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
AMAZON.COM INC	COM	023135106	131,528	194,600	SH	Put	DFND	1, 2, 3, 4	0	0	194,600
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	877	131,946	SH		DFND	1, 2, 3, 4	0	0	131,946
AMERICAN INTERNATIONAL GROUP	COM	026874784	6,197	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMERICAN NATIONAL INSURANCE	COM	028591105	8,709	85,153	SH		DFND	1, 2, 3, 4	85,153	0	0
AMKOR TECHNOLOGY INC	COM	031652100	22,939	3,772,827	SH		DFND	1, 2, 3, 4	3,772,827	0	0
AMKOR TECHNOLOGY INC	COM	031652100	608	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMREP CORP	COM	032159105	492	113,095	SH		DFND	1, 2, 3, 4	113,095	0	0
ANNALY CAPITAL MANAGEMENT IN	COM	035710409	1,970	210,000	SH	Call	DFND	1, 2, 3, 4	0	0	210,000
ANWORTH MORTGAGE ASSET CORP	COM	037347101	3,282	754,538	SH		DFND	1, 2, 3, 4	754,538	0	0
APACHE CORP	COM	037411105	222	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	228	15,000	SH		DFND	1, 2, 3, 4	15,000	0	0
ARMOUR RESIDENTIAL REIT INC	COM	042315507	270	12,400	SH		DFND	1, 2, 3, 4	12,400	0	0
ASB BANCORP INC	COM	00213T109	780	30,042	SH		DFND	1, 2, 3, 4	30,042	0	0
ATLANTIC COAST FINANCIAL COR	COM	048426100	3,880	662,170	SH		DFND	1, 2, 3, 4	662,170	0	0
BANK OF COMMERCE HOLDINGS	COM	06424J103	359	53,740	SH		DFND	1, 2, 3, 4	53,740	0	0
BAY BANCORP INC	COM	07203T106	531	104,879	SH		DFND	1, 2, 3, 4	104,879	0	0
BENEFICIAL BANCORP INC	COM	08171T102	8,974	673,709	SH		DFND	1, 2, 3, 4	673,709	0	0
BLACKSTONE GROUP LP/THE	COM	09253U108	585	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,525	99,600	SH		DFND	1, 2, 3, 4	99,600	0	0
BROCADE COMMUNICATIONS SYS	COM	111621306	711	77,500	SH	Call	DFND	1, 2, 3, 4	0	0	77,500
CAPITAL SENIOR LIVING CORP	COM	140475104	47,873	2,294,950	SH		DFND	1, 2, 3, 4	2,294,950	0	0
CARNIVAL CORP	COM	143658300	490	9,000	SH		DFND	1, 2, 3, 4	9,000	0	0
CBL & ASSOCIATES PROPERTIES	COM	124830100	124	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
CHARTER FINANCIAL CORP	COM	16122W108	1,535	116,162	SH		DFND	1, 2, 3, 4	116,162	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	7,798	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
CITIGROUP INC	COM	172967424	3,571	69,000	SH		DFND	1, 2, 3, 4	69,000	0	0
CITIGROUP INC	COM	172967424	40,106	775,000	SH	Call	DFND	1, 2, 3, 4	0	0	775,000
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,146	121,103	SH		DFND	1, 2, 3, 4	121,103	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	446	79,844	SH		DFND	1, 2, 3, 4	79,844	0	0
COMMUNITY BANKERS TRUST CORP	COM	203612106	60	11,228	SH		DFND	1, 2, 3, 4	11,228	0	0
COWEN GROUP INC-CLASS A	COM	223622101	273	71,375	SH		DFND	1, 2, 3, 4	71,375	0	0
DATARAM CORP	COM	238108302	25	37,425	SH		DFND	1, 2, 3, 4	37,425	0	0
DEUTSCHE X-TRACKERS HARVEST	COM	233051879	2,837	101,400	SH	Put	DFND	1, 2, 3, 4	0	0	101,400
DEVON ENERGY CORP	COM	25179M103	2,736	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
EASTERN VIRGINIA BANKSHARES	COM	277196101	346	48,200	SH		DFND	1, 2, 3, 4	48,200	0	0
EBAY INC	COM	278642103	3,298	120,000	SH		DFND	1, 2, 3, 4	120,000	0	0
ELDORADO GOLD CORP	COM	284902103	45	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
EMERSON ELECTRIC CO	COM	291011104	9,566	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
EQUITABLE FINANCIAL CORP	COM	29448T105	1,424	161,600	SH		DFND	1, 2, 3, 4	161,600	0	0
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	870	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESSA BANCORP INC	COM	29667D104	3,748	273,953	SH		DFND	1, 2, 3, 4	273,953	0	0
EXTREME NETWORKS INC	COM	30226D106	19,992	4,900,000	SH		DFND	1, 2, 3, 4	4,900,000	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	14,682	56,870	SH		DFND	1, 2, 3, 4	56,870	0	0
FIRST NORTHWEST BANCORP	COM	335834107	3,053	215,726	SH		DFND	1, 2, 3, 4	215,726	0	0
FMC CORP	COM	302491303	2,633	67,289	SH		DFND	1, 2, 3, 4	67,289	0	0
FOREST CITY REALTY TRUST- A	COM	345605109	21,189	966,208	SH		DFND	1, 2, 3, 4	966,208	0	0
FORTRESS INVESTMENT GRP-CL A	COM	34958B106	51	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
GENWORTH FINANCIAL INC-CL A	COM	37247D106	746	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	760	40,600	SH		DFND	1, 2, 3, 4	40,600	0	0
GREIF INC-CL B	COM	397624206	38,196	893,063	SH		DFND	1, 2, 3, 4	893,063	0	0
HAMILTON BANCORP INC/MD	COM	407015106	171	11,960	SH		DFND	1, 2, 3, 4	11,960	0	0
HENNESSY ADVISORS INC	COM	425885100	389	12,993	SH		DFND	1, 2, 3, 4	12,993	0	0
HOPFED BANCORP INC	COM	439734104	1,132	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
HUNTSMAN CORP	COM	447011107	1,137	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
INTELSAT SA	COM	L5140P101	19,067	4,583,405	SH		DFND	1, 2, 3, 4	4,583,405	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	21,272	1,058,300	SH	Put	DFND	1, 2, 3, 4	0	0	1,058,300
ISHARES CHINA LARGE-CAP ETF	COM	464287184	3,529	100,000	SH	Put	DFND	1, 2, 3, 4	0	0	100,000
JAVELIN MORTGAGE INVESTMENT	COM	47200B104	136	21,750	SH		DFND	1, 2, 3, 4	21,750	0	0
JMP GROUP LLC	COM	46629U107	88	16,200	SH		DFND	1, 2, 3, 4	16,200	0	0
JOHNSON & JOHNSON	COM	478160104	5,136	50,000	SH	Call	DFND	1, 2, 3, 4	0	0	50,000
KEARNY FINANCIAL CORP/MD	COM	48716P108	5,461	431,035	SH		DFND	1, 2, 3, 4	431,035	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	728	77,978	SH		DFND	1, 2, 3, 4	77,978	0	0
KOPPERS HOLDINGS INC	COM	50060P106	4,180	229,031	SH		DFND	1, 2, 3, 4	229,031	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,692	200,877	SH		DFND	1, 2, 3, 4	200,877	0	0
LAPORTE BANCORP INC	COM	516651106	261	17,171	SH		DFND	1, 2, 3, 4	17,171	0	0
LENNAR CORP - B SHS	COM	526057302	16,957	422,036	SH		DFND	1, 2, 3, 4	422,036	0	0
LEXMARK INTERNATIONAL INC-A	COM	529771107	3,873	119,350	SH		DFND	1, 2, 3, 4	119,350	0	0
LIBERTY INTERACTIVE CORP Q-A	COM	53071M104	15,810	578,700	SH		DFND	1, 2, 3, 4	578,700	0	0
LIBERTY VENTURES - SER A	COM	53071M880	991	21,969	SH		DFND	1, 2, 3, 4	21,969	0	0
LIMONEIRA CO	COM	532746104	189	12,668	SH		DFND	1, 2, 3, 4	12,668	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	1,654	168,095	SH		DFND	1, 2, 3, 4	168,095	0	0
MCKESSON CORP	COM	58155Q103	11,715	59,400	SH	Call	DFND	1, 2, 3, 4	0	0	59,400
METLIFE INC	COM	59156R108	4,821	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
MICRON TECHNOLOGY INC	COM	595112103	19,541	1,380,000	SH		DFND	1, 2, 3, 4	1,380,000	0	0
MONSANTO CO	COM	61166W101	7,882	80,000	SH	Call	DFND	1, 2, 3, 4	0	0	80,000
MVC CAPITAL INC	COM	553829102	1,407	190,854	SH		DFND	1, 2, 3, 4	190,854	0	0
NATIONAL WESTERN LIFE GROU-A	COM	638517102	692	2,747	SH		DFND	1, 2, 3, 4	2,747	0	0
NEW SENIOR INVESTMENT GROUP	COM	648691103	421	42,700	SH		DFND	1, 2, 3, 4	42,700	0	0
NOBLE ENERGY INC	COM	655044105	321	9,756	SH		DFND	1, 2, 3, 4	9,756	0	0
NORTHERN DYNASTY MINERALS	COM	66510M204	258	843,348	SH		DFND	1, 2, 3, 4	843,348	0	0
OCH-ZIFF CAPITAL MANAGEMEN-A	COM	67551U105	62	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
OCONEE FEDERAL FINANCIAL COR	COM	675607105	809	43,399	SH		DFND	1, 2, 3, 4	43,399	0	0
OPPENHEIMER HOLDINGS-CL A	COM	683797104	5,429	312,375	SH		DFND	1, 2, 3, 4	312,375	0	0
OUTERWALL INC	COM	690070107	1,462	40,000	SH		DFND	1, 2, 3, 4	40,000	0	0
PEOPLES BANCORP OF NC	COM	710577107	499	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	4,887	965,889	SH		DFND	1, 2, 3, 4	965,889	0	0
PFIZER INC	COM	717081103	19,368	600,000	SH	Call	DFND	1, 2, 3, 4	0	0	600,000
PJT PARTNERS INC - A	COM	69343T107	5,251	185,600	SH		DFND	1, 2, 3, 4	185,600	0	0
PREMIER FINANCIAL BANCORP	COM	74050M105	202	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
RACKSPACE HOSTING INC	COM	750086100	253	10,000	SH	Put	DFND	1, 2, 3, 4	0	0	10,000
SALEM MEDIA GROUP INC	COM	794093104	412	82,697	SH		DFND	1, 2, 3, 4	82,697	0	0
SEALED AIR CORP	COM	81211K100	2,129	47,729	SH		DFND	1, 2, 3, 4	47,729	0	0
SEARS HOLDINGS CORP	COM	812350106	5,284	257,000	SH	Put	DFND	1, 2, 3, 4	0	0	257,000
SENECA FOODS CORP - CL A	COM	817070501	268	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
SERITAGE GROWTH PROP- A REIT	COM	81752R100	15,491	385,152	SH		DFND	1, 2, 3, 4	385,152	0	0
SHORE BANCSHARES INC	COM	825107105	816	75,000	SH		DFND	1, 2, 3, 4	75,000	0	0
SPARK NETWORKS INC	COM	84651P100	445	115,525	SH		DFND	1, 2, 3, 4	115,525	0	0
SPROTT FOCUS TRUST INC	COM	85208J109	71	12,317	SH		DFND	1, 2, 3, 4	12,317	0	0
STONEGATE MORTGAGE CORP	COM	86181Q300	606	111,111	SH		DFND	1, 2, 3, 4	111,111	0	0
TECK RESOURCES LTD-CLS B	COM	878742204	773	200,240	SH		DFND	1, 2, 3, 4	200,240	0	0
TESLA MOTORS INC	COM	88160R101	94,156	392,300	SH	Put	DFND	1, 2, 3, 4	0	0	392,300
TEXAS PACIFIC LAND TRUST	COM	882610108	15,003	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	677	50,500	SH		DFND	1, 2, 3, 4	50,500	0	0
TUTOR PERINI CORP	COM	901109108	4,040	241,320	SH		DFND	1, 2, 3, 4	241,320	0	0
U.S. GLOBAL INVESTORS INC-A	COM	902952100	66	56,815	SH		DFND	1, 2, 3, 4	56,815	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	807	44,236	SH		DFND	1, 2, 3, 4	44,236	0	0
VIACOM INC-CLASS A	COM	92553P102	1,021	23,221	SH		DFND	1, 2, 3, 4	23,221	0	0
VIACOM INC-CLASS B	COM	92553P201	9,055	220,000	SH	Call	DFND	1, 2, 3, 4	0	0	220,000
WISDOMTREE CHINESE YUAN STRA	COM	97717W182	8,776	361,000	SH	Put	DFND	1, 2, 3, 4	0	0	361,000
WMIH CORP	COM	92936P100	43	16,712	SH		DFND	1, 2, 3, 4	16,712	0	0
WOLVERINE BANCORP INC	COM	977880103	372	13,946	SH		DFND	1, 2, 3, 4	13,946	0	0
XEROX CORP	COM	984121103	638	60,000	SH		DFND	1, 2, 3, 4	60,000	0	0
XEROX CORP	COM	984121103	4,996	470,000	SH	Call	DFND	1, 2, 3, 4	0	0	470,000