Arbiter Partners Capital Management’s Texas Pacific Land TPL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2019 Q1	–	Sell	-5,139	Closed	-$309K	–	56
2018 Q4	$309K	Sell	5,139 -2,700	-34%	-$195K	0.03%	49
2018 Q3	$751K	Hold	7,839	–	–	0.08%	49
2018 Q2	$606K	Sell	7,839 -7,470	-49%	-$524K	0.06%	47
2018 Q1	$860K	Hold	15,309	–	–	0.1%	46
2017 Q4	$760K	Sell	15,309 -40,140	-72%	-$1.83M	0.08%	48
2017 Q3	$2.49M	Sell	55,449 -137,025	-71%	-$5.48M	0.28%	40
2017 Q2	$6.28M	Sell	192,474 -576,072	-75%	-$18.6M	0.77%	23
2017 Q1	$23.9M	Sell	768,546 -298,557	-28%	-$10M	3.08%	7
2016 Q4	$35.2M	Sell	1,067,103 -262,548	-20%	-$8.23M	5.9%	7
2016 Q3	$35.4M	Buy	1,329,651 +298,269	+29%	+$6.11M	4.2%	9
2016 Q2	$19.3M	Hold	1,031,382	–	–	2.5%	9
2016 Q1	$16.7M	Hold	1,031,382	–	–	3.12%	8
2015 Q4	$15M	Hold	1,031,382	–	–	1.92%	16
2015 Q3	$16.1M	Hold	1,031,382	–	–	1.57%	15
2015 Q2	$17.2M	Hold	1,031,382	–	–	1.54%	15
2015 Q1	$16.6M	Hold	1,031,382	–	–	1.43%	15
2014 Q4	$13.5M	Hold	1,031,382	–	–	1.25%	19
2014 Q3	$22.1M	Hold	1,031,382	–	–	2.17%	13
2014 Q2	$18.3M	Hold	1,031,382	–	–	1.81%	15
2014 Q1	$14.8M	Hold	1,031,382	–	–	1.66%	18
2013 Q4	$11.4M	Hold	1,031,382	–	–	1.58%	21
2013 Q3	$9.69M	Buy	1,031,382 +20,988	+2%	+$198K	2.32%	14
2013 Q2	$9.48M	Buy	+1,010,394	New	+$8.7M	1.41%	22