Reservoir Media, Inc.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. In making this evaluation, management considered the unremediated material weakness in our internal control over financial reporting described below. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2025, the period covered in this report, our disclosure controls and procedures were not effective due to the unremediated material weakness in internal control over financial reporting described below.

Notwithstanding the assessment that our disclosure controls and procedures were not effective and that a material weakness existed as of March 31, 2025, we believe that we have performed sufficient supplementary procedures to ensure that the consolidated financial statements contained in this filing fairly present our financial position, results of operations, and cash flows for the reporting periods covered herein in all material respects.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) of the Exchange Act). Our internal control system is designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

Management assessed the effectiveness of our internal control over financial reporting as of March 31, 2025. In making this assessment, management used the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework (2013). Based on this assessment, management has concluded that, as of March 31, 2025, our internal control over financial reporting was not effective due to a material weakness described below.

Under the rules and regulations of the SEC, when we are no longer an “emerging growth company” as defined in the JOBS Act, our independent registered public accounting firm will be required to report on the effectiveness of our internal control over financial reporting pursuant to Section 404.

Material Weaknesses in Internal Control over Financial Reporting

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

We previously disclosed in our Annual Report on Form 10-K for the period ended March 31, 2024, as well as in our Quarterly Reports on Form 10-Q for each interim period in fiscal 2025, material weaknesses in our internal control over financial reporting relating to (i) an ineffective control environment due to improper segregation of duties, (ii) a lack of qualified personnel to address certain complex accounting transactions, (iii) an ineffective risk assessment process, and (iv) improper design of control activities to address certain risks of material misstatement. As described below, we have fully remediated three of these material weaknesses during fiscal 2025, but one material weakness remains unremediated as of March 31, 2025.

Remediation Efforts and Status of Material Weaknesses

During fiscal 2025, we continued to take significant steps to remediate the material weaknesses described above, with the following outcomes:

(iii)an ineffective risk assessment process (remediated)

(iv)the improper design of control activities to address certain risks of material misstatement (partially remediated)

There is a material weakness in the aggregate in the control activities component of the COSO Framework due to improper design of control activities to address certain risks of material misstatement. This relates to the Company’s primary third-party system for the processing, recording and reporting of Recorded Music royalty expense along with Recorded Music royalty payables and advances. The Company has not designed certain controls related to the reliability of this system and the reports

generated by this system which are relied upon by management to support other control activities. Management relies on the accuracy and completeness of data processed and calculated by this information system, which includes contractual rates, usage tracking, and allocation of payments to artists for the preparation of its financial statements. The Company also relies on certain reports generated by this system to support controls over the recognition and reporting of royalty expense along with royalty payables and advances. The service organization operating this system does not provide an independent assurance report regarding the design and operating effectiveness of its internal controls over financial reporting, including both application controls and general IT controls such as logical access, change management, and data integrity. This material weakness has not been fully remediated as of March 31, 2025.

We continue to improve our processes and control activities and are testing the design and operating effectiveness of our newly implemented and enhanced controls as remediation progresses.

While the Company has made considerable progress this year, we will not be able to fully remediate the remaining material weakness until we have implemented the remaining planned corrective actions and the applicable controls operate effectively for a sufficient period of time. Our management will continue to monitor the effectiveness of our remediation plans in future periods and will make the changes management determines to be appropriate.

Changes in Internal Control over Financial Reporting

Other than the specific remediation activities noted above, there have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Controls and Procedures

In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.