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
AMERICAN INTERNATIONAL GROUP	COM	026874784	6,182	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	1,003	131,946	SH		DFND	1, 2, 3, 4	0	0	131,946
AMERICAN NATIONAL INSURANCE	COM	028591105	7,137	69,753	SH		DFND	1, 2, 3, 4	69,753	0	0
AMKOR TECHNOLOGY INC	COM	031652100	19,139	3,200,535	SH		DFND	1, 2, 3, 4	3,200,535	0	0
AMKOR TECHNOLOGY INC	COM	031652100	598	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMREP CORP	COM	032159105	577	113,095	SH		DFND	1, 2, 3, 4	113,095	0	0
AMAZON.COM INC	COM	023135106	169,339	390,100	SH	Put	DFND	1, 2, 3, 4	0	0	390,100
ANWORTH MORTGAGE ASSET CORP	COM	037347101	3,720	754,538	SH		DFND	1, 2, 3, 4	754,538	0	0
APACHE CORP	COM	037411105	576	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
APACHE CORP	COM	037411105	19,018	330,000	SH	Call	DFND	1, 2, 3, 4	0	0	330,000
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	332	15,000	SH		DFND	1, 2, 3, 4	15,000	0	0
ARMOUR RESIDENTIAL REIT INC	COM	042315101	279	99,200	SH		DFND	1, 2, 3, 4	99,200	0	0
ASB BANCORP INC	COM	00213T109	700	32,300	SH		DFND	1, 2, 3, 4	32,300	0	0
DEUTSCHE X-TRACKERS HARVEST	COM	233051879	23,069	501,400	SH	Put	DFND	1, 2, 3, 4	0	0	501,400
ATHENAHEALTH INC	COM	04685W103	9,487	82,800	SH	Put	DFND	1, 2, 3, 4	0	0	82,800
ATLANTIC COAST FINANCIAL COR	COM	048426100	3,338	750,000	SH		DFND	1, 2, 3, 4	750,000	0	0
BANK OF THE OZARKS	COM	063904106	252	5,516	SH		DFND	1, 2, 3, 4	5,516	0	0
BAY BANCORP INC	COM	07203T106	212	40,144	SH		DFND	1, 2, 3, 4	40,144	0	0
BENEFICIAL BANCORP INC	COM	08171T102	8,415	673,709	SH		DFND	1, 2, 3, 4	673,709	0	0
BAKER HUGHES INC	COM	057224107	3,702	60,000	SH	Call	DFND	1, 2, 3, 4	0	0	60,000
BLACKSTONE GROUP LP/THE	COM	09253U108	817	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,394	99,600	SH		DFND	1, 2, 3, 4	99,600	0	0
CITIGROUP INC	COM	172967424	1,050	19,000	SH		DFND	1, 2, 3, 4	19,000	0	0
CITIGROUP INC	COM	172967424	48,335	875,000	SH	Call	DFND	1, 2, 3, 4	0	0	875,000
CAPITAL SENIOR LIVING CORP	COM	140475104	45,213	1,845,433	SH		DFND	1, 2, 3, 4	1,845,433	0	0
CARNIVAL CORP	COM	143658300	1,482	30,000	SH		DFND	1, 2, 3, 4	30,000	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	10,008	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
CHARTER FINANCIAL CORP	COM	16122W108	1,863	150,124	SH		DFND	1, 2, 3, 4	150,124	0	0
CHC GROUP LTD	COM	G07021101	42	47,300	SH		DFND	1, 2, 3, 4	47,300	0	0
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,040	113,490	SH		DFND	1, 2, 3, 4	113,490	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	809	79,844	SH		DFND	1, 2, 3, 4	79,844	0	0
COMMUNITY BANKERS TRUST CORP	COM	203612106	56	11,228	SH		DFND	1, 2, 3, 4	11,228	0	0
COWEN GROUP INC-CLASS A	COM	223622101	233	36,375	SH		DFND	1, 2, 3, 4	36,375	0	0
SALESFORCE.COM INC	COM	79466L302	5,570	80,000	SH	Put	DFND	1, 2, 3, 4	0	0	80,000
DEVON ENERGY CORP	COM	25179M103	5,086	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
DEVON ENERGY CORP	COM	25179M103	33,832	568,700	SH	Call	DFND	1, 2, 3, 4	0	0	568,700
EAGLE ROCK ENERGY PARTNERS	COM	26985R104	160	64,100	SH		DFND	1, 2, 3, 4	64,100	0	0
EASTERN VIRGINIA BANKSHARES	COM	277196101	304	48,200	SH		DFND	1, 2, 3, 4	48,200	0	0
ELDORADO GOLD CORP	COM	284902103	63	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
EMERSON ELECTRIC CO	COM	291011104	11,086	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
EQUINIX INC	COM	29444U700	793	3,124	SH		DFND	1, 2, 3, 4	3,124	0	0
EQUINIX INC	COM	29444U700	10,211	40,200	SH	Call	DFND	1, 2, 3, 4	0	0	40,200
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	747	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESCALERA RESOURCES CO	COM	296064108	5	19,908	SH		DFND	1, 2, 3, 4	19,908	0	0
ESSA BANCORP INC	COM	29667D104	3,523	273,953	SH		DFND	1, 2, 3, 4	273,953	0	0
EXTREME NETWORKS INC	COM	30226D106	13,181	4,900,000	SH		DFND	1, 2, 3, 4	4,900,000	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	13,910	52,880	SH		DFND	1, 2, 3, 4	52,880	0	0
FIRST NORTHWEST BANCORP	COM	335834107	2,601	208,591	SH		DFND	1, 2, 3, 4	208,591	0	0
FOREST CITY ENTERPRISES-CL A	COM	345550107	21,309	964,208	SH		DFND	1, 2, 3, 4	964,208	0	0
FOREST CITY ENTERPRISES-CL B	COM	345550305	350	15,200	SH		DFND	1, 2, 3, 4	15,200	0	0
CURRENCYSHARES AUSTRALIAN DO	COM	23129U101	7,719	100,000	SH	Put	DFND	1, 2, 3, 4	0	0	100,000
CURRENCYSHARES EURO TRUST	COM	23130C108	821	7,500	SH	Put	DFND	1, 2, 3, 4	0	0	7,500
ISHARES CHINA LARGE-CAP ETF	COM	464287184	4,610	100,000	SH	Put	DFND	1, 2, 3, 4	0	0	100,000
GENERAL ELECTRIC CO	COM	369604103	1	46	SH		DFND	1, 2, 3, 4	46	0	0
GENERAL ELECTRIC CO	COM	369604103	7,971	300,000	SH	Call	DFND	1, 2, 3, 4	0	0	300,000
GENWORTH FINANCIAL INC-CL A	COM	37247D106	1,514	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	1,183	40,600	SH		DFND	1, 2, 3, 4	40,600	0	0
GREIF INC-CL B	COM	397624206	36,866	910,265	SH		DFND	1, 2, 3, 4	910,265	0	0
HALLIBURTON CO	COM	406216101	15,936	370,000	SH	Call	DFND	1, 2, 3, 4	0	0	370,000
HAMILTON BANCORP INC/MD	COM	407015106	169	11,960	SH		DFND	1, 2, 3, 4	11,960	0	0
HENNESSY ADVISORS INC	COM	425885100	235	12,493	SH		DFND	1, 2, 3, 4	12,493	0	0
HERBALIFE LTD	COM	G4412G901	826	15,000	SH	Call	DFND	1, 2, 3, 4	0	0	15,000
HERBALIFE LTD	COM	G4412G951	1,102	20,000	SH	Put	DFND	1, 2, 3, 4	0	0	20,000
HOPFED BANCORP INC	COM	439734104	1,116	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
HUNTSMAN CORP	COM	447011107	12,138	550,000	SH	Call	DFND	1, 2, 3, 4	0	0	550,000
IMPERIAL OIL LTD	COM	453038408	232	6,000	SH		DFND	1, 2, 3, 4	6,000	0	0
INTELSAT SA	COM	L5140P101	41,555	4,189,005	SH		DFND	1, 2, 3, 4	4,189,005	0	0
JAVELIN MORTGAGE INVESTMENT	COM	47200B104	155	21,750	SH		DFND	1, 2, 3, 4	21,750	0	0
JOHNSON & JOHNSON	COM	478160104	19,492	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
KEARNY FINANCIAL CORP/MD	COM	48716P108	4,810	431,035	SH		DFND	1, 2, 3, 4	431,035	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	655	78,178	SH		DFND	1, 2, 3, 4	78,178	0	0
KOPPERS HOLDINGS INC	COM	50060P106	5,652	228,631	SH		DFND	1, 2, 3, 4	228,631	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,698	200,877	SH		DFND	1, 2, 3, 4	200,877	0	0
LAPORTE BANCORP INC	COM	516651106	233	17,171	SH		DFND	1, 2, 3, 4	17,171	0	0
LENNAR CORP - B SHS	COM	526057302	17,616	408,536	SH		DFND	1, 2, 3, 4	408,536	0	0
LIBERTY INTERACTIVE CORP Q-A	COM	53071M104	16,059	578,700	SH		DFND	1, 2, 3, 4	578,700	0	0
LIBERTY VENTURES - SER A	COM	53071M880	863	21,969	SH		DFND	1, 2, 3, 4	21,969	0	0
LIMONEIRA CO	COM	532746104	282	12,668	SH		DFND	1, 2, 3, 4	12,668	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	2,159	166,094	SH		DFND	1, 2, 3, 4	166,094	0	0
MERIDIAN BANCORP INC	COM	58958U103	674	50,244	SH		DFND	1, 2, 3, 4	50,244	0	0
MICRON TECHNOLOGY INC	COM	595112103	13,424	712,500	SH		DFND	1, 2, 3, 4	712,500	0	0
MVC CAPITAL INC	COM	553829102	1,947	190,854	SH		DFND	1, 2, 3, 4	190,854	0	0
NATL WESTERN LIFE INS-CL A	COM	638522102	2,771	11,572	SH		DFND	1, 2, 3, 4	11,572	0	0
NEWMONT MINING CORP	COM	651639106	157	6,700	SH		DFND	1, 2, 3, 4	6,700	0	0
NEWMONT MINING CORP	COM	651639106	6,225	266,500	SH	Call	DFND	1, 2, 3, 4	0	0	266,500
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	3,538	385,000	SH	Call	DFND	1, 2, 3, 4	0	0	385,000
NORTHERN DYNASTY MINERALS	COM	66510M204	287	843,348	SH		DFND	1, 2, 3, 4	843,348	0	0
OCONEE FEDERAL FINANCIAL COR	COM	675607105	799	43,399	SH		DFND	1, 2, 3, 4	43,399	0	0
OPPENHEIMER HOLDINGS-CL A	COM	683797104	6,737	256,367	SH		DFND	1, 2, 3, 4	256,367	0	0
PENTAIR PLC	COM	G7S00T104	6,188	90,000	SH		DFND	1, 2, 3, 4	90,000	0	0
PEOPLES BANCORP OF NC	COM	710577107	473	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	6,937	860,697	SH		DFND	1, 2, 3, 4	860,697	0	0
PFIZER INC	COM	717081103	26,824	800,000	SH	Call	DFND	1, 2, 3, 4	0	0	800,000
POWERSECURE INTERNATIONAL IN	COM	73936N105	1,057	71,600	SH		DFND	1, 2, 3, 4	71,600	0	0
PREMIER FINANCIAL BANCORP	COM	74050M105	190	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
PSB HOLDINGS INC	COM	69360W108	576	71,059	SH		DFND	1, 2, 3, 4	71,059	0	0
PUBLIC STORAGE	COM	74460D109	333	1,806	SH		DFND	1, 2, 3, 4	1,806	0	0
RADIO ONE INC -CL D	COM	75040P405	263	83,067	SH		DFND	1, 2, 3, 4	83,067	0	0
RACKSPACE HOSTING INC	COM	750086100	372	10,000	SH	Put	DFND	1, 2, 3, 4	0	0	10,000
ROSETTA RESOURCES INC	COM	777779307	417	18,000	SH		DFND	1, 2, 3, 4	18,000	0	0
SALEM MEDIA GROUP INC	COM	794093104	523	82,697	SH		DFND	1, 2, 3, 4	82,697	0	0
SEALED AIR CORP	COM	81211K100	2,681	52,172	SH		DFND	1, 2, 3, 4	52,172	0	0
SEARS HOLDINGS CORP	COM	812350106	290	10,861	SH		DFND	1, 2, 3, 4	10,861	0	0
SEARS HOLDINGS CORP	COM	812350106	13,791	516,500	SH	Put	DFND	1, 2, 3, 4	0	0	516,500
SENECA FOODS CORP - CL A	COM	817070501	257	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
SENECA FOODS CORP - CL B	COM	817070105	240	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
SHORE BANCSHARES INC	COM	825107105	707	75,000	SH		DFND	1, 2, 3, 4	75,000	0	0
SPARK NETWORKS INC	COM	84651P100	355	115,525	SH		DFND	1, 2, 3, 4	115,525	0	0
SPROTT FOCUS TRUST INC	COM	85208J109	86	12,136	SH		DFND	1, 2, 3, 4	12,136	0	0
STONEGATE MORTGAGE CORP	COM	86181Q300	1,119	111,111	SH		DFND	1, 2, 3, 4	111,111	0	0
PROSHARES SHORT VIX ST FUTUR	COM	74347W627	10,151	128,400	SH	Call	DFND	1, 2, 3, 4	0	0	128,400
SOUTHWESTERN ENERGY CO	COM	845467109	2,273	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
TECK RESOURCES LTD-CLS B	COM	878742204	1,984	200,240	SH		DFND	1, 2, 3, 4	200,240	0	0
TEXAS PACIFIC LAND TRUST	COM	882610108	17,245	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	745	50,500	SH		DFND	1, 2, 3, 4	50,500	0	0
TESLA MOTORS INC	COM	88160R101	220,590	822,300	SH	Put	DFND	1, 2, 3, 4	0	0	822,300
TUTOR PERINI CORP	COM	901109108	4,857	225,014	SH		DFND	1, 2, 3, 4	225,014	0	0
U.S. GLOBAL INVESTORS INC-A	COM	902952100	114	40,969	SH		DFND	1, 2, 3, 4	40,969	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	645	41,681	SH		DFND	1, 2, 3, 4	41,681	0	0
VIACOM INC-CLASS B	COM	92553P201	12,928	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
VIACOM INC-CLASS A	COM	92553P102	1,182	18,221	SH		DFND	1, 2, 3, 4	18,221	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	11,600	577,100	SH	Put	DFND	1, 2, 3, 4	0	0	577,100
WHOLE FOODS MARKET INC	COM	966837106	1,972	50,000	SH	Put	DFND	1, 2, 3, 4	0	0	50,000
WHITING PETROLEUM CORP	COM	966387102	3,360	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
WOLVERINE BANCORP INC	COM	977880103	352	13,946	SH		DFND	1, 2, 3, 4	13,946	0	0
WRIGHT MEDICAL GROUP INC-CVR	COM	98235T115	7,700	1,925,027	SH		DFND	1, 2, 3, 4	1,925,027	0	0
XEROX CORP	COM	984121103	319	30,000	SH		DFND	1, 2, 3, 4	30,000	0	0
XEROX CORP	COM	984121103	6,427	604,000	SH	Call	DFND	1, 2, 3, 4	0	0	604,000