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INTANGIBLE ASSETS

9 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 6. INTANGIBLE ASSETS

Intangible assets subject to amortization consist of the following as of December 31, 2025 and March 31, 2025:

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31,		​ ​ ​	March 31,
​	​	2025		​	2025
Intangible assets subject to amortization:		​	​		​	​
Publishing and recorded music catalogs	​	$	976,107,499		$	875,475,723
Artist management contracts	​		970,597			933,733
Gross intangible assets	​		977,078,096		​	876,409,456
Accumulated amortization	​		(179,909,135)		​	(156,736,237)
Intangible assets, net	​	$	797,168,961	​	$	719,673,219

​

Straight-line amortization expense totaled $7,731,933 and $6,658,587 during the three months ended December 31, 2025 and 2024, respectively. Straight-line amortization expense totaled $22,496,117 and $19,356,966 during the nine months ended December 31, 2025 and 2024, respectively. Publishing and recorded music catalogs acquired during the nine months ended December 31, 2025 and 2024 were determined to have a useful life of 30 years.

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The entire disclosure for all or part of the information related to intangible assets.

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