What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-05-28 compared with 2025-05-28 · 108 added, 96 removed, 223 unchanged (48% of the section changed)

Reservoir Media, Inc., together with its wholly-owned subsidiaries (the “ Company ”, “ we ”, “ our ”, “ us ” and “ Reservoir ”), is one of the world’s leading independent music companies.

We operate a music publishing business, a recorded music business, a management business and a rights management entity in the Middle East.

We operate a music publishing business, a recorded music business, and a management business.

We have two reportable segments—Music Publishing and Recorded Music.

We represent copyrights and master recordings dating back as far as the early 1900s through today, with hundreds of #1 releases worldwide.

Our M&A practice is committed to both catalog acquisition and strategic expansion of the roster.

Our growth has been partially based on Music Publishing and Recorded Music catalog acquisitions as well as a strategic expansion of our writer and artist rosters.

Our Music Publishing business contributed approximately $117 million to our revenues for the year ended March 31, 2026, representing approximately 66% of our revenues.

The publishing catalog includes historic compositions written and performed by greats like Joni Mitchell, The Isley Brothers, Sonny Rollins, Louis Prima, and John Denver.

We also represent contemporary writer-performers such as Snoop Dogg, Sheryl Crow, and Killer Mike, while our roster of active songwriters, including Ali Tamposi, Jamie Hartman, Oak Felder, and Steph Jones, has contributed to hit songs performed by the likes of Ariana Grande, Sabrina Carpenter, SZA, Dua Lipa and more.

The publishing catalog includes historic compositions written and performed by greats like Joni Mitchell, Miles Davis, The Isley Brothers, Sonny Rollins, and Louis Prima.

We also represent contemporary writer-performers such as Snoop Dogg, Sheryl Crow, and Killer Mike.

Our roster of active songwriters, including Ali Tamposi, Jamie Hartman, Oak Felder, and Steph Jones, has contributed to hit songs performed by the likes of Ariana Grande, Sabrina Carpenter, SZA, Dua Lipa and more.

Our Recorded Music business contributed approximately $52 million to our revenues for the year ended March 31, 2026, representing approximately 29% of our revenues.

The Recorded Music business includes Chrysalis Records LTD (“ Chrysalis Records ”), Tommy Boy Music (“ Tommy Boy ”) and Reservoir Recordings, which markets and distributes a variety of the Company’s recorded assets, including labels such as Philly Groove Records, Amherst Records, AVCO Records, Jamdown Records, Off Road Records, Easy Street Records and New State Music.

Together this label division represents recordings by artists including De La Soul, Queen Latifah, Ben Harper, The Delfonics, Sinéad O’Connor, Coolio, Louis Prima and The Spinners, among others.

Established in 2007, we are an active music company that owns and administers rights, and our strategy has been to build our business based on strategic acquisitions and long - term ownership of rights.

Together this label division represents recordings by artists including De La Soul, Queen Latifah, The Delfonics, Sinéad O’Connor, Coolio, Louis Prima and The Spinners, among others.

Recent Developments

On March 4, 2026, we announced that the Company’s Board of Directors (the “ Board ”) formed a special committee of independent and disinterested directors of the Board (the “ Special Committee ”) to evaluate (i) an unsolicited, non-binding, and conditional indication of interest received on February 12, 2026, from the Company’s shareholder, Irenic Capital Management LP (“ Irenic ”), pursuant to which Irenic proposes to acquire all of the Company’s outstanding equity at a price of between $10.00 and $11.00 per share in cash, and (ii) an unsolicited, preliminary non-binding proposal received on March 3, 2026 from two of the Company’s shareholders, Richmond Hill Investment Co.

LP (“ Richmond Hill ”) and Wesbild, Inc.

(“ Wesbild ” and, together with Richmond Hill, “ Wesbild/Richmond ”), pursuant to which Wesbild/Richmond proposes to acquire all of the outstanding shares of common stock of the Company that are not already owned by Wesbild/Richmond at a price of $10.50 per share in cash (together, the “ Proposals ”).

On May 1, 2026, we announced that the Special Committee engaged Morgan Stanley & Co.

LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel in connection with the Special Committee’s evaluation of the Proposals.

There can be no assurance that any definitive agreement will result from either of the Proposals or that any transaction will be consummated with Irenic, Richmond Hill, Wesbild or any other party.

Established in 2007, we are an active music company that owns and administers rights, and our strategy has been to scale our business through both strategic catalog acquisitions and long-term ownership of rights.

In 2010, we acquired TVT Music Publishing, which included rap, hip – hop and pop music of the 1990s and 2000s.

3 unchanged sentences

We also acquired the FS Media collection of catalogs in 2014, adding the catalogs of Sheryl Crow, John Denver, Billy Strayhorn, Evanescence and Creed, among others.

In 2015, we expanded our catalog of film music by investing in the royalty streams of Hans Zimmer’s portfolio of film scores dating back to 1989’s Driving Miss Daisy and including The Lion King , Gladiator , and the Dark Knight franchise, among others.

In 2015, we expanded our catalog of film music with Hans Zimmer’s portfolio of film scores dating back to 1989’s Driving Miss Daisy and including The Lion King , Gladiator , and the Dark Knight franchise, among others.

In 2020, we created a frontline film production music investment initiative with Atlantic Screen Group.

2 unchanged sentences

Our 2020 acquisitions of Hearts Bluff and Shapiro Bernstein brought titles from the likes of Elvis, Kool & the Gang, Garth Brooks and Roy Orbison, as well as titles from the turn of the century to our portfolio.

Additionally, through more individual or

estate acquisitions over the last five years, we have added catalogs from luminaries such as Sonny Rollins, Louis Prima, Bob Crewe, Mannie Fresh, Alabama, Fred Rister and many others.

Additionally, through more individual or estate acquisitions over the last five years, we have added catalogs from luminaries such as Miles Davis, Sonny Rollins, Louis Prima, Bob Crewe, Mannie Fresh, Alabama, Fred Rister and many others.

In 2021, we acquired United States (“ U.S.

”) based record label Tommy Boy, which gave us ownership over recordings by hip-hop artists whose careers launched via the label, including Queen Latifah, Afrika Bambaataa, Digital Underground, Coolio, De La Soul, House of Pain and Naughty By Nature.

We are focused on being a full service music company and have strategically expanded to include management services through Big Life Management and Blue Raincoat Artists in the U.K.

We have continued to grow through acquisitions, including the publishing catalog of Lastrada Entertainment, U.K.

dance and electronic label New State, assets from independent record label Fool’s Gold Records, recordings by the Marshall Tucker Band, and more.

We have also established Reservoir Recordings to market and distribute a variety of the Company’s recorded assets.

With a focus on being a full-service music company, we strategically expanded to include management services through Big Life Management and Blue Raincoat Artists in the U.K.

In tandem with this diversification, we have concentrated on markets that we expect to represent much of the future growth in the music industry.

To this end, we acquired a stake in PopArabia in January 2020 with a focus on signing artists, acquiring catalogs and establishing a rights management company in the Middle East and North Africa (“ MENA ”) region.

During the previous five years, we have deployed and committed approximately $640 million in capital through the acquisitions, frontline deals and other initiatives outlined above.

To this end, we acquired a controlling stake in PopArabia in January 2020 with a focus on signing artists, acquiring catalogs and establishing a rights management company in the Middle East and North Africa (“ MENA ”) region.

In 2025, we launched a new subsidiary, PopIndia, based in Mumbai, India.

During the previous five years, we have deployed and committed over $600 million in capital through the acquisitions, frontline deals and other initiatives outlined above.

Industry Overview

The global music entertainment industry is experiencing significant growth.

Within the larger music entertainment space, the music publishing and recorded music segments are thriving.

Streaming was a key driver for industry growth in 2024.

According to the International Federation of the Phonographic Industry (“ IFPI ”), streaming’s share of global revenues was 69% in 2024, exceeding $20 billion for the first time.

Additionally, subscription streaming grew by 9.5% in 2024, representing approximately $15.1 billion or 51.2% of global recorded music revenues.

The global music entertainment industry has experienced significant growth.

Within the larger music entertainment space, we believe the music publishing and recorded music segments are thriving.

Streaming, particularly paid subscription streaming, was a key driver for industry growth in 2025.

According to the International Federation of the Phonographic Industry (“ IFPI ”), streaming’s share of global recorded music revenues was 69.6% in 2025, surpassing $22 billion.

Additionally, subscription streaming revenues grew by 8.8% in 2025, representing approximately $16.6 billion or 52.4% of global recorded music revenues.

This growth has been driven by an increase in subscribers and usage alike, as well as price increases.

The total number of music subscribers globally grew 10.6% to 752 million in 2024, up from 667 million in 2023.

Additionally, according to Luminate, an entertainment-focused data analytics company, global on-demand streaming audio increased by approximately 14.0% year-over-year in 2024.

Streaming growth in emerging markets is also having an outsized impact on the industry and global recorded music revenues.

The IFPI reports that China remained the fifth largest recorded music market and increased revenues by 9.6%.

MENA, as a region, had the fastest growth of recorded music revenue in 2024 at 22.8%, with streaming accounting for 99.5% of that revenue.

The total number of music subscribers globally grew by approximately 11.3% to 837 million in 2025, up from 752 million in 2024.

Streaming growth in emerging markets is having an outsized impact on the industry and global recorded music revenues.

The IFPI reports that China overtook Germany to become the fourth largest recorded music market and increased revenues by 20.1% in 2025, making it the fastest growing market in the top 20 this past year.

MENA, as a region, was the second fastest growing region in 2025 at 15.2% increase in revenues, with streaming accounting for 97.5% of that revenue.

Sub-Saharan Africa also grew by 15.2%, with revenues surpassing $120 million for the first time.

Beyond growth in paying subscribers, we believe recent developments suggest that streaming pricing may have room for further optimization.

In February 2026, Amazon Music raised prices for its Music Unlimited subscribers in the U.S.

and U.K., following price increases in 2023.

In February 2026, Spotify increased prices for U.S.

premium subscribers.

The increase marks Spotify’s third increase in three years.

In 2024, Spotify increased prices for U.S.

premium subscribers, following previous price raises in 2023 in 65 countries for the individual, duo, family and student plans.

Spotify has also announced plans for additional subscription tiers at higher costs in 2025.

For the second time in 12 months, in 2023, Deezer increased prices for all new premium and family subscriptions in key territories including France, U.K., Spain, Italy and the Netherlands.

YouTube increased prices of its individual and family plan tiers on both YouTube Premium and YouTube Music in the U.S.

In 2022, Apple Music increased prices of its individual and family plans in the U.S., and in 2023 Amazon Music Unlimited increased the prices of both its individual and family subscription plans, with another price rise effective during 2025.

YouTube and Deezer have not increased prices since 2023, and Apple last raised prices of its individual and family plans in the U.S.

Data across industry reports demonstrates the increasing importance of emerging markets and non-English content, an area in which we have made investments, including in India and MENA.

In the Music in the Air 2025 report, Goldman Sachs estimated that emerging markets will contribute to 75% of net streaming subscriber additions by 2035.

Luminate also reported that English-speaking countries were losing share to non-English imports, while non-English-speaking countries have local content gaining share.

Mexico, Brazil, and India experienced the largest gains in global premium stream share in 2024.

In their 2024 Loud & Clear report, Spotify also noted that the artists who generated at least $1 million on the platform recorded music in 17 different languages, more than double from 2017, while the artists who generated at least $100,000 in royalties have recorded music in over 50 languages, also more than double from 2017.

Luminate also reported that while the U.S., Mexico, Brazil, and Germany account for nearly half (48.9%) of all global premium streams, other markets continue to make gains.

Notably, India, which is predominantly an ad-supported market (84%), grew its premium streams by 42% this year.

Additionally, Latin America converted to premium streams at the highest rate (nearly 4%) with Mexico driving that rate.

In their 2025 Loud & Clear report, Spotify noted that the artists who generated at least $500,000 on the platform represented 75 different countries, up from 66 in 2024.

Additionally, in 2025, songs in 16 different languages reached Spotify’s Global Top 50, which is more than double the number in 2020.

The traditional music revenue sources of live music, touring and physical sales continue to be robust.

While physical revenues declined by 3.1% in 2024 set against a very strong performance for the format in 2023, the format still accounted for $4.8 billion in revenue, according to IFPI.

Additionally, performance rights revenues experienced 5.9% growth and synchronization revenue

continued to grow 6.4% in 2024.

According to the IFPI, the recorded music industry experienced a tenth consecutive year of growth in 2024, up 4.8% to $29.6 billion.

In addition to their growing popularity with consumers, emerging music monetization platforms are now proactively engaging with the music entertainment industry to properly compensate rightsholders for use of music.

For example, Reservoir has direct licensing agreements with platforms including TikTok, Peloton, Meta and Snap.

These emerging music monetization platforms are now a permanent part of the music entertainment industry and have helped expand access to and listenership of music globally.

Physical sales rebounded in 2025, with revenues growing by 8.0%, accounting for $5.3 billion in revenue, according to the IFPI.

According to the IFPI, the recorded music industry experienced an eleventh consecutive year of growth in 2025, up 6.4% to $31.7 billion.

In addition to their noted popularity with consumers, music monetization platforms are now proactively engaging with the music entertainment industry to properly compensate rightsholders for music use.

For example, Reservoir has direct licensing agreements with platforms including TikTok, Meta and Snap.

These music monetization platforms now fit into the broader music entertainment industry licensing landscape and have helped expand access to and listenership of music globally.

Regulatory Environment and Trends

Increased government intervention to curb piracy and improve monetization rates for content owners helps secure the future of the industry.

We expect government interventions in the U.S.

We currently expect government interventions in the U.S.

and the European Union (“ EU ”) to result in additional increased revenues for the music entertainment industry, at least in the near-term.

12 unchanged sentences

In December 2022, the CRB published final regulations adopting those headline rates, which escalate from 15.15% of total revenue in 2023 to 15.20% in 2024 and then a half of a tenth of a percentage point increases in each of the next three years, peaking at 15.35% in 2027.

This settlement will also change other key factors in U.S.

This settlement changed other key factors in U.S.

mechanical streaming rates, including increases to per-subscriber minimums and Total Content Costs (“ TCC ”).

In 2026, the CRB began its Phonorecord V rate-setting proceeding, which will determine rates for 2028-2032.

European Union Copyright Directive.

3 unchanged sentences

The AI Act aims to provide AI developers and deployers with clear requirements and obligations regarding specific uses of AI to protect intellectual property owners and rightsholders.

While there is currently no comprehensive federal legislation or regulations in the U.S.

to regulate AI, as of September 2024, there were more than 120 AI bills across industries introduced into U.S.

One such act introduced in November 2024 is the Transparency and Responsibility for Artificial Intelligence Networks (TRAIN) Act, backed by numerous music industry groups, including the three major companies, Sony Music Entertainment, Universal Music Group and Warner Music Group.

There is currently no comprehensive federal legislation or regulations in the U.S.

to regulate AI.

However, in the 2025 legislative session, all 50 states, Puerto Rico, the Virgin Islands, and Washington, D.C., introduced legislation on this topic.

Additionally, 38 states adopted or enacted approximately 100 measures this year.

One example of prospective federal legislation, initially introduced in November 2024, is the Transparency and Responsibility for Artificial Intelligence Networks Act (TRAIN Act), backed by numerous music industry groups, including the three major music companies, Sony Music Entertainment, Universal Music Group and Warner Music Group.

As of January 2026, the TRAIN Act has been reintroduced in the Senate and introduced for the first time in the House of Representatives.

Among other propositions, the law would require AI developers to disclose the materials they used to train their AI models.

Separately, the Content Origin Protection and Integrity from Edited and Deepfaked Media Act (COPIED Act) would, if enacted, make it unlawful to use copyrighted works to train AI without permission .

Separately, the Content Origin Protection and Integrity from Edited and Deepfaked Media Act (COPIED Act) was also initially introduced in 2024 and reintroduced in 2025.

The COPIED Act would, if enacted, make it unlawful to use copyrighted works to train AI without permission.

Music Publishing

Music Publishing Industry Overview

The music publishing industry involves the identification and development of songwriters to create, market and promote compositions, as well as licensing and acquisition of rights in musical compositions from content owners ( e.g., publishers, songwriters, composers and other rightsholders).

According to Music & Copyright, the music publishing industry generated $9.0

billion in revenues worldwide in 2023, representing an increase of 10.9% from 2022, and a compound average annual growth rate of 10.4% since 2018.

The music publishing industry involves the identification and development of songwriters to create, market and promote compositions, as well as licensing and acquisition of rights in musical compositions from content owners, such as publishers, songwriters, composers and other rightsholders.

Music & Copyright classifies music publishing revenues based on four main royalty sources:

digital, performance, synchronization and mechanical.

According to Music & Copyright, the global music publishing industry generated $10.8 billion in revenue in 2025, a greater than 9% increase from $9.9 billion in 2024.

Royalties & Revenue Generation

21 unchanged sentences

Reservoir’s Music Publishing Business

The operations of our Music Publishing business are conducted through all our offices, as well as various subsidiaries and sub-publishers.

The operations of our Music Publishing business are conducted through all of our offices, as well as various subsidiaries and sub-publishers.

We own or control rights to a vast collection of compositions, including numerous pop hits, American standards, and motion picture and theatrical compositions.

6 unchanged sentences

Composers’ and Songwriters’ Contracts

We derive our rights through contracts with composers, songwriters or their heirs and with third-party music publishers.

We derive our rights through contracts with composers, songwriters or their heirs, and third-party music publishers.

In some instances, those contracts grant up to either 100% or some lesser percentage of copyright ownership in musical compositions and/or administration rights.

15 unchanged sentences

As with Music Publishing, the Recorded Music business also generates royalties but for the use of sound recordings, including digital, physical, synchronization and performance rights.

Digital formats include streaming, downloads and the ongoing proliferation of novel access points like video gaming and social media.

Digital formats include streaming, downloads and the ongoing proliferation of access points like video gaming and social media.

Physical formats include CDs, vinyl albums and cassettes.

9 unchanged sentences

Sales, Distribution & Royalties

We generate revenues from the new releases of frontline artists and our catalog of recordings.

We generate revenues from the new releases of frontline artists and our recording catalog.

We also actively repackage music from our catalog to form new products.

The distribution of these products is handled by a network of partners that includes Proper, Alliance and MERLIN.

Through this distribution network, our music is marketed, distributed and sold to retail and wholesale distributors, various distribution centers and ventures operating internationally, and digital partners, including streaming services.

The distribution is handled by a network of partners that includes Proper, PIAS, Secretly, Alliance and MERLIN.

All these distributors market, distribute and sell products of independent labels and artists to digital music services, retail and wholesale distributors, and various distribution centers and ventures operating internationally.

Secretly and PIAS use select physical product distributors to sell our CDs and vinyl, such as Cinram in Europe and Alliance in the U.S.

We also distribute select recordings and video products, including the Tommy Boy catalog, directly to digital music services through licenses we secure via our membership with MERLIN.

We distribute select recordings and video products, including the Tommy Boy catalog, directly to digital music services through licenses we secure via our membership with MERLIN.

MERLIN is one of the top global digital rights agencies in the world, negotiating licenses on behalf of many independent record labels, distributors and other music rightsholders.

1 unchanged sentence

radio services, such as iHeart Radio, Pandora and SiriusXM;

fitness platforms, such as Apple Fitness+, Equinox, Hydrow and Peloton;

fitness platforms, such as Apple Fitness+, Equinox, and Peloton;

and social media outlets, such as Facebook, Instagram, Snapchat and TikTok.

4 unchanged sentences

While there are some digital-specific variable costs and infrastructure investments needed to produce, market and license digital products, it is reasonable to expect that we will generally derive a higher contribution margin from streaming and downloads than from physical sales.

We or our distributor will enter into license agreements with digital music services to make our music available for access in digital formats ( e.g.

, streaming and downloads).

We or our distributor will enter into license agreements with digital music services to make our music available for access in digital formats, such as streaming and downloads.

We then provide digital assets for our music to these services in an accessible form.

8 unchanged sentences

Our recording artists’ contracts define the commercial relationship between our recording artists and our record labels.

We negotiate recording contracts with recording artists that define our rights to use the recording artists’ music.

For recordings that we acquire as part of a catalog acquisition, we do not have the ability to negotiate these recording artists’ contracts, and as a result, we step into the position of the previous catalog owner.

In accordance with the terms of the recording artists’ contracts, the recording artists receive royalties based on sales and other uses of their music.

For our frontline recording artists’ we negotiate recording contracts with recording artists that define our rights to use the recording artists’ music.

We customarily provide up-front payments to frontline recording artists, called “advances,” which are recoupable by us from future amounts otherwise payable to such recording artists.

We typically structure agreements with new frontline artists as net profit deals, whereby the artist receives a portion of the net profits after deducting all costs from the gross revenue.

Our frontline recording artists’ contracts generally provide more favorable terms to the recording artist, entitling us to a set number of albums and an exclusive license to exploit those albums for a fixed period of time.

In contrast, our catalog recording artists’ contracts typically grant us ownership for the duration of copyright.

See “— Intellectual Property - Copyrights .” U.S.

5 unchanged sentences

Value Enhancement

Our global synchronization team is dedicated to marketing and licensing our music for use in films, trailers, television shows, advertisements and video games.

For the year ended March 31, 2025, our synchronization income accounted for 13% of our total revenues.

Our global synchronization team is dedicated to marketing and licensing our music for use in films, trailers, television content, advertisements and video games.

For the year ended March 31, 2026, synchronization accounted for 13% of our total revenues.

Digital licensing covers platforms that extend from social media, background music, and home fitness to music education and music therapy.

We believe these distribution vehicles pursued by our team are previously unrealized opportunities that bring in new revenue streams to songwriters and artists, ultimately enhancing the value of their intellectual properties.

We currently expect our team’s active pursuit of these distribution opportunities to enhance the value of the intellectual property and bring in new revenue streams to our songwriters and artists over time.

Platform Positioned for Growth

2 unchanged sentences

Well-Positioned to Capitalize on the Growth of the International Music Industry Driven by Streaming

In its 2024 Global Music Report, the IFPI reported that global recorded music industry revenues grew 4.8% in 2024, marking a tenth consecutive year of growth.

In its 2026 Global Music Report, the IFPI reported that global recorded music industry revenues grew 6.4% in 2025, marking an eleventh consecutive year of growth.

That growth was driven by streaming revenue, which grew 7.7% overall.

1 unchanged sentence

Emerging Markets Presence and Investments in Local Content

According to the IFPI, eight of the top ten global music markets grew revenue year-over-year in 2024, with 55 of the 58 markets the organization monitors recording growth.

Notably the fastest growing region included MENA with a 22.8% increase in 2024.

Sub-Saharan Africa revenues also rose by 22.6% in 2024.

According to the IFPI, every region the organization monitors grew recorded music revenue year-over-year in 2025, with four regions reporting double digit gains.

Notably, the fastest growing region was Latin America with a 17.1% recorded music revenue increase for 2025, while China posted the fastest growth for an individual market, with recorded music revenue growth of 20.1%.

MENA was the second fastest growing region with recorded music revenues increasing by 15.2% in 2025.

We believe Reservoir’s stake in PopArabia has put us in the position to capture growth in MENA.

Since we made this investment, we have signed artists and acquired catalogs from India and the MENA region, ranging from indie tastemakers like Zeid Hamdan to regional superstars like Mohamed Ramadan and Nancy Ajram.

We have also established the subsidiary ESMAA, which is a United Arab Emirates-based rights management entity working with global music rights organizations, music publishers, songwriters, record labels and artists to ensure their music and rights are fully administered and licensed in the region.

Since our PopArabia investment, we have signed artists and acquired catalogs from India and the MENA region, ranging from indie tastemakers like Zeid Hamdan to regional superstars like Mohamed Ramadan and Nancy Ajram.

We have also established the PopArabia subsidiary ESMAA, which is a United Arab Emirates-based rights management entity working with global music rights organizations, music publishers, songwriters, record labels and artists to ensure their music and rights are fully administered and licensed in the region.

In addition, in 2025, we established a subsidiary, PopIndia based in Mumbai, India.

As a full-service music company, PopIndia is focused on signing and developing regional talent and acquiring catalogs across publishing and recorded music.

We continue to be focused on acquiring and developing music content in the emerging markets to capture the higher expected growth in such regions and diversify our catalog with both global and regional content.

Experienced Leadership Team

The team is experienced in the music entertainment business, with a firm commitment to executing on its strategy on an ongoing basis.

Reservoir has sustained no executive management turnover since inception, creating a team that has been working together long-term, is incentivized to continue to scale the business and increase shareholder value, and takes pride in their team, their songwriter and artist roster, and our Company.

The Reservoir team is experienced in the music entertainment business, with a firm commitment to executing on its strategy.

Reservoir has sustained no executive management turnover since inception, resulting in a team with long-term cohesion and a strong incentivization to further scale the business and increase shareholder value.

Advocacy & Educational Efforts

Advocating for our creators is important to our business.

We have Board representation at leading industry non-profits across the globe, including MusiCares, Songwriters Hall of Fame, Silkroad, the NMPA, the MLC, International Confederation of Music Publishers (“ ICMP ”), and the Independent Music Publishers International Forum (“ IMPF ”), where we lead the charge on advocating for songwriter rights, artist rights and fair compensation.

We have Board representation at leading industry non-profits across the globe, including MusiCares, Songwriters Hall of Fame, Silkroad, the NMPA, the MLC, International Confederation of Music Publishers (“ ICMP ”), and the IMPF, where we lead the charge on advocating for songwriter rights, artist rights and fair compensation.

In addition, Reservoir also supports educational initiatives focused on providing insights on the music industry and preserving the legacies of creators, so their music resonates for generations to come.

These initiatives include Founder and Chief Executive Officer

Golnar Khosrowshahi or other staff speaking at Columbia Business School, Oxford University, New York University and Syracuse University, as well as ongoing partnerships with The Door, NewComm and more.

These initiatives include Founder and Chief Executive Officer Golnar Khosrowshahi or other staff speaking at Columbia Business School, Oxford University, New York University and Syracuse University.

Our Growth Strategies

Strategic Acquisitions

Asset and company acquisitions have been our path to growth since inception.

We plan to continue to execute on our disciplined approach to M&A strategy of acquiring high-quality copyrights and recordings, including executing transactions on an off-market basis at an attractive return and capitalizing on upside potential with our value enhancement capabilities.

We plan to continue to execute on our disciplined approach to acquisition strategy of acquiring high-quality copyrights and recordings, including executing transactions on an off-market basis at an attractive return and capitalizing on upside potential with our value enhancement capabilities.

Active Songwriter and Artist Roster

We plan to continue expanding our active songwriter and artist roster.

Our creative services, the existing roster and our value enhancement platform all contribute to our ability to attract clients across genres.

Our creative services, the existing roster and our value enhancement platform all contribute to our ability to attract clients across genres and maintain our status as a trusted global partner.

We remain focused on unique talent that represents diversity across a variety of genres and sounds.

We also partner with our clients to create new music, some of which tops the biggest music charts, helping to grow our presence in the contemporary music marketplace and achieve increased market share.

We also partner with our talent to create new music, some of which tops the biggest music charts, helping to grow our presence in the contemporary music marketplace and achieve increased market share.

Embrace Commercial Innovation with New Digital Distributors and Partners

6 unchanged sentences

Creative Partnership

Our staff has experience identifying and contracting with songwriters and recording artists who are capable of both immediate hits, and the market potential for longevity and lasting impact.

To that end we offer tailored support and resources, helping to achieve commercial and critical success.

A key element of our frontline Recorded Music business strategy is the selection of recording artists who we believe are likely to be successful, targeting recording artists who we believe will achieve national, regional and international success.

The frontline Recorded Music business line was established in 2019 when we acquired Chrysalis Records and relaunched it as an active frontline record label, signing and developing new talent.

Our first frontline release went on to receive critical acclaim, a Mercury Award shortlist nomination and a Grammy nomination.

Many of our catalog artists continue to appeal to audiences long after they cease releasing new music.

We endeavor to maximize the value of our catalog of recorded music through innovative marketing initiatives, and we use our catalog as a source of material to curate re-releases, compilations, box sets and special package releases, which provide consumers with incremental exposure to familiar music and recording artists.

Our staff has experience identifying and contracting with songwriters and recording artists who are capable of both producing immediate hits and the market potential for longevity and lasting impact.

To that end we offer tailored creative support and resources across our music publishing and recorded music frontline creators, helping to achieve commercial and critical success.

In addition to supporting frontline creators, our creative team also identifies catalog opportunities, developing relationships with creators who have ceased releasing new music or with their estates.

The team offers bespoke services to support the success of those catalogs, which often continue to appeal to audiences long after creators stop releasing new music.

We endeavor to maximize the value of our composition and recorded music catalog through innovative marketing initiatives.

For recorded music, we also use our catalog as a source of material to curate re-releases, compilations, box sets and special package releases, which provide consumers with incremental exposure to familiar music and recording artists.

Our longstanding relationships within the creative community also provide our creators with a wide network of collaborators, which is an important part of helping their long-term success.

5 unchanged sentences

With experience across music publishing and recorded music, our marketing team executes long-term campaigns and adapts quickly to changes in the marketplace.

In addition, our synchronization team adds value to our songwriters’ and recording artists’ music by marketing and licensing it for use in films, trailers, television shows, advertisements and video games.

In addition, our synchronization team adds value to our songwriters’ and recording artists’ music by marketing and licensing it for use in films, trailers, television content, advertisements and video games.

Global Reach and Local Expertise

Our team is distributed across our offices from Los Angeles to Abu Dhabi and operates as a global team.

The small size of our team allows us to be nimble, and the geographic distribution enables us to look at music through a culturally relevant lens, as necessitated by different regions.

Our team is distributed across our offices from Los Angeles to Mumbai and operates as a global team.

The size of our team allows us to be nimble, and the geographic distribution enables us to look at music through a culturally relevant lens, as necessitated by different regions.

We believe we are competitive in the music publishing and recorded music industries because of our reputation among creators and content owners and our value enhancement capabilities.

4 unchanged sentences

The music publishing industry is highly competitive and dominated by three companies.

According to Music & Copyright, Sony Music Publishing, Universal Music Publishing Group and Warner Chappell Music accounted for approximately 60% of global music publishing revenues in 2024.

There are many smaller participants, including individual songwriters who self-publish their work, that collectively accounted for the remaining approximately 40% of global music publishing revenues.

Sony Music Publishing, Universal Music Publishing Group and Warner Chappell Music account for a significant majority of global music publishing revenues with many smaller participants, including individual songwriters who self-publish their work, accounting for the remainder of global music publishing revenues.

The recorded music industry is also highly competitive and dominated by three companies.

11 unchanged sentences

The duration of copyright protection for such sound recordings varies based on the year of publication, with all such sound recordings receiving copyright protection for at least 95 years, and sound recordings published between January 1, 1957 and February 15, 1972 receiving copyright protection until February 15, 2067.

The term of copyright in the EU for musical compositions in all member states lasts for the life of the author plus 70 years.

This is also true for the U.K.

In the EU, the term of copyright for sound recordings lasts for 70 years from the date of release in respect of sound recordings that were still in copyright on November 1, 2013 and for 50 years from date of release in respect of sound recordings the copyright in which had expired by that date.

The term of copyright in the U.K.

and in the EU for musical compositions in all member states lasts for the life of the author plus 70 years.

In the EU, the term of copyright for sound recordings lasts for 70 years from the date of release for sound recordings that were still in copyright on November 1, 2013 and lasts for 50 years from date of release for sound recordings for which the copyright had expired by that date.

The EU also harmonized the copyright term for joint musical works.

In the case of a musical composition with words that is protected by copyright on or after November 1, 2013, the member states of the EU are required to calculate the life of the

author plus 70 years term from the date of death of the last surviving author of the lyrics and the composer of the musical composition, provided that both contributions were specifically created for the musical composition.

In the case of a musical composition with words that is protected by copyright on or after November 1, 2013, the member states of the EU are required to calculate the life of the author plus 70 years term from the date of death of the last surviving author of the lyrics and the composer of the musical composition, provided that both contributions were specifically created for the musical composition.

We are largely dependent on legislation in each jurisdiction in which we operate to protect our rights against unauthorized reproduction, distribution, public performance or rental.

1 unchanged sentence

In a number of emerging countries, the protection of copyright remains inadequate.

Technological changes have focused attention on the need for new legislation that will adequately protect the rights of producers.

Technological changes have focused attention on the need for new legislation that will adequately protect the rights of creators.

We actively lobby in favor of industry efforts to increase copyright protection and support the efforts of organizations, such as the Recording Industry Association of America, the IFPI, the NMPA, the ICMP and the World Intellectual Property Organization.

9 unchanged sentences

Human Capital Resources

As of March 31, 2025, we employed approximately 100 persons worldwide, including temporary and part-time employees, as well as employees that were added through acquisitions.

As of March 31, 2026, we employed approximately 100 persons worldwide, including temporary and part-time employees.

As of March 31, 2026, none of our employees in the U.S.

11 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-K

Item 1. Business