Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q1 2017)

According to the SEC 13F filed on Sep 15, 2026, the Arbiter Partners Capital Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2017. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2017, the filing reported:

New Buys - Antero Resources Corporation, Conduent Incorporated, Globalstar, Inc., Seabridge Gold, Inc., Sportsman's Warehouse Holdings,, and 1 more

Increases - Gilead Sciences, Inc., Hennessy Advisors, Inc., McKesson Corporation

Reductions - Extreme Networks, Inc., Greif, Inc. Corporation, GameStop Corporation, Koppers Holdings Inc., Northern Dynasty Minerals, Ltd.

Complete Exits - Affiliated Managers Group, Inc., ESSA Bancorp, Inc., First Citizens BancShares, Inc., Permian Basin Royalty Trust, Peoples Bancorp of North Caroli

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Showing 19 of 19 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2017	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Sell - Position Exit	-33,585	-100.0%	$0.00	-
Q1 2017	AR Antero Resources Corporation	Antero Resources Corporation	Buy - Position Entry	+28,200	-	$643.00K	28,200
Q1 2017	CNDT Conduent Incorporated	Conduent Incorporated	Buy - Position Entry	+987,000	-	$16.56M	987,000
Q1 2017	ESSA ESSA Bancorp, Inc.	ESSA Bancorp, Inc.	Sell - Position Exit	-46,615	-100.0%	$0.00	-
Q1 2017	EXTR Extreme Networks, Inc.	Extreme Networks, Inc.	Sell	-651,836	-17.7%	$22.73M	3,027,027
Q1 2017	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell - Position Exit	-1,011	-100.0%	$0.00	-
Q1 2017	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-836	-0.1%	$50.44M	772,448
Q1 2017	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+80,000	+59.3%	$14.60M	215,000
Q1 2017	GME GameStop Corporation	GameStop Corporation	Sell	-67,400	-27.5%	$4.01M	178,053
Q1 2017	GSAT Globalstar, Inc.	Globalstar, Inc.	Buy - Position Entry	+349,600	-	$559.00K	349,600
Q1 2017	HNNA Hennessy Advisors, Inc.	Hennessy Advisors, Inc.	Buy	+6,033	+92.9%	$211.00K	12,526
Q1 2017	KOP Koppers Holdings Inc.	Koppers Holdings Inc.	Sell	-7,339	-31.6%	$671.00K	15,854
Q1 2017	MCK McKesson Corporation	McKesson Corporation	Buy	+25,000	+108.7%	$7.12M	48,000
Q1 2017	NAK Northern Dynasty Minerals, Ltd.	Northern Dynasty Minerals, Ltd.	Sell	-644,764	-25.4%	$2.70M	1,890,263
Q1 2017	PBT Permian Basin Royalty Trust	Permian Basin Royalty Trust	Sell - Position Exit	-12,834	-100.0%	$0.00	-
Q1 2017	PEBK Peoples Bancorp of North Caroli	Peoples Bancorp of North Caroli	Sell - Position Exit	-25,794	-100.0%	$0.00	-
Q1 2017	SA Seabridge Gold, Inc.	Seabridge Gold, Inc.	Buy - Position Entry	+586,222	-	$6.45M	586,222
Q1 2017	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Buy - Position Entry	+1,439,216	-	$6.88M	1,439,216
Q1 2017	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Buy - Position Entry	+717,132	-	$14.77M	717,132