Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q1 2018)

As of Mar 31, 2018, the Arbiter Partners Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 12, 2026. 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 2018, the filing reported:

New Buys - None reported

Increases - Antero Resources Corporation, Clipper Realty Inc., GameStop Corporation, McKesson Corporation

Reductions - Conduent Incorporated, Greif, Inc. Corporation, Hennessy Advisors, Inc., ICC Holdings, Inc., Lennar Corporation, and 4 more

Complete Exits - Citizens Community Bancorp, Inc, First Northwest Bancorp, Globalstar, Inc., 3M Company, Northern Dynasty Minerals, Ltd.

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2018	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+3,270	+4.2%	$1.62K	81,470
Q1 2018	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Buy	+12,000	+1.6%	$6.34K	749,060
Q1 2018	CNDT Conduent Incorporated	Conduent Incorporated	Sell	-50,000	-11.0%	$7.53K	404,121
Q1 2018	CZWI Citizens Community Bancorp, Inc	Citizens Community Bancorp, Inc	Sell - Position Exit	-119,389	-100.0%	$0.00	-
Q1 2018	FNWB First Northwest Bancorp	First Northwest Bancorp	Sell - Position Exit	-215,726	-100.0%	$0.00	-
Q1 2018	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-28,482	-3.9%	$41.15K	706,433
Q1 2018	GME GameStop Corporation	GameStop Corporation	Buy	+34,100	+28.9%	$1.92K	152,100
Q1 2018	GSAT Globalstar, Inc.	Globalstar, Inc.	Sell - Position Exit	-104,880	-100.0%	$0.00	-
Q1 2018	HNNA Hennessy Advisors, Inc.	Hennessy Advisors, Inc.	Sell	-3,349	-20.9%	$244.00	12,646
Q1 2018	ICCH ICC Holdings, Inc.	ICC Holdings, Inc.	Sell	-7,300	-31.4%	$250.00	15,965
Q1 2018	LEN-B Lennar Corporation	Lennar Corporation	Sell	-177,501	-64.0%	$4.75K	99,640
Q1 2018	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Sell	-9,948	-5.0%	$3.20K	190,929
Q1 2018	MCK McKesson Corporation	McKesson Corporation	Buy	+21,800	+24.8%	$15.47K	109,800
Q1 2018	MMM 3M Company	3M Company	Sell - Position Exit	-1,000	-100.0%	$0.00	-
Q1 2018	NAK Northern Dynasty Minerals, Ltd.	Northern Dynasty Minerals, Ltd.	Sell - Position Exit	-1,875,263	-100.0%	$0.00	-
Q1 2018	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-1,979	-4.0%	$1.09K	47,272
Q1 2018	TTAC TrimTabs ETF Trust FCF US Quali	TrimTabs ETF Trust FCF US Quali	Sell	-2,000	-20.4%	$269.00	7,800
Q1 2018	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Sell	-113,945	-9.6%	$17.58K	1,076,956