Mesabi Trust filings document the trust’s iron ore royalty structure, distribution announcements, and quarterly royalty reports received from Cleveland-Cliffs, the parent of Northshore Mining Company. Current reports on Form 8-K disclose base and bonus royalties, shipment volumes, product pricing references, prior-period adjustments, and payments related to Mesabi Trust lands.
The filing record also includes disclosures on Units of Beneficial Interest, trustee distribution decisions, audited financial statements in annual reports, corporate-trustee reporting, Regulation FD items, and arbitration or other royalty-related matters involving the operator of the leased lands.
Mesabi Trust reported Q1 2026 iron ore royalty income based on shipments from Northshore Mining’s Silver Bay operations. For the quarter ended March 31, 2026, the Trust received total royalty payments of $1,625,300, including a base royalty of $1,201,501 and $243,986 of positive prior-period adjustments.
The bonus royalty for the quarter was $0 because deemed shipment prices were below the 2026 adjusted bonus royalty threshold of $71.70 per ton, marking the first quarter in many years (excluding a prior idling period) without a bonus royalty. Cliffs credited Mesabi Trust with 938,572 tons shipped, compared with 457,728 tons in the first quarter of 2025, highlighting significantly higher volume but lower realized pricing. Management emphasized that royalties and related Unitholder distributions can vary widely from quarter to quarter.
Horizon Kinetics Asset Management LLC filed an amended Schedule 13G/A reporting beneficial ownership of 3,140,972 shares of Mesabi Trust Units of Beneficial Interest, representing 23.9% of the class as of 03/31/2026. The filing notes sole voting and dispositive power for the full amount and that Horizon Kinetics Holding Corp may be deemed to beneficially own those shares.
Mesabi Trust filed its Annual Report on Form 10-K for the fiscal year ended January 31, 2026, describing a pass-through royalty trust whose revenues derive from iron ore mining operations conducted by Northshore Mining Company and its parent, Cleveland-Cliffs Inc. The filing discloses an arbitration the Trust initiated against Northshore and Cliffs on September 26, 2025 seeking damages and declaratory relief related to idling of operations and alleged underpayments of royalties.
The report highlights that Mesabi Trust’s market value held by non-affiliates was $383,596,142 as of July 31, 2025 and that there were 13,120,010 units outstanding as of April 21, 2026. The Trustees note dependence on Northshore/Cliffs for production, pricing and shipment data, describe governance and controls processes, and state that no royalty bonus revenue was recorded for the month ended January 31, 2026.
Mesabi Trust files its annual report describing its operations as a pass-through royalty trust tied to a single segment: iron ore mining. The filing highlights an arbitration begun on September 26, 2025 against Northshore Mining Company and Cleveland-Cliffs Inc. over the idling of Northshore’s operations from May 2022 to April 2023 and alleged underpayment of royalties on intercompany shipments from 2023 onward.
The Corporate Trustee, Deutsche Bank Trust Company Americas, oversees cybersecurity risk and maintains a cyber risk management program with annual third-party assessments; prior cyber incidents have not had a material adverse effect. The Trust has no directors, officers, or employees and is governed by four individual Trustees plus the Corporate Trustee, who collectively perform audit and governance functions and held nine meetings in fiscal 2026.
Mesabi Trust declared a cash distribution of $0.24 per Unit of Beneficial Interest, payable on May 20, 2026 to Unitholders of record on April 30, 2026. This is a substantial reduction from the $0.56 per Unit distribution declared for the same period last year.
The lower distribution reflects a decline in royalty income and higher caution. The Trust received $4,943,488 in royalty payments from Cleveland-Cliffs on January 30, 2026, down from $8,986,464 in January 2025. Trustees also chose to maintain reserves for current and future expenses and liabilities and cited uncertainty around Northshore Mining’s operations, volatile iron ore and steel markets, trade policy changes, and broader economic and geopolitical risks.
Mesabi Trust reported that on January 30, 2026 it received total royalty payments of $4,943,488 from Cleveland-Cliffs based on iron ore shipments during the quarter ended December 31, 2025. This was made up of a base royalty of $3,622,142, a bonus royalty of $1,041,580, and $66,572 of royalty adjustments related to prior quarters.
Cliffs also paid $213,194 to the Mesabi Land Trust. Royalty calculations depend on shipment volumes, pricing, and the share of production from Mesabi Trust lands. Shipments credited to Mesabi Trust were 956,512 tons in the fourth calendar quarter of 2025, compared with 1,110,800 tons a year earlier, underscoring how volumes and resulting royalties can vary significantly over time.
Mesabi Trust emphasized that future royalties and distributions to unitholders can fluctuate widely due to operating decisions at Northshore, iron ore and steel market conditions, and other external risks, so any single quarter’s royalty level should not be viewed as a guide to future payments.
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.