Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Arbiter Partners Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 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 2025, the filing reported:

New Buys - Burford Capital, Gold Royalty Corp., Metalla Royalty & Streaming Ltd, Olin Corporation, Oportun Financial Corporation, and 1 more

Increases - Marti Technologies, CBL & Associates Properties, In, Corebridge Financial Inc., Navient Corporation, OmniAb, Inc., and 7 more

Reductions - Devon Energy Corporation, GRAIL, Inc., Seneca Foods Corp., Sonida Senior Living, Inc.

Complete Exits - EMX Royalty Corporation, JBG SMITH Properties

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 2025	00000NANA Burford Capital	Burford Capital	Buy - Position Entry	+27,000	-	$240.84K	27,000
Q4 2025	573134103 Marti Technologies	Marti Technologies	Buy	+56,760	+32.8%	$544.95K	229,935
Q4 2025	CBL CBL & Associates Properties, In	CBL & Associates Properties, In	Buy	+23,681	+24.5%	$4.45M	120,244
Q4 2025	CRBG Corebridge Financial Inc.	Corebridge Financial Inc.	Buy	+81,400	+43.1%	$8.15M	270,055
Q4 2025	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-4,000	-30.8%	$329.67K	9,000
Q4 2025	EMX EMX Royalty Corporation	EMX Royalty Corporation	Sell - Position Exit	-205,915	-100.0%	$0.00	-
Q4 2025	GRAL GRAIL, Inc.	GRAIL, Inc.	Sell	-300	-0.0%	$88.64M	1,035,597
Q4 2025	GROY Gold Royalty Corp.	Gold Royalty Corp.	Buy - Position Entry	+78,600	-	$317.54K	78,600
Q4 2025	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell - Position Exit	-78,209	-100.0%	$0.00	-
Q4 2025	MTA Metalla Royalty & Streaming Ltd	Metalla Royalty & Streaming Ltd	Buy - Position Entry	+34,000	-	$264.52K	34,000
Q4 2025	NAVI Navient Corporation	Navient Corporation	Buy	+49,350	+46.7%	$2.02M	155,094
Q4 2025	OABI OmniAb, Inc.	OmniAb, Inc.	Buy	+32,056	+20.0%	$356.28K	192,585
Q4 2025	ODV Osisko Development Corp.	Osisko Development Corp.	Buy	+597,854	+175.8%	$3.27M	937,854
Q4 2025	OLN Olin Corporation	Olin Corporation	Buy - Position Entry	+12,900	-	$268.71K	12,900
Q4 2025	OPRT Oportun Financial Corporation	Oportun Financial Corporation	Buy - Position Entry	+141,109	-	$746.47K	141,109
Q4 2025	RITM Rithm Capital Corp.	Rithm Capital Corp.	Buy - Position Entry	+20,000	-	$218.00K	20,000
Q4 2025	SENEA Seneca Foods Corp.	Seneca Foods Corp.	Sell	-1,851	-50.2%	$203.45K	1,839
Q4 2025	SHG Shinhan Financial Group Co Ltd	Shinhan Financial Group Co Ltd	Buy	+1,000	+0.7%	$7.41M	138,169
Q4 2025	SNDA Sonida Senior Living, Inc.	Sonida Senior Living, Inc.	Sell	-36,009	-16.5%	$5.91M	182,824
Q4 2025	STXS Stereotaxis, Inc.	Stereotaxis, Inc.	Buy	+30,000	+1.1%	$6.63M	2,883,856
Q4 2025	TBN Tamboran Resources Corporation	Tamboran Resources Corporation	Buy	+7,670	+15.5%	$1.56M	57,212
Q4 2025	TFPM Triple Flag Precious Metals Cor	Triple Flag Precious Metals Cor	Buy	+18,000	+33.3%	$2.39M	72,000
Q4 2025	VET Vermilion Energy Inc.	Vermilion Energy Inc.	Buy	+16,503	+6.6%	$2.22M	266,738
Q4 2025	VOXR Vox Royalty Corp.	Vox Royalty Corp.	Buy	+98,000	+409.7%	$577.90K	121,920