Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q2 2020)

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, 2020. 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 2020, the filing reported:

New Buys - First Financial Northwest, Inc., Liberty Latin America Ltd, Live Oak Bancshares, Inc.

Increases - Clipper Realty Inc., Greif, Inc. Corporation, International Paper Company, Lennar Corporation, Lincoln National Corporation

Reductions - AMREP Corporation, Battalion Oil Corporation, KKR & Co. Inc., State Street Corporation, Stereotaxis, Inc., and 1 more

Complete Exits - U.S. Global Investors, Inc., Kayne Anderson MLP/Midstream In, Prudential Financial, Inc.

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

Showing 17 of 17 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2020	AXR AMREP Corporation	AMREP Corporation	Sell	-66,022	-80.0%	$75.00K	16,528
Q2 2020	BATL Battalion Oil Corporation	Battalion Oil Corporation	Sell	-108	-0.6%	$177.00K	18,682
Q2 2020	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Buy	+7,400	+32.6%	$244.00K	30,108
Q2 2020	FFNW First Financial Northwest, Inc.	First Financial Northwest, Inc.	Buy - Position Entry	+46,893	-	$454.00K	46,893
Q2 2020	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Buy	+14,168	+4.9%	$12.69M	303,330
Q2 2020	GROW U.S. Global Investors, Inc.	U.S. Global Investors, Inc.	Sell - Position Exit	-38,069	-100.0%	$0.00	-
Q2 2020	IP International Paper Company	International Paper Company	Buy	+70,000	+233.3%	$3.52M	100,000
Q2 2020	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-5,000	-41.7%	$216.00K	7,000
Q2 2020	KYN Kayne Anderson MLP/Midstream In	Kayne Anderson MLP/Midstream In	Sell - Position Exit	-228,284	-100.0%	$0.00	-
Q2 2020	LEN-B Lennar Corporation	Lennar Corporation	Buy	+20,000	+12.4%	$8.33M	180,786
Q2 2020	LILAK Liberty Latin America Ltd	Liberty Latin America Ltd	Buy - Position Entry	+147,855	-	$1.40M	147,855
Q2 2020	LNC Lincoln National Corporation	Lincoln National Corporation	Buy	+82,000	+50.2%	$9.03M	245,432
Q2 2020	LOB Live Oak Bancshares, Inc.	Live Oak Bancshares, Inc.	Buy - Position Entry	+20,000	-	$290.00K	20,000
Q2 2020	PRU Prudential Financial, Inc.	Prudential Financial, Inc.	Sell - Position Exit	-15,000	-100.0%	$0.00	-
Q2 2020	STT State Street Corporation	State Street Corporation	Sell	-10,000	-18.2%	$2.86M	45,000
Q2 2020	STXS Stereotaxis, Inc.	Stereotaxis, Inc.	Sell	-231,810	-5.0%	$19.83M	4,445,575
Q2 2020	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-1	-0.0%	$534.00K	37,100