Mesabi Trust Q1 Royalty Income Falls 52% to $2.08M; Net Income Down

Mesabi Trust (MSB) reported its first-quarter 2026 financial results, showing a significant decrease in royalty income and net income compared to the prior year. Royalty income fell to $2.08 million from $4.35 million, primarily due to lower iron ore pellet prices and the absence of bonus royalty revenue in the current quarter. Net income dropped to $1.09 million, or $0.0829 per unit, from $3.63 million, or $0.2768 per unit, in the same period last year. Consequently, the declared distribution per unit was reduced to $0.2400 from $0.5600. The company noted an increase in pellet production and shipments due to a prior year maintenance shutdown.