Mills Music Trust Q1 2026 cash and royalty update

Mills Music Trust reports first-quarter 2026 cash activity and provides an update on its royalty dispute with EMI.

Rhea-AI Filing Summary

Mills Music Trust reports first-quarter 2026 cash activity and provides an update on its royalty dispute with EMI. The Trust received $424,160 from EMI in March 2026, including a fourth-quarter 2025 Contingent Portion payment, a true-up for third-quarter 2025, and an additional fourth-quarter amount EMI characterizes as a computational correction.

After paying $78,865 of administrative expenses, the Trust distributed $345,295, or $1.2434 per Trust Unit, to holders of 277,712 units and ended the quarter with no cash and $35,536 of unpaid administrative expenses. The Trust states that, based on its interpretation of the Asset Purchase Agreement, EMI’s recent Contingent Portion payments are deficient, citing Calculation Method Underpayments totaling $271,140 for periods from March 31, 2025 through March 31, 2026, which EMI disputes. A prior $500,000 settlement resolved underpayment and methodology claims only through December 31, 2024, leaving the ongoing “Calculation Method Dispute” and post-2024 underpayment claims unresolved.

Positive

• None.

Negative

• Unresolved royalty calculation dispute with EMI: The Trust reports Calculation Method Underpayments totaling $271,140 for periods from March 31, 2025 through March 31, 2026, which EMI disputes, and confirms that a prior $500,000 settlement did not resolve this ongoing methodology disagreement for periods after December 31, 2024.
• No cash balance and unpaid expenses: As of March 31, 2026, the Trust reports holding $0 in cash with $35,536 of unpaid administrative expenses for services rendered, increasing reliance on future royalty receipts from EMI.

Insights

Royalty trust and income-securities analyst

High Q1 cash payout but unresolved EMI royalty dispute adds risk.

Mills Music Trust’s model is simple: it passes through cash it receives from EMI after expenses. In March 2026 it received $424,160, paid $78,865 of administrative costs, and distributed $345,295 ($1.2434 per unit) to 277,712 Trust Units.

The filing highlights tension with EMI over how Contingent Portion royalties are calculated. The Trust cites Calculation Method Underpayments totaling $271,140 for periods ending March 31, 2025, September 30, 2025 and March 31, 2026, while EMI disagrees. A separate $500,000 settlement addressed underpayment issues only through December 31, 2024.

The Trust ended March 31, 2026 with no cash on hand and $35,536 of unpaid administrative expenses, underlining its reliance on future royalty remittances. Actual distributions will depend on EMI’s ongoing royalty payments and how the unresolved “Calculation Method Dispute” and planned offsets to the $89,963 Additional Q4 Amount are ultimately resolved.

Key Figures

Receipts from EMI: $424,160 Administrative expenses: $78,865 Cash distributed to unit holders: $345,295 +5 more

8 metrics

Receipts from EMI $424,160 Three months ended March 31, 2026

Administrative expenses $78,865 Three months ended March 31, 2026

Cash distributed to unit holders $345,295 Three months ended March 31, 2026

Cash distribution per Trust Unit $1.2434 per unit Based on 277,712 units, Q1 2026

Calculation Method Underpayments $271,140 Deficiencies identified by the Trust as of March 31, 2026

Settlement payment from EMI $500,000 Paid November 5, 2025 for claims through December 31, 2024

Unpaid administrative expenses $35,536 As of March 31, 2026

Fourth-quarter 2025 Contingent Portion $241,647 Royalty income for Q4 2025 paid March 2026

Key Terms

Contingent Portion, Calculation Method Dispute, Settlement Agreement, statutory termination of transfers, +1 more

5 terms

Contingent Portion financial

"The amount of each payment of the Contingent Portion is based on a formula set forth in the Asset Purchase Agreement."

Calculation Method Dispute financial

"However, EMI has disputed that the New Calculation Method is the correct interpretation of the Asset Purchase Agreement (the “Calculation Method Dispute”)."

Settlement Agreement financial

"the Trust, Trustees, EMI and certain EMI affiliates entered into a settlement agreement, effective as of July 1, 2025 (the “Settlement Agreement”)"

A settlement agreement is a legally binding deal where two sides resolve a dispute—often a lawsuit—by agreeing on terms such as payments, actions, or changes in behavior instead of continuing the case to trial. For investors it matters because settlements can create immediate costs, limit future liabilities or risks, and change a company's cash flow, reputation, or ongoing obligations much like paying a negotiated bill to avoid a lengthy, uncertain fight.

statutory termination of transfers regulatory

"These factors include reversionary rights that may affect whether EMI is able to retain its rights to the Copyrighted Songs during certain renewal terms (e.g., statutory termination of transfers or “copyright recapture”)."

Rule 10b5-1(c) regulatory

"none of the Trustees adopted or terminated any contract... intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act"

Rule 10b5-1(c) is an SEC guideline that lets company insiders set up a written, pre-planned schedule to buy or sell their company stock when they are not in possession of material, nonpublic information. For investors, it matters because such plans can reduce the appearance of insider trading by separating decisions from inside knowledge—like putting your trades on autopilot—while also requiring scrutiny since pre-planned trades can still affect market confidence and share value.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much cash did Mills Music Trust (MMTRS) distribute per unit in Q1 2026?

Mills Music Trust distributed $1.2434 per Trust Unit based on 277,712 units outstanding. This came from $424,160 in receipts from EMI, less $78,865 of administrative expenses, leaving $345,295 available for distribution during the quarter.

What royalty underpayments does Mills Music Trust (MMTRS) say exist as of March 31, 2026?

The Trust reports Calculation Method Underpayments totaling $271,140 across specified periods ending March 31, 2025, September 30, 2025 and March 31, 2026. These amounts reflect the Trust’s interpretation of the Contingent Portion formula; EMI expressly disagrees with this position.

What was included in Mills Music Trust’s March 2026 payment from EMI?

The Trust received $424,160 from EMI in March 2026, comprising a $241,647 Q4 2025 Contingent Portion payment, a $92,550 Q3 2025 true-up, and an $89,963 Additional Q4 Amount that EMI characterizes as an overpayment but the Trust associates with the calculation dispute.

Did the $500,000 settlement fully resolve Mills Music Trust’s dispute with EMI?

No, the $500,000 settlement covered periods only through December 31, 2024. It resolved prior underpayment and methodology claims and amended certain fee and offset terms, but did not resolve the ongoing Calculation Method Dispute for periods after December 31, 2024.

What is Mills Music Trust’s cash and expense position as of March 31, 2026?

As of March 31, 2026 the Trust reports $0 cash and $35,536 in unpaid administrative expenses for services rendered. The structure requires distributing available funds after costs, leaving future expenses dependent on upcoming royalty remittances from EMI.

How many Trust Units of Mills Music Trust (MMTRS) are outstanding?

The filing states that 277,712 Trust Units were outstanding as of March 31, 2026. This unit count is used to calculate per-unit cash distributions, such as the $1.2434 per-unit payout described for the March 2026 distribution.

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falseQ10000066496NY--12-31These services are performed by the Corporate Trustee.Includes undistributed cash in the aggregate amount of $63,932 which was being held in reserve for future potential administrative expenses and liabilities in accordance with the Declaration of Trust. All such amounts were distributed to Unit Holders in Q4 2025.The receipts from EMI consist of (i) $241,647 ($0.8701 per Trust Unit) attributable to royalty income generated by the Catalog during the fourth quarter of 2025 (the “Q4 Contingent Portion Payment”), (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 the 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 below, 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 intends to reserve its rights with respect to the Additional Q4 Amount and the Calculation Method Dispute. 0000066496 2025-04-01 2026-03-31 0000066496 2026-01-01 2026-03-31 0000066496 2025-10-01 2025-12-31 0000066496 2025-07-01 2025-09-30 0000066496 2025-04-01 2025-06-30 0000066496 2025-01-01 2025-03-31 0000066496 2026-03-31 0000066496 2010-03-31 0000066496 2025-12-31 0000066496 2024-12-31 0000066496 2025-03-31 0000066496 srt:MaximumMember 2026-01-01 2026-03-31 0000066496 mmtrs:CorporateTrusteeFeesMember 2026-01-01 2026-03-31 0000066496 us-gaap:IndividualMember 2026-01-01 2026-03-31 0000066496 mmtrs:TransferAgentRegistrarFeesMember 2026-01-01 2026-03-31 0000066496 mmtrs:Top50SongListingMember 2026-01-01 2026-03-31 0000066496 mmtrs:Q3ContingentPortionPaymentTrueUpMember 2026-01-01 2026-03-31 0000066496 mmtrs:Q4ContingentPortionPaymentMember 2026-01-01 2026-03-31 0000066496 mmtrs:TransferAgentRegistrarFeesMember 2025-01-01 2025-03-31 0000066496 mmtrs:CorporateTrusteeFeesMember 2025-01-01 2025-03-31 0000066496 us-gaap:IndividualMember 2025-01-01 2025-03-31 0000066496 srt:MaximumMember 2010-01-01 2010-03-31 0000066496 srt:MinimumMember 2010-01-01 2010-03-31 0000066496 us-gaap:AssetHeldInTrustMember 2025-07-01 2025-09-30 0000066496 us-gaap:AssetHeldInTrustMember 2025-10-01 2025-12-31 iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from       to     

Commission file Number

000-02123

MILLS MUSIC TRUST

(Exact name of registrant as specified in its charter)

New York		13-6183792
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o HSBC Bank USA, N.A., Corporate Trust Issuer Services,

66 Hudson Boulevard East, New York, NY 10001

(Address of principal executive offices and ZIP Code)

Registrant’s telephone number, including area code: (212) 525-1349

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
				Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the Registrant’s Trust Units outstanding as of March 31, 2026 was 277,712.

TABLE OF CONTENTS

PART I — FINANCIAL STATEMENTS			1
Item 1. Financial Statements			1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			6
Item 3. Quantitative and Qualitative Disclosures About Market Risk			11
Item 4. Controls and Procedures			11
PART II — OTHER INFORMATION			12
Item 1. Legal Proceedings			12
Item 1A. Risk Factors			12
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds			12
Item 3. Defaults Upon Senior Securities			12
Item 4. Mine Safety Disclosures			12
Item 5. Other Information			12
Item 6. Exhibits			12
SIGNATURES			13

0

PART I — FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

MILLS MUSIC TRUST

STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

THREE MONTHS ENDED

MARCH 31, 2026 AND MARCH 31, 2025

(UNAUDITED)

		Three Months Ended March 31
		2026				2025
Receipts from EMI		$	424,160	(1)		$	260,759
Undistributed Cash at Beginning of Period			0				46
Disbursements —Administrative Expenses			(78,865	)			(196,827	)
Balance Available for Distribution			345,295				63,978
Cash Distributions to Unit Holders			345,295				0
Undistributed Cash at End of Period		$	0			$	63,978	(2)
Cash Distribution per Trust Unit (based on 277,712 Trust Units outstanding)		$	1.2434			$	0.0000

(1) The receipts from EMI consist of (i) $241,647 ($0.8701 per Trust Unit) attributable to royalty income generated by the Catalog during the fourth quarter of 2025 (the “Q4 Contingent Portion Payment”), (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 the 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 below, 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 intends to reserve its rights with respect to the Additional Q4 Amount and the Calculation Method Dispute.

(2) Includes undistributed cash in the aggregate amount of $63,932 which was being held in reserve for future potential administrative expenses and liabilities in accordance with the Declaration of Trust. All such amounts were distributed to Unit Holders in Q4 2025.

The accompanying notes are an integral part of the unaudited financial statements.

The Trust does not prepare a balance sheet or a statement of cash flows.

1

Table of Contents

MILLS MUSIC TRUST

NOTES TO STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS

THREE MONTHS ENDED

MARCH 31, 2026 AND MARCH 31, 2025

(UNAUDITED)

NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Background

Mills Music Trust (the “Trust”) was created by a Declaration of Trust, dated December 3, 1964 (the “Declaration of Trust”), for the purpose of acquiring from Mills Music, Inc. (“Old Mills”), the right to receive payment of a deferred contingent purchase price obligation (the “Contingent Portion”) payable to Old Mills. The obligation to pay the Contingent Portion arose as the result of the sale by Old Mills of its music and lyric copyright catalogue (the “Catalogue”) to a newly formed company pursuant to an asset purchase agreement dated December 5, 1964 (the “Asset Purchase Agreement”). Pursuant to the Asset Purchase Agreement, payment of the Contingent Portion to the Trust continues until the end of the year in which the last copyright in the Catalogue expires and cannot be renewed.

The Contingent Portion amounts are currently payable by EMI Mills Music Inc. (“EMI”), the owner of the copyrighted materials contained in the Catalogue. The Trust has been advised that Sony/ATV Music Publishing LLC (“Sony/ATV”) is the administrator and manager of EMI and the Catalogue.

HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust (the “Corporate Trustee”), and Lee Eastman is the Individual Trustee of the Trust (the “Individual Trustee” and together with the Corporate Trustee, the “Trustees”).

Proceeds from Contingent Portion Payments

The Trust receives quarterly payments of the Contingent Portion from EMI and distributes the amounts it receives to the registered owners of Trust Certificates (the “Unit Holders”) representing interests in the Trust (the “Trust Units”), after payment of, or withholdings in connection with, expenses and liabilities of the Trust. The Declaration of Trust provides that these are the Trust’s sole responsibilities and that the Trust is prohibited from engaging in any business activities.

Payments of the Contingent Portion to the Trust are based on royalty income which the Catalogue generates. The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust as its Contingent Portion payment obligation, in accordance with the terms of the Asset Purchase Agreement.

Calculation of the Contingent Portion

Payments of the Contingent Portion to the Trust are ordinarily made on a quarterly basis, approximately two to three months after a quarter ends. The Trust generally distributes the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.

The amount of each payment of the Contingent Portion is based on a formula set forth 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”).

Beginning with the first quarter of 2010, the Asset Purchase Agreement provides for certain changes with respect to the calculation of the Contingent Portion. One such change is that the Minimum Payment Obligation is no longer in effect. The Trust is also of the view that the Contingent Portion payable to the Trust changed to a fixed 75% of gross royalty income from the exploitation of the Catalogue for each quarterly period, less royalty related expenses (the “New Calculation Method”). However, EMI has disputed that the New Calculation Method is the correct interpretation of the Asset Purchase Agreement (the “Calculation Method Dispute”). As a result of the New Calculation Method not being applied, after giving effect to the settlement described below, EMI’s payments of the Contingent Portion have been deficient, in the Trust’s view by the following amounts as of March 31, 2026 (the “Calculation Method Underpayments”):

Quarterly Payment Period		Amount of Deficiency
March 31, 2025		$	69,244
June 30, 2025			0
September 30, 2025			78,498
December 31, 2025			0
March 31, 2026			123,398
Total		$	271,140

2

Table of Contents

As of the date hereof, the Trust has not received any amounts in respect of the Calculation Method Underpayments, and EMI has expressly disagreed with the Trust. The Trust can offer no assurance that it will be able to recover any portion of the Calculation Method Underpayments or that it will resolve favorably the ongoing dispute relating to the New Calculation Method with respect to future payments of the Contingent Portion.

In addition, on October 1, 2020, the Trust engaged Citrin Cooperman & Company LLP, an accounting firm specializing in auditing royalty income (“Citrin”), to conduct a special audit of the books and records of EMI administered by Sony/ATV to determine the areas and extent of underpayment, if any, of quarterly Contingent Portion payments payable to the Trust for the periods beginning January 1, 2016 and ended December 31, 2020 (the “Audit Period”). Citrin’s final report (the “Citrin Report”) was delivered to the Trustees on April 4, 2022. The Citrin Report identified multiple asserted royalty omissions and expense over-deductions from the Contingent Portion during the Audit Period in addition to the Calculation Method Underpayments. The Trust distributed the Citrin Report to EMI on or about April 13, 2022. EMI has disputed the findings of the Citrin Report.

On October 30, 2025 (the “Settlement Date”), the Trust, Trustees, EMI and certain EMI affiliates entered into a settlement agreement, effective as of July 1, 2025 (the “Settlement Agreement”), pursuant to which the parties agreed to settle (the “Settlement”) all claims (the “Settled Claims”) of the Trust and/or the Trustees (i) for all periods of time prior to December 31, 2024 relating to EMI’s obligation to make Contingent Portion payments under the Asset Purchase Agreement, and (ii) regarding the interpretation of certain provisions of the Asset Purchase Agreement that had been subject to a tolling agreement between EMI and the Trust.

Under the terms of the Settlement, among other things, (i) EMI made a payment to the Trust in the amount of $500,000 on November 5, 2025 in full and final settlement of the Settled Claims (the “Settlement Payment”), (ii) the Trust and EMI agreed to amend Section 1(c)(i)(A) of the Asset Purchase Agreement to provide that beginning with the quarterly period beginning July 1, 2025, in calculating any Contingent Portion Payment due and payable by EMI to the Trust, EMI shall cap the foreign sub-publishing fee between EMI and any foreign affiliate thereof at twenty-five percent (25%), which cap acts as a limitation on certain deductions that EMI can make against payments due to the Trust, and (iii) the Trust and EMI agreed to amend Section 1(c)(i)(B) of the Asset Purchase Agreement to provide that beginning with the quarterly period beginning July 1, 2025, EMI shall only be entitled to offset the costs associated with EMI obtaining U.S. copyright renewals for a song against royalty income collected by EMI in the U.S. for such song (and not against any foreign royalty income collected outside of the U.S. for such song), and this modification also serves to narrow permissible offsets to payments due from EMI to the Trust.

The Settlement includes all claims relating to the Calculation Method Dispute through December 31, 2024 and all claims relating to the underpayments included in the Citrin Report. The Settlement does not include any claims for any periods after December 31, 2024 nor does it resolve the Calculation Method Dispute. As such, the Trustees and EMI have not agreed to settle any claims relating to the Calculation Method Dispute or the Calculation Method Underpayments for any period of time after December 31, 2024. The Trust can offer no assurance that it will be able to recover any portion of the Calculation Method Underpayments that were not subject to the Settlement, or that it will favorably resolve the Calculation Method Dispute with respect to future payments of the Contingent Portion.

For the full text of the pro forma Asset Purchase Agreement, as amended by the Settlement Agreement, please refer to the Current Report on Form 8-K, dated October 30, 2025, which the Trust filed with the Securities and Exchange Commission on November 5, 2025.

Cash Distributions to Unit Holders

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.

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) attributable to royalty income generated by the Catalog during the fourth quarter of 2025 (the “Q4 Contingent Portion Payment”), (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 the 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 Q4 Payment, the Trust paid $78,865 to third parties in connection with invoices rendered to the Trust, leaving a balance of $345,295 ($1.2434 per Trust Unit), which such balance was distributed to the Unit Holders on March 26, 2026.

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.

3

Table of Contents

The Copyright Catalogue

The Catalogue is estimated by EMI to be composed of over 12,000 music titles (the “Copyrighted Songs”), of which approximately 1,430 produced royalty income in recent years. EMI has provided the Trust with a listing of the top 50 earning songs in the Catalogue during the 2025 calendar year (the “Top 50 Songs”), together with certain copyright information with respect to each of the Top 50 Songs (the “Listing”). A copy of the Listing, as provided by EMI, is included in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2025. The Listing does not include any information regarding Copyrighted Songs for the 2026 calendar year.

Recent Accounting Pronouncements

The Trustees do not believe that any recently issued, but not yet effective, accounting standards, if adopted, would have a material effect on the Trust’s financial statement.

Accounting Policies

EMI typically makes payments to the Trust of the Contingent Portion in March, June, September and December for the prior calendar quarter. The payments received are accounted for on a cash basis, as are expenses of the Trust. The Declaration of Trust provides for the distribution of the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.

The Trust’s financial statements reflect only cash transactions and do not include transactions that would be recorded in financial statements presented on the accrual basis of accounting, as contemplated by generally accepted accounting principles in the United States. The Trust does not prepare a balance sheet or a statement of cash flows.

These unaudited financial statements should be read in conjunction with the financial statement and related notes in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The cash receipts and disbursements for the interim periods presented are not necessarily indicative of the results to be expected for the full year. However, in the opinion of Trust’s management, all adjustments considered necessary for a fair presentation have been included.

NOTE 2. INCOME TAXES

No provision for income taxes has been made since the liability thereof is that of the Unit Holders and not the Trust.

NOTE 3. GOVERNANCE OF THE TRUST

The Trust does not have, nor does the Declaration of Trust provide for, officers, a board of directors or any employees. HSBC Bank, USA, N.A. is the Corporate Trustee of the Trust, and Lee Eastman is the Individual Trustee of the Trust. Pursuant to the Declaration of Trust, Trustees of the Trust serve until their removal or resignation, or in the case of an Individual Trustee, their incapacity or death. Michael Reiss resigned as an Individual Trustee of the Trust effective as of March 15, 2024, and his Individual Trustee seat is vacant as of May 15, 2026. For more information regarding his resignation please refer to the Current Report on Form 8-K, which the Trust filed with the Securities and Exchange Commission on March 21, 2024.

On December 23, 2014, the Trust adopted a code of ethics (as defined in Item 406 of Regulation S-K under the Securities Exchange Act of 1933) applicable to the Individual Trustees and the trust officers of the Corporate Trustee. A copy of the Code of Ethics will be provided to any person without charge upon written request to the Trust at its administrative office, c/o HSBC BANK USA, N.A., Corporate Trust, Issuer Services, 66 Hudson Boulevard, New York, NY 10001. In addition, the Trust relies on the Corporate Trustee to abide by HSBC Bank, USA, N.A.’s Statement of Business Principles and Code of Ethics, which is available on the Corporate Trustee’s website at https://www.hsbc.com/who-we-are/esg-and-responsible-business/our-conduct.

The Trust is not a corporate entity and thus does not have an Audit Committee. The Trust has established a policy with regard to audit, audit-related and certain non-audit engagements of its independent auditors. Under this policy, the Trust annually approves certain limited, specified recurring services which may be provided by the Trust’s accountant or independent auditors. All other engagements for services to be performed by the Trust’s independent auditors must be separately pre-approved by the Trust. Joel Faden acts as Chief Financial Individual providing accounting services for the Trust.

NOTE 4. RELATED PARTY TRANSACTIONS

The Trustees are paid in accordance with the Declaration of Trust, which provides that each Trustee shall receive annual compensation of $2,500, provided that such aggregate compensation to the Trustees as a group may not exceed 3% of the Contingent Portion amounts received by the Trust in any year. The Declaration of Trust also provides for the reimbursement of expenses reasonably incurred in the performance of a Trustee’s duties to the Trust, including clerical and administrative services. Accordingly, the Trustees are entitled to receive annual compensation and reimbursement for services performed for the Trust, including the Corporate Trustee’s services as the Registrar and Transfer Agent of the certificates representing the Trust Units. The Declaration of Trust also provides that if a Trustee performs unusual or extraordinary services, reasonable compensation for such services shall be paid, subject to the terms and conditions of the Declaration of Trust.

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Table of Contents

Pursuant to the Declaration of Trust, disbursements were made as follows to the Trustees for the three months ended March 31, 2026 and March 31, 2025:

		Three Months Ended March 31
		2026				2025
Corporate Trustee Fees		$	625			$	625
Individual Trustee Fees			625				625
Transfer Agent Registrar Fees(1)			6,875				6,875
Totals		$	8,125			$	8,125

(1) These services are performed by the Corporate Trustee.

The administrative office of the Trust is located at the offices of the Corporate Trustee, HSBC Bank, USA, N.A., Corporate Trust Issuer Services, 66

Hudson Boulevard East, New York, NY 10001. Except for fees paid to the Corporate Trustee in accordance with the Declaration of Trust, no expense is being charged or paid by the Trust for the office space and office equipment of the Corporate Trustee that is being utilized for the Trust.

NOTE 5. SEGMENT INFORMATION

The Trust reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker, which are the Trust’s Trustees (in such capacities, collectively, the “CODM”), for making decisions and assessing performance as the source of the Trust’s reportable segments.

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.

NOTE 6. SUBSEQUENT EVENTS

None.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Copyright Catalogue

The Catalogue is estimated by EMI to be composed of over 12,000 music titles (the “Copyrighted Songs”), of which approximately 1,430 produced royalty income in recent years. Based on the Listing, the Trust derives its receipts principally from copyrights established in or prior to 1954 in the United States. The receipts fluctuate based on consumer interest in the nostalgia appeal of older songs and the overall popularity of the songs contained in the Catalogue. The Catalogue also generates royalty income in foreign countries in which copyright is claimed.

A number of factors create uncertainties with respect to the Catalogue’s ability to continue to generate royalty income on a continuing, long-term basis for the Trust. These factors include: (i) the effect that foreign and domestic copyright laws and any changes thereto have or will have on renewal rights (e.g., vesting of renewal term rights), (ii) the length of the term of copyright protection under foreign and domestic copyright laws, (iii) reversionary rights that may affect whether EMI is able to retain its rights to the Copyrighted Songs during certain renewal terms (e.g., statutory termination of transfers or “copyright recapture”) and (iv) ongoing disputes regarding the payment and calculation of the Contingent Portion.

The Trust does not own the Catalogue or any copyrights or other intellectual property rights and is not responsible for collecting royalties in connection with the Catalogue. As the current owner and administrator of the Catalogue, EMI is obligated under the Asset Purchase Agreement to use its best efforts to collect all royalties, domestic and foreign, in connection with the Catalogue and to remit a portion of its royalty income to the Trust in accordance

with its Contingent Portion payment obligation.

The Trust’s income is dependent, in part, on EMI’s ability to maintain its rights in the Copyrighted Songs through copyright protection. Although Copyrighted Songs may continue to generate royalty revenue after their copyrights have expired, in general as the copyrights for the Copyrighted Songs expire, less royalty income will be generated, and the size of each payment of the Contingent Portion will be reduced accordingly.

Based on the Listing, most of the Top 50 Songs obtained copyright registration under the United States Copyright Act of 1909 (the “1909 Act”) between 1926 and 1954. For copyrighted works subject to the 1909 Act, copyright law generally provides for a possible 95 years of copyright protection, subject to certain factors, including the initial registration date of each copyright and compliance with certain statutory provisions including notice and renewal. Based on the Listing, the Copyright expiration dates for the Top 50 Songs, to the extent known, range between 2021 and 2049, as set forth in the Listing.

The Copyrighted Songs are subject to statutory rights of termination of transfers, which may impact whether EMI is able to retain its ownership of the Copyrighted Songs during their respective terms of copyright protection. For copyrights governed by the 1909 Act, this termination right vests at the end of two different renewal terms, which vary for each Copyrighted Song. As the owner of the Catalogue, EMI (and not the Trust) is responsible for administrating the Catalogue and seeking renewals of the Copyrighted Songs. The Asset Purchase Agreement provides that EMI is obligated to use its best efforts to secure renewals.

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Contingent Portion Payments

Payments of the Contingent Portion to the Trust are ordinarily made on a quarterly basis, approximately two to three months after a quarter ends. The Trust generally distributes the amounts it receives in Contingent Portion payments to the Unit Holders after payment of, or withholdings in connection with, expenses and liabilities of the Trust.

The amount of each payment of the Contingent Portion is based on a formula set forth 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”).

Beginning with the first quarter of 2010, the Asset Purchase Agreement provides for certain changes with respect to the calculation of the Contingent Portion. One such change is that the Minimum Payment Obligation is no longer in effect. The Trust is also of the view that the Contingent Portion payable to the Trust changed to a fixed 75% of gross royalty income from the exploitation of the Catalogue for each quarterly period, less royalty related expenses (the “New Calculation Method”). However, EMI has disputed that the New Calculation Method is the correct interpretation of the Asset Purchase Agreement (the “Calculation Method Dispute”). As a result of the New Calculation Method not being applied, after giving effect to the Settlement described below, EMI’s payments of the Contingent Portion have been deficient, in the Trust’s view by the following amounts as of March 31, 2026 (the “Calculation Method Underpayments”):

Quarterly Payment Period		Amount of Deficiency
March 31, 2025		$	69,244
June 30, 2025			0
September 30, 2025			78,498
December 31, 2025			0
March 31, 2026			123,398
Total		$	271,140

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As of the date hereof, the Trust has not received any amounts in respect of the Calculation Method Underpayments, and EMI has expressly disagreed with the Trust. The Trust can offer no assurance that it will be able to recover any portion of the Calculation Method Underpayments or that it will resolve favorably the ongoing dispute relating to the New Calculation Method with respect to future payments of the Contingent Portion.

In addition, on October 1, 2020, the Trust engaged Citrin Cooperman & Company LLP, an accounting firm specializing in auditing royalty income (“Citrin”), to conduct a special audit of the books and records of EMI administered by Sony/ATV to determine the areas and extent of underpayment, if any, of quarterly Contingent Portion payments payable to the Trust for the periods beginning January 1, 2016 and ended December 31, 2020 (the “Audit Period”). Citrin’s final report (the “Citrin Report”) was delivered to the Trustees on April 4, 2022. The Citrin Report identified multiple asserted royalty omissions and expense over-deductions from the Contingent Portion during the Audit Period in addition to the Calculation Method Underpayments. The Trust distributed the Citrin Report to EMI on or about April 13, 2022. EMI has disputed the findings of the Citrin Report.

On October 30, 2025 (the “Settlement Date”), the Trust, Trustees, EMI and certain EMI affiliates entered into a settlement agreement, effective as of July 1, 2025 (the “Settlement Agreement”), pursuant to which the parties agreed to settle (the “Settlement”) all claims (the “Settled Claims”) of the Trust and/or the Trustees (i) for all periods of time prior to December 31, 2024 relating to EMI’s obligation to make Contingent Portion payments under the Asset Purchase Agreement, and (ii) regarding the interpretation of certain provisions of the Asset Purchase Agreement that had been subject to a tolling agreement between EMI and the Trust.

Under the terms of the Settlement, among other things, (i) EMI made a payment to the Trust in the amount of $500,000 on November 5, 2025 in full and final settlement of the Settled Claims (the “Settlement Payment”), (ii) the Trust and EMI agreed to amend Section 1(c)(i)(A) of the Asset Purchase Agreement to provide that beginning with the quarterly period beginning July 1, 2025, in calculating any Contingent Portion Payment due and payable by EMI to the Trust, EMI shall cap the foreign sub-publishing fee between EMI and any foreign affiliate thereof at twenty-five percent (25%), which cap acts as a limitation on certain deductions that EMI can make against payments due to the Trust, and (iii) the Trust and EMI agreed to amend Section 1(c)(i)(B) of the Asset Purchase Agreement to provide that beginning with the quarterly period beginning July 1, 2025, EMI shall only be entitled to offset the costs associated with EMI obtaining U.S. copyright renewals for a song against royalty income collected by EMI in the U.S. for such song (and not against any foreign royalty income collected outside of the U.S. for such song), and this modification also serves to narrow permissible offsets to payments due from EMI to the Trust.

The Settlement includes all claims relating to the Calculation Method Dispute through December 31, 2024 and all claims relating to the underpayments included in the Citrin Report. The Settlement does not include any claims for any periods after December 31, 2024 nor does it resolve the Calculation Method Dispute. As such, the Trustees and EMI have not agreed to settle any claims relating to the Calculation Method Dispute or the Calculation Method Underpayments for any period of time after December 31, 2024. The Trust can offer no assurance that it will be able to recover any portion of the Calculation Method Underpayments that were not subject to the Settlement, or that it will favorably resolve the Calculation Method Dispute with respect to future payments of the Contingent Portion.

For the full text of the pro forma Asset Purchase Agreement, as amended by the Settlement Agreement, please refer to the Current Report on Form 8-K, dated October 30, 2025, which the Trust filed with the Securities and Exchange Commission on November 5, 2025.

Recent Contingent Portion Payments and Other Amounts

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.

Recent Distributions to Unit Holders

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.

After receiving the Q4 Payment, the Trust paid $78,865 to third parties in connection with invoices rendered to the Trust, leaving a balance of $345,295 ($1.2434 per Trust Unit), which such balance was distributed to the Unit Holders on March 26, 2026.

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.

Cash and Administrative Expenses

As of March 31, 2026, the Trust was holding $0 in cash and had $35,536 in unpaid administrative expenses for services rendered to the Trust.

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Segment Information

The Trust reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker, which are the Trust’s Trustees (in such capacities, collectively, the “CODM”), for making decisions and assessing performance as the source of the Trust’s reportable segments.

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.

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Inflation

The Trust does not believe that inflation has materially affected its activities.

Liquidity and Capital Resources

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.

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Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Trust’s financial condition, changes in financial condition, revenues or expenses, results of operations or liquidity that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Controls and Procedures

As of the end of the period covered by this quarterly report, the Trust carried out an evaluation of the effectiveness of the design and operation of the Trust’s “disclosure controls and procedures” (as defined in Rules 13a-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) under the supervision and with the participation of the Trust’s management, including the Chief Financial Individual providing accounting services and the trust officers of the Corporate Trustee. Based on that evaluation, the Chief Financial Individual providing accounting services and the trust officer of the Corporate Trustee concluded that the Trust’s disclosure controls and procedures are effective.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in the Trust’s reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Trust’s reports filed under the Exchange Act is accumulated and communicated to Trust’s management, including the Chief Financial Individual providing accounting services and the trust officer of the Corporate Trustee, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting that occurred during the fiscal period covered by this quarterly report that materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating the disclosure controls and procedures, the Trust’s management, including the Chief Financial Individual providing accounting services and the Trustees, recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that the Trust’s management, including the Chief Financial Individual providing accounting services and the Trustees, is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

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PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. 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.

ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULT UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2026, none of the Trustees adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.

ITEM 6. EXHIBITS

Exhibit No.		Description
31.1		Certification by the Chief Financial Individual providing accounting services pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification by the trust officer of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification by the Chief Financial Individual providing accounting services pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification by the trust officer for the Corporate Trustee Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Schema Document
101.CAL		XBRL Calculation Linkbase Documents
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Labels Linkbase Documents
101.PRE		XBRL Presentation Linkbase Documents

* Furnished, not filed

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

May 15, 2026						Mills Music Trust
						(Registrant)
						By:		/s/ Garfield Barrett
								Garfield Barrett
								Trust Officer of the Corporate Trustee
								HSBC Bank USA, NA

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