MESABI TRUST_April 30, 2026

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-4488

MESABI TRUST

(Exact name of registrant as specified in its charter)

New York

13-6022277

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

c/o Deutsche Bank Trust Company Americas

Trust & Agency Services

1 Columbus Circle, 17th Floor

Mail Stop: NYC01-1710

New York, New York

10019

(Address of principal executive offices)

(Zip Code)

(904) 271-2520

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Units of Beneficial Interest, no par value	MSB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 12, 2026, there were 13,120,010 Units of Beneficial Interest in Mesabi Trust outstanding.

	Page

PART I – FINANCIAL INFORMATION	3
Item 1. Financial Statements. (Note 1)	3
Condensed Statements of Income Three Months Ended April 30, 2026 and 2025	3
Condensed Balance Sheets April 30, 2026 and January 31, 2026	4
Condensed Statements of Cash Flows Three Months Ended April 30, 2026 and 2025	5
Notes to Condensed Financial Statements	6
Item 2. Trustees’ Discussion and Analysis of Financial Condition and Results of Operations.	8
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	17
Item 4. Controls and Procedures.	17

PART II - OTHER INFORMATION	18
Item 1. Legal Proceedings	18
Item 1A. Risk Factors	18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3. Defaults upon Senior Securities	18
Item 4. Mine Safety Disclosures	18
Item 5. Other Information	19
Item 6. Exhibits.	19

SIGNATURES	20


		Three Months Ended
		April 30,
		2026			2025
		(unaudited)			(unaudited)
A. Condensed Statements of Income

Revenues
Royalty income		$	2,077,811		$	4,349,472
Interest			168,077			385,070

Total revenues			2,245,888			4,734,542

Expenses			1,158,425			1,103,334

Net income		$	1,087,463		$	3,631,208

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING
Number of units outstanding			13,120,010			13,120,010

Net income per unit (Note 2)		$	0.0829		$	0.2768

Distributions declared per unit (Note 4)		$	0.2400		$	0.5600


		April 30, 2026			January 31, 2026
		(unaudited)
B. Condensed Balance Sheets

Assets
Cash and cash equivalents		$	20,285,073		$	23,162,609
Accrued income receivable			631,572			782,363
Contract asset			867,363			263,982
Prepaid expenses			137,748			147,371
Current assets			21,921,756			24,356,325

Fixed property, including intangibles, at nominal values

Assignments of leased property

Amended assignment of Peters Lease			1			1

Assignment of Cloquet Leases			1			1

Certificate of beneficial interest for 13,120,010 units of Land Trust			1			1
			3			3

Total assets		$	21,921,759		$	24,356,328

Liabilities, Unallocated Reserve And Trust Corpus

Liabilities
Distribution payable		$	3,148,802		$	3,411,203
Accrued expenses			431,421			542,250
Total liabilities			3,580,223			3,953,453

Unallocated reserve			18,341,533			20,402,872

Trust corpus			3			3

Total liabilities, unallocated reserve and trust corpus		$	21,921,759		$	24,356,328


	Three Months Ended April 30,
	2026		2025
Base overriding royalties	$	1,885,699	$	2,425,094
Bonus royalties		—		1,783,835
Fee royalties		192,112		140,543
Total royalty income	$	2,077,811	$	4,349,472


		Unallocated		Trust
		Reserve		Corpus		Total
Balances as of January 31, 2026	$	20,402,872	$	3	$	20,402,875

Net income		1,087,463		—		1,087,463
Distributions declared - $0.2400 per unit		(3,148,802)		—		(3,148,802)

Balances as of April 30, 2026	$	18,341,533	$	3	$	18,341,536


		Pellets Produced from		Pellets Shipped from
		Trust Lands		Trust Lands
Year Ended		(Tons)		(Tons)
April 30, 2026		906,131		906,131
April 30, 2025		637,186		637,186


		April 30,						% increase
		2026			2025			(decrease)
Accrued Income Receivable		$	631,572		$	1,916,756		(67.0)%
Contract Asset			867,363			1,179,208		(26.4)%
Unallocated Cash and Cash Equivalents			17,136,271			16,873,926		1.6%
Accrued Expenses, net			(293,673)			(358,171)		(18.0)%
Unallocated Reserve		$	18,341,533		$	19,611,719		(6.5)%


Exhibit No.		Exhibit		Filing Method

31		Certification of Corporate Trustee of Mesabi Trust pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002		Filed herewith

32		Certification of Corporate Trustee of Mesabi Trust pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		Furnished herewith

99.1		Report of Boulay PLLP, dated June 12, 2026 regarding its review of the unaudited interim financial statements of Mesabi Trust as of and for the three months ended April 30, 2026		Filed herewith

101		Inline XBRL Instance Document		Filed herewith

104		Cover Page Interactive Data File		Embedded within the Inline XBRL document and contained in Exhibit 101


	MESABI TRUST
	(Registrant)

	By:	DEUTSCHE BANK TRUST COMPANY AMERICAS
		Corporate Trustee
	Principal Administrative Officer and duly authorized signatory:*



June 12, 2026		By:	/s/ Chris Niesz
		Name: Chris Niesz*
		Title: Director


		Three Months Ended
		April 30,
		2026			2025
			(unaudited)			(unaudited)
C. Condensed Statements of Cash Flows

Operating activities
Royalties received		$	1,625,299		$	2,427,176
Interest received			167,999			612,805
Expenses paid			(1,259,631)			(959,320)

Net cash from operating activities			533,667			2,080,661

Financing activity
Distributions to unitholders			(3,411,203)			(78,064,060)

Net change in cash and cash equivalents			(2,877,536)			(75,983,399)

Cash and cash equivalents, beginning of period			23,162,609			100,204,531

Cash and cash equivalents, end of period		$	20,285,073		$	24,221,132

Reconciliation of net income to net cash from operating activities

Net income		$	1,087,463		$	3,631,208
Decrease (increase) in accrued income receivable			150,791			(755,995)
Increase in contract asset			(603,381)			(938,566)
Decrease in prepaid expenses			9,623			11,045
(Decrease) increase in accrued expenses			(110,829)			132,969

Net cash from operating activities		$	533,667		$	2,080,661

Non cash financing activity

Distributions declared and payable		$	3,148,802		$	7,347,206

SEC Form 10-Q filed by Mesabi Trust