Mesabi Trust: Horizon Kinetics reports 25% stake

Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp. each report sole voting and dispositive power over the units, with shared power reported as zero.

Available on EDGAR 11/09/2026 - 12:11 PM EST Accepted by SEC EDGAR 11/09/2026 - 12:11 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC reports beneficial ownership of 3,279,971 units of beneficial interest in Mesabi Trust, or 25.0% of the class. Its parent, Horizon Kinetics Holding Corp., reports the same position and states it may be deemed to beneficially own the units held by its subsidiary.

Key Figures

Beneficial ownership: 3,279,971 units Percent of class: 25.0% Sole voting power: 3,279,971 units +3 more

6 metrics

Beneficial ownership 3,279,971 units Reported by each reporting person

Percent of class 25.0% Reported by each reporting person

Sole voting power 3,279,971 units Reported by each reporting person

Shared voting power 0 units Reported by each reporting person

Sole dispositive power 3,279,971 units Reported by each reporting person

Shared dispositive power 0 units Reported by each reporting person

Key Terms

beneficial ownership, Sole voting power, Sole dispositive power

3 terms

beneficial ownership financial

"Amount beneficially owned: 3,279,971 Shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole voting power financial

"Sole power to vote or to direct the vote: 3,279,971 Shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 3,279,971 Shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MSB units does Horizon Kinetics report owning?

Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp. each report beneficial ownership of 3,279,971 units, or 25.0% of Mesabi Trust’s class of units of beneficial interest. The parent states it may be deemed to beneficially own the units held by its subsidiary.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

MESABI TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

590672101

(CUSIP Number)

09/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 590672101

1

Names of Reporting Persons

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,279,971.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,279,971.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,279,971.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

25.0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Horizon Kinetics Asset Management LLC (HKAM) is a wholly owned subsidiary of Horizon Kinetics Holding Corporation (HKHC).

SCHEDULE 13G

CUSIP Number(s): 590672101

1

Names of Reporting Persons

Horizon Kinetics Holding Corp

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,279,971.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,279,971.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,279,971.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

25.0 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: HKHC is the parent company to HKAM. HKHC may be deemed to beneficially own the 3,279,971 Shares beneficially owned by HKAM.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MESABI TRUST
(b)	Address of issuer's principal executive offices: C/O DEUTSCHE BANK TRUST COMPANY AMERICAS, 1 COLUMBUS CIRCLE, 17TH FLOOR, NEW YORK, NEW YORK, 10019
Item 2.
(a)	Name of person filing: HKAM is a wholly owned subsidiary of HKHC.
(b)	Address or principal business office or, if none, residence: 1270 Avenue of the Americas, 27th Floor, New York, NY 10020
(c)	Citizenship: United States
(d)	Title of class of securities: Units of Beneficial Interest
(e)	CUSIP No.: 590672101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,279,971 Shares
(b)	Percent of class: 25.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,279,971 Shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,279,971 Shares
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	11/09/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	11/09/2026