MANAGEMENT AGREEMENT	12 Months Ended
Mar. 31, 2026
MANAGEMENT AGREEMENT
MANAGEMENT AGREEMENT	MANAGEMENT AGREEMENT We have a management agreement (the "2022 Management Agreement") with ZMC Advisors, L.P. (“ZMC”), which became effective May 23, 2022 and replaced our previous management agreement. Pursuant to the 2022 Management Agreement, ZMC will continue to provide financial and management consulting services to the Company through March 31, 2029, Strauss Zelnick continues to serve as Executive Chairman and Chief Executive Officer of the Company, and Karl Slatoff continues to serve as President of the Company. The 2022 Management Agreement provides for an annual management fee of $3.3 for the term of the agreement and a maximum annual bonus opportunity of $13.2 for the term of the agreement, based on the Company achieving certain performance thresholds. In connection with the 2022 Management Agreement, we have granted and expect to grant time-based, market-based, and performance-based restricted units to ZMC. In consideration for ZMC's services, we recorded consulting expense within General and administrative expenses on our Consolidated Statements of Operations of $16.6, $10.2, and $6.5 for the fiscal years ended March 31, 2026, 2025, and 2024, respectively. During the fiscal years ended March 31, 2026, 2025, and 2024, we recorded stock-based compensation expense for restricted stock units granted to ZMC, which is also included in General and administrative expenses on our Consolidated Statements of Operations of $62.9, $56.2, and $52.8, respectively. See Note 16 - Stock-Based Compensation for a discussion of such awards.

We have a management agreement (the "2022 Management Agreement") with ZMC Advisors, L.P. (“ZMC”), which became effective May 23, 2022 and replaced our previous management agreement. Pursuant to the 2022 Management Agreement, ZMC will continue to provide financial and management consulting services to the Company through March 31, 2029, Strauss Zelnick continues to serve as Executive Chairman and Chief Executive Officer of the Company, and Karl Slatoff continues to serve as President of the Company. The 2022 Management Agreement provides for an annual management fee of $3.3 for the term of the agreement and a maximum annual bonus opportunity of $13.2 for the term of the agreement, based on the Company achieving certain performance thresholds. In connection with the 2022 Management Agreement, we have granted and expect to grant time-based, market-based, and performance-based restricted units to ZMC.

In consideration for ZMC's services, we recorded consulting expense within General and administrative expenses on our Consolidated Statements of Operations of $16.6, $10.2, and $6.5 for the fiscal years ended March 31, 2026, 2025, and 2024, respectively.

During the fiscal years ended March 31, 2026, 2025, and 2024, we recorded stock-based compensation expense for restricted stock units granted to ZMC, which is also included in General and administrative expenses on our Consolidated Statements of Operations of $62.9, $56.2, and $52.8, respectively. See Note 16 - Stock-Based Compensation for a discussion of such awards.