Arbiter Partners Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Arbiter Partners Capital Management LLC reported 44 stock positions worth $185.8 million. Its top holding was Grail (GRAL) at 47.7% of the portfolio, followed by Greif Class B (GEF.B, 7.9%) and Corebridge Financial (CRBG, 4.4%). Compared with Q3 2025, it opened 11 new positions, sold out of 2, added to 12 and reduced 4. The biggest buy was Osisko Development (shares +176%) and the biggest sale an exit from JBG Smith Properties (JBGS).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001513193
Portfolio Value
$185.8M (Q4 2025)
SEC Filing
0001062993-26-000828 ↗ filed Feb 12, 2026

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 Q3 2025 Q4 2025: $185.8M $185.8M Q4 2025 Q1 2026: $147.4M Q1 2026 Q2 2026: $187.1M Q2 2026

Holdings 44 stocks · $185.8M
GRAL Grail Inc. 47.70% 1,035,597 $88.6M Reduce -0.0%
GEF.B Greif Inc. Class B 7.92% 197,033 $14.7M No change
CRBG Corebridge Financial Inc. 4.38% 270,055 $8.1M Add +43.1%
SHG Shinhan Financial Group-ADR 3.99% 138,169 $7.4M Add +0.7%
STXS Stereotaxis Inc. 3.57% 2,883,856 $6.6M Add +1.1%
SNDA Sonida Senior Living Inc. 3.18% 182,824 $5.9M Reduce -16.5%
ARVN Arvinas Inc. 2.89% 452,789 $5.4M No change
CBL CBL & Associates Properties 2.39% 120,244 $4.4M Add +24.5%
GNW Genworth Financial Inc. 2.37% 487,400 $4.4M No change
SPNT Siriuspoint Ltd. 2.37% 200,832 $4.4M No change
OPY Oppenheimer Holdings Class A 2.14% 54,999 $4.0M No change
GOOGL Alphabet Inc. Class A 2.02% 12,000 $3.8M No change
OSISKO DEVELOPMENT CORP 1.76% 937,854 $3.3M Add +175.8%
LILAK Liberty Latin Americ Class C 1.44% 359,048 $2.7M No change
TFPM Triple Flag Precious Met 1.29% 72,000 $2.4M Add +33.3%
VET Vermilion Energy Inc. 1.20% 266,738 $2.2M Add +6.6%
MTG Mgic Investment Corp. 1.16% 74,000 $2.2M No change
NAVI Navient Corp. 1.09% 155,094 $2.0M Add +46.7%
TBN Tamboran Resources Corp. 0.84% 57,212 $1.6M Add +15.5%
NMM Navios Maritime Partners LP 0.70% 24,800 $1.3M No change
LILA Liberty Latin Americ Class A 0.65% 164,481 $1.2M No change
CWBC Community West Bancshares 0.53% 43,864 $987K No change
WFRD Weatherford International PL 0.42% 10,000 $783K No change
OPRT Oportun Financial Corp. 0.40% 141,109 $746K New
NODK Ni Holdings Inc. filed as NI HLDGS INC 0.37% 51,392 $684K No change
VOXR Vox Royalty Corp. 0.31% 121,920 $578K Add +409.7%
AVBC Avidia Bancorp Inc. 0.30% 32,800 $551K New
MRT Marti Technologies Inc. 0.29% 229,935 $545K Add +32.8%
LEN.B Lennar Corp. Class B 0.29% 5,629 $535K No change
ELE Elemental Royalty Corp. 0.25% 27,033 $459K New
LESL Leslie's Inc. 0.21% 237,637 $392K New
OABI Omniab Inc. 0.19% 192,585 $356K Add +20.0%
DVN Devon Energy Corp. 0.18% 9,000 $330K Reduce -30.8%
GROY Gold Royalty Corp. 0.17% 78,600 $318K New
MLCI Mount Logan Capital Inc. 0.16% 35,505 $293K New
OLN Olin Corp. 0.14% 12,900 $269K New
MTA Metalla Royalty & Streaming 0.14% 34,000 $265K New
BURFORD CAPITAL LTD 0.13% 27,000 $241K New
RITM Rithm Capital Corp. 0.12% 20,000 $218K New
TRC Tejon Ranch Co. 0.12% 13,742 $217K No change
SENEA Seneca Foods Corp. Class A 0.11% 1,839 $203K Reduce -50.2%
BTG B2GOLD Corp. 0.06% 25,000 $113K No change
CLPR Clipper Realty Inc. 0.05% 22,618 $86K No change
LRE Lead Real Estate Co. Ltd. 0.02% 18,495 $29K New

Options reported separately and not counted above: TSLA puts ($13.0M), ABR puts ($2.7M), GOOGL calls ($1.5M), AAPL puts ($1.3M), MET calls ($789K).

Portfolio Sells Q3 2025 → Q4 2025
JBGS JBG Smith Properties Sold out 0.00% −1.19
SNDA Sonida Senior Living Inc. Reduce -16.5% 3.18% −0.98
EMX Emx Royalty Corp. Sold out 0.00% −0.73
SENEA Seneca Foods Corp. Class A Reduce -50.2% 0.11% −0.16
DVN Devon Energy Corp. Reduce -30.8% 0.18% −0.14
GRAL Grail Inc. Reduce -0.0% 47.70% +5.71

Portfolio Buys Q3 2025 → Q4 2025
OSISKO DEVELOPMENT CORP Add +175.8% 1.76% +0.97
OPRT Oportun Financial Corp. New 0.40% +0.40
CBL CBL & Associates Properties Add +24.5% 2.39% +0.37
AVBC Avidia Bancorp Inc. New 0.30% +0.30
ELE Elemental Royalty Corp. New 0.25% +0.25
VOXR Vox Royalty Corp. Add +409.7% 0.31% +0.24
CRBG Corebridge Financial Inc. Add +43.1% 4.38% +0.24
LESL Leslie's Inc. New 0.21% +0.21
TFPM Triple Flag Precious Met Add +33.3% 1.29% +0.20
GROY Gold Royalty Corp. New 0.17% +0.17
MLCI Mount Logan Capital Inc. New 0.16% +0.16
OLN Olin Corp. New 0.14% +0.14
MTA Metalla Royalty & Streaming New 0.14% +0.14
NAVI Navient Corp. Add +46.7% 1.09% +0.13
BURFORD CAPITAL LTD New 0.13% +0.13
RITM Rithm Capital Corp. New 0.12% +0.12
MRT Marti Technologies Inc. Add +32.8% 0.29% +0.05
OABI Omniab Inc. Add +20.0% 0.19% +0.02
LRE Lead Real Estate Co. Ltd. New 0.02% +0.02
TBN Tamboran Resources Corp. Add +15.5% 0.84% −0.09
VET Vermilion Energy Inc. Add +6.6% 1.20% −0.14
SHG Shinhan Financial Group-ADR Add +0.7% 3.99% −0.75
STXS Stereotaxis Inc. Add +1.1% 3.57% −2.52

Options Activity Q3 2025 → Q4 2025
TSLA Tesla Inc. put Reduce -11.4% 28,800 $13.0M
ABR Arbor Realty Trust Inc. put Add +11.9% 353,600 $2.7M

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