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MSB on NYSE

MESABI TRUST

MESABI TRUST is an American mineral royalty traders company, incorporated in New York.1 Its shares trade on NYSE under the symbol MSB.1

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Last updated Oct 21, 2026.

Overview

$98.6MRevenue, fiscal 20252
$93.3MNet income, fiscal 20252

Compare with Triple Flag Precious Metals Corp., Royal Gold or SSR Mining, or pick any stock.

  • TickerMSB on NYSE1
  • IndustryMineral Royalty Traders1
  • HeadquartersNew York, New York1
  • Incorporated inNY3
  • Business addressC/O Deutsche Bank Trust Company Americas, 1 Columbus Circle, 17Th Floor, New York, Ny 100193
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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The information under the headings “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trust and Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2026, filed as Exhibit 13 to this Form 10-K (the “Annual Report”) is incorporated herein by reference.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

94.6%Net margin2
331.3%Revenue growth, 20252
399.8%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Royalties From Leases brought in 95% of the revenue MESABI TRUST broke down this way in fiscal 2026.

  1. Royalties From Leases$15.8M595%down 36% from 2025
  2. Royalties From Lease Fees$750.5K55%up 27% from 2025
Products and services by year
Products and services20252026
Royalties From Leases$24.9M$15.8M
Royalties From Lease Fees$588.8K$750.5K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue5¢$5.3M
  • Profit95¢$93.3M

Out of $98.6M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid19¢$17.7M
  • Kept or used elsewhere81¢$76.2M

Out of $93.9M of cash from operations.2

Financial statements

Revenue6789102$98.6M in 2025+186% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $34.5M$34.5M20182019: $47.3M$47.3M2019+37%2020: $32.0M$32.0M2020−32%2021: $26.0M$26.0M2021−19%2022: $71.5M$71.5M2022+175%2023: $7.7M$7.7M2023−89%2024: $22.9M$22.9M2024+195%2025: $98.6M$98.6M2025+331%
Net income6789102$93.3M in 2025+179% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $33.4M$33.4M20182019: $45.6M$45.6M2019+36%2020: $30.1M$30.1M2020−34%2021: $23.4M$23.4M2021−22%2022: $68.8M$68.8M2022+194%2023: $5.3M$5.3M2023−92%2024: $19.0M$19.0M2024+258%2025: $93.3M$93.3M2025+391%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2026-01-312025-01-31
Arbitration award$71.2M
Interest$953.6K$2.0M
Total revenues$17.5M$98.6M
Compensation of Trustees$456.4K$256.7K
Corporate Trustee's administrative fees$62.5K$62.5K
Legal$2.3M$3.9M
Accounting and auditing$248.1K$238.6K
Mining consultant and field representatives$49.8K$47.0K
Insurance$270.8K$276.7K
Annual stock exchange fee$81.8K$80.0K
Transfer agent's and registrar's fees$9.5K$4.5K
Other Trust expenses$182.9K$504.1K
Total expenses$3.7M$5.3M
Net income$13.9M$93.3M
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)13.1M shares13.1M shares
Net income per unit (Note 2) (in dollars per unit)$1.06$7.11

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Corporate structure

MESABI TRUST sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MESABI TRUST

  • MESABI TRUST New York, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MESABI TRUST reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

The information under the heading “The Trust Estate,” “Duration of the Trust Estate,” “History of the Trust’s Acquisition of the Trust Estate,” and “Description of the Mineral Properties and Northshore’s Mining Operations,” in the Annual Report is incorporated herein by reference.

Item 2 of the 10-K filed Apr 22, 2026.4

Timeline

  1. Oct 15, 20268-K Results of operations15
  2. Jul 31, 20268-K Results of operations; Regulation FD disclosure16
  3. Jul 14, 20268-K Results of operations17
  4. May 4, 20268-K Results of operations; Regulation FD disclosure; Other events18
  5. Apr 14, 20268-K Results of operations19
  6. Feb 3, 20268-K Results of operations; Regulation FD disclosure20
  7. Jan 16, 20268-K Results of operations21
  8. Oct 31, 20258-K Results of operations; Regulation FD disclosure22
  9. Oct 10, 20258-K Results of operations23
  10. Sep 26, 20258-K Regulation FD disclosure24
  11. Aug 1, 20258-K Results of operations; Regulation FD disclosure25
  12. Jul 11, 20258-K Results of operations26

Calendar

Coming up

  1. Dec 11, 2026Reports results for the quarter ending Oct/202627

When it reported results

  1. Oct 15, 2026Reported quarterly or annual results15
  2. Jul 31, 2026Reported quarterly or annual results16
  3. Jul 14, 2026Reported quarterly or annual results17
  4. May 4, 2026Reported quarterly or annual results18
  5. Apr 14, 2026Reported quarterly or annual results19
  6. Feb 3, 2026Reported quarterly or annual results20
  7. Jan 16, 2026Reported quarterly or annual results21
  8. Oct 31, 2025Reported quarterly or annual results22

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

83 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 11 large holders, 4 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Sep 11, 202610-Q EDGAR
  3. Jul 31, 20268-K EDGAR
  4. Jul 14, 20268-K EDGAR
  5. Jun 12, 202610-Q EDGAR
  6. May 4, 20268-K EDGAR
  7. Apr 29, 2026SCHEDULE 13G/A EDGAR
  8. Apr 22, 2026ARS EDGAR
  9. Apr 22, 202610-K EDGAR
  10. Apr 14, 20268-K EDGAR
  11. Feb 3, 20268-K EDGAR
  12. Jan 16, 20268-K EDGAR
  13. Dec 12, 202510-Q EDGAR
  14. Oct 31, 20258-K EDGAR
  15. Oct 29, 2025SCHEDULE 13G/A EDGAR
  16. Oct 10, 20258-K EDGAR
  17. Sep 26, 20258-K EDGAR
  18. Sep 15, 202510-Q EDGAR
  19. Aug 14, 2025SCHEDULE 13G/A EDGAR
  20. Aug 1, 20258-K EDGAR

The 83 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 62. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Horizon Kinetics Asset Management LLC3,219,382$81.5M0.9%+78,410
Valueworks LLC669,733$16.9M3.5%+23,151
CWA Asset Management Group, LLC518,974$13.1M0.4%+71,489
First Manhattan Co. Llc.396,373$10.0M0.0%+86,313
Mad River Investors323,735$8.2M3.1%+2,189
Advisory Services Network, LLC185,669$4.7M0.1%+1,040
Moors & Cabot, Inc.178,289$4.5M0.2%−2,656
EagleClaw Capital Managment, LLC170,575$4.3M0.6%+800
Morgan Stanley113,293$2.9M0.0%−752
Bank of New York Mellon Corp101,464$2.6M0.0%+1,266
Sei Investments Co83,883$2.1M0.0%−83,883
Lido Advisors, LLC79,982$2.0M0.0%+1
Geode Capital Management, LLC59,649$1.5M0.0%+2,139
Royal Bank Of Canada54,825$1.4M0.0%+3,709
Bank Of America Corp /de/44,658$1.1M0.0%−133,223
Jpmorgan Chase & Co36,572$873.3K0.0%+268
Pecaut & Co.33,963$859.3K0.3%No change
Lanark Financial, Inc.30,742$777.8K0.1%No change
HighTower Advisors, LLC25,616$648.1K0.0%−900
Steward Partners Investment Advisory, LLC24,638$623.3K0.0%+378
Commonwealth Equity Services, LLC18,071$457.2K0.0%−940
Wells Fargo & Company/mn17,658$446.7K0.0%−334
Russell Investments Group, Ltd.17,077$432.0K0.0%No change
Westmount Partners, LLC16,856$426.5K0.1%No change
One Charles Private Wealth Services, LLC16,230$410.6K0.1%−1,033

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 31, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000−21.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How MESABI TRUST is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMESABI TRUST1
  • CIK0000065172
  • Employer ID (EIN)13-60222774
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNew York4
  • Fiscal year endsJanuary 311
  • Industry code (SIC)6795 Mineral Royalty Traders1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business addressC/O Deutsche Bank Trust Company Americas, 1 Columbus Circle, 17Th Floor, New York, NY 100191
  • Phone904-271-25201
  • Shares outstanding13,120,010 as of Sep 11, 202612
  • Public float$383.6M as of Jul 31, 20254
  • On EDGAR sinceFeb 1, 19951
  • Filings367 in all: 8-K (163), 10-Q (95), 10-K (27), SC 13G/A (16), DEFA14A (8), 4 (7), SC 13G (7), UPLOAD (7)1
    All 20 form types

    CORRESP (6), ARS (5), 10-K405 (4), 10-Q/A (4), 3 (4), DEF 14A (4), SCHEDULE 13G/A (4), PRE 14A (2), 10-K/A (1), 10-K405/A (1), 8-K/A (1), NT 10-Q (1)

  • Latest filingsAnnual report (10-K) Apr 22, 2026
    Quarterly report (10-Q) Sep 11, 2026
    Proxy statement (DEF 14A) Nov 9, 2018
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Units of Beneficial Interest in Mesabi TrustMSBNew York Stock Exchange

From the cover page of the 10-K filed Apr 22, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

Legal proceedings

AAA Arbitration

As previously announced, on September 26, 2025, Mesabi Trust initiated arbitration against Northshore Mining Company (“Northshore”) and its parent, Cleveland-Cliffs Inc. (“Cliffs”) (Northshore and Cliffs, jointly, the “Operator”), the lessee/operator of the leased lands. Mesabi Trust commenced the arbitration proceeding through the American Arbitration Association. Mesabi Trust seeks damages and declaratory relief relating to the Operator’s idling of Northshore’s operations from May 2022 to April 2023 and underpayment of royalties on intercompany shipments from 2023 through the present.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

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