Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q4 2017)

As of Dec 31, 2017, the Arbiter Partners Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 12, 2026. 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 2017, the filing reported:

New Buys - JBG SMITH Properties

Increases - Antero Resources Corporation, Conduent Incorporated, McKesson Corporation, Pitney Bowes Inc., Tejon Ranch Co, and 1 more

Reductions - Citizens Community Bancorp, Inc, Greif, Inc. Corporation, GameStop Corporation, ICC Holdings, Inc., Kentucky First Federal Bancorp, and 3 more

Complete Exits - Extreme Networks, Inc., Koppers Holdings Inc., Meritage Homes Corporation, Seneca Foods Corp.

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2017	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+50,000	+177.3%	$1.49K	78,200
Q4 2017	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+139,680	+44.4%	$7.34K	454,121
Q4 2017	CZWI Citizens Community Bancorp, Inc	Citizens Community Bancorp, Inc	Sell	-1,714	-1.4%	$1.61K	119,389
Q4 2017	EXTR Extreme Networks, Inc.	Extreme Networks, Inc.	Sell - Position Exit	-23,049	-100.0%	$0.00	-
Q4 2017	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-37,533	-4.9%	$50.97K	734,915
Q4 2017	GME GameStop Corporation	GameStop Corporation	Sell	-54,453	-31.6%	$2.12K	118,000
Q4 2017	ICCH ICC Holdings, Inc.	ICC Holdings, Inc.	Sell	-1,735	-6.9%	$379.00	23,265
Q4 2017	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy - Position Entry	+576,100	-	$20.01K	576,100
Q4 2017	KFFB Kentucky First Federal Bancorp	Kentucky First Federal Bancorp	Sell	-9,695	-12.4%	$611.00	68,283
Q4 2017	KOP Koppers Holdings Inc.	Koppers Holdings Inc.	Sell - Position Exit	-8,819	-100.0%	$0.00	-
Q4 2017	LEN-B Lennar Corporation	Lennar Corporation	Sell	-91,350	-24.8%	$14.32K	277,141
Q4 2017	MCK McKesson Corporation	McKesson Corporation	Buy	+40,000	+83.3%	$13.72K	88,000
Q4 2017	MTH Meritage Homes Corporation	Meritage Homes Corporation	Sell - Position Exit	-100,465	-100.0%	$0.00	-
Q4 2017	NAK Northern Dynasty Minerals, Ltd.	Northern Dynasty Minerals, Ltd.	Sell	-15,000	-0.8%	$3.32K	1,875,263
Q4 2017	PBI Pitney Bowes Inc.	Pitney Bowes Inc.	Buy	+100,000	+10.8%	$11.44K	1,023,426
Q4 2017	SA Seabridge Gold, Inc.	Seabridge Gold, Inc.	Sell	-351,277	-30.7%	$8.95K	792,168
Q4 2017	SENEA Seneca Foods Corp.	Seneca Foods Corp.	Sell - Position Exit	-9,250	-100.0%	$0.00	-
Q4 2017	TRC Tejon Ranch Co	Tejon Ranch Co	Buy	+13,291	+37.0%	$1.02K	49,251
Q4 2017	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Buy	+229,342	+23.9%	$17.35K	1,190,901