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8-K ·Filed Oct 15, 2026

MSB

MESABI TRUST
BEARISH
Impact 7/10
Horizonweeks Processed11d 8h ago SEC0001104659-26-116264
8-K Item 2.02: Earnings release
Actionable Insight ▼ Bearish

The Q3 2026 royalty report due October 30, 2026 is the next catalyst — if bonus royalties remain zero and base royalties stay depressed, the trust may continue to skip distributions. Monitor Cliffs' iron ore pricing and shipment volumes for signs of recovery above the $71.70/ton bonus threshold.

DirectionBearish
Confidencehigh
Horizonweeks
Latest settled — T+5d
MSB ▲ +2.01% at T+5d
SHORT call ✗ call lost -2.01% · α vs SPY -2.44% · entry $17.88 → $18.24
Next anchor: T+20d in 16d
Entry = T+0 close
Oct 15, 2026
via day close
T+1d
+7.33%
call -7.33% · α -6.90%
$19.19
settled 11d ago
T+5d
+2.01%
call -2.01% · α -2.44%
$18.24
settled 5d ago
T+20d
Pending
in 16d
T+60d
Pending
in 3mo

Price Chart

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Executive Summary

Mesabi Trust announced no distribution for the November 2026 payment, compared to a $0.34 per Unit distribution in the same period last year. The decision reflects a sharp decline in royalty income from Cleveland-Cliffs, with total July 2026 royalty payments of $1,807,779 versus $5,300,287 in July 2025, and zero bonus royalties for two consecutive quarters due to iron ore pellet prices remaining below the $71.70/ton bonus threshold. The trust is also conserving cash for pending arbitration and uncertainties around Cliffs' vertical supply chain plans.

Key Facts

  • No distribution declared for November 2026, vs $0.34/unit distribution in same period last year
  • Total royalty payments received July 30, 2026: $1,807,779, down 65.9% from $5,300,287 in July 2025
  • Zero bonus royalty in both Q1 and Q2 2026 quarterly reports; all deemed shipments priced below $71.70/ton bonus threshold
  • Trust maintaining unallocated reserve for expenses, pending arbitration, and uncertainties from Cliffs' vertical supply chain implementation
  • Third calendar quarter royalty payment and report due October 30, 2026

Financial Impact

Distribution eliminated entirely ($0 vs $0.34/unit YoY); royalty income declined ~65.9% YoY from $5.3M to $1.8M in the July payment quarter

distribution per unitroyalty incomebonus royalty

Risk Factors

  • Continued zero bonus royalties if iron ore pellet prices stay below $71.70/ton threshold
  • Pending arbitration costs and Cliffs' vertical supply chain implementation creating further cash needs
  • Potential for additional skipped distributions if royalty income does not recover
  • No specific updates from Cliffs on Northshore operations for the remainder of 2026

Investment Themes

Traditional Finance

Documents Analyzed

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

DocumentAccession Number
8-K Filing (Primary)0001104659-26-116264
Document: msb-ex99d1.htm0001104659-26-116264
Document: 0001104659-26-116264-index-headers.html0001104659-26-116264
Document: 0001104659-26-116264-index.html0001104659-26-116264
Document: 0001104659-26-116264.txt0001104659-26-116264
8-K Data (Synthetic)0001104659-26-116264
3 reports for MSB
Performance horizon

Track record builds as more directional reports settle.

Filters
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Reports for MSB — sortable, filterable
TypeNow
Oct 15, 2026
11d ago
8-K
BEARISH ★ 7/10
$17.88 $18.24▼ −2.01%▼ −2.44%$18.07 (−1.06%)
May 4, 2026
25w ago
8-K
BEARISH ★ 6/10
$28.06 $29.15▼ −3.88%▼ −1.90%$18.07 (+35.60%)
Apr 14, 2026
27w ago
8-K
BEARISH ★ 7/10
$31.29 $28.64▲ +8.46%▲ +10.10%$18.07 (+42.24%)
Showing 3 of 3

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Report published Oct 15, 2026