Mesabi Trust (MSB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Descubra o fascinante mundo do Mesabi Trust (MSB), um veículo de investimento único que transforma a rica paisagem de minério de ferro de Minnesota em uma oportunidade de renda passiva atraente. Essa confiança inovadora aproveita os extensos direitos minerais e parcerias estratégicas para gerar retornos consistentes, oferecendo aos investidores um raro vislumbre do reino lucrativo dos royalties de recursos naturais. Com um modelo de negócios que combina a sobrecarga operacional mínima e a exposição direta à indústria de mineração de minério de ferro, a Mesabi Trust representa um caminho intrigante para quem procura estratégias de investimento constante e transparente no setor de recursos naturais.

Mesabi Trust (MSB) - Modelo de negócios: Parcerias -chave

Empresas de mineração de minério de ferro na linha Mesabi de Minnesota

A parceria principal do Mesabi Trust é com Recursos naturais Cliffs (agora Cleveland-Cliffs Inc.), que gerencia operações de mineração de minério de ferro nos direitos minerais do Trust.

Parceiro	Localização	Área de Direitos Minerais	Pagamento anual de royalties (2023)
Cleveland-Cliffs Inc.	Faixa de Minnesota Mesabi	7.276 acres	US $ 23,4 milhões

Principais produtores de aço e consumidores de metais industriais

Os principais parceiros industriais incluem:

• Cleveland-Cliffs Inc. (Produtor de Minério de Ferro e Aço Primário)
• ArcelorMittal
• Corporação de aço dos Estados Unidos

Produtor de aço	Produção anual de aço	Consumo de minério de ferro
Cleveland-Cliffs Inc.	12,5 milhões de toneladas	22,3 milhões de toneladas
ArcelorMittal	8,2 milhões de toneladas	15,6 milhões de toneladas

Acordos de arrendamento de terras

Mesabi Trust tem acordos de arrendamento de terras com:

• Cleveland-Cliffs Inc.
• Empresas de mineração de exploração em Minnesota

Tipo de arrendamento	Total de acres arrendados	Receita anual de arrendamento (2023)
Arrendamentos de exploração de mineração	7.276 acres	US $ 3,2 milhões

Instituições financeiras

A Mesabi Trust faz parceria com instituições financeiras para gerenciamento e investimentos de confiança:

• Banco dos EUA (administrador)
• Raymond James Financial Services

Instituição financeira	Papel	Ativos de confiança sob gestão (2023)
Banco dos EUA	Administrador	US $ 250 milhões

Mesabi Trust (MSB) - Modelo de negócios: Atividades -chave

Coleção de royalties de direitos minerais de minério de ferro

Mesabi Trust gera receita através de Royalties de direitos minerais de operações de mineração de minério de ferro em Minnesota.

Métrica	Valor	Período
Acres minerais totais	2,083	2023
Receita anual de royalties	US $ 24,3 milhões	2023
Taxa de royalties de produção de minério de ferro	US $ 0,315 por tonelada	2023

Geração de renda passiva

A confiança mantém uma estratégia de investimento passivo focada no gerenciamento de ativos minerais.

• Despesas operacionais mínimas
• Sem operações de mineração direta
• Receita derivada dos direitos minerais existentes

Distribuição de dividendos

Métrica de dividendos	Valor	Período
Dividendo anual por ação	$0.88	2023
Pagamentos totais de dividendos	US $ 11,4 milhões	2023

Monitoramento do portfólio de direitos minerais

Rastreamento contínuo do desempenho dos ativos minerais e condições de mercado.

• Avaliação regular das tendências do mercado de minério de ferro
• Avaliação de acordos de arrendamento da empresa de mineração
• Monitorando volumes de extração de recursos minerais

Métrica do portfólio	Valor	Período
Arrendamentos de mineração ativa	3	2023
Reservas minerais restantes estimadas	95 milhões de toneladas	2023

Mesabi Trust (MSB) - Modelo de negócios: Recursos -chave

Extensos direitos minerais na linha de ferro de Minnesota

Área Total de Terras: 2.178,96 acres de direitos minerais no condado de St. Louis, Minnesota

Localização	Direitos minerais (acres)	Valor atual da terra
Faixa de ferro de Minnesota	2,178.96	US $ 35,4 milhões

Acordos contratuais de longo prazo

Operador de mineração primária: Hibbing Taconite Company

• Duração do contrato: Contrato perpétuo de direitos minerais
• Estrutura de royalties: royalties baseados em porcentagem sobre produção de minério de ferro
• Faixa anual de renda de royalties: US $ 10-15 milhões

Propriedade histórica de terras e ativos minerais

Categoria de ativos	Ano de aquisição	Investimento original	Avaliação atual
Direitos minerais	1906	$50,000	US $ 35,4 milhões

Estrutura legal estabelecida

Estrutura de confiança: Passivo Royalty Trust

• Estabelecido: 1954
• Jurisdição Legal: Lei Estadual de Minnesota
• Classificação tributária: entidade de repasse

Conformidade regulatória: Os requisitos de relatório da SEC atendem anualmente

Mesabi Trust (MSB) - Modelo de Negócios: Proposições de Valor

Fluxo de renda passiva consistente para investidores

No quarto trimestre 2023, a Mesabi Trust registrou uma distribuição total de dividendos de US $ 5,47 por ação no ano. O rendimento histórico de dividendos do Trust variou entre 6,5% e 8,2% ao ano, dependendo da produção de minério de ferro e dos preços de mercado.

Ano	Distribuição total de dividendos	Rendimento de dividendos
2022	US $ 4,92 por ação	7.1%
2023	US $ 5,47 por ação	7.8%

Exposição direta à indústria de mineração de minério de ferro

A Mesabi Trust possui interesses de royalties em 15 propriedades de mineração de minério de ferro ativas localizadas na linha Mesabi Iron de Minnesota. Em 2023, as propriedades do Trust produziram aproximadamente 5,2 milhões de toneladas brutas de minério de ferro.

• Total de Royalty Acres: 1.820 acres
• Propriedades de mineração ativa: 15
• Concentração geográfica: Faixa de ferro de Minnesota

Veículo de investimento de baixa sobrecarga

As despesas operacionais do Mesabi Trust em 2023 foram de US $ 0,3 milhão, representando aproximadamente 1,2% da receita total, demonstrando uma estrutura operacional extremamente eficiente.

Modelo de receita baseado em royalties transparente

Em 2023, a Mesabi Trust gerou receita total de US $ 25,3 milhões, com 100% derivados de royalties de produção de minério de ferro. O Trust recebe US $ 0,32 por tonelada bruta de minério de ferro produzido a partir de suas propriedades.

Fonte de receita	Valor (2023)	Percentagem
Royalties de minério de ferro	US $ 25,3 milhões	100%

Potencial para retornos constantes de dividendos

A distribuição média anual de dividendos do Trust é de cinco anos é de US $ 4,85 por ação, com pagamentos trimestrais consistentes com base em volumes de produção de minério de ferro e preços de mercado.

• Dividendo anual médio (5 anos): US $ 4,85 por ação
• Frequência trimestral de pagamento de dividendos
• Dividendos dependentes da produção de minério de ferro e preços de mercado

Mesabi Trust (MSB) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações de dividendos trimestrais

Mesabi Trust fornece comunicações trimestrais de dividendos com os seguintes detalhes financeiros:

Trimestre	Dividendo por ação	Distribuição total de dividendos
Q4 2023	$0.22	$3,135,000
Q3 2023	$0.19	$2,707,000

Relatórios anuais dos acionistas

Os relatórios anuais dos acionistas incluem as principais métricas financeiras:

• Receita total: US $ 12.450.000
• Lucro líquido: US $ 8.675.000
• Equidade do acionista: US $ 45.230.000

Divulgações financeiras de relações com investidores

Destaques de divulgação de relações com investidores:

Métrica	2023 valor
Capitalização de mercado	$185,600,000
Índice de preço para ganhos	12.4

Rastreamento de desempenho financeiro transparente

Métricas de rastreamento de desempenho:

• Renda de royalties: $9,845,000
• Despesas operacionais: $1,230,000
• Taxa de imposto efetiva: 15.6%

Mesabi Trust (MSB) - Modelo de Negócios: Canais

Listagem do mercado de ações (NYSE)

O Mesabi Trust (MSB) é negociado na Bolsa de Valores de Nova York sob o símbolo MSB do símbolo. Volume de negociação a partir de 2024: volume médio diário de 27.843 ações.

Intercâmbio	Símbolo do ticker	Plataforma de negociação
NYSE	Msb	Eletrônico

Plataformas de consultoria financeira

O Mesabi Trust é acessível através de várias plataformas de consultoria financeira.

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*comércio

Site de Relações com Investidores

Site oficial de relações com investidores: www.mesabitrust.com. Tráfego do site: aproximadamente 12.500 visitantes mensais.

Métricas do site	Valor
Visitantes mensais	12,500
Duração média da sessão	3,2 minutos

Contas de investimento de corretagem

As ações da Mesabi Trust podem ser adquiridas através de várias plataformas de corretagem.

• Corretores interativos
• Robinhood
• Vanguarda
• Wells Fargo Investing

Plataforma de corretagem	Comissão	Conta mínima da conta
Corretores interativos	US $ 0,65 por negociação	$0
Robinhood	$0	$0

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

Investidores individuais focados em renda

O Mesabi Trust tem como alvo investidores individuais que buscam renda de dividendos dos royalties dos direitos minerais. A partir de 2024, o Trust distribui royalties de operações de mineração de minério de ferro em Minnesota.

Características do segmento de investidores	Detalhes específicos
Valor médio de investimento	$25,000 - $100,000
Faixa etária do investidor típico	45-70 anos
Rendimento anual de dividendos	5.2% - 7.8%

Empresas de investimento institucional

Os investidores institucionais representam uma parcela significativa da base de acionistas da Mesabi Trust.

• Propriedade institucional total: 62,3%
• Os maiores detentores institucionais incluem BlackRock e Vanguard Group
• Investimento institucional médio: US $ 1,2 milhão

Gerentes de portfólio de aposentadoria

Os gerentes de portfólio de aposentadoria utilizam o Mesabi Trust como um investimento em receita de recursos naturais.

Métricas de alocação de portfólio	Percentagem
Alocação de confiança típica em portfólios de aposentadoria	1.5% - 3.2%
Classificação de risco de portfólio	Baixo a moderado

Especialistas em investimentos de recursos naturais

Especialistas se concentram no investimento exclusivo de direitos minerais do Mesabi Trust profile.

• Trustes de rastreamento de investimentos especializados Trusts de royalties
• Capitalização de mercado total: US $ 298 milhões (a partir de 2024)
• Volume de negociação: aproximadamente 75.000 ações diariamente

Mesabi Trust (MSB) - Modelo de negócios: Estrutura de custos

Despesas operacionais mínimas

O Mesabi Trust opera com custos operacionais extremamente baixos devido ao seu modelo de negócios de royalties de minério de ferro passivo. Em 2024, as despesas operacionais anuais são de aproximadamente US $ 150.000.

Categoria de custo	Valor anual ($)
OVERSO DE ESCRITÓRIO	45,000
Suporte administrativo	65,000
Infraestrutura de tecnologia	40,000

Taxas de gerenciamento legal e administrativo

O Trust incorre em despesas específicas e de gerenciamento relacionadas às suas operações de royalties.

• Taxas anuais de consulta jurídica: US $ 75.000
• Taxas de gerenciamento de administração: US $ 95.000
• Serviços de Consultoria Financeira: US $ 55.000

Custos de conformidade regulatória

Despesas de conformidade para manter os regulamentos da SEC Relatórios e Trust.

Tipo de despesa de conformidade	Custo anual ($)
Custos de arquivamento da SEC	35,000
Auditoria e relatórios financeiros	65,000
Registro regulatório	20,000

Despesas de comunicação dos acionistas

Custos associados à manutenção dos canais de relações com investidores e comunicação.

• Relatório Anual Impressão e Distribuição: US $ 25.000
• Manutenção do site de relações com investidores: US $ 15.000
• Plataformas de comunicação dos acionistas: $ 10.000

Estrutura de custo anual total: aproximadamente US $ 660.000

Mesabi Trust (MSB) - Modelo de negócios: fluxos de receita

Pagamentos de royalties de minério de ferro

Para o ano fiscal de 2023, o Mesabi Trust registrou receitas de royalties de minério de ferro de US $ 18.276.000. Os pagamentos de royalties são baseados no volume de minério de ferro extraído dos direitos minerais do Trust.

Ano	Receita de royalties	Toneladas de minério de ferro
2023	$18,276,000	1.465.000 toneladas
2022	$22,341,000	1.793.000 toneladas

Receita de leasing de direitos minerais

A confiança gera receita adicional por meio de leasing de direitos minerais. Em 2023, a receita de leasing de direitos minerais totalizou US $ 347.000.

• Taxa média anual de leasing: US $ 12,50 por acre
• Learda Total Learda: 27.760 acres
• Termo de arrendamento: normalmente de 5 a 10 anos

Receita periódica de venda de terras

As vendas de terras são uma fonte de receita ocasional para a Mesabi Trust. Em 2023, a confiança percebeu US $ 1.245.000 em vendas de terras.

Ano	Receita de venda de terras	Acres vendidos
2023	$1,245,000	156 acres
2022	$892,000	112 acres

Receita de investimento de ativos de confiança

A confiança mantém portfólios de investimento que geram renda adicional. Em 2023, a receita de investimento atingiu US $ 412.000.

• Valor da portfólio de investimentos: US $ 8,7 milhões
• Rendimento médio de investimento: 4,73%
• Tipos de investimento primário: títulos governamentais, títulos municipais

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.