# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0001145549-25-056651
**Filing Date:** 2025-8
**Character Count:** 47876
**Document Hash:** 19851b985795f3159bd7a99fe188f636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056651.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-056651

**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:** 251276922

**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

---

| | | | |
|:---|:---|:---|:---|
| **Intrepid Capital Fund** | **Intrepid Capital Fund** | **Intrepid Capital Fund** | **Intrepid Capital Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 69.0%** | **COMMON STOCKS - 69.0%** | **Shares** | **Value**  |
| **Capital Goods - 3.7%** | **Capital Goods - 3.7%** | **Capital Goods - 3.7%** | |
| Acuity, Inc. | Acuity, Inc. | 6404 | $1910569 |
| Watsco, Inc. | Watsco, Inc. | 3521 | 1554944 |
|  |  |  | 3465513 |
| **Commercial & Professional Services - 4.8%** | **Commercial & Professional Services - 4.8%** | **Commercial & Professional Services - 4.8%** |  |
| ATENTO SA <sup>(a)(b)</sup> | ATENTO SA <sup>(a)(b)</sup> | 96558308 | 0 |
| Copart, Inc. <sup>(b)</sup> | Copart, Inc. <sup>(b)</sup> | 34852 | 1710188 |
| SS&C Technologies Holdings, Inc. | SS&C Technologies Holdings, Inc. | 16119 | 1334653 |
| WNS Holdings Ltd. <sup>(b)</sup> | WNS Holdings Ltd. <sup>(b)</sup> | 23960 | 1515230 |
|  |  |  | 4560071 |
| **Consumer Discretionary Distribution & Retail - 2.2%** | **Consumer Discretionary Distribution & Retail - 2.2%** | **Consumer Discretionary Distribution & Retail - 2.2%** |  |
| TJX Cos., Inc. | TJX Cos., Inc. | 17307 | 2137241 |
| **Consumer Durables & Apparel - 8.1%** | **Consumer Durables & Apparel - 8.1%** | **Consumer Durables & Apparel - 8.1%** |  |
| Garmin Ltd. | Garmin Ltd. | 8004 | 1670595 |
| Green Brick Partners, Inc. <sup>(b)</sup> | Green Brick Partners, Inc. <sup>(b)</sup> | 23263 | 1462778 |
| Levi Strauss & Co. - Class A | Levi Strauss & Co. - Class A | 64156 | 1186244 |
| Polaris, Inc. | Polaris, Inc. | 26610 | 1081697 |
| Skechers USA, Inc. - Class A <sup>(b)</sup> | Skechers USA, Inc. - Class A <sup>(b)</sup> | 35914 | 2266173 |
|  |  |  | 7667487 |
| **Consumer Services - 1.6%** | **Consumer Services - 1.6%** | **Consumer Services - 1.6%** |  |
| Airbnb, Inc. - Class A <sup>(b)</sup> | Airbnb, Inc. - Class A <sup>(b)</sup> | 11670 | 1544408 |
| **Consumer Staples Distribution & Retail - 4.0%** | **Consumer Staples Distribution & Retail - 4.0%** | **Consumer Staples Distribution & Retail - 4.0%** |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup> | BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup> | 18141 | 1956144 |
| Dollar Tree, Inc. <sup>(b)</sup> | Dollar Tree, Inc. <sup>(b)</sup> | 18897 | 1871559 |
|  |  |  | 3827703 |
| **Energy - 1.1%** | **Energy - 1.1%** | **Energy - 1.1%** |  |
| Civitas Resources, Inc. | Civitas Resources, Inc. | 38319 | 1054539 |
| **Financial Services - 8.1%** | **Financial Services - 8.1%** | **Financial Services - 8.1%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | 6517 | 3165763 |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | 3859 | 899957 |
| Chicago Atlantic BDC, Inc. | Chicago Atlantic BDC, Inc. | 38198 | 395349 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | 28188 | 1541602 |
| Sprott, Inc. | Sprott, Inc. | 24961 | 1724556 |
|  |  |  | 7727227 |
| **Food, Beverage & Tobacco - 4.2%** | **Food, Beverage & Tobacco - 4.2%** | **Food, Beverage & Tobacco - 4.2%** |  |
| Becle SAB de CV | Becle SAB de CV | 1688667 | 2046433 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 10420 | 1897794 |
|  |  |  | 3944227 |
| **Insurance - 4.0%** | **Insurance - 4.0%** | **Insurance - 4.0%** |  |
| Markel Group, Inc. <sup>(b)</sup> | Markel Group, Inc. <sup>(b)</sup> | 640 | 1278311 |
| W R Berkley Corp. | W R Berkley Corp. | 34245 | 2515980 |
|  |  |  | 3794291 |
| **Materials - 1.7%** | **Materials - 1.7%** | **Materials - 1.7%** |  |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | 24524 | 1617603 |
| **Media & Entertainment - 16.4%** | **Media & Entertainment - 16.4%** | **Media & Entertainment - 16.4%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 17503 | 3084554 |
| Atlanta Braves Holdings, Inc. - Class C <sup>(b)</sup> | Atlanta Braves Holdings, Inc. - Class C <sup>(b)</sup> | 54826 | 2564212 |
| IAC, Inc. <sup>(b)</sup> | IAC, Inc. <sup>(b)</sup> | 45588 | 1702256 |
| Liberty Media Corp. - Class A <sup>(b)</sup> | Liberty Media Corp. - Class A <sup>(b)</sup> | 31368 | 2493129 |
| Liberty Media Corp.-Liberty Formula One - Class C <sup>(b)</sup> | Liberty Media Corp.-Liberty Formula One - Class C <sup>(b)</sup> | 15467 | 1616301 |
| Match Group, Inc. | Match Group, Inc. | 53439 | 1650731 |
| Take-Two Interactive Software, Inc. <sup>(b)</sup> | Take-Two Interactive Software, Inc. <sup>(b)</sup> | 9872 | 2397415 |
|  |  |  | 15508598 |
| **Real Estate Management & Development - 4.7%** | **Real Estate Management & Development - 4.7%** | **Real Estate Management & Development - 4.7%** |  |
| FRP Holdings, Inc. <sup>(b)</sup> | FRP Holdings, Inc. <sup>(b)</sup> | 127956 | 3440737 |
| Howard Hughes Holdings, Inc. <sup>(b)</sup> | Howard Hughes Holdings, Inc. <sup>(b)</sup> | 14854 | 1002645 |
|  |  |  | 4443382 |
| **Software & Services - 1.4%** | **Software & Services - 1.4%** | **Software & Services - 1.4%** |  |
| Dropbox, Inc. - Class A <sup>(b)</sup> | Dropbox, Inc. - Class A <sup>(b)</sup> | 45608 | 1304389 |
| **Technology Hardware & Equipment - 3.0%** | **Technology Hardware & Equipment - 3.0%** | **Technology Hardware & Equipment - 3.0%** |  |
| Fabrinet <sup>(b)</sup> | Fabrinet <sup>(b)</sup> | 9593 | 2826865 |
| **TOTAL COMMON STOCKS** (Cost $47,397,353) | **TOTAL COMMON STOCKS** (Cost $47,397,353) | **TOTAL COMMON STOCKS** (Cost $47,397,353) | 65423544 |
| **CORPORATE BONDS - 15.0%** | **CORPORATE BONDS - 15.0%** | **Par** | **Value** |
| **Commercial & Professional Services - 3.1%** | **Commercial & Professional Services - 3.1%** | **Commercial & Professional Services - 3.1%** | **Commercial & Professional Services - 3.1%** |
| 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)(c)</sup> | &nbsp;&nbsp; 20.00% (includes 10.00% Cash and 10.00% PIK), 11/30/2029 <sup>(a)(c)</sup> | 495753 | 495753 |
| &nbsp;&nbsp; 12.00% (includes 12.00% PIK), 05/17/2028 <sup>(a)(c)</sup> | &nbsp;&nbsp; 12.00% (includes 12.00% PIK), 05/17/2028 <sup>(a)(c)</sup> | 823616 | 823616 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(c)</sup> | Cimpress PLC, 7.38%, 09/15/2032 <sup>(c)</sup> | 1696000 | 1621443 |
|  |  |  | 2940812 |
| **Consumer Discretionary Distribution & Retail - 3.0%** | **Consumer Discretionary Distribution & Retail - 3.0%** | **Consumer Discretionary Distribution & Retail - 3.0%** | **Consumer Discretionary Distribution & Retail - 3.0%** |
|  Foot Locker, Inc., 4.00%, 10/01/2029 <sup>(c)</sup> | Foot Locker, Inc., 4.00%, 10/01/2029 <sup>(c)</sup> | 1750000 | 1656459 |
|  RealReal, Inc., 13.00% (includes 8.25% Cash and 4.25% PIK), 03/01/2029 <sup>(c)</sup> | RealReal, Inc., 13.00% (includes 8.25% Cash and 4.25% PIK), 03/01/2029 <sup>(c)</sup> | 1088653 | 1155332 |
|  |  |  | 2811791 |
| **Consumer Services - 0.6%** | **Consumer Services - 0.6%** | **Consumer Services - 0.6%** | **Consumer Services - 0.6%** |
|  Brinker International, Inc., 8.25%, 07/15/2030 <sup>(c)</sup> | Brinker International, Inc., 8.25%, 07/15/2030 <sup>(c)</sup> | 500000 | 533187 |
| **Food, Beverage & Tobacco - 2.0%** | **Food, Beverage & Tobacco - 2.0%** | **Food, Beverage & Tobacco - 2.0%** | **Food, Beverage & Tobacco - 2.0%** |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(c)</sup> | Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(c)</sup> | 1838000 | 1928966 |
| **Media & Entertainment - 3.2%** | **Media & Entertainment - 3.2%** | **Media & Entertainment - 3.2%** | **Media & Entertainment - 3.2%** |
|  Gray Media, Inc., 7.00%, 05/15/2027 <sup>(c)</sup> | Gray Media, Inc., 7.00%, 05/15/2027 <sup>(c)</sup> | 800000 | 800212 |
|  Skillz, Inc., 10.25%, 12/15/2026 <sup>(c)</sup> | Skillz, Inc., 10.25%, 12/15/2026 <sup>(c)</sup> | 2216000 | 2198250 |
|  |  |  | 2998462 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** |
|  Celgene Corp., 3.90%, 02/20/2028 | Celgene Corp., 3.90%, 02/20/2028 | 23000 | 22750 |
|  Trulieve Cannabis Corp., 8.00%, 10/06/2026 | Trulieve Cannabis Corp., 8.00%, 10/06/2026 | 2000000 | 1962540 |
|  |  |  | 1985290 |
| **Telecommunication Services - 1.0%** | **Telecommunication Services - 1.0%** | **Telecommunication Services - 1.0%** | **Telecommunication Services - 1.0%** |
|  Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 | Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 | 1000000 | 969910 |
| **TOTAL CORPORATE BONDS** (Cost $13,526,756) | **TOTAL CORPORATE BONDS** (Cost $13,526,756) | **TOTAL CORPORATE BONDS** (Cost $13,526,756) | 14168418 |
| **BANK LOANS - 3.7%** | **BANK LOANS - 3.7%** | **Par** | **Value** |
| **Financial Services - 1.1%** | **Financial Services - 1.1%** | **Financial Services - 1.1%** | **Financial Services - 1.1%** |
|  Chicago Atlantic Real Estate Finance, Inc., 9.00%, 10/18/2028 | Chicago Atlantic Real Estate Finance, Inc., 9.00%, 10/18/2028 | 1000000 | 1001250 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** |
|  Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2025 | Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2025 | 752214 | 752214 |
|  Shryne Group, Inc., 17.00%, 05/26/2026 | Shryne Group, Inc., 17.00%, 05/26/2026 | 752262 | 748876 |
|  |  |  | 1501090 |
| **Telecommunication Services - 1.0%** | **Telecommunication Services - 1.0%** | **Telecommunication Services - 1.0%** | **Telecommunication Services - 1.0%** |
|  ViaPath Technologies, Senior Secured First Lien, 11.83% (1 mo. SOFR US + 7.50%), 08/06/2029 <sup>(b)</sup> | ViaPath Technologies, Senior Secured First Lien, 11.83% (1 mo. SOFR US + 7.50%), 08/06/2029 <sup>(b)</sup> | 992500 | 982267 |
| **TOTAL BANK LOANS** (Cost $3,469,468) | **TOTAL BANK LOANS** (Cost $3,469,468) | **TOTAL BANK LOANS** (Cost $3,469,468) | 3484607 |
| **EXCHANGE TRADED FUNDS - 3.4%** | **EXCHANGE TRADED FUNDS - 3.4%** | **Shares** | **Value** |
| iShares Gold Trust <sup>(b)</sup> | iShares Gold Trust <sup>(b)</sup> | 52279 | 3260119 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,511,974) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,511,974) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,511,974) | 3260119 |
| **CONVERTIBLE BONDS - 1.1%** | **CONVERTIBLE BONDS - 1.1%** | **Par** | **Value** |
| **Consumer Discretionary Distribution & Retail - 1.1%** | **Consumer Discretionary Distribution & Retail - 1.1%** | **Consumer Discretionary Distribution & Retail - 1.1%** | **Consumer Discretionary Distribution & Retail - 1.1%** |
|  RealReal, Inc., 1.00%, 03/01/2028 | RealReal, Inc., 1.00%, 03/01/2028 | 1288000 | 1017504 |
| **TOTAL CONVERTIBLE BONDS** (Cost $945,656) | **TOTAL CONVERTIBLE BONDS** (Cost $945,656) | **TOTAL CONVERTIBLE BONDS** (Cost $945,656) | 1017504 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.9%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.9%** | **Shares** | **Value**  |
| **Financial Services - 0.9%** | **Financial Services - 0.9%** | **Financial Services - 0.9%** |  |
| Chicago Atlantic Real Estate Finance, Inc. | Chicago Atlantic Real Estate Finance, Inc. | 61878 | 863817 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $938,071) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $938,071) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $938,071) | 863817 |
| **PREFERRED STOCKS - 0.6%** | **PREFERRED STOCKS - 0.6%** | **Shares** | **Value**  |
| **Commercial & Professional Services - 0.6%** | **Commercial & Professional Services - 0.6%** | **Commercial & Professional Services - 0.6%** |  |
|  Atento Class A Preferred Shares, 12.00%, 02/23/2028 <sup>(a)</sup> | Atento Class A Preferred Shares, 12.00%, 02/23/2028 <sup>(a)</sup> | 815537 | 611653 |
| **TOTAL PREFERRED STOCKS** (Cost $815,537) | **TOTAL PREFERRED STOCKS** (Cost $815,537) | **TOTAL PREFERRED STOCKS** (Cost $815,537) | 611653 |
| **PURCHASED OPTIONS - 0.1%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - 0.1%** | **Put Options - 0.1%** |  | $**–** |
|  Lien_Put, Counterparty: Chicago Atlantic Advisers, LLC, Expiration: 10/01/2025; Exercise Price: $13.23 | $395349 | 38198 | 110010 |
| **TOTAL PURCHASED OPTIONS** (Cost $95,304) | **TOTAL PURCHASED OPTIONS** (Cost $95,304) | **TOTAL PURCHASED OPTIONS** (Cost $95,304) | 110010 |
| **WARRANTS - 0.0%<sup>(d)</sup>** | **WARRANTS - 0.0%<sup>(d)</sup>** | **Contracts** | **Value**  |
| **Pharmaceuticals, Biotechnology & Life Sciences *-* 0.0%<sup>(d)</sup>** | **Pharmaceuticals, Biotechnology & Life Sciences *-* 0.0%<sup>(d)</sup>** | **Pharmaceuticals, Biotechnology & Life Sciences *-* 0.0%<sup>(d)</sup>** |  |
| Green Thumb Industries, Inc., Expires 10/15/2026, Exercise Price $30.02 <sup>(b)</sup> | Green Thumb Industries, Inc., Expires 10/15/2026, Exercise Price $30.02 <sup>(b)</sup> | 7328 | 4397 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 4397 |
| **SHORT-TERM INVESTMENTS - 5.8%** | **SHORT-TERM INVESTMENTS - 5.8%** |  | **Value**  |
| **Money Market Funds - 5.8%** | **Money Market Funds - 5.8%** | **<u>Shares</u>** |  |
| Invesco Treasury Portfolio - Class Institutional, 4.23% <sup>(e)</sup> | Invesco Treasury Portfolio - Class Institutional, 4.23% <sup>(e)</sup> | 5479573 | 5479573 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,479,573) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,479,573) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,479,573) | 5479573 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $74,179,692**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $74,179,692**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $74,179,692**)** | 94423642 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 334670 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $94758312 |
| 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. | –% |
| 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. |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| PIK - Payment in Kind |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |

---

(a) 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 $1,931,022 or 2.0% of net assets as of June 30, 2025.

(b) Non-income producing security.

(c) 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 $11,213,218 or 11.8% of the Fund's net assets.

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

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

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Intrepid Capital 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;Common Stocks | 65423544 | – | 0 | 65423544 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 12849049 | 1319369 | 14168418 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 3484607 | – | 3484607 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 3260119 | – | – | 3260119 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 1017504 | – | 1017504 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 863817 | – | – | 863817 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | – | 611653 | 611653 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 110010 | – | 110010 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | 4397 | – | 4397 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5479573 | – | – | 5479573 |
| Total Investments | 75027053 | 17465567 | 1931022 | 94423642 |
| 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 no 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 Capital Fund was $(638397) | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no 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 Capital Fund was $(638397) | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no 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 Capital Fund was $(638397) | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no 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 Capital Fund was $(638397) | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no 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 Capital Fund was $(638397) |

---

------

### Intrepid Capital Fund Level 3 Rollforward

Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period.

#### Intrepid Capital Fund
**** 

<br> ---

| | | | |
|:---|:---|:---|:---|
|  |  **<u>Common Stock</u>** |  **<u>Preferred Stock</u>** |  **<u>Corporate Bonds</u>**  |
| <br> Beginning Balance - October 1, 2024<br>| $434512 | $815537 | $1206766 |
| Purchases | - | - | 112603 |
| Sales | - | - | - |
| Realized gains | - | - | - |
| Realized losses | - | - | - |
| Change in unrealized appreciation | (434512) | (203884) | - |
| Net Transfers Into Level 3 | - | - | - |
| Net Transfers Out of Level 3 | - | - | - |
| Ending Balance - June 30, 2025<br>| $- | $611653 | $1319369 |

---

## 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:** 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:** $95148167.75

**Total Liabilities:** $774805.85

**Net Assets:** $94373361.90

**Cash Not Reported:** $277003.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 3.470478000000 | **5-Year:** 1.848535000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1118.339312000000 | **1-Year:** 1458.056501000000 | **5-Year:** 1140.498395000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002456 | -0.48%               | 3.08%                | 3.14%                |
| Class ID C000088547 | -0.48%               | 3.14%                | 3.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-38430.02               | $-493606.90                                |
| Month 2  | $18830.24                | $2455463.14                                |
| Month 3  | $0.00                    | $2664098.53                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Green Brick Partners Inc                | Green Brick Partners Inc                 | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     23263 | NS      | $1462777.44   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                         | CUSIP: 88339PAE1<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |   1088652 | PA      | $1155332.47   | 1.22%             | 2029-03-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Garmin Ltd                              | Garmin Ltd                               | CUSIP: N/A<br>LEI: 2549001E0HIPIJQ0W046       | Long             | EC               | CORP              | CH        |      8004 | NS      | $1670594.88   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SHRYNE GROUP, INC                       | SHRYNE GROUP, INC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750391 | PA      | $747014.02    | 0.79%             | 2026-05-26      | Floating      | 17.00%                | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc           | Jefferies Financial Group Inc            | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     28188 | NS      | $1541601.72   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Liv          | Liberty Media Corp-Liberty Live          | CUSIP: 531229748<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31368 | NS      | $2493128.64   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                             | Polaris Inc                              | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     26610 | NS      | $1081696.50   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio              | Invesco Treasury Portfolio               | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   5500363 | NS      | $5500363.17   | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                        | W R Berkley Corp                         | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     34245 | NS      | $2515980.15   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMPRESS PLC                            | Cimpress PLC                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1696000 | PA      | $1621442.48   | 1.72%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Copart Inc                              | Copart Inc                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     34852 | NS      | $1710187.64   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FOOT LOCKER INC                         | Foot Locker Inc                          | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1656458.48   | 1.76%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Howard Hughes Holdings Inc              | Howard Hughes Holdings Inc               | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     14854 | NS      | $1002645.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust                      | iShares Gold Trust                       | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |     52279 | NS      | $3260118.44   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                       | Levi Strauss & Co                        | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     64156 | NS      | $1186244.44   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The               | Scotts Miracle-Gro Co/The                | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     24524 | NS      | $1617603.04   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic BDC Inc                | Chicago Atlantic BDC Inc                 | CUSIP: 828174102<br>LEI: 549300UCS6M1BNMDQZ18 | Long             | EC               | CORP              | US        |     38198 | NS      | $395349.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ATENTO LUXCO 1 SA                       | Atento Luxco 1 SA                        | CUSIP: ZL5424722<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |    823616 | PA      | $823616.46    | 0.87%             | 2028-05-17      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| ATENTO S.A.                             | ATENTO S.A.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  96558308 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CELGENE CORP                            | Celgene Corp                             | CUSIP: 151020BB9<br>LEI: 4SIHMF0MOSTTL8CD0X64 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22750.50     | 0.02%             | 2028-02-20      | Fixed         | 3.90%                 | 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        |     61878 | NS      | $863816.88    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                   | Civitas Resources Inc                    | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     38319 | NS      | $1054538.88   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                        | Markel Group Inc                         | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       640 | NS      | $1278310.40   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                         | TJX Cos Inc/The                          | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     17307 | NS      | $2137241.43   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                             | Dropbox Inc                              | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     45608 | NS      | $1304388.80   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                        | FRP Holdings Inc                         | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127956 | NS      | $3440736.84   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In          | Philip Morris International Inc          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     10420 | NS      | $1897794.60   | 2.01%             |  |  |  | No            |                  1 | 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      | $4396.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Acuity Inc                              | Acuity Inc                               | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6404 | NS      | $1910569.36   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                  | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      6517 | NS      | $3165763.09   | 3.35%             |  |  |  | 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        |   1000000 | PA      | $1001250.00   | 1.06%             | 2028-10-18      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IAC Inc                                 | IAC Inc                                  | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |     45588 | NS      | $1702255.92   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc          | SS&C Technologies Holdings Inc           | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     16119 | NS      | $1334653.20   | 1.41%             |  |  |  | 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      | $2397415.20   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                         | CUSIP: 88339PAD3<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |   1288000 | PA      | $1017503.75   | 1.08%             | 2028-03-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                | Turning Point Brands Inc                 | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   1838000 | PA      | $1928966.30   | 2.04%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Atento Class A Preferred Shares         | Atento Class A Preferred Shares          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    815537 | PA      | $611652.75    | 0.65%             | 2028-02-23      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| ATENTO LUXCO 1 SA                       | Atento Luxco 1 SA                        | CUSIP: ZI1858698<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |    483530 | PA      | $483530.00    | 0.51%             | 2026-09-30      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| Cboe Global Markets Inc                 | Cboe Global Markets Inc                  | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      3859 | NS      | $899957.39    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                | Fabrinet                                 | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |      9593 | NS      | $2826865.24   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                        | Skechers USA Inc                         | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     35914 | NS      | $2266173.40   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                              | Sprott Inc                               | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |     24961 | NS      | $1724555.49   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc             | Atlanta Braves Holdings Inc              | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54826 | NS      | $2564212.02   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I          | BJ's Wholesale Club Holdings Inc         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     18141 | NS      | $1956144.03   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKER INTERNATIONAL IN                | Brinker International Inc                | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $533186.50    | 0.56%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CINC BELL TEL                           | Cincinnati Bell Telephone Co LLC         | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969910.00    | 1.03%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                         | Dollar Tree Inc                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     18897 | NS      | $1871558.88   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For          | Liberty Media Corp-Liberty Formula One   | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15467 | NS      | $1616301.50   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                         | Match Group Inc                          | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     53439 | NS      | $1650730.71   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Becle SAB de CV                         | Becle SAB de CV                          | CUSIP: N/A<br>LEI: 529900JY55CZKMJLCE09       | Long             | EC               | CORP              | MX        |   1688667 | NS      | $2046432.76   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                              | Watsco Inc                               | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      3521 | NS      | $1554944.02   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAPATH TECHNOLOGIES                    | ViaPath Technologies                     | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    995000 | PA      | $984741.55    | 1.04%             | 2029-08-06      | Floating      | 11.83%                | No            |                  2 | On Loan: No      |
| Airbnb Inc                              | Airbnb Inc                               | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     11670 | NS      | $1544407.80   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                            | Alphabet Inc                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     17503 | NS      | $3084553.69   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAY MEDIA INC                          | Gray Media Inc                           | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800212.32    | 0.85%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SKILLZ INC                              | Skillz Inc                               | CUSIP: 83067LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2216000 | PA      | $2198249.84   | 2.33%             | 2026-12-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP                  | Trulieve Cannabis Corp                   | CUSIP: 89788CAD6<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1962540.00   | 2.08%             | 2026-10-06      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WNS Holdings Ltd                        | WNS Holdings Ltd                         | CUSIP: N/A<br>LEI: 529900RM7QHUD3W9DM42       | Long             | EC               | CORP              | IN        |     23960 | NS      | $1515230.40   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | LIEN_PUT                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     38198 | NC      | $110010.24    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Common Citizen Senior Secured Term Loan | Common Citizen Senior Secured Term Loan  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    752214 | PA      | $752213.54    | 0.80%             | 2025-12-31      | Floating      | 11.50%                | 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