MESABI TR MSB
CTF BEN INT · Royalty Trst · CUSIP 590672101
- SectorFinancials
- IndustryMineral Royalty Traders
- HeadquartersNew York, NY
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 13.1m as of 2026-06-12, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $25.29. Options: 3 managers hold calls ($1.2m notional), 2 hold puts ($263.1k).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 55 |
| Q4 2022 | 53 |
| Q1 2023 | 43 |
| Q2 2023 | 46 |
| Q3 2023 | 47 |
| Q4 2023 | 52 |
| Q1 2024 | 51 |
| Q2 2024 | 48 |
| Q3 2024 | 48 |
| Q4 2024 | 62 |
| Q1 2025 | 65 |
| Q2 2025 | 65 |
| Q3 2025 | 71 |
| Q4 2025 | 83 |
| Q1 2026 | 73 |
| Q2 2026 | 62 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 24 | 15 |
| Q4 2024 | 31 | 15 |
| Q1 2025 | 40 | 18 |
| Q2 2025 | 32 | 28 |
| Q3 2025 | 40 | 22 |
| Q4 2025 | 42 | 27 |
| Q1 2026 | 32 | 40 |
| Q2 2026 | 27 | 30 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $34.3k | $295.6k | 8.63 |
| Q4 2025 | $762.7k | $651.0k | 0.85 |
| Q1 2026 | $1.1m | $545.0k | 0.51 |
| Q2 2026 | $1.2m | $263.1k | 0.22 |
Biggest buyers
| FIRST MANHATTAN CO. LLC. | Added | +86.3k |
| HORIZON KINETICS ASSET MANAGEMENT LLC | Added | +78.4k |
| CWA Asset Management Group, LLC | Added | +71.5k |
| VALUEWORKS LLC | Added | +23.2k |
| PKS Advisory Services, LLC | New | +16.0k |
| TWO SIGMA INVESTMENTS, LP | New | +14.5k |
| XTX Topco Ltd | New | +12.7k |
| ROYAL BANK OF CANADA | Added | +3.7k |
| Inspire Advisors, LLC | Added | +3.3k |
| BNP PARIBAS FINANCIAL MARKETS | New | +2.5k |
Biggest sellers
| BANK OF AMERICA CORP /DE/ | Reduced | -133.2k |
| SEI INVESTMENTS CO | Reduced | -83.9k |
| Redhawk Wealth Advisors, Inc. | Sold out | -34.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Sold out | -15.7k |
| Verdad Advisers, LP | Sold out | -10.3k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | Sold out | -8.6k |
| AMERIPRISE FINANCIAL INC | Sold out | -7.8k |
| Atlas Wealth Partners, LLC | Sold out | -7.5k |
| BANK OF MONTREAL /CAN/ | Sold out | -7.4k |
| BOURGEON CAPITAL MANAGEMENT LLC | Sold out | -7.0k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $888.0k35.1k shares |
| JANE STREET GROUP, LLC | New | $316.2k12.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $17.7k700 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $237.8k9.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $25.3k1.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC 13G · institution +1.0 pts · filed 2026-04-29 | 23.9% |
| VALUEWORKS LLC 13G · institution filed 2025-08-14 | 5.2% |
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.92% of their portfolio | 3.2m $81.5m | Added +78.4k |
| VALUEWORKS LLC 3.54% of their portfolio | 669.7k $16.9m | Added +23.2k |
| CWA Asset Management Group, LLC 0.40% of their portfolio | 519.0k $13.1m | Added +71.5k |
| FIRST MANHATTAN CO. LLC. 0.03% of their portfolio | 396.4k $10.0m | Added +86.3k |
| MAD RIVER INVESTORS 3.06% of their portfolio | 323.7k $8.2m | Added +2.2k |
| Advisory Services Network, LLC 0.05% of their portfolio | 185.7k $4.7m | Added +1.0k |
| Moors & Cabot, Inc. 0.18% of their portfolio | 178.3k $4.5m | Reduced -2.7k |
| EagleClaw Capital Managment, LLC 0.58% of their portfolio | 170.6k $4.3m | Added +800 |
| MORGAN STANLEY 0.00% of their portfolio | 113.3k $2.9m | Reduced -752 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 101.5k $2.6m | Added +1.3k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 83.9k $2.1m | Reduced -83.9k |
| Lido Advisors, LLC 0.01% of their portfolio | 80.0k $2.0m | Added +1 |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 59.6k $1.5m | Added +2.1k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 54.8k $1.4m | Added +3.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 44.7k $1.1m | Reduced -133.2k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 36.6k $873.3k | Added +268 |
| PECAUT & CO. 0.26% of their portfolio | 34.0k $859.3k | Unchanged |
| LANARK FINANCIAL, INC. 0.05% of their portfolio | 30.7k $777.8k | Unchanged |
| HighTower Advisors, LLC 0.00% of their portfolio | 25.6k $648.1k | Reduced -900 |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 24.6k $623.3k | Added +378 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 18.1k $457.2k | Reduced -940 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 17.7k $446.7k | Reduced -334 |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 17.1k $432.0k | Unchanged |
| Westmount Partners, LLC 0.09% of their portfolio | 16.9k $426.5k | Unchanged |
| One Charles Private Wealth Services, LLC 0.09% of their portfolio | 16.2k $410.6k | Reduced -1.0k |
| PKS Advisory Services, LLC 0.06% of their portfolio | 16.0k $404.2k | New |
| LPL Financial LLC 0.00% of their portfolio | 15.7k $396.8k | Reduced -3.0k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 15.1k $381.0k | Reduced -2.0k |
| UBS Group AG 0.00% of their portfolio | 14.9k $376.8k | Reduced -5.4k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 14.5k $367.4k | New |
| Essex Financial Services, Inc. 0.02% of their portfolio | 14.0k $355.0k | Added +118 |
| XTX Topco Ltd 0.00% of their portfolio | 12.7k $321.1k | New |
| Acorn Wealth Advisors, LLC 0.07% of their portfolio | 11.0k $278.3k | Unchanged |
| Inspire Advisors, LLC 0.02% of their portfolio | 10.7k $270.8k | Added +3.3k |
| STEINBERGANNA WEALTH MANAGEMENT 0.11% of their portfolio | 10.5k $264.8k | Added +570 |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 9.3k $235.4k | Reduced -3.3k |
| Quent Capital, LLC 0.00% of their portfolio | 3.0k $73.1k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 2.5k $63.2k | New |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 1.9k $49.2k | Reduced -2.9k |
| NewEdge Advisors, LLC 0.00% of their portfolio | 1.6k $41.6k | Added +5 |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 1.5k $38.1k | Added +8 |
| Medallion Wealth Advisors, LLC 0.01% of their portfolio | 1.2k $31.4k | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 1.1k $27.4k | Added +255 |
| MARK SHEPTOFF FINANCIAL PLANNING, LLC 0.01% of their portfolio | 1.0k $25.3k | Unchanged |
| United Financial Planning Group LLC 0.01% of their portfolio | 1.0k $25.3k | New |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 550 $13.9k | Unchanged |
| Cullen/Frost Bankers, Inc. 0.00% of their portfolio | 500 $12.7k | Unchanged |
| Allworth Financial LP 0.00% of their portfolio | 500 $12.7k | Unchanged |
| Golden State Wealth Management, LLC 0.00% of their portfolio | 500 $12.7k | Unchanged |
| BEACON INVESTMENT ADVISORY SERVICES, INC. 0.00% of their portfolio | 300 $7.6k | Unchanged |
| Godfrey Financial Associates, Inc. 0.01% of their portfolio | 300 $7.6k | Unchanged |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 278 $7.0k | Added +76 |
| Bernard Wealth Management Corp. 0.00% of their portfolio | 251 $6.4k | Added +2 |
| CoreCap Advisors, LLC 0.00% of their portfolio | 200 $5.1k | Unchanged |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 162 $4.1k | Reduced -2.3k |
| Aventura Private Wealth, LLC 0.00% of their portfolio | 128 $3.2k | Unchanged |
| Financial Perspectives, Inc 0.00% of their portfolio | 100 $2.5k | Unchanged |
| FMR LLC 0.00% of their portfolio | 27 $683 | Reduced -10 |
| GAMMA Investing LLC 0.00% of their portfolio | 26 $658 | Reduced -14 |
| ASSETMARK, INC 0.00% of their portfolio | 18 $455 | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 6 $152 | New |
| HUNTINGTON NATIONAL BANK 0.00% of their portfolio | 1 $25 | Unchanged |