# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0000894189-26-005896
**Filing Date:** 2026-2
**Character Count:** 47027
**Document Hash:** 61a3f3dfdba0d2fae8b270f877d875c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005896.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005896

**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:** 26684664

**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** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 65.5%** | **COMMON STOCKS - 65.5%** | **Shares** | **Value**  |
| **Capital Goods - 3.3%** | **Capital Goods - 3.3%** | **Capital Goods - 3.3%** | |
| Acuity, Inc. | Acuity, Inc. | 6404 | $2305696 |
| Watsco, Inc. | Watsco, Inc. | 3521 | 1186401 |
|  |  |  | 3492097 |
| **Commercial & Professional Services - 4.3%** | **Commercial & Professional Services - 4.3%** | **Commercial & Professional Services - 4.3%** |  |
| 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 | 1364456 |
| SS&C Technologies Holdings, Inc. | SS&C Technologies Holdings, Inc. | 16119 | 1409123 |
| UniFirst Corp. | UniFirst Corp. | 9231 | 1780660 |
|  |  |  | 4554239 |
| **Consumer Discretionary Distribution & Retail - 2.5%** | **Consumer Discretionary Distribution & Retail - 2.5%** | **Consumer Discretionary Distribution & Retail - 2.5%** |  |
| TJX Cos., Inc. | TJX Cos., Inc. | 17307 | 2658528 |
| **Consumer Durables & Apparel - 5.8%** | **Consumer Durables & Apparel - 5.8%** | **Consumer Durables & Apparel - 5.8%** |  |
| Garmin Ltd. | Garmin Ltd. | 8004 | 1623611 |
| Green Brick Partners, Inc. <sup>(b)</sup> | Green Brick Partners, Inc. <sup>(b)</sup> | 23263 | 1457660 |
| Levi Strauss & Co. - Class A | Levi Strauss & Co. - Class A | 64156 | 1330595 |
| Polaris, Inc. | Polaris, Inc. | 26610 | 1683083 |
|  |  |  | 6094949 |
| **Consumer Services - 1.5%** | **Consumer Services - 1.5%** | **Consumer Services - 1.5%** |  |
| Airbnb, Inc. - Class A <sup>(b)</sup> | Airbnb, Inc. - Class A <sup>(b)</sup> | 11670 | 1583852 |
| **Consumer Staples Distribution & Retail - 3.7%** | **Consumer Staples Distribution & Retail - 3.7%** | **Consumer Staples Distribution & Retail - 3.7%** |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup> | BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup> | 18141 | 1633234 |
| Dollar Tree, Inc. <sup>(b)</sup> | Dollar Tree, Inc. <sup>(b)</sup> | 18897 | 2324520 |
|  |  |  | 3957754 |
| **Energy - 1.7%** | **Energy - 1.7%** | **Energy - 1.7%** |  |
| Permian Resources Corp. | Permian Resources Corp. | 124509 | 1746861 |
| **Financial Services - 9.4%** | **Financial Services - 9.4%** | **Financial Services - 9.4%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | 6517 | 3275770 |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | 3859 | 968609 |
| Chicago Atlantic BDC, Inc. | Chicago Atlantic BDC, Inc. | 38198 | 394586 |
| Fiserv, Inc. <sup>(b)</sup> | Fiserv, Inc. <sup>(b)</sup> | 16676 | 1120127 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | 28188 | 1746810 |
| Sprott, Inc. | Sprott, Inc. | 24961 | 2444181 |
|  |  |  | 9950083 |
| **Food, Beverage & Tobacco - 3.4%** | **Food, Beverage & Tobacco - 3.4%** | **Food, Beverage & Tobacco - 3.4%** |  |
| Becle SAB de CV | Becle SAB de CV | 1688667 | 1929905 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 10420 | 1671368 |
|  |  |  | 3601273 |
| **Insurance - 4.3%** | **Insurance - 4.3%** | **Insurance - 4.3%** |  |
| Markel Group, Inc. <sup>(b)</sup> | Markel Group, Inc. <sup>(b)</sup> | 978 | 2102358 |
| W R Berkley Corp. | W R Berkley Corp. | 34245 | 2401259 |
|  |  |  | 4503617 |
| **Materials - 1.4%** | **Materials - 1.4%** | **Materials - 1.4%** |  |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | 24524 | 1430976 |
| **Media & Entertainment - 19.1%** | **Media & Entertainment - 19.1%** | **Media & Entertainment - 19.1%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 17503 | 5478439 |
| Atlanta Braves Holdings, Inc. - Class C <sup>(b)</sup> | Atlanta Braves Holdings, Inc. - Class C <sup>(b)</sup> | 54826 | 2162886 |
| IAC, Inc. <sup>(b)</sup> | IAC, Inc. <sup>(b)</sup> | 45588 | 1782491 |
| Liberty Live Holdings, Inc. - Class A <sup>(b)</sup> | Liberty Live Holdings, Inc. - Class A <sup>(b)</sup> | 31368 | 2556492 |
| Liberty Media Corp.-Liberty Formula One - Class C <sup>(b)</sup> | Liberty Media Corp.-Liberty Formula One - Class C <sup>(b)</sup> | 15467 | 1523654 |
| Madison Square Garden Sports Corp. <sup>(b)</sup> | Madison Square Garden Sports Corp. <sup>(b)</sup> | 9465 | 2448122 |
| Match Group, Inc. | Match Group, Inc. | 53439 | 1725545 |
| Take-Two Interactive Software, Inc. <sup>(b)</sup> | Take-Two Interactive Software, Inc. <sup>(b)</sup> | 9872 | 2527528 |
|  |  |  | 20205157 |
| **Real Estate Management & Development - 3.9%** | **Real Estate Management & Development - 3.9%** | **Real Estate Management & Development - 3.9%** |  |
| FRP Holdings, Inc. <sup>(b)</sup> | FRP Holdings, Inc. <sup>(b)</sup> | 127956 | 2916117 |
| Howard Hughes Holdings, Inc. <sup>(b)</sup> | Howard Hughes Holdings, Inc. <sup>(b)</sup> | 14854 | 1184904 |
|  |  |  | 4101021 |
| **Software & Services - 1.2%** | **Software & Services - 1.2%** | **Software & Services - 1.2%** |  |
| Dropbox, Inc. - Class A <sup>(b)</sup> | Dropbox, Inc. - Class A <sup>(b)</sup> | 45608 | 1267903 |
| **TOTAL COMMON STOCKS** (Cost $50,086,808) | **TOTAL COMMON STOCKS** (Cost $50,086,808) | **TOTAL COMMON STOCKS** (Cost $50,086,808) | 69148310 |
| **CORPORATE BONDS - 18.9%** | **CORPORATE BONDS - 18.9%** | **Par** | **Value**  |
| **Commercial & Professional Services - 5.6%** | **Commercial & Professional Services - 5.6%** | **Commercial & Professional Services - 5.6%** | **Commercial & Professional Services - 5.6%** |
| 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)(c)</sup> | &nbsp;&nbsp; 12.00% (or 12.00% PIK), 05/17/2028 <sup>(a)(c)</sup> | 875265 | 875265 |
| &nbsp;&nbsp; 20.00% (or 10.00% PIK), 11/30/2029 <sup>(a)(c)</sup> | &nbsp;&nbsp; 20.00% (or 10.00% PIK), 11/30/2029 <sup>(a)(c)</sup> | 521275 | 521275 |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(c)</sup> | Cimpress PLC, 7.38%, 09/15/2032 <sup>(c)</sup> | 2296000 | 2344799 |
|  Conduent Business Services LLC, 6.00%, 11/01/2029 <sup>(c)</sup> | Conduent Business Services LLC, 6.00%, 11/01/2029 <sup>(c)</sup> | 2500000 | 2162656 |
|  |  |  | 5903995 |
| **Consumer Discretionary Distribution & Retail - 3.8%** | **Consumer Discretionary Distribution & Retail - 3.8%** | **Consumer Discretionary Distribution & Retail - 3.8%** | **Consumer Discretionary Distribution & Retail - 3.8%** |
|  Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 <sup>(c)</sup> | Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 <sup>(c)</sup> | 1750000 | 1718356 |
|  RealReal, Inc., 13.00% (or 4.25% PIK), 03/01/2029 <sup>(c)</sup> | RealReal, Inc., 13.00% (or 4.25% PIK), 03/01/2029 <sup>(c)</sup> | 2111785 | 2262250 |
|  |  |  | 3980606 |
| **Consumer Services - 0.5%** | **Consumer Services - 0.5%** | **Consumer Services - 0.5%** | **Consumer Services - 0.5%** |
|  Brinker International, Inc., 8.25%, 07/15/2030 <sup>(c)</sup> | Brinker International, Inc., 8.25%, 07/15/2030 <sup>(c)</sup> | 500000 | 529653 |
| **Food, Beverage & Tobacco - 1.9%** | **Food, Beverage & Tobacco - 1.9%** | **Food, Beverage & Tobacco - 1.9%** | **Food, Beverage & Tobacco - 1.9%** |
|  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 | 1960801 |
| **Media & Entertainment - 4.0%** | **Media & Entertainment - 4.0%** | **Media & Entertainment - 4.0%** | **Media & Entertainment - 4.0%** |
|  Getty Images, Inc., 10.50%, 11/15/2030 <sup>(c)</sup> | Getty Images, Inc., 10.50%, 11/15/2030 <sup>(c)</sup> | 2000000 | 2018028 |
|  Skillz, Inc., 10.25%, 12/15/2026 <sup>(c)</sup> | Skillz, Inc., 10.25%, 12/15/2026 <sup>(c)</sup> | 2216000 | 2194305 |
|  |  |  | 4212333 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.2%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.2%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.2%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.2%** |
|  Celgene Corp., 3.90%, 02/20/2028 | Celgene Corp., 3.90%, 02/20/2028 | 23000 | 23032 |
|  Trulieve Cannabis Corp., 10.50%, 12/17/2030 <sup>(c)</sup> | Trulieve Cannabis Corp., 10.50%, 12/17/2030 <sup>(c)</sup> | 2300000 | 2323000 |
|  |  |  | 2346032 |
| **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** |
|  Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 | Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 | 1000000 | 998455 |
| **TOTAL CORPORATE BONDS** (Cost $19,429,176) | **TOTAL CORPORATE BONDS** (Cost $19,429,176) | **TOTAL CORPORATE BONDS** (Cost $19,429,176) | 19931875 |
| **EXCHANGE TRADED FUNDS - 4.0%** | **EXCHANGE TRADED FUNDS - 4.0%** | **Shares** | **Value**  |
| iShares Gold Trust <sup>(b)</sup> | iShares Gold Trust <sup>(b)</sup> | 52279 | 4243487 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,511,974) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,511,974) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,511,974) | 4243487 |
| **BANK LOANS - 3.3%** | **BANK LOANS - 3.3%** | **Par** | **Value**  |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.4%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.4%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.4%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.4%** |
|  COMMON C GP, LLC, 10.00%, 12/31/2026 | COMMON C GP, LLC, 10.00%, 12/31/2026 | 27017 | 26747 |
|  Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2026 | Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2026 | 752214 | 752214 |
|  STIIIZY T/L (7/25), 15.50%, 07/30/2029 | STIIIZY T/L (7/25), 15.50%, 07/30/2029 | 1700733 | 1683725 |
|  |  |  | 2462686 |
| **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** |
|  ViaPath Technologies, Senior Secured First Lien, 11.22% (1 mo. SOFR US + 7.50%), 08/06/2029 | ViaPath Technologies, Senior Secured First Lien, 11.22% (1 mo. SOFR US + 7.50%), 08/06/2029 | 985001 | 980381 |
| **TOTAL BANK LOANS** (Cost $3,423,171) | **TOTAL BANK LOANS** (Cost $3,423,171) | **TOTAL BANK LOANS** (Cost $3,423,171) | 3443067 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.7%** | **REAL ESTATE INVESTMENT TRUSTS - 0.7%** | **Shares** | **Value**  |
| **Financial Services - 0.7%** | **Financial Services - 0.7%** | **Financial Services - 0.7%** |  |
| Chicago Atlantic Real Estate Finance, Inc. | Chicago Atlantic Real Estate Finance, Inc. | 61878 | 758624 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $938,071) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $938,071) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $938,071) | 758624 |
| **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: 06/30/2026; Exercise Price: $13.23 | 394585 | 38198 | 110774 |
| **TOTAL PURCHASED OPTIONS** (Cost $95,304) | **TOTAL PURCHASED OPTIONS** (Cost $95,304) | **TOTAL PURCHASED OPTIONS** (Cost $95,304) | 110774 |
| **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** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 6.3%** | **MONEY MARKET FUNDS - 6.3%** | **Shares** | **Value**  |
| Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(e)</sup> | Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(e)</sup> | 6637485 | 6637485 |
| **TOTAL MONEY MARKET FUNDS** (Cost $6,637,485) | **TOTAL MONEY MARKET FUNDS** (Cost $6,637,485) | **TOTAL MONEY MARKET FUNDS** (Cost $6,637,485) | 6637485 |
| **TOTAL INVESTMENTS - 99.4% (**Cost $82,937,526**)** | **TOTAL INVESTMENTS - 99.4% (**Cost $82,937,526**)** | **TOTAL INVESTMENTS - 99.4% (**Cost $82,937,526**)** | 104889672 |
| Other Assets in Excess of Liabilities - 0.6% | Other Assets in Excess of Liabilities - 0.6% | Other Assets in Excess of Liabilities - 0.6% | 643665 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $105533337 |
| 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. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| PIK - Payment in Kind |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |
| 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) 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
 $2,008,193 or 1.9% of net assets as of December 31, 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 December 31, 2025, the value of these securities total $18,910,388 or 17.9% of the Fund's net assets.

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

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

------

#### Summary of Fair Value Disclosure as of December 31, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $69148310 | $– | $0 | $69148310 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 18535335 | 1396540 | 19931875 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 4243487 | – | – | 4243487 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | – | 3443067 | – | 3443067 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 758624 | – | – | 758624 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | – | 611653 | 611653 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 110774 | – | 110774 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | 4397 | – | 4397 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6637485 | – | – | 6637485 |
| Total Investments | $80787906 | $22093573 | $2008193 | $104889672 |
| 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $0. | 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 December 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $0. |

---

------

### 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

---

| | | | |
|:---|:---|:---|:---|
|  |  **<u>Common Stock</u>** |  **<u>Preferred Stock</u>** |  **<u>Corporate Bonds</u>** |
| Beginning Balance - October 1, 2025 | $- | $611653 | $1357920 |
| Purchases | - | - | 38620 |
| Sales | - | - | - |
| Realized gains | - | - | - |
| Realized losses | - | - | - |
| Change in unrealized appreciation | - | - | - |
| Net Transfers Into Level 3 | - | - | - |
| Net Transfers Out of Level 3 | - | - | - |
| Ending Balance - December 31, 2025 | $- | $611653 | $1396540 |

---

## 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:** 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:** $105725868.90

**Total Liabilities:** $192712.31

**Net Assets:** $105533156.59

**Cash Not Reported:** $896460.74

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 218.945196000000 | **5-Year:** 358.797086000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1076.161284000000 | **1-Year:** 2631.040802000000 | **5-Year:** 1146.282318000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002456 | -1.38%               | 2.65%                | 0.86%                |
| Class ID C000088547 | -1.37%               | 2.64%                | 0.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $687628.21               | $-2222660.16                               |
| Month 2  | $3886216.81              | $-1317724.12                               |
| Month 3  | $120078.12               | $503312.50                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acuity Inc                      | Acuity Inc                                                            | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6404 | NS      | $2305696.16   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                | W R Berkley Corp                                                      | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     34245 | NS      | $2401259.40   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GETTY IMAGES INC                | Getty Images Inc                                                      | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2018027.78   | 1.91%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Howard Hughes Holdings Inc      | Howard Hughes Holdings Inc                                            | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     14854 | NS      | $1184903.58   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co               | Levi Strauss & Co                                                     | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     64156 | NS      | $1330595.44   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                | Markel Group Inc                                                      | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       978 | NS      | $2102357.70   | 1.99%             |  |  |  | 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      | $1409122.98   | 1.34%             |  |  |  | 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      | $1929905.14   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                      | Airbnb Inc                                                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     11670 | NS      | $1583852.40   | 1.50%             |  |  |  | No            |                  1 | 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      | $758624.28    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CINC BELL TEL                   | Cincinnati Bell Telephone Co LLC                                      | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998455.00    | 0.95%             | 2028-12-01      | Fixed         | 6.30%                 | 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        |   2500000 | PA      | $2162655.50   | 2.05%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc                      | Fiserv Inc                                                            | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     16676 | NS      | $1120126.92   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Live Holdings Inc       | Liberty Live Holdings Inc                                             | CUSIP: 530909100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31368 | NS      | $2556492.00   | 2.42%             |  |  |  | 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      | $2527528.16   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TURNING POINT BRANDS INC        | Turning Point Brands Inc                                              | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   1838000 | PA      | $1960800.46   | 1.86%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Green Brick Partners Inc        | Green Brick Partners Inc                                              | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     23263 | NS      | $1457659.58   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc   | Jefferies Financial Group Inc                                         | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     28188 | NS      | $1746810.36   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                     | Polaris Inc                                                           | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     26610 | NS      | $1683082.50   | 1.59%             |  |  |  | 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      | $1430975.40   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                | UniFirst Corp/MA                                                      | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      9231 | NS      | $1780659.90   | 1.69%             |  |  |  | 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      | $2162885.70   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ATENTO LUXCO 1 SA               | Atento Luxco 1 SA                                                     | CUSIP: ZL5424722<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |    875265 | PA      | $875265.46    | 0.83%             | 2028-05-17      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| Alphabet Inc                    | Alphabet Inc                                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     17503 | NS      | $5478439.00   | 5.19%             |  |  |  | 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      | $1633234.23   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKER INTERNATIONAL IN        | Brinker International Inc                                             | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $529653.27    | 0.50%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS           | Dick's Sporting Goods Inc                                             | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1718356.66   | 1.63%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| iShares Gold Trust              | iShares Gold Trust                                                    | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |     52279 | NS      | $4243486.43   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C  | Madison Square Garden Sports Corp                                     | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9465 | NS      | $2448122.25   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic BDC Inc        | Chicago Atlantic BDC Inc                                              | CUSIP: 828174102<br>LEI: 549300UCS6M1BNMDQZ18 | Long             | EC               | CORP              | US        |     38198 | NS      | $394585.44    | 0.37%             |  |  |  | No            |                  1 | 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      |
| 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    | 0.58%             | 2028-02-23      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| STIIIZY T/L (7/25)              | STIIIZY T/L (7/25)                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1700733 | PA      | $1683725.55   | 1.60%             | 2029-07-30      | Floating      | 15.50%                | No            |                  2 | On Loan: No      |
| COMMON C GP, LLC                | COMMON C GP, LLC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     26897 | PA      | $26628.37     | 0.03%             | 2026-12-31      | Floating      | 10.00%                | No            |                  2 | 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      |
| Cboe Global Markets Inc         | Cboe Global Markets Inc                                               | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      3859 | NS      | $968609.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SKILLZ INC                      | Skillz Inc                                                            | CUSIP: 83067LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2216000 | PA      | $2194305.36   | 2.08%             | 2026-12-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP          | Trulieve Cannabis Corp                                                | CUSIP: 89788CAF1<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |   2300000 | PA      | $2323000.00   | 2.20%             | 2030-12-17      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| N/A                             | LIEN_PUT                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     38198 | NC      | $110774.20    | 0.10%             |  |  |  | No            |                  2 | 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      | $1523654.17   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                 | Match Group Inc                                                       | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     53439 | NS      | $1725545.31   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp          | Permian Resources Corp                                                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    124509 | NS      | $1746861.27   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In  | Philip Morris International Inc                                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     10420 | NS      | $1671368.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio      | Invesco Treasury Portfolio                                            | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   6637485 | NS      | $6637485.29   | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                      | Sprott Inc                                                            | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |     24961 | NS      | $2444181.12   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                 | TJX Cos Inc/The                                                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     17307 | NS      | $2658528.27   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAPATH TECHNOLOGIES            | ViaPath Technologies                                                  | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    990000 | PA      | $985356.90    | 0.93%             | 2029-08-06      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| CELGENE CORP                    | Celgene Corp                                                          | CUSIP: 151020BB9<br>LEI: 4SIHMF0MOSTTL8CD0X64 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23032.43     | 0.02%             | 2028-02-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                    | Cimpress PLC                                                          | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2296000 | PA      | $2344798.77   | 2.22%             | 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      | $1364455.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                     | Dropbox Inc                                                           | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     45608 | NS      | $1267902.40   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                | FRP Holdings Inc                                                      | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127956 | NS      | $2916117.24   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                         | IAC Inc                                                               | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |     45588 | NS      | $1782490.80   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE REALREAL INC                | RealReal Inc/The                                                      | CUSIP: 88339PAE1<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |   2111785 | PA      | $2262249.68   | 2.14%             | 2029-03-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Watsco Inc                      | Watsco Inc                                                            | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      3521 | NS      | $1186400.95   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ATENTO LUXCO 1 SA               | Atento Luxco 1 SA                                                     | CUSIP: ZI1858698<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |    521275 | PA      | $521275.00    | 0.49%             | 2029-11-30      | Fixed         | 20.00%                | No            |                  3 | On Loan: No      |
| Berkshire Hathaway Inc          | Berkshire Hathaway Inc                                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      6517 | NS      | $3275770.05   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                 | Dollar Tree Inc                                                       | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     18897 | NS      | $2324519.97   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                      | Garmin Ltd                                                            | CUSIP: N/A<br>LEI: 2549001E0HIPIJQ0W046       | Long             | EC               | CORP              | CH        |      8004 | NS      | $1623611.40   | 1.54%             |  |  |  | No            |                  1 | 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