A passive legal trust that collects royalty income from a vast catalogue of music copyrights once published by Mills Music, Inc. — a pioneering music publisher founded in 1919 by brothers Jack and Irving Mills. The trust was created in 1964 when the original company sold its catalogue (spanning over twenty-five thousand titles) to EMI but kept a share of future royalties to pass along to its unit holders. The catalogue is a who's who of jazz: Irving Mills managed and championed Duke Ellington, and the company published Cab Calloway's signature hit "Minnie the Moocher."
Mills Music Trust reports Q1 2026 contingent payment of $225,863, distributing $93,323 to unit holders.
The payment relates to royalty income from the Trust's copyright catalogue in Q1 2026, compared to $202,850 ($0.7304 per unit) for Q1 2025.
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On June 24, 2026, Mills Music Trust issued Quarterly Distribution Report No. 246 to unit holders.
The Trust received approximately $225,863 ($0.8133 per unit) from Sony Music Publishing for the Q1 2026 contingent portion payment.
After paying $132,540 to third-party advisors, the Trust distributed $93,323 ($0.3360 per unit) to unit holders of record as of June 23, 2026.
Sony EMI claims an overpayment of $89,973 for Q4 2025 due to a computational error, which the Trust disputes as part of a historical Calculation Method Dispute.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust reports Q4 2025 distribution of $1.2434 per unit, notes Sony EMI overpayment.
The Trust received $241,647 ($0.8701 per unit) as the Q4 contingent portion payment from Sony Music Publishing, down from $260,759 ($0.9390 per unit) in Q4 2024.
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On March 25, 2026, Mills Music Trust issued Quarterly Distribution Report No. 245 covering the Q4 2025 distribution period.
Additional amounts received included a $92,550 Q3 true-up payment and an $89,973 additional Q4 amount, which Sony EMI later identified as an overpayment due to a computational error.
After paying $78,865 in administrative expenses, the Trust distributed $345,295 ($1.2434 per unit) to unit holders of record as of March 24, 2026.
Sony EMI intends to offset the $89,973 overpayment against future contingent portion payments to the Trust.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust reports Q4 2025 distribution of $652,817, including audit settlement and reserve release.
The Trust received $250,000 ($0.9002 per unit) as a contingent portion payment from Sony Music Publishing for Q3 2025 royalty income, up from $241,778 in the prior year quarter.
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On December 18, 2025, Mills Music Trust issued Quarterly Distribution Report No. 244 to Unit Holders of record as of December 17, 2025.
The Trust received a $500,000 ($1.8004 per unit) audit settlement payment related to an October 30, 2025 settlement agreement with EMI Mills Music Inc. and EMI Consortium Music Publishing Inc.
The Trustees released the entire cash reserve of $377,109 ($1.3579 per unit) for distribution to Unit Holders.
After paying $474,292 in administrative expenses, the Trust distributed $652,817 ($2.3506 per unit), compared to $658,733 ($2.372 per unit) for the twelve months ended December 31, 2024.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust settles claims with EMI, receives $500,000 and amends purchase agreement
On October 30, 2025, Mills Music Trust and EMI agreed to settle all claims related to Contingent Portion Payments under the 1964 Asset Purchase Agreement for periods before December 31, 2024.
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EMI will pay the Trust $500,000 within ten business days of October 30, 2025, in full settlement of the settled claims.
The Asset Purchase Agreement is amended to cap foreign sub-publishing fees at 25% starting with the quarterly period beginning July 1, 2025.
The amendment also limits EMI's offset for U.S. copyright renewal costs to U.S. royalty income only, effective from the quarterly period beginning July 1, 2025.
The pro forma amended Asset Purchase Agreement is filed as Exhibit 4 to this Form 8-K.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust withholds Q2 2025 distribution, reserving funds for expenses
On September 29, 2025, Mills Music Trust issued Quarterly Distribution Report No. 243 to Unit Holders regarding the Q2 2025 Contingent Portion Payment from Sony Music Publishing.
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The Trust received $356,532 ($1.2838 per Trust Unit) for Q2 2025, down from $512,648 ($1.8460 per Unit) for Q2 2024.
After paying $117,457 to third-party advisors, the Trust reserved the remaining $377,065 ($1.3578 per Unit) for potential future administrative expenses and liabilities.
No distribution will be made to Unit Holders for the Q2 2025 Contingent Portion Payment or prior quarter payments at this time.
The report was filed under Item 8.01 as an other event, with the full report included as Exhibit 99.1.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust reports Q1 2025 royalty payment, no distribution to unit holders
Mills Music Trust received a Q1 2025 contingent portion payment of $202,850 ($0.7304 per unit) from Sony Music Publishing, down from $248,922 ($0.8963 per unit) in Q1 2024.
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After paying $128,793 to third-party advisors and professionals, the Trust retained an aggregate balance of $137,989 ($0.4968 per unit).
The Trustees reserved the full balance for potential future administrative expenses and liabilities under Section 5.7 of the Declaration of Trust.
No distribution will be made to unit holders for the Q1 2025 or Q4 2024 contingent portion payments at this time.
The report was filed as an exhibit to Form 8-K under Item 8.01 Other Events.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust reports Q4 2024 royalty payment, no distribution to unit holders
Mills Music Trust received $260,759 ($0.9390 per unit) from Sony Music Publishing for the Q4 2024 contingent portion payment, down from $288,427 ($1.0386 per unit) in Q4 2023.
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After paying $196,827 in third-party invoices, the remaining $63,932 was reserved for administrative expenses, leaving no amount available for distribution.
The trust will not make any distribution to unit holders for the Q4 2024 contingent portion payment.
The report was issued on March 31, 2025, and filed as Exhibit 99.1 to the Form 8-K.
The trust had 277,712 trust units outstanding as of the report date.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Mills Music Trust reports Q3 2024 Contingent Portion Payment of $241,778, no distribution due to expenses.
Administrative expenses to third parties totaled $277,422, exceeding the Contingent Portion Payment.
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The Trust received $241,778 ($0.8706 per unit) from Sony Music Publishing for the Q3 2024 Contingent Portion Payment, down from $281,292 ($1.0129 per unit) in Q3 2023.
As a result, the Trust will not make any distribution to Unit Holders for the Q3 2024 Contingent Portion Payment and will create a reserve from future distributions to cover the deficit and anticipated expenses.
The report was issued on December 31, 2024, and filed as Exhibit 99.1 to this Form 8-K under Item 8.01.
The Trust had 277,712 Trust Units outstanding as of the record date.
8.01 Other Events · 9.01 Financial Statements and Exhibits