10-Q Filing

MESABI TRUST CIK: 65172 Q1 2025

Filing Information

Form Type	10-Q
Accession Number	`0001558370-24-009141`
Period End Date	20240430
Filing Date	20240613
Fiscal Year	2025
Fiscal Period	Q1
XBRL Instance	msb-20240430x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 32 Cash Flow Statement 62

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Certificate of beneficial interest of Land Trust, units	`SharesOutstanding`	13.12M	shares	Point-in-time
Certificate of beneficial interest of Land Trust, units	`SharesOutstanding`	13.12M	shares	Point-in-time
Certificate of beneficial interest of Land Trust, units	`SharesOutstanding`	13.12M	shares	Point-in-time
Certificate of beneficial interest of Land Trust, units	`SharesOutstanding`	13.12M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	USD	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`	$13.97M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.96M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.96M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.83M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.83M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$451.90K	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$451.90K	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.56M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.56M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$297.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$297.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$112.37K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$112.37K	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.69M	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.69M	USD	Point-in-time
Current assets	`AssetsCurrent`	$25.13M	USD	Point-in-time
Current assets	`AssetsCurrent`	$25.13M	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`	$26.69M	USD	Point-in-time
Total assets	`Assets`	$26.69M	USD	Point-in-time
Total assets	`Assets`	$25.13M	USD	Point-in-time
Total assets	`Assets`	$25.13M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.85M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.85M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$3.80M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$3.80M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$672.22K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$672.22K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$860.80K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$860.80K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.72M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.98M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.98M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.65M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.65M	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`	$25.13M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$25.13M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$26.69M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$26.69M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltiesIncomeLoss`	$1.71M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$1.71M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$6.01M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$6.01M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$137.53K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$137.53K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$239.96K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$239.96K	USD	1 Quarter
Total revenues	`Revenues`	$6.25M	USD	1 Quarter
Total revenues	`Revenues`	$6.25M	USD	1 Quarter
Total revenues	`Revenues`	$1.85M	USD	1 Quarter
Total revenues	`Revenues`	$1.85M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$825.71K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$825.71K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$2.77M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$2.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.02M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.02M	USD	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DividendsPayableAmountPerShare`	-	USD	Point-in-time
Distributions declared per unit (Note 4) (in dollars per share)	`DividendsPayableAmountPerShare`	-	USD	Point-in-time
Distributions declared per unit (Note 4) (in dollars per share)	`DividendsPayableAmountPerShare`	$0.29	USD	Point-in-time
Distributions declared per unit (Note 4) (in dollars per share)	`DividendsPayableAmountPerShare`	$0.29	USD	Point-in-time

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.06M	USD	1 Quarter
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.06M	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$214.37K	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$214.37K	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$113.03K	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$113.03K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$2.77M	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$2.77M	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$976.67K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$976.67K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-863.64K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-863.64K	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$4.85M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$4.85M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-863.64K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-863.64K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.35M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.35M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	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`	$23.98M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	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`	$13.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	USD	Point-in-time
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Net income	`ProfitLoss`	$1.02M	USD	1 Quarter
Net income	`ProfitLoss`	$1.02M	USD	1 Quarter
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.36M	USD	1 Quarter
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.36M	USD	1 Quarter
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-131.52K	USD	1 Quarter
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-131.52K	USD	1 Quarter
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.11M	USD	1 Quarter
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.11M	USD	1 Quarter
Decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-14.52K	USD	1 Quarter
Decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-14.52K	USD	1 Quarter
Decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-185.28K	USD	1 Quarter
Decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-185.28K	USD	1 Quarter
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-188.58K	USD	1 Quarter
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-188.58K	USD	1 Quarter
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-165.48K	USD	1 Quarter
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-165.48K	USD	1 Quarter
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-371.93K	USD	1 Quarter
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-371.93K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-863.64K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-863.64K	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$3.80M	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$3.80M	USD	1 Quarter

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