Reservoir Media, Inc..

Greetings and welcome to the Reservoir Media Q1 Fiscal Year 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to your host, Jackie Marcus. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for participating in today's earnings conference call. Reservoir Media issued a press release with results for its first quarter of fiscal year 2026 and to June 30, 2025, earlier this morning. If you did not receive a copy of our earnings press release, you may access it from the investor relations section of our website at investors.reservoir-media.com. With me on today's call are Gulnar Khosrowshahi, Founder and Chief Executive Officer, and Jim Heindelmeyer, Chief Financial Officer. As a reminder, this call is being simultaneously webcast and will be recorded and archived on the Investor Relations section of our website. Before I turn the call over to Gulnar and Jim, I'd like to note that today's discussion will contain forward-looking statements that reflect the current views of Reservoir Media about our business, financial performance, and future events, and as such involves certain risks and uncertainties. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our earnings press release and our filings with the Securities and Exchange Commission for more information on the specific risks, uncertainties, and other factors that could cause our actual results to differ materially from our expectations, beliefs, and projections described in today's discussion. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events except to the extent required by applicable law. In addition to financial results presented in accordance with generally accepted accounting principles, we plan to present during this call certain financial measures that do not conform to U.S. GAAP if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our earnings press release. I would now like to turn the call over to Bulnar.

Thank you, Jackie. Good morning, everyone, and thank you for joining us today. Our financial results in the first fiscal quarter put us in line with our full year projections. With top line growth of 8%, 5% coming organically, we continue to see healthy demand for our portfolio across music publishing and recorded music. Fiscal 2026 is shaping up to be an important year for Reservoir. we are actively advancing a robust pipeline of acquisition opportunities and continuing to diversify our portfolio in ways that enhance long-term value. This positions us well to execute on our strategic growth objectives. Just last month, we announced an investment in London-based entertainment company Lightroom, which develops and exhibits IT-led immersive entertainment experiences. Since its flagship London venue opened in February of 2023, Lightroom has stood out as a premier provider of immersive entertainment, combining exceptional storytelling with a scalable IP-driven product model. Lightroom's programming to date has featured an impressive slate of A-list collaborators, including Tom Hanks, Coldplay, David Hockney, Anna Wintour, and Hans Zimmer. The global immersive entertainment industry as a whole was valued at $133 billion in 2024 and is expected to reach $473 billion by 2030. This partnership diversifies Reservoir's investment portfolio into the high-growth immersive entertainment vertical and unlocks additional value from RIP's use as a foundation for future shows. Immersive experiences built around music are particularly attractive to the growing superfan market of highly engaged music fans, which has risen to 20% of paid streaming subscribers in the U.S. as of the end of 2024, according to Luminate. We are pleased to be supporting Lightroom's efforts and look forward to helping bring future shows to life. On the recorded music side of the business, we furthered our commitment to expanding this segment with the addition of independent label Fool's Gold Records. Reservoir acquired the master rights to the catalogs of five of the label's artists and will also exclusively market and distribute all other existing and future recordings on Fool's Gold, including sub-label A-Track and Friends. Fool's Gold earned its reputation as a tastemaker indie label across dance, electronic, and hip-hop, with hits by Kid Cudi, Danny Brown, and A-Track. The deal includes A-Track's era-defining remix of the Yeah Yeah Yeah's Heads Will Roll, and his duo, Duck Sauce's viral Grammy-nominated single, Barbra Streisand. This acquisition follows a recent addition of UK-based label New State, as well as a new partnership with Nashville-based label Off-Road Records. Together, these moves reflect our focused strategy to build and strengthen Reservoir's recorded music platform with commercially relevant assets. These labels are also all notably independent, and through these deals, we continue to champion the value and influence of indie music on a global scale. We are solidly scaling this segment of our business, and we believe it represents a meaningful opportunity for long-term value creation. Sustained client retention also continues to be a key driver of our long-term growth and operational stability. A few weeks ago, we announced the extension of our publishing deal with Grammy Award-winning songwriter-producer Chris Riddick-Times, who has been a part of the Reservoir family since 2020. Chris co-wrote and co-produced SZA's single, Snooze, which took home the 2024 Grammy for Best R&B Song and contributed to the success of her six-time platinum-selling and number one album, S.O.S. Earlier this spring, the album broke the record for most total weeks at number one on Billboard's top R&B hip-hop albums chart, beating out the long-standing record holder, Michael Jackson's Thriller. More recently, Chris co-wrote Kehlani's hit single, Folded, which debuted at number seven on Billboard's Hot R&B Songs and marks the biggest debut of her career to date. We also recently extended our agreement with music icon Joni Mitchell. Reservoir entered into an administration agreement with Joni in 2021 and it has been an incredible few years witnessing new generations of fans discovering Joni's magic through her triumphant return to the stage. We have been honored to support her during this time. Being in business with creators whose music is culturally impactful continues to be a hugely rewarding aspect of our business, and we look forward to our ongoing partnerships with them. I will now turn the call over to Jim to discuss our first fiscal quarter financial results in greater detail. Jim?