# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0000894189-26-005895
**Filing Date:** 2026-2
**Character Count:** 71093
**Document Hash:** 91c8989269ad194f88ba098687056dc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005895.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26684663

**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** | **Intrepid Income Fund** | **Intrepid Income Fund** | **Intrepid Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 77.3%** | **CORPORATE BONDS - 77.3%** | **Par** | **Value**  |
| **Capital Goods - 2.7%** | **Capital Goods - 2.7%** | **Capital Goods - 2.7%** | **Capital Goods - 2.7%** |
| Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
| &nbsp;&nbsp; 6.25%, 05/15/2026 | &nbsp;&nbsp; 6.25%, 05/15/2026 | $10160000 | $10181299 |
| &nbsp;&nbsp; 10.00%, 11/15/2029 <sup>(a)</sup> | &nbsp;&nbsp; 10.00%, 11/15/2029 <sup>(a)</sup> | 13400000 | 13407299 |
| &nbsp;&nbsp; 9.00%, 06/15/2030 | &nbsp;&nbsp; 9.00%, 06/15/2030 | 10000000 | 9567221 |
|  |  |  | 33155819 |
| **Commercial & Professional Services - 10.6%** | **Commercial & Professional Services - 10.6%** | **Commercial & Professional Services - 10.6%** | **Commercial & Professional Services - 10.6%** |
| Atento Luxco 1 SA | Atento Luxco 1 SA | Atento Luxco 1 SA | Atento Luxco 1 SA |
| &nbsp;&nbsp; 12.00% (or 12.00% PIK), 05/17/2028 <sup>(a)(b)</sup> | &nbsp;&nbsp; 12.00% (or 12.00% PIK), 05/17/2028 <sup>(a)(b)</sup> | 8835840 | 8835840 |
| &nbsp;&nbsp; 20.00% (or 10.00% PIK), 11/30/2029 <sup>(a)(b)</sup> | &nbsp;&nbsp; 20.00% (or 10.00% PIK), 11/30/2029 <sup>(a)(b)</sup> | 4083265 | 4083265 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 21689000 | 22149974 |
|  Conduent Business Services LLC, 6.00%, 11/01/2029 <sup>(a)</sup> | Conduent Business Services LLC, 6.00%, 11/01/2029 <sup>(a)</sup> | 39021000 | 33755592 |
| Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| &nbsp;&nbsp; 8.00%, 06/01/2029 <sup>(a)</sup> | &nbsp;&nbsp; 8.00%, 06/01/2029 <sup>(a)</sup> | 14039000 | 14325283 |
| &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> | &nbsp;&nbsp; 8.13%, 09/15/2029 <sup>(a)</sup> | 14043000 | 14811556 |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| &nbsp;&nbsp; 6.88%, 03/15/2027 <sup>(a)</sup> | &nbsp;&nbsp; 6.88%, 03/15/2027 <sup>(a)</sup> | 1702000 | 1709375 |
| &nbsp;&nbsp; 7.25%, 03/15/2029 <sup>(a)</sup> | &nbsp;&nbsp; 7.25%, 03/15/2029 <sup>(a)</sup> | 29569000 | 30042513 |
|  |  |  | 129713398 |
| **Consumer Discretionary Distribution & Retail - 7.7%** | **Consumer Discretionary Distribution & Retail - 7.7%** | **Consumer Discretionary Distribution & Retail - 7.7%** | **Consumer Discretionary Distribution & Retail - 7.7%** |
|  Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 <sup>(a)</sup> | Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 <sup>(a)</sup> | 15114000 | 14840710 |
| 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 | &nbsp;&nbsp; 6.38%, 03/15/2037 | 11809000 | 11227415 |
| &nbsp;&nbsp; 5.13%, 01/15/2042 | &nbsp;&nbsp; 5.13%, 01/15/2042 | 1550000 | 1273091 |
|  RealReal, Inc., 13.00% (or 4.25% PIK), 03/01/2029 <sup>(a)</sup> | RealReal, Inc., 13.00% (or 4.25% PIK), 03/01/2029 <sup>(a)</sup> | 46137171 | 49424445 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 17993000 | 17811740 |
|  |  |  | 94577401 |
| **Consumer Durables & Apparel - 2.4%** | **Consumer Durables & Apparel - 2.4%** | **Consumer Durables & Apparel - 2.4%** | **Consumer Durables & Apparel - 2.4%** |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 <sup>(a)</sup> | Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 <sup>(a)</sup> | 26050000 | 28773241 |
| **Consumer Services - 5.3%** | **Consumer Services - 5.3%** | **Consumer Services - 5.3%** | **Consumer Services - 5.3%** |
|  Brinker International, Inc., 8.25%, 07/15/2030 <sup>(a)</sup> | Brinker International, Inc., 8.25%, 07/15/2030 <sup>(a)</sup> | 19107000 | 20240170 |
|  Full House Resorts, Inc., 8.25%, 02/15/2028 <sup>(a)</sup> | Full House Resorts, Inc., 8.25%, 02/15/2028 <sup>(a)</sup> | 31633000 | 27599793 |
|  GrubHub Holdings, Inc., 13.00% (or 7.00% PIK), 07/31/2030 <sup>(a)</sup> | GrubHub Holdings, Inc., 13.00% (or 7.00% PIK), 07/31/2030 <sup>(a)</sup> | 21165000 | 17461125 |
|  |  |  | 65301088 |
| **Consumer Staples Distribution & Retail - 3.5%** | **Consumer Staples Distribution & Retail - 3.5%** | **Consumer Staples Distribution & Retail - 3.5%** | **Consumer Staples Distribution & Retail - 3.5%** |
|  KeHE Distributors LLC, 9.00%, 02/15/2029 <sup>(a)</sup> | KeHE Distributors LLC, 9.00%, 02/15/2029 <sup>(a)</sup> | 14514000 | 15253472 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | 26971000 | 27125814 |
|  |  |  | 42379286 |
| **Energy - 3.7%** | **Energy - 3.7%** | **Energy - 3.7%** | **Energy - 3.7%** |
|  Alliance Resource Operating Partners LP, 8.63%, 06/15/2029 <sup>(a)</sup> | Alliance Resource Operating Partners LP, 8.63%, 06/15/2029 <sup>(a)</sup> | 10555000 | 11192490 |
|  Bristow Group, Inc., 6.88%, 03/01/2028 <sup>(a)</sup> | Bristow Group, Inc., 6.88%, 03/01/2028 <sup>(a)</sup> | 28875000 | 28936071 |
|  Golar LNG Ltd., 7.50%, 10/02/2030 <sup>(a)</sup> | Golar LNG Ltd., 7.50%, 10/02/2030 <sup>(a)</sup> | 5000000 | 4834643 |
|  |  |  | 44963204 |
| **Equity Real Estate Investment Trusts (REITs) - 2.1%** | **Equity Real Estate Investment Trusts (REITs) - 2.1%** | **Equity Real Estate Investment Trusts (REITs) - 2.1%** | **Equity Real Estate Investment Trusts (REITs) - 2.1%** |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| &nbsp;&nbsp; 4.75%, 02/15/2028 | &nbsp;&nbsp; 4.75%, 02/15/2028 | 9000000 | 8694761 |
| &nbsp;&nbsp; 7.25%, 10/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; 7.25%, 10/15/2030 <sup>(a)</sup> | 16000000 | 16379808 |
|  |  |  | 25074569 |
| **Financial Services - 12.4%** | **Financial Services - 12.4%** | **Financial Services - 12.4%** | **Financial Services - 12.4%** |
|  Advanced Flower Capital, Inc., 5.75%, 05/01/2027 <sup>(a)</sup> | Advanced Flower Capital, Inc., 5.75%, 05/01/2027 <sup>(a)</sup> | 7000000 | 6765436 |
|  EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | EZCORP, Inc., 7.38%, 04/01/2032 <sup>(a)</sup> | 11000000 | 11697961 |
|  FirstCash, Inc., 5.63%, 01/01/2030 <sup>(a)</sup> | FirstCash, Inc., 5.63%, 01/01/2030 <sup>(a)</sup> | 19596000 | 19754551 |
|  Great Ajax Operating Partnership LP, 9.88%, 09/01/2027 <sup>(a)(c)</sup> | Great Ajax Operating Partnership LP, 9.88%, 09/01/2027 <sup>(a)(c)</sup> | 20500000 | 20185530 |
|  Green Dot Corp., 8.75%, 09/15/2029 <sup>(a)</sup> | Green Dot Corp., 8.75%, 09/15/2029 <sup>(a)</sup> | 10000000 | 10306081 |
|  LD Holdings Group LLC, 8.75%, 11/01/2027 <sup>(a)</sup> | LD Holdings Group LLC, 8.75%, 11/01/2027 <sup>(a)</sup> | 6000000 | 5903163 |
|  PennyMac Mortgage Investment Trust, 9.00%, 02/15/2030 | PennyMac Mortgage Investment Trust, 9.00%, 02/15/2030 | 200000 | 5142000 |
|  PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/2029 <sup>(a)</sup> | PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/2029 <sup>(a)</sup> | 27000000 | 28038204 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(a)</sup> | 17898000 | 16845995 |
| &nbsp;&nbsp; 8.88%, 01/31/2030 <sup>(a)</sup> | &nbsp;&nbsp; 8.88%, 01/31/2030 <sup>(a)</sup> | 9545000 | 9886545 |
|  ReadyCap Holdings LLC, 9.38%, 03/01/2028 <sup>(a)</sup> | ReadyCap Holdings LLC, 9.38%, 03/01/2028 <sup>(a)</sup> | 5000000 | 5021209 |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | 12000000 | 12329111 |
|  |  |  | 151875786 |
| **Food, Beverage & Tobacco - 2.4%** | **Food, Beverage & Tobacco - 2.4%** | **Food, Beverage & Tobacco - 2.4%** | **Food, Beverage & Tobacco - 2.4%** |
|  Becle SAB de CV, 2.50%, 10/14/2031 <sup>(a)</sup> | Becle SAB de CV, 2.50%, 10/14/2031 <sup>(a)</sup> | 4315000 | 3774897 |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(a)</sup> | Turning Point Brands, Inc., 7.63%, 03/15/2032 <sup>(a)</sup> | 24117000 | 25728305 |
|  |  |  | 29503202 |
| **Health Care Equipment & Services - 2.0%** | **Health Care Equipment & Services - 2.0%** | **Health Care Equipment & Services - 2.0%** | **Health Care Equipment & Services - 2.0%** |
|  Prosomnus 8% 12/31/2026, 8.00%, 12/31/2026 <sup>(b)</sup> | Prosomnus 8% 12/31/2026, 8.00%, 12/31/2026 <sup>(b)</sup> | 3330693 | 3330693 |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup> | 20394000 | 20875768 |
|  |  |  | 24206461 |
| **Materials - 2.1%** | **Materials - 2.1%** | **Materials - 2.1%** | **Materials - 2.1%** |
|  Warrior Met Coal, Inc., 7.88%, 12/01/2028 <sup>(a)</sup> | Warrior Met Coal, Inc., 7.88%, 12/01/2028 <sup>(a)</sup> | 25634000 | 26252933 |
| **Media & Entertainment - 9.9%** | **Media & Entertainment - 9.9%** | **Media & Entertainment - 9.9%** | **Media & Entertainment - 9.9%** |
|  ANGI Group LLC, 3.88%, 08/15/2028 <sup>(a)</sup> | ANGI Group LLC, 3.88%, 08/15/2028 <sup>(a)</sup> | 36810000 | 34028636 |
|  Cinemark USA, Inc., 5.25%, 07/15/2028 <sup>(a)</sup> | Cinemark USA, Inc., 5.25%, 07/15/2028 <sup>(a)</sup> | 28939000 | 28956936 |
|  Getty Images, Inc., 10.50%, 11/15/2030 <sup>(a)</sup> | Getty Images, Inc., 10.50%, 11/15/2030 <sup>(a)</sup> | 14000000 | 14126195 |
| Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
| &nbsp;&nbsp; 5.88%, 07/15/2026 <sup>(a)</sup> | &nbsp;&nbsp; 5.88%, 07/15/2026 <sup>(a)</sup> | 910000 | 914295 |
| &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | &nbsp;&nbsp; 10.50%, 07/15/2029 <sup>(a)</sup> | 9200000 | 9909191 |
|  Skillz, Inc., 10.25%, 12/15/2026 <sup>(a)</sup> | Skillz, Inc., 10.25%, 12/15/2026 <sup>(a)</sup> | 26188000 | 25931620 |
|  Verve Group SE, 6.02% (3 mo. EURIBOR + 4.00%), 04/01/2029 <sup>(a)</sup> | Verve Group SE, 6.02% (3 mo. EURIBOR + 4.00%), 04/01/2029 <sup>(a)</sup> | 7000000 | 7773338 |
|  |  |  | 121640211 |
| **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., 10.50%, 12/17/2030 <sup>(a)</sup> | Trulieve Cannabis Corp., 10.50%, 12/17/2030 <sup>(a)</sup> | 28400000 | 28684000 |
| **Real Estate Management & Development - 1.1%** | **Real Estate Management & Development - 1.1%** | **Real Estate Management & Development - 1.1%** | **Real Estate Management & Development - 1.1%** |
|  Five Point Operating Co. LP, 8.00%, 10/01/2030 <sup>(a)</sup> | Five Point Operating Co. LP, 8.00%, 10/01/2030 <sup>(a)</sup> | 13162000 | 13771677 |
| **Software & Services - 5.1%** | **Software & Services - 5.1%** | **Software & Services - 5.1%** | **Software & Services - 5.1%** |
|  Citrix Systems, Inc., 4.50%, 12/01/2027 | Citrix Systems, Inc., 4.50%, 12/01/2027 | 12974000 | 12292865 |
|  Twilio, Inc., 3.88%, 03/15/2031 | Twilio, Inc., 3.88%, 03/15/2031 | 33357000 | 31900053 |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | 17225000 | 17660879 |
|  |  |  | 61853797 |
| **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 | 12745000 | 12725309 |
| **Transportation - 1.0%** | **Transportation - 1.0%** | **Transportation - 1.0%** | **Transportation - 1.0%** |
|  CHC Group LLC, 11.75%, 09/01/2030 <sup>(a)</sup> | CHC Group LLC, 11.75%, 09/01/2030 <sup>(a)</sup> | 12300000 | 11572693 |
| **TOTAL CORPORATE BONDS** (Cost $930,715,468) | **TOTAL CORPORATE BONDS** (Cost $930,715,468) | **TOTAL CORPORATE BONDS** (Cost $930,715,468) | 946024075 |
| **BANK LOANS - 11.4%** | **BANK LOANS - 11.4%** | **Par** | **Value**  |
| **Consumer Durables & Apparel - 2.1%** | **Consumer Durables & Apparel - 2.1%** | **Consumer Durables & Apparel - 2.1%** | **Consumer Durables & Apparel - 2.1%** |
|  Peloton Interactive, Inc., Senior Secured First Lien, 9.42% (1 mo. SOFR US + 5.50%), 05/23/2029 | Peloton Interactive, Inc., Senior Secured First Lien, 9.42% (1 mo. SOFR US + 5.50%), 05/23/2029 | 25992328 | 26252251 |
| **Consumer Services - 0.9%** | **Consumer Services - 0.9%** | **Consumer Services - 0.9%** | **Consumer Services - 0.9%** |
|  Catawba Nation Gaming Authority, Senior Secured First Lien, 8.67% (1 mo. SOFR US + 4.75%), 02/28/2032 | Catawba Nation Gaming Authority, Senior Secured First Lien, 8.67% (1 mo. SOFR US + 4.75%), 02/28/2032 | 10874001 | 11154930 |
| **Consumer Staples Distribution & Retail - 0.3%** | **Consumer Staples Distribution & Retail - 0.3%** | **Consumer Staples Distribution & Retail - 0.3%** | **Consumer Staples Distribution & Retail - 0.3%** |
|  United Natural Foods, Inc., First Lien, 8.67% (1 mo. Term SOFR + 4.75%), 04/25/2031 | United Natural Foods, Inc., First Lien, 8.67% (1 mo. Term SOFR + 4.75%), 04/25/2031 | 3813082 | 3845493 |
| **Energy - 1.4%** | **Energy - 1.4%** | **Energy - 1.4%** | **Energy - 1.4%** |
|  HighPeak Energy, Inc., Senior Secured First Lien, 11.15% (3 mo. SOFR US + 7.50%), 09/30/2026 | HighPeak Energy, Inc., Senior Secured First Lien, 11.15% (3 mo. SOFR US + 7.50%), 09/30/2026 | 17000000 | 16915000 |
| **Financial Services - 1.4%** | **Financial Services - 1.4%** | **Financial Services - 1.4%** | **Financial Services - 1.4%** |
|  Chicago Atlantic Real Estate Finance, Inc., 9.00% (Fixed Rate), 10/18/2028 | Chicago Atlantic Real Estate Finance, Inc., 9.00% (Fixed Rate), 10/18/2028 | 17500000 | 17412500 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%** |
|  COMMON C GP, LLC, 10.00%, 12/31/2026 | COMMON C GP, LLC, 10.00%, 12/31/2026 | 360464 | 356859 |
|  Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2026 | Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2026 | 10036155 | 10036155 |
|  STIIIZY T/L (7/25), 15.50%, 07/30/2029 | STIIIZY T/L (7/25), 15.50%, 07/30/2029 | 15877392 | 15718618 |
|  |  |  | 26111632 |
| **Software & Services - 0.3%** | **Software & Services - 0.3%** | **Software & Services - 0.3%** | **Software & Services - 0.3%** |
|  KERNELMATTER T/L, 10.50%, 08/14/2026 | KERNELMATTER T/L, 10.50%, 08/14/2026 | 3540156 | 3540157 |
| **Telecommunication Services - 2.9%** | **Telecommunication Services - 2.9%** | **Telecommunication Services - 2.9%** | **Telecommunication Services - 2.9%** |
|  ViaPath Technologies, Senior Secured First Lien, 11.42% (1 mo. SOFR US + 7.50%), 08/06/2029 | ViaPath Technologies, Senior Secured First Lien, 11.42% (1 mo. SOFR US + 7.50%), 08/06/2029 | 35071685 | 34907199 |
| **TOTAL BANK LOANS** (Cost $139,699,362) | **TOTAL BANK LOANS** (Cost $139,699,362) | **TOTAL BANK LOANS** (Cost $139,699,362) | 140139162 |
| **CONVERTIBLE BONDS - 5.0%** | **CONVERTIBLE BONDS - 5.0%** | **Par** | **Value**  |
| **Consumer Discretionary Distribution & Retail - 1.4%** | **Consumer Discretionary Distribution & Retail - 1.4%** | **Consumer Discretionary Distribution & Retail - 1.4%** | **Consumer Discretionary Distribution & Retail - 1.4%** |
|  Groupon, Inc., 4.88%, 06/30/2030 | Groupon, Inc., 4.88%, 06/30/2030 | 19250000 | 16988125 |
| **Financial Services - 1.4%** | **Financial Services - 1.4%** | **Financial Services - 1.4%** | **Financial Services - 1.4%** |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| &nbsp;&nbsp; 5.50%, 03/15/2026 | &nbsp;&nbsp; 5.50%, 03/15/2026 | 7110000 | 7120665 |
| &nbsp;&nbsp; 8.50%, 06/01/2029 | &nbsp;&nbsp; 8.50%, 06/01/2029 | 9000000 | 9567000 |
|  |  |  | 16687665 |
| **Media & Entertainment - 0.8%** | **Media & Entertainment - 0.8%** | **Media & Entertainment - 0.8%** | **Media & Entertainment - 0.8%** |
|  Liberty Broadband Corp., 3.13%, 03/31/2053 <sup>(a)</sup> | Liberty Broadband Corp., 3.13%, 03/31/2053 <sup>(a)</sup> | 10000000 | 9915000 |
| **Software & Services - 1.0%** | **Software & Services - 1.0%** | **Software & Services - 1.0%** | **Software & Services - 1.0%** |
|  Cerence, Inc., 1.50%, 07/01/2028 | Cerence, Inc., 1.50%, 07/01/2028 | 13500000 | 12190500 |
| **Telecommunication Services - 0.4%** | **Telecommunication Services - 0.4%** | **Telecommunication Services - 0.4%** | **Telecommunication Services - 0.4%** |
|  Bandwidth, Inc., 0.50%, 04/01/2028 | Bandwidth, Inc., 0.50%, 04/01/2028 | 5984000 | 5227024 |
| **TOTAL CONVERTIBLE BONDS** (Cost $60,355,601) | **TOTAL CONVERTIBLE BONDS** (Cost $60,355,601) | **TOTAL CONVERTIBLE BONDS** (Cost $60,355,601) | 61008314 |
| **COMMON STOCKS - 0.9%** | **COMMON STOCKS - 0.9%** | **Shares** | **Value**  |
| **Commercial & Professional Services - 0.0% <sup>(d)</sup>** | **Commercial & Professional Services - 0.0% <sup>(d)</sup>** | **Commercial & Professional Services - 0.0% <sup>(d)</sup>** |  |
| ATENTO SA <sup>(b)(e)</sup> | ATENTO SA <sup>(b)(e)</sup> | 661412762 | 0 |
| **Financial Services - 0.8%** | **Financial Services - 0.8%** | **Financial Services - 0.8%** |  |
| Chicago Atlantic BDC, Inc. | Chicago Atlantic BDC, Inc. | 717987 | 7416806 |
| Southern Realty Trust, Inc. <sup>(e)</sup> | Southern Realty Trust, Inc. <sup>(e)</sup> | 125000 | 2500000 |
| SRT_Blocker <sup>(e)</sup> | SRT_Blocker <sup>(e)</sup> | 50000 | 0 |
|  |  |  | 9916806 |
| **Health Care Equipment & Services - 0.1%** | **Health Care Equipment & Services - 0.1%** | **Health Care Equipment & Services - 0.1%** |  |
| Prosomnus Restructured Equity <sup>(b)(e)</sup> | 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) | 11501002 |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.8%** | **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.8%** | **Shares** | **Value**  |
| **Financial Services - 0.8%** | **Financial Services - 0.8%** | **Financial Services - 0.8%** |  |
|  Rithm Capital Corp., Series E, 8.75%, Perpetual | Rithm Capital Corp., Series E, 8.75%, Perpetual | 400000 | 10216000 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $10,000,000) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $10,000,000) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $10,000,000) | 10216000 |
| **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** | **Shares** | **Value**  |
| **Commercial & Professional Services - 0.3%** | **Commercial & Professional Services - 0.3%** | **Commercial & Professional Services - 0.3%** |  |
|  Atento Class A Preferred Shares, 12.00%, 02/23/2028 <sup>(b)</sup> | Atento Class A Preferred Shares, 12.00%, 02/23/2028 <sup>(b)</sup> | 5587837 | 4190878 |
| **Materials - 0.5%** | **Materials - 0.5%** | **Materials - 0.5%** |  |
| Ramaco Resources, Inc. | Ramaco Resources, Inc. | – | $– |
| &nbsp;&nbsp; 8.25%, 07/31/2030 <sup>(e)</sup> | &nbsp;&nbsp; 8.25%, 07/31/2030 <sup>(e)</sup> | 143982 | 3635545 |
| &nbsp;&nbsp; 8.38%, 11/30/2029 <sup>(e)</sup> | &nbsp;&nbsp; 8.38%, 11/30/2029 <sup>(e)</sup> | 77421 | 1921357 |
|  |  |  | 5556902 |
| **TOTAL PREFERRED STOCKS** (Cost $11,112,917) | **TOTAL PREFERRED STOCKS** (Cost $11,112,917) | **TOTAL PREFERRED STOCKS** (Cost $11,112,917) | 9747780 |
| **PURCHASED OPTIONS - 0.2% <sup>(e)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Put Options - 0.2%** | **Put Options - 0.2%** |  |  |
|  Lien_Put, Counterparty: Chicago Atlantic Advisers, LLC, Expiration: 06/30/2026; Exercise Price: $13.23 | 7416806 | 717987 | 2082162 |
| **TOTAL PURCHASED OPTIONS** (Cost $1,791,378) | **TOTAL PURCHASED OPTIONS** (Cost $1,791,378) | **TOTAL PURCHASED OPTIONS** (Cost $1,791,378) | 2082162 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.1%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.1%** | **Shares** | **Value**  |
| **Financial Services - 0.1%** | **Financial Services - 0.1%** | **Financial Services - 0.1%** |  |
| Southern Realty Trust, Inc. <sup>(e)</sup> | Southern Realty Trust, Inc. <sup>(e)</sup> | 50000 | 1000000 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,000,000) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,000,000) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,000,000) | 1000000 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 2.3%** | **MONEY MARKET FUNDS - 2.3%** | **Shares** | **Value**  |
| Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(f)</sup> | Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(f)</sup> | 28542178 | 28542178 |
| **TOTAL MONEY MARKET FUNDS** (Cost $28,542,178) | **TOTAL MONEY MARKET FUNDS** (Cost $28,542,178) | **TOTAL MONEY MARKET FUNDS** (Cost $28,542,178) | 28542178 |
| **TOTAL INVESTMENTS - 98.8% (**Cost $1,198,473,995**)** | **TOTAL INVESTMENTS - 98.8% (**Cost $1,198,473,995**)** | **TOTAL INVESTMENTS - 98.8% (**Cost $1,198,473,995**)** | 1210260673 |
| Other Assets in Excess of Liabilities - 1.2% | Other Assets in Excess of Liabilities - 1.2% | Other Assets in Excess of Liabilities - 1.2% | 14194013 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1224454686 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| 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. |  |

---

---

| |
|:---|
| 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 |
| 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. |

---

(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 December 31, 2025, the value of these securities total $849,604,368 or 69.4% 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
 $22,024,872 or 1.8% of net assets as of December 31, 2025.

(c) Step coupon bond. The rate disclosed is as of December 31, 2025.

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

(e) Non-income producing security.

(f) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| State Street Bank & Trust Co. | 01/02/2026 | USD | 8382158 | EUR | 7107620 | $28508 |
| State Street Bank & Trust Co. | 04/01/2026 | USD | 8379111 | EUR | 7104162 | (5768) |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $22740 |
| 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 December 31, 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 December 31, 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 | $5142000 | $924632277 | $16249798 | $946024075 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 140139162 | – | 140139162 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 61008314 | – | 61008314 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 7416806 | 2500000 | 1584196 | 11501002 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Preferred | 10216000 | – | – | 10216000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 3635545 | 1921357 | 4190878 | 9747780 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 2082162 | – | 2082162 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | – | 1000000 | – | 1000000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 28542178 | – | – | 28542178 |
| Total Investments | $54952529 | $1133283272 | $22024872 | $1210260673 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts\* | $– | $28508 | $– | $28508 |
| Total Other Financial Instruments | $– | $28508 | $– | $28508 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts\* | $– | $(5768) | $– | $(5768) |
| Total Other Financial Instruments | $– | $(5768) | $– | $(5768) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Income Fund was $0. |

---

------

### 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>** |
| Beginning Balance - October 1, 2025 | $1584196 | $4190878 | $15888997 | $3446837 |
| Purchases | - | - | 360801 | 93320 |
| Sales | - | - | - | - |
| Realized gains | - | - | - | - |
| Realized losses | - | - | - | - |
| Change in unrealized appreciation | - | - | - | - |
| Net Transfers Into Level 3 | - | - | - | - |
| Net Transfers Out of Level 3 | - | - |  | (3540157<br><u>)</u> |
| Ending Balance - December 31, 2025 | $1584196 | $4190878 | $1624979 | $- |

---

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1237001983.79

**Total Liabilities:** $18959477.57

**Net Assets:** $1218042506.22

**Cash Not Reported:** $14136668.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 1861.784553000000 | **5-Year:** 4853.287216000000 | **10-Year:** 209.210140000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 82538.179815000000 | **1-Year:** 89793.253648000000 | **5-Year:** 41026.764914000000 | **10-Year:** 8931.679489000000 | **30-Year:** 856.002940000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091655 | 0.19%                | 0.52%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3842479.36              | $-10210718.43                              |
| Month 2  | $117341.13               | $-104822.87                                |
| Month 3  | $-2864581.44             | $171694.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ANGI GROUP LLC                  | ANGI Group LLC                                                           | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36810000 | PA      | $34028636.40  | 2.79%             | 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        |  10555000 | PA      | $11192490.34  | 0.92%             | 2029-06-15      | Fixed         | 8.62%                 | 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        |  39021000 | PA      | $33755592.11  | 2.77%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                     | Deluxe Corp                                                              | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  14039000 | PA      | $14325283.29  | 1.18%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP              | Rithm Capital Corp                                                       | CUSIP: 64828T805<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    400000 | NS      | $10216000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP              | Rithm Capital Corp                                                       | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12329111.16  | 1.01%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                   | PRA Group Inc                                                            | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |  17898000 | PA      | $16845994.94  | 1.38%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                   | PRA Group Inc                                                            | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   9545000 | PA      | $9886544.82   | 0.81%             | 2030-01-31      | Fixed         | 8.88%                 | 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        |  27000000 | PA      | $28038204.00  | 2.30%             | 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      | $1709374.77   | 0.14%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                | Pitney Bowes Inc                                                         | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |  29569000 | PA      | $30042513.23  | 2.47%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RAMACO RESOURCES INC            | Ramaco Resources Inc                                                     | CUSIP: 75134P709<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |     77421 | NS      | $1921356.96   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| RAMACO RESOURCES INC            | Ramaco Resources Inc                                                     | CUSIP: 75134P808<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EP               | CORP              | US        |    143982 | NS      | $3635545.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| READYCAP HOLDINGS LLC           | ReadyCap Holdings LLC                                                    | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5021208.85   | 0.41%             | 2028-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC               | Upbound Group Inc                                                        | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |  17993000 | PA      | $17811740.32  | 1.46%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SKILLZ INC                      | Skillz Inc                                                               | CUSIP: 83067LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26188000 | PA      | $25931619.48  | 2.13%             | 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   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| TWILIO INC                      | Twilio Inc                                                               | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |  33357000 | PA      | $31900052.97  | 2.62%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                     | Unisys Corp                                                              | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |  17225000 | PA      | $17660878.63  | 1.45%             | 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        |  26971000 | PA      | $27125813.54  | 2.23%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO        | Varex Imaging Corp                                                       | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |  20394000 | PA      | $20875767.46  | 1.71%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC            | Warrior Met Coal Inc                                                     | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |  25634000 | PA      | $26252932.93  | 2.16%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Southern Realty Trust Inc.      | Southern Realty Trust Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $1000000.00   | 0.08%             |  |  |  | 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        |   5587837 | PA      | $4190877.75   | 0.34%             | 2028-02-23      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| UNITED NATURAL FOODS INC        | United Natural Foods Inc                                                 | CUSIP: 91116KAD7<br>LEI: 549300GKGW6WPZ282D40 | Long             | LON              | CORP              | US        |   3813082 | PA      | $3845493.08   | 0.32%             | 2031-05-01      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| VIAPATH TECHNOLOGIES            | ViaPath Technologies                                                     | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  35249673 | PA      | $35084352.29  | 2.88%             | 2029-08-06      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| COMMON C GP, LLC                | COMMON C GP, LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    358869 | PA      | $355279.95    | 0.03%             | 2026-12-31      | Floating      | 10.00%                | 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   | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Prosomnus 8% 12/31/2026         | Prosomnus 8% 12/31/2026                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3330693 | PA      | $3330693.35   | 0.27%             | 2026-12-31      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| VERVE GROUP SE                  | Verve Group SE                                                           | CUSIP: YR9250543<br>LEI: 391200UIIWMXRLGARB95 | Long             | DBT              | CORP              | SE        |   7000000 | PA      | $7773338.19   | 0.64%             | 2029-04-01      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| SRT_Blocker                     | SRT_Blocker                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA               | Atento Luxco 1 SA                                                        | CUSIP: ZL5424722<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |   8835840 | PA      | $8835839.58   | 0.73%             | 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        |   4083265 | PA      | $4083265.00   | 0.34%             | 2029-11-30      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| CIMPRESS PLC                    | Cimpress PLC                                                             | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |  21689000 | PA      | $22149974.10  | 1.82%             | 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      | $12725308.98  | 1.04%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                | Cinemark USA Inc                                                         | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |  28939000 | PA      | $28956936.39  | 2.38%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITRIX SYSTEMS INC              | Citrix Systems Inc                                                       | CUSIP: 177376AE0<br>LEI: HCTKJGUQOPZ5NBK7NP58 | Long             | DBT              | CORP              | US        |  12974000 | PA      | $12292865.00  | 1.01%             | 2027-12-01      | Fixed         | 4.50%                 | No            |                  3 | On Loan: No      |
| THE REALREAL INC                | RealReal Inc/The                                                         | CUSIP: 88339PAE1<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |  46137171 | PA      | $49424444.43  | 4.06%             | 2029-03-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP          | Trulieve Cannabis Corp                                                   | CUSIP: 89788CAF1<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |  28400000 | PA      | $28684000.00  | 2.35%             | 2030-12-17      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC        | Turning Point Brands Inc                                                 | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |  24117000 | PA      | $25728305.00  | 2.11%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| STIIIZY T/L (7/25)              | STIIIZY T/L (7/25)                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  15877392 | PA      | $15718618.19  | 1.29%             | 2029-07-30      | Floating      | 15.50%                | No            |                  2 | On Loan: No      |
| ADVANCED FLOWER CAP INC         | Advanced Flower Capital Inc                                              | CUSIP: 00109KAA3<br>LEI: 5493005G0MGS3E0E7218 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6765436.44   | 0.56%             | 2027-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GREEN DOT CORP                  | Green Dot Corp                                                           | CUSIP: 39304DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10306081.00  | 0.85%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GROUPON INC                     | Groupon Inc                                                              | CUSIP: 399473AK3<br>LEI: 5299005W5W1R5POQJL03 | Long             | DBT              | CORP              | US        |  19250000 | PA      | $16988125.00  | 1.39%             | 2030-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC            | GrubHub Holdings Inc                                                     | CUSIP: 40010PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21165000 | PA      | $17461125.00  | 1.43%             | 2030-07-31      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| HIGHPEAK ENERGY INC             | HighPeak Energy Inc                                                      | CUSIP: N/A<br>LEI: 549300J4RNCV140DUY76       | Long             | LON              | CORP              | US        |  17000000 | PA      | $16915000.00  | 1.39%             | 2026-09-30      | Floating      | 11.65%                | No            |                  2 | On Loan: No      |
| DELUXE CORP                     | Deluxe Corp                                                              | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |  14043000 | PA      | $14811556.26  | 1.22%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS           | Dick's Sporting Goods Inc                                                | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |  15114000 | PA      | $14840710.01  | 1.22%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T        | Diversified Healthcare Trust                                             | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16000000 | PA      | $16379808.00  | 1.34%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                      | EZCORP Inc                                                               | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11697961.00  | 0.96%             | 2032-04-01      | Fixed         | 7.38%                 | 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        |  11809000 | PA      | $11227415.13  | 0.92%             | 2037-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                   | FirstCash Inc                                                            | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |  19596000 | PA      | $19754551.24  | 1.62%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO         | Five Point Operating Co LP                                               | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13162000 | PA      | $13771677.00  | 1.13%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC          | Full House Resorts Inc                                                   | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |  31633000 | PA      | $27599792.50  | 2.27%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                | Getty Images Inc                                                         | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14126194.46  | 1.16%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GOLAR LNG LTD                   | Golar LNG Ltd                                                            | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4834642.75   | 0.40%             | 2030-10-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                  | Gray Media Inc                                                           | CUSIP: 389375AJ5<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    910000 | PA      | $914295.20    | 0.08%             | 2026-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                  | Gray Media Inc                                                           | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   9200000 | PA      | $9909191.20   | 0.81%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GREAT AJAX OPER PSHIP           | Great Ajax Operating Partnership LP                                      | CUSIP: 38982GAA4<br>LEI: 549300IMX0KE8QJMZ613 | Long             | DBT              | CORP              | US        |  20500000 | PA      | $20185530.00  | 1.66%             | 2027-09-01      | Fixed         | 9.88%                 | 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        |  10160000 | PA      | $10181298.41  | 0.84%             | 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      | $9567221.20   | 0.79%             | 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        |  13400000 | PA      | $13407299.25  | 1.10%             | 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        |  14514000 | PA      | $15253472.33  | 1.25%             | 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        |   6000000 | PA      | $5903163.00   | 0.48%             | 2027-11-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORP          | Liberty Broadband Corp                                                   | CUSIP: 530307AE7<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9915000.00   | 0.81%             | 2053-03-31      | Fixed         | 3.12%                 | 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      | $1273090.64   | 0.10%             | 2042-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T        | Diversified Healthcare Trust                                             | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8694761.40   | 0.71%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio      | Invesco Treasury Portfolio                                               | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  28542178 | NS      | $28542178.01  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | EUR/USD FWD 20260102                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $28507.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KERNELMATTER T/L                | KERNELMATTER T/L                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3508434 | PA      | $3508434.34   | 0.29%             | 2026-08-14      | Floating      | 10.50%                | No            |                  2 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT        | PennyMac Mortgage Investment Trust                                       | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    200000 | NS      | $5142000.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC CORP                   | PennyMac Corp                                                            | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   7110000 | PA      | $7120665.00   | 0.58%             | 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      | $9567000.00   | 0.79%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                             | EUR/USD FWD 20260401                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-5767.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                             | LIEN_PUT                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    717987 | NC      | $2082162.30   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC         | Peloton Interactive Inc                                                  | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |  26037554 | PA      | $26297929.47  | 2.16%             | 2029-05-30      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| BANDWIDTH INC                   | Bandwidth Inc                                                            | CUSIP: 05988JAD5<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |   5984000 | PA      | $5227024.00   | 0.43%             | 2028-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO         | Beach Acquisition Bidco LLC                                              | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |  26050000 | PA      | $28773240.95  | 2.36%             | 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      | $3774897.06   | 0.31%             | 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        |  19107000 | PA      | $20240170.06  | 1.66%             | 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        |  28875000 | PA      | $28936070.63  | 2.38%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                   | CHC Group LLC                                                            | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  12300000 | PA      | $11572693.37  | 0.95%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CERENCE INC                     | Cerence Inc                                                              | CUSIP: 156727AD1<br>LEI: 5493002WL2W5WMS89568 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $12190500.00  | 1.00%             | 2028-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ATLANTIC REAL ES        | Chicago Atlantic Real Estate Finance Inc                                 | CUSIP: 16723TAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17500000 | PA      | $17412500.00  | 1.43%             | 2028-10-18      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Chicago Atlantic BDC Inc        | Chicago Atlantic BDC Inc                                                 | CUSIP: 828174102<br>LEI: 549300UCS6M1BNMDQZ18 | Long             | EC               | CORP              | US        |    717987 | NS      | $7416805.71   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ATENTO S.A.                     | ATENTO S.A.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 661412762 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CATAWBA NATION GAMING AU        | Catawba Nation Gaming Authority                                          | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10874001 | PA      | $11154930.42  | 0.92%             | 2032-03-29      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

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

**Signature:** Tim Page

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

**Title:** Secretary/Treasurer