and international revenues represented 62% and 38%, respectively, of total revenues for the three months ended December 31, 2024.

Total digital revenues increased by $1,968 thousand, or 8%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services.

Total digital revenues represented 59% of total revenues for the three months ended December 31, 2025 and December 31, 2024.

Music Publishing revenues increased by $3,228 thousand, or 12%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

This increase in Music Publishing revenues was due to a $1,850 thousand increase in performance revenue driven by the performance of hit songs, a $761 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, a $524 thousand increase in other revenue primarily attributable to acquired stage rights and a $440 thousand increase in synchronization revenue driven by the timing of licenses.

These increases were partially offset by a $347 thousand decrease in mechanical revenue.

On a geographic basis, U.S.

Music Publishing revenues represented 51% of total Music Publishing revenues for the three months ended September 30, 2025 compared to 56% for the three months ended September 30, 2024.

International Music Publishing revenues represented 49% of total Music Publishing revenues for the three months ended September 30, 2025 compared to 44% for the three months ended September 30, 2024.

Recorded Music revenues increased by $2,290 thousand, or 21%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

This increase in Recorded Music revenues was mainly due to a $1,477 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, and a $948 thousand increase in synchronization revenue driven by the timing of licenses.

Music Publishing revenues represented 60% of total Music Publishing revenues for the three months ended December 31, 2025 compared to 62% for the three months ended December 31, 2024.

International Music Publishing revenues represented 40% of total Music Publishing revenues for the three months ended December 31, 2025 compared to 38% for the three months ended December 31, 2024.

Recorded Music revenues increased by $908 thousand, or 8%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

This increase in Recorded Music revenues was mainly due to a $1,208 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, and a $260 thousand increase in neighboring rights revenue.

These increases were partially offset by a $450 thousand decrease in synchronization revenue driven by the timing of licenses.

Additionally, Recorded Music revenues include a royalty recovery related to underreported usage for a music catalog (the “ royalty recovery ”) during the three months ended December 31, 2024, which did not recur during the three months ended December 31, 2025.

On a geographic basis, U.S.

Recorded Music revenues represented 55% of total Recorded Music revenues for the three months ended September 30, 2025 compared to 57% for the three months ended September 30, 2024.

International Recorded Music revenues represented 45% of total Recorded Music revenues for the three months ended September 30, 2025 compared to 43% for the three months ended September 30, 2024.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Total revenues increased by $7,615 thousand, or 10%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, driven by a 6% increase in Music Publishing revenues and a 15% increase in Recorded Music revenues.

Music Publishing revenues represented 68% and 70% of total revenues for the six months ended September 30, 2025 and the six months ended September 30, 2024, respectively.

Recorded Music revenues represented 28% and 27% of total revenues for the six months ended September 30, 2025 and the six months ended September 30, 2024, respectively.

and international revenues represented 55% and 45%, respectively, of total revenues for the six months ended September 30, 2025.

and international revenues represented 58% and 42%, respectively, of total revenues for the six months ended September 30, 2024.

Total digital revenues increased by $3,117 thousand, or 7%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services.

Total digital revenues represented 57% and 59% of total revenues for the six months ended September 30, 2025 and the six months ended September 30, 2024, respectively.

Music Publishing revenues increased by $3,212 thousand, or 6%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

This increase in Music Publishing revenues was mainly due to a $2,055 thousand increase in performance revenue driven by the performance of hit songs, a $510 thousand increase in mechanical revenue driven primarily by the strength of physical sales of controlled compositions as well as the acquisition of new catalogs, and a $362 thousand increase in other revenue primarily attributable to acquired stage rights.

Recorded Music revenues represented 53% of total Recorded Music revenues for the three months ended December 31, 2025 compared to 49% for the three months ended December 31, 2024.

International Recorded Music revenues represented 47% of total Recorded Music revenues for the three months ended December 31, 2025 compared to 51% for the three months ended December 31, 2024.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Total revenues increased by $10,879 thousand, or 9%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, driven by an 8% increase in Music Publishing revenues and a 12% increase in Recorded Music revenues.

Music Publishing revenues represented 67% and 68% of total revenues for the nine months ended December 31, 2025 and the nine months ended December 31, 2024, respectively.

Recorded Music revenues represented 28% of total revenues for the nine months ended December 31, 2025 and December 31, 2024, respectively.

and international revenues represented 57% and 43%, respectively, of total revenues for the nine months ended December 31, 2025.

and international revenues represented 60% and 40%, respectively, of total revenues for the nine months ended December 31, 2024.

Total digital revenues increased by $5,085 thousand, or 7%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services.

Total digital revenues represented 58% and 59% of total revenues for the nine months ended December 31, 2025 and the nine months ended December 31, 2024, respectively.

Music Publishing revenues increased by $6,441 thousand, or 8%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

This increase in Music Publishing revenues was mainly due to a $3,905 thousand increase in performance revenue driven by the performance of hit songs, a $923 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, an $886 thousand increase in other revenue primarily attributable to acquired stage rights and a $564 thousand increase in synchronization revenue driven by the timing of licenses.

On a geographic basis, U.S.

Music Publishing revenues represented 53% of total Music Publishing revenues for the six months ended September 30, 2025 compared to 57% for the six months ended September 30, 2024.

International Music Publishing revenues represented 47% of total Music Publishing revenues for the six months ended September 30, 2025 compared to 43% for the six months ended September 30, 2024.

Recorded Music revenues increased by $3,103 thousand, or 15%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

This increase in Recorded Music revenues was mainly due to a $2,954 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services and a $599 thousand increase in synchronization revenue driven by the timing of licenses.

These increases were partially offset by a $438 thousand decrease in physical revenue due to the planned timing of releases.

Music Publishing revenues represented 56% of total Music Publishing revenues for the nine months ended December 31, 2025 compared to 59% for the nine months ended December 31, 2024.

International Music Publishing revenues represented 44% of total Music Publishing revenues for the nine months ended December 31, 2025 compared to 41% for the nine months ended December 31, 2024.

Recorded Music revenues increased by $4,012 thousand, or 12%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

This increase in Recorded Music revenues was mainly due to a $4,162 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, partially offset by the non-recurrence of the royalty recovery.

This increase was partially offset by a $548 thousand decrease in physical revenue due to the planned timing of releases.

On a geographic basis, U.S.

Recorded Music revenues represented 54% of total Recorded Music revenues for the six months ended September 30, 2025 compared to 58% for the six months ended September 30, 2024.

International Recorded Music revenues represented 45% of total Recorded Music revenues for the six months ended September 30, 2025 compared to 42% for the six months ended September 30, 2024.

Recorded Music revenues represented 53% of total Recorded Music revenues for the nine months ended December 31, 2025 compared to 55% for the nine months ended December 31, 2024.

International Recorded Music revenues represented 47% of total Recorded Music revenues for the nine months ended December 31, 2025 compared to 45% for the nine months ended December 31, 2024.

Cost of Revenue

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Writer royalties and other publishing costs

1 unchanged sentence

Total cost of revenue

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Cost of revenue increased by $1,701 thousand, or 11%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily as a result of an increase in revenues.

Cost of revenue as a percentage of revenues was 36% for the three months ended September 30, 2025 and the three months ended September 30, 2024.

Writer royalties and other publishing costs for the Music Publishing segment increased by $1,265 thousand, or 11%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Writer royalties and other publishing costs as a percentage of Music Publishing revenues increased to 42% for the three months ended September 30, 2025 from 41% for the three months ended September 30, 2024, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.

Artist royalties and other recorded music costs for the Recorded Music segment increased by $437 thousand, or 14%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Artist royalties and other recorded music costs as a percentage of Recorded Music revenues decreased to 27% for the three months ended September 30, 2025 from 29% for the three months ended September 30, 2024, driven primarily by the mix of revenue by type, including a lower percentage of physical sales that carry higher costs than other types of revenue, and artists with their specific contractual royalty rates being applied to the revenues.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Cost of revenue increased by $1,612 thousand, or 6%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, primarily as a result of an increase in revenues.

Cost of revenue as a percentage of revenues decreased to 36% for the six months ended September 30, 2025 from 37% for the six months ended September 30, 2024, reflecting decreases in cost of revenue as a percentage of revenues for the Music Publishing and Recorded Music segments, as well as an increase in Other revenue related to the Company’s artist management business, which does not have a corresponding cost of revenue.

Writer royalties and other publishing costs for the Music Publishing segment increased by $1,065 thousand, or 5%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 42% for the six months ended September 30, 2025 from 43% for the six months ended September 30, 2024, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.

Artist royalties and other recorded music costs for the Recorded Music segment increased by $547 thousand, or 10%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

Artist royalties and other recorded music costs as a percentage of Recorded Music revenues decreased to 27% for the six months ended September 30, 2025 from 28% for the six months ended September 30, 2024, driven primarily by the mix of revenue by type, including a lower percentage of physical sales that carry higher costs than other types of revenue, and artists with their specific contractual royalty rates being applied to the revenues.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Cost of revenue increased by $1,130 thousand, or 7%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily as a result of an increase in revenues.

Cost of revenue as a percentage of revenues was 36% for the three months ended December 31, 2025 and December 31, 2024.

Writer royalties and other publishing costs for the Music Publishing segment increased by $886 thousand, or 8%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 42% for the three months ended December 31, 2025 from 44% for the three months ended December 31, 2024, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.

Artist royalties and other recorded music costs for the Recorded Music segment increased by $244 thousand, or 7%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

Artist royalties and other recorded music costs as a percentage of Recorded Music revenues were 28% for the three months ended December 31, 2025 and December 31, 2024.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Cost of revenue increased by $2,742 thousand, or 6%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, primarily as a result of an increase in revenues.

Cost of revenue as a percentage of revenues decreased to 36% for the nine months ended December 31, 2025 from 37% for the nine months ended December 31, 2024, reflecting decreases in cost of revenue as a percentage of revenues for the Music Publishing and Recorded Music segments.

Writer royalties and other publishing costs for the Music Publishing segment increased by $1,952 thousand, or 6%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 42% for the nine months ended December 31, 2025 from 43% for the nine months ended December 31, 2024, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.

Artist royalties and other recorded music costs for the Recorded Music segment increased by $790 thousand, or 9%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

Artist royalties and other recorded music costs as a percentage of Recorded Music revenues decreased to 27% for the nine months ended December 31, 2025 from 28% for the nine months ended December 31, 2024, driven primarily by the mix of revenue by type, including a lower percentage of physical sales that carry higher costs than other types of revenue, and artists with their specific contractual royalty rates being applied to the revenues.

Amortization and Depreciation

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Amortization and depreciation expense increased by $1,127 thousand, or 18%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to the acquisition of additional music catalogs.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Amortization and depreciation expense increased by $2,056 thousand, or 16%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, primarily due to the acquisition of additional music catalogs.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Amortization and depreciation expense increased by $1,076 thousand, or 16%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily due to the acquisition of additional music catalogs.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Amortization and depreciation expense increased by $3,131 thousand, or 16%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, primarily due to the acquisition of additional music catalogs.

Administration Expenses

1 unchanged sentence

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Music Publishing administration expenses

2 unchanged sentences

Total administration expenses

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Total administration expenses increased by $1,375 thousand, or 15%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven primarily by increases in administration expenses in the Music Publishing and Recorded Music segments.

Expressed as a percentage of revenues, administration expenses were 23% for the three months ended September 30, 2025 and the three months ended September 30, 2024.

Music Publishing administration expenses increased by $659 thousand, or 11%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Expressed as a percentage of revenues, Music Publishing administration expenses increased to 21% for the three months ended September 30, 2025 from 20% for the three months ended September 30, 2024, primarily as a result of increased compensation and other costs due to inflation.

Recorded Music administration expenses increased by $662 thousand, or 30%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Expressed as a percentage of revenue, Recorded Music administration expenses increased to 22% for the three months ended September 30, 2025 from 21% for the three months ended September 30, 2024, primarily due to investments made in the Recorded Music business to address frontline opportunities, as well as increased compensation and other costs due to inflation.

Other administration expenses increased by $55 thousand, or 5%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Total administration expenses increased by $2,898 thousand, or 15%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, driven by increases in administration expenses in the Music Publishing and Recorded Music segments, as well as an increase in the Other administration expenses.

Expressed as a percentage of revenues, administration expenses increased to 26% for the six months ended September 30, 2025 from 25% for the six months ended September 30, 2024.

Music Publishing administration expenses increased by $1,011 thousand, or 8%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

Expressed as a percentage of revenues, Music Publishing administration expenses were to 24% for the six months ended September 30, 2025 and the six months ended September 30, 2024.

Recorded Music administration expenses increased by $962 thousand, or 20%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

Expressed as a percentage of revenue, Recorded Music administration expenses increased to 24% for the six months ended September 30, 2025 from 23% for the six months ended September 30, 2024, primarily due to investments made in the Recorded Music business to address frontline opportunities, as well as increased compensation and other costs due to inflation.

Other administration expenses increased by $925 thousand, or 52%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Total administration expenses increased by $289 thousand, or 3%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, driven primarily by increases in administration expenses in the Music Publishing and Recorded Music segments, partially offset by a decrease in other administration expenses.

Expressed as a percentage of revenues, administration expenses decreased to 25% for the three months ended December 31, 2025 from 26% for the three months ended December 31, 2024.

Music Publishing administration expenses increased by $448 thousand, or 7%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

Expressed as a percentage of revenues, Music Publishing administration expenses decreased to 21% for the three months ended December 31, 2025 from 22% for the three months ended December 31, 2024, primarily as a result of improved operating leverage as revenues increased.

Recorded Music administration expenses increased by $336 thousand, or 15%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

Expressed as a percentage of revenue, Recorded Music administration expenses increased to 20% for the three months ended December 31, 2025 from 19% for the three months ended December 31, 2024, primarily due to investments made in the Recorded Music business to address frontline opportunities, as well as increased compensation and other costs due to inflation.

Other administration expenses decreased by $495 thousand, or 18%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Total administration expenses increased by $3,186 thousand, or 11%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, driven by increases in administration expenses in the Music Publishing and Recorded Music segments, as well as an increase in the Other administration expenses.

Expressed as a percentage of revenues, administration expenses were 26% for the nine months ended December 31, 2025 and December 31, 2024.

Music Publishing administration expenses increased by $1,458 thousand, or 8%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

Expressed as a percentage of revenues, Music Publishing administration expenses were 23% for the nine months ended December 31, 2025 and December 31, 2024.

Recorded Music administration expenses increased by $1,298 thousand, or 19%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

Expressed as a percentage of revenue, Recorded Music administration expenses increased to 23% for the nine months ended December 31, 2025 from 22% for the nine months ended December 31, 2024, primarily due to investments made in the Recorded Music business to address frontline opportunities, as well as increased compensation and other costs due to inflation.

Other administration expenses increased by $430 thousand, or 10%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.

Operating Income

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Operating income increased by $565 thousand, or 6%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by an increase in revenues, partially offset by increases in amortization and depreciation and administration expenses.

Operating income margin (operating income expressed as a percentage of revenues) decreased to 24% during the three months ended September 30, 2025 compared to 25% during the three months ended September 30, 2024, primarily as a result of an increase in amortization and depreciation.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Operating income increased by $1,050 thousand, or 7%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, primarily driven by an increase in revenues, partially offset by increases in amortization and depreciation and administration expenses.

Operating income margin (operating income expressed as a percentage of revenues) was 20% during the six months ended September 30, 2025 and the six months ended September 30, 2024.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Operating income increased by $770 thousand, or 8%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily driven by an increase in revenues, partially offset by increases in amortization and depreciation and administration expenses.

Operating income margin (operating income expressed as a percentage of revenues) was 23% during the three months ended December 31, 2025 and December 31, 2024.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Operating income increased by $1,819 thousand, or 7%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, primarily driven by an increase in revenues, partially offset by increases in amortization and depreciation and administration expenses.

Operating income margin (operating income expressed as a percentage of revenues) was 21% during the nine months ended December 31, 2025 and December 31, 2024.

Interest Expense

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Interest expense increased by $1,781 thousand, or 36%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings, as well as an increase in effective interest rates.

The increase in the Company’s effective interest rates primarily reflects an increase on the portions of its borrowings that are hedged, as its swap contracts in effect during the three months ended September 30, 2025 have a higher fixed interest rate than those in effect during the three months ended September 30, 2024.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Interest expense increased by $3,018 thousand, or 30%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings, as well as an increase in effective interest rates.

The increase in the Company’s effective interest rates primarily reflects an increase on the portions of its borrowings that are hedged, as its swap contracts in effect during the six months ended September 30, 2025 have a higher fixed interest rate than those in effect during the six months ended September 30, 2024.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Interest expense increased by $807 thousand, or 14%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings, partially offset by a decrease in SOFR.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Interest expense increased by $3,825 thousand, or 24%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings, as well as an increase in effective interest rates.

The increase in the Company’s effective interest rates primarily reflects an increase on the portions of its borrowings that are hedged, as its swap contracts in effect during the nine months ended December 31, 2025 have a higher fixed interest rate than the Company’s previous swap contracts, which were in effect during a portion of the nine months ended December 31, 2024 until they matured on September 30, 2024.

(Loss) Gain on Foreign Exchange

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Loss on foreign exchange was $387 thousand for the three months ended September 30, 2025 compared to $36 thousand for the three months ended September 30, 2024.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Loss on foreign exchange increased by $12 thousand, or 16%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Gain on foreign exchange was $708 thousand for the six months ended September 30, 2025 compared to loss on foreign exchange of $96 thousand for the six months ended September 30, 2024.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Gain on foreign exchange was $620 thousand for the nine months ended December 31, 2025 compared to loss on foreign exchange of $(172) thousand for the nine months ended December 31, 2024.

This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.

Loss on Fair Value of Swaps

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Loss on fair value of swaps was $316 thousand for the three months ended September 30, 2025 compared to $5,127 thousand for the three months ended September 30, 2024.

This change was due to marking to market our interest rate swap hedges and the loss during the three months ended September 30, 2024 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.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Loss on fair value of swaps was $1,313 thousand for the six months ended September 30, 2025 compared to $5,617 thousand for the six months ended September 30, 2024.

This change was due to marking to market our interest rate swap hedges and the loss during the six months ended September 30, 2024 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.

Other Income (Expense), Net

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Other income (expense), net during the three months ended September 30, 2025 was comprised primarily of the Company’s recognition of its share of losses incurred by equity method investments.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Other income (expense), net during the six months ended September 30, 2025 and the six months ended September 30, 2024 was comprised primarily of the Company’s recognition of its share of losses incurred by equity method investments.

Income Tax Expense (Benefit)

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Income tax expense (benefit) was $947 thousand during the three months ended September 30, 2025 compared to $(153) thousand during the three months ended September 30, 2024.

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

Additionally, the change in income tax (benefit) expense reflects changes in the mix of income from multiple tax jurisdictions.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Income tax expense (benefit) was $676 thousand during the six months ended September 30, 2025 compared to $(447) thousand during the six months ended September 30, 2024.

Income tax benefit during the six months ended September 30, 2024 reflects excess tax benefits related to share-based compensation and an incremental tax benefit of approximately $103 thousand to the Company’s deferred tax liabilities related to certain international intangible assets.

Additionally, the change in income tax (benefit) expense reflects changes in the mix of income from multiple tax jurisdictions.

(Loss) Gain on Fair Value of Swaps

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Loss on fair value of swaps was $(270) thousand for the three months ended December 31, 2025 compared to gain on fair value of swaps of $3,085 thousand for the three months ended December 31, 2024.

This change was due to marking to market our interest rate swap hedges.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Loss on fair value of swaps increased by $949 thousand during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

This change was due to marking to market our interest rate swap hedges.

Additionally, the loss during the nine months ended December 31, 2024 reflects the September 2024 decrease in SOFR, as well as the time value of the swaps that expired on December 31, 2024.

Other (Expense) Income, Net

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Other (expense) income, net during the three months ended December 31, 2025 was comprised primarily of the Company’s recognition of its share of losses incurred by equity method investments.

Other (expense) income, net during the three months ended December 31, 2024 consisted of a $104 thousand gain recorded on the disposal of an equity investment during the period (the “ investment gain ”) and the Company’s share of proceeds related to underreported usage for an acquired music catalog that pertained to periods prior to the Company’s acquisition of the music catalog, which amounted to $405 thousand (the “ recovery income ”).

See Note 14 to the accompanying condensed consolidated financial statements for discussion about the investment gain.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Other (expense) income, net during the nine months ended December 31, 2025 was comprised primarily of the Company’s recognition of its share of losses incurred by equity method investments.

Other (expense) income, net during the nine months ended December 31, 2024 consisted of the investment gain and the recovery income, partially offset by the Company’s share of loss recorded by an equity method investment.

Income Tax Expense

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Income tax expense was $1,078 thousand during the three months ended December 31, 2025 compared to $1,987 thousand during the three months ended December 31, 2024.

The effective income tax rate during the three months ended December 31, 2025 was 32.9% compared to 27.2% during the three months ended December 31, 2024.

The change in effective income tax rate during these periods primarily reflects the amount and mix of income from multiple tax jurisdictions.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Income tax expense was $1,755 thousand during the nine months ended December 31, 2025 compared to $1,541 thousand during the nine months ended December 31, 2024.

The effective income tax rate during the nine months ended December 31, 2025 was 31.8% compared to 23.5% during the three months ended December 31, 2024.

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

Additionally, the change in effective income tax rate 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.

Net Income (Loss)

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Net income was $2,204 thousand during the three months ended September 30, 2025 compared to $152 thousand during the three months ended September 30, 2024.

The increase in net income was driven primarily by the decrease in loss on fair value of swaps and increase in operating income, partially offset by increases in interest expense, income tax expense and loss on foreign exchange.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Net income (loss) was $1,560 thousand during the six months ended September 30, 2025 compared to $(301) thousand during the six months ended September 30, 2024.

The change in net income (loss) was driven primarily by the decrease in loss on fair value of swaps, change in (loss) gain on foreign exchange and increase in operating income, partially offset by increases in interest expense and income tax expense.

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

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Net income was $2,203 thousand during the three months ended December 31, 2025 compared to $5,312 thousand during the three months ended December 31, 2024.

The decrease in net income was driven primarily by a loss on fair value of swaps, increase in interest expense and change in other income (expense), net.

These factors were partially offset by an increase in operating income and a decrease in income tax expense.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Net income was $3,763 thousand during the nine months ended December 31, 2025 compared to $5,010 thousand during the nine months ended December 31, 2024.

The decrease in net income was driven primarily by an increase in interest expense and change in other income (expense), net, partially offset by an increase in operating income, decrease in loss on fair value of swaps and change in (loss) gain on foreign exchange.

Non-GAAP Reconciliations

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For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Cost of revenue

4 unchanged sentences

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Cost of revenue

2 unchanged sentences

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

Cost of revenue

Administration expenses

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

OIBDA increased by $1,691 thousand, or 10%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven primarily by a $1,191 thousand increase in Recorded Music OIBDA and a $356 thousand increase in Music Publishing OIBDA.

Expressed as a percentage of revenue, OIBDA Margin decreased to 40% for the three months ended September 30, 2025 from 41% for the three months ended September 30, 2024.

Music Publishing OIBDA increased by $356 thousand, or 3%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Expressed as a percentage of revenue, Music Publishing OIBDA Margin decreased to 37% for the three months ended September 30, 2025 from 38% for the three months ended September 30, 2024.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

OIBDA increased by $1,845 thousand, or 11%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, driven by increases in Music Publishing OIBDA and Recorded Music OIBDA.

Expressed as a percentage of revenue, OIBDA Margin increased to 40% for the three months ended December 31, 2025 from 38% for the three months ended December 31, 2024.

Music Publishing OIBDA increased by $1,894 thousand, or 21%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

Expressed as a percentage of revenue, Music Publishing OIBDA Margin increased to 37% for the three months ended December 31, 2025 from 34% for the three months ended December 31, 2024.

The increase in Music Publishing OIBDA primarily reflects an increase in revenues.

The decrease in OIBDA Margin primarily reflects increases in cost of revenue and administration expenses as percentages of revenues.

Recorded Music OIBDA increased by $1,191 thousand, or 22% during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Expressed as a percentage of revenue, Recorded Music OIBDA Margin was 51% for the three months ended September 30, 2025 and the three months ended September 30, 2024.

The increases in Recorded Music OIBDA primarily reflects an increase in revenues.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

OIBDA increased by $3,106 thousand, or 11%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, driven primarily by a $1,595 thousand increase in Recorded Music OIBDA and a $1,136 thousand increase in Music Publishing OIBDA.

Expressed as a percentage of revenue, OIBDA Margin increased to 38% for the six months ended September 30, 2025 from 37% for the six months ended September 30, 2024.

Music Publishing OIBDA increased by $1,136 thousand, or 6%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

Expressed as a percentage of revenue, Music Publishing OIBDA Margin was 34% for the six months ended September 30, 2025 and the six months ended September 30, 2024.

The increase in OIBDA Margin primarily reflects decreases in cost of revenue and administration expenses as percentages of revenues.

Recorded Music OIBDA increased by $328 thousand, or 5% during the three months ended December 31, 2025 compared to the three months ended December 31, 2024.

Expressed as a percentage of revenue, Recorded Music OIBDA Margin decreased to 52% for the three months ended December 31, 2025 from 53% for the three months ended December 31, 2024.

The increase in Recorded Music OIBDA primarily reflects an increase in revenues.

The decrease in OIBDA Margin primarily reflects an increase in administration expenses as a percentage of revenues.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

OIBDA increased by $4,951 thousand, or 11%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, driven primarily by increases in Music Publishing OIBDA and Recorded Music OIBDA.

Expressed as a percentage of revenue, OIBDA Margin was 38% for the nine months ended December 31, 2025 and December 31, 2024.

Music Publishing OIBDA increased by $3,031 thousand, or 11%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

Expressed as a percentage of revenue, Music Publishing OIBDA Margin increased to 35% for the nine months ended December 31, 2025 from 34% for the nine months ended December 31, 2024.

The increase in Music Publishing OIBDA primarily reflects an increase in revenues.

Recorded Music OIBDA increased by $1,595 thousand, or 16% during the six months ended September 30, 2025 compared to the six months ended September 30, 2024.

Expressed as a percentage of revenue, Recorded Music OIBDA Margin increased to 49% for the six months ended September 30, 2025 from 48% for the six months ended September 30, 2024.

The increases in Recorded Music OIBDA and OIBDA Margin primarily reflect an increase in revenues and a decrease in cost of revenue as a percentage of revenues.

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

The following table reconciles net loss to Adjusted EBITDA (in thousands):

The increase in OIBDA Margin primarily reflects a decrease in cost of revenue as a percentage of revenues.

Recorded Music OIBDA increased by $1,923 thousand, or 12% during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024.

Expressed as a percentage of revenue, Recorded Music OIBDA Margin was 50% for the nine months ended December 31, 2025 and December 31, 2024.

The increase in Recorded Music OIBDA primarily reflects an increase in revenues.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

The following table reconciles net income to Adjusted EBITDA (in thousands):

For the Three Months Ended

For the Six Months Ended

September 30,

Net income (loss)

Income tax expense (benefit)

For the Nine Months Ended

Income tax expense

Interest expense

1 unchanged sentence

Loss (gain) on foreign exchange (a)

Loss on fair value of swaps (b)

Loss (gain) on fair value of swaps (b)

Non-cash share-based compensation (c)

Other (income) expense, net (d)

Other expense (income), net (d)

Adjusted EBITDA

NM – Not meaningful

(a) Reflects the (gain) or loss on foreign exchange fluctuations.

(b) Reflects the non-cash loss on the mark-to-market of interest rate swaps.

(a) Reflects the loss or (gain) on foreign exchange fluctuations.

(b) Reflects the non-cash loss or (gain) on the mark-to-market of interest rate swaps.

2021 Omnibus Incentive Plan.

(d) Reflects the Company’s share of losses recorded by equity method investments.

Three Months Ended September 30, 2025 vs.

Three Months Ended September 30, 2024

Adjusted EBITDA increased by $1,753 thousand, or 10%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.

Six Months Ended September 30, 2025 vs.

Six Months Ended September 30, 2024

Adjusted EBITDA increased by $3,026 thousand, or 10%, during the six months ended September 30, 2025 compared to the six months ended September 30, 2024, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.

(d) Reflects the Company’s share of losses recorded by equity method investments during the three and nine months ended December 31, 2025.

Reflects the investment gain and recovery income during the three months ended December 31, 2024.

Reflect the investment gain and recovery income, partially offset by the Company’s share of loss recorded by an equity method investment during the nine months ended December 31, 2024.

Three Months Ended December 31, 2025 vs.

Three Months Ended December 31, 2024

Adjusted EBITDA increased by $1,929 thousand, or 11%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.

Nine Months Ended December 31, 2025 vs.

Nine Months Ended December 31, 2024

Adjusted EBITDA increased by $4,958 thousand, or 10%, during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.

Liquidity and Capital Resources

Capital Resources

As of September 30, 2025, we had $421,813 thousand of debt (net of $4,015 thousand of deferred financing costs) and $27,939 thousand of cash and cash equivalents.

As of December 31, 2025, we had $452,259 thousand of debt (net of $3,569 thousand of deferred financing costs) and $20,591 thousand of cash and cash equivalents.

The following table summarizes our historical cash flows (in thousands).

For the Six Months Ended

September 30,

For the Nine Months Ended

Cash provided by (used for):

2 unchanged sentences

Financing activities

NM - Not meaningful

Operating Activities

Cash provided by operating activities was $25,305 thousand for the six months ended September 30, 2025 compared to $21,872 thousand for the six months ended September 30, 2024.

The primary drivers of the $3,433 thousand increase in cash provided by operating activities during the six months ended September 30, 2025 compared to the six months ended September 30, 2024 were an increase in cash provided by working capital and an increase in earnings.

Cash provided by operating activities was $38,230 thousand for the nine months ended December 31, 2025 compared to $33,105 thousand for the nine months ended December 31, 2024.

The primary drivers of the $5,125 thousand increase in cash provided by operating activities during the nine months ended December 31, 2025 compared to the nine months ended December 31, 2024 were an increase in cash provided by working capital and an increase in earnings.

The increase in cash provided by working capital was due primarily to the timing of collections of accounts receivable and payments of accounts payable, partially offset by the timing of royalty payments to artists and royalty advance recoupments.

Investing Activities

Cash used for investing activities was $50,018 thousand for the six months ended September 30, 2025 compared to $10,702 thousand for the six months ended September 30, 2024.

Cash used for investing activities was $100,019 thousand for the nine months ended December 31, 2025 compared to $71,930 thousand for the nine months ended December 31, 2024.

The increase in cash used in investing activities was primarily due to an increase in acquisitions of music catalogs.

Financing Activities

Cash provided by (used for) financing activities was $31,491 thousand for the six months ended September 30, 2025 compared to $(8,338) thousand for the six months ended September 30, 2024.

The change in cash provided by (used for) financing activities primarily reflects an increase in borrowings and a decrease in repayments of the secured line of credit.

Cash provided by financing activities was $61,203 thousand for the nine months ended December 31, 2025 compared to $38,516 thousand for the nine months ended December 31, 2024.

The change in cash provided by financing activities primarily reflects an increase in borrowings from the secured line of credit.

Our primary sources of liquidity are the cash flows generated from our subsidiaries’ operations, available cash and cash equivalents and funds available for drawing under our senior secured revolving credit facility (the “ Senior Credit Facility ”) (as described below).

1 unchanged sentence

We believe that our primary sources of liquidity will be sufficient to support our existing operations over the next twelve months.

Existing Debt as of September 30, 2025

As of September 30, 2025, our outstanding debt consisted of $425,828 thousand borrowed under the Senior Credit Facility.

As of September 30, 2025, remaining borrowing availability under the Senior Credit Facility was $124,172 thousand.

Existing Debt as of December 31, 2025

As of December 31, 2025, our outstanding debt consisted of $455,828 thousand borrowed under the Senior Credit Facility.

As of December 31, 2025, remaining borrowing availability under the Senior Credit Facility was $94,172 thousand.

We use cash generated from operations to service outstanding debt, consisting primarily of interest payments through maturity, and we expect to continue to refinance and extend maturity on the Senior Credit Facility for the foreseeable future.

20 unchanged sentences

Non-compliance with the fixed charge coverage ratio and consolidated senior debt to library value ratio could result in the lenders, subject to customary cure rights, requiring the immediate payment of all amounts outstanding under the Senior Credit Facility, which could have a material adverse effect on our business, cash flows, financial condition and results of operations.

As of September 30, 2025, we were in compliance with both of the financial covenants and all non - financial covenants under the Senior Credit Facility.

As of December 31, 2025, we were in compliance with both of the financial covenants and all non - financial covenants under the Senior Credit Facility.

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 (in thousands):

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 (in thousands):

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 thousand, 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 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.

Our ability to pay dividends to Reservoir Media, Inc.’s shareholders is restricted by covenants in the Senior Credit Facility.

We did not pay any dividends to Reservoir Media, Inc.’s shareholders during the six months ended September 30, 2025.

We did not pay any dividends to Reservoir Media, Inc.’s shareholders during the nine months ended December 31, 2025.

Management believes that funds generated from our operations, borrowings under the Senior Credit Facility and available cash and equivalents will be sufficient to fund our debt service requirements, working capital requirements and capital expenditure requirements for the foreseeable future.

5 unchanged sentences

Contractual and Other Obligations

As of September 30, 2025, there have been no material changes, outside the ordinary course of business, in our contractual obligations since March 31, 2025.

As of December 31, 2025, there have been no material changes, outside the ordinary course of business, in our contractual obligations since March 31, 2025.

See “ Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual and Other Obligations ” in the Company’s Annual Report on Form 10-K filed with the U.S.

1 unchanged sentence

Critical Accounting Policies

As of September 30, 2025, there have been no material changes to our critical accounting policies since March 31, 2025.

As of December 31, 2025, there have been no material changes to our critical accounting policies since March 31, 2025.

See “ Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates ” in the Company’s Annual Report on Form 10-K filed with the U.S.

7 unchanged sentences

Off-Balance Sheet Arrangements

As of September 30, 2025, we had no off-balance sheet arrangements.

As of December 31, 2025, we had no off-balance sheet arrangements.

New Accounting Pronouncements

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 2. Management’s Discussion and Analysis