Arbiter Partners Capital Management LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OPRT	OPORTUN FINANCIAL CORP	141,109	$746	0.4%	$5.27	0.0%	COM	68376D104
AVBC	AVIDIA BANCORP INC	32,800	$551	0.3%	$15.64	0.0%	COM	05369T100
ELE	ELEMENTAL ROYALTY CORP	27,033	$459	0.2%	$15.55	0.0%	COM	28620K106
LESL	LESLIE'S INC	237,637	$392	0.2%	$3.24	0.0%	COM	527064208
GROY	GOLD ROYALTY CORP	78,600	$318	0.2%	$3.83	0.0%	COM	38071H106
MLCI	MOUNT LOGAN CAPITAL INC	35,505	$293	0.1%	$7.77	0.0%	COM	62188E103
OLN	OLIN CORP	12,900	$269	0.1%	$21.44	0.0%	COM	680665205
MTA	METALLA ROYALTY & STREAMING	34,000	$265	0.1%	$7.19	0.0%	COM	59124U605
—	BURFORD CAPITAL LTD	27,000	$241	0.1%	$8.92	—	COM	00000NANA
RITM	RITHM CAPITAL CORP	20,000	$218	0.1%	$10.90	—	COM	64828T201
LRE	LEAD REAL ESTATE CO LTD	18,495	$29	0.0%	$1.57	—	COM	52168R109

Increased Positions (12)

STXS STEREOTAXIS INC 3.2%

Value ($000) $6,633 (-25.3%) Shares 2,883,856 (+1.1%) Est. Cost $2.77 Unrealized -3.7%

ODV OSISKO DEVELOPMENT CORP 1.6%

Value ($000) $3,273 (+184.0%) Shares 937,854 (+175.8%) Est. Cost $3.13 Unrealized +9.9%

CRBG COREBRIDGE FINANCIAL INC 4.0%

Value ($000) $8,148 (+34.8%) Shares 270,055 (+43.1%) Est. Cost $25.99 Unrealized +17.5%

CBL CBL & ASSOCIATES PROPERTIES 2.2%

Value ($000) $4,449 (+50.7%) Shares 120,244 (+24.5%) Est. Cost $31.84 Unrealized —

ABR ARBOR REALTY TRUST INC 1.3%

Value ($000) $2,744 (-28.9%) Shares 353,600 (+11.9%) Est. Cost — Unrealized —

TFPM TRIPLE FLAG PRECIOUS MET 1.2%

Value ($000) $2,392 (+51.4%) Shares 72,000 (+33.3%) Est. Cost $20.63 Unrealized +51.7%

NAVI NAVIENT CORP 1.0%

Value ($000) $2,016 (+45.0%) Shares 155,094 (+46.7%) Est. Cost $13.22 Unrealized -5.8%

VOXR VOX ROYALTY CORP 0.3%

Value ($000) $578 (+461.9%) Shares 121,920 (+409.7%) Est. Cost $4.30 Unrealized +5.1%

VET VERMILION ENERGY INC 1.1%

Value ($000) $2,225 (+13.7%) Shares 266,738 (+6.6%) Est. Cost $7.76 Unrealized +6.4%

TBN TAMBORAN RESOURCES CORP 0.8%

Value ($000) $1,558 (+14.8%) Shares 57,212 (+15.5%) Est. Cost $21.31 Unrealized +19.3%

MRT MARTI TECHNOLOGIES INC 0.3%

Value ($000) $545 (+54.3%) Shares 229,935 (+32.8%) Est. Cost $2.47 Unrealized -4.0%

OABI OMNIAB INC 0.2%

Value ($000) $356 (+38.7%) Shares 192,585 (+20.0%) Est. Cost $1.81 Unrealized -4.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STXS	STEREOTAXIS INC	2,883,856 (+1.1%)	$6,633 (-25.3%)	3.2%	$2.77	-3.7%	COM	85916J409
ODV	OSISKO DEVELOPMENT CORP	937,854 (+175.8%)	$3,273 (+184.0%)	1.6%	$3.13	+9.9%	COM	68828E809
CRBG	COREBRIDGE FINANCIAL INC	270,055 (+43.1%)	$8,148 (+34.8%)	4.0%	$25.99	+17.5%	COM	21871X109
CBL	CBL & ASSOCIATES PROPERTIES	120,244 (+24.5%)	$4,449 (+50.7%)	2.2%	$31.84	—	COM	124830878
ABR	ARBOR REALTY TRUST INC	353,600 (+11.9%)	$2,744 (-28.9%)	1.3%	—	—	PUT	038923108
TFPM	TRIPLE FLAG PRECIOUS MET	72,000 (+33.3%)	$2,392 (+51.4%)	1.2%	$20.63	+51.7%	COM	89679M104
NAVI	NAVIENT CORP	155,094 (+46.7%)	$2,016 (+45.0%)	1.0%	$13.22	-5.8%	COM	63938C108
VOXR	VOX ROYALTY CORP	121,920 (+409.7%)	$578 (+461.9%)	0.3%	$4.30	+5.1%	COM	92919F103
VET	VERMILION ENERGY INC	266,738 (+6.6%)	$2,225 (+13.7%)	1.1%	$7.76	+6.4%	COM	923725105
TBN	TAMBORAN RESOURCES CORP	57,212 (+15.5%)	$1,558 (+14.8%)	0.8%	$21.31	+19.3%	COM	87507T101
MRT	MARTI TECHNOLOGIES INC	229,935 (+32.8%)	$545 (+54.3%)	0.3%	$2.47	-4.0%	COM	573134103
OABI	OMNIAB INC	192,585 (+20.0%)	$356 (+38.7%)	0.2%	$1.81	-4.1%	COM	68218J103

Exited Positions (2)

JBGS JBG SMITH PROPERTIES 0.8%

Value ($000) $1,740 Shares 78,209 Est. Cost $16.92 Unrealized —

EMX EMX ROYALTY CORP 0.5%

Value ($000) $1,060 Shares 205,915 Est. Cost $2.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBGS	JBG SMITH PROPERTIES	78,209	$1,740	0.8%	$16.92	—	—	46590V100
EMX	EMX ROYALTY CORP	205,915	$1,060	0.5%	$2.28	—	—	26873J107

Decreased Positions (4)

TSLA TESLA INC 6.3%

Value ($000) $12,952 (-10.4%) Shares 28,800 (-11.4%) Est. Cost — Unrealized —

SENEA SENECA FOODS CORP - CL A 0.1%

Value ($000) $203 (-48.9%) Shares 1,839 (-50.2%) Est. Cost $28.82 Unrealized +296.5%

SNDA SONIDA SENIOR LIVING INC 2.9%

Value ($000) $5,907 (-2.6%) Shares 182,824 (-16.5%) Est. Cost $21.39 Unrealized +38.6%

DVN DEVON ENERGY CORP 0.2%

Value ($000) $330 (-27.7%) Shares 9,000 (-30.8%) Est. Cost $44.16 Unrealized -21.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	28,800 (-11.4%)	$12,952 (-10.4%)	6.3%	—	—	PUT	88160R101
SENEA	SENECA FOODS CORP - CL A	1,839 (-50.2%)	$203 (-48.9%)	0.1%	$28.82	+296.5%	COM	817070501
SNDA	SONIDA SENIOR LIVING INC	182,824 (-16.5%)	$5,907 (-2.6%)	2.9%	$21.39	+38.6%	COM	140475203
DVN	DEVON ENERGY CORP	9,000 (-30.8%)	$330 (-27.7%)	0.2%	$44.16	-21.3%	COM	25179M103

Unchanged Positions (22)

GRAL GRAIL INC 43.2%

Value ($000) $88,637 Shares 1,035,597 Est. Cost $19.11 Unrealized +352.2%

GEF/B GREIF INC-CL B 7.2%

Value ($000) $14,716 Shares 197,033 Est. Cost $29.44 Unrealized +123.4%

ARVN ARVINAS INC 2.6%

Value ($000) $5,370 Shares 452,789 Est. Cost $7.58 Unrealized +43.9%

GOOGL ALPHABET INC-CL A 1.8%

Value ($000) $3,756 Shares 12,000 Est. Cost $165.47 Unrealized +72.6%

SPNT SIRIUSPOINT LTD 2.1%

Value ($000) $4,396 Shares 200,832 Est. Cost $11.99 Unrealized +67.1%

SHG SHINHAN FINANCIAL GROUP-ADR 3.6%

Value ($000) $7,410 Shares 138,169 Est. Cost $45.99 Unrealized —

LILAK LIBERTY LATIN AMERIC-CL C 1.3%

Value ($000) $2,678 Shares 359,048 Est. Cost $9.08 Unrealized -9.4%

GOOGL ALPHABET INC-CL A 0.7%

Value ($000) $1,534 Shares 4,900 Est. Cost $165.47 Unrealized +72.6%

NMM NAVIOS MARITIME PARTNERS LP 0.6%

Value ($000) $1,300 Shares 24,800 Est. Cost $45.05 Unrealized —

LILA LIBERTY LATIN AMERIC-CL A 0.6%

Value ($000) $1,216 Shares 164,481 Est. Cost $8.84 Unrealized -8.1%

LEN/B LENNAR CORP - B SHS 0.3%

Value ($000) $535 Shares 5,629 Est. Cost $39.30 Unrealized +186.9%

WFRD WEATHERFORD INTERNATIONAL PL 0.4%

Value ($000) $783 Shares 10,000 Est. Cost $59.40 Unrealized +22.2%

OPY OPPENHEIMER HOLDINGS-CL A 1.9%

Value ($000) $3,976 Shares 54,999 Est. Cost $49.96 Unrealized +39.3%

AAPL APPLE INC 0.6%

Value ($000) $1,332 Shares 4,900 Est. Cost — Unrealized —

CWBC COMMUNITY WEST BANCSHARES 0.5%

Value ($000) $987 Shares 43,864 Est. Cost $18.25 Unrealized +19.2%

GNW GENWORTH FINANCIAL INC 2.1%

Value ($000) $4,401 Shares 487,400 Est. Cost $7.34 Unrealized +18.7%

MTG MGIC INVESTMENT CORP 1.1%

Value ($000) $2,162 Shares 74,000 Est. Cost $13.57 Unrealized +107.0%

MET METLIFE INC 0.4%

Value ($000) $789 Shares 10,000 Est. Cost — Unrealized —

NODK NI HOLDINGS INC 0.3%

Value ($000) $684 Shares 51,392 Est. Cost $17.19 Unrealized -21.5%

BTG B2GOLD CORP 0.1%

Value ($000) $113 Shares 25,000 Est. Cost $2.66 Unrealized +75.4%

TRC TEJON RANCH CO 0.1%

Value ($000) $217 Shares 13,742 Est. Cost $18.83 Unrealized -15.3%

CLPR CLIPPER REALTY INC 0.0%

Value ($000) $86 Shares 22,618 Est. Cost $11.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GRAL	GRAIL INC	1,035,597	$88,637	43.2%	$19.11	+352.2%	COM	384747101
GEF/B	GREIF INC-CL B	197,033	$14,716	7.2%	$29.44	+123.4%	COM	397624206
ARVN	ARVINAS INC	452,789	$5,370	2.6%	$7.58	+43.9%	COM	04335A105
GOOGL	ALPHABET INC-CL A	12,000	$3,756	1.8%	$165.47	+72.6%	COM	02079K305
SPNT	SIRIUSPOINT LTD	200,832	$4,396	2.1%	$11.99	+67.1%	COM	G8192H106
SHG	SHINHAN FINANCIAL GROUP-ADR	138,169	$7,410	3.6%	$45.99	—	COM	824596100
LILAK	LIBERTY LATIN AMERIC-CL C	359,048	$2,678	1.3%	$9.08	-9.4%	COM	G9001E128
GOOGL	ALPHABET INC-CL A	4,900	$1,534	0.7%	$165.47	+72.6%	CALL	02079K305
NMM	NAVIOS MARITIME PARTNERS LP	24,800	$1,300	0.6%	$45.05	—	COM	Y62267409
LILA	LIBERTY LATIN AMERIC-CL A	164,481	$1,216	0.6%	$8.84	-8.1%	COM	G9001E102
LEN/B	LENNAR CORP - B SHS	5,629	$535	0.3%	$39.30	+186.9%	COM	526057302
WFRD	WEATHERFORD INTERNATIONAL PL	10,000	$783	0.4%	$59.40	+22.2%	COM	G48833118
OPY	OPPENHEIMER HOLDINGS-CL A	54,999	$3,976	1.9%	$49.96	+39.3%	COM	683797104
AAPL	APPLE INC	4,900	$1,332	0.6%	—	—	PUT	037833100
CWBC	COMMUNITY WEST BANCSHARES	43,864	$987	0.5%	$18.25	+19.2%	COM	203937107
GNW	GENWORTH FINANCIAL INC	487,400	$4,401	2.1%	$7.34	+18.7%	COM	37247D106
MTG	MGIC INVESTMENT CORP	74,000	$2,162	1.1%	$13.57	+107.0%	COM	552848103
MET	METLIFE INC	10,000	$789	0.4%	—	—	CALL	59156R108
NODK	NI HOLDINGS INC	51,392	$684	0.3%	$17.19	-21.5%	COM	65342T106
BTG	B2GOLD CORP	25,000	$113	0.1%	$2.66	+75.4%	COM	11777Q209
TRC	TEJON RANCH CO	13,742	$217	0.1%	$18.83	-15.3%	COM	879080109
CLPR	CLIPPER REALTY INC	22,618	$86	0.0%	$11.11	—	COM	18885T306