Paul Isaac – Arbiter Partners Capital Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Arbiter Partners Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. 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 Q2 2025, the filing reported:

New Buys – None reported

Increases – Genworth Financial Inc (GNW), EMX Royalty Corporation (EMX), JBG SMITH Properties (JBGS), Shinhan Financial Group Co Ltd (SHG), GRAIL, Inc. (GRAL), and 2 more

Reductions – Seneca Foods Corp. (SENEB), Community West Bancshares (CWBC), Inhibrx Biosciences, Inc. (INBX), SiriusPoint (SPNT), Burford Capital (00000NANA), and 1 more

Complete Exits – First Seacoast Bancorp, Inc. (FSEA), Vermilion Energy Inc. (VET)

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

Arbiter Partners Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2013Dec 31, 2013	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy - Position Entry	+3,000	$304.00	3,000
Q4 2013Dec 31, 2013	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy - Position Entry	+2,000	$355.00	2,000
Q4 2013Dec 31, 2013	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Buy	+502+0.7%	$1.73K	69,607
Q4 2013Dec 31, 2013	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Sell - Position Exit	-5,000-100.0%	$0.00	-
Q4 2013Dec 31, 2013	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-12,000-12.6%	$6.36K	82,955
Q4 2013Dec 31, 2013	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Sell	-31,100-3.9%	$18.92K	770,198
Q4 2013Dec 31, 2013	G0585R106 Assured Guaranty	Assured Guaranty	Sell	-34,300-3.0%	$25.85K	1,095,869
Q4 2013Dec 31, 2013	LMNR Limoneira Co	Limoneira Co	Sell	-36,501-57.3%	$722.00	27,168
Q4 2013Dec 31, 2013	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-52,160-27.7%	$4.63K	135,920
Q4 2013Dec 31, 2013	AMKR Amkor Technology, Inc.	Amkor Technology, Inc.	Sell	-150,000-23.2%	$3.05K	497,711
Q4 2013Dec 31, 2013	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-233,614-27.6%	$35.96K	611,845
Q3 2013Sep 30, 2013	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy	+193,000+31.7%	$14.54K	801,298
Q3 2013Sep 30, 2013	AMKR Amkor Technology, Inc.	Amkor Technology, Inc.	Buy	+127,711+24.6%	$2.77K	647,711
Q3 2013Sep 30, 2013	LEN-B Lennar Corporation	Lennar Corporation	Buy	+84,900+121.9%	$4.43K	154,520
Q3 2013Sep 30, 2013	IBCP Independent Bank Corporation	Independent Bank Corporation	Buy - Position Entry	+51,000	$510.00	51,000
Q3 2013Sep 30, 2013	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Buy	+25,018+56.7%	$1.23K	69,105
Q3 2013Sep 30, 2013	DVN Devon Energy Corporation	Devon Energy Corporation	Buy - Position Entry	+20,000	$1.16K	20,000
Q3 2013Sep 30, 2013	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy - Position Entry	+5,000	$533.00	5,000
Q3 2013Sep 30, 2013	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Buy	+2,941+0.3%	$45.02K	845,459
Q3 2013Sep 30, 2013	LMNR Limoneira Co	Limoneira Co	Sell	-33,861-34.7%	$1.64K	63,669
Q3 2013Sep 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-137,400-87.6%	$649.00	19,500
Q3 2013Sep 30, 2013	SEE Sealed Air Corporation	Sealed Air Corporation	Sell	-438,900-70.0%	$5.11K	188,080
Q2 2013Jun 30, 2013	G0585R106 Assured Guaranty	Assured Guaranty	Buy - Position Entry	+1,130,169	$24.93K	1,130,169
Q2 2013Jun 30, 2013	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Buy - Position Entry	+842,518	$47.23K	842,518
Q2 2013Jun 30, 2013	SEE Sealed Air Corporation	Sealed Air Corporation	Buy - Position Entry	+626,980	$15.02K	626,980
Q2 2013Jun 30, 2013	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy - Position Entry	+608,298	$14.50K	608,298
Q2 2013Jun 30, 2013	NFBK Northfield Bancorp, Inc.	Northfield Bancorp, Inc.	Buy - Position Entry	+600,140	$7.03K	600,140
Q2 2013Jun 30, 2013	AMKR Amkor Technology, Inc.	Amkor Technology, Inc.	Buy - Position Entry	+520,000	$2.19K	520,000
Q2 2013Jun 30, 2013	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Buy - Position Entry	+191,692	$2.24K	191,692
Q2 2013Jun 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+156,900	$5.42K	156,900

Page 24 of 25 • 729 total trades

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