Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q3 2014)

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 Sep 30, 2014. 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 Q3 2014, the filing reported:

New Buys - Brookdale Senior Living Inc., Citizens Community Bancorp, Inc, First Citizens BancShares, Inc., Par Pacific Holdings, Inc. Comm, PBF Energy Inc.

Increases - Erie Indemnity Company, Extreme Networks, Inc., Greif, Inc. Corporation, Hartford Financial Services Gro, Lennar Corporation, and 2 more

Reductions - Assured Guaranty, Amkor Technology, Inc., Lands' End, Inc., Newmont Corporation, Sealed Air Corporation

Complete Exits - Ambac Financial Group, Inc., Capital One Financial Corporati, Goldman Sachs Group, Inc. (The), Microsoft Corporation

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

Showing 21 of 21 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2014	AGO Assured Guaranty	Assured Guaranty	Sell	-276,537	-96.4%	$228.00K	10,300
Q3 2014	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Sell - Position Exit	-292,327	-100.0%	$0.00	-
Q3 2014	AMKR Amkor Technology, Inc.	Amkor Technology, Inc.	Sell	-6,000	-4.4%	$1.11M	131,711
Q3 2014	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Buy - Position Entry	+21,090	-	$680.00K	21,090
Q3 2014	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell - Position Exit	-12,000	-100.0%	$0.00	-
Q3 2014	CZWI Citizens Community Bancorp, Inc	Citizens Community Bancorp, Inc	Buy - Position Entry	+113,490	-	$1.00M	113,490
Q3 2014	ERIE Erie Indemnity Company	Erie Indemnity Company	Buy	+5,500	+152.8%	$690.00K	9,099
Q3 2014	EXTR Extreme Networks, Inc.	Extreme Networks, Inc.	Buy	+630,834	+43.4%	$9.98M	2,083,674
Q3 2014	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy - Position Entry	+30,856	-	$6.68M	30,856
Q3 2014	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Buy	+1,000	+0.1%	$41.90M	846,459
Q3 2014	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Sell - Position Exit	-1,000	-100.0%	$0.00	-
Q3 2014	HIG Hartford Financial Services Gro	Hartford Financial Services Gro	Buy	+20,000	+58.8%	$2.01M	54,000
Q3 2014	LE Lands' End, Inc.	Lands' End, Inc.	Sell	-14,000	-57.5%	$426.00K	10,350
Q3 2014	LEN-B Lennar Corporation	Lennar Corporation	Buy	+31,158	+16.2%	$7.14M	223,032
Q3 2014	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Buy	+300	+0.2%	$2.48M	196,677
Q3 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell - Position Exit	-16,000	-100.0%	$0.00	-
Q3 2014	NEM Newmont Corporation	Newmont Corporation	Sell	-3,000	-30.9%	$154.00K	6,700
Q3 2014	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Buy	+67,285	+78.1%	$3.11M	153,444
Q3 2014	PARR Par Pacific Holdings, Inc. Comm	Par Pacific Holdings, Inc. Comm	Buy - Position Entry	+121,912	-	$2.05M	121,912
Q3 2014	PBF PBF Energy Inc.	PBF Energy Inc.	Buy - Position Entry	+753,100	-	$18.07M	753,100
Q3 2014	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-37,880	-34.2%	$2.54M	72,777