Payout at Mesabi Trust (NYSE: MSB) drops to $0.24 per unit

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

Positive

None.

Negative

Distribution cut more than 50%: Mesabi Trust reduced its cash distribution to $0.24 per Unit, down from $0.56 per Unit for the same period last year, materially lowering current cash income for Unitholders.
Royalty income decline: Total royalty payments received from Cleveland-Cliffs on January 30, 2026 were $4,943,488, well below the $8,986,464 received in January 2025, indicating weaker underlying royalty-generating activity.

Insights

Mesabi Trust’s payout drops sharply as royalty income falls and uncertainty rises.

Mesabi Trust cut its distribution to $0.24 per Unit from $0.56 a year earlier. The key driver is lower royalty inflows: the Trust received $4,943,488 from Cleveland-Cliffs on January 30, 2026, compared with $8,986,464 in January 2025.

Trustees also emphasize maintaining reserves for expenses and liabilities, which further compresses near-term cash available for distribution. They highlight uncertainties around Northshore Mining operations, volatile iron ore and steel markets, trade law changes, and global unrest, all of which can affect future royalty levels.

The next clear data point will be the quarterly royalty payment and report due from Cleveland-Cliffs on April 30, 2026. The Trust plans to file a summary with the SEC after receiving that report, which will give more detail on first-quarter iron ore production and shipments.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Current distribution: $0.24 per Unit Prior-year distribution: $0.56 per Unit 2026 royalty payments: $4,943,488 +3 more

6 metrics

Current distribution $0.24 per Unit Declared payable May 20, 2026 to Unitholders of record April 30, 2026

Prior-year distribution $0.56 per Unit Distribution declared for the same period in prior year

2026 royalty payments $4,943,488 Royalty payments received from Cleveland-Cliffs on January 30, 2026

2025 royalty payments $8,986,464 Royalty payments received from Cleveland-Cliffs in January 2025

Record date April 30, 2026 Unitholders of record on this date receive the $0.24 distribution

Payment date May 20, 2026 Scheduled payment date for the $0.24 per Unit distribution

Key Terms

royalty payments, Units of Beneficial Interest, vertical supply chain planning, bonus royalties, +1 more

5 terms

royalty payments financial

"the Trust received total royalty payments of $4,943,488 on January 30, 2026"

Payments made to the owner of an asset, patent, trademark, mineral right, or creative work in exchange for permission to use it; they are typically a percentage of sales or a fixed fee per unit sold. For investors, royalty payments represent a steady income stream tied to the underlying product’s sales performance, similar to collecting rent from tenants — predictable cash flow that can reduce risk or add value when evaluating a company’s revenue sources.

Units of Beneficial Interest financial

"declared a distribution of twenty-four cents ($0.24) per Unit of Beneficial Interest"

Units of beneficial interest are pieces of ownership in a trust, fund, or pooled investment that give the holder a right to a share of the assets and income without holding the underlying property directly. Think of them as slices of a pie that entitle you to future slices of profit or distributions; investors care because these units determine how returns, risks, voting rights, and tax treatment are allocated and how easily you can buy or sell your stake.

vertical supply chain planning financial

"uncertainties resulting from Cliffs’ prior announcements regarding its vertical supply chain planning"

bonus royalties financial

"actual royalty payments (including bonus royalties) could differ materially from current expectations"

forward-looking statements regulatory

"This press release contains certain forward-looking statements with respect to Northshore operations"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Understanding 8-K Material Events →

04/14/2026 - 04:30 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 14, 2026

MESABI TRUST

(Exact name of registrant as specified in its charter)


New York	1-4488	13-6022277
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

c/o Deutsche Bank Trust Company Americas
Trust & Agency Services
1 Columbus Circle, 17th Floor

Mail Stop: NYC01-1710
New York, New York

10019

(Address of principal executive offices)

(Zip Code)

(904) 271-2520

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on

which registered

Units of Beneficial Interest, no par value

MSB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02Results of Operations and Financial Condition.

Announcement of Distribution

On April 14, 2026, Mesabi Trust (the “Trust”) issued a press release announcing that the Trustees of Mesabi Trust declared a distribution of twenty-four cents ($0.24) per Unit of Beneficial Interest payable on May 20, 2026 to Mesabi Trust Unitholders of record at the close of business on April 30, 2026. This compares to a fifty-six cents ($0.56) per Unit distribution declared for the same period last year. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.


Exhibit No.		Description
99.1		Press Release dated April 14, 2026
104		Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101)

In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MESABI TRUST

	By:	/s/ Chris Niesz
		Chris Niesz
		Director
		Deutsche Bank Trust Company Americas, Corporate Trustee of Mesabi Trust

Dated: April 14, 2026

EXHIBIT 99.1

MESABI TRUST PRESS RELEASE

Tuesday, April 14, 2026 @ 04:15 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)

Announcement of Mesabi Trust Distribution

The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of twenty-four cents ($0.24) per Unit of Beneficial Interest payable on May 20, 2026 to Mesabi Trust Unitholders of record at the close of business on April 30, 2026. This compares to a fifty-six cents ($0.56) per Unit distribution declared for the same period last year.

The Trustees’ announcement today of a twenty-four cents ($0.24) per Unit distribution, as compared to a fifty-six cents ($0.56) per Unit distribution announced by the Trust at the same time last year, reflects consideration of a number of factors. In particular, the Trustees’ current distribution determination reflects that the Trust received total royalty payments of $4,943,488 on January 30, 2026, from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), which was lower than the total royalty payments of $8,986,464 received by the Trust from Cliffs in January 2025, all of which was previously reported. The Trustees’ distribution decision announced today also reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses, as well as present or future liabilities (whether fixed or contingent).

The Trustees have received no specific updates on Cliffs’ plans for the current year concerning Northshore iron ore operations or Northshore’s production, sale or shipment of iron ore products. The Trustees’ distribution announcement today also takes into account several other factors, including uncertainties resulting from Cliffs’ prior announcements regarding its vertical supply chain planning, the current volatility in the iron ore and steel industries generally, national and global economic uncertainties, potential changes in trade laws, the volume of unfairly traded imports, the imposition of new or termination of international duties or tariffs and ongoing disturbances from global unrest.

Quarterly royalty payments from Cliffs and Northshore for iron ore production and shipments during the first calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due April 30, 2026, together with the quarterly royalty report. After receiving the quarterly royalty report and payment, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.

Forward-Looking Statements

This press release contains certain forward-looking statements with respect to Northshore operations and Cliffs during 2026 and other matters, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Actual production, prices, price adjustments, sales, shipments and deemed shipments of iron ore pellets, as well as actual royalty payments (including bonus royalties) could differ

materially from current expectations and recent historical levels due to inherent risks and uncertainties such as general adverse business and industry economic trends, infrequent and low volume third-party customer sale transactions, uncertainties arising from war, terrorist events, imposition or termination of duties or tariffs and retaliatory tariffs, and other global events, higher or lower customer demand for steel and iron ore, decisions by mine operators regarding curtailments or idling production lines or entire plants, environmental compliance uncertainties, difficulties in obtaining and renewing necessary operating permits, higher imports of steel and iron ore substitutes, processing difficulties, consolidation and restructuring in the domestic steel market and other factors. Further, historically some of the royalties earned by Mesabi Trust have been based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and may be dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust was not a party and that were not known until after the end of a contract year. Although the Mesabi Trustees believe that any such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which could cause actual results to differ materially. Additional information concerning these and other risks and uncertainties is contained under the caption “Risk Factors” in Mesabi Trust’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2025 (filed April 24, 2025) and its Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2025 (filed December 12, 2025). Mesabi Trust undertakes no obligation to publicly update or revise any of the forward-looking statements made herein to reflect events or circumstances after the date hereof.

Contact:

Mesabi Trust SHR Unit
Deutsche Bank Trust Company Americas
904-271-2520

Source: View Original Filing on SEC EDGAR

FAQ

What distribution did Mesabi Trust (MSB) declare for Unitholders in 2026?

Mesabi Trust declared a cash distribution of $0.24 per Unit of Beneficial Interest, payable May 20, 2026, to Unitholders of record on April 30, 2026. This reflects current royalty income and reserve decisions by the Trustees.

How does Mesabi Trust’s 2026 distribution compare with last year’s payout?

The 2026 distribution of $0.24 per Unit is much lower than the $0.56 per Unit declared for the same period in 2025. This more than 50% reduction reflects weaker royalty payments and a conservative reserve posture.

Why did Mesabi Trust reduce its distribution to $0.24 per Unit?

Trustees cited lower royalty income and the need to maintain reserves. Royalty payments from Cleveland-Cliffs were $4,943,488 in January 2026 versus $8,986,464 in January 2025, while uncertainties around Northshore operations and volatile iron ore and steel markets also influenced the decision.

How much royalty income did Mesabi Trust receive from Cleveland-Cliffs in 2026?

Mesabi Trust received total royalty payments of $4,943,488 from Cleveland-Cliffs on January 30, 2026. This amount was significantly below the $8,986,464 in royalties received in January 2025, contributing to the lower 2026 distribution.

What risks and uncertainties did Mesabi Trust highlight in its April 2026 update?

The Trust mentioned uncertainty over Northshore Mining’s operations, volatility in iron ore and steel industries, national and global economic risks, potential trade law changes, unfairly traded imports, shifting tariffs, and broader global unrest as factors affecting future royalties and distributions.

When will Mesabi Trust provide more detail on 2026 royalty performance?

Quarterly royalty payments and the related royalty report for first-quarter iron ore production are due from Cleveland-Cliffs on April 30, 2026. After receiving them, Mesabi Trust plans to file a summary of the quarterly royalty report with the SEC.

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EX-99.1 9.8 KB