Irenic builds 9.2% Reservoir Media (RSVR) stake, weighing changes

Rhea-AI Filing Summary

Irenic Capital Management has filed an amended Schedule 13D showing a significant position in Reservoir Media, Inc. common stock. Irenic reports beneficial ownership of 6,061,176 shares, or about 9.2% of the company, based on 65,588,223 shares outstanding as of October 27, 2025.

The firm states it purchased these shares for approximately $40,442,724 using working capital, which may include ordinary-course margin loans. Irenic describes itself as supportive of management but believes the stock is undervalued and an attractive investment tied to management’s expertise.

Irenic indicates it may explore potential changes to Reservoir Media’s ownership, capital or corporate structure, including a possible acquisition or take-private transaction. It plans to communicate with management, the board, other shareholders and potential financing sources, and has disclosed its recent open‑market transactions in an exhibit.

Insights

Activist investing analyst

Irenic discloses a 9.2% Reservoir stake and signals possible strategic actions.

Irenic Capital Management now reports beneficial ownership of 6,061,176 Reservoir Media shares, or about 9.2% of the company, acquired for roughly $40,442,724. That size makes Irenic a meaningful shareholder with potential influence on governance and strategic direction.

Irenic states it is supportive of management yet views the stock as undervalued, highlighting management’s expertise as part of its investment case. At the same time, it explicitly leaves open options such as changes to ownership, capital structure, or even a potential acquisition or take‑private transaction.

The language about possible negotiations with management, the board, other stockholders, and financing sources suggests an activist-style posture, though no specific transaction is committed. Future company and shareholder communications may clarify whether discussions around strategic alternatives, including a potential take‑private, advance beyond the exploratory stage.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Reservoir Media, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

76119X105

(CUSIP Number)

IRENIC CAPITAL MANAGEMENT LP
767 Fifth Avenue, 15th Floor, 1325 Avenue of the Americas
New York, NY, 10153
(646) 993-6330

ANDREW FREEDMAN
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
(212) 451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/30/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 76119X105

1

Name of reporting person

Irenic Capital Management LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,061,176.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 6,061,176.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

6,061,176.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.2 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value per share
(b)	Name of Issuer: Reservoir Media, Inc.
(c)	Address of Issuer's Principal Executive Offices: 200 VARICK STREET, SUITE 801, NEW YORK, NEW YORK , 10014.
Item 1 Comment: The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned ("Amendment No. 4"). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.
Item 3.	Source and Amount of Funds or Other Consideration
	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 6,061,176 Shares beneficially owned by the Reporting Person is approximately $40,442,724, excluding brokerage commissions.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: Irenic Capital is supportive of the Issuer's management, but believes that the securities of the Issuer are undervalued and represent an attractive investment opportunity, especially in light of management's expertise. Nevertheless, Irenic Capital may consider, explore and/or develop plans and/or make proposals (whether preliminary or final) with respect to, among other things, potential changes in the Issuer's ownership, capital or corporate structure, including a potential acquisition, including a take private transaction. Irenic Capital intends to communicate with the Issuer's management and Board about, and may enter into negotiations and agreements with them regarding, the foregoing and to communicate with other stockholders or third parties, including potential financing sources regarding the Issuer. Irenic Capital may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. Irenic Capital may change its intentions with respect to any and all matters referred to in this Item 4. It may also take steps to explore and prepare for various plans and actions, and propose transactions, before forming an intention to engage in such plans or actions or proceed with such transactions.
Item 5.	Interest in Securities of the Issuer
(a)	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. 4 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 65,588,223 Shares outstanding as of October 27, 2025, 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 November 4, 2025. As of the date hereof, the Reporting Person beneficially owned 6,061,176 Shares, constituting approximately 9.2% of the Shares outstanding.
(c)	Item 5(c) is amended and restated to read as follows: The transactions in the Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth in Exhibit 1 and attached hereto.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Irenic Capital Management LP

Signature:	/s/ Adam Katz
Name/Title:	Adam Katz, Managing Member of Irenic Capital Management GP LLC, its general partner
Date:	02/03/2026

FAQ

What stake does Irenic Capital hold in Reservoir Media (RSVR)?

Irenic Capital Management reports beneficial ownership of 6,061,176 Reservoir Media shares, representing about 9.2% of outstanding common stock. This percentage is based on 65,588,223 shares outstanding as of October 27, 2025, as disclosed in the company’s Form 10-Q.

How much did Irenic Capital pay for its Reservoir Media (RSVR) shares?

Irenic states it paid approximately $40,442,724 in aggregate for its 6,061,176 Reservoir Media shares. The purchases were funded with working capital, which may include margin loans from brokerage firms incurred in the ordinary course of business, excluding brokerage commissions.

Why does Irenic Capital believe Reservoir Media (RSVR) is attractive?

Irenic describes Reservoir Media’s securities as undervalued and an attractive investment opportunity. It highlights the issuer’s management expertise as a key factor supporting this view, while also indicating general support for the current management team despite considering possible strategic changes.

What strategic actions might Irenic Capital consider regarding Reservoir Media (RSVR)?

Irenic may consider or develop plans involving changes to Reservoir Media’s ownership, capital, or corporate structure. It specifically mentions a potential acquisition, including a take‑private transaction, while emphasizing that its intentions can change and that no definitive plan has been formed.

How does Irenic Capital plan to engage with Reservoir Media (RSVR) management and others?

Irenic intends to communicate with Reservoir’s management and board, and may enter into negotiations and agreements with them. It may also speak with other stockholders and potential financing sources, exchanging information under confidentiality or similar agreements regarding possible strategic alternatives.

Where can investors find Irenic Capital’s recent Reservoir Media (RSVR) trades?

Irenic discloses that all its Reservoir Media share transactions over the past 60 days were open‑market trades. The detailed list of these transactions is provided in Exhibit 1, referenced as “Transactions in Securities” attached to the amended Schedule 13D filing.