Mills Music Trust reported total receipts of $1.570141 million for the period (including a $0.5 million settlement received in 2025) and distributed $0.652817 million to unit holders, equal to $2.35 per trust unit. Administrative disbursements increased to $0.917370 million, while undistributed cash at year-end was $0.000 million. The Trust continues to pursue a calculation-method dispute with its administrator, EMI, over certain royalty payments.
Financial Highlights
- Receipts from EMI: $1.570141 million (includes $0.500 million settlement received in 2025).
- Balance Available for Distribution: $0.652817 million, distributed to unit holders in 2025.
- Cash Distributions to Unit Holders: $0.652817 million, or $2.35 per Trust Unit (277,712 units).
- Undistributed Cash at End of Year: $0.000 million (compare $0.046 thousand at 12/31/2024).
- Disbursements – Administrative Expenses: $0.917370 million (increased from $0.633042 million in 2024).
Business Highlights
- Revenue Composition: Ordinary contingent royalties remain the primary income source, supplemented by the one-time $0.5 million settlement with EMI.
- Royalty Calculation Dispute: Ongoing Calculation Method Dispute with EMI; the Trust reports $147,742 of underpayments for 2025 that remain unpaid and unresolved.
- Operational Agreement Milestone: On October 30, 2025, an amended APA delivered a $500,000 payment and established caps on foreign sub-publishing fees and U.S. renewal cost offsets, effective July 1, 2025.
- Catalogue Reliance and Risk: Future income depends on EMI's administration and copyright term/renewal outcomes for the catalogue, with expirations between 2021 and 2049 potentially reducing future royalties.
- Distributions & Expense Management: Total distributions in 2025 were $652,817; as of March 31, 2026 there were no unpaid administrative expenses reported.
Original SEC Filing:
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