Paul Isaac – Arbiter Partners Capital Management Options Positions & Derivatives (Jun 30, 2025)

As of Jun 30, 2025, the Arbiter Partners Capital Management portfolio disclosed options positions in its latest SEC 13F filing reported on Aug 14, 2025. These filings include call and put options tied to underlying equity holdings, providing a deeper look at the fund's use of derivatives for exposure and hedging.

The reported options activity included 217 call contracts and 273 put contracts across companies such as Alphabet Inc. (GOOGL), Arbor Realty Trust (ABR), Tesla, Inc. (TSLA). Options positions can signal strategies around hedging risk, enhancing leverage, or adjusting portfolio exposure during market shifts.

Balances

Arbiter Partners Capital Management Options Activity

Date	Symbol	Name	Option	Quantity	Value
Q3 2022	CLX Clorox Company (The)	Clorox Company (The)	PUT	27,500	$3,531
Q3 2022	DLR Digital Realty Trust, Inc.	Digital Realty Trust, Inc.	PUT	23,700	$2,351
Q3 2022	IWO iShares Russell 2000 Growth ETF	iShares Russell 2000 Growth ETF	PUT	74,400	$15,370
Q3 2022	JXN Jackson Financial Inc.	Jackson Financial Inc.	CALL	40,000	$1,110
Q3 2022	TSLA Tesla, Inc.	Tesla, Inc.	PUT	209,400	$55,543
Q2 2022	ARKK ARK Innovation ETF	ARK Innovation ETF	PUT	46,000	$1,834
Q2 2022	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	90,000	$2,155
Q2 2022	JXN Jackson Financial Inc.	Jackson Financial Inc.	CALL	20,000	$535
Q2 2022	TSLA Tesla, Inc.	Tesla, Inc.	PUT	79,300	$53,402
Q1 2022	ARKK ARK Innovation ETF	ARK Innovation ETF	PUT	27,000	$1,790
Q1 2022	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	90,000	$4,348
Q1 2022	TSLA Tesla, Inc.	Tesla, Inc.	PUT	44,300	$47,738
Q4 2021	ARKK ARK Innovation ETF	ARK Innovation ETF	PUT	15,000	$1,419
Q4 2021	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	103,000	$6,711
Q4 2021	C Citigroup, Inc.	Citigroup, Inc.	CALL	100,000	$6,039
Q4 2021	TSLA Tesla, Inc.	Tesla, Inc.	PUT	630,800	$666,617
Q3 2021	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	43,000	$4,526
Q3 2021	TSLA Tesla, Inc.	Tesla, Inc.	PUT	628,200	$487,157
Q3 2021	VIRT Virtu Financial, Inc.	Virtu Financial, Inc.	CALL	25,000	$611
Q2 2021	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	43,000	$6,772
Q2 2021	TSLA Tesla, Inc.	Tesla, Inc.	PUT	628,200	$426,988
Q2 2021	VIRT Virtu Financial, Inc.	Virtu Financial, Inc.	CALL	90,000	$2,487
Q1 2021	APPF AppFolio, Inc.	AppFolio, Inc.	PUT	5,000	$707
Q1 2021	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	60,000	$7,807
Q1 2021	TRUP Trupanion, Inc.	Trupanion, Inc.	PUT	200,000	$15,242
Q1 2021	TSLA Tesla, Inc.	Tesla, Inc.	PUT	1,741,000	$1,162,866
Q4 2020	APPF AppFolio, Inc.	AppFolio, Inc.	PUT	5,000	$900
Q4 2020	BYND Beyond Meat, Inc.	Beyond Meat, Inc.	PUT	60,000	$7,500
Q4 2020	LNC Lincoln National Corporation	Lincoln National Corporation	CALL	47,600	$2,395
Q4 2020	PEN Penumbra, Inc.	Penumbra, Inc.	PUT	20,000	$3,500

Page 4 of 17 • 490 total positions

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