# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0000894189-25-015482
**Filing Date:** 2025-11
**Character Count:** 41210
**Document Hash:** 7b98a67d372d4374625d1786490979de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015482.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015482

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intrepid Capital Management Funds Trust
- **CENTRAL INDEX KEY:** 0001300746

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21625
- **FILM NUMBER:** 251525610

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 MARSH LANDING PKWY, SUITE 106
- **CITY:** JACKSONVILLE BEACH
- **STATE:** FL
- **ZIP:** 32250
- **BUSINESS PHONE:** 904-246-3433

**MAIL ADDRESS:**
- **STREET 1:** 1400 MARSH LANDING PKWY, SUITE 106
- **CITY:** JACKSONVILLE BEACH
- **STATE:** FL
- **ZIP:** 32250

## Series and Classes Contracts Data

### Intrepid Income Fund (Series ID: S000017981)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091655 | Institutional Class | ICMUX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Intrepid Capital Management Funds Trust

- **b. Investment Company Act file number:** 811-21625

- **c. CIK number of Registrant:** 0001300746

- **d. LEI of Registrant:** 549300SDGJ1WLXS2N321

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1400 Marsh Landing Parkway

  - **City:** Jacksonville Beach

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 32250

  - **Telephone number:** 904-246-3433

**Item A.2. Information about the Series.**

- **a. Name of Series:** Intrepid Income Fund

- **b. EDGAR series identifier (if any):** S000017981

- **c. LEI of Series:** 549300R6K0YJJYEMZZ65

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1141290236.50

**Total Liabilities:** $20634325.61

**Net Assets:** $1120655910.89

**Delayed Delivery Securities:** $920000.00

**Cash Not Reported:** $7101252.05

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 2689.919787000000 | **5-Year:** 7618.293951000000 | **10-Year:** 315.609216000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 77591.110026000000 | **1-Year:** 83528.886636000000 | **5-Year:** 37072.845986000000 | **10-Year:** 11788.681319000000 | **30-Year:** 1207.403680000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091655 | 0.86%                | 1.39%                | 0.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1062903.51              | $402959.22                                 |
| Month 2  | $2821453.92              | $5573032.09                                |
| Month 3  | $908832.10               | $2096113.41                                |

### Schedule of Portfolio Investments

| Name                                    | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADVANCED FLOWER CAP INC                 | Advanced Flower Capital Inc                                              | CUSIP: 00109KAA3<br>LEI: 5493005G0MGS3E0E7218 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6836976.30   | 0.61%             | 2027-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                          | ANGI Group LLC                                                           | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26368000 | PA      | $24805696.00  | 2.21%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                 | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7445000 | PA      | $7867258.07   | 0.70%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5609000 | PA      | $5606730.60   | 0.50%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9655139.80   | 0.86%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc    | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13463000 | PA      | $14181816.50  | 1.27%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                   | LD Holdings Group LLC                                                    | CUSIP: 521088AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6923845.60   | 0.62%             | 2027-11-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JILL ACQUISITION LLC                    | Jill Acquisition LLC                                                     | CUSIP: 47741LAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1306154 | PA      | $1308609.41   | 0.12%             | 2028-05-08      | Floating      | 12.29%                | No            |                  2 | On Loan: No      |
| HIGHPEAK ENERGY INC                     | HighPeak Energy Inc                                                      | CUSIP: N/A<br>LEI: 549300J4RNCV140DUY76       | Long             | LON              | CORP              | US        |  12000000 | PA      | $12067500.00  | 1.08%             | 2026-09-30      | Floating      | 11.95%                | No            |                  2 | On Loan: No      |
| LXKernelmatter                          | LXKernelmatter                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3416938 | PA      | $3416938.46   | 0.30%             | 2026-08-14      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| FIRSTCASH INC                           | FirstCash Inc                                                            | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  20596000 | PA      | $20575210.40  | 1.84%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                 | Five Point Operating Co LP                                               | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11209000 | PA      | $11380789.13  | 1.02%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                  | Full House Resorts Inc                                                   | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |  29633000 | PA      | $27531469.13  | 2.46%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                          | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9731493.00   | 0.87%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GREAT AJAX OPER PSHIP                   | Great Ajax Operating Partnership LP                                      | CUSIP: 38982GAA4<br>LEI: 549300IMX0KE8QJMZ613 | Long             | DBT              | CORP              | US        |  20500000 | PA      | $20163150.77  | 1.80%             | 2027-09-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Global Tel*Link Corporation             | Global Tel*Link Corporation, Senior Secured First Lien Term Loan         | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  31834862 | PA      | $31170309.09  | 2.78%             | 2029-08-06      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                | Aston Martin Capital Holdings Ltd                                        | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   1500000 | PA      | $1469912.85   | 0.13%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                 | Beach Acquisition Bidco LLC                                              | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |  26700000 | PA      | $28869401.70  | 2.58%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                          | Becle SAB de CV                                                          | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |   4315000 | PA      | $3731430.77   | 0.33%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                | Brinker International Inc                                                | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |  15120000 | PA      | $16004489.76  | 1.43%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                       | Bristow Group Inc                                                        | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |  22526000 | PA      | $22667102.86  | 2.02%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                           | CHC Group LLC                                                            | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11300000 | PA      | $11143467.43  | 0.99%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Chicago Atlantic Real Estate F          | Chicago Atlantic Real Estate Finance Inc                                 | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140905 | NS      | $1802174.95   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO ATLANTIC REAL ES                | Chicago Atlantic Real Estate Finance Inc                                 | CUSIP: 16723TAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17500000 | PA      | $17521875.00  | 1.56%             | 2028-10-18      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                            | Cimpress PLC                                                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |  21123000 | PA      | $21121394.23  | 1.88%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Chicago Atlantic BDC Inc                | Chicago Atlantic BDC Inc                                                 | CUSIP: 828174102<br>LEI: 549300UCS6M1BNMDQZ18 | Long             | EC               | CORP              | US        |    717987 | NS      | $7538863.50   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ATENTO S.A.                             | ATENTO S.A.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 661412762 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Atento Class A Preferred Shares         | Atento Class A Preferred Shares                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   5587837 | PA      | $4190877.75   | 0.37%             | 2028-02-23      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| CATAWBA NATION GAMING AU                | Catawba Nation Gaming Authority                                          | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6000000 | PA      | $6140640.00   | 0.55%             | 2032-03-29      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA                       | Atento Luxco 1 SA                                                        | CUSIP: ZL5424722<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |   8575710 | PA      | $8575709.58   | 0.77%             | 2028-05-17      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| ATENTO LUXCO 1 SA                       | Atento Luxco 1 SA                                                        | CUSIP: ZI1858698<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |   3883353 | PA      | $3883353.00   | 0.35%             | 2029-11-30      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| CVR ENERGY INC                          | CVR Energy Inc                                                           | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   9262000 | PA      | $9473983.65   | 0.85%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CINC BELL TEL                           | Cincinnati Bell Telephone Co LLC                                         | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12745000 | PA      | $12556374.00  | 1.12%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CITRIX SYSTEMS INC                      | Citrix Systems Inc                                                       | CUSIP: 177376AE0<br>LEI: HCTKJGUQOPZ5NBK7NP58 | Long             | DBT              | CORP              | US        |  11474000 | PA      | $10990141.42  | 0.98%             | 2027-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES                   | Conduent Business Services LLC / Conduent State & Local Solutions Inc    | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29676000 | PA      | $28709072.83  | 2.56%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                             | Deluxe Corp                                                              | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  16039000 | PA      | $16017851.62  | 1.43%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                             | Deluxe Corp                                                              | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   7043000 | PA      | $7366654.02   | 0.66%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                   | Dick's Sporting Goods Inc                                                | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |  25114000 | PA      | $24624949.80  | 2.20%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                | Diversified Healthcare Trust                                             | CUSIP: 25525PAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6044000 | PA      | $5982418.89   | 0.53%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                | Diversified Healthcare Trust                                             | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17000000 | PA      | $17310137.46  | 1.54%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENCELADUS DEV VENTUR III                | Enceladus Development Venture III LLC                                    | CUSIP: 29290BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2111111 | PA      | $2058333.33   | 0.18%             | 2023-11-15      | None          | 10.00%                | No            |                  2 | On Loan: No      |
| EZCORP INC                              | EZCORP Inc                                                               | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11747868.00  | 1.05%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                          | Green Dot Corp                                                           | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10140952.40  | 0.90%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GREEN PLAINS INC                        | Green Plains Inc                                                         | CUSIP: 393222AK0<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | DBT              | CORP              | US        |  27400000 | PA      | $26312739.78  | 2.35%             | 2027-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GROUPON INC                             | Groupon Inc                                                              | CUSIP: 399473AK3<br>LEI: 5299005W5W1R5POQJL03 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7157712.30   | 0.64%             | 2030-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC                    | GrubHub Holdings Inc                                                     | CUSIP: 40010PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19645000 | PA      | $19704715.89  | 1.76%             | 2030-07-31      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                | Diversified Healthcare Trust                                             | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4770943.00   | 0.43%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Common Citizen Senior Secured Term Loan | Common Citizen Senior Secured Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  10036155 | PA      | $10036154.51  | 0.90%             | 2025-12-31      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                 | Macy's Retail Holdings LLC                                               | CUSIP: 314275AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16369000 | PA      | $15123810.17  | 1.35%             | 2037-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                    | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13400000 | PA      | $13511514.80  | 1.21%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                 | Macy's Retail Holdings LLC                                               | CUSIP: 55616XAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1226128.34   | 0.11%             | 2042-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                      | Rithm Capital Corp                                                       | CUSIP: 64828T805<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    400000 | NS      | $9944000.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                      | Rithm Capital Corp                                                       | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12292944.00  | 1.10%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                           | PRA Group Inc                                                            | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |  16898000 | PA      | $15709643.08  | 1.40%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                           | PRA Group Inc                                                            | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   8545000 | PA      | $8829026.32   | 0.79%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT                | PennyMac Mortgage Investment Trust                                       | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    200000 | NS      | $5098000.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC CORP                           | PennyMac Corp                                                            | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   7110000 | PA      | $7095780.00   | 0.63%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                           | PennyMac Corp                                                            | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9301500.00   | 0.83%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                     | Petroleos Mexicanos                                                      | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  13130000 | PA      | $13121292.05  | 1.17%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C                | PHH Escrow Issuer LLC/PHH Corp                                           | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20291341.60  | 1.81%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                        | Pitney Bowes Inc                                                         | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   1702000 | PA      | $1702185.86   | 0.15%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                        | Pitney Bowes Inc                                                         | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |  16694000 | PA      | $16974442.51  | 1.51%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                | Raising Cane's Restaurants LLC                                           | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |  18690000 | PA      | $19646759.79  | 1.75%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| RAMACO RESOURCES INC                    | Ramaco Resources Inc                                                     | CUSIP: 75134P709<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |    146575 | NS      | $3637551.78   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| RAMACO RESOURCES INC                    | Ramaco Resources Inc                                                     | CUSIP: 75134P808<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |    200000 | NS      | $5122000.00   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC                   | ReadyCap Holdings LLC                                                    | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4986260.30   | 0.44%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio              | Invesco Treasury Portfolio                                               | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  11369212 | NS      | $11369211.66  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | EUR/USD FWD 20260102                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-8213.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                     | EUR/USD FWD 20251001                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $34818.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                     | LIEN_PUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    717987 | NC      | $1960104.51   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC                 | Peloton Interactive Inc                                                  | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |  17909548 | PA      | $18191623.12  | 1.62%             | 2029-05-30      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| Prosomnus Restructured Equity           | Prosomnus Restructured Equity                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1584196 | NS      | $1584196.00   | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Prosomnus 8% 12/31/2026                 | Prosomnus 8% 12/31/2026                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3330693 | PA      | $3330693.35   | 0.30%             | 2026-12-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| RITHM CAPITAL CORP                      | Rithm Capital Corp                                                       | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5120725.00   | 0.46%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                       | Upbound Group Inc                                                        | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |  12893000 | PA      | $12741616.84  | 1.14%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SKILLZ INC                              | Skillz Inc                                                               | CUSIP: 83067LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26188000 | PA      | $26044489.76  | 2.32%             | 2026-12-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Southern Realty Trust Inc.              | Southern Realty Trust Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    125000 | NS      | $2500000.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                                                         | CUSIP: 88339PAE1<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |  39637171 | PA      | $42287906.81  | 3.77%             | 2029-03-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP                  | Trulieve Cannabis Corp                                                   | CUSIP: 89788CAD6<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |  26349000 | PA      | $26307895.56  | 2.35%             | 2026-10-06      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                | Turning Point Brands Inc                                                 | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |  23012000 | PA      | $24401717.69  | 2.18%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                              | Twilio Inc                                                               | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |  30357000 | PA      | $28561441.13  | 2.55%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                             | Unisys Corp                                                              | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |  17225000 | PA      | $18367034.73  | 1.64%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                | United Natural Foods Inc                                                 | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |  24971000 | PA      | $25019860.76  | 2.23%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO                | Varex Imaging Corp                                                       | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |  14923000 | PA      | $15241098.67  | 1.36%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC                    | Warrior Met Coal Inc                                                     | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |  18372000 | PA      | $18724181.87  | 1.67%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Southern Realty Trust Inc.              | Southern Realty Trust Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $1000000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                       | Xerox Corp                                                               | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |  13600000 | PA      | $13833185.60  | 1.23%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                       | Xerox Corp                                                               | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8721464.85   | 0.78%             | 2031-04-15      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                | United Natural Foods Inc                                                 | CUSIP: 91116KAD7<br>LEI: 549300GKGW6WPZ282D40 | Long             | LON              | CORP              | US        |   3912321 | PA      | $3940039.50   | 0.35%             | 2031-05-01      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| STIIIZY T/L (7/25)                      | STIIIZY T/L (7/25)                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  13548708 | PA      | $13413220.85  | 1.20%             | 2029-07-30      | Floating      | 15.58%                | No            |                  2 | On Loan: No      |
| VERVE GROUP SE                          | Verve Group SE                                                           | CUSIP: YR9250543<br>LEI: 391200UIIWMXRLGARB95 | Long             | DBT              | CORP              | SE        |   7000000 | PA      | $8167567.13   | 0.73%             | 2029-04-01      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| SRT_Blocker                             | SRT_Blocker                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Intrepid Capital Management Funds Trust

**Signature:** Tim Page

**Name of Signer:** Intrepid Capital Management Funds Trust

**Title:** Secretary/Treasurer