10-Q Filing

MESABI TRUST CIK: 65172 Q1 2026

Filing Information

Form Type	10-Q
Accession Number	`0001558370-25-008570`
Period End Date	20250430
Filing Date	20250612
Fiscal Year	2026
Fiscal Period	Q1
XBRL Instance	msb-20250430x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 32 Cash Flow Statement 68

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`	$23.98M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.98M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.22M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.22M	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
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.92M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.92M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.16M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.16M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.18M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.18M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$240.64K	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$240.64K	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`	$111.47K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$111.47K	USD	Point-in-time
Current assets	`AssetsCurrent`	$27.43M	USD	Point-in-time
Current assets	`AssetsCurrent`	$27.43M	USD	Point-in-time
Current assets	`AssetsCurrent`	$101.73M	USD	Point-in-time
Current assets	`AssetsCurrent`	$101.73M	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`	$27.43M	USD	Point-in-time
Total assets	`Assets`	$27.43M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$7.35M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$7.35M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$78.06M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$78.06M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$469.64K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$469.64K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$336.68K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$336.68K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.40M	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`	$19.61M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$19.61M	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`	$27.43M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$27.43M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltiesIncomeLoss`	$4.35M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$4.35M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$6.01M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$6.01M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$239.96K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$239.96K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$385.07K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$385.07K	USD	1 Quarter
Total revenues	`Revenues`	$6.25M	USD	1 Quarter
Total revenues	`Revenues`	$6.25M	USD	1 Quarter
Total revenues	`Revenues`	$4.73M	USD	1 Quarter
Total revenues	`Revenues`	$4.73M	USD	1 Quarter
Total expenses	`CostOfGoodsAndServicesSold`	$1.10M	USD	1 Quarter
Total expenses	`CostOfGoodsAndServicesSold`	$1.10M	USD	1 Quarter
Total expenses	`CostOfGoodsAndServicesSold`	$2.77M	USD	1 Quarter
Total expenses	`CostOfGoodsAndServicesSold`	$2.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
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	1 Quarter
Weighted Average Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	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
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.56	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.56	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.29	USD	1 Quarter
Distributions declared per unit (Note 4) (in dollars per share)	`DistributionMadeToLimitedPartnerDistributionsDeclaredPerUnit`	$0.29	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.06M	USD	1 Quarter
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.06M	USD	1 Quarter
Royalties received	`ProceedsFromRoyaltiesReceived`	$2.43M	USD	1 Quarter
Royalties received	`ProceedsFromRoyaltiesReceived`	$2.43M	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$214.37K	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$214.37K	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$612.80K	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$612.80K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$2.77M	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$2.77M	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$959.32K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$959.32K	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.08M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.08M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$4.85M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$4.85M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$78.06M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$78.06M	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
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-75.98M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-75.98M	USD	1 Quarter
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`	$24.22M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.22M	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, 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, 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`	$24.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.22M	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`	$100.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.20M	USD	Point-in-time
Net income	`ProfitLoss`	$3.63M	USD	1 Quarter
Net income	`ProfitLoss`	$3.63M	USD	1 Quarter
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-131.52K	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-131.52K	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$756.00K	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$756.00K	USD	1 Quarter
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.11M	USD	1 Quarter
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.11M	USD	1 Quarter
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$938.57K	USD	1 Quarter
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$938.57K	USD	1 Quarter
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-185.28K	USD	1 Quarter
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-185.28K	USD	1 Quarter
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-11.04K	USD	1 Quarter
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-11.04K	USD	1 Quarter
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$132.97K	USD	1 Quarter
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$132.97K	USD	1 Quarter
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-188.58K	USD	1 Quarter
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-188.58K	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.08M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.08M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.50M	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$7.35M	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$7.35M	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.