Welcome to our dedicated page for Mesabi Trust SEC filings (Ticker: MSB), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Mesabi Trust (NYSE: MSB) files a range of documents with the U.S. Securities and Exchange Commission that detail its royalty income, distributions, and legal matters. The SEC filings page for MSB brings together these reports, including current reports on Form 8-K and annual reports on Form 10-K, so readers can review how iron ore production and shipments from Mesabi Trust lands translate into financial results for the trust.
Form 8-K filings frequently summarize quarterly royalty reports and royalty payments received from Cleveland-Cliffs Inc., the parent of Northshore Mining Company. These filings disclose base and bonus royalty amounts, total royalty payments, and tons of iron ore products credited as shipped from Mesabi Trust lands in each quarter. They also explain that royalties are based on production and shipment volumes, iron ore product pricing, and the percentage of production sourced from Mesabi Trust lands rather than non-Trust lands.
Other 8-Ks cover distribution announcements, where the trustees declare per-unit distributions of beneficial interest and furnish related press releases. These filings provide context on how recent royalty receipts and reserve decisions influenced the distribution level. Additional 8-Ks describe arbitration proceedings with Northshore and Cliffs, including the initiation of arbitration over alleged underpayment of royalties and the final award reported in September 2024 for underpaid royalties in 2020, 2021, and early 2022.
Annual reports on Form 10-K include audited financial statements and broader discussion of Mesabi Trust’s financial condition and royalty arrangements. Together, these filings offer a detailed record of how Northshore’s iron ore operations, market conditions, and legal outcomes affect Mesabi Trust’s royalty income and distributions.
On Stock Titan’s filings page, users can access these MSB filings as they are made available from EDGAR and use AI-powered summaries to interpret key points. The platform highlights important figures from 8-K royalty reports, clarifies narrative disclosures about variability in royalties and distributions, and helps readers quickly understand how operational and legal developments may influence Mesabi Trust’s royalty-based cash flows.
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.
Mesabi Trust reported a new cash distribution to its unitholders. The Trustees declared a distribution of $0.34 per Unit of Beneficial Interest, payable on November 20, 2025 to unitholders of record at the close of business on October 30, 2025. This compares with a distribution of $0.39 per Unit declared for the same period a year earlier, indicating a lower payout versus last year. The details were disclosed in a press release furnished as an exhibit.
Mesabi Trust filed a current report describing the start of an arbitration proceeding with the American Arbitration Association against Northshore Mining Company and its parent Cleveland-Cliffs Inc., together referred to as the Operator of its leased lands.
Mesabi Trust is seeking damages and declaratory relief related to the Operator’s idling of Northshore’s operations from May 2022 to April 2023 and its alleged underpayment of royalties on intercompany shipments from 2023 through the present. The filing also notes a related press release as an exhibit.