Reservoir Media, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
RSVR$10.21-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001410578-25-001573
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001104659-25-106263
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 150 current paragraphs.
86 unchanged; 34 reworded; 21 added; 4 removed; 0 previous and 9 current paragraphs rearranged.
Tables are not compared: 28 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
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.
Current report
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.
Current report
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. U.S. and international revenues represented 55% and 45%, respectively, of total revenues for the six months ended September 30, 2025. U.S. and international revenues represented 58% and 42%, respectively, of total revenues for the six months ended September 30, 2024.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
Six Months Ended September 30, 2025 vs. Six Months Ended September 30, 2024
Current report
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.
Current report
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.
Current report
(Loss) Gain on Foreign Exchange
Current report
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.
Current report
Income Tax Expense (Benefit)
Current report
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.
Current report
Net Income (Loss)
Current report
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.
Current report
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. 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.
Current report
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.
Current report
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 Music Publishing OIBDA primarily reflects an increase in revenues.
Current report
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.
Current report
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.
Removed paragraphs (4)
Previous report
Gain (Loss) on Foreign Exchange
Previous report
Income Tax Benefit
Previous report
Income tax benefit was $271 thousand during the three months ended June 30, 2025 compared to $294 thousand during the three months ended June 30, 2024. The decrease in the income tax benefit during the three months ended June 30, 2025 was primarily due to the increase of loss before income taxes, partially offset by a lower effective income tax rate.
Reworded paragraphs (34)
Previous wording
Total revenues increased by $2,847 thousand, or 8%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven by a 4% increase in Music Publishing revenues and an 8% increase in Recorded Music revenues. Music Publishing revenues represented 67% and 70% of total revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024, respectively. Recorded Music revenues represented 28% of total revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024. U.S. and international revenues represented 57% and 43%, respectively, of total revenues for the three months ended June 30, 2025. U.S. and international revenues represented 59% and 41%, respectively, of total revenues for the three months ended June 30, 2024.
Current wording
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. U.S. and international revenues represented 54% and 46%, respectively, of total revenues for the three months ended September 30, 2025. U.S. and international revenues represented 58% and 42%, respectively, of total revenues for the three months ended September 30, 2024.
Previous wording
Total digital revenues increased by $1,153 thousand, or 5%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the acquisition of additional music catalogs. Total digital revenues represented 60% and 62% of total revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024, respectively.
Current wording
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.
Previous wording
On a geographic basis, U.S. Music Publishing revenues represented 57% of total Music Publishing revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024. International Music Publishing revenues represented 43% of total Music Publishing revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024.
Current wording
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.
Previous wording
On a geographic basis, U.S. Recorded Music revenues represented 52% of total Recorded Music revenues for the three months ended June 30, 2025 compared to 59% for the three months ended June 30, 2024. International Recorded Music revenues represented 48% of total Recorded Music revenues for the three months ended June 30, 2025 compared to 41% for the three months ended June 30, 2024.
Current wording
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.
Previous wording
Music Publishing revenues increased by $933 thousand, or 4%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase in Music Publishing revenues was mainly due to a $1,342 thousand increase in synchronization revenue driven by the timing of licenses and a $312 thousand increase in other revenue primarily attributable to acquired stage rights. These increases were partially offset by a $350 thousand decrease in performance revenue and a $325 thousand decrease in digital revenue.
Current wording
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.
Previous wording
Recorded Music revenues increased by $814 thousand, or 8%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase in Recorded Music revenues was mainly due to a $1,477 thousand increase in digital revenue driven by acquisition of catalogs and continued growth at music streaming services. The increase in digital revenue was partially offset by a $349 thousand decrease in synchronization revenue driven by the timing of licenses and a $280 thousand decrease in physical revenue due to the planned timing of releases.
Current wording
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.
Previous wording
Writer royalties and other publishing costs for the Music Publishing segment decreased by $199 thousand, or 2%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 42% for the three months ended June 30, 2025 from 44% for the three months ended June 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.
Current wording
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.
Previous wording
Artist royalties and other recorded music costs for the Recorded Music segment increased by $110 thousand, or 4%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Artist royalties and other recorded music costs as a percentage of Recorded Music revenues decreased to 26% for the three months ended June 30, 2025 from 27% for the three months ended June 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.
Current wording
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.
Previous wording
Cost of revenue decreased by $88 thousand, or 1%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of a decrease in writer royalties and other publishing costs for the Music Publishing segment, partially offset by an increase in artist royalties and other recorded music costs for the Recorded Music segment. Cost of revenue as a percentage of revenues decreased to 35% for the three months ended June 30, 2025 from 39% for the three months ended June 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.
Current wording
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.
Previous wording
Amortization and depreciation expense increased by $929 thousand, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the acquisition of additional music catalogs.
Current wording
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.
Previous wording
Music Publishing administration expenses increased by $351 thousand, or 5%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenues, Music Publishing administration expenses increased to 28% for the three months ended June 30, 2025 from 27% for the three months ended June 30, 2024, primarily as a result of increased compensation and other costs due to inflation.
Current wording
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.
Previous wording
Recorded Music administration expenses increased by $301 thousand, or 12%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenue, Recorded Music administration expenses increased to 27% for the three months ended June 30, 2025 from 26% for the three months ended June 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.
Current wording
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.
Previous wording
Other administration expenses increased by $869 thousand, or 151%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.
Current wording
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.
Previous wording
Total administration expenses increased by $1,522 thousand, or 16%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven primarily by an increase in the Other administration expenses and, to a lesser extent, increases in administration expenses in the Music Publishing and Recorded Music segments. Expressed as a percentage of revenues, administration expenses increased to 30% for the three months ended June 30, 2025 from 28% for the three months ended June 30, 2024, primarily as a result of the increase in Other administration expenses, increased costs due to inflation and investments in the Recorded Music business.
Current wording
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.
Previous wording
Operating income increased by $485 thousand, or 10%, during the three months ended June 30, 2025 compared to the three months ended June 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) increased to 15% during the three months ended June 30, 2025 compared to 14% during the three months ended June 30, 2024, primarily as a result of an increase in revenues and a decrease in cost of revenue as a percentage of revenues, partially offset by increases in amortization and depreciation and administration expenses.
Current wording
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.
Previous wording
Interest expense increased by $1,237 thousand, or 24%, during the three months ended June 30, 2025 compared to the three months ended June 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 June 30, 2025 have a higher fixed interest rate than those in effect during the three months ended June 30, 2024.
Current wording
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.
Previous wording
Gain on foreign exchange was $1,095 thousand for the three months ended June 30, 2025 compared to loss on foreign exchange of $59 thousand for the three months ended June 30, 2024. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.
Current wording
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. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.
Previous wording
Loss on fair value of swaps was $997 thousand for the three months ended June 30, 2025 compared to $490 thousand for the three months ended June 30, 2024. This change was due to marking to market our interest rate swap hedges.
Current wording
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.
Previous wording
Other income (expense), net during the three months ended June 30, 2025 and the three months ended June 30, 2024 was comprised primarily of the Company’s recognition of its share of losses incurred by equity method investments.
Current wording
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.
Previous wording
The effective income tax rate during the three months ended June 30, 2025 was 29.6% compared to 39.3% during the three months ended June 30, 2024. During the three months ended June 30, 2024, the Company recorded an incremental tax benefit of approximately $103,000 to its deferred tax liabilities related to certain international intangible assets. Additionally, the change in the effective income tax rate reflect changes in the mix of income from multiple tax jurisdictions.
Current wording
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.
Previous wording
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 Company is currently evaluating the full effects of the tax law change. However, the legislation is not at this time expected to have a material impact on the Company’s financial statements. Since the law was enacted after the end of the Company’s first fiscal quarter, the Company has not reflected any impact from the OBBBA in its financial statements for the three months ended June 30, 2025.
Current wording
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.
Previous wording
Net loss was $644 thousand during the three months ended June 30, 2025 compared to the net loss of $453 thousand during the three months ended June 30, 2024. The increase in net loss was driven primarily by increases in interest expense and loss on fair value of swaps, partially offset by increases in gain (loss) on foreign exchange and operating income.
Current wording
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.
Previous wording
OIBDA increased by $1,414 thousand, or 12%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven by a $780 thousand increase in Music Publishing OIBDA and a $403 thousand increase in Recorded Music OIBDA. Expressed as a percentage of revenue, OIBDA Margin increased to 34% for the three months ended June 30, 2025 from 33% for the three months ended June 30, 2024.
Current wording
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.
Previous wording
Recorded Music OIBDA increased by $403 thousand, or 9% during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenue, Recorded Music OIBDA Margin was 46% during the three months ended June 30, 2025 and the three months ended June 30, 2024.
Current wording
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.
Previous wording
Music Publishing OIBDA increased by $780 thousand, or 12%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenue, Music Publishing OIBDA Margin increased to 30% in the three months ended June 30, 2025 from 28% in the three months ended June 30, 2024. The increases in Music Publishing OIBDA and OIBDA Margin reflect an increase in revenues and a decrease in cost of revenue as a percentage of revenues.
Current wording
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.
Previous wording
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Current wording
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Previous wording
Adjusted EBITDA increased by $1,274 thousand, or 10%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.
Current wording
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.
Previous wording
As of June 30, 2025, we had $387,367 thousand of debt (net of $4,461 thousand of deferred financing costs) and $14,857 thousand of cash and cash equivalents.
Current wording
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.
Previous wording
Cash provided by operating activities was $6,014 thousand for the three months ended June 30, 2025 compared to $8,556 thousand for the three months ended June 30, 2024. The primary driver of the $2,542 thousand decrease in cash provided by operating activities during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was cash used for working capital, due primarily to the timing of royalty payments to artists and royalty advance recoupments, partially offset by the timing of collections of accounts receivable and payments of accounts payable.
Current wording
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. 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.
Previous wording
Cash used for investing activities was $9,659 thousand for the three months ended June 30, 2025 compared to $1,899 thousand for the three months ended June 30, 2024. The increase in cash used in investing activities was primarily due to an increase in acquisitions of music catalogs.
Current wording
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. The increase in cash used in investing activities was primarily due to an increase in acquisitions of music catalogs.
Previous wording
Cash used for financing activities was $2,509 thousand for the three months ended June 30, 2025 compared to $8,415 thousand for the three months ended June 30, 2024. The decrease in cash used for financing activities in the three months ended June 30, 2025 primarily reflects a decrease in net repayments of the secured line of credit.
Current wording
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.
Previous wording
As of June 30, 2025, our outstanding debt consisted of $391,828 thousand borrowed under the Senior Credit Facility. As of June 30, 2025, remaining borrowing availability under the Senior Credit Facility was $158,172 thousand.
Current wording
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.
Previous wording
At June 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 with reference to notional amounts adjusted to match the amended scheduled principal repayments pursuant to the Senior Credit Facility (in thousands):
Current wording
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):
Previous wording
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 three months ended June 30, 2025.
Current wording
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.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.
Current report — wording carried from elsewhere
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.