10-Q Filing

MESABI TRUST CIK: 65172 Q3 2026

Filing Information

Form Type	10-Q
Accession Number	`0001104659-25-120673`
Period End Date	20251031
Filing Date	20251212
Fiscal Year	2026
Fiscal Period	Q3
XBRL Instance	msb-20251031x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 70 Cash Flow Statement 70

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Certificate of beneficial interest of Land Trust, units	`CapitalUnitsOutstanding`	13.12M	shares	Point-in-time
Certificate of beneficial interest of Land Trust, units	`CapitalUnitsOutstanding`	13.12M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.91M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.91M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.16M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.16M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.52M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.52M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$240.64K	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$240.64K	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.06M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.06M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$122.52K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$122.52K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$229.31K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$229.31K	USD	Point-in-time
Current assets	`AssetsCurrent`	$101.73M	USD	Point-in-time
Current assets	`AssetsCurrent`	$101.73M	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.00M	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.00M	USD	Point-in-time
Amended assignment of Peters Lease	`AmendedAssignmentsOfLeaseProperty`	$1.00	USD	Point-in-time
Amended assignment of Peters Lease	`AmendedAssignmentsOfLeaseProperty`	$1.00	USD	Point-in-time
Amended assignment of Peters Lease	`AmendedAssignmentsOfLeaseProperty`	$1.00	USD	Point-in-time
Amended assignment of Peters Lease	`AmendedAssignmentsOfLeaseProperty`	$1.00	USD	Point-in-time
Assignment of Cloquet Leases	`AssignmentsOfLeasedProperty`	$1.00	USD	Point-in-time
Assignment of Cloquet Leases	`AssignmentsOfLeasedProperty`	$1.00	USD	Point-in-time
Assignment of Cloquet Leases	`AssignmentsOfLeasedProperty`	$1.00	USD	Point-in-time
Assignment of Cloquet Leases	`AssignmentsOfLeasedProperty`	$1.00	USD	Point-in-time
Certificate of beneficial interest for 13,120,010 units of Land Trust	`CertificateOfBeneficialInterestLandTrust`	$1.00	USD	Point-in-time
Certificate of beneficial interest for 13,120,010 units of Land Trust	`CertificateOfBeneficialInterestLandTrust`	$1.00	USD	Point-in-time
Certificate of beneficial interest for 13,120,010 units of Land Trust	`CertificateOfBeneficialInterestLandTrust`	$1.00	USD	Point-in-time
Certificate of beneficial interest for 13,120,010 units of Land Trust	`CertificateOfBeneficialInterestLandTrust`	$1.00	USD	Point-in-time
Total fixed property	`FixedPropertyIncludingIntangible`	$3.00	USD	Point-in-time
Total fixed property	`FixedPropertyIncludingIntangible`	$3.00	USD	Point-in-time
Total fixed property	`FixedPropertyIncludingIntangible`	$3.00	USD	Point-in-time
Total fixed property	`FixedPropertyIncludingIntangible`	$3.00	USD	Point-in-time
Total assets	`Assets`	$101.73M	USD	Point-in-time
Total assets	`Assets`	$101.73M	USD	Point-in-time
Total assets	`Assets`	$26.00M	USD	Point-in-time
Total assets	`Assets`	$26.00M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$78.06M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$78.06M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.46M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.46M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$336.68K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$336.68K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$450.54K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$450.54K	USD	Point-in-time
Total liabilities	`Liabilities`	$78.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.91M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$23.33M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$23.33M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$21.09M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$21.09M	USD	Point-in-time
Trust corpus	`CapitalUnits`	$3.00	USD	Point-in-time
Trust corpus	`CapitalUnits`	$3.00	USD	Point-in-time
Trust corpus	`CapitalUnits`	$3.00	USD	Point-in-time
Trust corpus	`CapitalUnits`	$3.00	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$101.73M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$101.73M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$26.00M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$26.00M	USD	Point-in-time

Income Statement 70 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltiesIncomeLoss`	$7.35M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$7.35M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$19.61M	USD	3 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$19.61M	USD	3 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$3.39M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$3.39M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$13.16M	USD	3 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$13.16M	USD	3 Qtrs
Arbitration award	`LitigationSettlementGain`	$71.19M	USD	Point-in-time
Arbitration award	`LitigationSettlementGain`	$71.19M	USD	Point-in-time
Arbitration award	`LitigationSettlementGain`	$71.19M	USD	1 Quarter
Arbitration award	`LitigationSettlementGain`	$71.19M	USD	1 Quarter
Arbitration award	`LitigationSettlementGain`	$71.19M	USD	3 Qtrs
Arbitration award	`LitigationSettlementGain`	$71.19M	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$468.44K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$468.44K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$943.60K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$943.60K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$199.84K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$199.84K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$774.76K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$774.76K	USD	3 Qtrs
Total revenues	`Revenues`	$79.00M	USD	1 Quarter
Total revenues	`Revenues`	$79.00M	USD	1 Quarter
Total revenues	`Revenues`	$91.74M	USD	3 Qtrs
Total revenues	`Revenues`	$91.74M	USD	3 Qtrs
Total revenues	`Revenues`	$3.59M	USD	1 Quarter
Total revenues	`Revenues`	$3.59M	USD	1 Quarter
Total revenues	`Revenues`	$13.93M	USD	3 Qtrs
Total revenues	`Revenues`	$13.93M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$676.32K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$676.32K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$4.54M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$4.54M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$822.99K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$822.99K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$2.79M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$2.79M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$78.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$78.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$87.21M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$87.21M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$2.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.14M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$11.14M	USD	3 Qtrs
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$5.97	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$5.97	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$6.65	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$6.65	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.85	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.85	USD	3 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.39	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.39	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.98	USD	3 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.98	USD	3 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.34	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.34	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$1.02	USD	3 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$1.02	USD	3 Qtrs

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$17.74M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$17.74M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$11.73M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$11.73M	USD	3 Qtrs
Arbitration award	`ProceedsFromLegalSettlements`	$71.19M	USD	3 Qtrs
Arbitration award	`ProceedsFromLegalSettlements`	$71.19M	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$675.77K	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$675.77K	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$1.02M	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$1.02M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$5.08M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$5.08M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$2.78M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$2.78M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.52M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.52M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.97M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.97M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$12.60M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$12.60M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$86.99M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$86.99M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$71.93M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$71.93M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-77.01M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-77.01M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$95.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.19M	USD	Point-in-time
Net income	`ProfitLoss`	$87.21M	USD	3 Qtrs
Net income	`ProfitLoss`	$87.21M	USD	3 Qtrs
Net income	`ProfitLoss`	$11.14M	USD	3 Qtrs
Net income	`ProfitLoss`	$11.14M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.92M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.92M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$361.61K	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$361.61K	USD	3 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$217.38K	USD	3 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$217.38K	USD	3 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$814.96K	USD	3 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$814.96K	USD	3 Qtrs
(Increase) decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-93.45K	USD	3 Qtrs
(Increase) decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-93.45K	USD	3 Qtrs
(Increase) decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$106.79K	USD	3 Qtrs
(Increase) decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$106.79K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-635.32K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-635.32K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$113.86K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$113.86K	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.52M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.52M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.97M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.97M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$5.12M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$5.12M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$4.46M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$4.46M	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.