8-K ·Filed May 4, 2026

MSB

MESABI TRUST
BEARISH
Impact 6/10
Horizonweeks Processed5mo ago SEC0001104659-26-054941
8-K Item 2.02: Earnings release
Actionable Insight ▼ Bearish

Monitor iron ore pricing trends and next quarter's royalty report for bonus recovery. Expect continued low distributions unless the benchmark price exceeds $71.70/ton. The stock may reprice downward as the market absorbs the structural loss of bonus royalty income.

DirectionBearish
Confidencehigh
Horizonweeks
Final — all horizons settled through T+60d
MSB ▼ -18.10% at T+60d
SHORT call ✓ call won +18.10% · α vs SPY +20.84% · entry $28.06 → $22.98
Entry anchored
May 4, 03:59 PM ET
via exchange tick
T+1d
0.00%
call 0.00% · α +1.38%
$28.06
settled 5mo ago
T+5d
+3.88%
call -3.88% · α -1.90%
$29.15
settled 5mo ago
T+20d
-7.80%
call +7.80% · α +12.76%
$25.87
settled 4mo ago
T+60d
-18.10%
call +18.10% · α +20.84%
$22.98
settled 2mo ago

Price Chart

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Executive Summary

Mesabi Trust received Q1 2026 royalty payment of $1,625,300, including a base royalty of $1,201,501 but zero bonus royalty for the first time in years (excluding prior idling period) because deemed shipment prices fell below the $71.70/ton bonus threshold. Although shipment volume more than doubled to 938,572 tons, the absence of bonus royalty signals persistently low iron ore pricing, pressuring future distributions.

Key Facts

  • Total royalty payments received on April 30, 2026: $1,625,300
  • Base royalty: $1,201,501; bonus royalty: $0 (zero)
  • Positive prior-quarter adjustments: $243,986; Mesabi Land Trust payment: $179,813
  • First quarter since May 2022–April 2023 idling period with no bonus royalty
  • All deemed shipments below 2026 adjusted bonus royalty threshold of $71.70 per ton
  • Shipment volume: 938,572 tons in Q1 2026 vs 457,728 tons in Q1 2025

Financial Impact

Quarterly royalty income of $1.625M, with zero bonus component; prior year comparable not provided, but prior distribution cut from $0.56 to $0.24 per unit signals declining cash flow

royalty incomedistributable cashdistribution per unit

Risk Factors

  • Bonus royalty may remain zero if iron ore prices stay weak
  • Further reduction in distribution per unit possible
  • Dependence on Cleveland-Cliffs' production and pricing decisions

Market Snapshot

Exchange
NYSE
Sector
Mineral Royalty Traders

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001104659-26-054941
Document: msb-20260430xex99d1.htm0001104659-26-054941
Document: 0001104659-26-054941-index-headers.html0001104659-26-054941
Document: 0001104659-26-054941-index.html0001104659-26-054941
Document: 0001104659-26-054941.txt0001104659-26-054941
8-K Data (Synthetic)0001104659-26-054941
2 reports for MSB
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for MSB — sortable, filterable
TypeNow
May 4, 2026
21w ago
8-K
BEARISH ★ 6/10
$28.06 $22.98▲ +18.10%▲ +20.84%$18.90 (+32.64%)
Apr 14, 2026
24w ago
8-K
BEARISH ★ 7/10
$31.29 $25.10▲ +19.77%▲ +27.91%$18.90 (+39.59%)
Showing 2 of 2

US Market Status

Market Closed — Opens Mon (64h 39m)

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