[SCHEDULE 13G/A] MESABI TRUST SEC Filing

Rhea-AI Filing Summary

Mesabi Trust (MSB): Schedule 13G/A filed by Horizon Kinetics Asset Management LLC. The filer reports beneficial ownership of 2,999,326 units of beneficial interest, representing 22.9% of the class. The filing lists sole voting power over 2,999,326 units and sole dispositive power over 2,999,326 units, with no shared voting or dispositive power.

The “Date of Event Which Requires Filing of this Statement” is 08/19/2025. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

MESABI TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

590672101

(CUSIP Number)

08/19/2025

(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)

SCHEDULE 13G

CUSIP No. 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 2,999,326.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,999,326.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,999,326.00

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)

22.9 %

12

Type of Reporting Person (See Instructions)

IA

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: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave S, New York, NY 10016
(c)	Citizenship: Delaware
(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: 2,999,326
(b)	Percent of class: 22.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,999,326
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,999,326
	(iv) Shared power to dispose or to direct the disposition of: 0
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:	10/29/2025

FAQ

What did Horizon Kinetics disclose about Mesabi Trust (MSB)?

Horizon Kinetics Asset Management LLC reported beneficial ownership of 2,999,326 Mesabi Trust units, equal to 22.9% of the class.

How much voting and dispositive power did the filer report for MSB?

The filer reported sole voting power over 2,999,326 units and sole dispositive power over 2,999,326 units, with no shared power.

What type of filing is this for Mesabi Trust (MSB)?

It is a Schedule 13G/A (Amendment No. 7), indicating a passive ownership disclosure update.

What is the event date tied to this 13G/A for MSB?

The “Date of Event Which Requires Filing of this Statement” is 08/19/2025.

Does the filer seek to influence control of Mesabi Trust (MSB)?

The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Who signed the Schedule 13G/A for Mesabi Trust?

It was signed by Jay Kesslen, General Counsel, on 10/29/2025.