Arbiter Partners Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Arbiter Partners Capital Management LLC reported 35 stock positions worth $145.9 million. Its top holding was Grail (GRAL) at 42.0% of the portfolio, followed by Greif Class B (GEF.B, 8.3%) and Stereotaxis (STXS, 6.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 3, added to 4 and reduced 3. The biggest buy was Shinhan Financial Group-ADR (SHG, shares +246%) and the biggest sale Grail (GRAL, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001513193
Portfolio Value
$145.9M (Q3 2025)
SEC Filing
0001062993-25-016665 ↗ filed Nov 12, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $55.2M Q1 2024 Q2 2024: $49.4M Q2 2024 Q3 2024: $50.6M Q3 2024 Q4 2024: $67.6M Q4 2024 Q1 2025: $82.2M Q1 2025 Q2 2025: $112.7M Q2 2025 Q3 2025: $145.9M $145.9M Q3 2025 Q4 2025: $185.8M Q4 2025 Q1 2026: $147.4M Q1 2026 Q2 2026: $187.1M Q2 2026

Holdings 35 stocks · $145.9M
GRAL Grail Inc. 41.99% 1,035,897 $61.3M Reduce -0.2%
GEF.B Greif Inc. Class B 8.32% 197,033 $12.1M No change
STXS Stereotaxis Inc. 6.08% 2,853,856 $8.9M No change
SHG Shinhan Financial Group-ADR 4.74% 137,169 $6.9M Add +246.4%
SNDA Sonida Senior Living Inc. 4.16% 218,833 $6.1M Reduce -2.9%
CRBG Corebridge Financial Inc. 4.15% 188,655 $6.0M No change
GNW Genworth Financial Inc. 2.97% 487,400 $4.3M Add +40.7%
OPY Oppenheimer Holdings Class A 2.79% 54,999 $4.1M No change
ARVN Arvinas Inc. 2.64% 452,789 $3.9M New
SPNT Siriuspoint Ltd. 2.49% 200,832 $3.6M No change
LILAK Liberty Latin Americ Class C 2.08% 359,048 $3.0M No change
CBL CBL & Associates Properties 2.02% 96,563 $3.0M New
GOOGL Alphabet Inc. Class A 2.00% 12,000 $2.9M No change
MTG Mgic Investment Corp. 1.44% 74,000 $2.1M No change
VET Vermilion Energy Inc. 1.34% 250,235 $2.0M New
JBGS JBG Smith Properties 1.19% 78,209 $1.7M No change
TFPM Triple Flag Precious Met 1.08% 54,000 $1.6M No change
NAVI Navient Corp. 0.95% 105,744 $1.4M New
LILA Liberty Latin Americ Class A 0.93% 164,481 $1.4M No change
TBN Tamboran Resources Corp. 0.93% 49,542 $1.4M New
OSISKO DEVELOPMENT CORP 0.79% 340,000 $1.2M Add +1600.0%
NMM Navios Maritime Partners LP 0.77% 24,800 $1.1M New
EMX Emx Royalty Corp. filed as EMX RTY CORP 0.73% 205,915 $1.1M No change
CWBC Community West Bancshares 0.63% 43,864 $914K No change
NODK Ni Holdings Inc. filed as NI HLDGS INC 0.48% 51,392 $697K No change
WFRD Weatherford International PL 0.47% 10,000 $684K New
LEN.B Lennar Corp. Class B 0.46% 5,629 $675K No change
DVN Devon Energy Corp. 0.31% 13,000 $456K No change
SENEA Seneca Foods Corp. Class A 0.27% 3,690 $398K Reduce -11.9%
MRT Marti Technologies Inc. 0.24% 173,175 $353K Add +162.6%
OABI Omniab Inc. 0.18% 160,529 $257K New
TRC Tejon Ranch Co. 0.15% 13,742 $220K No change
BTG B2GOLD Corp. 0.08% 25,000 $124K No change
VOXR Vox Royalty Corp. 0.07% 23,920 $103K New
CLPR Clipper Realty Inc. 0.06% 22,618 $86K No change

Options reported separately and not counted above: TSLA puts ($14.5M), ABR puts ($3.9M), AAPL puts ($1.2M), GOOGL calls ($1.2M), MET calls ($824K).

Portfolio Sells Q2 2025 → Q3 2025
GRAL Grail Inc. Reduce -0.2% 41.99% −5.36
SNDA Sonida Senior Living Inc. Reduce -2.9% 4.16% −0.80
BURFORD CAPITAL LTD Sold out 0.00% −0.43
SENEB Seneca Foods Corp. Class B Sold out 0.00% −0.26
INBX Inhibrx Biosciences Inc. Sold out 0.00% −0.25
SENEA Seneca Foods Corp. Class A Reduce -11.9% 0.27% −0.10

Portfolio Buys Q2 2025 → Q3 2025
SHG Shinhan Financial Group-ADR Add +246.4% 4.74% +3.15
ARVN Arvinas Inc. New 2.64% +2.64
CBL CBL & Associates Properties New 2.02% +2.02
VET Vermilion Energy Inc. New 1.34% +1.34
NAVI Navient Corp. New 0.95% +0.95
TBN Tamboran Resources Corp. New 0.93% +0.93
NMM Navios Maritime Partners LP New 0.77% +0.77
OSISKO DEVELOPMENT CORP Add +1600.0% 0.79% +0.75
GNW Genworth Financial Inc. Add +40.7% 2.97% +0.58
WFRD Weatherford International PL New 0.47% +0.47
OABI Omniab Inc. New 0.18% +0.18
VOXR Vox Royalty Corp. New 0.07% +0.07
MRT Marti Technologies Inc. Add +162.6% 0.24% +0.06

Options Activity Q2 2025 → Q3 2025
TSLA Tesla Inc. put New 32,500 $14.5M
ABR Arbor Realty Trust Inc. put New 315,900 $3.9M
AAPL Apple Inc. put New 4,900 $1.2M
MET Metlife Inc. call New 10,000 $824K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 42$187.1MGRAL, GEF.B, CRBG, OPY, SBMT
Q1 2026 40$147.4MGRAL, GEF.B, OSISKO DEVELOPMENT CORP, CRBG, STXS
Q4 2025 44$185.8MGRAL, GEF.B, CRBG, SHG, STXS
Q3 2025 35$145.9MGRAL, GEF.B, STXS, SHG, SNDA
Q2 2025 29$112.7MGRAL, GEF.B, CRBG, STXS, SNDA
Q1 2025 31$82.2MGRAL, GEF.B, SNDA, CRBG, STXS
Q4 2024 24$67.6MGRAL, GEF.B, SNDA, STXS, CRBG
Q3 2024 24$50.6MGEF.B, SNDA, STXS, GRAL, LILAK
Q2 2024 25$49.4MGEF.B, SNDA, STXS, LILAK, CRBG
Q1 2024 24$55.2MSNDA, GEF.B, STXS, LILAK, CRBG