Intrepid Capital Management Funds Trust NPORT-P Intrepid Capital Fund (Dec 2024 report)

Intrepid Capital Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 63.9%		Shares		Value
Capital Goods - 4.2%
Acuity Brands, Inc.			6,404	$	1,870,800
Watsco, Inc.			3,521		1,668,567
					3,539,367
Commercial & Professional Services - 3.5%
Atento SA (a)(b)			96,558,308		434,513
Copart, Inc. (b)			34,852		2,000,156
WNS Holdings Ltd. (b)			11,521		545,980
					2,980,649
Consumer Discretionary Distribution & Retail - 4.2%
TJX Cos., Inc.			17,307		2,090,859
Valvoline, Inc. (b)			41,074		1,486,057
					3,576,916
Consumer Durables & Apparel - 7.9%
Garmin Ltd.			8,004		1,650,905
Levi Strauss & Co. - Class A			64,156		1,109,899
Polaris, Inc.			26,610		1,533,268
Skechers USA, Inc. - Class A (b)			35,914		2,414,857
					6,708,929
Consumer Staples Distribution & Retail - 3.6%
BJ's Wholesale Club Holdings, Inc. (b)			18,101		1,617,325
Dollar Tree, Inc. (b)			18,897		1,416,141
					3,033,466
Energy - 2.1%
Civitas Resources, Inc.			38,319		1,757,693
Financial Services - 7.9%
Berkshire Hathaway, Inc. - Class B (b)			6,517		2,954,026
Chicago Atlantic BDC, Inc.			38,198		465,443
Jefferies Financial Group, Inc.			28,188		2,209,939
Sprott, Inc.			24,961		1,052,605
					6,682,013
Food, Beverage & Tobacco - 3.2%
Becle SAB de CV			1,688,667		1,906,442
Simply Good Foods Co. (b)			20,188		786,928
					2,693,370
Insurance - 3.6%
Markel Group, Inc. (b)			640		1,104,787
W R Berkley Corp.			34,245		2,004,018
					3,108,805
Media & Entertainment - 12.3%
Alphabet, Inc. - Class A			17,503		3,313,318
IAC, Inc. (b)			45,588		1,966,666
Liberty Media Corp. - Class A (b)			31,368		2,087,854
Match Group, Inc. (b)			38,939		1,273,695
Take-Two Interactive Software, Inc. (b)			9,872		1,817,238
					10,458,771
Real Estate Management & Development - 6.9%
FRP Holdings, Inc. (b)			152,020		4,656,373
Howard Hughes Holdings, Inc. (b)			14,854		1,142,570
Seaport Entertainment Group, Inc. (b)			1,650		46,117
					5,845,060
Software & Services - 2.1%
Accenture PLC - Class A			1,180		415,112
Dropbox, Inc. - Class A (b)			45,608		1,370,064
					1,785,176
Technology Hardware & Equipment - 2.4%
Fabrinet (b)			9,307		2,046,423
TOTAL COMMON STOCKS (Cost $38,680,659)					54,216,638
CORPORATE BONDS - 10.1%		Par		Value
Commercial & Professional Services - 1.6%
Atento Luxco 1 SA
20.00% (includes 10.00% Cash and 10.00% PIK), 05/17/2025 (a)(c)			765,660		765,661
20.00% (includes 10.00% Cash and 10.00% PIK), 09/30/2026 (a)(c)			471,609		471,609
Cimpress PLC, 7.38%, 09/15/2032 (c)			150,000		149,031
					1,386,301
Consumer Discretionary Distribution & Retail - 2.0%
Foot Locker, Inc., 4.00%, 10/01/2029 (c)			750,000		647,675
RealReal, Inc., 13.00% (includes 4.25% PIK), 03/01/2029 (c)			1,021,000		1,049,078
					1,696,753
Consumer Services - 0.6%
Brinker International, Inc., 8.25%, 07/15/2030 (c)			500,000		528,536
Food, Beverage & Tobacco - 1.3%
Turning Point Brands, Inc., 5.63%, 02/15/2026 (c)			1,064,000		1,059,552
Media & Entertainment - 1.7%
Gray Television, Inc., 7.00%, 05/15/2027 (c)			800,000		776,949
Skillz, Inc., 10.25%, 12/15/2026 (c)			706,000		646,721
					1,423,670
Pharmaceuticals, Biotechnology & Life Sciences - 1.8%
Celgene Corp., 3.90%, 02/20/2028			23,000		22,531
Trulieve Cannabis Corp., 8.00%, 10/06/2026			1,500,000		1,472,632
					1,495,163
Telecommunication Services - 1.1%
Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028			1,000,000		962,575
TOTAL CORPORATE BONDS (Cost $8,112,306)					8,552,550
BANK LOANS - 5.8%		Par		Value
Financial Services - 1.2%
Chicago Atlantic Real Estate Finance, Inc., 9.00%, 10/18/2028			1,000,000		987,500
Health Care Equipment & Services - 0.9%
Shryne Group, Inc., 17.00%, 05/26/2026			746,740		741,512
Pharmaceuticals, Biotechnology & Life Sciences - 2.6%
Cansortium Holdings LLC, 13.00%, 11/20/2028			1,000,000		980,000
Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2025			752,214		752,214
Verano Holdings Corp., 14.50% (Prime Rate + 6.50%), 10/30/2026			497,269		522,132
					2,254,346
Telecommunication Services - 1.1%
ViaPath Technologies, Senior Secured First Lien, 12.07% (1 mo. SOFR US + 7.50%), 08/06/2029			997,500		978,797
TOTAL BANK LOANS (Cost $4,942,790)					4,962,155
EXCHANGE TRADED FUNDS - 3.1%		Shares		Value
iShares Gold Trust (b)			52,279		2,588,333
TOTAL EXCHANGE TRADED FUNDS (Cost $1,511,974)					2,588,333
REAL ESTATE INVESTMENT TRUSTS - 2.9%		Shares		Value
Financial Services - 2.9%
Chicago Atlantic Real Estate Finance, Inc.			107,532		1,658,144
Rithm Capital Corp.			77,171		835,762
					2,493,906
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,471,033)					2,493,906
CONVERTIBLE BONDS - 1.0%		Par		Value
Consumer Discretionary Distribution & Retail - 1.0%
RealReal, Inc., 1.00%, 03/01/2028			1,053,000		826,054
TOTAL CONVERTIBLE BONDS (Cost $712,397)					826,054
PREFERRED STOCKS - 1.0%		Shares		Value
Commercial & Professional Services - 1.0%
Atento SA, 0.00% (a)			815,537		815,537
TOTAL PREFERRED STOCKS (Cost $815,537)					815,537
PURCHASED OPTIONS - 0.0%(d)	Notional Amount	Contracts		Value
Put Options - 0.0%(d)				$	–
Lien_Put, Expiration: 10/01/2025; Exercise Price: $13.23 (e)(f)	$ 465,443		38,198	$	39,917
TOTAL PURCHASED OPTIONS (Cost $95,304)					39,917
WARRANTS - 0.0%(d)		Contracts		Value
Pharmaceuticals, Biotechnology & Life Sciences - 0.0%(d)
Cansortium Holdings LLC, Expires 04/29/2025, Exercise Price $1.20 (b)			250,000		8,750
Green Thumb Industries, Inc., Expires 10/15/2026, Exercise Price $30.02 (b)			7,328		7,328
Total Pharmaceuticals, Biotechnology & Life Sciences					16,078
TOTAL WARRANTS (Cost $0)					16,078
SHORT-TERM INVESTMENTS - 11.9%				Value
Money Market Funds - 11.9%		Shares
Invesco Treasury Portfolio - Class Institutional, 4.29% (g)			10,069,161		10,069,161
TOTAL SHORT-TERM INVESTMENTS (Cost $10,069,161)					10,069,161
TOTAL INVESTMENTS - 99.7% (Cost $67,411,161)					84,580,329
Other Assets in Excess of Liabilities - 0.3%					241,862
TOTAL NET ASSETS - 100.0%				$	84,822,191
two					–	%
Percentages are stated as a percent of net assets.					–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,487,320 or 3.0% of net assets as of December 31, 2024.
(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, 2024, the value of these securities total $6,094,812 or 7.2% of the Fund’s net assets.
(d)	Represents less than 0.05% of net assets.
(e)	Exchange-traded.
(f)	100 shares per contract.
(g)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Intrepid Capital Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	53,782,125	$	–	$	434,513	$	54,216,638
Corporate Bonds		–		7,315,281		1,237,269		8,552,550
Bank Loans		–		4,962,155		–		4,962,155
Exchange Traded Funds		2,588,333		–		–		2,588,333
Real Estate Investment Trusts		2,493,906		–		–		2,493,906
Convertible Bonds		–		826,054		–		826,054
Preferred Stocks		–		–		815,537		815,537
Purchased Options		–		39,917		–		39,917
Warrants		–		16,078		–		16,078
Money Market Funds		10,069,161		–		–		10,069,161
Total Investments	$	68,933,525	$	13,159,485	$	2,487,319	$	84,580,329
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.