Arbiter Partners Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Active Power Inc	COM	00504W308	56	16,900	SH		DFND		16,900	0	0
AerCap Holdings NV	COM	N00985106	422	10,000	SH		DFND		10,000	0	0
Ambac Financial Group Inc	COM	023139884	17,161	553,057	SH		DFND		553,057	0	0
Ambac Financial Group-Cw23	WTS	023139116	596	29,200	SH		DFND		0	0	29,200
Ameriana Bancorp	COM	023613102	206	15,167	SH		DFND		15,167	0	0
American Realty Capital Proper	COM	02917T104	8,450	602,700	SH		DFND		602,700	0	0
Amkor Technology Inc	COM	031652100	4,443	647,711	SH		DFND		647,711	0	0
AMREP Corp	COM	032159105	360	56,902	SH		DFND		56,902	0	0
Anadarko Petroleum Corp	COM	032511107	8,476	100,000	SH	Call	DFND		0	0	100,000
Annaly Capital Management Inc	COM	035710409	110	10,000	SH		DFND		10,000	0	0
Apache Corp	COM	037411105	830	10,000	SH		DFND		10,000	0	0
Apache Corp	COM	037411105	10,784	130,000	SH	Call	DFND		0	0	130,000
Apollo Commercial Real Estate	COM	03762U105	166	10,000	SH		DFND		10,000	0	0
Apollo Global Management LLC	COM	037612306	795	25,000	SH		DFND		25,000	0	0
ARMOUR Residential REIT Inc	COM	042315101	206	50,000	SH		DFND		50,000	0	0
ASB Bancorp Inc	COM	00213T109	573	32,300	SH		DFND		32,300	0	0
Assured Guaranty Ltd	COM	G0585R106	35,771	1,412,769	SH		DFND		1,412,769	0	0
athenahealth Inc	COM	04685W103	13,268	82,800	SH	Put	DFND		0	0	82,800
Atlantic Coast Financial Corp	COM	048426100	3,368	750,000	SH		DFND		750,000	0	0
Blackstone Group LP	COM	09253U108	665	20,000	SH		DFND		20,000	0	0
Capital One Financial Corp	COM	14040H105	7,327	94,955	SH		DFND		94,955	0	0
Capital One Financial Corp	COM	14040H105	7,716	100,000	SH	Call	DFND		0	0	100,000
Capital Senior Living Corp	COM	140475104	41,977	1,615,137	SH		DFND		1,615,137	0	0
Charter Financial Corp/MD	COM	16122W108	1,623	150,124	SH		DFND		150,124	0	0
Citigroup Inc	COM	172967424	9,853	207,000	SH		DFND		207,000	0	0
Citigroup Inc	COM	172967424	33,320	700,000	SH	Call	DFND		0	0	700,000
Clear Channel Outdoor Holdings	COM	18451C109	5,017	550,694	SH		DFND		550,694	0	0
Cosi Inc	COM	22122P200	28	23,544	SH		DFND		23,544	0	0
Cowen Group Inc	COM	223622101	14,511	3,290,375	SH		DFND		3,290,375	0	0
Devon Energy Corp	COM	25179M103	5,695	85,090	SH		DFND		85,090	0	0
Devon Energy Corp	COM	25179M103	53,758	803,200	SH	Call	DFND		0	0	803,200
Dex Media Inc	COM	25213A107	112	12,206	SH		DFND		12,206	0	0
Dow Chemical Co/The	COM	260543103	9,718	200,000	SH	Call	DFND		0	0	200,000
Eastern Virginia Bankshares In	COM	277196101	311	48,200	SH		DFND		48,200	0	0
Eldorado Gold Corp	COM	284902103	85	15,300	SH		DFND		15,300	0	0
Emeritus Corp	COM	291005106	698	22,200	SH		DFND		22,200	0	0
Equinix Inc	COM	29444U502	14,288	77,300	SH		DFND		77,300	0	0
Equinix Inc	COM	29444U502	37,892	205,000	SH	Call	DFND		0	0	205,000
Escalera Resources Co	COM	296064108	57	19,908	SH		DFND		19,908	0	0
Express Scripts Holding Co	COM	30219G108	375	5,000	SH		DFND		5,000	0	0
Express Scripts Holding Co	COM	30219G108	52,563	700,000	SH	Call	DFND		0	0	700,000
Exxon Mobil Corp	COM	30231G102	879	9,000	SH		DFND		9,000	0	0
Exxon Mobil Corp	COM	30231G102	35,165	360,000	SH	Call	DFND		0	0	360,000
Forest City Enterprises Inc	COM	345550305	329	17,300	SH		DFND		17,300	0	0
Forest City Enterprises B	COM	345550107	18,416	964,208	SH		DFND		964,208	0	0
General Electric Co	COM	369604103	1	46	SH		DFND		46	0	0
General Electric Co	COM	369604103	7,767	300,000	SH	Call	DFND		0	0	300,000
Goldman Sachs Group Inc/The	COM	38141G104	164	1,000	SH		DFND		1,000	0	0
Goldman Sachs Group Inc/The	COM	38141G104	3,277	20,000	SH	Call	DFND		0	0	20,000
Greenlight Capital Re Ltd	COM	G4095J109	230	7,000	SH		DFND		7,000	0	0
Greif Inc	COM	397624206	49,628	845,459	SH		DFND		845,459	0	0
Groupon Inc	COM	399473107	10,462	1,334,400	SH	Put	DFND		0	0	1,334,400
Hartford Financial Services Gr	COM	416515104	141	4,000	SH		DFND		4,000	0	0
Hartford Financial Services Gr	COM	416515104	34,402	975,400	SH	Call	DFND		0	0	975,400
Herbalife Ltd	COM	G4412G101	859	15,000	SH	Call	DFND		0	0	15,000
Herbalife Ltd	COM	G4412G101	1,145	20,000	SH	Put	DFND		0	0	20,000
HopFed Bancorp Inc	COM	439734104	462	39,621	SH		DFND		39,621	0	0
Imperial Oil Ltd	COM	453038408	279	6,000	SH		DFND		6,000	0	0
Independent Bank Corp/MI	COM	453838609	662	51,000	SH		DFND		51,000	0	0
Ingersoll-Rand PLC	COM	G47791101	5,724	100,000	SH	Call	DFND		0	0	100,000
Intelsat SA	COM	L5140P101	3,714	198,400	SH		DFND		198,400	0	0
Intervest Bancshares Corp	COM	460927106	2,716	364,549	SH		DFND		364,549	0	0
iPATH S&P 500 VIX Short-Term F	COM	06742E711	561	13,300	SH	Put	DFND		0	0	13,300
iShares iBoxx $ High Yield Cor	COM	464288513	7,193	76,200	SH	Put	DFND		0	0	76,200
Kentucky First Federal Bancorp	COM	491292108	500	57,583	SH		DFND		57,583	0	0
Lake Shore Bancorp Inc	COM	510700107	2,378	191,893	SH		DFND		191,893	0	0
LaPorte Bancorp Inc	COM	516651106	162	15,052	SH		DFND		15,052	0	0
LeapFrog Enterprises Inc	COM	52186N106	750	100,000	SH		DFND		100,000	0	0
LeapFrog Enterprises Inc	COM	52186N106	750	100,000	SH	Call	DFND		0	0	100,000
Lennar Corp B	COM	526057302	6,263	191,874	SH		DFND		191,874	0	0
Liberty Interactive Corp	COM	53071M104	16,996	588,700	SH		DFND		588,700	0	0
Liberty Interactive Corp	COM	53071M104	5,774	200,000	SH	Call	DFND		0	0	200,000
Liberty Ventures	COM	53071M880	932	7,149	SH		DFND		7,149	0	0
Limoneira Co	COM	532746104	628	27,668	SH		DFND		27,668	0	0
Loral Space & Communications I	COM	543881106	6,762	95,600	SH		DFND		95,600	0	0
Luxfer Holdings PLC	COM	550678106	196	10,000	SH		DFND		10,000	0	0
MDC Partners Inc	COM	552697104	245	10,744	SH		DFND		10,744	0	0
Micron Technology Inc	COM	595112103	7,098	300,000	SH	Call	DFND		0	0	300,000
Microsoft Corp	COM	594918104	574	14,000	SH		DFND		14,000	0	0
MTR Gaming Group Inc	COM	553769100	8,712	1,698,220	SH		DFND		1,698,220	0	0
National Western Life Insuranc	COM	638522102	14,322	58,576	SH		DFND		58,576	0	0
Netflix Inc	COM	64110L106	34,781	98,800	SH	Put	DFND		0	0	98,800
Newmont Mining Corp	COM	651639106	227	9,700	SH		DFND		9,700	0	0
Newmont Mining Corp	COM	651639106	6,247	266,500	SH	Call	DFND		0	0	266,500
Oconee Federal Financial Corp	COM	675607105	732	42,184	SH		DFND		42,184	0	0
Oppenheimer Holdings Inc	COM	683797104	1,952	69,607	SH		DFND		69,607	0	0
Peoples Bancorp of North Carol	COM	710577107	402	25,794	SH		DFND		25,794	0	0
PowerSecure International Inc	COM	73936N105	1,678	71,600	SH		DFND		71,600	0	0
PowerShares Buyback Achievers	COM	73935X286	4,352	100,000	SH	Call	DFND		0	0	100,000
Premier Financial Bancorp Inc	COM	74050M105	177	12,314	SH		DFND		12,314	0	0
ProShares Short VIX Short-Term	COM	74347W627	16,868	272,200	SH	Call	DFND		0	0	272,200
PSB Holdings Inc/CT	COM	69360W108	483	70,862	SH		DFND		70,862	0	0
Public Storage	COM	74460D109	1,062	6,306	SH		DFND		6,306	0	0
Rosetta Resources Inc	COM	777779307	838	18,000	SH		DFND		18,000	0	0
Royce Focus Trust Inc	COM	78080N108	94	11,859	SH		DFND		11,859	0	0
Salem Communications Corp	COM	794093104	461	46,099	SH		DFND		46,099	0	0
Salesforce.com Inc	COM	79466L302	5,709	100,000	SH	Put	DFND		0	0	100,000
Sealed Air Corp	COM	81211K100	3,637	110,657	SH		DFND		110,657	0	0
Sears Holdings Corp	COM	812350106	5,031	130,000	SH	Put	DFND		0	0	130,000
Seneca Foods A	COM	817070501	291	9,250	SH		DFND		9,250	0	0
Seneca Foods Corp	COM	817070105	241	7,500	SH		DFND		7,500	0	0
Spark Networks Inc	COM	84651P100	275	52,539	SH		DFND		52,539	0	0
Stonegate Mortgage Corp	COM	86181Q300	1,651	111,111	SH		DFND		111,111	0	0
Straight Path Communications I	COM	862578101	412	56,007	SH		DFND		56,007	0	0
Symantec Corp	COM	871503108	7,988	400,000	SH	Call	DFND		0	0	400,000
Tesla Motors Inc	COM	88160R101	72,958	350,000	SH	Put	DFND		0	0	350,000
Texas Pacific Land Trust	COM	882610108	14,840	114,598	SH		DFND		114,598	0	0
TiVo Inc	COM	888706108	662	50,000	SH		DFND		50,000	0	0
TrimTabs Float Shrink ETF	COM	00768Y818	447	9,000	SH		DFND		9,000	0	0
United Bancshares Inc/OH	COM	909458101	372	23,710	SH		DFND		23,710	0	0
US Global Investors Inc	COM	902952100	132	40,969	SH		DFND		40,969	0	0
Western Union Co/The	COM	959802109	5,726	350,000	SH	Call	DFND		0	0	350,000
Wolverine Bancorp Inc	COM	977880103	301	13,946	SH		DFND		13,946	0	0
WPX Energy Inc	COM	98212B103	4,688	260,000	SH		DFND		260,000	0	0
Wright Medical Group Inc	COM	98235T115	1,523	1,834,806	SH		DFND		1,834,806	0	0
Xerox Corp	COM	984121103	18,185	1,609,300	SH		DFND		1,609,300	0	0
Xerox Corp	COM	984121103	17,417	1,541,300	SH	Call	DFND		0	0	1,541,300
ZaZa Energy Corp	COM	98919T100	26	34,300	SH		DFND		34,300	0	0