# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0001145549-23-013437
**Filing Date:** 2023-2
**Character Count:** 31413
**Document Hash:** 5c517885a8e02c2879ab4192af02a3fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013437.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-013437

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intrepid Capital Management Funds Trust
- **CENTRAL INDEX KEY:** 0001300746
- **IRS NUMBER:** 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:** 23682869

**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 Capital Fund (Series ID: S000000841)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002456 | Investor Class      | ICMBX           |
| C000088547 | Institutional Class | ICMVX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Intrepid Capital Fund** | **Intrepid Capital Fund** | **Intrepid Capital Fund** | **Intrepid Capital Fund** |
| | | **Principal Amount** | **Value** |
| **BANK LOANS - 11.31%** | **BANK LOANS - 11.31%** | |  |
| **Health Care - 11.31%** | **Health Care - 11.31%** | |  |
| Gage Growth Corp. 14.500%, 11/01/2024 (a) | Gage Growth Corp. 14.500%, 11/01/2024 (a) | 1000000 | 990400 |
| Shryne Group, Inc. 8.500%, 05/26/2026 (a)(b) | Shryne Group, Inc. 8.500%, 05/26/2026 (a)(b) | 1000000 | 1000000 |
| VCP23 LLC 7.000%, 04/30/2024 (a)(b) | VCP23 LLC 7.000%, 04/30/2024 (a)(b) | 1000000 | 930000 |
| Verano Holdings Corp. 12.750%, 10/30/2026 (a) | Verano Holdings Corp. 12.750%, 10/30/2026 (a) | 2000000 | 1942600 |
| TOTAL BANK LOANS (Cost $4,914,055) | TOTAL BANK LOANS (Cost $4,914,055) |  | 4863000 |
|  |  | **Shares** |  |
| **COMMON STOCKS - 50.89%** | **COMMON STOCKS - 50.89%** |  |  |
| **Capital Goods - 2.62%** | **Capital Goods - 2.62%** |  |  |
| Acuity Brands, Inc. | Acuity Brands, Inc. | 6816 | $1128798 |
| **Commercial & Professional Services - 2.47%** | **Commercial & Professional Services - 2.47%** |  |  |
| Copart, Inc. (c) | Copart, Inc. (c) | 17426 | 1061069 |
| **Consumer Durables & Apparel - 5.17%** | **Consumer Durables & Apparel - 5.17%** |  |  |
| Carter's, Inc. | Carter's, Inc. | 16717 | 1247256 |
| Levi Strauss & Co. - Class A | Levi Strauss & Co. - Class A | 63000 | 977760 |
|  |  |  | 2225016 |
| **Diversified Financials - 6.60%** | **Diversified Financials - 6.60%** |  |  |
| Berkshire Hathaway, Inc. - Class B (c) | Berkshire Hathaway, Inc. - Class B (c) | 4615 | 1425573 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | 41253 | 1414153 |
|  |  |  | 2839726 |
| **Energy - 3.47%** | **Energy - 3.47%** |  |  |
| Civitas Resources, Inc. | Civitas Resources, Inc. | 25761 | 1492335 |
| **Food, Beverage & Tobacco - 3.71%** | **Food, Beverage & Tobacco - 3.71%** |  |  |
| Becle SAB de CV (d) | Becle SAB de CV (d) | 730215 | 1594470 |
| **Health Care Equipment & Services - 2.53%** | **Health Care Equipment & Services - 2.53%** |  |  |
| CVS Health Corp. | CVS Health Corp. | 11673 | 1087807 |
| **Media & Entertainment - 6.85%** | **Media & Entertainment - 6.85%** |  |  |
| Alphabet, Inc. - Class A (c) | Alphabet, Inc. - Class A (c) | 14928 | 1317097 |
| IAC, Inc. (c) | IAC, Inc. (c) | 13507 | 599711 |
| Take-Two Interactive Software, Inc. (c) | Take-Two Interactive Software, Inc. (c) | 9872 | 1027972 |
|  |  |  | 2944780 |
| **Real Estate - 3.68%** | **Real Estate - 3.68%** |  |  |
| FRP Holdings, Inc. (c) | FRP Holdings, Inc. (c) | 29429 | 1585046 |
| **Retailing - 5.75%** | **Retailing - 5.75%** |  |  |
| Dollar General Corp. | Dollar General Corp. | 4448 | 1095320 |
| The TJX Companies, Inc. | The TJX Companies, Inc. | 17307 | 1377637 |
|  |  |  | 2472957 |
| **Software & Services - 8.04%** | **Software & Services - 8.04%** |  |  |
| Accenture Plc - Class A (d) | Accenture Plc - Class A (d) | 3453 | 921399 |
| Dropbox, Inc. - Class A (c) | Dropbox, Inc. - Class A (c) | 49233 | 1101834 |
| WNS Holdings Ltd. - ADR (c)(d) | WNS Holdings Ltd. - ADR (c)(d) | 17963 | 1436860 |
|  |  |  | 3460093 |
| TOTAL COMMON STOCKS (Cost $16,896,035) | TOTAL COMMON STOCKS (Cost $16,896,035) |  | 21892097 |
| **REAL ESTATE INVESTMENT TRUST (REIT) - 1.32%** | **REAL ESTATE INVESTMENT TRUST (REIT) - 1.32%** |  |  |
| **Real Estate - 1.32%** | **Real Estate - 1.32%** |  |  |
| PotlatchDeltic Corp. | PotlatchDeltic Corp. | 12884 | 566767 |
| TOTAL REIT (Cost $347,090) | TOTAL REIT (Cost $347,090) |  | 566767 |
|  |  | **Principal Amount** |  |
| **CONVERTIBLE BONDS - 6.69%** | **CONVERTIBLE BONDS - 6.69%** |  |  |
| **Diversified Financials - 4.49%** | **Diversified Financials - 4.49%** |  |  |
| EZCORP, Inc. | EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.875%, 07/01/2024 | &nbsp;&nbsp;&nbsp; 2.875%, 07/01/2024 | 56000 | 59483 |
| &nbsp;&nbsp;&nbsp; 3.750%, 12/15/2029 (e) | &nbsp;&nbsp;&nbsp; 3.750%, 12/15/2029 (e) | 1500000 | 1458750 |
| WisdomTree, Inc. | WisdomTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 06/15/2023 | &nbsp;&nbsp;&nbsp; 4.250%, 06/15/2023 | 400000 | 412000 |
|  |  |  | 1930233 |
| **Real Estate - 2.20%** | **Real Estate - 2.20%** |  |  |
| CTO Realty Growth, Inc. | CTO Realty Growth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 04/15/2025 | &nbsp;&nbsp;&nbsp; 3.875%, 04/15/2025 | 814000 | 947528 |
| TOTAL CONVERTIBLE BONDS (Cost $2,753,130) | TOTAL CONVERTIBLE BONDS (Cost $2,753,130) |  | 2877761 |
| **CORPORATE BONDS - 20.78%** | **CORPORATE BONDS - 20.78%** |  |  |
| **Broadcasting (except Internet) - 2.16%** | **Broadcasting (except Internet) - 2.16%** |  |  |
| DISH DBS Corp. | DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024 | &nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024 | 1000000 | 931294 |
| **Consumer Durables & Apparel - 2.39%** | **Consumer Durables & Apparel - 2.39%** |  |  |
| Vista Outdoor, Inc. | Vista Outdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029 (e) | &nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029 (e) | 1400000 | 1029756 |
| **Consumer Services - 2.65%** | **Consumer Services - 2.65%** |  |  |
| Nathan's Famous, Inc. | Nathan's Famous, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 11/01/2025 (e) | &nbsp;&nbsp;&nbsp; 6.625%, 11/01/2025 (e) | 1163000 | 1139153 |
| **Diversified Financials - 0.15%** | **Diversified Financials - 0.15%** |  |  |
| Oppenheimer Holdings, Inc. | Oppenheimer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 10/01/2025 | &nbsp;&nbsp;&nbsp; 5.500%, 10/01/2025 | 66000 | 64805 |
| **Energy - 5.69%** | **Energy - 5.69%** |  |  |
| CVR Energy, Inc. | CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 02/15/2025 (e) | &nbsp;&nbsp;&nbsp; 5.250%, 02/15/2025 (e) | 1250000 | 1151856 |
| Enerflex Ltd. | Enerflex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 9.000%, 10/15/2027 (d)(e) | &nbsp;&nbsp;&nbsp; 9.000%, 10/15/2027 (d)(e) | 1300000 | 1298141 |
|  |  |  | 2449997 |
| **Food, Beverage & Tobacco - 1.13%** | **Food, Beverage & Tobacco - 1.13%** |  |  |
| Turning Point Brands, Inc. | Turning Point Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 02/15/2026 (e) | &nbsp;&nbsp;&nbsp; 5.625%, 02/15/2026 (e) | 564000 | 487257 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.30%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.30%** |  |  |
| Celgene Corp. | Celgene Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.900%, 02/20/2028 | &nbsp;&nbsp;&nbsp; 3.900%, 02/20/2028 | 23000 | 21507 |
| Trulieve Cannabis Corp. | Trulieve Cannabis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 9.750%, 06/18/2024 (d) | &nbsp;&nbsp;&nbsp; 9.750%, 06/18/2024 (d) | 1005000 | 965847 |
|  |  |  | 987354 |
| **Pipeline Transportation - 0.35%** | **Pipeline Transportation - 0.35%** |  |  |
| PBF Logistics Finance Corp. | PBF Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.875%, 05/15/2023 | &nbsp;&nbsp;&nbsp; 6.875%, 05/15/2023 | 150000 | 150086 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.76%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.76%** |  |  |
| Atento Luxco 1 SA | Atento Luxco 1 SA |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, 02/10/2026 (d)(e) | &nbsp;&nbsp;&nbsp; 8.000%, 02/10/2026 (d)(e) | 1400000 | 756000 |
| **Utilities - 2.20%** | **Utilities - 2.20%** |  |  |
| IEA Energy Services LLC | IEA Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 08/15/2029 (e) | &nbsp;&nbsp;&nbsp; 6.625%, 08/15/2029 (e) | 1000000 | 944945 |
| TOTAL CORPORATE BONDS (Cost $9,706,488) | TOTAL CORPORATE BONDS (Cost $9,706,488) |  | 8940647 |
| **WARRANTS - 0.18%** | **WARRANTS - 0.18%** |  |  |
| **Health Care - 0.18%** | **Health Care - 0.18%** |  |  |
| Cansortium Warrants | Cansortium Warrants | 250000 | 37500 |
| Expiration: 04/29/2025, Exercise Price: $1.20 (b)(c) | Expiration: 04/29/2025, Exercise Price: $1.20 (b)(c) |  |  |
| Green Thumb Industries, Inc. | Green Thumb Industries, Inc. | 7328 | 40304 |
| Expiration: 10/15/2026, Exercise Price: $30.00 (b)(c) | Expiration: 10/15/2026, Exercise Price: $30.00 (b)(c) |  |  |
| TOTAL WARRANTS (COST $0) | TOTAL WARRANTS (COST $0) |  | 77804 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 8.68%** | **SHORT-TERM INVESTMENTS - 8.68%** |  |  |
| **Money Market Fund - 4.07%** | **Money Market Fund - 4.07%** |  |  |
| STIT - Treasury Portfolio - Institutional Class, 4.19% (f) | STIT - Treasury Portfolio - Institutional Class, 4.19% (f) | 1752474 | 1752474 |
| **US TREASURY BILL - 4.61%** | **US TREASURY BILL - 4.61%** |  |  |
| United States Treasury Bill | United States Treasury Bill | 2000000 | 1983170 |
| 3.880%, 03/23/2023 (c)(g) | 3.880%, 03/23/2023 (c)(g) |  |  |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,735,644) | TOTAL SHORT-TERM INVESTMENTS (Cost $3,735,644) |  | 3735644 |
| **Total Investments (Cost $38,352,442) - 99.85%** | **Total Investments (Cost $38,352,442) - 99.85%** |  | 42953720 |
| **Liabilities in Excess of Other Assets - 0.15%** | **Liabilities in Excess of Other Assets - 0.15%** |  | 66324 |
| **TOTAL NET ASSETS - 100.00%** | **TOTAL NET ASSETS - 100.00%** |  | 43020044 |
| ADR = American Depository Receipt | ADR = American Depository Receipt |  |  |
| (a) | The rate listed is a fixed rate. | The rate listed is a fixed rate. | The rate listed is a fixed rate. |
| (b) | Security is fair valued using procedures approved by the Board of Trustees which includes significant unobservable inputs and is deemed a Level 3 security. See Footnote 2. The aggregate value of fair valued securities as of December 31, 2022 was $2,007,804, which represented 4.67% of net assets. | Security is fair valued using procedures approved by the Board of Trustees which includes significant unobservable inputs and is deemed a Level 3 security. See Footnote 2. The aggregate value of fair valued securities as of December 31, 2022 was $2,007,804, which represented 4.67% of net assets. | Security is fair valued using procedures approved by the Board of Trustees which includes significant unobservable inputs and is deemed a Level 3 security. See Footnote 2. The aggregate value of fair valued securities as of December 31, 2022 was $2,007,804, which represented 4.67% of net assets. |
| (c) | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| (d) | Foreign Issued Security. | Foreign Issued Security. | Foreign Issued Security. |
| (e) | Securities purchases pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of December 31, 2022, the value of these investments was $8,265,858, or 19.21% of total net assets. | Securities purchases pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of December 31, 2022, the value of these investments was $8,265,858, or 19.21% of total net assets. | Securities purchases pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of December 31, 2022, the value of these investments was $8,265,858, or 19.21% of total net assets. |
| (f) | Rate listed is the 7-day effective yield. | Rate listed is the 7-day effective yield. | Rate listed is the 7-day effective yield. |
| (g) | Rate shown is the effective yield based on purchased price. The calculation assumes the security is held to maturity. | Rate shown is the effective yield based on purchased price. The calculation assumes the security is held to maturity. | Rate shown is the effective yield based on purchased price. The calculation assumes the security is held to maturity. |

---

## 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 Capital Fund

- **b. EDGAR series identifier (if any):** S000000841

- **c. LEI of Series:** 549300RY7NA0BP3GY216

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $43321931.78

**Total Liabilities:** $108428.08

**Net Assets:** $43213503.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 44.220000000000 | **1-Year:** 304.590000000000 | **5-Year:** 64.810000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 690.930000000000 | **1-Year:** 1122.370000000000 | **5-Year:** 334.600000000000 | **10-Year:** 116.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002456 | 6.07%                | 3.53%                | -4.42%               |
| Class ID C000088547 | 6.15%                | 3.42%                | -4.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-169983.13              | $2630958.21                                |
| Month 2  | $19068.49                | $1420448.06                                |
| Month 3  | $-243264.17              | $-1990158.16                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Carter's Inc                  | Carter's Inc                                  | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     16717 | NS      | $1247255.37   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CELGENE CORP                  | Celgene Corp                                  | CUSIP: 151020BB9<br>LEI: 4SIHMF0MOSTTL8CD0X64 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21507.26     | 0.05%             | 2028-02-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc         | Civitas Resources Inc                         | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     25761 | NS      | $1492334.73   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO REALTY GROWTH INC         | CTO Realty Growth Inc                         | CUSIP: 210226AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    814000 | PA      | $947527.36    | 2.19%             | 2025-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Copart Inc                    | Copart Inc                                    | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     17426 | NS      | $1061069.14   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS CORP                 | DISH DBS Corp                                 | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $931293.89    | 2.16%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp           | Dollar General Corp                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      4448 | NS      | $1095320.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                   | Dropbox Inc                                   | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     49233 | NS      | $1101834.54   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERFLEX LTD                  | Enerflex Ltd                                  | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   1300000 | PA      | $1298141.00   | 3.00%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                    | EZCORP Inc                                    | CUSIP: 302301AF3<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     56000 | PA      | $59483.20     | 0.14%             | 2024-07-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                    | EZCORP Inc                                    | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1458750.00   | 3.38%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FRP Holdings Inc              | FRP Holdings Inc                              | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29429 | NS      | $1585045.94   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                       | IAC Inc                                       | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |     13507 | NS      | $599710.80    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IEA ENERGY SERVICES LLC       | IEA Energy Services LLC                       | CUSIP: 45174AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $944945.00    | 2.19%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc | Jefferies Financial Group Inc                 | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     41253 | NS      | $1414152.84   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co             | Levi Strauss & Co                             | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     63000 | NS      | $977760.00    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NATHAN'S FAMOUS INC           | Nathan's Famous Inc                           | CUSIP: 632347AC4<br>LEI: 54930034SKNSF1JIE673 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1139152.69   | 2.64%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OPPENHEIMER HOLDINGS INC      | Oppenheimer Holdings Inc                      | CUSIP: 683797AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     66000 | PA      | $64805.07     | 0.15%             | 2025-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PBF LOGISTICS LP/FINANCE      | PBF Logistics LP / PBF Logistics Finance Corp | CUSIP: 69318UAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150086.25    | 0.35%             | 2023-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PotlatchDeltic Corp           | PotlatchDeltic Corp                           | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     12884 | NS      | $566767.16    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio    | Invesco Treasury Portfolio                    | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   1752474 | NS      | $1752474.36   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The               | TJX Cos Inc/The                               | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     17307 | NS      | $1377637.20   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software | Take-Two Interactive Software Inc             | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      9872 | NS      | $1027971.36   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TRULIEVE CANNABIS CORP        | Trulieve Cannabis Corp                        | CUSIP: 89788CAB0<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |   1005000 | PA      | $965846.81    | 2.24%             | 2024-06-18      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC      | Turning Point Brands Inc                      | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    564000 | PA      | $487256.47    | 1.13%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                 | United States Treasury Bill                   | CUSIP: 912796U31<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1983170.00   | 4.59%             | 2023-03-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| VISTA OUTDOOR INC             | Vista Outdoor Inc                             | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1029756.00   | 2.38%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WNS Holdings Ltd              | WNS Holdings Ltd                              | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |     17963 | NS      | $1436860.37   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE INVESTMENTS        | WisdomTree Inc                                | CUSIP: 97717PAB0<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412000.00    | 0.95%             | 2023-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Becle SAB de CV               | Becle SAB de CV                               | CUSIP: N/A<br>LEI: 529900JY55CZKMJLCE09       | Long             | EC               | CORP              | MX        |    730215 | NS      | $1594470.44   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                 | Accenture PLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |      3453 | NS      | $921398.52    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GAGE GROWTH CORP.             | GAGE GROWTH CORP.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $990400.00    | 2.29%             | 2024-11-01      | Floating      | 14.00%                | No            |                  2 | On Loan: No      |
| VCP23, LLC                    | VCP23, LLC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $930000.00    | 2.15%             | 2024-04-30      | Floating      | 7.00%                 | No            |                  3 | On Loan: No      |
| SHRYNE GROUP, INC             | SHRYNE GROUP, INC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000000.00   | 2.31%             | 2026-05-26      | Floating      | 15.50%                | No            |                  3 | On Loan: No      |
| VERANO HOLDINGS CORP          | VERANO HOLDINGS CORP                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $1942600.00   | 4.50%             | 2026-10-30      | Floating      | 13.50%                | No            |                  2 | On Loan: No      |
| CANSORTIUM WARRANTS           | CANSORTIUM WARRANTS                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    250000 | NS      | $37500.00     | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| GREEN THUMB INDUSTRIES, INC   | GREEN THUMB INDUSTRIES, INC                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      7328 | NS      | $40304.00     | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Acuity Brands Inc             | Acuity Brands Inc                             | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6816 | NS      | $1128797.76   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                  | Alphabet Inc                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     14928 | NS      | $1317097.44   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ATENTO LUXCO 1 SA             | Atento Luxco 1 SA                             | CUSIP: 04684LAC2<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |   1400000 | PA      | $756000.00    | 1.75%             | 2026-02-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc        | Berkshire Hathaway Inc                        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4615 | NS      | $1425573.50   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR ENERGY INC                | CVR Energy Inc                                | CUSIP: 12662PAB4<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1151856.25   | 2.67%             | 2025-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp               | CVS Health Corp                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     11673 | NS      | $1087806.87   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

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

**Signature:** /s/ Don White

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

**Title:** Secretary/Treasurer