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	31	16,900	SH		DFND	1, 2, 3, 4	16,900	0	0
AMERICAN INTERNATIONAL GROUP	COM	026874784	5,601	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	423	29,200	SH		DFND	1, 2, 3, 4	0	0	29,200
AMERICAN HOMES 4 RENT- A	COM	02665T306	170	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
AMERICAN REALTY CAPITAL PROP	COM	02917T104	9,074	1,002,700	SH		DFND	1, 2, 3, 4	1,002,700	0	0
AMKOR TECHNOLOGY INC	COM	031652100	935	131,711	SH		DFND	1, 2, 3, 4	131,711	0	0
AMREP CORP	COM	032159105	434	113,095	SH		DFND	1, 2, 3, 4	113,095	0	0
AMAZON.COM INC	COM	023135106	164,796	531,000	SH	Put	DFND	1, 2, 3, 4	0	0	531,000
APACHE CORP	COM	037411105	627	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
APACHE CORP	COM	037411105	35,095	560,000	SH	Call	DFND	1, 2, 3, 4	0	0	560,000
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	354	15,000	SH		DFND	1, 2, 3, 4	15,000	0	0
ASB BANCORP INC	COM	00213T109	694	32,300	SH		DFND	1, 2, 3, 4	32,300	0	0
ATHENAHEALTH INC	COM	04685W103	12,064	82,800	SH	Put	DFND	1, 2, 3, 4	0	0	82,800
ATLANTIC COAST FINANCIAL COR	COM	048426100	2,978	750,000	SH		DFND	1, 2, 3, 4	750,000	0	0
BAKER HUGHES INC	COM	057224107	3,364	60,000	SH	Call	DFND	1, 2, 3, 4	0	0	60,000
BLACKSTONE GROUP LP/THE	COM	09253U108	677	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,353	99,600	SH		DFND	1, 2, 3, 4	99,600	0	0
BROOKDALE SENIOR LIVING INC	COM	112463104	773	21,090	SH		DFND	1, 2, 3, 4	21,090	0	0
CITIGROUP INC	COM	172967424	1,028	19,000	SH		DFND	1, 2, 3, 4	19,000	0	0
CITIGROUP INC	COM	172967424	37,877	700,000	SH	Call	DFND	1, 2, 3, 4	0	0	700,000
CAPITAL SENIOR LIVING CORP	COM	140475104	45,589	1,830,167	SH		DFND	1, 2, 3, 4	1,830,167	0	0
CARNIVAL CORP	COM	143658300	2,040	45,000	SH		DFND	1, 2, 3, 4	45,000	0	0
CARNIVAL CORP	COM	143658300	26,745	590,000	SH	Call	DFND	1, 2, 3, 4	0	0	590,000
CHARTER FINANCIAL CORP	COM	16122W108	1,719	150,124	SH		DFND	1, 2, 3, 4	150,124	0	0
CHC GROUP LTD	COM	G07021101	152	47,300	SH		DFND	1, 2, 3, 4	47,300	0	0
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,038	113,490	SH		DFND	1, 2, 3, 4	113,490	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	4,728	446,452	SH		DFND	1, 2, 3, 4	446,452	0	0
CLIFTON BANCORP INC	COM	186873105	1,666	122,576	SH		DFND	1, 2, 3, 4	122,576	0	0
COWEN GROUP INC-CLASS A	COM	223622101	15,659	3,262,375	SH		DFND	1, 2, 3, 4	3,262,375	0	0
SALESFORCE.COM INC	COM	79466L302	10,676	180,000	SH	Put	DFND	1, 2, 3, 4	0	0	180,000
DEVON ENERGY CORP	COM	25179M103	5,233	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
DEVON ENERGY CORP	COM	25179M103	49,164	803,200	SH	Call	DFND	1, 2, 3, 4	0	0	803,200
DEX MEDIA INC	COM	25213A107	109	12,206	SH		DFND	1, 2, 3, 4	12,206	0	0
DIREXION DLY EMG MKT BEAR 3X	COM	25459Y470	754	20,100	SH		DFND	1, 2, 3, 4	20,100	0	0
DIREXION DLY RUSSIA BEAR 3X	COM	25459W284	9,380	333,800	SH		DFND	1, 2, 3, 4	333,800	0	0
EAGLE ROCK ENERGY PARTNERS	COM	26985R104	141	64,100	SH		DFND	1, 2, 3, 4	64,100	0	0
EASTERN VIRGINIA BANKSHARES	COM	277196101	312	48,200	SH		DFND	1, 2, 3, 4	48,200	0	0
ELDORADO GOLD CORP	COM	284902103	93	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
ELDORADO RESORTS INC	COM	28470R102	5,189	1,281,289	SH		DFND	1, 2, 3, 4	1,281,289	0	0
EQUINIX INC	COM	29444U502	17,940	79,124	SH		DFND	1, 2, 3, 4	79,124	0	0
EQUINIX INC	COM	29444U502	20,496	90,400	SH	Call	DFND	1, 2, 3, 4	0	0	90,400
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	826	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESCALERA RESOURCES CO	COM	296064108	10	19,908	SH		DFND	1, 2, 3, 4	19,908	0	0
EXPRESS SCRIPTS HOLDING CO	COM	30219G108	423	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
EXPRESS SCRIPTS HOLDING CO	COM	30219G108	21,168	250,000	SH	Call	DFND	1, 2, 3, 4	0	0	250,000
EXTREME NETWORKS INC	COM	30226D106	9,211	2,609,274	SH		DFND	1, 2, 3, 4	2,609,274	0	0
EXXON MOBIL CORP	COM	30231G102	277	3,000	SH		DFND	1, 2, 3, 4	3,000	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	13,368	52,880	SH		DFND	1, 2, 3, 4	52,880	0	0
FIRSTENERGY CORP	COM	337932107	206	5,271	SH		DFND	1, 2, 3, 4	5,271	0	0
FOREST CITY ENTERPRISES-CL A	COM	345550107	20,538	964,208	SH		DFND	1, 2, 3, 4	964,208	0	0
FOREST CITY ENTERPRISES-CL B	COM	345550305	384	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	12,635	500,000	SH	Call	DFND	1, 2, 3, 4	0	0	500,000
GENWORTH FINANCIAL INC-CL A	COM	37247D106	1,700	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	229	7,000	SH		DFND	1, 2, 3, 4	7,000	0	0
GREIF INC-CL B	COM	397624206	44,666	906,739	SH		DFND	1, 2, 3, 4	906,739	0	0
HALLIBURTON CO	COM	406216101	14,552	370,000	SH	Call	DFND	1, 2, 3, 4	0	0	370,000
HARTFORD FINANCIAL SVCS GRP	COM	416515104	167	4,000	SH		DFND	1, 2, 3, 4	4,000	0	0
HARTFORD FINANCIAL SVCS GRP	COM	416515104	19,290	462,700	SH	Call	DFND	1, 2, 3, 4	0	0	462,700
HENNESSY ADVISORS INC	COM	425885100	274	12,493	SH		DFND	1, 2, 3, 4	12,493	0	0
HERBALIFE LTD	COM	G4412G901	566	15,000	SH	Call	DFND	1, 2, 3, 4	0	0	15,000
HERBALIFE LTD	COM	G4412G951	754	20,000	SH	Put	DFND	1, 2, 3, 4	0	0	20,000
HOPFED BANCORP INC	COM	439734104	1,200	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
HUNTSMAN CORP	COM	447011107	2,278	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
ISHARES IBOXX HIGH YIELD COR	COM	464288513	6,828	76,200	SH	Put	DFND	1, 2, 3, 4	0	0	76,200
IMPERIAL OIL LTD	COM	453038408	258	6,000	SH		DFND	1, 2, 3, 4	6,000	0	0
INTELSAT SA	COM	L5140P101	11,211	645,820	SH		DFND	1, 2, 3, 4	645,820	0	0
INTERVEST BANCSHARES CORP	COM	460927106	3,507	348,990	SH		DFND	1, 2, 3, 4	348,990	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	470	57,583	SH		DFND	1, 2, 3, 4	57,583	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,724	200,877	SH		DFND	1, 2, 3, 4	200,877	0	0
LANDS' END INC	COM	51509F105	558	10,350	SH		DFND	1, 2, 3, 4	10,350	0	0
LAPORTE BANCORP INC	COM	516651106	214	17,171	SH		DFND	1, 2, 3, 4	17,171	0	0
LEAPFROG ENTERPRISES INC	COM	52186N106	472	100,000	SH		DFND	1, 2, 3, 4	100,000	0	0
LENNAR CORP - B SHS	COM	526057302	8,111	224,632	SH		DFND	1, 2, 3, 4	224,632	0	0
LIBERTY INTERACTIVE CORP-A	COM	53071M104	17,025	578,700	SH		DFND	1, 2, 3, 4	578,700	0	0
LIBERTY INTERACTIVE CORP-A	COM	53071M104	5,884	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
LIBERTY VENTURES - SER A	COM	53071M880	1,163	30,834	SH		DFND	1, 2, 3, 4	30,834	0	0
LIMONEIRA CO	COM	532746104	691	27,668	SH		DFND	1, 2, 3, 4	27,668	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	149	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
MAG SILVER CORP	COM	55903Q104	912	111,300	SH		DFND	1, 2, 3, 4	111,300	0	0
MDC PARTNERS INC-A	COM	552697104	244	10,744	SH		DFND	1, 2, 3, 4	10,744	0	0
MERIDIAN BANCORP INC	COM	58958U103	564	50,244	SH		DFND	1, 2, 3, 4	50,244	0	0
NATL WESTERN LIFE INS-CL A	COM	638522102	15,772	58,576	SH		DFND	1, 2, 3, 4	58,576	0	0
NEWMONT MINING CORP	COM	651639106	127	6,700	SH		DFND	1, 2, 3, 4	6,700	0	0
NEWMONT MINING CORP	COM	651639106	5,037	266,500	SH	Call	DFND	1, 2, 3, 4	0	0	266,500
NETFLIX INC	COM	64110L106	33,751	98,800	SH	Put	DFND	1, 2, 3, 4	0	0	98,800
OCONEE FEDERAL FINANCIAL COR	COM	675607105	868	43,399	SH		DFND	1, 2, 3, 4	43,399	0	0
OPPENHEIMER HOLDINGS-CL A	COM	683797104	3,780	162,585	SH		DFND	1, 2, 3, 4	162,585	0	0
PAR PETROLEUM CORP	COM	69888T207	1,981	121,912	SH		DFND	1, 2, 3, 4	121,912	0	0
PBF ENERGY INC-CLASS A	COM	69318G106	7,484	280,933	SH		DFND	1, 2, 3, 4	280,933	0	0
PEOPLES BANCORP OF NC	COM	710577107	464	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	5,785	605,783	SH		DFND	1, 2, 3, 4	605,783	0	0
PFIZER INC	COM	717081103	6,230	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
POWERSECURE INTERNATIONAL IN	COM	73936N105	834	71,600	SH		DFND	1, 2, 3, 4	71,600	0	0
PREMIER FINANCIAL BANCORP	COM	74050M105	192	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
PSB HOLDINGS INC	COM	69360W108	551	70,862	SH		DFND	1, 2, 3, 4	70,862	0	0
PUBLIC STORAGE	COM	74460D109	334	1,806	SH		DFND	1, 2, 3, 4	1,806	0	0
RADIO ONE INC -CL D	COM	75040P405	1,006	602,542	SH		DFND	1, 2, 3, 4	602,542	0	0
ROSETTA RESOURCES INC	COM	777779307	402	18,000	SH		DFND	1, 2, 3, 4	18,000	0	0
ROYCE FOCUS TRUST INC	COM	78080N108	87	11,963	SH		DFND	1, 2, 3, 4	11,963	0	0
SALEM COMMUNICATIONS -CL A	COM	794093104	535	68,399	SH		DFND	1, 2, 3, 4	68,399	0	0
SEALED AIR CORP	COM	81211K100	2,852	67,222	SH		DFND	1, 2, 3, 4	67,222	0	0
SENECA FOODS CORP - CL A	COM	817070501	250	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
SENECA FOODS CORP - CL B	COM	817070105	241	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
SEARS HOLDINGS CORP	COM	812350106	3,542	107,400	SH	Call	DFND	1, 2, 3, 4	0	0	107,400
SEARS HOLDINGS CORP	COM	812350106	7,899	239,500	SH	Put	DFND	1, 2, 3, 4	0	0	239,500
SHORE BANCSHARES INC	COM	825107105	701	75,000	SH		DFND	1, 2, 3, 4	75,000	0	0
SOUTHWESTERN ENERGY CO	COM	845467109	8,187	300,000	SH		DFND	1, 2, 3, 4	300,000	0	0
SOUTHWESTERN ENERGY CO	COM	845467109	2,729	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
SPARK NETWORKS INC	COM	84651P100	400	111,525	SH		DFND	1, 2, 3, 4	111,525	0	0
STONEGATE MORTGAGE CORP	COM	86181Q300	1,329	111,111	SH		DFND	1, 2, 3, 4	111,111	0	0
PROSHARES SHORT VIX ST FUTUR	COM	74347W627	7,743	126,600	SH	Call	DFND	1, 2, 3, 4	0	0	126,600
TEXAS PACIFIC LAND TRUST	COM	882610108	13,523	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	159	11,000	SH		DFND	1, 2, 3, 4	11,000	0	0
TRIBUNE PUBLISHING CO	COM	896082104	5,640	246,302	SH		DFND	1, 2, 3, 4	246,302	0	0
TESLA MOTORS INC	COM	88160R101	168,698	758,500	SH	Put	DFND	1, 2, 3, 4	0	0	758,500
U.S. GLOBAL INVESTORS INC-A	COM	902952100	127	40,969	SH		DFND	1, 2, 3, 4	40,969	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	343	23,710	SH		DFND	1, 2, 3, 4	23,710	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	11,895	377,500	SH	Put	DFND	1, 2, 3, 4	0	0	377,500
WHOLE FOODS MARKET INC	COM	966837106	2,521	50,000	SH	Put	DFND	1, 2, 3, 4	0	0	50,000
WHITING PETROLEUM CORP	COM	966387102	2,923	88,588	SH		DFND	1, 2, 3, 4	88,588	0	0
WHITING PETROLEUM CORP	COM	966387102	3,300	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
WOLVERINE BANCORP INC	COM	977880103	334	13,946	SH		DFND	1, 2, 3, 4	13,946	0	0
WPX ENERGY INC	COM	98212B103	3,024	260,000	SH		DFND	1, 2, 3, 4	260,000	0	0
WRIGHT MEDICAL GROUP INC-CVR	COM	98235T115	9,202	1,925,027	SH		DFND	1, 2, 3, 4	1,925,027	0	0
XEROX CORP	COM	984121103	416	30,000	SH		DFND	1, 2, 3, 4	30,000	0	0
XEROX CORP	COM	984121103	11,836	854,000	SH	Call	DFND	1, 2, 3, 4	0	0	854,000