Quarter snapshot

Arbiter Partners Capital Management

history	Ticker	Change	% of portfolio	Shares	Value
≡	GRAL	−0%	39.12%	1,034,297	$70,611,456
≡	GEF.B	−1%	10.04%	193,771	$18,125,340
≡	CRBG	+70%	6.3%	397,155	$11,370,548
≡	SNDA	+74%	5.95%	265,183	$10,741,557
≡	OPY	+21%	3.89%	66,599	$7,028,858
≡	SPNT	+21%	3.22%	242,532	$5,820,768
≡	CBL		3.21%	109,244	$5,799,764
≡	NAVI	+29%	3.12%	662,548	$5,638,283
≡	ODV	+4%	2.95%	2,162,496	$5,319,740
≡	GNW	+11%	2.83%	540,124	$5,114,974
≡	Unmapped CUSIP	NEW	2.35%	67,169	$4,248,439
≡	RNA	+14%	1.95%	261,288	$3,514,324
≡	ELE		1.63%	168,317	$2,938,815
≡	VET		1.38%	266,738	$2,499,335
≡	MTG		1.36%	87,000	$2,453,400
≡	ARVN	NEW	1.36%	294,594	$2,448,076
≡	LILAK	−3%	1.29%	299,048	$2,329,584
≡	TBN		1.21%	67,212	$2,185,062
≡	TFPM		0.97%	58,476	$1,752,526
≡	NMM		0.96%	24,800	$1,737,736
≡	CWBC	+19%	0.77%	52,064	$1,398,439
≡	LILA		0.71%	164,481	$1,289,531
≡	NODK	+22%	0.54%	62,592	$983,320
≡	WFRD		0.45%	10,000	$815,000
≡	OPRT	−36%	0.39%	122,106	$697,225
≡	AVBC		0.38%	32,800	$688,472
≡	LEN.B		0.28%	5,629	$499,349
≡	OABI		0.26%	192,585	$473,759
≡	MRT	+13%	0.23%	323,076	$423,230
≡	MTA		0.14%	34,000	$258,740
≡	OLN		0.14%	12,900	$255,678
≡	TRC		0.13%	12,993	$242,970
≡	GROY		0.12%	78,600	$216,936
≡	MLCI		0.07%	35,505	$122,138
≡	VOXR	−80%	0.06%	23,920	$113,142
≡	BUR		0.06%	27,000	$110,700
≡	BTG		0.05%	25,000	$93,500
≡	Unmapped CUSIP	NEW	0.05%	64,752	$85,473
≡	CLPR		0.03%	22,618	$61,521
≡	STXS	SOLD	—	—	—
≡	MSFT	SOLD	—	—	—
≡	GOOG	SOLD	—	—	—
≡	DVN	SOLD	—	—	—