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(Date of Event Which Requires Filing of this Statement)


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SCHEDULE 13D/A 0000921895-23-002791 0001929389 XXXXXXXX LIVE 5 Common Stock, $0.0001 par value per share 02/26/2026 false 0001824403 76119X105 Reservoir Media, Inc. 200 VARICK STREET, SUITE 801 NEW YORK NY 10014 IRENIC CAPITAL MANAGEMENT LP (646) 993-6330 767 Fifth Avenue, 15th Floor New York NY 10153 ANDREW FREEDMAN (212) 451-2300 OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York NY 10019 0001929389 N Irenic Capital Management LP WC N DE 6106176.00 0.00 6106176.00 0.00 6106176.00 N 9.3 IA PN Common Stock, $0.0001 par value per share Reservoir Media, Inc. 200 VARICK STREET, SUITE 801 NEW YORK NY 10014 The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned ("Amendment No. 5"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein. Item 3 is hereby amended and restated to read as follows: The Shares purchased by the Reporting Person were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 6,106,176 Shares beneficially owned by the Reporting Person is approximately $40,846,953, excluding brokerage commissions. Item 4 is hereby amended to add the following: Irenic Capital continues to be supportive of the Issuer's management, and to believe that the securities of the Issuer are undervalued and represent an attractive investment opportunity, especially in light of management's expertise. As a result, Irenic Capital submitted a nonbinding proposal to acquire 100% of the Issuer's outstanding equity at a price, per share in cash, between $10.00 to $11.00 per share. The proposal is subject to a number of conditions, including Irenic Capital reaching agreement with the existing management team regarding their continued employment by the Issuer following an acquisition. Irenic Capital's proposal also included an option for certain major stakeholders to participate in the acquisition. Item 5(a) is hereby amended and restated to read as follows: See rows (11) and (13) of the cover page to this Amendment No. 5 for the aggregate number of Shares and percentage of Shares beneficially owned by the Reporting Person. The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based upon 65,600,219 Shares outstanding as of January 26, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 4, 2026. As of the date hereof, the Reporting Person beneficially owned 6,106,176 Shares, constituting approximately 9.3% of the Shares outstanding. Item 5(c) is amended and restated to read as follows: The transactions in the Shares effected by the Reporting Person since the filing of Amendment No. 4 to the Schedule 13D, which were all in the open market, are set forth in Exhibit 1 and attached hereto. Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities. Irenic Capital Management LP /s/ Adam Katz Adam Katz, Managing Member of Irenic Capital Management GP LLC, its general partner 03/02/2026