MESABI TRUST (MSB) Form 10-Q — Sep 11, 2026
Mesabi Trust swung to a net loss of $95,013 for the fiscal quarter ended July 31, 2026 versus net income of $4,743,882 a year earlier, as total revenues fell about 56% to $2.48 million from $5.61 million. The collapse was driven by bonus royalties going to zero: Cliffs' July 30, 2026 royalty report credited the Trust a base royalty of $1,585,696 and no bonus royalty for calendar Q2 2026 because all deemed shipments were priced below the $71.70 per ton threshold. The Trustees cut the declared distribution to $0.05 per unit from $0.12 a year ago.
Key figures
- Revenue
- 2480356
- Net Income
- -95,013 (three months); 992,450 (six months)
- Revenue Yoy
- -55.8% (three months); -54.3% (six months)
- Cash Position
- 17385397
- Shares Outstanding
- 13120010
- Contract asset
- 1050186
- Quarterly expenses
- 2575369
- Unallocated reserve
- 17590519
- Six month net income
- 992450
- Royalty income quarter
- 2328523
- Six month total revenues
- 4726245
- Minimum advance royalty 2026
- 1195452
- Quarterly expenses prior year
- 862873
- Quarterly revenues prior year
- 5606755
- Six month revenues prior year
- 10341297
- Bonus royalty calendar q2 2026
- 0
- Declared distribution per unit
- $0.05
- Six month pellets shipped tons
- 1881853
- Unallocated reserve change yoy
- -22.8%
- Six month net income prior year
- 8375091
- Prior year distribution per unit
- $0.12
- Royalty income quarter prior year
- 5416904
- Bonus threshold price 2026 per ton
- 71.7
- Base royalty credited calendar q2 2026
- 1585696
- Total royalty payments received july 30 2026
- 1807779
- Pellets shipped from trust lands quarter tons
- 975722
AI analysis
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