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

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, 2018. 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.

Showing 18 of 18 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2018	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+3,270	+4.2%	$1.62M	81,470
Q1 2018	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Buy	+12,000	+1.6%	$6.34M	749,060
Q1 2018	CNDT Conduent Incorporated	Conduent Incorporated	Sell	-50,000	-11.0%	$7.53M	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%	$41.15M	706,433
Q1 2018	GME GameStop Corporation	GameStop Corporation	Buy	+34,100	+28.9%	$1.92M	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%	$244.00K	12,646
Q1 2018	ICCH ICC Holdings, Inc.	ICC Holdings, Inc.	Sell	-7,300	-31.4%	$250.00K	15,965
Q1 2018	LEN-B Lennar Corporation	Lennar Corporation	Sell	-177,501	-64.0%	$4.75M	99,640
Q1 2018	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Sell	-9,948	-5.0%	$3.20M	190,929
Q1 2018	MCK McKesson Corporation	McKesson Corporation	Buy	+21,800	+24.8%	$15.47M	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%	$1.09M	47,272
Q1 2018	TTAC TrimTabs ETF Trust FCF US Quali	TrimTabs ETF Trust FCF US Quali	Sell	-2,000	-20.4%	$269.00K	7,800
Q1 2018	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Sell	-113,945	-9.6%	$17.58M	1,076,956