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

As of Dec 31, 2019, 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 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.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2019	AER AerCap	AerCap	Sell	-8,500	-37.0%	$891.00	14,500
Q4 2019	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Sell	-5,932	-20.7%	$241.00	22,708
Q4 2019	CRNC Cerence Inc.	Cerence Inc.	Buy - Position Entry	+70,000	-	$1.58K	70,000
Q4 2019	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-50,746	-14.3%	$15.75K	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%	$2.70K	335,997