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

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, 2017. 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.

Showing 19 of 19 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2017	AR Antero Resources Corporation	Antero Resources Corporation	Buy	+50,000	+177.3%	$1.49M	78,200
Q4 2017	CNDT Conduent Incorporated	Conduent Incorporated	Buy	+139,680	+44.4%	$7.34M	454,121
Q4 2017	CZWI Citizens Community Bancorp, Inc	Citizens Community Bancorp, Inc	Sell	-1,714	-1.4%	$1.61M	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%	$50.97M	734,915
Q4 2017	GME GameStop Corporation	GameStop Corporation	Sell	-54,453	-31.6%	$2.12M	118,000
Q4 2017	ICCH ICC Holdings, Inc.	ICC Holdings, Inc.	Sell	-1,735	-6.9%	$379.00K	23,265
Q4 2017	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy - Position Entry	+576,100	-	$20.01M	576,100
Q4 2017	KFFB Kentucky First Federal Bancorp	Kentucky First Federal Bancorp	Sell	-9,695	-12.4%	$611.00K	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%	$14.32M	277,141
Q4 2017	MCK McKesson Corporation	McKesson Corporation	Buy	+40,000	+83.3%	$13.72M	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%	$3.32M	1,875,263
Q4 2017	PBI Pitney Bowes Inc.	Pitney Bowes Inc.	Buy	+100,000	+10.8%	$11.44M	1,023,426
Q4 2017	SA Seabridge Gold, Inc.	Seabridge Gold, Inc.	Sell	-351,277	-30.7%	$8.95M	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%	$1.02M	49,251
Q4 2017	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Buy	+229,342	+23.9%	$17.35M	1,190,901