{"filings":[{"id":1995999,"accession_number":"0001104659-26-089248","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2026-07-31T20:30:12+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $1.81M royalty for Q2 2026; shipments down 2.4% YoY, no bonus","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $1,807,779 received July 30, 2026: base royalty $1,585,696, bonus royalty $0.","Iron ore shipments credited: 902,331 tons in Q2 2026 vs 924,442 tons in Q2 2025 (down ~2.4%).","Bonus royalty threshold for 2026 is $71.70/ton; all deemed shipments priced below, resulting in no bonus.","No additional third-party pellet sales since September 2025; pricing based on Sep/Dec 2025 sales.","Royalties subject to continued due diligence; variations expected quarter to quarter."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":1638596,"accession_number":"0001104659-26-083538","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2026-07-14T20:45:14+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.05/unit distribution, down from $0.12/unit year ago","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.05 per Unit payable Aug 20, 2026 to holders of record July 30, 2026.","Royalty payments from Cleveland-Cliffs totaled $1,625,300 in April 2026, down from $2,422,329 in April 2025.","No bonus royalty was included in the current payment; prior year included bonus.","Trustees cite uncertainties from Cliffs' vertical supply chain planning and iron ore market volatility."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":98317,"accession_number":"0001104659-26-054941","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2026-05-04T23:59:59+00:00","items":["2.02","7.01","8.01","9.01"],"status":"ready","headline":"Mesabi Trust Q1 2026: no bonus royalty paid; shipments up but pricing below threshold","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Total royalty payment of $1,625,300 received Apr 30, 2026; bonus royalty $0 – first time in years (excl. 2022-23 idling).","Base royalty $1,201,501; bonus royalty threshold $71.70/ton not met; prices based on Sept 2025 third-party sale.","Shipments credited: 938,572 tons in Q1 2026 vs 457,728 tons in Q1 2025 – volume up 105% YoY.","Positive adjustments of $243,986 from prior quarters included; $179,813 paid to Mesabi Land Trust.","Cliffs reported no additional third-party pellet sales since Sept 2025, limiting pricing data."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":98316,"accession_number":"0001104659-26-043216","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2026-04-14T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust cuts quarterly distribution to $0.24 from $0.56; royalty payments fell 45%","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.24/unit declared, payable May 20 to holders of record Apr 30; down from $0.56 last year.","Royalty payments from Cliffs in Jan 2026 were $4.94M versus $8.99M in Jan 2025.","Trustees cite uncertainties from Cliffs' supply-chain plans, tariff changes, and industry volatility.","Next quarterly royalty report and payment from Cliffs due April 30, 2026."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":113704,"accession_number":"0001104659-26-009757","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2026-02-03T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives Q4 2025 royalty payment of $4.94M; iron ore shipments down 14% YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $4,943,488 received on Jan 30, 2026 from Cleveland-Cliffs.","Q4 2025 shipments credited to Trust: 956,512 tons vs. 1,110,800 tons in Q4 2024 (-13.9%).","Base royalty $3,622,142; bonus royalty $1,041,580; prior-period adjustments $66,572.","Additional $213,194 royalty paid to Mesabi Land Trust.","Shipments remain subject to idling risk and other factors; quarterly fluctuations expected."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":113703,"accession_number":"0001104659-26-004561","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2026-01-16T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.26/unit distribution, down 96% YoY from $5.95","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.26 per unit payable Feb 20, 2026 to holders of record Jan 30, 2026.","Prior year's $5.95 included $71.2M arbitration award (non-recurring) from Cliffs for underpaid royalties.","October 2025 royalty receipts totaled $4.0M, down from $7.4M in October 2024.","Trustees maintaining reserves; no update from Cliffs on 2026 Northshore production plans.","Cites uncertainties in iron ore markets, trade policies, tariffs, and global unrest."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":130091,"accession_number":"0001104659-25-104947","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-10-31T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $4.0M Q3 royalty payment; shipments up 1.6% YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $4,005,142 received Oct 30, 2025, comprising base royalty $2,817,500 and bonus $973,410.","Credited with 987,370 tons shipped in Q3 2025, up from 972,154 tons in Q3 2024 (+1.6%).","Three sale transactions to a single third-party in September 2025 subject to continued due diligence review.","Royalty payment excludes adjustments from prior quarters; prices remain subject to change."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":130090,"accession_number":"0001104659-25-098734","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-10-10T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.34/unit distribution, down from $0.39 year ago","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.34 per unit payable Nov 20, 2025 to holders of record Oct 30, 2025.","Decline from $0.39 per unit distribution declared same period last year.","Trust received $5,300,287 royalty payment from Cleveland-Cliffs on July 30, 2025.","Trustees maintain reserves for expenses and liabilities; no update on Cliffs' iron ore operations.","Uncertainties cited include volatility in iron ore/steel, trade policy, and global unrest."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":146678,"accession_number":"0001104659-25-093889","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-09-26T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Mesabi Trust initiates arbitration against Cleveland-Cliffs over idling and royalty underpayments","summary_kind":"llm","event_type":"litigation","confidence":"high","bullets":["Arbitration filed Sept 26, 2025 via American Arbitration Association against Northshore Mining and Cleveland-Cliffs.","Claims relate to idling of Northshore operations from May 2022 to April 2023.","Also claims underpayment of royalties on intercompany shipments from 2023 to present.","Seeks damages and declaratory relief for alleged breaches of lease/operating agreement."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":146677,"accession_number":"0001558370-25-009990","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-08-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $5.3M Q2 royalty payment; iron ore shipments down 2.7% YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $5,300,287 received on July 30, 2025 for Q2 ended June 30, 2025.","Base royalty $2,514,060, bonus royalty $2,588,784; no prior quarter adjustments.","Iron ore shipments of 924,442 tons in Q2 2025 vs 949,718 tons in Q2 2024, down ~2.7%.","No new third-party arms-length sales of pellets since December 2024.","Additional $197,443 paid to Mesabi Land Trust."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":146676,"accession_number":"0001558370-25-009200","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-07-11T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust cuts distribution to $0.12/unit from $0.30, citing lower royalty receipts","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.12/unit declared for Aug 20, 2025, vs $0.30/unit a year ago (60% decrease).","Royalty payment from Cleveland-Cliffs for April 2025 was $2.42M, down from $5.06M in April 2024.","Trust cites uncertainties from Cliffs' vertical supply chain plans, tariff threats, and iron ore volatility.","Next quarterly royalty payment (due July 30, 2025) will be summarized in a subsequent 8-K filing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":165079,"accession_number":"0001558370-25-006197","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-05-02T23:59:59+00:00","items":["2.02","7.01","8.01","9.01"],"status":"ready","headline":"Mesabi Trust Q1 2025 royalty payment $2.4M; shipments down 55% YoY to 457,728 tons","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Received total royalty payment of $2,422,329 for Q1 2025 (base $1,067,762, bonus $1,281,315).","Q1 2025 shipments credited: 457,728 tons, down from 1,006,692 tons in Q1 2024 (55% drop).","No third-party arm's-length pellet sales since two low-volume shipments in December 2024.","No adjustments related to prior quarters were included in the royalty payment."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":165078,"accession_number":"0001558370-25-004838","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-04-15T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.56/unit quarterly distribution, up 93% from $0.29/unit year ago","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.56/unit declared, payable May 20, 2025 to holders of record April 30, 2025.","Royalty payments from Cleveland-Cliffs increased to $8,986,464 in Jan 2025 from $6,432,434 in Jan 2024.","Distribution reflects higher royalty receipts but also uncertainties from Cliffs' scrap iron shift, iron ore volatility, and tariffs.","No update on Cliffs' 2025 Northshore operations; next quarterly royalty report due April 30, 2025."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":182782,"accession_number":"0001558370-25-000606","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-02-03T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives Q4 2024 royalty of $8.99M on 1.11M tons shipped, up from 964k tons YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $8,986,464 received from Cleveland-Cliffs for Q4 2024.","Base royalty of $5,724,454 plus bonus royalty of $3,093,243; no adjustments.","Shipments of 1,110,800 tons credited vs 964,129 tons in Q4 2023, a 15% increase.","Royalty of $168,767 also paid to Mesabi Land Trust out of total.","Northshore continues as swing operation; no specific 2025 guidance provided."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":182781,"accession_number":"0001558370-25-000205","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2025-01-14T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $5.95/unit distribution, up from $0.37, driven by $71.2M arbitration award","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $5.95 per Unit payable Feb 20, 2025 to holders of record Jan 30, 2025.","Prior-year distribution was $0.37 per Unit; increase primarily reflects $71.2M AAA award from Cliffs/Northshore for underpaid royalties.","Trust also received $7.36M in Oct 2024 royalty payments from Cliffs, up from $5.67M in Oct 2023.","Trust notes uncertainties from Cliffs' scrap iron plans, iron ore volatility, and global economic factors.","Quarterly royalty payment for Q4 2024 due Jan 30, 2025; Trust will file summary on Form 8-K."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":199358,"accession_number":"0001558370-24-014142","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-11-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust Q3 2024 royalty $7.36M; shipped tons down 4.6% YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty of $7,355,929: base $4,469,814, bonus $2,718,456, plus $167,659 to Land Trust.","Iron ore shipments credited to Trust: 972,154 tons vs 1,019,311 tons in Q3 2023 (-4.6%).","No adjustments reported by Cleveland-Cliffs for the quarter ended Sep 30, 2024.","Northshore continues as swing operation; 2024 shipment forecast not provided to Trust.","Trust notes shipments and royalties vary significantly quarter to quarter."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":199357,"accession_number":"0001558370-24-013375","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-10-17T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.39/unit distribution; receives $71.2M arbitration award","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.39 per unit payable Nov 20, 2024 to holders of record Oct 30, 2024, up from $0.35 last year.","Received $71,185,029 from Northshore/Cliffs as final AAA arbitration award for underpaid royalties (2020-2022).","July 2024 royalty payments from Cliffs were $5,325,522, slightly above $5,321,510 in July 2023.","Trustees holding arbitration funds in reserve pending procedural deadlines; invested in interest-bearing accounts.","No specific updates on Cliffs' plans for Northshore iron ore operations."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":215390,"accession_number":"0001558370-24-012705","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-09-10T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Mesabi Trust awarded $59.8M in arbitration against Cleveland-Cliffs for underpaid royalties","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["AAA panel unanimously awarded $59,799,977 damages for underpaid royalties (2020-2022) plus $11,288,269 pre-award interest at 10% simple interest per annum.","Pre-award interest continues accruing until paid; payment must be made by Cliffs & Northshore no later than October 6, 2024.","Tribunal approved consent award for ongoing documentation access to verify royalty calculations, but denied declaratory relief on timing of royalty obligations."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":215389,"accession_number":"0001558370-24-010610","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-08-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $5.3M Q2 royalty payment; iron ore shipments up 7% YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $5,325,522 received July 30, 2024, comprising base $2,783,747 and bonus $2,386,069.","Iron ore shipments credited: 949,718 tons in Q2 2024 vs 886,301 tons in Q2 2023 (+7.1%).","Two low-volume third-party pellet sales reported in May and June 2024; Trust evaluating royalty agreement compliance.","No distribution announced; Trust cautions shipments and royalties vary significantly quarter to quarter."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":215388,"accession_number":"0001558370-24-009789","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-07-12T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.30 per unit distribution after no distribution last year","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.30 per unit payable August 20, 2024 to holders of record July 30, 2024.","April 2024 royalty receipts from Cleveland-Cliffs totaled $5,059,648 vs. $0 in April 2023.","Higher royalties driven by return to operations at Northshore mine after idling until April 2023.","Trustees maintained reserves amid ongoing uncertainty about Cliffs treating Northshore as swing operation.","Quarterly royalty report due July 30, 2024; trust to file summary with SEC thereafter."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":234703,"accession_number":"0001558370-24-006557","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-05-02T23:59:59+00:00","items":["2.02","7.01","8.01","9.01"],"status":"ready","headline":"Mesabi Trust receives $5.06M royalty on 1.0M tons shipped in Q1 2024 vs zero in Q1 2023","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payment of $5,059,648 received on April 30, 2024 from Cleveland-Cliffs.","Q1 2024 shipments of 1,006,692 tons; Q1 2023 had zero shipments due to Northshore idling.","Base royalty: $2,106,086; bonus royalty: $2,520,601; plus $279,222 in prior-quarter adjustments.","Northshore partially restarted in April 2023; no updated 2024 shipment guidance from Cliffs."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":234702,"accession_number":"0001558370-24-005198","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-04-16T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.29/unit distribution after no distribution last year","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.29 per unit payable May 20, 2024; record date April 30, 2024.","Royalty payments from Cleveland-Cliffs in Jan 2024 totaled $6.43M vs $0 in Jan 2023.","Increase reflects restart of Northshore Mining operations in April 2023.","Trustees maintain reserves due to uncertainties about Cliffs' plans and pending arbitration."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":252559,"accession_number":"0001558370-24-000693","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-02-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $6.4M in Q4 2023 royalty payments from Cleveland-Cliffs","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalties $6,432,434 received Jan 30, 2024; base $3,819,821 plus bonus $2,361,242.","Tons credited: 964,129 in Q4 2023 vs negative 54,026 in Q4 2022 (Northshore idled).","Northshore partially restarted April 2023 at less than full capacity; still swing operation.","Future royalty/distribution variability depends on Cleveland-Cliffs' production plans and pricing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":252558,"accession_number":"0001558370-24-000245","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2024-01-12T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.37 per unit distribution, resuming from zero last year","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.37 per unit payable Feb 20, 2024 to holders of record Jan 30, 2024.","No distribution was declared for the same period last year.","Resumption driven by Northshore mine restart in April 2023 and $5.67M royalty payment in Oct 2023 vs $0 in Oct 2022.","Trustees cite uncertainties including Cliffs' swing operation plans and pending arbitration costs."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":270060,"accession_number":"0001558370-23-017250","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-11-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $5.5M Q3 2023 royalty vs zero last year as Northshore restarts","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Royalty payment received Oct 30, 2023: $5,461,618 to Mesabi Trust plus $204,636 to Mesabi Land Trust, total $5,666,254.","Volume of 1,019,311 tons shipped/produced in Q3 2023 versus zero tons in Q3 2022 when operations were idled.","Base royalty of $2,892,169 plus bonus royalty of $2,560,609 and positive adjustments of $8,840.","Northshore partially restarted in 2023 after idling from May 2022 to March 2023; future production remains uncertain."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":270059,"accession_number":"0001558370-23-016436","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-10-13T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.35/unit distribution; first payout since restart of Northshore operations","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.35/unit declared, payable Nov 20, 2023 to holders of record Oct 30, 2023.","Compared to no distribution for same period last year; Northshore operations restarted in April 2023.","July 2023 royalties from Cliffs were $5.3M, up from $2.3M in July 2022.","Trustees note continuing uncertainties: Northshore at less than full capacity and treated as swing operation.","No royalties received in prior three fiscal quarters; reserves maintained for expenses and liabilities."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":287040,"accession_number":"0001558370-23-012745","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-08-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust Q2 2023 royalty payment totals $5.32M; shipped tons surge to 886K vs 198K YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Base royalty of $3.36M and bonus royalty of $4.03M; net royalty after estimates change reduction of $2.30M was $5.09M to Trust.","Volume of iron ore pellets shipped/produced at 886,301 tons in Q2 2023, up from 198,495 tons in Q2 2022 after Northshore restart.","Additional $233,596 paid to Mesabi Land Trust, bringing total Q2 2023 royalty payments from Cliffs to $5.32M.","Cliffs partially restarted Northshore in April 2023 at less than full capacity; Trust warns of potential future price adjustments."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":287039,"accession_number":"0001558370-23-011894","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-07-14T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares no July 2023 distribution vs $0.84/unit last year","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["No distribution declared this quarter; prior-year period paid $0.84 per unit.","Trust received no royalty revenue in the last three fiscal quarters.","Cleveland-Cliffs plans to run Northshore at less than full capacity, treat as swing operation.","Negative pricing adjustments of $2,298,121 increased contract liability, reducing future royalties.","Trust cites pending arbitration against Northshore and Cliffs, and wider economic uncertainties."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":307096,"accession_number":"0001558370-23-011404","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-06-26T23:59:59+00:00","items":["4.01"],"status":"ready","headline":"Mesabi Trust appoints Boulay PLLP as independent registered public accounting firm","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Baker Tilly US, LLP notified it would not stand for re-appointment on May 1, 2023.","New independent auditor Boulay PLLP engaged on June 21, 2023.","No disagreements or consultations on accounting principles occurred prior to engagement.","Change covers fiscal years ended Jan 31, 2023 and 2022."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.4,"calibrated_materiality_score":0.4,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":307095,"accession_number":"0001558370-23-008112","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-05-04T23:59:59+00:00","items":["2.02","7.01","4.01","9.01"],"status":"ready","headline":"Mesabi Trust receives zero Q1 royalty; tons shipped drop to 0 from 1.07M YoY; auditor exits","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Zero royalty paid for Q1 2023; 0 tons shipped vs 1,069,456 in Q1 2022.","Negative adjustments of $2,298,119 eliminated royalty; Cliffs invoiced Mesabi $2,022,996.","Cliffs did not pay $0 advance royalties for Q1 2023 and provided no justification.","Baker Tilly declines reappointment as independent auditor; no disagreements reported.","Cliffs partially restarted Northshore but expects not to operate fully in 2023."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":307094,"accession_number":"0001558370-23-006860","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-04-26T23:59:59+00:00","items":["7.01"],"status":"ready","headline":"Cleveland-Cliffs partially restarts Northshore iron ore operations; full restart not expected in 2023","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Cliffs announced partial restart of Northshore mining operations in April 2023 after being totally idle since spring 2022.","CEO Lourenco Goncalves stated full operation of Northshore is not expected any time this year.","Mesabi Trust's royalties depend on Northshore production; no additional volume or shipping details provided.","Announcement made during Cliffs' Q1 2023 earnings call on April 24, 2023."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":307093,"accession_number":"0001558370-23-005971","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-04-14T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares no April 2023 distribution; prior year paid $1.04/unit","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["No distribution for April 2023; previous April distribution was $1.04 per unit.","Decision driven by Cleveland-Cliffs' idling of Northshore Mining and no royalty payments for last two quarters.","Negative pricing adjustments expected to increase contract liability in unallocated reserve.","Trust has pending arbitration against Northshore and Cliffs; no update on restart of operations.","Quarterly royalty report due April 30, 2023; Trust will file summary with SEC."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":326169,"accession_number":"0001558370-23-000744","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-02-01T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives $0 royalty for Q4 2022; Northshore idling continues; shipments negative","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No royalty paid on Jan 30, 2023; base and bonus royalties both $0.","Negative survey adjustment of $789,080 lowered prior-quarter estimates.","Northshore credited Mesabi Trust with negative 54,026 tons shipped in Q4 2022 vs. 1,085,427 tons in Q4 2021.","Idling extended until at least April 2023 per Cleveland-Cliffs announcement.","Future royalties and distributions to unitholders remain uncertain due to continued idling."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":326168,"accession_number":"0001558370-23-000230","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2023-01-12T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust declares no distribution for Jan 2023; Northshore idling extended to Apr 2023","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No distribution declared this January 2023 vs $1.75/unit same period last year.","Idling of Northshore operations extended to at least April 2023 by Cliffs.","Trust initiated arbitration against Northshore and Cliffs for underpayment of royalties in 2020-2022.","Arbitration seeks damages and declaratory relief related to royalty calculation.","Trust maintains reserves due to uncertainties; no specific updates on restart."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":343881,"accession_number":"0001558370-22-016013","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-11-02T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust receives zero royalty for Q3 2022 as Northshore idling continues","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Zero tons shipped in Q3 2022 vs 1,169,461 tons in Q3 2021, resulting in $0 royalty payment.","Northshore idling extended until at least April 2023, per Cleveland-Cliffs' July announcement.","No base or bonus royalty credited; no adjustments taken; total royalty received $0.","Zero royalty implies likely no distribution to unitholders for Q3 2022.","Future royalties subject to Cliffs' decisions, customer demand, and economic conditions."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":343880,"accession_number":"0001558370-22-015022","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-10-14T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust skips October distribution, initiates arbitration against Northshore and Cliffs for royalty underpayment","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No distribution declared for October 2022; same period last year was $1.42 per unit.","Northshore operations idle until at least April 2023, prompting trustees to maintain reserves.","Arbitration filed against Northshore and Cliffs for underpayment of royalties in 2020-2022 using incorrect pricing.","Trust seeks damages and declaratory relief on documentation and royalty accrual timing.","Uncertainty also from Cliffs' swing operation plan, increased scrap iron use, and economic factors."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":360382,"accession_number":"0001558370-22-011662","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-08-02T23:59:59+00:00","items":["2.02","7.01"],"status":"ready","headline":"Mesabi Trust Q2 royalty plunges 86% YoY; Cliffs extends Northshore idling to at least April 2023","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Royalty payment of $2,314,994 on 198,495 tons shipped vs 1,393,902 tons in Q2 2021.","Cliffs CEO Lourenco Goncalves announced Northshore idle extended through at least April 2023; 'we will keep Northshore idle until we decide otherwise'.","Minimum advance royalty for 2022 is $1,034,237; Northshore must pay quarterly if overriding royalties fall short.","Existing 1989 royalty agreement unchanged; any amendment requires approval of 66 2/3% of unitholders."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":360381,"accession_number":"0001558370-22-010922","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-07-22T23:59:59+00:00","items":["7.01"],"status":"ready","headline":"Cliffs extends Northshore Mine idle to at least April 2023; Mesabi Trust royalties at risk","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Cliffs CEO said Northshore Mine will remain idle until at least April 2023, announced on July 22, 2022 earnings call.","Idling due to increased scrap use from FPT acquisition; pellets not needed, avoiding depletion for Mesabi Trust unit holders.","Cliffs has not notified Mesabi Trust of these changes nor requested any royalty structure amendments.","Any royalty agreement changes require Trustee approval and 66 2/3% of Trust Certificate Holders.","This extends prior idling: Oct 2021 shift to Minorca, Feb 2022 idle through fall 2022."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":360380,"accession_number":"0001558370-22-010758","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-07-15T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.84/unit distribution, up from $0.09 a year ago","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.84 per unit payable Aug 20, 2022, record date July 30, 2022; prior year $0.09/unit.","Royalty payments from Cleveland-Cliffs in April 2022 totaled $13.5M, versus $6.3M in April 2021.","Increase driven by higher iron ore prices and volumes during Q1 2022 vs Q1 2021.","Northshore mine idled since May 1, 2022, expected through fall; Trust boosting reserves for uncertainties.","Quarterly royalty payment from Northshore due July 30, 2022, with report to follow."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":379414,"accession_number":"0001558370-22-006837","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-05-03T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust gets Q1 royalty $13.5M; Northshore idling starts May 1 for ~4 months","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Total royalty payments received from Cliffs on April 29 were $13,542,442 for Q1 2022 (base $6,032,086 + bonus $7,055,223).","Iron ore shipments credited to Trust: 1,069,456 tons in Q1 2022 vs 919,457 tons in Q1 2021 (+16%).","Northshore Mining idling commenced May 1 at Babbitt and Silver Bay; expected to last ~4 months until at least fall 2022.","Royalty payments based on estimated prices subject to adjustments; negative pricing changes could reduce future distributions."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":379413,"accession_number":"0001558370-22-005513","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-04-15T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $1.04/unit distribution, up 17% YoY; increases reserves for Northshore idling","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $1.04/unit vs $0.89/unit last year, payable May 20, 2022 to record holders April 30, 2022.","Jan 2022 royalties received from Cliffs: $20.9M, up from $12.3M in Jan 2021, driven by higher iron ore prices.","Trust increasing unallocated reserves due to Cliffs' plan to idle Northshore from Spring 2022 through at least Fall 2022.","Cliffs has not advised changes to plans for shifting DR pellet production to Minorca or limiting third-party sales."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":397607,"accession_number":"0001558370-22-001076","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-02-14T23:59:59+00:00","items":["7.01"],"status":"ready","headline":"Cleveland-Cliffs idles Northshore mine Spring to Fall 2022; Mesabi Trust royalties at risk","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Cliffs to idle Northshore from Spring through at least Fall 2022; no production, shipments, or royalty payments during idling.","CEO cited increased scrap usage and 'ridiculous royalty structure' with Mesabi Trust as reasons for the idle.","Minimum advance royalty (~$977k for 2021) remains payable regardless of production; quarterly payments still required.","Cliffs also limiting third-party pellet sales; idle could extend beyond Fall.","Any royalty structure change requires approval of 66 2/3% of trust certificate holders."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":397606,"accession_number":"0001558370-22-000678","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-02-01T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust receives Q4 2021 royalty payment of $20.9M; shipments down slightly YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Royalty payment of $20,933,315 received Jan 28, 2022 from Cleveland-Cliffs (base $13.7M + bonus $7.1M, net of -$151K adjustment).","Q4 shipments: 1,085,427 tons vs 1,111,387 tons in Q4 2020, a 2.3% decline.","Cliffs plans to shift DR grade pellet production away from Northshore, stop third-party pellet sales, and idle the plant periodically, which could reduce future shipments.","Pricing adjustments under Cliffs Pellet Agreements remain uncertain and could materially affect future royalties.","No guidance provided for 2022 shipments or percentage from Mesabi Trust lands."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.35,"calibrated_materiality_score":0.35,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":397605,"accession_number":"0001558370-22-000197","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2022-01-11T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $1.75/unit distribution, up from $0.46 YoY","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Declared distribution of $1.75 per unit payable Feb 20, 2022 to holders of record Jan 30, 2022.","Distribution increased by $1.29 per unit vs. $0.46 distribution same period last year.","Increase driven by receipt of $19.05M in royalty payments from Cleveland-Cliffs, including $2.83M for past underpaid royalties from arbitration award.","Higher iron ore prices and shipment volumes in Q3 2021 also contributed to royalty increase.","Cliffs has not notified Trust of changes to plans to shift DR pellet production away from Northshore; next royalty payment due Jan 30, 2022."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":416592,"accession_number":"0001558370-21-014604","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2021-11-04T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust receives $16.2M Q3 royalty, plus $2.8M settlement for past underpaid DR grade royalties","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Q3 2021 royalty payment of $16,219,472 from Cliffs/Northshore, including base ($12.55M), bonus ($7.25M), negative pricing adjustments (-$6.08M), and deemed shipment adjustment ($2.31M).","Separate payment of $2,833,687 for past underpaid DR grade pellet royalties (2019-2020) plus interest per AAA arbitration award received Oct 1, 2021.","Shipments credited: 1,169,461 tons in Q3 2021 vs 916,364 tons in Q3 2020, up ~28% YoY.","Cliffs announced plans to shift DR grade pellet production away from Northshore, potentially reducing future shipments and royalties.","Negative pricing adjustments from prior quarters reduced current royalty by $6.08M; future adjustments could further impact distributions."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":416591,"accession_number":"0001558370-21-013416","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2021-10-25T23:59:59+00:00","items":["7.01"],"status":"ready","headline":"Cliffs plans to shift DR-grade pellet production away from Northshore, threatening Mesabi Trust royalties","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Cliffs CEO said it will shift DR-grade pellet production from Northshore to Minorca due to 'unreasonable royalty structure'.","Northshore will become a swing operation kept idle at times; Cliffs plans to stop third-party pellet sales.","Cliffs has not notified Mesabi Trust of these changes nor requested royalty changes recently.","Any royalty structure amendment requires approval from trustees and 66 2/3% of certificate holders.","Quarterly royalty payment from Northshore for Q3 2021 due Oct. 30, 2021; summary to be filed later."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":416590,"accession_number":"0001558370-21-013103","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2021-10-08T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust declares $1.42/unit distribution, up 294% YoY; wins $2.74M arbitration award","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["$1.42/unit distribution declared (payable Nov 20, record Oct 30), vs $0.36 same period last year (+$1.06).","Royalty payments from Cliffs in July 2021 totaled $19.5M, up from $4.3M in July 2020 on higher iron ore prices and shipments.","Arbitration award: $2.31M damages + $0.43M interest for underpaid DR-grade pellet royalties (2019-2020); due Oct 30, 2021.","Tribunal ruled Northshore must use highest third-party pellet sale price for intercompany royalty calculations."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":434152,"accession_number":"0001558370-21-010007","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2021-08-03T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Mesabi Trust receives Q2 2021 royalty payment of $19.5M; shipments up ~30% YoY","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Base royalty $10.4M, bonus royalty $8.2M, positive pricing adjustment $0.7M.","Total royalty payment of $19,495,040 received from Cleveland-Cliffs on July 30, 2021.","Iron ore shipments credited: 1,393,902 tons in Q2 2021 vs 1,073,446 tons in Q2 2020 (+29.8%).","Pricing subject to future adjustments; royalties and distributions may vary significantly."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":434151,"accession_number":"0001558370-21-008876","cik":65172,"company_name":"MESABI TRUST","ticker":"MSB","form_type":"8-K","filed_at":"2021-07-12T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Mesabi Trust declares $0.09 per unit distribution, up from $0.05 year ago","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Distribution of $0.09 per unit payable Aug 20, 2021 to holders of record July 30, 2021.","Royalty payments from Cleveland-Cliffs in April 2021 were $6.34M vs $0.45M in April 2020.","Higher iron ore prices and shipment volumes drove the 80% increase.","Quarterly royalty report for Q2 due July 30, 2021; summary to be filed on Form 8-K."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":345056248.42086065,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":null}