$MSB
MESABI TRUST
CIK:0000065172|SEC Filings
Condensed Statements of Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 31, 2026 |
Jul. 31, 2025 |
Jul. 31, 2026 |
Jul. 31, 2025 |
|
| Revenues | ||||
| Royalty income | $ 2,328,523 | $ 5,416,904 | $ 4,406,335 | $ 9,766,376 |
| Interest | 151,833 | 189,851 | 319,910 | 574,921 |
| Total revenues | 2,480,356 | 5,606,755 | 4,726,245 | 10,341,297 |
| Expenses | ||||
| Expenses | 2,575,369 | 862,873 | 3,733,795 | 1,966,206 |
| Net (loss) income | $ (95,013) | $ 4,743,882 | $ 992,450 | $ 8,375,091 |
| WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 13,120,010 | 13,120,010 | 13,120,010 | 13,120,010 |
| Net (loss) income per unit (Note 2) (in dollars per unit) | $ (0.0072) | $ 0.3616 | $ 0.0756 | $ 0.6383 |
| Distributions declared per unit (Note 4) (in dollars per unit) | $ 0.05 | $ 0.12 | $ 0.29 | $ 0.68 |
Condensed Statements of Cash Flows - USD ($) |
6 Months Ended | |
|---|---|---|
Jul. 31, 2026 |
Jul. 31, 2025 |
|
| Operating activities | ||
| Royalties received | $ 3,433,080 | $ 7,727,463 |
| Interest received | 321,363 | 805,974 |
| Expenses paid | (2,971,650) | (2,077,510) |
| Net cash from operating activities | 782,793 | 6,455,927 |
| Financing activity | ||
| Distributions to unitholders | (6,560,005) | (85,411,267) |
| Net change in cash and cash equivalents | (5,777,212) | (78,955,340) |
| Cash and cash equivalents, beginning of period | 23,162,609 | 100,204,531 |
| Cash and cash equivalents, end of period | 17,385,397 | 21,249,191 |
| Reconciliation of net income to net cash from operating activities | ||
| Net income | 992,450 | 8,375,091 |
| Increase in accrued income receivable | (185,598) | (283,114) |
| Increase in contract asset | (786,204) | (1,524,746) |
| Increase in prepaid expenses | (292,291) | (195,687) |
| Increase in accrued expenses | 1,054,436 | 84,383 |
| Net cash from operating activities | 782,793 | 6,455,927 |
| Non cash financing activity | ||
| Distributions declared and payable | $ 656,001 | $ 1,574,401 |
Condensed Balance Sheets - USD ($) |
Jul. 31, 2026 |
Jan. 31, 2026 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $ 17,385,397 | $ 23,162,609 |
| Accrued income receivable | 967,961 | 782,363 |
| Contract asset | 1,050,186 | 263,982 |
| Prepaid expenses | 439,662 | 147,371 |
| Current assets | 19,843,206 | 24,356,325 |
| 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 |
| Total fixed property | 3 | 3 |
| Total assets | 19,843,209 | 24,356,328 |
| Liabilities, Unallocated Reserve And Trust Corpus | ||
| Distribution payable | 656,001 | 3,411,203 |
| Accrued expenses | 1,596,686 | 542,250 |
| Total liabilities | 2,252,687 | 3,953,453 |
| Unallocated reserve | 17,590,519 | 20,402,872 |
| Trust corpus | 3 | 3 |
| Total liabilities, unallocated reserve and trust corpus | $ 19,843,209 | $ 24,356,328 |