Arbiter Partners Capital Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Arbiter Partners Capital Management LLC reported 40 stock positions worth $147.4 million. Its top holding was Grail (GRAL) at 36.3% of the portfolio, followed by Greif Class B (GEF.B, 11.6%) and Osisko Development (4.6%). Compared with Q4 2025, it opened 3 new positions, sold out of 7, added to 7 and reduced 10. The biggest buy was Osisko Development (shares +123%) and the biggest sale Grail (GRAL, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001513193
Portfolio Value
$147.4M (Q1 2026)
SEC Filing
0001062993-26-002509 ↗ filed May 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 Q4 2025 Q1 2026: $147.4M $147.4M Q1 2026 Q2 2026: $187.1M Q2 2026

Holdings 40 stocks · $147.4M
GRAL Grail Inc. 36.27% 1,034,597 $53.5M Reduce -0.1%
GEF.B Greif Inc. Class B 11.58% 195,033 $17.1M Reduce -1.0%
OSISKO DEVELOPMENT CORP 4.60% 2,087,496 $6.8M Add +122.6%
CRBG Corebridge Financial Inc. 3.78% 233,655 $5.6M Reduce -13.5%
STXS Stereotaxis Inc. 3.60% 2,883,856 $5.3M No change
OPY Oppenheimer Holdings Class A 3.33% 54,999 $4.9M No change
SNDA Sonida Senior Living Inc. 3.29% 152,231 $4.9M Reduce -16.7%
SPNT Siriuspoint Ltd. 2.93% 200,832 $4.3M No change
CBL CBL & Associates Properties 2.85% 109,244 $4.2M Reduce -9.2%
NAVI Navient Corp. 2.84% 512,548 $4.2M Add +230.5%
GNW Genworth Financial Inc. 2.68% 487,400 $4.0M No change
VET Vermilion Energy Inc. 2.49% 266,738 $3.7M No change
TBN Tamboran Resources Corp. 2.28% 67,212 $3.4M Add +17.5%
ELE Elemental Royalty Corp. 2.15% 168,317 $3.2M Add +522.6%
RNA Atrium Therapeutics Inc. 2.09% 230,000 $3.1M New
LILAK Liberty Latin Americ Class C 1.85% 309,048 $2.7M Reduce -13.9%
MTG Mgic Investment Corp. 1.55% 87,000 $2.3M Add +17.6%
TFPM Triple Flag Precious Met 1.38% 58,476 $2.0M Reduce -18.8%
NMM Navios Maritime Partners LP 1.14% 24,800 $1.7M No change
LILA Liberty Latin Americ Class A 0.96% 164,481 $1.4M No change
CWBC Community West Bancshares 0.69% 43,864 $1.0M No change
WFRD Weatherford International PL 0.64% 10,000 $946K No change
OPRT Oportun Financial Corp. 0.60% 192,106 $886K Add +36.1%
MSFT Microsoft Corp. 0.50% 2,000 $740K New
GOOGL Alphabet Inc. Class A 0.49% 2,500 $719K Reduce -79.2%
NODK Ni Holdings Inc. filed as NI HLDGS INC 0.45% 51,392 $662K No change
AVBC Avidia Bancorp Inc. 0.44% 32,800 $645K No change
VOXR Vox Royalty Corp. 0.43% 121,920 $639K No change
MRT Marti Technologies Inc. 0.39% 286,254 $573K Add +24.5%
LEN.B Lennar Corp. Class B 0.32% 5,629 $474K No change
OLN Olin Corp. 0.26% 12,900 $384K No change
OABI Omniab Inc. 0.21% 192,585 $302K No change
GROY Gold Royalty Corp. 0.19% 78,600 $281K No change
TRC Tejon Ranch Co. 0.17% 12,993 $245K Reduce -5.5%
MTA Metalla Royalty & Streaming 0.15% 34,000 $225K No change
DVN Devon Energy Corp. 0.14% 4,000 $201K Reduce -55.6%
MLCI Mount Logan Capital Inc. 0.09% 35,505 $127K No change
BUR Burford Capital Ltd. 0.08% 27,000 $122K New
BTG B2GOLD Corp. 0.08% 25,000 $113K No change
CLPR Clipper Realty Inc. 0.05% 22,618 $68K No change

Options reported separately and not counted above: TSLA puts ($18.4M), ABR puts ($3.2M), GOOGL calls ($2.8M), MET calls ($1.4M), AAPL puts ($1.2M).

Portfolio Sells Q4 2025 → Q1 2026
GRAL Grail Inc. Reduce -0.1% 36.27% −11.44
SHG Shinhan Financial Group-ADR Sold out 0.00% −3.99
ARVN Arvinas Inc. Sold out 0.00% −2.89
GOOGL Alphabet Inc. Class A Reduce -79.2% 0.49% −1.53
CRBG Corebridge Financial Inc. Reduce -13.5% 3.78% −0.60
LESL Leslie's Inc. Sold out 0.00% −0.21
BURFORD CAPITAL LTD Sold out 0.00% −0.13
RITM Rithm Capital Corp. Sold out 0.00% −0.12
SENEA Seneca Foods Corp. Class A Sold out 0.00% −0.11
DVN Devon Energy Corp. Reduce -55.6% 0.14% −0.04
LRE Lead Real Estate Co. Ltd. Sold out 0.00% −0.02
TRC Tejon Ranch Co. Reduce -5.5% 0.17% +0.05
TFPM Triple Flag Precious Met Reduce -18.8% 1.38% +0.09
SNDA Sonida Senior Living Inc. Reduce -16.7% 3.29% +0.11
LILAK Liberty Latin Americ Class C Reduce -13.9% 1.85% +0.41
CBL CBL & Associates Properties Reduce -9.2% 2.85% +0.45
GEF.B Greif Inc. Class B Reduce -1.0% 11.58% +3.66

Portfolio Buys Q4 2025 → Q1 2026
OSISKO DEVELOPMENT CORP Add +122.6% 4.60% +2.84
RNA Atrium Therapeutics Inc. New 2.09% +2.09
ELE Elemental Royalty Corp. Add +522.6% 2.15% +1.90
NAVI Navient Corp. Add +230.5% 2.84% +1.76
TBN Tamboran Resources Corp. Add +17.5% 2.28% +1.44
MSFT Microsoft Corp. New 0.50% +0.50
MTG Mgic Investment Corp. Add +17.6% 1.55% +0.39
OPRT Oportun Financial Corp. Add +36.1% 0.60% +0.20
MRT Marti Technologies Inc. Add +24.5% 0.39% +0.10
BUR Burford Capital Ltd. New 0.08% +0.08

Options Activity Q4 2025 → Q1 2026
TSLA Tesla Inc. put Add +71.5% 49,400 $18.4M
ABR Arbor Realty Trust Inc. put Add +18.7% 419,700 $3.2M
GOOGL Alphabet Inc. Class A call Add +100.0% 9,800 $2.8M
MET Metlife Inc. call Add +100.0% 20,000 $1.4M

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