MSB 8-K SEC Filing Analysis

Latest settled — T+20d

MSB ▼ -7.80% at T+20d

SHORT call ✓ call won +7.80% · α vs SPY +12.76% · entry $28.06 → $25.87

Next anchor: T+60d in 6w

Last close $25.88 (close Jun 12) · +7.77% from $28.06 entry (call sign-flipped)

Entry anchored
May 4, 03:59 PM ET
via Databento tick

T+1d

0.00%

call 0.00% · α +1.38%

$28.06

settled 6w ago

T+5d

+3.88%

call -3.88% · α -1.90%

$29.15

settled 5w ago

T+20d

-7.80%

call +7.80% · α +12.76%

$25.87

settled 13d ago

T+60d

—

call — · α —

—

in 6w

Price Chart

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Executive Summary

Mesabi Trust received Q1 2026 royalty payment of $1,625,300, including a base royalty of $1,201,501 but zero bonus royalty for the first time in years (excluding prior idling period) because deemed shipment prices fell below the $71.70/ton bonus threshold. Although shipment volume more than doubled to 938,572 tons, the absence of bonus royalty signals persistently low iron ore pricing, pressuring future distributions.

Actionable Insight

Monitor iron ore pricing trends and next quarter's royalty report for bonus recovery. Expect continued low distributions unless the benchmark price exceeds $71.70/ton. The stock may reprice downward as the market absorbs the structural loss of bonus royalty income.

Key Facts

Total royalty payments received on April 30, 2026: $1,625,300
Base royalty: $1,201,501; bonus royalty: $0 (zero)
Positive prior-quarter adjustments: $243,986; Mesabi Land Trust payment: $179,813
First quarter since May 2022–April 2023 idling period with no bonus royalty
All deemed shipments below 2026 adjusted bonus royalty threshold of $71.70 per ton
Shipment volume: 938,572 tons in Q1 2026 vs 457,728 tons in Q1 2025

Financial Impact

Quarterly royalty income of $1.625M, with zero bonus component; prior year comparable not provided, but prior distribution cut from $0.56 to $0.24 per unit signals declining cash flow

royalty incomedistributable cashdistribution per unit

Risk Factors

Bonus royalty may remain zero if iron ore prices stay weak
Further reduction in distribution per unit possible
Dependence on Cleveland-Cliffs' production and pricing decisions

Market Snapshot

Exchange

NYSE

Sector

Mineral Royalty Traders

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001104659-26-054941
Document: msb-20260430xex99d1.htm	0001104659-26-054941
Document: 0001104659-26-054941-index-headers.html	0001104659-26-054941
Document: 0001104659-26-054941-index.html	0001104659-26-054941
Document: 0001104659-26-054941.txt	0001104659-26-054941
8-K Data (Synthetic)	0001104659-26-054941

2 reports for MSB

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for MSB — sortable, filterable
	Type				Now
May 4, 2026 5w ago	8-K BEARISH ★ 6/10	$28.06 $25.87	▲ +7.80%	▲ +12.76%	$25.88 (+7.77%)
Apr 14, 2026 8w ago	8-K BEARISH ★ 7/10	$31.29 $29.17	▲ +6.76%	▲ +12.81%	$25.88 (+17.28%)

US Market Status

Market Closed — Opens in 4h 23m

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