MMTRS 10-K & 10-Q changes, risk factors and insider trading
Mills Music Trust · OTC · Patent Owners & Lessors · CIK 66496 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
The Trust is a smaller reporting company as defined by Rule
12b-2 of the Exchange Act and is not required to provide the information under this item.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Not available: the section could not be located automatically in one of the filings (non-standard layout or incorporated by reference). See the original filing. Open the filing on SEC.gov.
What changed in the latest 10-Q
Risk Factors
The Trust is a smaller reporting company as defined by Rule
12b-2
of the Exchange Act and is not required to provide the information under this item.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Largest changes
“See the table headed “Statement of Cash Receipts and Disbursements” for information regarding cash disbursements made to Unit Holders during the three months ended March 31, 2026 and March 31, 2025. For more computation details regarding the payments received by the Trust in March 2026 and the related distribution to Unit Holders, please refer to the Current Report on Form 8-K, dated March 26, 2026, which the Trust filed with the Securities and Exchange Commission on March 26, 2026.”see in full comparison
“In March 2026, the Trust received from EMI the aggregate amount of $424,160 (the “Q4 Payment”), consisting of (i) a Contingent Portion payment of $241,647 ($0.8701 per Trust Unit) from EMI, which was attributable to royalty income generated by the Catalog during the fourth quarter of 2025 (the “Q4 Contingent Portion Payment”), as compared to $260,759 ($0.9390 per Trust Unit) for the Continent Portion payment attributable to royalty income generated by the Catalog the fourth quarter of 2024, (ii) $92,550 ($0.3333 per Trust Unit) as a result of a true up of the Contingent Portion payment made …”see in full comparison
“The key performance metric considered by the CODM is cash distributions per Trust Unit. Material cash receipts, disbursements and withholdings of the Trust which are reviewed by the CODM include receipts of the Contingent Portion from EMI and administrative expenses, which primarily consist of third party service provider fees (including legal, accounting, auditor and printer fees) and Trustee and Transfer Agent Registrar fees. …”see in full comparison
The Trust has one reportable segment: receiving quarterly payments of the Contingent Portion from EMI and distributing the amounts it receives to the Unit Holders, after payment of, or withholdings in connection with, expenses and liabilities of the Trust. As the Trust operates in one reportable segment, the CODM evaluates the performance of the Trust based on the aggregate amount of cash distributions which the Trust is able to pay to Unit Holders.see in full comparisonThe key performance metric considered by the CODM is cash distributions per Trust Unit. Material cash receipts, disbursements and withholdings of the Trust which are reviewed by the CODM include receipts of the Contingent Portion from EMI and administrative expenses, which primarily consist of third party service provider fees (including legal, accounting, auditor and printer fees) and Trustee and Transfer Agent Registrar fees. The CODM will continue to evaluate its segment reporting disclosures and make adjustments if and to the extent there are material changes in financial reporting requirements.
“In June 2026, the Trust received from EMI a Contingent Portion payment of $225,863 ($0.8133 Per Trust Unit) attributable to royalties received by EMI in the first quarter of 2026 (“Q1 Contingent Portion Payment”), as compared to $202,850 ($0.7304 per Trust Unit) from EMI for the payment attributable to royalty income generated by the Catalog during the first quarter of 2025.”see in full comparison
“See the table headed “Statements of Cash Receipts and Disbursements” under Part 1 — Item 1, “Financial Statements” for information regarding cash disbursements made to Unit Holders during the three and six months ended June 30, 2026 and June 30, 2025.”see in full comparison
Full comparison: every changed paragraph (12)
The amount of each payment of the Contingent Portion is based on a formula set forthprovided in the Asset Purchase Agreement. Prior to the first quarter of 2010, the Contingent Portion was calculated as an amount ranging from 65% to 75% of gross royalty income from the exploitation of the Catalogue for each quarterly period, less royalty expenses. In addition, the Contingent Portion was guaranteed to be at least a minimum of $167,500 per quarter (the “Minimum Payment Obligation”).
Recent Contingent Portion Payments and Other AmountsPayment
In June 2026, the Trust received from EMI a Contingent Portion payment of $225,863 ($0.8133 Per Trust Unit) attributable to royalties received by EMI in the first quarter of 2026 (“Q1 Contingent Portion Payment”), as compared to $202,850 ($0.7304 per Trust Unit) from EMI for the payment attributable to royalty income generated by the Catalog during the first quarter of 2025.
In March 2026, the Trust received from EMI the aggregate amount of $424,160 (the “Q4 Payment”), consisting of (i) a Contingent Portion payment of $241,647 ($0.8701 per Trust Unit) from EMI, which was attributable to royalty income generated by the Catalog during the fourth quarter of 2025 (the “Q4 Contingent Portion Payment”), as compared to $260,759 ($0.9390 per Trust Unit) for the Continent Portion payment attributable to royalty income generated by the Catalog the fourth quarter of 2024, (ii) $92,550 ($0.3333 per Trust Unit) as a result of a true up of the Contingent Portion payment made by EMI to the Trust during the third quarter of 2025 in respect of royalty income generated by the Catalogue in the third quarter of 2025 (the “Q3 Contingent Portion Payment True Up”), and (iii) $89,963 ($0.3239 per Trust Unit) as an additional payment with respect to the Q4 Contingent Portion Payment, which EMI claims is a result of a computational error made by EMI in calculating the Q4 Contingent Portion Payment (the “Additional Q4 Amount”). In the Trust’s view, the Additional Q4 Amount relates to the Calculation Method Dispute discussed in more detail above, a historical dispute between EMI and the Trust regarding the interpretation of a provision in the Asset Purchase Agreement governing the formula to be used to determine the Contingent Portion payment in a given quarter. EMI has advised the Trust that the Additional Q4 Amount represents an overpayment by EMI to the Trust and that EMI intends to correct such overpayment in future quarters by offset against future Contingent Portion payments to be made to the Trust. The Trust does not agree that the Additional Q4 Amount is an overpayment and intends to reserve its rights with respect to the Additional Q4 Amount and the Calculation Method Dispute.
After receiving the Q4Q1 Contingent Portion Payment, the Trust paid $78,865$132,540 to third partiesparty advisors and professionals providing services to the Trust in connection with invoices rendered to the Trust, leaving aan aggregate balance of $345,295$93,323 ($1.2434$0.3360 per Trust Unit), which such balance was distributed to the Unit Holders on MarchJune 26,24, 2026.
For information regarding cash disbursements made to Unit Holders for the three and six months ended June 30, 2026 and June 30, 2025 see the table headed “Statements of Cash Receipts and Disbursements” under Part I — Item 1, “Financial Statements”.
See the table headed “Statement of Cash Receipts and Disbursements” for information regarding cash disbursements made to Unit Holders during the three months ended March 31, 2026 and March 31, 2025. For more computation details regarding the payments received by the Trust in March 2026 and the related distribution to Unit Holders, please refer to the Current Report on Form 8-K, dated March 26, 2026, which the Trust filed with the Securities and Exchange Commission on March 26, 2026.
As of MarchJuly 31, 2026, the Trust was holding $0 in cash and had $35,536$9,750 in unpaid administrative expenses for services rendered to the Trust.
The Trust has one reportable segment: receiving quarterly payments of the Contingent Portion from EMI and distributing the amounts it receives to the Unit Holders, after payment of, or withholdings in connection with, expenses and liabilities of the Trust. As the Trust operates in one reportable segment, the CODM evaluates the performance of the Trust based on the aggregate amount of cash distributions which the Trust is able to pay to Unit Holders. The key performance metric considered by the CODM is cash distributions per Trust Unit. Material cash receipts, disbursements and withholdings of the Trust which are reviewed by the CODM include receipts of the Contingent Portion from EMI and administrative expenses, which primarily consist of third party service provider fees (including legal, accounting, auditor and printer fees) and Trustee and Transfer Agent Registrar fees. The CODM will continue to evaluate its segment reporting disclosures and make adjustments if and to the extent there are material changes in financial reporting requirements.
The key performance metric considered by the CODM is cash distributions per Trust Unit. Material cash receipts, disbursements and withholdings of the Trust which are reviewed by the CODM include receipts of the Contingent Portion from EMI and administrative expenses, which primarily consist of third party service provider fees (including legal, accounting, auditor and printer fees) and Trustee and Transfer Agent Registrar fees. The CODM will continue to evaluate its segment reporting disclosures and make adjustments if and to the extent there are material changes in financial reporting requirements.
The Declaration of Trust provides for the distribution to the Unit Holders of all funds the Trust receives after payment of, or withholdings in connection with, expenses and liabilities of the Trust. See the table headed “Statements of Cash Receipts and Disbursements” under Part 1 — Item 1, “Financial Statements” for information regarding cash disbursements made to Unit Holders during the three months ended March 31, 2026 and March 31, 2025.
See the table headed “Statements of Cash Receipts and Disbursements” under Part 1 — Item 1, “Financial Statements” for information regarding cash disbursements made to Unit Holders during the three and six months ended June 30, 2026 and June 30, 2025.
MMTRS insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding MMTRS (13F)
None of the 59 investors we track reported a position in their latest 13F.