NYSE: MSB
MESABI TRUSTCIK 0000065172 · SIC 6795 · Trusts NEC
The information under the headings “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trust and Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2026,… About this business →
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revenue $2.2M, net income $1.1M. Mesabi Trust royalty income falls 52% as pellet pricing drops below bonus threshold
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revenue $17.5M, net income $13.9M. Mesabi Trust initiates new arbitration against Northshore/Cliffs for 2022-23 idling damages
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Latest financial statements
From 10-Q filed Sep 11, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Statements of Income
| Description | Three months ended July 31, 2026 (unaudited) | Three months ended July 31, 2025 (unaudited) | Six months ended July 31, 2026 (unaudited) | Six months ended July 31, 2025 (unaudited) |
|---|---|---|---|---|
| Revenues | ||||
| Royalty income | 2,328,523 | 5,416,904 | 4,406,335 | 9,766,376 |
| Interest | 151,833 | 189,851 | 319,910 | 574,921 |
| Total revenues | 2,480,356 | 5,606,755 | 4,726,245 | 10,341,297 |
| Expenses | 2,575,369 | 862,873 | 3,733,795 | 1,966,206 |
| Net (loss) income | (95,013) | 4,743,882 | 992,450 | 8,375,091 |
| WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING | ||||
| Number of units outstanding | 13,120,010 | 13,120,010 | 13,120,010 | 13,120,010 |
| Net (loss) income per unit (Note 2) | (0.0072) | 0.3616 | 0.0756 | 0.6383 |
| Distributions declared per unit (Note 4) | 0.0500 | 0.1200 | 0.2900 | 0.6800 |
Condensed Balance Sheets
| Description | July 31, 2026 (unaudited) | January 31, 2026 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 17,385,397 | 23,162,609 |
| Accrued income receivable | 967,961 | 782,363 |
| Contract asset | 1,050,186 | 263,982 |
| Prepaid expenses | 439,662 | 147,371 |
| Current assets | 19,843,206 | 24,356,325 |
| Fixed property, including intangibles, at nominal values | ||
| Assignments of leased property | ||
| Amended assignment of Peters Lease | 1 | 1 |
| Assignment of Cloquet Leases | 1 | 1 |
| Certificate of beneficial interest for 13,120,010 units of Land Trust | 1 | 1 |
| 3 | 3 | |
| Total assets | 19,843,209 | 24,356,328 |
| Liabilities, Unallocated Reserve And Trust Corpus | ||
| Liabilities | ||
| Distribution payable | 656,001 | 3,411,203 |
| Accrued expenses | 1,596,686 | 542,250 |
| Total liabilities | 2,252,687 | 3,953,453 |
| Unallocated reserve | 17,590,519 | 20,402,872 |
| Trust corpus | 3 | 3 |
| Total liabilities, unallocated reserve and trust corpus | 19,843,209 | 24,356,328 |
Condensed Statements of Cash Flows
| Description | Six months ended July 31, 2026 | Six months ended July 31, 2025 |
|---|---|---|
| Operating activities | ||
| Royalties received | 3,433,080 | 7,727,463 |
| Interest received | 321,363 | 805,974 |
| Expenses paid | (2,971,650) | (2,077,510) |
| Net cash from operating activities | 782,793 | 6,455,927 |
| Financing activity | ||
| Distributions to unitholders | (6,560,005) | (85,411,267) |
| Net change in cash and cash equivalents | (5,777,212) | (78,955,340) |
| Cash and cash equivalents, beginning of period | 23,162,609 | 100,204,531 |
| Cash and cash equivalents, end of period | 17,385,397 | 21,249,191 |
| Reconciliation of net income to net cash from operating activities | ||
| Net income | 992,450 | 8,375,091 |
| Increase in accrued income receivable | (185,598) | (283,114) |
| Increase in contract asset | (786,204) | (1,524,746) |
| Increase in prepaid expenses | (292,291) | (195,687) |
| Increase in accrued expenses | 1,054,436 | 84,383 |
| Net cash from operating activities | 782,793 | 6,455,927 |
| Non cash financing activity | ||
| Distributions declared and payable | 656,001 | 1,574,401 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About MESABI TRUST
Source: Item 1 (Business) from the 10-K filed April 22, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS.
(a) General Development of Business.
The information under the headings “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trust and Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2026, filed as Exhibit 13 to this Form 10-K (the “Annual Report”) is incorporated herein by reference.
(b) Financial Information About Segments.
Substantially all of the revenue, operating profits and assets of Mesabi Trust (“Mesabi Trust” or the “Trust”) relate to one business segment—iron ore mining.
(c) Narrative Description of Business.
The information under the headings “Overview,” “Overview of the Trust’s Royalty Structure,” “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties” and “Description of the Mineral Properties” in the Annual Report is incorporated herein by reference.
(d) Financial Information About Geographical Areas.
All of the Trust’s revenues are derived from the assets of the Trust, information of which is set forth under the headings “The Trust Estate” and “Description of the Mineral Properties” of the Annual Report. The information under the heading “Selected Financial Data” in the Annual Report is incorporated herein by reference.
(e) Availability of Reports on Registrant’s Website.
The information on the cover page of the Annual
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Report is incorporated herein by reference.