# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0001145549-25-056650
**Filing Date:** 2025-8
**Character Count:** 69936
**Document Hash:** eb1e7b8d498ccc05f20abf712ef35107
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056650.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-056650

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251276920

**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           |

## Nport-Ex

---

| |
|:---|
| **Intrepid Income Fund** |
| **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS - 79.7%** | **CORPORATE BONDS - 79.7%** | **Par** | **Value** |
| **Automobiles & Components - 0.1%** | **Automobiles & Components - 0.1%** | **Automobiles & Components - 0.1%** | **Automobiles & Components - 0.1%** |
|  Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029 <sup>(a)</sup> |  | 1500000 | $1421864 |
| **Capital Goods - 3.0%** | **Capital Goods - 3.0%** | **Capital Goods - 3.0%** | **Capital Goods - 3.0%** |
| Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
| &nbsp;&nbsp; 6.25%, 05/15/2026 |  | 16645000 | 16540751 |
| &nbsp;&nbsp; 10.00%, 11/15/2029 <sup>(a)</sup> |  | 4000000 | 3964742 |
| &nbsp;&nbsp; 9.00%, 06/15/2030 |  | 10000000 | 9377497 |
|  |  |  | 29882990 |
| **Commercial & Professional Services - 8.3%** | **Commercial & Professional Services - 8.3%** | **Commercial & Professional Services - 8.3%** | **Commercial & Professional Services - 8.3%** |
| Atento Luxco 1 SA | Atento Luxco 1 SA | Atento Luxco 1 SA | Atento Luxco 1 SA |
| &nbsp;&nbsp; 20.00% (includes 10.00% Cash and 10.00% PIK), 11/30/2029 <sup>(a)(b)</sup> |  | 3883093 | 3883093 |
| &nbsp;&nbsp; 12.00% (includes 12.00% PIK), 05/17/2028 <sup>(a)(b)</sup> |  | 8314430 | 8314430 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> |  | 21123000 | 20194416 |
| Conduent Business Services LLC, 6.00%, 11/01/2029 (a) <br>|  | 26176000 | 25013466 |
| Deluxe Corp. |  |  |  |
| &nbsp;&nbsp; 8.00%, 06/01/2029 <sup>(a)</sup> |  | 16039000 | 15461983 |
| &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> |  | 7043000 | 7275947 |
|  Pitney Bowes, Inc., 6.88%, 03/15/2027 <sup>(a)</sup> |  | 1702000 | 1719384 |
|  |  |  | 81862719 |
| **Consumer Discretionary Distribution & Retail - 7.6%** | **Consumer Discretionary Distribution & Retail - 7.6%** | **Consumer Discretionary Distribution & Retail - 7.6%** | **Consumer Discretionary Distribution & Retail - 7.6%** |
|  Foot Locker, Inc., 4.00%, 10/01/2029 <sup>(a)</sup> |  | 25114000 | 23771599 |
| Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| &nbsp;&nbsp; 6.38%, 03/15/2037 |  | 16369000 | 13412475 |
| &nbsp;&nbsp; 5.13%, 01/15/2042 |  | 1550000 | 1072962 |
|  RealReal, Inc., 13.00% (includes 8.25% Cash and 4.25% PIK), 03/01/2029 <sup>(a)</sup> |  | 22887090 | 24288924 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> |  | 12293000 | 12104141 |
|  |  |  | 74650101 |
| **Consumer Durables & Apparel - 1.3%** | **Consumer Durables & Apparel - 1.3%** | **Consumer Durables & Apparel - 1.3%** | **Consumer Durables & Apparel - 1.3%** |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 <sup>(a)</sup> |  | 12000000 | 12464520 |
| **Consumer Services - 7.2%** | **Consumer Services - 7.2%** | **Consumer Services - 7.2%** | **Consumer Services - 7.2%** |
| Brinker International, Inc., 8.25%, 07/15/2030 <sup>(a)</sup> |  | 15120000 | 16123560 |
|  Full House Resorts, Inc., 8.25%, 02/15/2028 <sup>(a)</sup> |  | 26933000 | 26192437 |
|  GrubHub Holdings, Inc., 5.50%, 07/01/2027 <sup>(a)</sup> |  | 9645000 | 9369711 |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 <sup>(a)</sup> |  | 18690000 | 19746602 |
|  |  |  | 71432310 |
| **Consumer Staples Distribution & Retail - 3.2%** | **Consumer Staples Distribution & Retail - 3.2%** | **Consumer Staples Distribution & Retail - 3.2%** | **Consumer Staples Distribution & Retail - 3.2%** |
|  KeHE Distributors LLC, 9.00%, 02/15/2029 <sup>(a)</sup> |  | 12463000 | 12920828 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> |  | 18971000 | 18737136 |
|  |  |  | 31657964 |
| **Energy - 5.4%** | **Energy - 5.4%** | **Energy - 5.4%** | **Energy - 5.4%** |
|  Alliance Resource Operating Partners LP, 8.63%, 06/15/2029 <sup>(a)</sup> |  | 7445000 | 7916075 |
|  Bristow Group, Inc., 6.88%, 03/01/2028 <sup>(a)</sup> |  | 22526000 | 22651425 |
|  CVR Energy, Inc., 8.50%, 01/15/2029 <sup>(a)</sup> |  | 9262000 | 9274346 |
|  Petroleos Mexicanos, 6.88%, 10/16/2025 |  | 13130000 | 13126026 |
|  |  |  | 52967872 |
| **Equity Real Estate Investment Trusts (REITs) - 2.0%** | **Equity Real Estate Investment Trusts (REITs) - 2.0%** | **Equity Real Estate Investment Trusts (REITs) - 2.0%** | **Equity Real Estate Investment Trusts (REITs) - 2.0%** |
|  Diversified Healthcare Trust, 0.00%, 01/15/2026 <sup>(a)(c)</sup> |  | 19992000 | 19468901 |
| **Financial Services - 16.6%** | **Financial Services - 16.6%** | **Financial Services - 16.6%** | **Financial Services - 16.6%** |
|  Advanced Flower Capital, Inc., 5.75%, 05/01/2027 <sup>(a)</sup> |  | 7000000 | 6774429 |
|  Enceladus Development Venture III LLC, 10.00%, 12/30/2025 <sup>(a)</sup> |  | 2111111 | 2058333 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> |  | 14000000 | 14754208 |
|  FirstCash, Inc., 5.63%, 01/01/2030 <sup>(a)</sup> |  | 20596000 | 20565596 |
|  Great Ajax Operating Partnership LP, 9.88%, 09/01/2027 <sup>(a)(d)</sup> |  | 19000000 | 18767308 |
|  Green Dot Corp., 8.75%, 09/15/2029 <sup>(a)</sup> |  | 10000000 | 10178346 |
|  LD Holdings Group LLC, 8.75%, 11/01/2027 <sup>(a)</sup> |  | 4000000 | 3637358 |
|  PennyMac Mortgage Investment Trust, 9.00%, 02/15/2030 |  | 200000 | 5010000 |
|  PHH Escrow Issuer LLC, 9.88%, 11/01/2029 <sup>(a)</sup> |  | 20000000 | 19767918 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(a)</sup> |  | 16898000 | 15589568 |
| &nbsp;&nbsp; 8.88%, 01/31/2030 <sup>(a)</sup> |  | 8545000 | 8822243 |
|  ReadyCap Holdings LLC, 9.38%, 03/01/2028 <sup>(a)</sup> |  | 5000000 | 4982448 |
| Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. |
| &nbsp;&nbsp; 6.25%, 10/15/2025 <sup>(a)</sup> |  | 6551000 | 6579084 |
| &nbsp;&nbsp; 8.00%, 04/01/2029 <sup>(a)</sup> |  | 12000000 | 12131220 |
| &nbsp;&nbsp; 8.00%, 07/15/2030 <sup>(a)</sup> |  | 5000000 | 5074825 |
|  Visa, Inc., 2.70%, 04/15/2040 |  | 12250000 | 9254898 |
|  |  |  | 163947782 |
| **Food, Beverage & Tobacco - 2.8%** | **Food, Beverage & Tobacco - 2.8%** | **Food, Beverage & Tobacco - 2.8%** | **Food, Beverage & Tobacco - 2.8%** |
|  Becle SAB de CV, 2.50%, 10/14/2031 <sup>(a)</sup> |  | 4315000 | 3578767 |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(a)</sup> |  | 23012000 | 24150910 |
|  |  |  | 27729677 |
| **Health Care Equipment & Services - 0.3%** | **Health Care Equipment & Services - 0.3%** | **Health Care Equipment & Services - 0.3%** | **Health Care Equipment & Services - 0.3%** |
|  Prosomnus 8% 12/31/2026, 8.00% (includes 8.00% PIK), 12/31/2026 <sup>(b)</sup> |  | 3265386 | 3265386 |
| **Household & Personal Products - 1.4%** | **Household & Personal Products - 1.4%** | **Household & Personal Products - 1.4%** | **Household & Personal Products - 1.4%** |
|  Herbalife Nutrition Ltd., 7.88%, 09/01/2025 <sup>(a)</sup> |  | 13486000 | 13538771 |
| **Materials - 1.8%** | **Materials - 1.8%** | **Materials - 1.8%** | **Materials - 1.8%** |
|  Warrior Met Coal, Inc., 7.88%, 12/01/2028 <sup>(a)</sup> |  | 17216000 | 17579774 |
| **Media & Entertainment - 7.7%** | **Media & Entertainment - 7.7%** | **Media & Entertainment - 7.7%** | **Media & Entertainment - 7.7%** |
| ANGI Group LLC, 3.88%, 08/15/2028 (a) <br>|  | 26368000 | 24598058 |
| &nbsp;&nbsp; Gray Media, Inc.<br> 7.00%, 05/15/2027 <sup>(a)</sup> |  | 8850000 | 8852349 |
| &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> |  | 9000000 | 9670455 |
|  Skillz, Inc., 10.25%, 12/15/2026 <sup>(a)</sup> |  | 25188000 | 24986244 |
|  Verve Group SE, 5.94% (3 mo. EURIBOR + 4.00%), 04/01/2029 <sup>(a)</sup> | EUR | 7000000 | 8195581 |
|  |  |  | 76302687 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.3%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.3%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.3%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.3%** |
|  Trulieve Cannabis Corp., 8.00%, 10/06/2026 |  | 23649000 | 23206054 |
| **Software & Services - 4.8%** | **Software & Services - 4.8%** | **Software & Services - 4.8%** | **Software & Services - 4.8%** |
|  Citrix Systems, Inc., 4.50%, 12/01/2027 |  | 11474000 | 10652519 |
|  Twilio, Inc., 3.88%, 03/15/2031 |  | 25357000 | 23739376 |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> |  | 12500000 | 12930843 |
|  |  |  | 47322738 |
| **Technology Hardware & Equipment - 2.5%** | **Technology Hardware & Equipment - 2.5%** | **Technology Hardware & Equipment - 2.5%** | **Technology Hardware & Equipment - 2.5%** |
|  Xerox Corp., 10.25%, 10/15/2030 <sup>(a)</sup> |  | 13600000 | 14256173 |
| Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
| &nbsp;&nbsp; 5.00%, 08/15/2025 <sup>(a)</sup> |  | 3160000 | 3146523 |
| &nbsp;&nbsp; 8.88%, 11/30/2029 <sup>(a)</sup> |  | 220000 | 166337 |
|  Xerox Issuer Corp., 13.50%, 04/15/2031 <sup>(a)</sup> |  | 7000000 | 7219247 |
|  |  |  | 24788280 |
| **Telecommunication Services - 1.2%** | **Telecommunication Services - 1.2%** | **Telecommunication Services - 1.2%** | **Telecommunication Services - 1.2%** |
|  Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 |  | 12745000 | 12361503 |
| **Transportation - 0.2%** | **Transportation - 0.2%** | **Transportation - 0.2%** | **Transportation - 0.2%** |
|  Priority 1 Issuer Logistics DAC, 12.63%, 11/19/2027 |  | 2000000 | 1942214 |
| **TOTAL CORPORATE BONDS** (Cost $770,191,095) | **TOTAL CORPORATE BONDS** (Cost $770,191,095) | **TOTAL CORPORATE BONDS** (Cost $770,191,095) | 787794107 |
| **BANK LOANS - 9.8%** | **BANK LOANS - 9.8%** | **Par** | **Value** |
| **Commercial & Professional Services - 0.3%** | **Commercial & Professional Services - 0.3%** | **Commercial & Professional Services - 0.3%** | **Commercial & Professional Services - 0.3%** |
|  LXActionTarget, 11.50%, 07/19/2027 |  | 3014448 | 2954160 |
| **Consumer Discretionary Distribution & Retail - 0.5%** | **Consumer Discretionary Distribution & Retail - 0.5%** | **Consumer Discretionary Distribution & Retail - 0.5%** | **Consumer Discretionary Distribution & Retail - 0.5%** |
|  American Greetings Corp., Senior Secured First Lien, 10.08% (1 mo. SOFR US + 5.75%), 10/30/2029 |  | 3900000 | 3913085 |
|  Jill Acquisition LLC, Senior Secured First Lien, 12.45% (3 mo. SOFR US + 8.00%), 05/08/2028 |  | 1306154 | 1304116 |
|  |  |  | 5217201 |
| **Consumer Durables & Apparel - 1.8%** | **Consumer Durables & Apparel - 1.8%** | **Consumer Durables & Apparel - 1.8%** | **Consumer Durables & Apparel - 1.8%** |
|  Peloton Interactive, Inc., Senior Secured First Lien, 9.81% (3 mo. SOFR US + 5.50%), 05/30/2029 |  | 17909548 | 18211771 |
| **Consumer Staples Distribution & Retail - 0.2%** | **Consumer Staples Distribution & Retail - 0.2%** | **Consumer Staples Distribution & Retail - 0.2%** | **Consumer Staples Distribution & Retail - 0.2%** |
|  United Natural Foods, Inc., First Lien, 9.08% (1 mo. Term SOFR + 4.75%), 05/01/2031 |  | 1540000 | 1555400 |
| **Financial Services – 1.8%** | **Financial Services – 1.8%** | **Financial Services – 1.8%** | **Financial Services – 1.8%** |
|  Chicago Atlantic Real Estate Finance, Inc., 9.00%, 10/18/2028 |  | 18000000 | 18022500 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 1.9%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.9%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.9%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.9%** |
|  Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2025 |  | 11536155 | 11536155 |
|  Shryne Group, Inc., 17.00%, 05/26/2026 |  | 7022827 | 6991224 |
|  |  |  | 18527379 |
|  **Software & Services - 0.4%** |  |  |  |
|  LXKernelmatter, 10.50% (includes 10.50% PIK), 08/14/2026 <sup>(b)</sup> |  | 3355007 | 3355007 |
| **Telecommunication Services - 2.9%** | **Telecommunication Services - 2.9%** | **Telecommunication Services - 2.9%** | **Telecommunication Services - 2.9%** |
|  ViaPath Technologies, Senior Secured First Lien, 11.83% (1 mo. SOFR US + 7.50%), 08/06/2029 |  | 28834862 | 28537574 |
| **TOTAL BANK LOANS** (Cost $95,796,160) | **TOTAL BANK LOANS** (Cost $95,796,160) | **TOTAL BANK LOANS** (Cost $95,796,160) | 96380992 |
| **CONVERTIBLE BONDS - 5.6%** | **CONVERTIBLE BONDS - 5.6%** | **Par** | **Value** |
| **Consumer Discretionary Distribution & Retail - 1.7%** | **Consumer Discretionary Distribution & Retail - 1.7%** | **Consumer Discretionary Distribution & Retail - 1.7%** | **Consumer Discretionary Distribution & Retail - 1.7%** |
| RealReal, Inc. | RealReal, Inc. | RealReal, Inc. | RealReal, Inc. |
| &nbsp;&nbsp; 1.00%, 03/01/2028 |  | 19175000 | 15148008 |
| &nbsp;&nbsp; 4.00%, 02/15/2031 <sup>(d)</sup> |  | 2503000 | 1986130 |
|  |  |  | 17134138 |
| **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** |
|  Green Plains, Inc., 2.25%, 03/15/2027 |  | 26400000 | 22506528 |
| **Financial Services - 1.6%** | **Financial Services - 1.6%** | **Financial Services - 1.6%** | **Financial Services - 1.6%** |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| &nbsp;&nbsp; 5.50%, 03/15/2026 |  | 7110000 | 7063785 |
| &nbsp;&nbsp; 8.50%, 06/01/2029 |  | 9000000 | 9135000 |
|  |  |  | 16198785 |
| **TOTAL CONVERTIBLE BONDS** (Cost $55,052,097) | **TOTAL CONVERTIBLE BONDS** (Cost $55,052,097) | **TOTAL CONVERTIBLE BONDS** (Cost $55,052,097) | 55839451 |
| **COMMON STOCKS - 1.2%** |  | **Shares** | **Value**  |
| **Commercial & Professional Services - 0.0%<sup>(f)</sup>** | **Commercial & Professional Services - 0.0%<sup>(f)</sup>** | **Commercial & Professional Services - 0.0%<sup>(f)</sup>** |  |
| ATENTO SA <sup>(b)(e)</sup> |  | 661412762 | 0 |
| **Financial Services - 1.0%** | **Financial Services - 1.0%** | **Financial Services - 1.0%** |  |
| Chicago Atlantic BDC, Inc. |  | 717987 | 7431165 |
| Southern Realty Trust, Inc. <sup>(e)</sup> |  | 125000 | 2500000 |
| SRT_Blocker <sup>(e)</sup> |  | 50000 | 0 |
|  |  |  | 9931165 |
| **Health Care Equipment & Services - 0.2%** | **Health Care Equipment & Services - 0.2%** | **Health Care Equipment & Services - 0.2%** |  |
| Prosomnus Restructured Equity <sup>(b)(e)</sup> |  | 1584196 | 1584196 |
| **TOTAL COMMON STOCKS** (Cost $15,257,091) | **TOTAL COMMON STOCKS** (Cost $15,257,091) | **TOTAL COMMON STOCKS** (Cost $15,257,091) | 11515361 |
| **PREFERRED STOCKS - 0.8%** |  | **Shares** | **Value**  |
| **Commercial & Professional Services - 0.4%** | **Commercial & Professional Services - 0.4%** | **Commercial & Professional Services - 0.4%** |  |
|  Atento Class A Preferred Shares, 12.00%, 02/23/2028 <sup>(b)</sup> |  | 5587837 | 4190878 |
| **Materials - 0.4%** | **Materials - 0.4%** | **Materials - 0.4%** |  |
|  Ramaco Resources, Inc., 8.38%, 11/30/2029 |  | 146575 | 3637552 |
| **TOTAL PREFERRED STOCKS** (Cost $9,242,218) | **TOTAL PREFERRED STOCKS** (Cost $9,242,218) | **TOTAL PREFERRED STOCKS** (Cost $9,242,218) | 7828430 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%** |  | **Shares** | **Value**  |
| **Financial Services - 0.3%** | **Financial Services - 0.3%** | **Financial Services - 0.3%** |  |
| Chicago Atlantic Real Estate Finance, Inc. |  | 140905 | 1967034 |
| Southern Realty Trust, Inc. <sup>(e)</sup> |  | 50000 | 1000000 |
|  |  |  | 2967034 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $3,219,254) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $3,219,254) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $3,219,254) | 2967034 |
|  | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - 0.2%** |  |  | $**–** |
|  | $7431165 | 717987 | 2067803 |
| **TOTAL PURCHASED OPTIONS** (Cost $1,791,378) | **TOTAL PURCHASED OPTIONS** (Cost $1,791,378) | **TOTAL PURCHASED OPTIONS** (Cost $1,791,378) | 2067803 |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** |  | **Value**  |
| **Money Market Funds - 2.4%** |  | **<u>Shares</u>** |  |
| Invesco Treasury Portfolio - Class Institutional, 4.23% <sup>(g)</sup> |  | 23319553 | 23319553 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,319,553) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,319,553) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,319,553) | 23319553 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $973,868,846**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $973,868,846**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $973,868,846**)** | 987712731 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(f)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(f)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(f)</sup> | 23947 |
|  |  |  | $987736678 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| EURIBOR - Euro Interbank Offered Rate |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PIK - Payment in Kind |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| EUR - Euro |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $644,832,446 or 65.3% of the Fund's net assets.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $24,592,990 or 2.5% of net assets as of June 30, 2025.

(c) Zero coupon bonds make no periodic interest payments.

(d) Step coupon bond. The rate disclosed is as of June 30, 2025.

(e) Non-income producing security.

(f) Represents less than 0.05% of net assets.

(g) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Intrepid Income Fund** | **Intrepid Income Fund** | **Intrepid Income Fund** | **Intrepid Income Fund** | **Intrepid Income Fund** | **Intrepid Income Fund** | **Intrepid Income Fund** |
| **Schedule of Forward Currency Contracts** | **Schedule of Forward Currency Contracts** | **Schedule of Forward Currency Contracts** | **Schedule of Forward Currency Contracts** | **Schedule of Forward Currency Contracts** | **Schedule of Forward Currency Contracts** | **Schedule of Forward Currency Contracts** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **Counterparty** | **Settlement**<br> **Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br> **Appreciation** <br> (Depreciation) |
| State Street Bank & Trust Co. | 07/01/2025 | USD | 7779776 | EUR | 7115209 | $(602151) |
| State Street Bank & Trust Co. | 10/01/2025 | USD | 8378430 | EUR | 7106242 | (44706) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(646857) |
| EUR - Euro | EUR - Euro | EUR - Euro | EUR - Euro | EUR - Euro | EUR - Euro | EUR - Euro |
| USD - United States Dollar | USD - United States Dollar | USD - United States Dollar | USD - United States Dollar | USD - United States Dollar | USD - United States Dollar | USD - United States Dollar |

---

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Intrepid Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 5010000 | 767321199 | 15462908 | 787794107 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 93025985 | 3355007 | 96380992 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 55839451 | – | 55839451 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 7431165 | 2500000 | 1584196 | 11515361 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 3637552 | 4190878 | 7828430 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 1967034 | 1000000 | – | 2967034 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 2067803 | – | 2067803 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 23319553 | – | – | 23319553 |
| Total Investments | 37727752 | 925391990 | 24592989 | 987712731 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards\* | – | (646857) | – | (646857) |
| Total Other Financial Instruments | – | (646857) | – | (646857) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025. |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. As of June 30, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $(4087869). | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. As of June 30, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $(4087869). | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. As of June 30, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $(4087869). | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. As of June 30, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $(4087869). | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. As of June 30, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $(4087869). |

---

------

### Intrepid Income Fund Level 3 Rollforward
Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period.

#### Intrepid Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  **<u>Common Stock</u>** |  **<u>Preferred Stock</u>** |  **<u>Corporate Bonds</u>**  | <u>**Bank Loan**</u> |
| <br> Beginning Balance - October 1, 2024<br>| $2976357 | $5587837 | $10662263 | $2940000 |
| Purchases | - | - | 1249524 | 14448 |
| Sales | - | - | - |  |
| Realized gains | - | - | - |  |
| Realized losses | - | - | - |  |
| Change in unrealized appreciation | (2976357) | (1396959) | 285737 | (289) |
| Net Transfers Into Level 3 | 1584196 | - | 3265386 | 3.355.007 |
| Net Transfers Out of Level 3 | - | - | - | (2954159) |
| Ending Balance - June 30, 2025<br>| $1584196 | $4190878 | $15462908 | $3355007 |

---

## 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:** 2025-06-30

**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:** $1007774721.32

**Total Liabilities:** $21973510.03

**Net Assets:** $985801211.29

**Delayed Delivery Securities:** $12000000.00

**Cash Not Reported:** $2351435.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 1590.159283000000 | **10-Year:** 8646.745965000000 | **30-Year:** 2248.547915000000

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

- **3-Month:** 80009.435620000000 | **1-Year:** 70856.872666000000 | **5-Year:** 39921.533151000000 | **10-Year:** 9861.659786000000 | **30-Year:** 1156.276530000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091655 | -0.80%               | 1.66%                | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9208855.67             | $-4306315.33                               |
| Month 2  | $-880214.97              | $10245499.48                               |
| Month 3  | $-179692.28              | $8050918.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BEACH ACQUISITION BIDCO                 | Beach Acquisition Bidco LLC                                              | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12464520.00  | 1.26%             | 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      | $3578767.36   | 0.36%             | 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      | $16123559.76  | 1.64%             | 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      | $22651424.77  | 2.30%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                      | Rithm Capital Corp                                                       | CUSIP: 64828TAA0<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   6551000 | PA      | $6579084.14   | 0.67%             | 2025-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                      | Rithm Capital Corp                                                       | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12131220.00  | 1.23%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                      | Rithm Capital Corp                                                       | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5074825.00   | 0.51%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                           | PRA Group Inc                                                            | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   8545000 | PA      | $8822242.53   | 0.89%             | 2030-01-31      | Fixed         | 8.88%                 | 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      | $19746601.77  | 2.00%             | 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   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| READYCAP HOLDINGS LLC                   | ReadyCap Holdings LLC                                                    | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4982447.55   | 0.51%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SKILLZ INC                              | Skillz Inc                                                               | CUSIP: 83067LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25188000 | PA      | $24986244.12  | 2.53%             | 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   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                                                         | CUSIP: 88339PAD3<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |  19175000 | PA      | $15148008.01  | 1.54%             | 2028-03-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                                                         | CUSIP: 88339PAE1<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |  22887090 | PA      | $24288924.01  | 2.46%             | 2029-03-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                                                         | CUSIP: 88339PAJ0<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |   2503000 | PA      | $1986130.50   | 0.20%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP                  | Trulieve Cannabis Corp                                                   | CUSIP: 89788CAD6<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |  23649000 | PA      | $23206054.23  | 2.35%             | 2026-10-06      | Fixed         | 8.00%                 | 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   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIORITY 1 ISSUER LOG                   | Priority 1 Issuer Logistics DAC                                          | CUSIP: YU6507559<br>LEI: 635400FLODFXG5M9HI42 | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1942213.48   | 0.20%             | 2027-11-19      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| SHRYNE GROUP, INC                       | SHRYNE GROUP, INC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7005362 | PA      | $6973837.49   | 0.71%             | 2026-05-26      | Floating      | 17.00%                | 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   | 0.16%             |  |  |  | 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        |   3265386 | PA      | $3265385.64   | 0.33%             | 2026-12-31      | Fixed         | 8.00%                 | No            |                  3 | 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      |
| ADVANCED FLOWER CAP INC                 | Advanced Flower Capital Inc                                              | CUSIP: 00109KAA3<br>LEI: 5493005G0MGS3E0E7218 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6774429.13   | 0.69%             | 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      | $24598058.55  | 2.50%             | 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      | $7916074.93   | 0.80%             | 2029-06-15      | Fixed         | 8.62%                 | 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      | $1421864.40   | 0.14%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | 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   | 0.43%             | 2028-02-23      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| AMERICAN GREETINGS CORP                 | American Greetings Corp                                                  | CUSIP: 02639DAN6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | LON              | CORP              | US        |   3900000 | PA      | $3913084.50   | 0.40%             | 2029-10-30      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA                       | Atento Luxco 1 SA                                                        | CUSIP: ZL5424722<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |   8314430 | PA      | $8314429.58   | 0.84%             | 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        |   3777294 | PA      | $3777294.00   | 0.38%             | 2026-09-30      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| TURNING POINT BRANDS INC                | Turning Point Brands Inc                                                 | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |  23012000 | PA      | $24150909.90  | 2.45%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                              | Twilio Inc                                                               | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |  25357000 | PA      | $23739375.54  | 2.41%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                             | Unisys Corp                                                              | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12930842.88  | 1.31%             | 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        |  18971000 | PA      | $18737135.57  | 1.90%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC                    | GrubHub Holdings Inc                                                     | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9645000 | PA      | $9369711.45   | 0.95%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                           | PRA Group Inc                                                            | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |  16898000 | PA      | $15589567.58  | 1.58%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                     | Petroleos Mexicanos                                                      | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  13130000 | PA      | $13126025.55  | 1.33%             | 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      | $19767917.60  | 2.01%             | 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      | $1719384.23   | 0.17%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                          | CVR Energy Inc                                                           | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   9262000 | PA      | $9274346.25   | 0.94%             | 2029-01-15      | Fixed         | 8.50%                 | 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      | $1967033.80   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO ATLANTIC REAL ES                | Chicago Atlantic Real Estate Finance Inc                                 | CUSIP: 16723TAA6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  18000000 | PA      | $18022500.00  | 1.83%             | 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      | $20194416.02  | 2.05%             | 2032-09-15      | Fixed         | 7.38%                 | 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      | $12361502.95  | 1.25%             | 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      | $10652518.97  | 1.08%             | 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        |  26176000 | PA      | $25013466.25  | 2.54%             | 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      | $15461982.54  | 1.57%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Atlantic BDC Inc                | Chicago Atlantic BDC Inc                                                 | CUSIP: 828174102<br>LEI: 549300UCS6M1BNMDQZ18 | Long             | EC               | CORP              | US        |    717987 | NS      | $7431165.45   | 0.75%             |  |  |  | No            |                  1 | 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        |  11536155 | PA      | $11536154.51  | 1.17%             | 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      | $13412475.42  | 1.36%             | 2037-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING                 | Herbalife Nutrition Ltd / HLF Financing Inc                              | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13486000 | PA      | $13538770.72  | 1.37%             | 2025-09-01      | Fixed         | 7.88%                 | 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        |  16645000 | PA      | $16540750.70  | 1.68%             | 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      | $9377497.00   | 0.95%             | 2030-06-15      | Fixed         | 9.00%                 | 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        |   4000000 | PA      | $3964742.40   | 0.40%             | 2029-11-15      | Fixed         | 10.00%                | 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        |  12463000 | PA      | $12920828.31  | 1.31%             | 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        |   4000000 | PA      | $3637358.40   | 0.37%             | 2027-11-01      | Fixed         | 8.75%                 | 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      | $1072961.62   | 0.11%             | 2042-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT                | PennyMac Mortgage Investment Trust                                       | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    200000 | NS      | $5010000.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC CORP                           | PennyMac Corp                                                            | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   7110000 | PA      | $7063785.00   | 0.72%             | 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      | $9135000.00   | 0.93%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio              | Invesco Treasury Portfolio                                               | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  23686785 | NS      | $23686785.25  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | EUR/USD FWD 20250701                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-602151.17   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                     | EUR/USD FWD 20251001                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-44706.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                     | LIEN_PUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    717987 | NC      | $2067802.56   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JILL ACQUISITION LLC                    | Jill Acquisition LLC                                                     | CUSIP: 47741LAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1306154 | PA      | $1304116.24   | 0.13%             | 2028-05-08      | Floating      | 12.43%                | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC                 | Peloton Interactive Inc                                                  | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |  17954774 | PA      | $18257760.68  | 1.85%             | 2029-05-30      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| LXActionTarget                          | LXActionTarget                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3013151 | PA      | $2952888.03   | 0.30%             | 2027-07-19      | Floating      | 11.75%                | No            |                  2 | On Loan: No      |
| LXKernelmatter                          | LXKernelmatter                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3324944 | PA      | $3324944.04   | 0.34%             | 2026-08-14      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| UPBOUND GROUP INC                       | Upbound Group Inc                                                        | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |  12293000 | PA      | $12104141.41  | 1.23%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VISA INC                                | Visa Inc                                                                 | CUSIP: 92826CAK8<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |  12250000 | PA      | $9254898.03   | 0.94%             | 2040-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC                    | Warrior Met Coal Inc                                                     | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |  17216000 | PA      | $17579774.08  | 1.78%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                       | Xerox Corp                                                               | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |  13600000 | PA      | $14256172.80  | 1.45%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                     | Xerox Holdings Corp                                                      | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |   3160000 | PA      | $3146522.92   | 0.32%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                     | Xerox Holdings Corp                                                      | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    220000 | PA      | $166337.38    | 0.02%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| XEROX ISSUER CORPORATION                | Xerox Issuer Corp                                                        | CUSIP: 98423RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7219247.00   | 0.73%             | 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        |   1540000 | PA      | $1555400.00   | 0.16%             | 2031-05-01      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| VIAPATH TECHNOLOGIES                    | ViaPath Technologies                                                     | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  28907494 | PA      | $28609457.47  | 2.90%             | 2029-08-06      | Floating      | 11.83%                | No            |                  2 | On Loan: No      |
| YOUTH OPPORTUNITY INVESTMENTS, LLC      | New Hope Youth Services, LLC, Senior Secured First Lien Term Loan        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1669146 | PA      | $1669145.56   | 0.17%             | 2026-09-15      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| VERVE GROUP SE                          | Verve Group SE                                                           | CUSIP: YR9250543<br>LEI: 391200UIIWMXRLGARB95 | Long             | DBT              | CORP              | SE        |   7000000 | PA      | $8195581.50   | 0.83%             | 2029-04-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                             | Deluxe Corp                                                              | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   7043000 | PA      | $7275947.23   | 0.74%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                | Diversified Healthcare Trust                                             | CUSIP: 25525PAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19992000 | PA      | $19468901.32  | 1.97%             | 2026-01-15      | Fixed         | 0.00%                 | 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   | 0.21%             | 2023-11-15      | None          | 10.00%                | No            |                  2 | On Loan: No      |
| EZCORP INC                              | EZCORP Inc                                                               | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14754208.00  | 1.50%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                           | FirstCash Inc                                                            | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  20596000 | PA      | $20565596.18  | 2.09%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                         | Foot Locker Inc                                                          | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |  25114000 | PA      | $23771598.94  | 2.41%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                  | Full House Resorts Inc                                                   | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |  26933000 | PA      | $26192436.77  | 2.66%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                          | Gray Media Inc                                                           | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   8850000 | PA      | $8852348.79   | 0.90%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                          | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9670455.00   | 0.98%             | 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        |  19000000 | PA      | $18767308.14  | 1.90%             | 2027-09-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                          | Green Dot Corp                                                           | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10178346.20  | 1.03%             | 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        |  26400000 | PA      | $22506528.00  | 2.28%             | 2027-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

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

**Signature:** Tim Page

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

**Title:** Secretary/Treasurer