Quarter snapshot

Arbiter Partners Capital Management

history	Ticker	Change	% of portfolio	Shares	Value
≡	GRAL	−0%	36.27%	1,034,597	$53,467,973
≡	GEF.B	−1%	11.58%	195,033	$17,073,189
≡	ODV	+123%	4.6%	2,087,496	$6,784,362
≡	CRBG	−14%	3.78%	233,655	$5,575,008
≡	STXS		3.6%	2,883,856	$5,306,295
≡	OPY		3.33%	54,999	$4,905,361
≡	SNDA	−17%	3.29%	152,231	$4,855,078
≡	SPNT		2.93%	200,832	$4,325,921
≡	CBL	−9%	2.85%	109,244	$4,198,247
≡	NAVI	+231%	2.84%	512,548	$4,192,643
≡	GNW		2.68%	487,400	$3,957,688
≡	VET		2.49%	266,738	$3,675,650
≡	TBN	+18%	2.28%	67,212	$3,359,928
≡	ELE	+523%	2.15%	168,317	$3,171,092
≡	RNA	NEW	2.09%	230,000	$3,075,100
≡	LILAK	−14%	1.85%	309,048	$2,725,803
≡	MTG	+18%	1.55%	87,000	$2,283,750
≡	TFPM	−19%	1.38%	58,476	$2,029,702
≡	NMM		1.14%	24,800	$1,673,504
≡	LILA		0.96%	164,481	$1,421,116
≡	CWBC		0.69%	43,864	$1,022,031
≡	WFRD		0.64%	10,000	$945,800
≡	OPRT	+36%	0.6%	192,106	$885,609
≡	MSFT	NEW	0.5%	2,000	$740,340
≡	GOOG	−79%	0.49%	2,500	$718,900
≡	NODK		0.45%	51,392	$662,443
≡	AVBC		0.44%	32,800	$645,176
≡	VOXR		0.43%	121,920	$638,861
≡	MRT	+25%	0.39%	286,254	$572,508
≡	LEN.B		0.32%	5,629	$473,511
≡	OLN		0.26%	12,900	$383,517
≡	OABI		0.21%	192,585	$302,358
≡	GROY		0.19%	78,600	$281,388
≡	TRC	−6%	0.17%	12,993	$244,788
≡	MTA		0.15%	34,000	$225,420
≡	DVN	−56%	0.14%	4,000	$201,280
≡	MLCI		0.09%	35,505	$127,109
≡	BUR	NEW	0.08%	27,000	$122,040
≡	BTG		0.08%	25,000	$113,250
≡	CLPR		0.05%	22,618	$68,306
≡	Unmapped CUSIP	SOLD	—	—	—
≡	ARVN	SOLD	—	—	—
≡	Unmapped CUSIP	SOLD	—	—	—
≡	Unmapped CUSIP	SOLD	—	—	—
≡	Unmapped CUSIP	SOLD	—	—	—
≡	Unmapped CUSIP	SOLD	—	—	—
≡	Unmapped CUSIP	SOLD	—	—	—