Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q4 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Cerence Inc.

Increases - None reported

Reductions - AerCap, Clipper Realty Inc., Greif, Inc. Corporation, Sportsman's Warehouse Holdings,

Complete Exits - Lake Shore Bancorp, Inc.

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

Showing 6 of 6 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2019	AER AerCap	AerCap	Sell	-8,500	-37.0%	$891.00K	14,500
Q4 2019	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Sell	-5,932	-20.7%	$241.00K	22,708
Q4 2019	CRNC Cerence Inc.	Cerence Inc.	Buy - Position Entry	+70,000	-	$1.58M	70,000
Q4 2019	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-50,746	-14.3%	$15.75M	304,234
Q4 2019	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Sell - Position Exit	-86,721	-100.0%	$0.00	-
Q4 2019	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Sell	-982,815	-74.5%	$2.70M	335,997