Horizon Kinetics Asset Management has filed 401 Form 4 transactions across three companies, and the pattern is one-sided. The firm has reported $383,077.12 in open-market purchases and zero open-market sales, with an additional $803.44 in acquired shares. The recent activity, covering late September 2026, shows 25 consecutive purchase transactions and no sales.
The buying is concentrated in two tickers: Texas Pacific Land Corporation (TPL) and RCG. The daily purchases are small and regular, with TPL trades ranging from $339.72 to $371.73 per transaction and RCG trades ranging from $2,222.64 to $2,305.80. The most recent filings, dated September 28, 2026, show a $340.12 purchase in TPL and a $2,298.24 purchase in RCG. The cadence is consistent, with at least one trade in each ticker nearly every trading day from September 10 through September 28.
The dollar values are modest for an asset manager, suggesting either a small position being built gradually or a systematic accumulation program. The absence of any sales, including the "S" code for open-market sales or "D" for sales back to the issuer, means the firm has not reduced its stake in either company during the reporting period. The only non-purchase activity is the $803.44 in acquired shares, which falls under compensation codes rather than discretionary buying. The direction is unambiguous: Horizon Kinetics is adding to its holdings in TPL and RCG, and it has not sold a single share in the recent window.
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