MSB on NYSE

MESABI TRUST

American mineral royalty traders company, incorporated in New York.

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Last updated Oct 18, 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 NYSE
  • IndustryMineral Royalty Traders
  • HeadquartersNY
  • 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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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$15.8M495%down 36% from 2025
  2. Royalties From Lease Fees$750.5K45%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

Revenue567892$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 income567892$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.4

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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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 three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 11 such filings since October 2021, the latest 10:

  1. Apr 29, 2026SCHEDULE 13G/A
  2. Oct 29, 2025SCHEDULE 13G/A
  3. Aug 14, 2025SCHEDULE 13G/A
  4. Feb 13, 2025SCHEDULE 13G/A
  5. Nov 13, 2024SC 13G/A
  6. Feb 13, 2024SC 13G/A
  7. Feb 6, 2024SC 13G/A
  8. Feb 10, 2023SC 13G
  9. Jan 30, 2023SC 13G/A
  10. Jan 27, 2022SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

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).

Sources

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

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