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	5,682	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	906	131,946	SH		DFND	1, 2, 3, 4	0	0	131,946
AMERICAN NATIONAL INSURANCE	COM	028591105	8,314	85,153	SH		DFND	1, 2, 3, 4	85,153	0	0
AMKOR TECHNOLOGY INC	COM	031652100	18,171	4,056,135	SH		DFND	1, 2, 3, 4	4,056,135	0	0
AMKOR TECHNOLOGY INC	COM	031652100	449	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMREP CORP	COM	032159105	554	113,095	SH		DFND	1, 2, 3, 4	113,095	0	0
AMAZON.COM INC	COM	023135106	199,688	390,100	SH	Put	DFND	1, 2, 3, 4	0	0	390,100
ANWORTH MORTGAGE ASSET CORP	COM	037347101	3,727	754,538	SH		DFND	1, 2, 3, 4	754,538	0	0
APACHE CORP	COM	037411105	196	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
APACHE CORP	COM	037411105	12,923	330,000	SH	Call	DFND	1, 2, 3, 4	0	0	330,000
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	258	15,000	SH		DFND	1, 2, 3, 4	15,000	0	0
ARMOUR RESIDENTIAL REIT INC	COM	042315507	248	12,400	SH		DFND	1, 2, 3, 4	12,400	0	0
ASB BANCORP INC	COM	00213T109	809	32,300	SH		DFND	1, 2, 3, 4	32,300	0	0
DEUTSCHE X-TRACKERS HARVEST	COM	233051879	16,215	501,400	SH	Put	DFND	1, 2, 3, 4	0	0	501,400
ATHENAHEALTH INC	COM	04685W103	11,041	82,800	SH	Put	DFND	1, 2, 3, 4	0	0	82,800
ATLANTIC COAST FINANCIAL COR	COM	048426100	4,103	741,889	SH		DFND	1, 2, 3, 4	741,889	0	0
BANK OF COMMERCE HOLDINGS	COM	06424J103	252	43,640	SH		DFND	1, 2, 3, 4	43,640	0	0
BAY BANCORP INC	COM	07203T106	535	104,879	SH		DFND	1, 2, 3, 4	104,879	0	0
BENEFICIAL BANCORP INC	COM	08171T102	8,940	673,709	SH		DFND	1, 2, 3, 4	673,709	0	0
BAKER HUGHES INC	COM	057224107	3,122	60,000	SH	Call	DFND	1, 2, 3, 4	0	0	60,000
BLACKSTONE GROUP LP/THE	COM	09253U108	633	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,379	99,600	SH		DFND	1, 2, 3, 4	99,600	0	0
BUFFALO WILD WINGS INC	COM	119848109	11,606	60,000	SH	Put	DFND	1, 2, 3, 4	0	0	60,000
CITIGROUP INC	COM	172967424	3,423	69,000	SH		DFND	1, 2, 3, 4	69,000	0	0
CITIGROUP INC	COM	172967424	38,448	775,000	SH	Call	DFND	1, 2, 3, 4	0	0	775,000
CAPITAL SENIOR LIVING CORP	COM	140475104	46,913	2,339,825	SH		DFND	1, 2, 3, 4	2,339,825	0	0
CARNIVAL CORP	COM	143658300	447	9,000	SH		DFND	1, 2, 3, 4	9,000	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	7,932	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
CHARTER FINANCIAL CORP	COM	16122W108	1,904	150,124	SH		DFND	1, 2, 3, 4	150,124	0	0
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,050	118,792	SH		DFND	1, 2, 3, 4	118,792	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	569	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	166	36,375	SH		DFND	1, 2, 3, 4	36,375	0	0
SALESFORCE.COM INC	COM	79466L302	5,554	80,000	SH	Put	DFND	1, 2, 3, 4	0	0	80,000
WISDOMTREE CHINESE YUAN STRA	COM	97717W182	8,996	361,000	SH	Put	DFND	1, 2, 3, 4	0	0	361,000
DATARAM CORP	COM	238108302	46	37,425	SH		DFND	1, 2, 3, 4	37,425	0	0
DEVON ENERGY CORP	COM	25179M103	3,171	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
DEVON ENERGY CORP	COM	25179M103	17,384	468,700	SH	Call	DFND	1, 2, 3, 4	0	0	468,700
DIREXION DAILY GOLD MINERS I	COM	25459W235	3,114	125,000	SH	Call	DFND	1, 2, 3, 4	0	0	125,000
EASTERN VIRGINIA BANKSHARES	COM	277196101	325	48,200	SH		DFND	1, 2, 3, 4	48,200	0	0
ELDORADO GOLD CORP	COM	284902103	49	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
EMERSON ELECTRIC CO	COM	291011104	8,834	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
EQUINIX INC	COM	29444U700	471	1,723	SH		DFND	1, 2, 3, 4	1,723	0	0
EQUITABLE FINANCIAL CORP	COM	29448T105	1,328	161,600	SH		DFND	1, 2, 3, 4	161,600	0	0
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	755	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESCALERA RESOURCES CO	COM	296064108	3	19,908	SH		DFND	1, 2, 3, 4	19,908	0	0
ESSA BANCORP INC	COM	29667D104	3,550	273,953	SH		DFND	1, 2, 3, 4	273,953	0	0
EXTREME NETWORKS INC	COM	30226D106	16,464	4,900,000	SH		DFND	1, 2, 3, 4	4,900,000	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	12,762	56,470	SH		DFND	1, 2, 3, 4	56,470	0	0
FIRST NORTHWEST BANCORP	COM	335834107	2,671	215,726	SH		DFND	1, 2, 3, 4	215,726	0	0
FMC CORP	COM	302491303	2,282	67,289	SH		DFND	1, 2, 3, 4	67,289	0	0
FOREST CITY ENTERPRISES-CL A	COM	345550107	19,450	966,208	SH		DFND	1, 2, 3, 4	966,208	0	0
FOREST CITY ENTERPRISES-CL B	COM	345550305	348	16,600	SH		DFND	1, 2, 3, 4	16,600	0	0
FORTRESS INVESTMENT GRP-CL A	COM	34958B106	56	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
CURRENCYSHARES EURO TRUST	COM	23130C108	822	7,500	SH	Put	DFND	1, 2, 3, 4	0	0	7,500
ISHARES CHINA LARGE-CAP ETF	COM	464287184	3,547	100,000	SH	Put	DFND	1, 2, 3, 4	0	0	100,000
GENWORTH FINANCIAL INC-CL A	COM	37247D106	924	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	905	40,600	SH		DFND	1, 2, 3, 4	40,600	0	0
GREIF INC-CL B	COM	397624206	35,200	910,265	SH		DFND	1, 2, 3, 4	910,265	0	0
HALLIBURTON CO	COM	406216101	13,080	370,000	SH	Call	DFND	1, 2, 3, 4	0	0	370,000
HAMILTON BANCORP INC/MD	COM	407015106	167	11,960	SH		DFND	1, 2, 3, 4	11,960	0	0
HENNESSY ADVISORS INC	COM	425885100	309	12,993	SH		DFND	1, 2, 3, 4	12,993	0	0
HERBALIFE LTD	COM	G4412G901	818	15,000	SH	Call	DFND	1, 2, 3, 4	0	0	15,000
HERBALIFE LTD	COM	G4412G951	1,090	20,000	SH	Put	DFND	1, 2, 3, 4	0	0	20,000
HOPFED BANCORP INC	COM	439734104	1,127	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
HUNTSMAN CORP	COM	447011107	5,330	550,000	SH	Call	DFND	1, 2, 3, 4	0	0	550,000
INTELSAT SA	COM	L5140P101	29,118	4,528,405	SH		DFND	1, 2, 3, 4	4,528,405	0	0
JAVELIN MORTGAGE INVESTMENT	COM	47200B104	131	21,750	SH		DFND	1, 2, 3, 4	21,750	0	0
JMP GROUP LLC	COM	46629U107	68	11,000	SH		DFND	1, 2, 3, 4	11,000	0	0
JOHNSON & JOHNSON	COM	478160104	4,668	50,000	SH	Call	DFND	1, 2, 3, 4	0	0	50,000
KEARNY FINANCIAL CORP/MD	COM	48716P108	4,944	431,035	SH		DFND	1, 2, 3, 4	431,035	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	665	78,178	SH		DFND	1, 2, 3, 4	78,178	0	0
KOPPERS HOLDINGS INC	COM	50060P106	4,620	229,031	SH		DFND	1, 2, 3, 4	229,031	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,712	200,877	SH		DFND	1, 2, 3, 4	200,877	0	0
LAPORTE BANCORP INC	COM	516651106	253	17,171	SH		DFND	1, 2, 3, 4	17,171	0	0
LENNAR CORP - B SHS	COM	526057302	16,713	422,036	SH		DFND	1, 2, 3, 4	422,036	0	0
LEXMARK INTERNATIONAL INC-A	COM	529771107	3,459	119,350	SH		DFND	1, 2, 3, 4	119,350	0	0
LIBERTY INTERACTIVE CORP Q-A	COM	53071M104	15,179	578,700	SH		DFND	1, 2, 3, 4	578,700	0	0
LIBERTY VENTURES - SER A	COM	53071M880	886	21,969	SH		DFND	1, 2, 3, 4	21,969	0	0
LIMONEIRA CO	COM	532746104	212	12,668	SH		DFND	1, 2, 3, 4	12,668	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	1,792	166,094	SH		DFND	1, 2, 3, 4	166,094	0	0
MERIDIAN BANCORP INC	COM	58958U103	687	50,244	SH		DFND	1, 2, 3, 4	50,244	0	0
MICRON TECHNOLOGY INC	COM	595112103	20,672	1,380,000	SH		DFND	1, 2, 3, 4	1,380,000	0	0
MVC CAPITAL INC	COM	553829102	1,567	190,854	SH		DFND	1, 2, 3, 4	190,854	0	0
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	3,800	385,000	SH	Call	DFND	1, 2, 3, 4	0	0	385,000
NOBLE ENERGY INC	COM	655044105	294	9,756	SH		DFND	1, 2, 3, 4	9,756	0	0
NORTHERN DYNASTY MINERALS	COM	66510M204	261	843,348	SH		DFND	1, 2, 3, 4	843,348	0	0
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	6,245	312,075	SH		DFND	1, 2, 3, 4	312,075	0	0
PEOPLES BANCORP OF NC	COM	710577107	451	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	5,902	965,889	SH		DFND	1, 2, 3, 4	965,889	0	0
PFIZER INC	COM	717081103	12,564	400,000	SH	Call	DFND	1, 2, 3, 4	0	0	400,000
PHOENIX COMPANIES INC	COM	71902E604	877	26,569	SH		DFND	1, 2, 3, 4	26,569	0	0
POWERSECURE INTERNATIONAL IN	COM	73936N105	226	19,606	SH		DFND	1, 2, 3, 4	19,606	0	0
PREMIER FINANCIAL BANCORP	COM	74050M105	175	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
PSB HOLDINGS INC	COM	69360W108	679	71,059	SH		DFND	1, 2, 3, 4	71,059	0	0
RACKSPACE HOSTING INC	COM	750086100	247	10,000	SH	Put	DFND	1, 2, 3, 4	0	0	10,000
SALEM MEDIA GROUP INC	COM	794093104	506	82,697	SH		DFND	1, 2, 3, 4	82,697	0	0
SEALED AIR CORP	COM	81211K100	2,238	47,729	SH		DFND	1, 2, 3, 4	47,729	0	0
SENECA FOODS CORP - CL A	COM	817070501	244	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
SENECA FOODS CORP - CL B	COM	817070105	242	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
SERITAGE GROWTH PROP- A REIT	COM	81752R100	14,418	387,052	SH		DFND	1, 2, 3, 4	387,052	0	0
SEARS HOLDINGS CORP	COM	812350106	11,673	516,500	SH	Put	DFND	1, 2, 3, 4	0	0	516,500
SHORE BANCSHARES INC	COM	825107105	729	75,000	SH		DFND	1, 2, 3, 4	75,000	0	0
SPARK NETWORKS INC	COM	84651P100	333	115,525	SH		DFND	1, 2, 3, 4	115,525	0	0
SPROTT FOCUS TRUST INC	COM	85208J109	73	12,317	SH		DFND	1, 2, 3, 4	12,317	0	0
STONEGATE MORTGAGE CORP	COM	86181Q300	790	111,111	SH		DFND	1, 2, 3, 4	111,111	0	0
PROSHARES SHORT VIX ST FUTUR	COM	74347W627	4,469	93,800	SH	Call	DFND	1, 2, 3, 4	0	0	93,800
SOUTHWESTERN ENERGY CO	COM	845467109	1,269	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
TECK RESOURCES LTD-CLS B	COM	878742204	961	200,240	SH		DFND	1, 2, 3, 4	200,240	0	0
TEXAS PACIFIC LAND TRUST	COM	882610108	16,072	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	679	50,500	SH		DFND	1, 2, 3, 4	50,500	0	0
TESLA MOTORS INC	COM	88160R101	199,291	802,300	SH	Put	DFND	1, 2, 3, 4	0	0	802,300
TUTOR PERINI CORP	COM	901109108	3,972	241,320	SH		DFND	1, 2, 3, 4	241,320	0	0
U.S. GLOBAL INVESTORS INC-A	COM	902952100	68	40,969	SH		DFND	1, 2, 3, 4	40,969	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	654	41,681	SH		DFND	1, 2, 3, 4	41,681	0	0
VIACOM INC-CLASS B	COM	92553P201	9,493	220,000	SH	Call	DFND	1, 2, 3, 4	0	0	220,000
VIACOM INC-CLASS A	COM	92553P102	1,028	23,221	SH		DFND	1, 2, 3, 4	23,221	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	20,742	809,300	SH	Put	DFND	1, 2, 3, 4	0	0	809,300
WHITING PETROLEUM CORP	COM	966387102	1,527	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
WMIH CORP	COM	92936P100	43	16,712	SH		DFND	1, 2, 3, 4	16,712	0	0
WOLVERINE BANCORP INC	COM	977880103	356	13,946	SH		DFND	1, 2, 3, 4	13,946	0	0
XEROX CORP	COM	984121103	584	60,000	SH		DFND	1, 2, 3, 4	60,000	0	0
XEROX CORP	COM	984121103	5,877	604,000	SH	Call	DFND	1, 2, 3, 4	0	0	604,000