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
Q2 2024Jun 30, 2024	SNDA Sonida Senior Living, Inc.	Sonida Senior Living, Inc.	Sell	-123,778-25.4%	$9.97M	363,629
Q2 2024Jun 30, 2024	GEG Great Elm Group, Inc.	Great Elm Group, Inc.	Sell	-583,099-69.5%	$460.31K	255,728
Q1 2024Mar 31, 2024	CRBG Corebridge Financial Inc.	Corebridge Financial Inc.	Buy	+10,205+13.0%	$2.55M	88,755
Q1 2024Mar 31, 2024	LILA Liberty Latin America Ltd	Liberty Latin America Ltd	Buy	+2,500+1.5%	$1.15M	164,481
Q1 2024Mar 31, 2024	RBKB Rhinebeck Bancorp, Inc.	Rhinebeck Bancorp, Inc.	Buy	+1,000+8.0%	$114.25K	13,521
Q1 2024Mar 31, 2024	CRESY Cresud S.A.C.I.F. y A.	Cresud S.A.C.I.F. y A.	Buy	+98+1.0%	$90.17K	10,098
Q1 2024Mar 31, 2024	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-1,644-9.1%	$822.95K	16,400
Q1 2024Mar 31, 2024	FTRE Fortrea Holdings Inc.	Fortrea Holdings Inc.	Sell - Position Exit	-8,100-100.0%	$0.00	-
Q1 2024Mar 31, 2024	GEG Great Elm Group, Inc.	Great Elm Group, Inc.	Sell	-12,494-1.5%	$1.61M	838,827
Q1 2024Mar 31, 2024	FG F&G Annuities & Life, Inc.	F&G Annuities & Life, Inc.	Sell - Position Exit	-19,948-100.0%	$0.00	-
Q1 2024Mar 31, 2024	SNDA Sonida Senior Living, Inc.	Sonida Senior Living, Inc.	Sell	-21,381-4.2%	$13.89M	487,407
Q1 2024Mar 31, 2024	FFNW First Financial Northwest, Inc.	First Financial Northwest, Inc.	Sell - Position Exit	-30,000-100.0%	$0.00	-
Q1 2024Mar 31, 2024	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Sell - Position Exit	-41,135-100.0%	$0.00	-
Q1 2024Mar 31, 2024	JXN Jackson Financial Inc.	Jackson Financial Inc.	Sell - Position Exit	-70,500-100.0%	$0.00	-
Q4 2023Dec 31, 2023	STXS Stereotaxis, Inc.	Stereotaxis, Inc.	Buy	+76,886+2.9%	$4.82M	2,755,693
Q4 2023Dec 31, 2023	CRESY Cresud S.A.C.I.F. y A.	Cresud S.A.C.I.F. y A.	Buy - Position Entry	+10,000	$94.80K	10,000
Q4 2023Dec 31, 2023	LILA Liberty Latin America Ltd	Liberty Latin America Ltd	Sell	-1,031-0.6%	$1.18M	161,981
Q4 2023Dec 31, 2023	JXN Jackson Financial Inc.	Jackson Financial Inc.	Sell	-2,400-3.3%	$3.61M	70,500
Q4 2023Dec 31, 2023	RBKB Rhinebeck Bancorp, Inc.	Rhinebeck Bancorp, Inc.	Sell	-3,500-21.8%	$100.79K	12,521
Q4 2023Dec 31, 2023	SNDA Sonida Senior Living, Inc.	Sonida Senior Living, Inc.	Sell	-4,219-0.8%	$6.36M	508,788
Q4 2023Dec 31, 2023	BATL Battalion Oil Corporation	Battalion Oil Corporation	Sell - Position Exit	-17,959-100.0%	$0.00	-
Q4 2023Dec 31, 2023	SPNT SiriusPoint	SiriusPoint	Sell	-21,000-19.7%	$994.66K	85,747
Q4 2023Dec 31, 2023	FG F&G Annuities & Life, Inc.	F&G Annuities & Life, Inc.	Sell	-22,103-52.6%	$917.61K	19,948
Q4 2023Dec 31, 2023	LNC Lincoln National Corporation	Lincoln National Corporation	Sell	-25,500-46.4%	$795.62K	29,500
Q4 2023Dec 31, 2023	GEG Great Elm Group, Inc.	Great Elm Group, Inc.	Sell	-70,503-7.6%	$1.65M	851,321
Q4 2023Dec 31, 2023	LILAK Liberty Latin America Ltd	Liberty Latin America Ltd	Sell	-230,000-38.4%	$2.71M	369,048
Q4 2023Dec 31, 2023	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Sell	-627,780-93.9%	$175.24K	41,135
Q3 2023Sep 30, 2023	STXS Stereotaxis, Inc.	Stereotaxis, Inc.	Buy	+105,693+4.1%	$4.23M	2,678,807
Q3 2023Sep 30, 2023	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Buy	+12,900+129.0%	$877.30K	22,900
Q3 2023Sep 30, 2023	SHG Shinhan Financial Group Co Ltd	Shinhan Financial Group Co Ltd	Buy - Position Entry	+10,600	$280.79K	10,600

Page 3 of 25 • 729 total trades

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