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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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
AMBAC FINANCIAL GROUP-CW23	WTS	023139116	637	85,215	SH		DFND	1, 2, 3, 4	0	0	85,215
AMERICAN NATIONAL INSURANCE	COM	028591105	7,587	67,053	SH		DFND	1, 2, 3, 4	67,053	0	0
AMKOR TECHNOLOGY INC	COM	031652100	2,928	509,157	SH		DFND	1, 2, 3, 4	509,157	0	0
AMREP CORP	COM	032159105	556	113,095	SH		DFND	1, 2, 3, 4	113,095	0	0
APACHE CORP	COM	037411105	278	5,000	SH		DFND	1, 2, 3, 4	5,000	0	0
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	227	15,000	SH		DFND	1, 2, 3, 4	15,000	0	0
ATLANTIC COAST FINANCIAL COR	COM	048426100	2,632	440,102	SH		DFND	1, 2, 3, 4	440,102	0	0
BANK OF COMMERCE HOLDINGS	COM	06424J103	355	53,740	SH		DFND	1, 2, 3, 4	53,740	0	0
BAY BANCORP INC	COM	07203T106	532	104,879	SH		DFND	1, 2, 3, 4	104,879	0	0
BLACKSTONE GROUP LP/THE	COM	09253U108	491	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
BLUE HILLS BANCORP INC	COM	095573101	1,470	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
CITIGROUP INC	COM	172967424	5,129	121,000	SH		DFND	1, 2, 3, 4	121,000	0	0
CITIGROUP INC	COM	172967424	32,852	775,000	SH	Call	DFND	1, 2, 3, 4	0	0	775,000
CAL-MAINE FOODS INC	COM	128030202	7,978	180,000	SH	Put	DFND	1, 2, 3, 4	0	0	180,000
CAPITAL SENIOR LIVING CORP	COM	140475104	47,078	2,664,300	SH		DFND	1, 2, 3, 4	2,664,300	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	13,159	380,000	SH		DFND	1, 2, 3, 4	380,000	0	0
CHICAGO BRIDGE & IRON CO NV	COM	167250109	22,856	660,000	SH	Call	DFND	1, 2, 3, 4	0	0	660,000
CBL & ASSOCIATES PROPERTIES	COM	124830100	93	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
CITIZENS COMMUNITY BANCORP I	COM	174903104	1,255	121,103	SH		DFND	1, 2, 3, 4	121,103	0	0
CLEAR CHANNEL OUTDOOR-CL A	COM	18451C109	311	50,000	SH		DFND	1, 2, 3, 4	50,000	0	0
COMMUNITY BANKERS TRUST CORP	COM	203612106	58	11,228	SH		DFND	1, 2, 3, 4	11,228	0	0
COWEN GROUP INC-CLASS A	COM	223622101	10,586	3,576,430	SH		DFND	1, 2, 3, 4	3,576,430	0	0
DATARAM CORP	COM	238108401	23	37,425	SH		DFND	1, 2, 3, 4	37,425	0	0
DEVON ENERGY CORP	COM	25179M103	3,099	85,490	SH		DFND	1, 2, 3, 4	85,490	0	0
DEVON ENERGY CORP	COM	25179M103	7,250	200,000	SH	Call	DFND	1, 2, 3, 4	0	0	200,000
EBAY INC	COM	278642103	9,926	424,000	SH		DFND	1, 2, 3, 4	424,000	0	0
ELDORADO GOLD CORP	COM	284902103	69	15,300	SH		DFND	1, 2, 3, 4	15,300	0	0
EQUITABLE FINANCIAL CORP	COM	29448T105	1,343	161,600	SH		DFND	1, 2, 3, 4	161,600	0	0
ERIE INDEMNITY COMPANY-CL A	COM	29530P102	904	9,099	SH		DFND	1, 2, 3, 4	9,099	0	0
ESSA BANCORP INC	COM	29667D104	3,534	263,730	SH		DFND	1, 2, 3, 4	263,730	0	0
EXTREME NETWORKS INC	COM	30226D106	12,471	3,678,863	SH		DFND	1, 2, 3, 4	3,678,863	0	0
FIRST CITIZENS BCSHS -CL A	COM	31946M103	14,724	56,870	SH		DFND	1, 2, 3, 4	56,870	0	0
FIRST NORTHWEST BANCORP	COM	335834107	2,748	215,726	SH		DFND	1, 2, 3, 4	215,726	0	0
FORTRESS INVESTMENT GRP-CL A	COM	34958B106	44	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
GILEAD SCIENCES INC	COM	375558103	1,667	20,000	SH		DFND	1, 2, 3, 4	20,000	0	0
SPDR GOLD SHARES	COM	78463V107	44,897	355,000	SH	Call	DFND	1, 2, 3, 4	0	0	355,000
GREENLIGHT CAPITAL RE LTD-A	COM	G4095J109	818	40,600	SH		DFND	1, 2, 3, 4	40,600	0	0
GREIF INC-CL B	COM	397624206	46,056	841,199	SH		DFND	1, 2, 3, 4	841,199	0	0
HAMILTON BANCORP INC/MD	COM	407015106	166	11,960	SH		DFND	1, 2, 3, 4	11,960	0	0
HENNESSY ADVISORS INC	COM	425885100	334	9,993	SH		DFND	1, 2, 3, 4	9,993	0	0
HOPFED BANCORP INC	COM	439734104	1,093	94,328	SH		DFND	1, 2, 3, 4	94,328	0	0
INTELSAT SA	COM	L5140P101	13,963	5,411,875	SH		DFND	1, 2, 3, 4	5,411,875	0	0
INTERNATIONAL PAPER CO	COM	460146103	4,238	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
ISHARES RUSSELL 2000 ETF	COM	464287655	194,224	1,689,200	SH	Put	DFND	1, 2, 3, 4	0	0	1,689,200
JMP GROUP LLC	COM	46629U107	110	20,200	SH		DFND	1, 2, 3, 4	20,200	0	0
KENTUCKY FIRST FEDERAL BANCO	COM	491292108	639	77,978	SH		DFND	1, 2, 3, 4	77,978	0	0
KKR & CO LP	COM	48248M102	123	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
KOPPERS HOLDINGS INC	COM	50060P106	751	24,428	SH		DFND	1, 2, 3, 4	24,428	0	0
KORN/FERRY INTERNATIONAL	COM	500643200	1,026	50,000	SH		DFND	1, 2, 3, 4	50,000	0	0
LAKE SHORE BANCORP INC	COM	510700107	2,617	200,877	SH		DFND	1, 2, 3, 4	200,877	0	0
LAPORTE BANCORP INC	COM	516651106	259	15,851	SH		DFND	1, 2, 3, 4	15,851	0	0
LENNAR CORP - B SHS	COM	526057302	13,726	368,491	SH		DFND	1, 2, 3, 4	368,491	0	0
LIBERTY INTERACTIVE CORP Q-A	COM	53071M104	4,673	184,200	SH		DFND	1, 2, 3, 4	184,200	0	0
LIBERTY VENTURES - SER A	COM	53071M880	444	11,969	SH		DFND	1, 2, 3, 4	11,969	0	0
LIMONEIRA CO	COM	532746104	223	12,668	SH		DFND	1, 2, 3, 4	12,668	0	0
LUXFER HOLDINGS PLC-ADR	COM	550678106	753	62,622	SH		DFND	1, 2, 3, 4	62,622	0	0
MCKESSON CORP	COM	58155Q103	560	3,000	SH		DFND	1, 2, 3, 4	3,000	0	0
MCKESSON CORP	COM	58155Q103	12,692	68,000	SH	Call	DFND	1, 2, 3, 4	0	0	68,000
METLIFE INC	COM	59156R108	3,983	100,000	SH	Call	DFND	1, 2, 3, 4	0	0	100,000
MICRON TECHNOLOGY INC	COM	595112103	10,492	762,500	SH		DFND	1, 2, 3, 4	762,500	0	0
MVC CAPITAL INC	COM	553829102	1,534	190,854	SH		DFND	1, 2, 3, 4	190,854	0	0
NATIONAL WESTERN LIFE GROU-A	COM	638517102	266	1,362	SH		DFND	1, 2, 3, 4	1,362	0	0
NOBLE ENERGY INC	COM	655044105	350	9,756	SH		DFND	1, 2, 3, 4	9,756	0	0
NORTHERN DYNASTY MINERALS	COM	66510M204	589	1,890,263	SH		DFND	1, 2, 3, 4	1,890,263	0	0
OCH-ZIFF CAPITAL MANAGEMEN-A	COM	67551U105	38	10,000	SH		DFND	1, 2, 3, 4	10,000	0	0
OCONEE FEDERAL FINANCIAL COR	COM	675607105	849	43,399	SH		DFND	1, 2, 3, 4	43,399	0	0
OFFICE DEPOT INC	COM	676220106	1,290	389,700	SH		DFND	1, 2, 3, 4	389,700	0	0
OPPENHEIMER HOLDINGS-CL A	COM	683797104	3,814	246,675	SH		DFND	1, 2, 3, 4	246,675	0	0
PB BANCORP INC	COM	70454T100	1,680	199,492	SH		DFND	1, 2, 3, 4	199,492	0	0
PEOPLES BANCORP OF NC	COM	710577107	506	25,794	SH		DFND	1, 2, 3, 4	25,794	0	0
PERMIAN BASIN ROYALTY TRUST	COM	714236106	4,340	592,023	SH		DFND	1, 2, 3, 4	592,023	0	0
PREMIER FINANCIAL BANCORP	COM	74050M105	207	12,314	SH		DFND	1, 2, 3, 4	12,314	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	52,152	344,900	SH	Call	DFND	1, 2, 3, 4	0	0	344,900
SALEM MEDIA GROUP INC	COM	794093104	597	82,697	SH		DFND	1, 2, 3, 4	82,697	0	0
SEALED AIR CORP	COM	81211K100	1,550	33,708	SH		DFND	1, 2, 3, 4	33,708	0	0
SENECA FOODS CORP - CL A	COM	817070501	335	9,250	SH		DFND	1, 2, 3, 4	9,250	0	0
SENECA FOODS CORP - CL B	COM	817070105	276	7,500	SH		DFND	1, 2, 3, 4	7,500	0	0
SEARS HOLDINGS CORP	COM	812350106	708	52,000	SH	Put	DFND	1, 2, 3, 4	0	0	52,000
SPARK NETWORKS INC	COM	84651P100	183	115,525	SH		DFND	1, 2, 3, 4	115,525	0	0
SPROTT FOCUS TRUST INC	COM	85208J109	79	12,317	SH		DFND	1, 2, 3, 4	12,317	0	0
STAPLES INC	COM	855030102	2,783	323,000	SH		DFND	1, 2, 3, 4	323,000	0	0
TEXAS PACIFIC LAND TRUST	COM	882610108	19,327	114,598	SH		DFND	1, 2, 3, 4	114,598	0	0
THIRD POINT REINSURANCE LTD	COM	G8827U100	791	67,500	SH		DFND	1, 2, 3, 4	67,500	0	0
TESLA MOTORS INC	COM	88160R101	87,374	411,600	SH	Put	DFND	1, 2, 3, 4	0	0	411,600
U.S. GLOBAL INVESTORS INC-A	COM	902952100	97	56,815	SH		DFND	1, 2, 3, 4	56,815	0	0
UNITED BANCSHARES INC/OHIO	COM	909458101	787	44,236	SH		DFND	1, 2, 3, 4	44,236	0	0
IPATH S&P 500 VIX S/T FU ETN	COM	06742E711	14,615	1,058,300	SH	Put	DFND	1, 2, 3, 4	0	0	1,058,300
WMIH CORP	COM	92936P100	37	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	569	60,000	SH		DFND	1, 2, 3, 4	60,000	0	0