Mesabi Trust (MSB): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Descubra el fascinante mundo de Mesabi Trust (MSB), un vehículo de inversión único que transforma el rico panorama de mineral de hierro de Minnesota en una oportunidad pasiva convincente. Este fideicomiso innovador aprovecha los extensos derechos minerales y asociaciones estratégicas para generar rendimientos consistentes, ofreciendo a los inversores una rara visión del ámbito lucrativo de las regalías de recursos naturales. Con un modelo de negocio que combina una sobrecarga operativa mínima y una exposición directa a la industria minera de mineral de hierro, Mesabi Trust representa una vía intrigante para aquellos que buscan estrategias de inversión constantes y transparentes en el sector de recursos naturales.

Mesabi Trust (MSB) - Modelo de negocio: asociaciones clave

Compañías mineras de mineral de hierro en la gama mesabi de Minnesota

La asociación principal de Mesabi Trust es con Cliffs Recursos naturales (ahora Cleveland-Cliffs Inc.), que administra las operaciones mineras de mineral de hierro en los derechos minerales del fideicomiso.

Pareja	Ubicación	Área de derechos minerales	Pago anual de regalías (2023)
Cleveland-Cliffs Inc.	Minnesota Mesabi Range	7,276 acres	$ 23.4 millones

Principales productores de acero y consumidores de metales industriales

Los socios industriales clave incluyen:

• Cleveland-Cliffs Inc. (productor primario de acero y mineral de hierro)
• ArcelorMittal
• Corporación de Acero de los Estados Unidos

Productor de acero	Producción de acero anual	Consumo de mineral de hierro
Cleveland-Cliffs Inc.	12.5 millones de toneladas	22.3 millones de toneladas
ArcelorMittal	8.2 millones de toneladas	15.6 millones de toneladas

Contratos de arrendamiento de tierras

Mesabi Trust tiene contratos de arrendamiento de tierras con:

• Cleveland-Cliffs Inc.
• Firmas mineras de exploración en Minnesota

Tipo de arrendamiento	Acres alquilados totales	Ingresos anuales de arrendamiento (2023)
Arrendamientos de exploración minera	7,276 acres	$ 3.2 millones

Instituciones financieras

Mesabi Trust se asocia con instituciones financieras para gestión e inversiones de confianza:

• U.S. Bank (Fideicomisario)
• Servicios financieros de Raymond James

Institución financiera	Role	Activos de confianza bajo administración (2023)
Banco estadounidense	Fideicomisario	$ 250 millones

Mesabi Trust (MSB) - Modelo de negocio: actividades clave

Colección de regalías de los derechos minerales del mineral de hierro

Mesabi Trust genera ingresos a través de regalías de derechos minerales de operaciones mineras de mineral de hierro en Minnesota.

Métrico	Valor	Período
Acres minerales totales	2,083	2023
Ingresos anuales de regalías	$ 24.3 millones	2023
Tasa de regalías de producción de mineral de hierro	$ 0.315 por tonelada	2023

Generación de ingresos pasivos

El fideicomiso mantiene una estrategia de inversión pasiva centrada en la gestión de activos minerales.

• Gastos operativos mínimos
• No hay operaciones mineras directas
• Ingresos derivados de los derechos minerales existentes

Distribución de dividendos

Métrico de dividendos	Valor	Período
Dividendo anual por acción	$0.88	2023
Pagos de dividendos totales	$ 11.4 millones	2023

Monitoreo de la cartera de derechos minerales

Seguimiento continuo del rendimiento de los activos minerales y las condiciones del mercado.

• Evaluación regular de las tendencias del mercado de mineral de hierro
• Evaluación de los contratos de arrendamiento de la compañía minera
• Monitoreo de volúmenes de extracción de recursos minerales

Métrico de cartera	Valor	Período
Arrendamientos mineros activos	3	2023
Reservas minerales restantes estimadas	95 millones de toneladas	2023

Mesabi Trust (MSB) - Modelo de negocio: recursos clave

Extensos derechos minerales en la gama de hierro de Minnesota

Área terrestre total: 2,178.96 acres de derechos minerales en el condado de St. Louis, Minnesota

Ubicación	Derechos minerales (acres)	Valor de la tierra actual
Rango de hierro de Minnesota	2,178.96	$ 35.4 millones

Acuerdos contractuales a largo plazo

Operador de minería primaria: Hibbing Taconite Company

• Duración del contrato: Acuerdo de derechos minerales perpetuos
• Estructura de regalías: regalías basadas en porcentaje en la producción de mineral de hierro
• Rango anual de ingresos de regalías: $ 10-15 millones

Propiedad histórica de la tierra y los activos minerales

Categoría de activos	Año de adquisición	Inversión original	Valoración actual
Derechos minerales	1906	$50,000	$ 35.4 millones

Marco legal establecido

Estructura de confianza: Trust de regalías pasivas

• Establecido: 1954
• Jurisdicción legal: Ley Estatal de Minnesota
• Clasificación fiscal: entidad de transferencia

Cumplimiento regulatorio: Los requisitos de informes de la SEC cumplen anualmente

Mesabi Trust (MSB) - Modelo de negocio: propuestas de valor

Flujo de ingresos pasivos consistentes para inversores

A partir del cuarto trimestre de 2023, Mesabi Trust informó una distribución total de dividendos de $ 5.47 por acción para el año. El rendimiento de dividendos históricos del fideicomiso ha oscilado entre 6.5% y 8.2% anual, dependiendo de la producción de mineral de hierro y los precios del mercado.

Año	Distribución de dividendos totales	Rendimiento de dividendos
2022	$ 4.92 por acción	7.1%
2023	$ 5.47 por acción	7.8%

Exposición directa a la industria minera de mineral de hierro

Mesabi Trust posee intereses de regalías en 15 propiedades activas de minería de mineral de hierro ubicadas en la gama de hierro Mesabi de Minnesota. En 2023, las propiedades del fideicomiso produjeron aproximadamente 5.2 millones de toneladas brutas de mineral de hierro.

• Acres de regalías totales: 1,820 acres
• Propiedades mineras activas: 15
• Concentración geográfica: rango de hierro de Minnesota

Vehículo de inversión de bajo nivel

Los gastos operativos para Mesabi Trust en 2023 fueron de $ 0.3 millones, lo que representa aproximadamente el 1.2% de los ingresos totales, lo que demuestra una estructura operativa extremadamente eficiente.

Modelo de ingresos basado en regalías transparentes

En 2023, Mesabi Trust generó ingresos totales de $ 25.3 millones, con el 100% derivado de regalías de producción de mineral de hierro. El fideicomiso recibe $ 0.32 por tonelada bruta de mineral de hierro producido a partir de sus propiedades.

Fuente de ingresos	Cantidad (2023)	Porcentaje
Regalías de mineral de hierro	$ 25.3 millones	100%

Potencial para devoluciones de dividendos constantes

La distribución de dividendos promedio de cinco años de cinco años del fideicomiso es de $ 4.85 por acción, con pagos trimestrales consistentes basados ​​en volúmenes de producción de mineral de hierro y precios de mercado.

• Dividendo anual promedio (5 años): $ 4.85 por acción
• Frecuencia de pago de dividendos trimestrales
• Dividendos dependiendo de la producción de mineral de hierro y los precios del mercado

Mesabi Trust (MSB) - Modelo de negocios: relaciones con los clientes

Comunicaciones de dividendos trimestrales

Mesabi Trust proporciona comunicaciones de dividendos trimestrales con los siguientes detalles financieros:

Cuarto	Dividendo por acción	Distribución de dividendos totales
P4 2023	$0.22	$3,135,000
P3 2023	$0.19	$2,707,000

Informes anuales de accionistas

Los informes anuales de los accionistas incluyen métricas financieras clave:

• Ingresos totales: $ 12,450,000
• Ingresos netos: $ 8,675,000
• Equidad del accionista: $ 45,230,000

Divulgaciones financieras de relaciones con los inversores

Divulgación de la divulgación de relaciones con los inversores:

Métrico	Valor 2023
Capitalización de mercado	$185,600,000
Relación de precio / ganancias	12.4

Seguimiento de rendimiento financiero transparente

Métricas de seguimiento de rendimiento:

• Ingreso de regalías: $9,845,000
• Gastos operativos: $1,230,000
• Tasa impositiva efectiva: 15.6%

Mesabi Trust (MSB) - Modelo de negocio: canales

Listado del mercado de valores (NYSE)

Mesabi Trust (MSB) cotiza en la Bolsa de Nueva York bajo el símbolo del ticker MSB. Volumen de negociación a partir de 2024: volumen diario promedio de 27,843 acciones.

Intercambio	Símbolo de ticker	Plataforma comercial
bolsa de Nueva York	MSB	Electrónico

Plataformas de asesoramiento financiero

Mesabi Trust es accesible a través de múltiples plataformas de asesoramiento financiero.

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio

Sitio web de relaciones con los inversores

Sitio web oficial de relaciones con los inversores: www.mesabitrust.com. Tráfico del sitio web: aproximadamente 12,500 visitantes mensuales.

Métricas del sitio web	Valor
Visitantes mensuales	12,500
Duración de la sesión promedio	3.2 minutos

Cuentas de inversión de corretaje

Las acciones de Mesabi Trust se pueden comprar a través de varias plataformas de corretaje.

• Corredores interactivos
• Robinidad
• Vanguardia
• Wells Fargo Investing

Plataforma de corretaje	Comisión	Cuenta mínima
Corredores interactivos	$ 0.65 por intercambio	$0
Robinidad	$0	$0

Mesabi Trust (MSB) - Modelo de negocio: segmentos de clientes

Inversores individuales centrados en los ingresos

Mesabi Trust se dirige a inversores individuales que buscan ingresos por dividendos de regalías de derechos minerales. A partir de 2024, el fideicomiso distribuye regalías de las operaciones mineras de mineral de hierro en Minnesota.

Características del segmento de inversores	Detalles específicos
Monto promedio de la inversión	$25,000 - $100,000
Rango de edad típico de los inversores	45-70 años
Rendimiento de dividendos anuales	5.2% - 7.8%

Empresas de inversión institucional

Los inversores institucionales representan una porción significativa de la base de accionistas de Mesabi Trust.

• Propiedad institucional total: 62.3%
• Los titulares institucionales más grandes incluyen BlackRock y Vanguard Group
• Inversión institucional promedio: $ 1.2 millones

Gerentes de cartera de jubilación

Los gerentes de cartera de jubilación utilizan el fideicomiso Mesabi como una inversión de ingresos por recursos naturales.

Métricas de asignación de cartera	Porcentaje
Asignación de confianza típica en carteras de jubilación	1.5% - 3.2%
Clasificación de riesgos de cartera	Bajo a moderado

Especialistas en inversión de recursos naturales

Los especialistas se centran en la inversión de derechos minerales únicos de Mesabi Trust profile.

• Track de inversión especializada Fideicomisos de regalías minerales
• Capitalización de mercado total: $ 298 millones (a partir de 2024)
• Volumen de negociación: aproximadamente 75,000 acciones diarias

Mesabi Trust (MSB) - Modelo de negocio: Estructura de costos

Gastos operativos mínimos

Mesabi Trust opera con costos operativos extremadamente bajos debido a su modelo de negocio de regalías de mineral de hierro pasivo. A partir de 2024, los gastos operativos anuales son de aproximadamente $ 150,000.

Categoría de costos	Monto anual ($)
Sobrecarga de la oficina	45,000
Apoyo administrativo	65,000
Infraestructura tecnológica	40,000

Tarifas de gestión legal y administrativa

El fideicomiso incurre en gastos legales y de gestión específicos relacionados con sus operaciones de regalías.

• Tarifas de consulta legal anual: $ 75,000
• Tarifas de gestión de fideicomisos: $ 95,000
• Servicios de asesoramiento financiero: $ 55,000

Costos de cumplimiento regulatorio

Gastos de cumplimiento para mantener los informes de la SEC y las regulaciones de confianza.

Tipo de gasto de cumplimiento	Costo anual ($)
Costos de presentación de la SEC	35,000
Auditoría e informes financieros	65,000
Registro regulatorio	20,000

Gastos de comunicación de los accionistas

Costos asociados con el mantenimiento de las relaciones con los inversores y los canales de comunicación.

• Impresión y distribución anual de informes: $ 25,000
• Mantenimiento del sitio web de Relaciones de Inversores: $ 15,000
• Plataformas de comunicación de accionistas: $ 10,000

Estructura de costos anuales totales: aproximadamente $ 660,000

Mesabi Trust (MSB) - Modelo de negocio: flujos de ingresos

Pagos de regalías de mineral de hierro

Para el año fiscal 2023, Mesabi Trust informó ingresos por regalías de mineral de hierro de $ 18,276,000. Los pagos de regalías se basan en el volumen de mineral de hierro extraído de los derechos minerales del fideicomiso.

Año	Ingresos por regalías	Toneladas de mineral de hierro
2023	$18,276,000	1,465,000 toneladas
2022	$22,341,000	1,793,000 toneladas

Ingresos de arrendamiento de derechos minerales

El fideicomiso genera ingresos adicionales a través del arrendamiento de derechos minerales. En 2023, los ingresos de arrendamiento de derechos minerales totalizaron $ 347,000.

• Tasa de arrendamiento anual promedio: $ 12.50 por acre
• Total de la superficie arrendada: 27,760 acres
• Término de arrendamiento: típicamente de 5 a 10 años

Ingresos de la venta periódica de tierras

Las ventas de tierras son una fuente de ingresos ocasional para Mesabi Trust. En 2023, el fideicomiso se dio cuenta $ 1,245,000 de ventas de tierras.

Año	Ingresos de venta de tierras	Acres vendidos
2023	$1,245,000	156 acres
2022	$892,000	112 acres

Ingresos de inversión de los activos fiduciarios

El fideicomiso mantiene las carteras de inversión que generan ingresos adicionales. En 2023, los ingresos por inversiones llegaron a $ 412,000.

• Valor de la cartera de inversiones: $ 8.7 millones
• Rendimiento promedio de inversión: 4.73%
• Tipos de inversión primaria: bonos gubernamentales, valores municipales

Mesabi Trust (MSB) - Canvas Business Model: Value Propositions

You're looking at Mesabi Trust (MSB) not as a company that mines, but as a pure financial instrument that collects rent on mineral rights. That's the core value proposition you're buying into.

Passive income stream from iron ore production without operational risk.

This is the main draw. Mesabi Trust (MSB) doesn't worry about capital expenditures (capex), labor disputes, or running the Peter Mitchell Mine; Cleveland-Cliffs Inc. (CCI) handles all that through its subsidiary, Northshore Mining Company. Your exposure is purely to the royalty stream. For the fiscal year ending January 31, 2025 (FY 2025), the Trust reported annual revenue of $98.6 million, which translated to a net profit margin of 96.4% for the trailing twelve months ending July 31, 2025. That clean margin shows how little overhead the Trust carries, as its primary costs are administrative. The Return on Equity (ROE) as of November 2025 was an eye-popping 407.21%, reflecting this high-margin, low-asset structure.

Direct, high-leverage exposure to US domestic steel and iron ore pricing.

The royalty structure gives you leverage. You get a base royalty tied to volume and a bonus royalty tied to the realized selling price of the taconite pellets. When prices spike, the bonus royalty kicks in, magnifying your return without requiring the Trust to own more assets. The volatility is clear when you look at the quarterly royalty checks. For instance, the Q1 2025 royalty payment, based on shipments of 457,728 tons, was $2,422,329, but the Q3 2025 payment, based on 987,370 tons, jumped to $4,005,142. This shows how volume and price fluctuations directly translate to your cash flow.

Here's a look at how those recent royalty payments broke down:

Metric	Q1 2025 (Received April 30)	Q3 2025 (Received Oct 30)
Total Royalty Payment	$2,422,329	$4,005,142
Base Royalty	$1,067,762	$2,817,500
Bonus Royalty	$1,281,315	$973,410
Tons Credited	457,728 tons	987,370 tons

Pass-through entity structure, avoiding corporate-level income taxation.

Mesabi Trust (MSB) is structured as a trust, meaning it's exempt from income taxes at the entity level. The taxes are paid directly by you, the unitholder, on the distributions you receive. This avoids the double taxation inherent in a standard C-corporation structure. The Trust's mandate is simple: collect the royalty, deduct minimal administrative expenses (like the Trustees' compensation, which was just over $323,000 for FY 2025), and distribute nearly everything else.

High potential for variable, cyclical distributions tied to commodity prices.

Your distributions are anything but steady; they swing with the iron ore market and CCI's production schedule. You've seen this variability firsthand in 2025. The distribution declared in February 2025 was a massive $5.95 per Unit, but the one declared in July 2025 was only $0.12 per Unit, a 60% decrease from the prior year's same-period distribution of $0.30. More recently, the distribution declared in October 2025 was $0.34 per Unit, down from $0.39 the year before. This shows the direct link between the operator's performance and your cash return. The Trust has 13,120,010 Units of Beneficial Interest outstanding as of June 12, 2025, so every dollar of royalty translates directly to a small fraction of that cash flow for you.

You need to keep an eye on CCI's operational posture; they've indicated Northshore will continue as a 'swing operation,' meaning they can throttle production based on market needs, which directly impacts your next check.

Mesabi Trust (MSB) - Canvas Business Model: Customer Relationships

You're looking at Mesabi Trust (MSB) as a pure royalty vehicle, and that means the relationship with its owners-the unitholders-is almost entirely stripped down to the essentials. Honestly, it's a classic passive investment structure.

Transactional relationship with unitholders via quarterly distributions.

The core of the relationship is the transfer of cash, which happens strictly on a quarterly schedule based on the underlying royalty receipts from Cleveland-Cliffs Inc. The Trustees declare a distribution, and that's the event that connects the Trust to its owners. For example, the Trustees declared a distribution of $0.34 per Unit of Beneficial Interest, payable on November 20, 2025, based on third-quarter 2025 shipments. This is a direct, transactional link, not a relationship built on ongoing service or engagement.

The variability in these payments highlights the transactional nature, as they are directly tied to the royalty revenue, which itself is subject to iron ore pricing and shipment volumes. Here's a look at the recent quarterly distribution history in 2025 to show you that variability:

Distribution Event (Pay Date)	Distribution Per Unit	Basis/Context
February 20, 2025	$5.95	Reflected non-recurring net proceeds from AAA tribunal award
May 20, 2025	$0.56	Compared to $0.29 the same period last year
August 2025 (Implied)	$0.12	Based on reported historical data for August 2025
November 20, 2025	$0.34	Down from $0.39 in the same period last year

The current annualized dividend per share stands at $6.97, resulting in a current dividend yield of 21.34%. The payout ratio is extremely high at 98.6%, showing that nearly all distributable cash is passed through to the unitholders.

Formal, arm's-length communication through SEC filings and press releases.

Communication is strictly formal and mandated by regulatory requirements. You won't get a personal email from the Trustees; you get official disclosures. The primary channels are press releases announcing distributions and required filings with the Securities and Exchange Commission (SEC). For instance, the October 10, 2025 distribution announcement was made via a press release, which also noted that a summary of the quarterly royalty report would be filed on Form 8-K. The foundational document detailing the Trust's operations and risks is the Annual Report on Form 10-K, which for the fiscal year ended January 31, 2025, was filed on April 24, 2025.

The communication points are:

• - Distribution announcements are made via press releases, detailing the amount and record/payment dates.
• - Quarterly royalty report summaries are filed on Form 8-K with the SEC.
• - The Annual Report on Form 10-K provides the comprehensive financial and operational picture.
• - Unitholders can request hard copies of audited financial statements from the Corporate Trustee, Deutsche Bank Trust Company Americas.

Minimal direct interaction; the model is defintely passive for investors.

This is the key takeaway for you as an investor. Mesabi Trust (MSB) is structured to require virtually no direct interaction from its unitholders. The Trustees manage the royalty agreement, receive payments, pay expenses, and distribute the remainder. There is no customer service line for unitholders to call about operational issues; the relationship is purely financial and fiduciary. The structure is designed for passivity, meaning you buy a unit and wait for the quarterly cash flow. As of April 21, 2025, there were 13,120,010 Units of Beneficial Interest outstanding, representing a large, dispersed ownership base that necessitates this hands-off approach.

Mesabi Trust (MSB) - Canvas Business Model: Channels

You're looking at how Mesabi Trust (MSB) gets its essential information and units into the hands of unitholders. For a royalty trust like Mesabi Trust, the channels are purely about disclosure and market access, not direct customer sales.

The primary market access channel is the New York Stock Exchange (NYSE), where Units of Beneficial Interest (MSB) trade. This is where liquidity happens. As of early December 2025, the stock traded around $32.92, with a market capitalization near $420.30 million. The stock's performance this year shows a year-to-date return of 16.37% in 2025. You can track the immediate price action here, noting that the 50-day moving average was $32.85 while the 200-day moving average sat at $29.59 as of early December.

Official transparency relies heavily on regulatory filings. Mesabi Trust uses the SEC filings system to provide the required financial and operational disclosures. These documents are the bedrock for any serious analysis you do. For instance, the Annual Report on Form 10-K for the fiscal year ended January 31, 2025, was filed on April 24, 2025. Material events, like the recent distribution announcements or the commencement of arbitration, are pushed out via Form 8-K filings.

The Trust website serves as the central hub for unitholders to pull these documents directly, alongside press releases that offer timely context. For example, the October 10, 2025 press release announced a distribution of $0.34 per Unit, which was down from the $0.39 declared for the same period last year. This channel is also where you find notices regarding operational disputes, such as the September 26, 2025 announcement that Mesabi Trust initiated arbitration against Northshore Mining Company and Cleveland-Cliffs Inc..

Here is a snapshot of the key financial disclosures and market access points relevant to the Channels block:

Channel Component	Specific Data Point/Metric	Value/Amount (Late 2025 Data)
NYSE Trading (MSB)	Latest Reported Price (Dec 5, 2025)	$32.92
NYSE Trading (MSB)	Market Capitalization	$420.30 million
SEC Filings (8-K)	Royalty Payment Received (July 30, 2025)	$5,300,287
SEC Filings (10-Q Context)	Q1 2025 Total Royalty Payment Received (April 30, 2025)	$2,422,329
SEC Filings (10-Q Context)	Q1 2025 Tons Shipped	457,728 tons
Trust Website/Press Release	October 2025 Distribution per Unit	$0.34
Trust Website/Press Release	April 2025 Distribution per Unit	$0.56
Trust Website/Press Release	January 2025 Royalty Payment Received	$8,986,464

The flow of information is strictly one-way for the most part-from the Trust, via the NYSE and SEC, to you, the unitholder. The Trust is a pass-through entity, so its business is limited to collecting and distributing royalties.

You can see the direct impact of the royalty collection channel reflected in the distribution announcements:

• - Distribution declared October 10, 2025: $0.34 per Unit.
• - Distribution declared April 15, 2025: $0.56 per Unit.
• - Annualized dividend implied from the latest distribution: $1.36.
• - Latest reported dividend yield: 4.2%.

The regulatory filings themselves are a channel for specific operational data, like the fact that the Trust seeks damages related to the idling of Northshore operations from May 2022 to April 2023. Finance: draft a comparison of the Q1 2025 vs Q1 2024 royalty tonnage by next Tuesday.

Mesabi Trust (MSB) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Mesabi Trust (MSB) units as of late 2025. These aren't customers in the traditional sense, but rather the unitholders who provide the capital base and whose expectations drive the trust's valuation. The appeal is direct exposure to US iron ore royalties, a structure that means Mesabi Trust is a pass-through entity; revenues are taxed at the unitholder level, not the trust level.

The primary groups Mesabi Trust (MSB) serves are defined by their income goals and risk tolerance regarding commodity cycles.

• Individual and institutional investors seeking commodity-linked income.
• Portfolio managers requiring exposure to the US iron ore and steel industry.
• Unitholders prioritizing high-yield, albeit volatile, distributions.

The high-yield nature is evident in the recent figures. For instance, the trailing twelve month dividend yield stood at an eye-watering 21.49%. This high yield is directly tied to the underlying commodity performance, which explains the volatility unitholders must accept. Consider the recent distribution history:

• The distribution declared for the period ending April 30, 2025, was $0.56 per Unit, a significant jump from the $0.29 per Unit declared for the same period in 2024.
• The royalty payments supporting these distributions fluctuate; the Trust received $8,986,464 in January 2025, compared to $6,432,434 in January 2024.
• The last declared dividend, paid on November 20, 2025, was $0.34 per unit.

Institutional interest is measurable by the number of funds holding positions. As of late 2025, Mesabi Trust (MSB) has 89 institutional owners and shareholders filing 13D/G or 13F forms with the SEC. These institutions, which include firms like Horizon Kinetics Asset Management Llc, are looking for inflation hedges or specific commodity exposure that a trust structure can offer more directly than an operating company.

To map out the financial characteristics that attract these segments, look at the valuation metrics as of the latest quarter. The trust's structure results in a low Price-to-Earnings ratio, reported at 4.62. This contrasts with its strong return profile, evidenced by a TTM Return on Investment (ROI) of 413.24%. The balance sheet remains lean, with total assets at $24.78 million against total liabilities of only $2.00 million in the latest quarter. The total shares in issue stand at 13,120,010.

Here is a snapshot of the key financial data points relevant to these customer segments:

Metric	Value (Late 2025 Data)	Source Context
Trailing Twelve Month Dividend Yield	21.49%	High-yield focus
Shares in Issue	13,120,010 units	Total ownership base size
P/E Ratio (TTM)	4.62	Valuation attraction for value investors
Institutional Owners (SEC Filers)	89 entities	Institutional segment size
Market Capitalization	$428.50M	Size for portfolio allocation
Latest Quarterly Royalty Payment Received (Jan 2025)	$8,986,464	Commodity revenue indicator

The portfolio managers are specifically interested in the underlying asset: income derived from the Peter Mitchell Mine in Minnesota, operated by Northshore Mining Company, a subsidiary of Cleveland-Cliffs Inc. The royalty payments are based primarily on the selling price of pellets shipped. The fact that Mesabi Trust paid a dividend every year within the last 10 years speaks to the consistency unitholders look for, despite the inherent commodity price risk.

Finance: draft 13-week cash view by Friday.

Mesabi Trust (MSB) - Canvas Business Model: Cost Structure

The Cost Structure for Mesabi Trust (MSB) is defined by its nature as a passive royalty trust; its expenses are overwhelmingly fixed or administrative, reflecting its primary function of collecting and distributing royalties, not engaging in active business operations.

• Extremely lean, fixed administrative and trustee fees.
• Total Operating Expenses were approximately $5.00 million for the fiscal year ended January 31, 2025.
• Legal and accounting fees related to compliance and royalty disputes are embedded within the operating expenses.
• Minimal Cost of Revenue, reported as $0.32 million for FY 2025.

You'll see that the largest components of the cost structure are the fixed administrative overhead necessary to maintain the trust structure and meet regulatory requirements. The trustee compensation is explicitly detailed based on the Amendment to the Agreement of Trust.

Cost Component Detail	FY 2025 Amount (USD)	Notes
Total Operating Expenses	$5,000,000	As reported for the fiscal year ended January 31, 2025.
Cost of Revenue	$320,000	Figure provided in the required outline for FY 2025.
Corporate Trustee Total Compensation	$118,301	Includes administrative and registrar/transfer agent fees.
Corporate Trustee Administrative Fee	$62,500	Fixed annual fee for clerical and administrative services.
Individual Trustee Compensation (Per Trustee)	$51,331	Cash compensation received by each Individual Trustee.
Selling, General & Admin Expense (SG&A)	$4,500,000	Reported SG&A for the fiscal year ending 2025 in one data set.

The administrative costs are highly transparent. For instance, the Corporate Trustee, Deutsche Bank Trust Company Americas, earned a total of $118,301 for FY 2025. This figure includes a base administrative fee of $62,500, plus $4,471 for its registrar and transfer agent duties. To be fair, the structure is designed to be lean; each Individual Trustee also received $51,331 in cash compensation for the same period.

When looking at the broader operating expenses, one data source indicates Selling, General and Admin Expense (SG&A) was $4.5 million for the fiscal year ending 2025, which helps explain the difference between the reported $5.00 million total operating expense and the specific trustee fees. The Cost of Revenue is minimal, which makes sense since Mesabi Trust (MSB) is a pass-through entity collecting royalties, not selling goods or services directly.

• Trustee fees are subject to annual adjustment based on the All Commodities Producer Price Index relative to the 1981 Escalation Level of 295.5.
• The Corporate Trustee did not receive any compensation for extraordinary services in fiscal 2025.
• The Trust is generally not permitted to engage in any business other than collecting and distributing royalties and paying expenses to maintain its tax status.

Finance: draft 13-week cash view by Friday.

Mesabi Trust (MSB) - Canvas Business Model: Revenue Streams

You're looking at a pure-play royalty interest, which means Mesabi Trust's revenue streams are exceptionally clean-it collects payments without the massive operating costs of a traditional miner. The entire revenue model hinges on the production and selling price of iron ore products shipped by Cleveland-Cliffs Inc.'s subsidiary, Northshore Mining Company, from the Peter Mitchell Mine.

The income is derived from two primary, yet highly variable, sources:

• - Base royalty payments based on tons of iron ore products shipped. This is a fixed rate per ton, structured tiered: ranging from 2.5% for the first one million tons to 6% of gross proceeds.
• - Bonus royalty payments tied to the selling price of iron ore pellets. This component kicks in when realized selling prices exceed a certain threshold, making it highly sensitive to commodity market strength.

The performance of these streams is best seen by comparing recent quarters, which clearly shows the impact of volume versus price fluctuations. For instance, the tonnage shipped in Q3 2025 was 987,370 tons.

Metric	Q3 2025 (Ended Sept 30, 2025)	Q1 2025 (Ended Mar 31, 2025)
Total Royalty Receipts	$4.01 million	$2,422,329
Base Royalty Component	$2,817,500	$1,067,762
Bonus Royalty Component	$973,410	$1,281,315
Tons Credited	987,370 tons	457,728 tons

The total annual revenue for the fiscal year ended January 31, 2025 was reported as $99 million. Still, quarterly royalty receipts are highly variable; Q3 2025 was $4.01 million, which shows how quickly the bonus component can compress or expand the total take depending on iron ore pricing dynamics that quarter.