Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q4 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 Dec 31, 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 Q4 2014, the filing reported:

New Buys - FirstEnergy Corp.,

Increases - AMREP Corporation, Extreme Networks, Inc., First Citizens BancShares, Inc., Greif, Inc. Corporation, Lennar Corporation, and 3 more

Reductions - Citigroup, Inc., Hartford Financial Services Gro, PBF Energy Inc., Public Storage, Sealed Air Corporation

Complete Exits - Assured Guaranty, Independent Bank Corporation

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
Q4 2014	AGO Assured Guaranty	Assured Guaranty	Sell - Position Exit	-10,300	-100.0%	$0.00	-
Q4 2014	AXR AMREP Corporation	AMREP Corporation	Buy	+53,457	+89.6%	$434.00K	113,095
Q4 2014	C Citigroup, Inc.	Citigroup, Inc.	Sell	-230,000	-92.4%	$1.03M	19,000
Q4 2014	EXTR Extreme Networks, Inc.	Extreme Networks, Inc.	Buy	+525,600	+25.2%	$9.21M	2,609,274
Q4 2014	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy	+22,024	+71.4%	$13.37M	52,880
Q4 2014	FE FirstEnergy Corp.	FirstEnergy Corp.	Buy - Position Entry	+5,271	-	$206.00K	5,271
Q4 2014	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Buy	+60,280	+7.1%	$44.67M	906,739
Q4 2014	HIG Hartford Financial Services Gro	Hartford Financial Services Gro	Sell	-50,000	-92.6%	$167.00K	4,000
Q4 2014	IBCP Independent Bank Corporation	Independent Bank Corporation	Sell - Position Exit	-51,000	-100.0%	$0.00	-
Q4 2014	LEN-B Lennar Corporation	Lennar Corporation	Buy	+1,600	+0.7%	$8.11M	224,632
Q4 2014	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Buy	+4,200	+2.1%	$2.72M	200,877
Q4 2014	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Buy	+9,141	+6.0%	$3.78M	162,585
Q4 2014	PBF PBF Energy Inc.	PBF Energy Inc.	Sell	-472,167	-62.7%	$7.48M	280,933
Q4 2014	PBT Permian Basin Royalty Trust	Permian Basin Royalty Trust	Buy	+360,515	+147.0%	$5.79M	605,783
Q4 2014	PSA Public Storage	Public Storage	Sell	-1,500	-45.4%	$334.00K	1,806
Q4 2014	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-5,555	-7.6%	$2.85M	67,222
Q4 2014	SWN		Buy - Position Entry	+300,000	-	$8.19M	300,000