NASDAQ: RSVRW

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.

Our History

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. We then acquired Philly Groove Records, which included our first recorded music assets and additional publishing hits, including the Delfonics’ “Ready or Not Here I Come (Can’t Hide From Love),” which has been covered by artists ranging from The Fugees to Missy Elliot.

3

Table of Contents

In 2012, we acquired Reverb Music and its roster of active songwriters, diversifying holdings in the United Kingdom (“U.K.”) and adding film and television music. 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 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. In 2022, we invested in the royalty streams of Henry Jackman’s portfolio of film scores, which included those from the Captain America, Jumanji and Kingsman franchises.

We acquired London-based Blue Raincoat Music Ltd and its label platform Chrysalis Records in 2019, thereby adding recorded music operations to our business, as well as the sound recordings of Sinéad O’Connor, The Specials, Generation X, and The Waterboys.

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 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 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 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 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 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.

4

Table of Contents

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. YouTube and Deezer have not increased prices since 2023, and Apple last raised prices of its individual and family plans in the U.S. in 2022.

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 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. 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 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.

Music Modernization Act (the “MMA”). In 2018, the U.S. enacted the MMA, which resulted in reforms to music licensing through the regulation of digital music services’ relationships to content owners. This includes improving the way digital music services procure mechanical licenses, requiring digital radio services, such as SiriusXM and Pandora, to make royalty payments to recording artists for recordings before 1972 and providing for direct payments of royalties owed to producers, mixers and engineers when their original works are streamed on non-interactive webcasting services.

Copyright Royalty Board (the “CRB”). The CRB oversees rate courts and publishing royalty rate setting. Historically, the CRB’s issuing of updated royalty rates and terms favoring publishers has been contentious for other stakeholders in the industry (i.e., digital service providers or recorded music companies), whose share of the pie would lessen with increased publishing royalties. As a result, they have appealed recent increases, causing the payment of updated higher royalties to publishers to be delayed at various times. The publishing industry and its advocacy organizations have in turn fought these appeals. Publishers are currently awaiting true-ups from the 2018-2022 increased rate. During 2022, The National Music Publishers’ Association (“NMPA”), the Nashville Songwriters Association International and the Digital Media Association announced a settlement regarding the U.S. mechanical streaming royalty rates for 2023-2027. 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 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. In 2019, the EU passed legislation to protect music rightsholders and recording artists. The legislation was designed to limit safe harbors from liability for copyright infringement and to ensure that rightsholders and recording artists are remunerated fairly when their music is shared online by user-uploaded content services.

5

Table of Contents

EU AI Act. In 2023, the European Parliament and the Council of the EU enacted The AI Act, the first-ever legal framework aimed at addressing the risks of AI. 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.

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) 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, 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

Music publishers generally generate revenues by receiving royalties pursuant to public performance, digital, mechanical, synchronization and other licenses. In the U.S., music publishers collect and administer mechanical royalties, and statutory rates are established pursuant to the U.S. Copyright Act of 1976, as amended, for the royalty rates applicable to musical compositions for sale and licensing of recordings embodying those musical compositions. In the U.S., public performance income is administered and collected by music publishers and their performing rights organizations, and, in most countries outside the U.S., collection, administration and allocation of both mechanical and performance income are undertaken and regulated by governmental or quasi-governmental authorities. Throughout the world, synchronization licenses are generally subject to negotiation with a prospective licensee, and music publishers pay a contractually required percentage of synchronization income to the songwriters or their heirs and to any co-publishers.

Performance royalties generate revenue through live performance and digital performance of musical compositions to the general public, including via broadcast of musical compositions on television, radio and cable, live performance at a concert or other venue (e.g., arena concerts, nightclubs), broadcast of musical compositions at sporting events, restaurants or bars, and the performance of musical compositions in staged theatrical productions, known as grand rights.

Digital royalties include the licensing of recorded music in various digital formats and digital performance of musical compositions to the general public, such as streaming and download services.

Mechanical royalties are generated through the sale of recorded music in various physical formats, including vinyl, CDs and DVDs.

Synchronization royalties stem from the use of the musical composition in combination with visual images. This includes films or television programs, television commercials, video games and merchandising, toys or novelty items.

Music publishing also generates royalties from the licensing of copyrights for use in printed sheet music.

6

Table of Contents

In the U.S., mechanical royalties are collected directly by music publishers, from The Mechanical Licensing Collective (the “MLC”), the nonprofit organization designated by the U.S. Copyright Office to distribute mechanical royalties for streaming pursuant to the MMA, recorded music companies or via The Harry Fox Agency, a non-exclusive licensing agent affiliated with the Society of European Stage Authors and Composers (“SESAC”). Outside the U.S., mechanical royalties are collected directly by music publishers or from collecting societies.

Throughout the world, publishers collect performance royalties directly or on behalf of music publishers and songwriters by performance rights organizations and collecting societies. Key performing rights organizations and collecting societies include American Society of Composers, Authors and Publishers (“ASCAP”), Broadcast Music Inc. (“BMI”) and SESAC in the U.S., the Mechanical-Copyright Protection Society and the Performing Right Society in the U.K., and the Society of Composers, Authors, and Music Publishers of Canada and the Canadian Musical Reproduction Rights Agency in Canada.

The societies pay a percentage (which is set in each country) of the performance royalties to the copyright owner(s) or administrators (i.e., the publisher(s)), referred to in the industry as the “publisher’s share,” and a percentage directly to the songwriter(s), referred to in the industry as the “writer’s share” of the composition. Typically, the percentage split is 50% to the publisher’s share and 50% to the writer’s share, but this can vary. Thus, the publisher generally retains the performance royalties corresponding to its share of the work, other than any amounts they are contractually required to pay through to their clients (other publishers or writers).

Reservoir’s Music Publishing Business

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. Our award-winning catalog boasts a diverse range of genres, including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative and gospel.

As a copyright owner or administrator of musical compositions, we promote, place, market and administer the use of our musical compositions, in addition to the creative outputs of our active songwriters. For example, we encourage recording artists to record and include our musical compositions in their recordings, offer opportunities to include our musical compositions in filmed entertainment, advertisements and digital media, and advocate for the use of our musical compositions in live stage productions. In return, our Music Publishing business garners a share of the revenues generated from use of those musical compositions via the royalties outlined above.

We continually add new musical compositions to our catalog and seek to acquire rights in musical compositions that will generate revenues over the long term. We acquire copyrights or portions of copyrights and administration rights from songwriters or other third-party holders of rights in musical compositions.

Composers’ and Songwriters’ Contracts

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. In other instances, those contracts only convey to us rights to administer musical compositions for a period of time without conveying a copyright ownership interest. Our contracts grant us exclusive use rights in the jurisdictions concerned excepting any pre-existing arrangements. Many of our contracts grant us rights on a global basis. We customarily possess administration rights for every musical composition created by the songwriter or composer during the exclusive term of the contract.

While the duration of the administration rights under contracts may vary, some of our contracts grant us ownership and/or administration rights for the duration of copyright. See “—Intellectual Property - Copyrights.” U.S. copyright law permits authors or their estates to terminate an assignment or license of copyright (for the U.S. only) after a set period of time. See “Risk Factors - Risks Related to Intellectual Property and Data Security - We face a potential loss of catalog to the extent that our songwriters or recording artists have a right to recapture rights in their musical compositions or recordings under the U.S. Copyright Act, which may adversely affect our business, cash flows, and financial condition.”

7

Table of Contents

Recorded Music

Recorded Music Industry Overview

The recorded music industry involves the identification and development of artists to create, market and promote recordings (i.e., a specific recording of a composition). According to the IFPI, the recorded music industry generated $31.7 billion of revenue globally in 2025, reflecting year-over-year growth of 6.4%.

Royalties & Revenue Generation

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 access points like video gaming and social media. Physical formats include CDs, vinyl albums and cassettes. Synchronization royalties stem from the use of the musical composition in combination with visual images. In Recorded Music, public performance royalties are known as neighboring rights and are generated through broadcast of music on television, radio and cable and in public spaces such as shops, workplaces, restaurants, bars and clubs. Throughout the world, collection societies in various territories collect royalties from neighboring rights to be distributed to artists, record labels and other sound recordings rights holders.

Reservoir’s Recorded Music Business

Our Recorded Music business consists of three types of sound recording rights ownership. The first type is the active marketing, promotion, distribution, sale and licensing of newly created frontline sound recordings from current artists. The second type is the active marketing, promotion, distribution, sale and licensing of previously recorded and subsequently acquired catalog recordings. The third type is the acquisition of full or partial interests in existing record labels, sound recording catalogs or income rights to a royalty stream associated with an established recording artist or producer. Acquisition of these income participation interests is typically in connection with recordings that are owned, controlled and marketed by the major record labels.

Sales, Distribution & Royalties

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. 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.

In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertainment Group and YouTube; radio services, such as iHeart Radio, Pandora and SiriusXM; fitness platforms, such as Apple Fitness+, Equinox, and Peloton; and social media outlets, such as Facebook, Instagram, Snapchat and TikTok. We are actively seeking to further develop and grow our digital business.

Streaming services stream our music on an ad-supported or paid subscription basis. In addition, downloading services download our music on a per-album or per-track basis. In digital formats, per-unit costs that relate directly to physical products, such as manufacturing, inventory, and return costs do not apply. 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, such as streaming and downloads. We then provide digital assets for our music to these services in an accessible form. License agreements with these services establish our fees for the distribution of our music, which vary based on the service. We typically receive accounting from these services on a monthly basis, detailing the distribution activity, with payments rendered on a monthly basis. Since the emergence of digital formats, our business has become less seasonal in nature.

8

Table of Contents

We sell our physical recorded music products through a variety of different retail and wholesale outlets, including music specialty stores, general entertainment specialty stores, supermarkets, mass merchants and discounters, independent retailers and other traditional retailers. Although some of our retailers are specialized, many of our customers offer a substantial range of products other than music. Most of our physical sales represent purchases by a wholesale or retail distributor. Our sale and return policies are in accordance with wholesale and retail distributor’s requirements, applicable laws and regulations, jurisdictional and customer-specific negotiations and industry practice.

Recording Artists’ Contracts

Our recording artists’ contracts define the commercial relationship between our recording artists and our record labels. 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 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, which typically grant us ownership for the duration of copyright. 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.

See “—Intellectual Property - Copyrights.” U.S. copyright law permits authors or their estates to terminate an assignment or license of copyright (for the U.S. only) after a set period of time. See “Risk Factors - Risks Related to Intellectual Property and Data Security - We face a potential loss of catalog to the extent that our songwriters or recording artists have a right to recapture rights in their musical compositions or recordings under the U.S. Copyright Act, which may adversely affect our business, cash flows, and financial condition.”

Our Competitive Strengths

Value Enhancement

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 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

We have made investments in an infrastructure that we expect to leverage as we continue to scale our Music Publishing business. Within our Recorded Music business, we have completed and integrated the acquisitions of entire labels, including Chrysalis Records, Tommy Boy and New State, and believe we are well-positioned to ingest additional master recordings into our platform resulting in additional operating leverage as we scale.

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

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. In particular, in 2025 paid subscription accounts rose to 837 million users, which accounted for approximately $16.6 billion in revenue, an increase of 8.8% year-over-year, and represented over 52.4% of total global recorded music revenues.

9

Table of Contents

Emerging Markets Presence and Investments in Local Content

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 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 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 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.

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 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 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 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.

10

Table of Contents

Embrace Commercial Innovation with New Digital Distributors and Partners

Over the past several years, we have seen licensing growth from in-home fitness platforms, with licenses issued to Peloton, Equinox and Apple Fitness+, among others. We expect our licensing volume to increase and extend to other new market entrants and digital platforms across social media, music education and other categories, such as online gaming platforms. These licenses and the associated revenues are on balance accretive to our overall revenues, and we view being on the forefront of digital licensing as a significant growth area for us. We are equally focused on our strategy of the active issuance of licenses and the pursuit of copyright infringement.

Our Songwriter and Recording Artist Value Proposition

Below is an overview of the creative and commercial services we provide to our songwriters and recording artists.

Creative Partnership

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. Our creative and artist and repertoire (“A&R”) teams are further complemented by our marketing services team, which provides high-touch, bespoke services.

Marketing and Promotion

We are experienced in value enhancement with a proven record of success in marketing and promotion, including via direct relationships at digital music service and social media networks, as well as press, film, television and platforms for music entertainment.

For our Music Publishing business, our goal is to promote our songwriters’ interest in their music, enhance the value of those copyrights and promote their work and legacies as creators. Our goal for our Recorded Music business is to set up new frontline releases from emerging and established acts for success, while furthering the success of catalog releases and legacy artists. 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 content, advertisements and video games.

Global Reach and Local Expertise

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.

Competition

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. In addition to competing against the major music companies, we also compete against the many other independent music companies. To a lesser extent, we compete with other ways consumers use their disposable income for media and entertainment. However, many of these alternatives present an opportunity for monetization for our business (e.g., television, films and video games - all of which contain and license music).

11

Table of Contents

The music publishing industry is highly competitive and dominated by three companies. 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. The three largest recorded music companies - Universal Music Group, Sony Music Entertainment and Warner Music Group - account for approximately 70% of global recorded music revenues, according to Music & Copyright and public company filings. Outside of these three companies there are numerous participants, including independent recorded music companies, that collectively account for approximately 30% of the global recorded music market.

Intellectual Property

Copyrights

Our business is dependent on our ability to maintain rights in musical compositions and sound recordings through copyright protection.

In the U.S., copyright protection for “works made for hire” (i.e., works of employees or certain specially commissioned works) created on or after January 1, 1978 generally lasts for 95 years from first publication or 120 years from creation, whichever expires first. The period of copyright protection for works created on or after January 1, 1978 that are not “works made for hire” lasts for the life of the author plus 70 years. All works that were created and published or registered in the U.S. prior to January 1, 1978 generally hold copyright protection for 95 years, subject to compliance with certain statutory provisions including notice and renewal. Additionally, the MMA extended federal copyright protection in the U.S. to sound recordings created prior to February 15, 1972. 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 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.

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. In all jurisdictions in which we operate, our intellectual property receives some degree of copyright protection, although the extent of effective protection varies widely. 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 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.

12

Table of Contents

Trademarks

We register our major trademarks in countries where we believe the protection of such trademarks is important for our business. Our major trademarks include the “Reservoir” name and circular “R” logo with blue stripe. We also use certain trademarks, including those of certain subsidiaries, pursuant to perpetual license agreements. We actively monitor and protect against activities that might infringe, dilute or otherwise harm our trademarks. We also hold the rights to various Internet domain names, which are subject to Internet regulatory bodies and trademark and other related laws of each applicable jurisdiction. See “Risk Factors - Risks Related to Intellectual Property and Data Security.”

Joint Ventures

We have entered into various contractual joint venture arrangements pursuant to which we or certain of our subsidiaries jointly acquire publishing, administration, recording and related rights and interests with third parties. These contractual joint venture arrangements differ from a traditional joint venture arrangement in that we typically do not form a new standalone special purpose vehicle to enter into such arrangement or hold any such assets.

Human Capital Resources

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. were subject to a collective bargaining agreement, although certain employees within our non-domestic subsidiaries were covered by national labor agreements.

Our human capital resources objectives include attracting, developing and retaining personnel, fostering community, collaboration and creativity among our employees, and supporting our ability to grow our business. To facilitate these objectives, we seek to foster an inclusive and safe workplace, with opportunities for employees to develop their talents and advance their careers.

Corporate Information

Our principal executive offices are located at 200 Varick Street, Suite 801, New York, New York 10014, and our telephone number is (212) 675-0541.

Website Access to Company’s Reports and Disclosure Information

Our Internet website address is https://www.reservoir-media.com, to which we regularly post copies of our press releases, public conference calls, and webcasts as well as additional information about us. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and all amendments to those reports filed, are available free of charge through the Investors section of our website as soon as reasonably practicable after such materials have been electronically filed with, or furnished to, the Securities and Exchange Commission (the “SEC”). The SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. We include our website address in this Annual Report on Form 10-K only as an inactive textual reference. Information contained in our website does not constitute a part of this report or our other filings with the SEC.