What's driving MSB's revenue growth in recent quarters?

Mesabi Trust's (MSB) revenue growth in recent quarters is primarily driven by increased royalty payments from iron ore shipments and higher pricing or volume adjustments in Cliffs' sales agreements:

1. **Iron Ore Shipments**: The Trust's revenue is tied to the volume of iron ore pellets and other products produced or shipped. In the first quarter of 2025, Cliffs credited Mesabi Trust with 457,728 tons of iron ore shipped, compared to 1,006,692 tons in the same period of 2024. This reduction in shipments, influenced by operational decisions and economic conditions, has impacted the Trust's revenue.
2. **Pricing Adjustments**: The Trust's distribution jump is tied to a $8.99 million royalty payment received in January 2025, up from $6.43 million in the prior year. This increase is driven by higher pricing or volume adjustments in Cliffs’ sales agreements, although the Trust provides no clarity on which factor dominates.

In summary, Mesabi Trust's revenue growth is driven by both the volume of iron ore shipments and pricing adjustments from its royalties.