Mesabi Trust SEC Filings

Mesabi Trust reported that its trustees declared a cash distribution of $0.26 per Unit of Beneficial Interest, payable on February 20, 2026 to unitholders of record at the close of business on January 30, 2026. This distribution is much lower than the $5.95 per Unit distribution declared for the same period a year earlier, indicating a significant reduction in cash being returned to unitholders compared with last year.

Mesabi Trust reports sharply lower results for the quarter ended October 31, 2025 compared with a prior year boosted by a large arbitration award. Q3 2025 total revenues were $3.6 million, down from $79.0 million, and net income was $2.8 million versus $78.3 million a year earlier, when the Trust recorded a non-recurring $71.2 million arbitration award.

Underlying royalties also softened. Q3 2025 royalty income fell to $3.4 million from $7.3 million, as iron ore shipments from Northshore’s Mesabi Trust lands declined and realized pricing and bonus royalty rates dropped. For the first nine months of 2025, royalty income was $13.2 million, down from $19.6 million, and net income was $11.1 million versus $87.2 million in 2024.

The Trustees declared a quarterly distribution of $0.34 per unit, totaling $4.5 million, compared with $0.39 per unit in the prior-year quarter. Unallocated Reserve decreased to $21.1 million as of October 31, 2025, and there were 13,120,010 units of beneficial interest outstanding as of December 11, 2025.

Mesabi Trust reported receipt of $4,005,142 in quarterly royalties on October 30, 2025, based on Northshore Mining’s iron ore shipments for the quarter ended September 30, 2025. The payment included a base royalty of $2,817,500 and a bonus royalty of $973,410, with $214,232 paid to the Mesabi Land Trust.

Cliffs credited the Trust with 987,370 tons of iron ore shipped in the quarter, up from 972,154 tons in the prior-year period. The report noted three pellet sales to a single third party in September 2025 that remain subject to continued due diligence review, and indicated that royalty calculations are based on prices that are subject to change.

Management reiterated that royalties can vary significantly due to shipment volumes, pricing, mine operating decisions, customer schedules, industry conditions, and Great Lakes weather, so any single quarter’s distributions may not indicate future levels.

Mesabi Trust (MSB): Schedule 13G/A filed by Horizon Kinetics Asset Management LLC. The filer reports beneficial ownership of 2,999,326 units of beneficial interest, representing 22.9% of the class. The filing lists sole voting power over 2,999,326 units and sole dispositive power over 2,999,326 units, with no shared voting or dispositive power.

The “Date of Event Which Requires Filing of this Statement” is 08/19/2025. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Mesabi Trust reported a new cash distribution to its unitholders. The Trustees declared a distribution of $0.34 per Unit of Beneficial Interest, payable on November 20, 2025 to unitholders of record at the close of business on October 30, 2025. This compares with a distribution of $0.39 per Unit declared for the same period a year earlier, indicating a lower payout versus last year. The details were disclosed in a press release furnished as an exhibit.

Mesabi Trust filed a current report describing the start of an arbitration proceeding with the American Arbitration Association against Northshore Mining Company and its parent Cleveland-Cliffs Inc., together referred to as the Operator of its leased lands.

Mesabi Trust is seeking damages and declaratory relief related to the Operator’s idling of Northshore’s operations from May 2022 to April 2023 and its alleged underpayment of royalties on intercompany shipments from 2023 through the present. The filing also notes a related press release as an exhibit.

Mesabi Trust (MSB) reports royalty-based revenue driven by base overriding royalties, royalty bonuses, fee royalties and minimum advance royalties. Net income per unit is calculated on 13,120,010 units. The report records a final arbitration award of 71,185,029 (including interest) recognized as non-recurring "Arbitration Award" revenue in the quarter ended October 31, 2024.

Base overriding royalties are the largest revenue source and are calculated as a percentage of gross proceeds, ranging from 2.5% for the first one million tons to 6% for shipments above four million tons. Royalty bonuses apply when sales exceed an annual threshold price, set at $69.41/ton for 2025 (was $67.75/ton for 2024) with bonus percentages from 0.5% up to 3%. The minimum advance royalty is $1,157,261 for 2025 and was $1,129,615 for 2024, with quarterly payments up to 25% until earned royalties offset advances. A distribution of $0.12 per unit (total $1,574,401) is payable Aug 20, 2025 to holders of record July 30, 2025; prior quarter distribution payable was $0.30 per unit.

ValueWorks LLC and its managing member, Charles Lemonides, report shared voting and shared dispositive power over 685,846 Units of Beneficial Interest in Mesabi Trust, representing 5.23% of the class. The holdings are stated as directly owned by advisory clients of ValueWorks LLC, and none of those clients are identified as owning more than 5% individually. Both reporting persons record 0 sole voting or dispositive power and disclaim beneficial ownership except for pecuniary interest. Exhibits referenced include a joint filing agreement and control person identification.