Every 10-Q that Mesabi Trust (MSB) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MSB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MSB filings page.
Mesabi Trust (MSB) reported a sharp downturn in results for the quarter ended July 31, 2026, posting a net loss of $95,013 versus net income of $4.74 million a year earlier, as royalty income fell and legal expenses increased.
Total royalty income for the quarter dropped to $2.33 million from $5.42 million, entirely due to lower pellet pricing that produced no bonus royalties, compared with $2.02 million of bonus royalties a year ago, despite slightly higher pellet volumes from Trust lands. For the first six months, royalty income declined to $4.41 million from $9.77 million and net income fell to $0.99 million from $8.38 million.
The Trustees declared a reduced distribution of $0.05 per unit for the quarter, down from $0.12, and $0.29 per unit year-to-date versus $0.68 in the prior-year period. The Unallocated Reserve decreased to $17.59 million from $22.78 million a year earlier, reflecting lower royalties and higher accrued legal costs related to an ongoing AAA arbitration with Northshore Mining Company and Cleveland-Cliffs Inc. Cash and cash equivalents were $17.39 million at July 31, 2026.
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 (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.