MSB MESABI TRUST

BEARISH Impact: 7/10 8-K
Horizon weeks Filed Apr 14, 2026 Processed 1mo ago SEC 0001104659-26-043216
8-K Item 2.02: Earnings release
Latest settled — T+20d
MSB ▼ -6.76% at T+20d
SHORT call ✓ call won +6.76% · α vs SPY +12.81% · entry $31.29 → $29.17
Next anchor: T+60d in 29d
Last close $24.05 (close Jun 8) · +23.13% from $31.29 entry (call sign-flipped)
Entry anchored
Apr 14, 03:58 PM ET
via Databento tick
T+1d
-1.52%
call +1.52% · α +1.77%
$30.81
settled 8w ago
T+5d
-8.46%
call +8.46% · α +10.10%
$28.64
settled 7w ago
T+20d
-6.76%
call +6.76% · α +12.81%
$29.17
settled 29d ago
T+60d
—
call — · α —
—
in 29d

Price Chart

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Executive Summary

Mesabi Trust declared a $0.24 per unit distribution for Q2 2026, down 57% from $0.56 per unit in the same period last year, citing lower royalty payments from Cleveland-Cliffs due to reduced iron ore shipments and ongoing industry volatility.

Actionable Insight

The sharp distribution cut signals sustained weakness in iron ore operations; traders should monitor the upcoming Q1 royalty report due April 30 for confirmation of trends and potential further distribution pressure.

Key Facts

  • Distribution declared: $0.24 per unit, payable May 20, 2026
  • Prior year same-period distribution: $0.56 per unit
  • Royalty payments received: $4.94M in January 2026 vs $8.99M in January 2025
  • Tonnage shipped from Mesabi lands: 956,512 tons in Q4 2025 vs 1.11M tons in Q4 2024
  • Distribution decision influenced by lower royalties, reserve maintenance, and macro uncertainties

Financial Impact

Distribution down 57% year-over-year, reflecting a $4.04M decline in royalty income

distributionroyalty incomecash available for distribution

Risk Factors

  • Further declines in iron ore shipments or pricing could pressure future distributions
  • Geopolitical trade uncertainties and steel industry volatility may persist
  • No guidance provided on future distribution levels, increasing uncertainty

Market Snapshot

Exchange
NYSE
Sector
Mineral Royalty Traders

Documents Analyzed

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

DocumentAccession Number
8-K Filing (Primary)0001104659-26-043216
Document: msb-20260414xex99d1.htm0001104659-26-043216
Document: 0001104659-26-043216-index-headers.html0001104659-26-043216
Document: 0001104659-26-043216-index.html0001104659-26-043216
Document: 0001104659-26-043216.txt0001104659-26-043216
8-K Data (Synthetic)0001104659-26-043216
2 reports for MSB
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for MSB — sortable, filterable
Type Now
May 4, 2026
5w ago
8-K
BEARISH ★ 6/10
$28.06 $25.87▲ +7.80%▲ +12.76%$24.05 (+14.29%)
Apr 14, 2026
8w ago
8-K
BEARISH ★ 7/10
$31.29 $29.17▲ +6.76%▲ +12.81%$24.05 (+23.13%)
Showing 2 of 2

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