Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q2 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 Jun 30, 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 Q2 2018, the filing reported:

New Buys - A.O. Smith Corporation, Rafael Holdings, Inc., Range Resources Corporation

Increases - Seabridge Gold, Inc.

Reductions - Antero Resources Corporation, Clipper Realty Inc., Devon Energy Corporation, Greif, Inc. Corporation, JBG SMITH Properties, and 6 more

Complete Exits - Conduent Incorporated, GameStop Corporation, NI Holdings, Inc.

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
Q2 2018	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy - Position Entry	+42,984	-	$2.54M	42,984
Q2 2018	AR Antero Resources Corporation	Antero Resources Corporation	Sell	-70,470	-86.5%	$235.00K	11,000
Q2 2018	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Sell	-1,813	-0.2%	$6.38M	747,247
Q2 2018	CNDT Conduent Incorporated	Conduent Incorporated	Sell - Position Exit	-404,121	-100.0%	$0.00	-
Q2 2018	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-1,400	-2.1%	$2.82M	64,090
Q2 2018	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-45,530	-6.4%	$38.07M	660,903
Q2 2018	GME GameStop Corporation	GameStop Corporation	Sell - Position Exit	-152,100	-100.0%	$0.00	-
Q2 2018	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-312,905	-54.3%	$9.60M	263,195
Q2 2018	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Sell	-11,169	-5.8%	$3.08M	179,760
Q2 2018	NODK NI Holdings, Inc.	NI Holdings, Inc.	Sell - Position Exit	-147,364	-100.0%	$0.00	-
Q2 2018	PBI Pitney Bowes Inc.	Pitney Bowes Inc.	Sell	-148,787	-14.5%	$7.50M	874,639
Q2 2018	RFL Rafael Holdings, Inc.	Rafael Holdings, Inc.	Buy - Position Entry	+103,155	-	$948.00K	103,155
Q2 2018	RRC Range Resources Corporation	Range Resources Corporation	Buy - Position Entry	+139,815	-	$2.34M	139,815
Q2 2018	SA Seabridge Gold, Inc.	Seabridge Gold, Inc.	Buy	+130,600	+16.5%	$10.29M	922,768
Q2 2018	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-3,114	-10.3%	$1.15M	27,000
Q2 2018	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Sell	-330,493	-12.8%	$11.56M	2,257,481
Q2 2018	TTAC TrimTabs ETF Trust FCF US Quali	TrimTabs ETF Trust FCF US Quali	Sell	-2,000	-25.6%	$207.00K	5,800
Q2 2018	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Sell	-264,963	-24.6%	$12.58M	811,993