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
Estimated average burden
hours per response:		23.8

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	34	16,900	SH		DFND	1, 2, 3, 4	16,900	0	0
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	406	29,200	SH		DFND	1, 2, 3, 4	0	0	29,200
AMERICAN HOMES 4 RENT- A	COM	02665T306	169	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
AMERICAN REALTY CAPITAL PROP	COM	02917T104	7,269	602,700	SH		DFND	1, 2, 3, 4	602,700	0	0
AMKOR TECHNOLOGY INC	COM	031652100	1,108	131,711	SH		DFND	1, 2, 3, 4	131,711	0	0
AMREP CORP	COM	032159105	278	59,638	SH		DFND	1, 2, 3, 4	59,638	0	0
AMAZON.COM INC	COM	023135106	24,344	75,500	SH	Put	DFND	1, 2, 3, 4	0	0	75,500
APACHE CORP	COM	037411105	939	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
APACHE CORP	COM	037411105	45,058	480,000	SH	Call	DFND	1, 2, 3, 4	0	0	480,000
ANADARKO PETROLEUM CORP	COM	032511107	10,144	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	596	25,000	SH		DFND	1, 2, 3, 4	25,000	0	0
ASB BANCORP INC	COM	00213T109	651	32,300	SH		DFND	1, 2, 3, 4	32,300	0	0
ASSURED GUARANTY LTD	COM	G0585R106	228	10,300	SH		DFND	1, 2, 3, 4	10,300	0	0
ATHENAHEALTH INC	COM	04685W103	10,904	82,800	SH	Put	DFND	1, 2, 3, 4	0	0	82,800
ATLANTIC COAST FINANCIAL COR	COM	048426100	3,060	750,000	SH		DFND	1, 2, 3, 4	750,000	0	0
BLACKSTONE GROUP LP/THE	COM	09253U108	630	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,307	99,600	SH		DFND	1, 2, 3, 4	99,600	0	0
BROOKDALE SENIOR LIVING INC	COM	112463104	680	21,090	SH		DFND	1, 2, 3, 4	21,090	0	0
CITIGROUP INC	COM	172967424	12,903	249,000	SH		DFND	1, 2, 3, 4	249,000	0	0
CITIGROUP INC	COM	172967424	36,274	700,000	SH	Call	DFND	1, 2, 3, 4	0	0	700,000
CAPITAL SENIOR LIVING CORP	COM	140475104	38,368	1,807,270	SH		DFND	1, 2, 3, 4	1,807,270	0	0
CARNIVAL CORP	COM	143658300	1,808	45,000	SH		DFND	1, 2, 3, 4	45,000	0	0
CARNIVAL CORP	COM	143658300	27,717	690,000	SH	Call	DFND	1, 2, 3, 4	0	0	690,000
CHARTER FINANCIAL CORP	COM	16122W108	1,606	150,124	SH		DFND	1, 2, 3, 4	150,124	0	0
CHC GROUP LTD	COM	G07021101	265	47,300	SH		DFND	1, 2, 3, 4	47,300	0	0
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,004	113,490	SH		DFND	1, 2, 3, 4	113,490	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	3,712	550,694	SH		DFND	1, 2, 3, 4	550,694	0	0
CLIFTON BANCORP INC	COM	186873105	1,543	122,576	SH		DFND	1, 2, 3, 4	122,576	0	0
COWEN GROUP INC-CLASS A	COM	223622101	12,234	3,262,375	SH		DFND	1, 2, 3, 4	3,262,375	0	0
SALESFORCE.COM INC	COM	79466L302	10,355	180,000	SH	Put	DFND	1, 2, 3, 4	0	0	180,000
DEVON ENERGY CORP	COM	25179M103	5,829	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
DEVON ENERGY CORP	COM	25179M103	54,762	803,200	SH	Call	DFND	1, 2, 3, 4	0	0	803,200
DEX MEDIA INC	COM	25213A107	117	12,206	SH		DFND	1, 2, 3, 4	12,206	0	0
DOW CHEMICAL CO/THE	COM	260543103	10,488	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
EASTERN VIRGINIA BANKSHARES	COM	277196101	300	48,200	SH		DFND	1, 2, 3, 4	48,200	0	0
ELDORADO GOLD CORP	COM	284902103	103	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
ELDORADO RESORTS INC	COM	28470R102	5,394	1,281,289	SH		DFND	1, 2, 3, 4	1,281,289	0	0
EQUINIX INC	COM	29444U502	16,425	77,300	SH		DFND	1, 2, 3, 4	77,300	0	0
EQUINIX INC	COM	29444U502	33,019	155,400	SH	Call	DFND	1, 2, 3, 4	0	0	155,400
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	690	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESCALERA RESOURCES CO	COM	296064108	38	19,908	SH		DFND	1, 2, 3, 4	19,908	0	0
EXPRESS SCRIPTS HOLDING CO	COM	30219G108	353	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
EXPRESS SCRIPTS HOLDING CO	COM	30219G108	42,378	600,000	SH	Call	DFND	1, 2, 3, 4	0	0	600,000
EXTREME NETWORKS INC	COM	30226D106	9,981	2,083,674	SH		DFND	1, 2, 3, 4	2,083,674	0	0
EXXON MOBIL CORP	COM	30231G102	282	3,000	SH		DFND	1, 2, 3, 4	3,000	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	6,684	30,856	SH		DFND	1, 2, 3, 4	30,856	0	0
FOREST CITY ENTERPRISES-CL A	COM	345550107	18,860	964,208	SH		DFND	1, 2, 3, 4	964,208	0	0
FOREST CITY ENTERPRISES-CL B	COM	345550305	357	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	12,810	500,000	SH	Call	DFND	1, 2, 3, 4	0	0	500,000
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	227	7,000	SH		DFND	1, 2, 3, 4	7,000	0	0
GREIF INC-CL B	COM	397624206	41,900	846,459	SH		DFND	1, 2, 3, 4	846,459	0	0
HALLIBURTON CO	COM	406216101	12,902	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
HARTFORD FINANCIAL SVCS GRP	COM	416515104	2,012	54,000	SH		DFND	1, 2, 3, 4	54,000	0	0
HARTFORD FINANCIAL SVCS GRP	COM	416515104	45,646	1,225,400	SH	Call	DFND	1, 2, 3, 4	0	0	1,225,400
HENNESSY ADVISORS INC	COM	425885100	248	12,493	SH		DFND	1, 2, 3, 4	12,493	0	0
HERBALIFE LTD	COM	G4412G901	656	15,000	SH	Call	DFND	1, 2, 3, 4	0	0	15,000
HERBALIFE LTD	COM	G4412G951	875	20,000	SH	Put	DFND	1, 2, 3, 4	0	0	20,000
HOPFED BANCORP INC	COM	439734104	1,085	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
ISHARES IBOXX HIGH YIELD COR	COM	464288513	7,007	76,200	SH	Put	DFND	1, 2, 3, 4	0	0	76,200
IMPERIAL OIL LTD	COM	453038408	283	6,000	SH		DFND	1, 2, 3, 4	6,000	0	0
INDEPENDENT BANK CORP - MICH	COM	453838609	608	51,000	SH		DFND	1, 2, 3, 4	51,000	0	0
INTELSAT SA	COM	L5140P101	6,403	373,588	SH		DFND	1, 2, 3, 4	373,588	0	0
INTERVEST BANCSHARES CORP	COM	460927106	4,435	463,868	SH		DFND	1, 2, 3, 4	463,868	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	464	57,583	SH		DFND	1, 2, 3, 4	57,583	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,478	196,677	SH		DFND	1, 2, 3, 4	196,677	0	0
LANDS' END INC	COM	51509F105	426	10,350	SH		DFND	1, 2, 3, 4	10,350	0	0
LAPORTE BANCORP INC	COM	516651106	169	15,052	SH		DFND	1, 2, 3, 4	15,052	0	0
LEAPFROG ENTERPRISES INC	COM	52186N106	599	100,000	SH		DFND	1, 2, 3, 4	100,000	0	0
LENNAR CORP - B SHS	COM	526057302	7,139	223,032	SH		DFND	1, 2, 3, 4	223,032	0	0
LIBERTY INTERACTIVE CORP-A	COM	53071M104	16,505	578,700	SH		DFND	1, 2, 3, 4	578,700	0	0
LIBERTY INTERACTIVE CORP-A	COM	53071M104	5,704	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
LIBERTY TRIPADVISOR HDG-A	COM	531465102	251	7,416	SH		DFND	1, 2, 3, 4	7,416	0	0
LIBERTY VENTURES - SER A	COM	53071M880	282	7,416	SH		DFND	1, 2, 3, 4	7,416	0	0
LIMONEIRA CO	COM	532746104	655	27,668	SH		DFND	1, 2, 3, 4	27,668	0	0
LORAL SPACE & COMMUNICATIONS	COM	543881106	6,865	95,600	SH		DFND	1, 2, 3, 4	95,600	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	173	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
MAG SILVER CORP	COM	55903Q104	828	111,300	SH		DFND	1, 2, 3, 4	111,300	0	0
MDC PARTNERS INC-A	COM	552697104	206	10,744	SH		DFND	1, 2, 3, 4	10,744	0	0
MERIDIAN BANCORP INC	COM	58958U103	531	50,244	SH		DFND	1, 2, 3, 4	50,244	0	0
MICRON TECHNOLOGY INC	COM	595112103	10,278	300,000	SH	Call	DFND	1, 2, 3, 4	0	0	300,000
NATL WESTERN LIFE INS-CL A	COM	638522102	14,469	58,576	SH		DFND	1, 2, 3, 4	58,576	0	0
NEWMONT MINING CORP	COM	651639106	154	6,700	SH		DFND	1, 2, 3, 4	6,700	0	0
NEWMONT MINING CORP	COM	651639106	6,143	266,500	SH	Call	DFND	1, 2, 3, 4	0	0	266,500
NETFLIX INC	COM	64110L106	44,577	98,800	SH	Put	DFND	1, 2, 3, 4	0	0	98,800
OCONEE FEDERAL FINANCIAL COR	COM	675607105	784	42,388	SH		DFND	1, 2, 3, 4	42,388	0	0
OPPENHEIMER HOLDINGS-CL A	COM	683797104	3,107	153,444	SH		DFND	1, 2, 3, 4	153,444	0	0
PAR PETROLEUM CORP	COM	69888T207	2,054	121,912	SH		DFND	1, 2, 3, 4	121,912	0	0
PBF ENERGY INC-CLASS A	COM	69318G106	18,074	753,100	SH		DFND	1, 2, 3, 4	753,100	0	0
PEOPLES BANCORP OF NC	COM	710577107	437	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	3,331	245,268	SH		DFND	1, 2, 3, 4	245,268	0	0
POWERSECURE INTERNATIONAL IN	COM	73936N105	686	71,600	SH		DFND	1, 2, 3, 4	71,600	0	0
PREMIER FINANCIAL BANCORP	COM	74050M105	180	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
PSB HOLDINGS INC	COM	69360W108	516	70,862	SH		DFND	1, 2, 3, 4	70,862	0	0
PUBLIC STORAGE	COM	74460D109	548	3,306	SH		DFND	1, 2, 3, 4	3,306	0	0
RADIO ONE INC -CL D	COM	75040P405	1,691	531,792	SH		DFND	1, 2, 3, 4	531,792	0	0
ROSETTA RESOURCES INC	COM	777779307	802	18,000	SH		DFND	1, 2, 3, 4	18,000	0	0
ROYCE FOCUS TRUST INC	COM	78080N108	93	11,859	SH		DFND	1, 2, 3, 4	11,859	0	0
SALEM COMMUNICATIONS -CL A	COM	794093104	521	68,399	SH		DFND	1, 2, 3, 4	68,399	0	0
SEALED AIR CORP	COM	81211K100	2,538	72,777	SH		DFND	1, 2, 3, 4	72,777	0	0
SENECA FOODS CORP - CL A	COM	817070501	265	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
SENECA FOODS CORP - CL B	COM	817070105	229	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
SEARS HOLDINGS CORP	COM	812350106	6,295	249,500	SH	Put	DFND	1, 2, 3, 4	0	0	249,500
SHORE BANCSHARES INC	COM	825107105	675	75,000	SH		DFND	1, 2, 3, 4	75,000	0	0
SPARK NETWORKS INC	COM	84651P100	244	52,539	SH		DFND	1, 2, 3, 4	52,539	0	0
STONEGATE MORTGAGE CORP	COM	86181Q300	1,441	111,111	SH		DFND	1, 2, 3, 4	111,111	0	0
STRAIGHT PATH COMM- B	COM	862578101	882	56,007	SH		DFND	1, 2, 3, 4	56,007	0	0
PROSHARES SHORT VIX ST FUTUR	COM	74347W627	10,986	146,600	SH	Call	DFND	1, 2, 3, 4	0	0	146,600
SOUTHWESTERN ENERGY CO	COM	845467109	3,495	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
TEXAS PACIFIC LAND TRUST	COM	882610108	22,053	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	160	11,000	SH		DFND	1, 2, 3, 4	11,000	0	0
TRIBUNE PUBLISHING CO	COM	896082104	6,344	314,394	SH		DFND	1, 2, 3, 4	314,394	0	0
TESLA MOTORS INC	COM	88160R101	176,186	726,000	SH	Put	DFND	1, 2, 3, 4	0	0	726,000
U.S. GLOBAL INVESTORS INC-A	COM	902952100	145	40,969	SH		DFND	1, 2, 3, 4	40,969	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	355	23,710	SH		DFND	1, 2, 3, 4	23,710	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	9,042	290,000	SH	Put	DFND	1, 2, 3, 4	0	0	290,000
WOLVERINE BANCORP INC	COM	977880103	314	13,946	SH		DFND	1, 2, 3, 4	13,946	0	0
WPX ENERGY INC	COM	98212B103	6,256	260,000	SH		DFND	1, 2, 3, 4	260,000	0	0
WRIGHT MEDICAL GROUP INC-CVR	COM	98235T115	3,968	1,845,787	SH		DFND	1, 2, 3, 4	1,845,787	0	0
XEROX CORP	COM	984121103	397	30,000	SH		DFND	1, 2, 3, 4	30,000	0	0
XEROX CORP	COM	984121103	11,298	854,000	SH	Call	DFND	1, 2, 3, 4	0	0	854,000