# Arbiter Partners

> Arbiter Partners is an SEC-registered investment advisory firm in New York, NY, registered since 2011, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 28, 2026.

- CRD: 156290
- Filed as: ARBITER PARTNERS
- Legal name: Arbiter Partners Capital Management, LLC
- Also doing business as: BROKEN CLOCK MANAGEMENT, L.L.C. (RELYING ADVISOR)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: April 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/156290
- AdvisorCensus page: https://advisorcensus.com/firm/arbiter-partners-new-york-ny-156290

## Quick answers

**How is Arbiter Partners compensated?**
On its Form ADV (Item 5.E, October 2026), Arbiter Partners reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Arbiter Partners located?**
Arbiter Partners' principal office is in New York, NY, according to its Form ADV.

**Is Arbiter Partners registered with the SEC or a state?**
Arbiter Partners is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 156290.

**How much does Arbiter Partners manage?**
Arbiter Partners reports $1,250,700,000 in regulatory assets under management in its Form ADV filing dated April 28, 2026 (71% discretionary).

**How have Arbiter Partners' assets and staff changed since 2021?**
In the Form ADV data for Arbiter Partners: Regulatory assets under management: $971,200,000 in the October 2021 data and $1,250,700,000 in the October 2026 data, up 29%. Total employees: 12 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Arbiter Partners serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (11); pooled investment vehicles (other than investment companies and business development companies) (6); charitable organizations (2).

**Which custodians does Arbiter Partners use?**
Arbiter Partners' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Deutsche Bank Trust Company Americas, Global Fund Custody and Goldman Sachs & Co. LLC as custodians holding 10% or more of its separately managed account assets.

**Does Arbiter Partners report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156290

**What changed in Arbiter Partners' recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $778,600,000 to $1,250,700,000 (+61%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Deutsche Bank Trust Company Americas
- Global Fund Custody
- Goldman Sachs & Co. LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,250,700,000
- Discretionary: $886,200,000
- Non-discretionary: $364,500,000

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 11 | $423,700,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $575,700,000 |
| Charitable organizations | 2 | $151,300,000 |
| Other investment advisers | 1 | $100,000,000 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2011 (15 years)
- Employees: 12 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- arbiterpartners.net

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $971,200,000 | 12 | May 5, 2021 |
| October 2022 | $958,400,000 | 12 | May 24, 2022 |
| October 2023 | $734,200,000 | 12 | May 12, 2023 |
| October 2024 | $691,900,000 | 12 | May 8, 2024 |
| October 2025 | $778,600,000 | 12 | April 24, 2025 |
| October 2026 | $1,250,700,000 | 12 | April 28, 2026 |

Regulatory assets under management: $971,200,000 in the October 2021 data and $1,250,700,000 in the October 2026 data, up 29%.
Total employees: 12 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $778,600,000 to $1,250,700,000 (+61%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Arbiter Partners (CRD 156290): Form ADV filing data as of October 2026.