10-Q Filing

MESABI TRUST CIK: 65172 Q2 2025

Filing Information

Form Type	10-Q
Accession Number	`0001558370-24-012612`
Period End Date	20240731
Filing Date	20240905
Fiscal Year	2025
Fiscal Period	Q2
XBRL Instance	msb-20240731x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 64 Cash Flow Statement 66

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`	$21.63M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.63M	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`	$17.75M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.75M	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`	$2.58M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$2.58M	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`	$1.74M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.74M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$292.68K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$292.68K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$297.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$297.65K	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`	$26.25M	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.25M	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`	$26.25M	USD	Point-in-time
Total assets	`Assets`	$26.25M	USD	Point-in-time
Total assets	`Assets`	$26.69M	USD	Point-in-time
Total assets	`Assets`	$26.69M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$3.94M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$3.94M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.85M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.85M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$196.71K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$196.71K	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`	$4.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.13M	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`	$22.12M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$22.12M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.98M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.98M	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`	$26.25M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$26.25M	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 64 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltiesIncomeLoss`	$12.27M	USD	2 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$12.27M	USD	2 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$11.44M	USD	2 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$11.44M	USD	2 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$9.73M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$9.73M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$6.25M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$6.25M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$296.18K	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$296.18K	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$158.65K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$158.65K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$475.15K	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$475.15K	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$235.19K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$235.19K	USD	1 Quarter
Total revenues	`Revenues`	$9.89M	USD	1 Quarter
Total revenues	`Revenues`	$9.89M	USD	1 Quarter
Total revenues	`Revenues`	$6.49M	USD	1 Quarter
Total revenues	`Revenues`	$6.49M	USD	1 Quarter
Total revenues	`Revenues`	$11.74M	USD	2 Qtrs
Total revenues	`Revenues`	$11.74M	USD	2 Qtrs
Total revenues	`Revenues`	$12.74M	USD	2 Qtrs
Total revenues	`Revenues`	$12.74M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$1.09M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.09M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$705.90K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$705.90K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$3.86M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$3.86M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$1.53M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$1.53M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$10.21M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$10.21M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$9.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.88M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$8.88M	USD	2 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
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
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.78	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.78	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.68	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.68	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.70	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.70	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.41	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.41	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.59	USD	2 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.59	USD	2 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.30	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.30	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	-	USD	2 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	-	USD	2 Qtrs
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	-	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	-	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.32M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.32M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$10.39M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$10.39M	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$295.75K	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$295.75K	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$442.64K	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$442.64K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.83M	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.83M	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$4.52M	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$4.52M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.31M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.31M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.78M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.78M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$8.66M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$8.66M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.78M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.78M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.35M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.35M	USD	2 Qtrs
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, 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`	$17.75M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.75M	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
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`	$17.75M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.75M	USD	Point-in-time
Net income	`ProfitLoss`	$8.88M	USD	2 Qtrs
Net income	`ProfitLoss`	$8.88M	USD	2 Qtrs
Net income	`ProfitLoss`	$10.21M	USD	2 Qtrs
Net income	`ProfitLoss`	$10.21M	USD	2 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$624.33K	USD	2 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$624.33K	USD	2 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.79M	USD	2 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.79M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.29M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.29M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$2.03M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$2.03M	USD	2 Qtrs
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-4.97K	USD	2 Qtrs
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-4.97K	USD	2 Qtrs
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$176.71K	USD	2 Qtrs
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$176.71K	USD	2 Qtrs
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-664.09K	USD	2 Qtrs
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-664.09K	USD	2 Qtrs
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-124.53K	USD	2 Qtrs
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-124.53K	USD	2 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.30M	USD	2 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.30M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.31M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.31M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.78M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.78M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$3.94M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$3.94M	USD	2 Qtrs

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