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
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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
AERCAP HOLDINGS NV	COM	N00985106	4,070	105,000	SH		DFND	1, 2, 3, 4	105,000	0	0
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	924	131,946	SH		DFND	1, 2, 3, 4	0	0	131,946
AMERICAN NATIONAL INSURANCE	COM	028591105	9,835	85,153	SH		DFND	1, 2, 3, 4	85,153	0	0
AMKOR TECHNOLOGY INC	COM	031652100	14,991	2,545,156	SH		DFND	1, 2, 3, 4	2,545,156	0	0
AMKOR TECHNOLOGY INC	COM	031652100	589	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
AMREP CORP	COM	032159105	498	113,095	SH		DFND	1, 2, 3, 4	113,095	0	0
ANWORTH MORTGAGE ASSET CORP	COM	037347101	1,490	319,638	SH		DFND	1, 2, 3, 4	319,638	0	0
APACHE CORP	COM	037411105	244	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	257	15,000	SH		DFND	1, 2, 3, 4	15,000	0	0
ASB BANCORP INC	COM	00213T109	421	17,348	SH		DFND	1, 2, 3, 4	17,348	0	0
DEUTSCHE X-TRACKERS HARVEST	COM	233051879	2,489	101,400	SH	Put	DFND	1, 2, 3, 4	0	0	101,400
ATLANTIC COAST FINANCIAL COR	COM	048426100	4,000	662,170	SH		DFND	1, 2, 3, 4	662,170	0	0
BANK OF COMMERCE HOLDINGS	COM	06424J103	341	53,740	SH		DFND	1, 2, 3, 4	53,740	0	0
BAY BANCORP INC	COM	07203T106	506	104,879	SH		DFND	1, 2, 3, 4	104,879	0	0
BLACKSTONE GROUP LP/THE	COM	09253U108	561	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,362	99,600	SH		DFND	1, 2, 3, 4	99,600	0	0
BROCADE COMMUNICATIONS SYS	COM	111621306	820	77,500	SH	Call	DFND	1, 2, 3, 4	0	0	77,500
CITIGROUP INC	COM	172967424	4,968	119,000	SH		DFND	1, 2, 3, 4	119,000	0	0
CITIGROUP INC	COM	172967424	32,356	775,000	SH	Call	DFND	1, 2, 3, 4	0	0	775,000
CAPITAL SENIOR LIVING CORP	COM	140475104	49,111	2,651,800	SH		DFND	1, 2, 3, 4	2,651,800	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	1,830	50,000	SH		DFND	1, 2, 3, 4	50,000	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	18,295	500,000	SH	Call	DFND	1, 2, 3, 4	0	0	500,000
CBL & ASSOCIATES PROPERTIES	COM	124830100	119	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,084	121,103	SH		DFND	1, 2, 3, 4	121,103	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	235	50,000	SH		DFND	1, 2, 3, 4	50,000	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	6,274	1,646,764	SH		DFND	1, 2, 3, 4	1,646,764	0	0
WISDOMTREE CHINESE YUAN STRA	COM	97717W182	6,525	261,000	SH	Put	DFND	1, 2, 3, 4	0	0	261,000
DATARAM CORP	COM	238108302	27	37,425	SH		DFND	1, 2, 3, 4	37,425	0	0
DEVON ENERGY CORP	COM	25179M103	2,346	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
EASTERN VIRGINIA BANKSHARES	COM	277196101	320	47,787	SH		DFND	1, 2, 3, 4	47,787	0	0
EBAY INC	COM	278642103	10,117	424,000	SH		DFND	1, 2, 3, 4	424,000	0	0
ELDORADO GOLD CORP	COM	284902103	48	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
EMERSON ELECTRIC CO	COM	291011104	10,876	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
EQUITABLE FINANCIAL CORP	COM	29448T105	1,333	161,600	SH		DFND	1, 2, 3, 4	161,600	0	0
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	846	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESSA BANCORP INC	COM	29667D104	3,696	273,953	SH		DFND	1, 2, 3, 4	273,953	0	0
EXTREME NETWORKS INC	COM	30226D106	12,525	4,027,252	SH		DFND	1, 2, 3, 4	4,027,252	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	14,278	56,870	SH		DFND	1, 2, 3, 4	56,870	0	0
FIRST NORTHWEST BANCORP	COM	335834107	2,776	215,726	SH		DFND	1, 2, 3, 4	215,726	0	0
FORTRESS INVESTMENT GRP-CL A	COM	34958B106	48	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	885	40,600	SH		DFND	1, 2, 3, 4	40,600	0	0
GREIF INC-CL B	COM	397624206	41,044	877,004	SH		DFND	1, 2, 3, 4	877,004	0	0
HAMILTON BANCORP INC/MD	COM	407015106	159	11,960	SH		DFND	1, 2, 3, 4	11,960	0	0
HENNESSY ADVISORS INC	COM	425885100	347	12,993	SH		DFND	1, 2, 3, 4	12,993	0	0
HOPFED BANCORP INC	COM	439734104	1,080	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
IMPERIAL OIL LTD	COM	453038408	200	6,000	SH		DFND	1, 2, 3, 4	6,000	0	0
INTELSAT SA	COM	L5140P101	12,666	5,026,247	SH		DFND	1, 2, 3, 4	5,026,247	0	0
INTERNATIONAL PAPER CO	COM	460146103	4,104	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
JMP GROUP LLC	COM	46629U107	106	20,200	SH		DFND	1, 2, 3, 4	20,200	0	0
JOHNSON & JOHNSON	COM	478160104	5,410	50,000	SH	Call	DFND	1, 2, 3, 4	0	0	50,000
KEARNY FINANCIAL CORP/MD	COM	48716P108	5,323	431,035	SH		DFND	1, 2, 3, 4	431,035	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	682	77,978	SH		DFND	1, 2, 3, 4	77,978	0	0
KKR & CO LP	COM	48248M102	147	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
KOPPERS HOLDINGS INC	COM	50060P106	4,457	198,368	SH		DFND	1, 2, 3, 4	198,368	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,670	200,877	SH		DFND	1, 2, 3, 4	200,877	0	0
LAPORTE BANCORP INC	COM	516651106	250	15,851	SH		DFND	1, 2, 3, 4	15,851	0	0
LENNAR CORP - B SHS	COM	526057302	15,376	397,198	SH		DFND	1, 2, 3, 4	397,198	0	0
LIBERTY INTERACTIVE CORP Q-A	COM	53071M104	14,612	578,700	SH		DFND	1, 2, 3, 4	578,700	0	0
LIBERTY VENTURES - SER A	COM	53071M880	468	11,969	SH		DFND	1, 2, 3, 4	11,969	0	0
LIMONEIRA CO	COM	532746104	193	12,668	SH		DFND	1, 2, 3, 4	12,668	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	1,783	168,095	SH		DFND	1, 2, 3, 4	168,095	0	0
MCKESSON CORP	COM	58155Q103	472	3,000	SH		DFND	1, 2, 3, 4	3,000	0	0
MCKESSON CORP	COM	58155Q103	10,693	68,000	SH	Call	DFND	1, 2, 3, 4	0	0	68,000
METLIFE INC	COM	59156R108	4,394	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
MICRON TECHNOLOGY INC	COM	595112103	15,024	1,435,000	SH		DFND	1, 2, 3, 4	1,435,000	0	0
MONSANTO CO	COM	61166W101	7,019	80,000	SH	Call	DFND	1, 2, 3, 4	0	0	80,000
MVC CAPITAL INC	COM	553829102	1,424	190,854	SH		DFND	1, 2, 3, 4	190,854	0	0
NATIONAL WESTERN LIFE GROU-A	COM	638517102	314	1,362	SH		DFND	1, 2, 3, 4	1,362	0	0
NEW SENIOR INVESTMENT GROUP	COM	648691103	139	13,486	SH		DFND	1, 2, 3, 4	13,486	0	0
NOBLE ENERGY INC	COM	655044105	306	9,756	SH		DFND	1, 2, 3, 4	9,756	0	0
NORTHERN DYNASTY MINERALS	COM	66510M204	281	873,348	SH		DFND	1, 2, 3, 4	873,348	0	0
OCH-ZIFF CAPITAL MANAGEMEN-A	COM	67551U105	44	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
OCONEE FEDERAL FINANCIAL COR	COM	675607105	804	43,399	SH		DFND	1, 2, 3, 4	43,399	0	0
OPPENHEIMER HOLDINGS-CL A	COM	683797104	5,445	345,049	SH		DFND	1, 2, 3, 4	345,049	0	0
PB BANCORP INC	COM	70454T100	1,676	199,492	SH		DFND	1, 2, 3, 4	199,492	0	0
PEOPLES BANCORP OF NC	COM	710577107	480	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	6,413	1,041,000	SH		DFND	1, 2, 3, 4	1,041,000	0	0
PFIZER INC	COM	717081103	17,784	600,000	SH	Call	DFND	1, 2, 3, 4	0	0	600,000
PREMIER FINANCIAL BANCORP	COM	74050M105	194	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
RACKSPACE HOSTING INC	COM	750086100	216	10,000	SH	Put	DFND	1, 2, 3, 4	0	0	10,000
SALEM MEDIA GROUP INC	COM	794093104	476	82,697	SH		DFND	1, 2, 3, 4	82,697	0	0
SEALED AIR CORP	COM	81211K100	1,618	33,708	SH		DFND	1, 2, 3, 4	33,708	0	0
SENECA FOODS CORP - CL A	COM	817070501	321	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
SENECA FOODS CORP - CL B	COM	817070105	287	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
SEARS HOLDINGS CORP	COM	812350106	2,863	187,000	SH	Put	DFND	1, 2, 3, 4	0	0	187,000
SHORE BANCSHARES INC	COM	825107105	475	39,684	SH		DFND	1, 2, 3, 4	39,684	0	0
SPARK NETWORKS INC	COM	84651P100	256	115,525	SH		DFND	1, 2, 3, 4	115,525	0	0
SPROTT FOCUS TRUST INC	COM	85208J109	75	12,317	SH		DFND	1, 2, 3, 4	12,317	0	0
STONEGATE MORTGAGE CORP	COM	86181Q300	205	35,782	SH		DFND	1, 2, 3, 4	35,782	0	0
TEXAS PACIFIC LAND TRUST	COM	882610108	16,675	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	631	55,500	SH		DFND	1, 2, 3, 4	55,500	0	0
TESLA MOTORS INC	COM	88160R101	78,650	342,300	SH	Put	DFND	1, 2, 3, 4	0	0	342,300
TUTOR PERINI CORP	COM	901109108	3,046	196,020	SH		DFND	1, 2, 3, 4	196,020	0	0
U.S. GLOBAL INVESTORS INC-A	COM	902952100	98	56,815	SH		DFND	1, 2, 3, 4	56,815	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	823	44,236	SH		DFND	1, 2, 3, 4	44,236	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	18,647	1,058,300	SH	Put	DFND	1, 2, 3, 4	0	0	1,058,300
WMIH CORP	COM	92936P100	39	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	670	60,000	SH		DFND	1, 2, 3, 4	60,000	0	0