Mesabi Trust (NYSE: MSB) trims payout as royalties decline

Rhea-AI Filing Summary

Mesabi Trust declared a reduced cash distribution of five cents ($0.05) per Unit of Beneficial Interest, payable on August 20, 2026 to Unitholders of record at the close of business on July 30, 2026. This distribution is for the same seasonal period as in the prior year.

The new $0.05 per Unit payout compares with a twelve cents ($0.12) per Unit distribution declared for the same period last year. Trustees cited April 30, 2026 total royalty payments of $1,625,300 from Cleveland-Cliffs Inc., which included no bonus royalty and were below the $2,422,329 received in April 2025.

The Trustees also referenced uncertainties around Cleveland-Cliffs’ vertical supply chain planning, volatility in iron ore and steel markets, global economic and trade-policy risks, and ongoing geopolitical unrest. They reported receiving no specific updates on Northshore Mining Company’s 2026 operating plans. After receiving second-quarter royalties and the related report due July 30, 2026, Mesabi Trust plans to furnish a summary to the SEC.

Positive

• None.

Negative

• Distribution cut to $0.05 per Unit, down from $0.12 for the same period last year, signaling lower cash payouts to Mesabi Trust Unitholders.
• Royalty payments from Cleveland-Cliffs fell to $1,625,300 in April 2026 from $2,422,329 in April 2025, and included no bonus royalty payment.
• Trustees highlight significant uncertainties around Cliffs’ vertical supply chain planning, iron ore and steel market volatility, and global trade and geopolitical risks.

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: $0.05 per Unit Prior-year distribution: $0.12 per Unit Royalty payments April 2026: $1,625,300 +3 more

6 metrics

Current distribution $0.05 per Unit Declared payable on August 20, 2026 to Unitholders of record on July 30, 2026

Prior-year distribution $0.12 per Unit Distribution declared for the same period in the prior year

Royalty payments April 2026 $1,625,300 Total royalty payments from Cleveland-Cliffs received April 30, 2026, with no bonus royalty

Royalty payments April 2025 $2,422,329 Total royalty payments from Cleveland-Cliffs received in April 2025

Payment date August 20, 2026 Scheduled payment date for the $0.05 per Unit distribution

Record date July 30, 2026 Unitholders of record at close of business receive the distribution

Key Terms

Units of Beneficial Interest, bonus royalty payment, vertical supply chain planning, royalty agreement, +1 more

5 terms

Units of Beneficial Interest financial

"distribution of five cents ($0.05) 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.

bonus royalty payment financial

"included no bonus royalty payment and were lower than the total royalty"

An extra payment made on top of regular royalties, usually triggered by a specific milestone, sales threshold, or time period in a licensing or revenue-sharing agreement. Like a bonus paycheque that kicks in when a product hits a sales target, it changes expected cash flows and can affect revenue and profit forecasts for both the payer and recipient.

vertical supply chain planning financial

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

royalty agreement financial

"payable to Mesabi Trust under the royalty agreement, are due July 30, 2026"

A royalty agreement is a contract that lets one party use an asset—like a patent, brand, mineral rights, or creative work—in exchange for regular payments tied to sales, production, or revenue. For investors it matters because royalties create predictable income streams or obligations that affect a company’s cash flow, valuation and risk profile, similar to collecting rent from a tenant or paying a landlord for use of property.

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.

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Available on EDGAR 07/14/2026 - 04:45 PM Accepted by SEC EDGAR 07/14/2026 - 04:45 PM Learn about SEC filing dates

FAQ

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

Mesabi Trust declared a $0.05 per Unit cash distribution, payable on August 20, 2026, to Unitholders of record at the close of business on July 30, 2026. This payout covers the same seasonal period as the prior year.

How does Mesabi Trust’s (MSB) 2026 distribution compare to last year?

The 2026 distribution of $0.05 per Unit is lower than the $0.12 per Unit distribution declared for the same period in 2025. The decrease reflects weaker royalty payments and broader market and operational uncertainties cited by the Trustees.

What royalty payments did Mesabi Trust (MSB) receive from Cleveland-Cliffs in 2026?

On April 30, 2026, Mesabi Trust received total royalty payments of $1,625,300 from Cleveland-Cliffs Inc. These payments included no bonus royalty and were below the $2,422,329 received in April 2025 for the comparable period.

Why did Mesabi Trust (MSB) reduce its per Unit distribution in 2026?

Trustees cited lower total royalty payments from Cleveland-Cliffs, absence of a bonus royalty, and multiple uncertainties, including Cliffs’ vertical supply chain planning, volatile iron ore and steel markets, trade-law risks, and global unrest, when determining the reduced $0.05 per Unit distribution.

When will Mesabi Trust (MSB) report second-quarter 2026 royalty details?

Quarterly royalty payments and the royalty report for second-quarter 2026 are due July 30, 2026. After receiving them, Mesabi Trust plans to file a summary of the quarterly royalty report with the SEC.

0000065172false00000651722026-07-142026-07-14

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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): July 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:

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​ ​	​ ​	​ ​
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. ☐

​

​

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Item 2.02Results of Operations and Financial Condition.

Announcement of Mesabi Trust Distribution

On July 14, 2026, Mesabi Trust (the “Trust”) issued a press release announcing that the Trustees of Mesabi Trust declared a distribution of five cents ($0.05) per Unit of Beneficial Interest payable on August 20, 2026 to Mesabi Trust Unitholders of record at the close of business on July 30, 2026. This compares to a twelve cents ($0.12) 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 July 14, 2026
104	​	Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101)

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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.

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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/ Arian Kalaba
​	​	Arian Kalaba
​	​	Associate | Corporate Debt & Agency
​	​	Deutsche Bank Trust Company Americas, Corporate Trustee of Mesabi Trust

​

Dated: July 14, 2026

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EXHIBIT 99.1

MESABI TRUST PRESS RELEASE

July 14, 2026 @ 04:05 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)

Announcement of Mesabi Trust Distribution

The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of five cents ($0.05) per Unit of Beneficial Interest (“Unit”) payable on August 20, 2026 to Mesabi Trust Unitholders of record at the close of business on July 30, 2026.  This compares to a twelve cents ($0.12) per Unit distribution declared for the same period last year.

The Trustees’ announcement today of a five cents ($0.05) per Unit distribution, as compared to the twelve cents ($0.12) per Unit distribution announced by the Trust at the same time last year, reflects consideration of several factors. In particular, the Trustees’ current distribution determination reflects that the Trust’s receipt of total royalty payments of $1,625,300 on April 30, 2026, from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), included no bonus royalty payment and were lower than the total royalty payments of $2,422,329 received by the Trust from Cliffs in April 2025.

​

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.

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 shipments of iron ore products.

Quarterly royalty payments from Cliffs and Northshore for iron ore production and shipments during the second calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due July 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 and shipments of iron ore pellets, as well as actual royalty payments (including bonus royalties) could differ materially from current expectations due to inherent risks and uncertainties such as general adverse business and industry economic trends, uncertainties arising from war, terrorist events, imposition or termination of duties or tariffs and retaliatory tariffs, 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, 2026 (filed April 22, 2026) and its Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2026 (filed June 12, 2026). 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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 8.8 KB

Other Documents

• EX-101 EX-101.SCH 2.8 KB
• EX-101 EX-101.LAB 15.6 KB
• EX-101 EX-101.PRE 10.5 KB