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	47	16,900	SH		DFND	1, 2, 3, 4	16,900	0	0
TrimTabs Float Shrink ETF	COM	00768Y818	256	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
Ambac Financial Group Inc	COM	023139884	7,983	292,327	SH		DFND	1, 2, 3, 4	292,327	0	0
Ambac Financial Group Inc	WTS	023139116	511	29,200	SH		DFND	1, 2, 3, 4	0	0	29,200
Ameriana Bancorp	COM	023613102	225	15,167	SH		DFND	1, 2, 3, 4	15,167	0	0
American Homes 4 Rent	COM	02665T306	178	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
American Realty Capital Proper	COM	02917T104	7,552	602,700	SH		DFND	1, 2, 3, 4	602,700	0	0
Amkor Technology Inc	COM	031652100	1,540	137,711	SH		DFND	1, 2, 3, 4	137,711	0	0
AMREP Corp	COM	032159105	366	59,638	SH		DFND	1, 2, 3, 4	59,638	0	0
Apache Corp	COM	037411105	1,006	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
Apache Corp	COM	037411105	43,267	430,000	SH	Call	DFND	1, 2, 3, 4	0	0	430,000
Anadarko Petroleum Corp	COM	032511107	10,947	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
Apollo Global Management LLC	COM	037612306	693	25,000	SH		DFND	1, 2, 3, 4	25,000	0	0
ARMOUR Residential REIT Inc	COM	042315101	173	40,000	SH		DFND	1, 2, 3, 4	40,000	0	0
ASB Bancorp Inc	COM	00213T109	677	32,300	SH		DFND	1, 2, 3, 4	32,300	0	0
Assured Guaranty Ltd	COM	G0585R106	7,028	286,837	SH		DFND	1, 2, 3, 4	286,837	0	0
athenahealth Inc	COM	04685W103	10,361	82,800	SH	Put	DFND	1, 2, 3, 4	0	0	82,800
Atlantic Coast Financial Corp	COM	048426100	3,045	750,000	SH		DFND	1, 2, 3, 4	750,000	0	0
Blackstone Group LP/The	COM	09253U108	669	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
Citigroup Inc	COM	172967424	11,728	249,000	SH		DFND	1, 2, 3, 4	249,000	0	0
Citigroup Inc	COM	172967424	32,970	700,000	SH	Call	DFND	1, 2, 3, 4	0	0	700,000
Capital One Financial Corp	COM	14040H105	991	12,000	SH		DFND	1, 2, 3, 4	12,000	0	0
Capital Senior Living Corp	COM	140475104	39,458	1,655,137	SH		DFND	1, 2, 3, 4	1,655,137	0	0
Carnival Corp	COM	143658300	1,694	45,000	SH		DFND	1, 2, 3, 4	45,000	0	0
Carnival Corp	COM	143658300	25,978	690,000	SH	Call	DFND	1, 2, 3, 4	0	0	690,000
Charter Financial Corp/MD	COM	16122W108	1,666	150,124	SH		DFND	1, 2, 3, 4	150,124	0	0
Clear Channel Outdoor Holdings	COM	18451C109	4,505	550,694	SH		DFND	1, 2, 3, 4	550,694	0	0
Clifton Bancorp Inc	COM	186873105	1,553	122,576	SH		DFND	1, 2, 3, 4	122,576	0	0
Cosi Inc	COM	22122P200	27	23,544	SH		DFND	1, 2, 3, 4	23,544	0	0
Cowen Group Inc	COM	223622101	13,767	3,262,375	SH		DFND	1, 2, 3, 4	3,262,375	0	0
salesforce.com inc	COM	79466L302	10,454	180,000	SH	Put	DFND	1, 2, 3, 4	0	0	180,000
Devon Energy Corp	COM	25179M103	6,788	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
Devon Energy Corp	COM	25179M103	63,774	803,200	SH	Call	DFND	1, 2, 3, 4	0	0	803,200
Dex Media Inc	COM	25213A107	136	12,206	SH		DFND	1, 2, 3, 4	12,206	0	0
Dow Chemical Co/The	COM	260543103	10,292	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
Eastern Virginia Bankshares In	COM	277196101	308	48,200	SH		DFND	1, 2, 3, 4	48,200	0	0
Eldorado Gold Corp	COM	284902103	117	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
Emeritus Corp	COM	291005106	703	22,200	SH		DFND	1, 2, 3, 4	22,200	0	0
Equinix Inc	COM	29444U502	16,240	77,300	SH		DFND	1, 2, 3, 4	77,300	0	0
Equinix Inc	COM	29444U502	53,615	255,200	SH	Call	DFND	1, 2, 3, 4	0	0	255,200
Erie Indemnity Co	COM	29530P102	271	3,599	SH		DFND	1, 2, 3, 4	3,599	0	0
Escalera Resources Co	COM	296064108	52	19,908	SH		DFND	1, 2, 3, 4	19,908	0	0
Express Scripts Holding Co	COM	30219G108	347	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
Express Scripts Holding Co	COM	30219G108	48,531	700,000	SH	Call	DFND	1, 2, 3, 4	0	0	700,000
Extreme Networks Inc	COM	30226D106	6,451	1,452,840	SH		DFND	1, 2, 3, 4	1,452,840	0	0
Exxon Mobil Corp	COM	30231G102	302	3,000	SH		DFND	1, 2, 3, 4	3,000	0	0
Forest City Enterprises Inc	COM	345550107	19,159	964,208	SH		DFND	1, 2, 3, 4	964,208	0	0
Forest City Enterprises Inc	COM	345550305	358	18,000	SH		DFND	1, 2, 3, 4	18,000	0	0
General Electric Co	COM	369604103	1	46	SH		DFND	1, 2, 3, 4	46	0	0
General Electric Co	COM	369604103	7,884	300,000	SH	Call	DFND	1, 2, 3, 4	0	0	300,000
Goldman Sachs Group Inc/The	COM	38141G104	167	1,000	SH		DFND	1, 2, 3, 4	1,000	0	0
Goldman Sachs Group Inc/The	COM	38141G104	3,349	20,000	SH	Call	DFND	1, 2, 3, 4	0	0	20,000
Greenlight Capital Re Ltd	COM	G4095J109	231	7,000	SH		DFND	1, 2, 3, 4	7,000	0	0
Greif Inc	COM	397624206	50,643	845,459	SH		DFND	1, 2, 3, 4	845,459	0	0
Groupon Inc	COM	399473107	8,834	1,334,400	SH	Put	DFND	1, 2, 3, 4	0	0	1,334,400
Halliburton Co	COM	406216101	14,202	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
Hartford Financial Services Gr	COM	416515104	1,218	34,000	SH		DFND	1, 2, 3, 4	34,000	0	0
Hartford Financial Services Gr	COM	416515104	43,882	1,225,400	SH	Call	DFND	1, 2, 3, 4	0	0	1,225,400
Hennessy Advisors Inc	COM	425885100	186	12,493	SH		DFND	1, 2, 3, 4	12,493	0	0
Herbalife Ltd	COM	G4412G901	968	15,000	SH	Call	DFND	1, 2, 3, 4	0	0	15,000
Herbalife Ltd	COM	G4412G951	1,291	20,000	SH	Put	DFND	1, 2, 3, 4	0	0	20,000
HopFed Bancorp Inc	COM	439734104	1,096	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
iShares iBoxx $ High Yield Cor	COM	464288513	7,254	76,200	SH	Put	DFND	1, 2, 3, 4	0	0	76,200
Imperial Oil Ltd	COM	453038408	316	6,000	SH		DFND	1, 2, 3, 4	6,000	0	0
Independent Bank Corp/MI	COM	453838609	656	51,000	SH		DFND	1, 2, 3, 4	51,000	0	0
Intelsat SA	COM	L5140P101	5,727	304,000	SH		DFND	1, 2, 3, 4	304,000	0	0
Intervest Bancshares Corp	COM	460927106	3,492	451,168	SH		DFND	1, 2, 3, 4	451,168	0	0
Ingersoll-Rand PLC	COM	G47791901	6,251	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
Kentucky First Federal Bancorp	COM	491292108	504	57,583	SH		DFND	1, 2, 3, 4	57,583	0	0
Lake Shore Bancorp Inc	COM	510700107	2,445	196,377	SH		DFND	1, 2, 3, 4	196,377	0	0
Lands' End Inc	COM	51509F105	818	24,350	SH		DFND	1, 2, 3, 4	24,350	0	0
LaPorte Bancorp Inc	COM	516651106	166	15,052	SH		DFND	1, 2, 3, 4	15,052	0	0
LeapFrog Enterprises Inc	COM	52186N106	735	100,000	SH		DFND	1, 2, 3, 4	100,000	0	0
Lennar Corp	COM	526057302	6,817	191,874	SH		DFND	1, 2, 3, 4	191,874	0	0
Liberty Interactive Corp	COM	53071M104	17,284	588,700	SH		DFND	1, 2, 3, 4	588,700	0	0
Liberty Interactive Corp	COM	53071M104	5,872	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
Liberty Ventures	COM	53071M880	1,055	14,298	SH		DFND	1, 2, 3, 4	14,298	0	0
Limoneira Co	COM	532746104	608	27,668	SH		DFND	1, 2, 3, 4	27,668	0	0
Loral Space & Communications I	COM	543881106	6,949	95,600	SH		DFND	1, 2, 3, 4	95,600	0	0
Luxfer Holdings PLC	COM	550678106	190	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
MAG Silver Corp	COM	55903Q104	1,052	111,300	SH		DFND	1, 2, 3, 4	111,300	0	0
MDC Partners Inc	COM	552697104	231	10,744	SH		DFND	1, 2, 3, 4	10,744	0	0
Microsoft Corp	COM	594918104	667	16,000	SH		DFND	1, 2, 3, 4	16,000	0	0
MTR Gaming Group Inc	COM	553769100	9,085	1,698,220	SH		DFND	1, 2, 3, 4	1,698,220	0	0
Micron Technology Inc	COM	595112103	9,885	300,000	SH	Call	DFND	1, 2, 3, 4	0	0	300,000
National Western Life Insuranc	COM	638522102	14,609	58,576	SH		DFND	1, 2, 3, 4	58,576	0	0
Newmont Mining Corp	COM	651639106	247	9,700	SH		DFND	1, 2, 3, 4	9,700	0	0
Newmont Mining Corp	COM	651639106	6,780	266,500	SH	Call	DFND	1, 2, 3, 4	0	0	266,500
Netflix Inc	COM	64110L106	43,531	98,800	SH	Put	DFND	1, 2, 3, 4	0	0	98,800
Oconee Federal Financial Corp	COM	675607105	766	42,388	SH		DFND	1, 2, 3, 4	42,388	0	0
Oppenheimer Holdings Inc	COM	683797104	2,067	86,159	SH		DFND	1, 2, 3, 4	86,159	0	0
Peoples Bancorp of North Carol	COM	710577107	413	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
Permian Basin Royalty Trust	COM	714236106	3,495	245,268	SH		DFND	1, 2, 3, 4	245,268	0	0
PowerShares Buyback Achievers	COM	73935X286	4,485	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
PowerSecure International Inc	COM	73936N105	697	71,600	SH		DFND	1, 2, 3, 4	71,600	0	0
Premier Financial Bancorp Inc	COM	74050M105	198	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
PSB Holdings Inc/CT	COM	69360W108	476	70,862	SH		DFND	1, 2, 3, 4	70,862	0	0
Public Storage	COM	74460D109	566	3,306	SH		DFND	1, 2, 3, 4	3,306	0	0
Radio One Inc	COM	75040P405	1,769	358,892	SH		DFND	1, 2, 3, 4	358,892	0	0
ResMed Inc	COM	761152107	2,532	50,000	SH	Put	DFND	1, 2, 3, 4	0	0	50,000
Rosetta Resources Inc	COM	777779307	987	18,000	SH		DFND	1, 2, 3, 4	18,000	0	0
Royce Focus Trust Inc	COM	78080N108	101	11,859	SH		DFND	1, 2, 3, 4	11,859	0	0
Salem Communications Corp	COM	794093104	436	46,099	SH		DFND	1, 2, 3, 4	46,099	0	0
Sealed Air Corp	COM	81211K100	3,781	110,657	SH		DFND	1, 2, 3, 4	110,657	0	0
Seneca Foods Corp	COM	817070501	283	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
Seneca Foods Corp	COM	817070105	233	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
Sears Holdings Corp	COM	812350106	9,970	249,500	SH	Put	DFND	1, 2, 3, 4	0	0	249,500
Shore Bancshares Inc	COM	825107105	676	75,000	SH		DFND	1, 2, 3, 4	75,000	0	0
Spark Networks Inc	COM	84651P100	298	52,539	SH		DFND	1, 2, 3, 4	52,539	0	0
Stonegate Mortgage Corp	COM	86181Q300	1,550	111,111	SH		DFND	1, 2, 3, 4	111,111	0	0
Straight Path Communications I	COM	862578101	571	56,007	SH		DFND	1, 2, 3, 4	56,007	0	0
ProShares Short VIX Short-Term	COM	74347W627	12,940	146,600	SH	Call	DFND	1, 2, 3, 4	0	0	146,600
Southwestern Energy Co	COM	845467109	4,549	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
Texas Pacific Land Trust	COM	882610108	18,348	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
Tesla Motors Inc	COM	88160R101	132,969	553,900	SH	Put	DFND	1, 2, 3, 4	0	0	553,900
US Global Investors Inc	COM	902952100	144	40,969	SH		DFND	1, 2, 3, 4	40,969	0	0
United Bancshares Inc/OH	COM	909458101	317	23,710	SH		DFND	1, 2, 3, 4	23,710	0	0
iPATH S&P 500 VIX Short-Term F	COM	06742E711	812	28,400	SH	Put	DFND	1, 2, 3, 4	0	0	28,400
Wolverine Bancorp Inc	COM	977880103	317	13,946	SH		DFND	1, 2, 3, 4	13,946	0	0
WPX Energy Inc	COM	98212B103	6,217	260,000	SH		DFND	1, 2, 3, 4	260,000	0	0
Wright Medical Group Inc	COM	98235T115	2,750	1,845,787	SH		DFND	1, 2, 3, 4	1,845,787	0	0
Western Union Co/The	COM	959802109	1,734	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
Xerox Corp	COM	984121103	20,020	1,609,300	SH		DFND	1, 2, 3, 4	1,609,300	0	0
Xerox Corp	COM	984121103	19,174	1,541,300	SH	Call	DFND	1, 2, 3, 4	0	0	1,541,300
ZaZa Energy Corp	COM	98919T100	30	34,300	SH		DFND	1, 2, 3, 4	34,300	0	0