9AT: ARBITER PARTNERS

Adviser Profile

As of Date	04/28/2026
Registration	SEC, Approved, 02/22/2011
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	1,250,700,000 81%
of that, discretionary	886,200,000 108%
Number of Employees	12
of those in investment advisory functions	7
Private Fund GAV^*	678,300,000 85%
Avg Account Size	62,535,000 99%
% High Net Worth	55.00% -7%
SMA’s	Yes
Private Funds	7 1

Adviser Type

- Large advisory firm

Client Types

- High net worth individuals
- Pooled investment vehicles
- Charitable organizations
- Other investment advisers

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser SPEARHEAD ADMINISTRATIVE SERVICES, LLC	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund150.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.8b	AUM3.8b	#Funds24
Adviser BLACKSTONE ALTERNATIVE ASSET MANAGEMENT L.P.	Hedge Fund27.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund71.1b	Total Private Fund GAV98.2b	AUM92.0b	#Funds113
Adviser AXIOM INVESTORS	Hedge Fund320.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.7b	Total Private Fund GAV3.0b	AUM28.1b	#Funds12
Adviser SOUTHEAST ASSET ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund261.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund182.4m	Total Private Fund GAV443.8m	AUM4.2b	#Funds7
Adviser MFS INSTITUTIONAL ADVISORS INC.	Hedge Fund595.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.1b	Total Private Fund GAV1.7b	AUM113.6b	#Funds7
Adviser AON INVESTMENTS USA INC.	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund883.3m	Total Private Fund GAV2.1b	AUM151.0b	#Funds8
Adviser ARNHOLD LLC	Hedge Fund2.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund695.2m	Total Private Fund GAV2.8b	AUM6.4b	#Funds10
Adviser NATIONAL INVESTMENT SERVICES OF AMERICA, LLC	Hedge Fund1.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund6.7b	Total Private Fund GAV7.7b	AUM16.3b	#Funds12
Adviser T. ROWE PRICE INTERNATIONAL LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM277.2b	#Funds-
Adviser THOMPSON SIEGEL & WALMSLEY LLC	Hedge Fund274.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.9m	Total Private Fund GAV276.9m	AUM21.1b	#Funds5

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker384747101	Stock NameGRAIL INC	$ Position$70,611,456	% Position37.00%	$ Change32.00%	# Change0.00%
Stck Ticker397624206	Stock NameGREIF INC-CL B	$ Position$18,125,340	% Position10.00%	$ Change6.00%	# Change-1.00%
Stck Ticker21871X109	Stock NameCOREBRIDGE FINANCIAL INC	$ Position$11,370,548	% Position6.00%	$ Change104.00%	# Change70.00%
Stck Ticker88160R101	Stock NameTESLA INC (PUT)	$ Position$8,664,360	% Position5.00%	$ Change-53.00%	# Change-58.00%
Stck Ticker683797104	Stock NameOPPENHEIMER HOLDINGS-CL A	$ Position$7,028,858	% Position4.00%	$ Change43.00%	# Change21.00%
Stck Ticker68828E809	Stock NameOSISKO DEVELOPMENT CORP	$ Position$5,319,740	% Position3.00%	$ Change-22.00%	# Change4.00%
Stck TickerG8192H106	Stock NameSIRIUSPOINT LTD	$ Position$5,820,768	% Position3.00%	$ Change35.00%	# Change21.00%
Stck Ticker140475203	Stock NameSONIDA SENIOR LIVING INC	$ Position$5,675,239	% Position3.00%	$ Change17.00%	# Change-9.00%
Stck Ticker85916J409	Stock NameSTEREOTAXIS INC	$ Position$4,960,232	% Position3.00%	$ Change-7.00%	# Change0.00%
Stck Ticker63938C108	Stock NameNAVIENT CORP	$ Position$5,638,283	% Position3.00%	$ Change34.00%	# Change29.00%

Brochure Summary

Overview

Paul J. Isaac is the founder, majority principal, and portfolio manager of Arbiter Partners Capital Management, LLC (“Arbiter Partners”). Arbiter Partners was formed in January 2007 and is the investment manager to multiple investment funds operated under the Arbiter name. However, our operations predate the formation of Arbiter Partners and our first fund was founded in 2001. Our funds are opportunistic, investing primarily in equities, fixed income, and derivatives using a variety of long / short strategies. The goal is to maximize long-term capital appreciation. The investments are generally global in scope and are made across a range of instruments, including the occasional ETF, closed end mutual fund, and private placement. We have a global financials fund that is primarily long equities and concentrated in a single sector. We also offer special opportunity funds, which are long only and focus on investments in the securities of a single corporate complex, and accordingly, are concentrated investments involving a smaller range of instruments. As of January 1, 2024, our advised funds had approximately $345 million under management on a discretionary basis. At the beginning of 2013, Arbiter Partners began offering advisory services to certain large clients through separately

managed accounts. These accounts pursue similar investment objectives to our funds and seek long-term capital appreciation through investment programs similar to our primary and/or special opportunity funds. They may invest in parallel to our funds. These accounts had approximately $81 million under management as of January 1, 2024. Arbiter Partners also provides management and certain administrative services to various accounts controlled by Mr. Isaac or his family and to certain trusts related to his family (the “Isaac Accounts”). These accounts have considerable overlap in strategies to the Arbiter funds, except that they are generally long-only, use few or no derivatives, and are willing to accept greater illiquidity, country and interim price risk. Other than through the agreements that control our separately managed account relationships and the agreements entered into on behalf of our single investor funds, we do not generally tailor advisory services to the individual needs of a client or an investor. In the context of these agreements Arbiter Partners has agreed to modify the investment program of such accounts and funds to facilitate specific client or investor requests, and we may do so in the future. We do not currently participate in any wrap fee programs.

ARBITER PARTNERS

ARBITER PARTNERS

FORT HOOSAC MANAGEMENT, LLC

FORT HOOSAC MANAGEMENT, L.L.C.

BROKEN CLOCK MANAGEMENT, L.L.C. (RELYING ADVISOR)

ARBITER PARTNERS CAPITAL MANAGEMENT, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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ARBITER PARTNERS ARBITER PARTNERS FORT HOOSAC MANAGEMENT, LLC FORT HOOSAC MANAGEMENT, L.L.C. BROKEN CLOCK MANAGEMENT, L.L.C. (RELYING ADVISOR) ARBITER PARTNERS CAPITAL MANAGEMENT, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

ARBITER PARTNERS

ARBITER PARTNERS

FORT HOOSAC MANAGEMENT, LLC

FORT HOOSAC MANAGEMENT, L.L.C.

BROKEN CLOCK MANAGEMENT, L.L.C. (RELYING ADVISOR)

ARBITER PARTNERS CAPITAL MANAGEMENT, LLC